0001564590-21-021940 | 10-Q | XBRL Viewer

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2021

Provision (benefit) for income taxes is as follows:

	Three Months Ended
	March 31,
	2021			2020
	(In Thousands)
Current:
Federal	$	—		$	—
State		(285	)		35
Total Current	$	(285	)	$	35

Deferred:
Federal	$	(80	)	$	(753	)
State		407			379
Total Deferred	$	327		$	(374	)
Provision (benefit) for income taxes	$	42		$	(339	)

Net Sales - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Revenue From Contract With Customer [Abstract]
Revenue, remaining performance obligation, expected timing of satisfaction, description	contracts have an original expected duration of one year or less, for our contracts with a duration greater than one year at contract inception, the average remaining expected duration was approximately 18 months
Average revenue remaining performance obligation expected timing of satisfaction period	18 months
Contract liabilities	$ 2.7	$ 2.5
Contract with customer, liability partially offset revenue recognized	$ 1.0	$ 0.5

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Schedule of Revolving Credit Facility and Long-Term Debt

Our long-term debt consists of the following:

	March 31,			December 31,
	2021			2020
	(In Thousands)
Working Capital Revolver Loan, with a current interest rate of 3.75% (A)	$	—		$	—
Senior Secured Notes due 2023 (B)		435,000			435,000
Unsecured Loan Agreement due 2022, with an interest rate of 1.00% (C)		10,000			10,000
Secured Financing due 2023, with an interest rate of 8.32% (D)		9,985			10,715
Secured Loan Agreement due 2025, with an interest rate of 8.75% (E)		6,497			6,834
Secured Financing due 2025, with an interest rate of 8.75% (F)		27,593			28,636
Secured Promissory Note due 2021		—			1,221
Other		409			432
Unamortized discount, net of premium and debt issuance costs		(7,729	)		(8,648	)
		481,755			484,190
Less current portion of long-term debt		18,082			16,801
Long-term debt due after one year, net	$	463,673		$	467,389

(A) Our revolving credit facility, as amended (the “Working Capital Revolver Loan”), provides for advances up to $65 million (the “Maximum Revolver Amount”), based on specific percentages of eligible accounts receivable and inventories and up to $10 million of letters of credit, the outstanding amount of which reduces the available for borrowing under the Working Capital Revolver Loan. At March 31, 2021, our available borrowings under our Working Capital Revolver Loan were approximately $41.8 million, based on our eligible collateral, less outstanding letters of credit and loan balance. The maturity date of the Working Capital Revolver Loan is on the earlier of (i) the date that is 90 days prior to the earliest stated maturity date of the Senior Secured Notes (unless refinanced or repaid) and (ii) February 26, 2024. Subject to certain conditions and subject to lender approval, the Maximum Revolver Amount may increase up to an additional $10 million, less the outstanding aggregate principal amount of the unforgiven portion (as defined in the agreement) of the PPP loan discussed below within footnote (C). The Working Capital Revolver Loan also provides for a springing financial covenant (the “Financial Covenant”), which requires that, if the borrowing availability is less than 10.0% of the total revolver commitments, then the borrowers must maintain a minimum fixed charge coverage ratio of not less than 1.00 to 1.00. The Financial Covenant, if triggered, is tested monthly.

(B) On April 25, 2018, LSB completed the issuance and sale of $400 million aggregate principal amount of its 9.625% Senior Secured Notes due 2023 (the “Notes”), pursuant to an indenture (the “Indenture”), dated as of April 25, 2018. The Notes were issued at a price equal to 99.509% of their face value.

On June 21, 2019, LSB completed the issuance and sale of $35 million aggregate principal amount of its 9.625% Senior Secured Notes due 2023 (the “New Notes”). The New Notes were issued pursuant to the Indenture (the Notes together with the New Notes, the “Senior Secured Notes”). The New Notes were issued at a price equal to 102.125% of their face value, plus accrued interest from May 1, 2019 to June 21, 2019.

The Senior Secured Notes mature on May 1, 2023. Interest is to be paid semiannually in arrears on May 1^st and November 1^st.

4. Long-Term Debt (continued)

(C) In April 2020, LSB entered into a federally guaranteed loan agreement (“PPP loan”) for $10 million with a lender pursuant to a new loan program through the U.S. Small Business Administration (“SBA”) as the result of the Paycheck Protection Program (“PPP”) established by the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act and amended by the Paycheck Protection Program Flexibility Act of 2020. We applied ASC 470, Debt, to account for the PPP loan. We have used all or substantially all of the proceeds from the PPP loan for payroll, rent, utilities, and other specified costs that qualify for loan forgiveness. Under the current terms of the PPP loan, loan forgiveness applications are due within 10 months after the end of the loan forgiveness covered period, which period began on the date the PPP loan was disbursed and ends either eight weeks or 24 weeks after disbursement of the loan. In April 2021, we submitted the PPP loan forgiveness application to the lender. Once the SBA notifies the lender the amount of the loan which has been approved for forgiveness, the lender will determine the date that the equal monthly principal and interest payments will begin for the remaining loan balance, if any. Currently, the loan matures in April 2022, which term may be extended to April 2025 if mutually agreed to by the parties. As for the potential loan forgiveness, once the PPP loan is, wholly or partially, forgiven and a legal release is received, the liability would be reduced by the amount forgiven and a gain on extinguishment would be recorded.

(D) El Dorado Chemical Company (“EDC”), one of our subsidiaries, is party to a secured financing arrangement with an affiliate of LSB Funding L.L.C. (“LSB Funding”). Principal and interest are payable in 48 equal monthly installments with a final balloon payment of approximately $3 million due in June 2023.

(E) EDC is party to a secured loan agreement with an affiliate of LSB Funding. Principal and interest are payable in 60 equal monthly installments through March 2025.

(F) In August 2020, El Dorado Ammonia L.L.C. (“EDA”), one of our subsidiaries, entered into a $30 million secured financing arrangement with an affiliate of LSB Funding. Beginning in September 2020, principal and interest are payable in 60 equal monthly installments with a final balloon payment of approximately $5 million due in August 2025. This financing arrangement is secured by an ammonia storage tank and is guaranteed by LSB.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Derivatives Hedges and Financial Instruments - Liabilities Measured at Fair Value on Recurring Basis (Parenthetical) (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Offsetting [Abstract]
Level 3 transfer	$ 0	$ 0

Supplemental Cash Flow Information

3 Months Ended

Mar. 31, 2021

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

11. Supplemental Cash Flow Information

The following provides additional information relating to cash flow activities:

	Three Months Ended
	March 31,
	2021			2020
	(In Thousands)
Cash refunds for:
Income taxes, net	$	(216	)	$	(332	)
Noncash continuing investing and financing activities:
Accounts receivable, supplies and accounts payable associated with additions of property, plant and equipment	$	18,091		$	20,229
Dividends accrued on Series E Redeemable Preferred	$	9,511		$	8,307
Accretion of Series E Redeemable Preferred	$	511		$	504

Derivatives Hedges and Financial Instruments - Additional Information (Detail) $ / shares in Units, MMBTU in Millions, $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2021 USD ($) MMBTU $ / shares $ / MMBTU shares	Mar. 31, 2020 USD ($)	Dec. 31, 2020 MMBTU $ / shares $ / MMBTU shares
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Gain (loss) on sale of natural gas \| $	$ 2.7	$ (0.7)
Realized gain on sale of natural gas \| $	1.5	(0.2)
Non-Operating Other Income and Expense [Member]
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Unrealized gain (loss) on fair value of embedded derivative \| $	$ (0.4)	$ 0.6
Embedded Derivative [Member]
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Participating right in dividends and liquidating distributions expressed in number of common shares \| shares	303,646		303,646
Embedded Derivative [Member] \| Common Stock [Member]
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Common stock per share \| $ / shares	$ 5.13		$ 3.39
Natural Gas Purchase Commitments [Member]
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Natural gas purchase commitments volume \| MMBTU	9.0
Weighted average cost of natural gas per unit	2.69
Weighted average natural gas market value per unit	2.55
Natural Gas Purchase Commitments [Member] \| Level 2 [Member]
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Natural gas purchase commitments volume \| MMBTU			7.3
Weighted average cost of natural gas per unit			2.65
Weighted average natural gas market value per unit			2.49

Redeemable Preferred Stocks

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Redeemable Preferred Stocks

8. Redeemable Preferred Stocks

Series E and Series F Redeemable Preferred

As of March 31, 2021, the Series E Redeemable Preferred had a 14% annual dividend rate and a participating right in dividends and liquidating distributions equal to 303,646 shares of common stock (participation rights value). Dividends accrue semi-annually in arrears and are compounded. Pursuant to the terms of the Series E Redeemable Preferred, the annual dividend rate increased 0.50% in April 2021 and will increase (a) by an additional 0.50% in April 2022 and (b) by an additional 1.0% in April 2023. The Series E Redeemable Preferred contains redemption features and a participation rights value that are being accounted for as derivative instruments and have been bifurcated from the Series E Redeemable Preferred as discussed in Note 6.

As of March 31, 2021, the Series F Redeemable Preferred has voting rights to vote as a single class on all matters which the common stock have the right to vote and is entitled to a number of votes equal to 456,225 shares of our common stock.

Changes in our Series E and Series F Redeemable Preferred are as follows:

	Series E Redeemable Preferred
	Shares		Amount
	(Dollars In Thousands)
Balance at December 31, 2020		139,768	$	272,101
Accretion relating to liquidation preference on preferred stock		—		273
Accretion for discount and issuance costs on preferred stock		—		238
Accumulated dividends		—		9,511
Balance at March 31, 2021		139,768	$	282,123

Loss Per Common Share - Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Common Share (Detail) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3,122,460	2,551,168
Restricted Stock and Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,809,339	1,206,856
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	92,809	124,000
Series E Redeemable Preferred Stock [Member] \| Embedded Derivative [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	303,646	303,646
Convertible Preferred Stocks [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	916,666	916,666

Commitments and Contingencies

3 Months Ended

Mar. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

5. Commitments and Contingencies

Settlements and Outstanding Natural Gas Purchase Commitments – During several days in February 2021, the Pryor Facility was taken out of service after extreme cold weather caused a surge in natural gas prices in the region, along with the curtailment of gas distribution by the operator of the pipeline that supplies natural gas to the facility. Also, as a result of unprecedented cold weather conditions, the primary natural gas supplier to our El Dorado Facility asserted a claim of force majeure and materially restricted the supply of gas to the facility. In order to mitigate a portion of the commodity price risk associated with natural gas, we periodically enter into natural gas forward contracts and volume purchase commitments that locked in the cost of certain volumes of natural gas. Prior to this weather event, we had both types of arrangements. During the first quarter of 2021, as a result of the extreme conditions previously described, we settled all of our natural gas forward contracts and certain volume purchase commitments and recognized a realized gain of approximately $6.8 million, which includes the realized gain discussed under “Natural Gas Contracts” in Note 6 and is classified as a reduction to cost of sales.

At March 31, 2021, certain of our natural gas contracts qualify as normal purchases under GAAP and thus are not mark-to-market, which contracts included volume purchase commitments with fixed costs of approximately 9.0 million MMBtus of natural gas. These contracts extend through December 2021 at a weighted-average cost of $2.69 per MMBtu ($24.1 million) and a weighted-average market value of $2.55 per MMBtu ($22.9 million).

Legal Matters - Following is a summary of certain legal matters involving the Company:

A. Environmental Matters

Our facilities and operations are subject to numerous federal, state and local environmental laws and to other laws regarding health and safety matters (collectively, the “Environmental and Health Laws”), many of which provide for certain performance obligations, substantial fines and criminal sanctions for violations. Certain Environmental and Health Laws impose strict liability as well as joint and several liability for costs required to remediate and restore sites where hazardous substances, hydrocarbons or solid wastes have been stored or released. We may be required to remediate contaminated properties currently or formerly owned or operated by us or facilities of third parties that received waste generated by our operations regardless of whether such contamination resulted from the conduct of others or from consequences of our own actions that were in compliance with all applicable laws at the time those actions were taken.

In addition, claims for damages to persons or property, including natural resources, may result from the environmental, health and safety effects of our operations.

5. Commitments and Contingencies (continued)

There can be no assurance that we will not incur material costs or liabilities in complying with such laws or in paying fines or penalties for violation of such laws. Our insurance may not cover all environmental risks and costs or may not provide sufficient coverage if an environmental claim is made against us. The Environmental and Health Laws and related enforcement policies have in the past resulted, and could in the future result, in significant compliance expenses, cleanup costs (for our sites or third-party sites where our wastes were disposed of), penalties or other liabilities relating to the handling, manufacture, use, emission, discharge or disposal of hazardous or toxic materials at or from our facilities or the use or disposal of certain of its chemical products. Further, a number of our facilities are dependent on environmental permits to operate, the loss or modification of which could have a material adverse effect on their operations and our financial condition.

Historically, significant capital expenditures have been incurred by our subsidiaries in order to comply with the Environmental and Health Laws, and significant capital expenditures are expected to be incurred in the future. We will also be obligated to manage certain discharge water outlets and monitor groundwater contaminants at our facilities should we discontinue the operations of a facility.

As of March 31, 2021, our accrued liabilities for environmental matters totaled $468,000 relating primarily to the matters discussed below. Estimates of the most likely costs for our environmental matters are generally based on preliminary or completed assessment studies, preliminary results of studies or our experience with other similar matters. It is reasonably possible that a change in the estimate of our liability could occur in the near term.

1. Discharge Water Matters

Each of our manufacturing facilities generates process wastewater, which may include cooling tower and boiler water quality control streams, contact storm water and miscellaneous spills and leaks from process equipment. The process water discharge, storm-water runoff and miscellaneous spills and leaks are governed by various permits generally issued by the respective state environmental agencies as authorized and overseen by the U.S. Environmental Protection Agency. These permits limit the type and amount of effluents that can be discharged and control the method of such discharge.

In 2017, PCC filed a Permit Renewal Application for its Non-Hazardous Injection Well Permit at the Pryor Facility. Although the Injection Well Permit expired in 2018, PCC continues to operate the injection well pending the Oklahoma Department of Environmental Quality (“ODEQ”) action on the Permit Renewal Application. PCC and ODEQ are engaged in ongoing discussions related to the renewal of the injection well to address the wastewater stream.

Our El Dorado Facility is subject to a National Pollutant Discharge Elimination System (“NPDES”) permit issued by the Arkansas Department of Environmental Quality (“ADEQ”) in 2004. In 2010, the ADEQ issued a draft NPDES permit renewal for the El Dorado Facility, which contained more restrictive discharge limits than the previous 2004 permit. During 2017, ADEQ issued a final NPDES permit with new dissolved mineral limits; however, EDC filed an appeal, and a Permit Appeal Resolution (“PAR”) was signed in 2018. EDC is in compliance with the revised permit limits agreed upon in the PAR.

In 2006, the El Dorado Facility entered into a Consent Administrative Order (“CAO”) that recognizes the presence of nitrate contamination in the shallow groundwater. The CAO required EDC to perform semi-annual groundwater monitoring, continue operation of a groundwater recovery system, submit a human health and ecological risk assessment, and submit a remedial action plan.

The risk assessment was submitted in 2007. In 2015, the ADEQ stated that El Dorado Chemical was meeting the requirements of the CAO and should continue semi-annual monitoring. Subsequent to the PAR mentioned previously, a new CAO was signed in 2018, which required an Evaluation Report of the data and effectiveness of the groundwater remedy for nitrate contamination. During 2019, the Evaluation Report was submitted to the ADEQ and the ADEQ approved the report. No liability has been established at March 31, 2021, in connection with this ADEQ matter.

2. Other Environmental Matters

In 2002, certain of our subsidiaries sold substantially all of their operating assets relating to a Kansas chemical facility (the “Hallowell Facility”) but retained ownership of the real property where the facility is located. Our subsidiary retained the obligation to be responsible for, and perform the activities under, a previously executed consent order to investigate the surface and subsurface contamination at the real property, develop a corrective action strategy based on the investigation, and implement such strategy. In addition, certain of our subsidiaries agreed to indemnify the buyer of such assets for these environmental matters.

As the successor to a prior owner of the Hallowell Facility, Chevron Environmental Management Company (“Chevron”) has agreed in writing, within certain limitations, to pay and has been paying one-half of the costs of the investigation and interim measures relating to this matter as approved by the Kansas Department of Health and Environment (the “KDHE”), subject to reallocation.

5. Commitments and Contingencies (continued)

During this process, our subsidiary and Chevron retained an environmental consultant that prepared and performed a corrective action study work plan as to the appropriate method to remediate the Hallowell Facility. During 2020, the KDHE selected a remedy of annual monitoring and the implementation of an Environmental Use Control (“EUC”). This remedy primarily relates to long-term surface and groundwater monitoring to track the natural decline in contamination and is subject to a 5-year re-evaluation with the KDHE.

The final remedy, including the EUC, the finalization of the cost estimates and any required financial assurances remains under discussion with the KDHE, but continues to be delayed due to the impact from the COVID-19 pandemic. Pending the results from our discussions regarding the final remedy, we continue to accrue our allocable portion of costs primarily for the additional testing, monitoring and risk assessments that could be reasonably estimated, which amount is included in our accrued liabilities for environmental matters discussed above.

The estimated amount is not discounted to its present value. As more information becomes available, our estimated accrual will be refined, as necessary.

B. Other Pending, Threatened or Settled Litigation

In 2013, an explosion and fire occurred at the West Fertilizer Co. (“West Fertilizer”) located in West, Texas, causing death, bodily injury and substantial property damage. West Fertilizer is not owned or controlled by us, but West Fertilizer was a customer of EDC, and purchased AN from EDC from time to time. LSB and EDC received letters from counsel purporting to represent subrogated insurance carriers, personal injury claimants and persons who suffered property damages informing LSB and EDC that their clients are conducting investigations into the cause of the explosion and fire to determine, among other things, whether AN manufactured by EDC and supplied to West Fertilizer was stored at West Fertilizer at the time of the explosion and, if so, whether such AN may have been one of the contributing factors of the explosion. Initial lawsuits filed named West Fertilizer and another supplier of AN as defendants.

In 2014, EDC and LSB were named as defendants, together with other AN manufacturers and brokers that arranged the transport and delivery of AN to West Fertilizer, in the case styled City of West, Texas vs. CF Industries, Inc., et al., in the District Court of McLennan County, Texas. The plaintiffs allege, among other things, that LSB and EDC were negligent in the production and marketing of fertilizer products sold to West Fertilizer, resulting in death, personal injury and property damage. EDC retained a firm specializing in cause and origin investigations with particular experience with fertilizer facilities, to assist EDC in its own investigation. LSB and EDC placed its liability insurance carrier on notice, and the carrier is handling the defense for LSB and EDC concerning this matter.

Our product liability insurance policies have aggregate limits of general liability totaling $100 million, with a self-insured retention of $250,000, which retention limit has been met relating to the West Fertilizer matter. In 2015, the trial court dismissed plaintiff’s negligence claims against us, and EDC based on a duty to inspect but allowed the plaintiffs to proceed on claims for design defect and failure to warn.

Subsequently, we and EDC have entered into confidential settlement agreements (with approval of our insurance carriers) with several plaintiffs that had claimed wrongful death and bodily injury and insurance companies asserting subrogation claims for damages from the explosion. While these settlements resolve the claims of a number of the claimants in this matter, we continue to be party to litigation related to the explosion. We continue to defend these lawsuits vigorously and we are unable to estimate a possible range of loss at this time if there is an adverse outcome in this matter as to EDC. As of March 31, 2021, no liability reserve has been established in connection with this matter.

In 2015, we and EDA received formal written notice from Global Industrial, Inc. (“Global”) of its intention to assert mechanic liens for labor, service, or materials furnished under certain subcontract agreements for the improvement of the new ammonia plant (“Ammonia Plant”) at our El Dorado Facility. Global was a subcontractor of Leidos Constructors, LLC (“Leidos”), the general contractor for EDA for the construction for the Ammonia Plant. Leidos terminated the services of Global with respect to their work performed at our El Dorado Facility.

LSB and EDA intend to pursue recovery of any damage or loss caused by Global’s work performed through their contract with Leidos at our El Dorado Facility. In 2016, EDC and LSB were served a summons in a case styled Global Industrial, Inc. d/b/a Global Turnaround vs. Leidos Constructors, LLC et al., in the Circuit court of Union County, Arkansas, wherein Global seeks damages under breach of contract and other claims. At the time of the summons, our accounts payable included invoices totaling approximately $3.5 million related to the claims asserted by Global but such invoices were not approved by Leidos for payment. We have requested indemnification from Leidos under the terms of our contracts, which they have denied. As a result, we are seeking reimbursement of legal expenses from Leidos under our contracts. We also seek damages from Leidos for their wrongdoing during the expansion, including breach of contract, fraud, professional negligence, and gross negligence.

5. Commitments and Contingencies (continued)

During 2018, the court bifurcated the case into: (1) Global’s claims against Leidos and LSB, and (2) the cross-claims between Leidos and LSB. Part (1) of the case was tried in the court. In March 2020, the court rendered an interim judgment and issued its final judgment in April 2020. In summary, the judgment awarded Global (i) approximately $7.4 million (including the $3.5 million discussed above) for labor, service, and materials furnished relating to the Ammonia Plant, (ii) approximately $1.3 million for prejudgment interest, and (iii) a claim of lien on certain property and the foreclosure of the lien to satisfy these obligations. In addition, post-judgment interest will accrue at the annual rate of 4.25% until paid. During the first quarter of 2020, this judgment impacted our condensed consolidated statement of operations as follows:

•

additional depreciation expense of $0.5 million classified as cost of sales; and

•

prejudgment and post-judgment interest expense totaling $1.3 million.

We have filed a notice of intent to appeal, and the Court entered a stay of the judgment pending appeal.

LSB intends to vigorously prosecute its claims against Leidos and vigorously contest the cross-claims in Part (2) of the matter. Due to the impact from the COVID-19 pandemic, the Trial date for Part (2) of the matter has been delayed and we are awaiting a new trial date.

No liability was established at March 31, 2021 or December 31, 2020, in connection with the cross-claims in Part (2) of the matter, except for certain invoices held in accounts payable.

We are also involved in various other claims and legal actions (including matters involving gain contingencies). It is possible that the actual future development of claims could be different from our estimates but, after consultation with legal counsel, we believe that changes in our estimates will not have a material effect on our business, financial condition, results of operations or cash flows.

Long-Term Debt - Schedule of Revolving Credit Facility and Long-Term Debt (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Unamortized discount, net of premium and debt issuance costs	$ (7,729)	$ (8,648)
Long-term debt	481,755	484,190
Less current portion of long-term debt	18,082	16,801
Long-term debt due after one year, net	463,673	467,389
Senior Secured Notes Due 2023 [Member]
Debt Instrument [Line Items]
Debt carrying amount	435,000	435,000
1.00% Unsecured Loan Agreement due 2022 [Member]
Debt Instrument [Line Items]
Debt carrying amount	10,000	10,000
8.32% Secured Financing Due 2023 [Member]
Debt Instrument [Line Items]
Debt carrying amount	9,985	10,715
8.75% Secured Loan Agreement Due 2025 [Member]
Debt Instrument [Line Items]
Debt carrying amount	6,497	6,834
8.75% Secured Financing Due 2025 [Member]
Debt Instrument [Line Items]
Debt carrying amount	27,593	28,636
Secured Promissory Note Due 2021 [Member]
Debt Instrument [Line Items]
Debt carrying amount		1,221
Other [Member]
Debt Instrument [Line Items]
Debt carrying amount	$ 409	$ 432

Commitments and Contingencies - Additional Information (Detail) MMBTU in Millions	3 Months Ended
	Mar. 31, 2021 USD ($) MMBTU Settlement $ / MMBTU	Mar. 31, 2020 USD ($)	Mar. 31, 2016 USD ($)
Commitments And Contingencies [Line Items]
Accrued liabilities for environmental matters	$ 468,000
Percentage of payment of investigation costs agreed by Hallowell Facility	50.00%
Insurance coverage of general liability and auto liability risks	$ 100,000,000
Product liability deductible per claim	$ 250,000
Confidential settlement agreement with family groups \| Settlement	3
Liability reserve	$ 0
Accrued prejudgment and post-judgment interest		$ 1,300,000
Property, Plant and Equipment [Member]
Commitments And Contingencies [Line Items]
Depreciation expense		500,000
Global Industrial Inc [Member]
Commitments And Contingencies [Line Items]
Amount awarded for labor, service, materials and other		7,400,000
Prejudgment interest		$ 1,300,000
Percentage of accrue post judgement interest		4.25%
Leidos Constructors, LLC [Member] \| Global Industrial Inc [Member] \| Accounts Payable [Member]
Commitments And Contingencies [Line Items]
Claim amount not approved for payment			$ 3,500,000
Natural Gas Purchase Commitments [Member]
Commitments And Contingencies [Line Items]
Natural gas purchase commitments volume \| MMBTU	9.0
Weighted average cost of natural gas per unit \| $ / MMBTU	2.69
Weighted average purchase price of natural gas	$ 24,100,000
Weighted average natural gas market value per unit \| $ / MMBTU	2.55
Weighted average natural gas market value	$ 22,900,000

Summary of Significant Accounting Policies - Additional Information (Detail)	1 Months Ended	3 Months Ended
	Jan. 31, 2021 shares	Mar. 31, 2021 Facility
Summary Of Significant Accounting Policies [Line Items]
Number of facilities for manufacture and distribution of products \| Facility		4
Tax benefit recognized		greater than 50%
2016 Long Term Incentive Plan [Member]
Summary Of Significant Accounting Policies [Line Items]
Awards granted vesting period	The time-based restricted stock shares will vest at the end of each one-year period at the rate of one-third per year for three years, vesting 100% at the end of three years. The performance-based restricted stock will vest at the end of three years
2016 Long Term Incentive Plan [Member] \| Time Based Restricted Stock [Member]
Summary Of Significant Accounting Policies [Line Items]
Awards granted	614,999
Vesting period of shares	3 years
2016 Long Term Incentive Plan [Member] \| Performance Based Restricted Stock [Member]
Summary Of Significant Accounting Policies [Line Items]
Awards granted	219,084
Vesting period of shares	3 years

Long-Term Debt

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Long-Term Debt

4. Long-Term Debt

Our long-term debt consists of the following:

	March 31,			December 31,
	2021			2020
	(In Thousands)
Working Capital Revolver Loan, with a current interest rate of 3.75% (A)	$	—		$	—
Senior Secured Notes due 2023 (B)		435,000			435,000
Unsecured Loan Agreement due 2022, with an interest rate of 1.00% (C)		10,000			10,000
Secured Financing due 2023, with an interest rate of 8.32% (D)		9,985			10,715
Secured Loan Agreement due 2025, with an interest rate of 8.75% (E)		6,497			6,834
Secured Financing due 2025, with an interest rate of 8.75% (F)		27,593			28,636
Secured Promissory Note due 2021		—			1,221
Other		409			432
Unamortized discount, net of premium and debt issuance costs		(7,729	)		(8,648	)
		481,755			484,190
Less current portion of long-term debt		18,082			16,801
Long-term debt due after one year, net	$	463,673		$	467,389

The Senior Secured Notes mature on May 1, 2023. Interest is to be paid semiannually in arrears on May 1^st and November 1^st.

4. Long-Term Debt (continued)

(E) EDC is party to a secured loan agreement with an affiliate of LSB Funding. Principal and interest are payable in 60 equal monthly installments through March 2025.

Derivatives Hedges and Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2021

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Assets and Liabilities Measured at Fair Value on Recurring Basis

The following details our assets and liabilities that are measured at fair value on a recurring basis at March 31, 2021 and December 31, 2020

			Fair Value Measurements at March 31, 2021 Using
Description	Total Fair Value at March 31, 2021		Quoted Prices in Active Markets for Identical Contracts (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)⁽¹⁾		Total Fair Value at December 31, 2020
	(In Thousands)

Assets - Supplies, prepaid items and other:
Natural gas contracts	$	—	$	—	$	—	$	—	$	80
Total	$	—	$	—	$	—	$	—	$	80

Liabilities - Current and noncurrent accrued and other liabilities:
Natural gas contracts	$	—	$	—	$	—	$	—	$	1,285
Embedded derivative	$	1,465	$	—	$	—	$	1,465	$	1,029
Total	$	1,465	$	—	$	—	$	1,465	$	2,314

(1)

There was no Level 3 transfer activity for the three months ended March 31, 2021 or 2020.

Income Taxes - Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Current:
State	$ (285)	$ 35
Total Current	(285)	35
Deferred:
Federal	(80)	(753)
State	407	379
Total Deferred	327	(374)
Provision (benefit) for income taxes	$ 42	$ (339)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 14,232	$ 16,264
Accounts receivable	60,503	42,929
Allowance for doubtful accounts	(378)	(378)
Accounts receivable, net	60,125	42,551
Inventories:
Finished goods	17,649	17,778
Raw materials	1,569	1,795
Total inventories	19,218	19,573
Supplies, prepaid items and other:
Prepaid insurance	10,051	12,315
Precious metals	6,674	6,787
Supplies	25,406	25,288
Other	3,258	6,802
Total supplies, prepaid items and other	45,389	51,192
Total current assets	138,964	129,580
Property, plant and equipment, net	882,816	891,198
Other assets:
Operating lease assets	27,671	26,403
Intangible and other assets, net	5,546	6,121
Total other assets	33,217	32,524
Total assets	1,054,997	1,053,302
Current liabilities:
Accounts payable	57,360	46,551
Short-term financing	8,157	13,576
Accrued and other liabilities	40,722	30,367
Current portion of long-term debt	18,082	16,801
Total current liabilities	124,321	107,295
Long-term debt, net	463,673	467,389
Noncurrent operating lease liabilities	20,244	19,845
Other noncurrent accrued and other liabilities	6,333	6,090
Deferred income taxes	31,266	30,939
Commitments and contingencies (Note 5)
Stockholders' equity:
Common stock, $.10 par value; 75,000,000 shares authorized, 31,283,210 shares issued	3,128	3,128
Capital in excess of par value	193,618	198,215
Accumulated deficit	(64,788)	(41,487)
Stockholders equity including treasury stock	134,958	162,856
Less treasury stock, at cost:
Common stock, 1,245,461 shares (2,074,565 shares at December 31, 2020)	7,921	13,213
Total stockholders' equity	127,037	149,643
Total Liabilities and Stockholders' equity	1,054,997	1,053,302
Series E Preferred Stock [Member]
Redeemable preferred stocks:
Redeemable preferred stock, value	282,123	272,101
Series B Preferred Stock [Member]
Stockholders' equity:
Preferred stock, value	2,000	2,000
Series D Preferred Stock [Member]
Stockholders' equity:
Preferred stock, value	$ 1,000	$ 1,000

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating Loss Carryforwards [Line Items]
Provision (benefit) for income taxes	$ 42	$ (339)
Percentage of benefit/provision on pre-tax loss		2.00%
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Portion of state deferred tax assets, not able to be utilized	500
Federal [Member]
Operating Loss Carryforwards [Line Items]
Deferred tax assets valuation allowance	$ 3,000

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Long-Term Debt - Working Capital Revolver Loan and Senior Secured Notes - Additional Information (Detail) - USD ($)			3 Months Ended
	Jun. 21, 2019	Apr. 25, 2018	Mar. 31, 2021	Feb. 28, 2019
Working Capital Revolver Loan [Member]
Debt Instrument [Line Items]
Maximum amount of revolving credit facility				$ 65,000,000
Revolving credit facility, increase (decrease), net			$ 10,000,000
Amount available for borrowing			$ 41,800,000
Maturity date			Feb. 26, 2024
Springing Financials Covenant [Member] \| Working Capital Revolver Loan [Member]
Debt Instrument [Line Items]
Working capital revolver loan requirements			borrowers must maintain a minimum fixed charge coverage ratio of not less than 1.00 to 1.00.
Maximum revolver commitment available, percentage			10.00%
Loan requirements description			less than 10.0% of the total revolver commitments
Fixed charge coverage ratio			100.00%
9.625% Senior Secured Notes Due 2023 [Member]
Debt Instrument [Line Items]
Maturity date			May 01, 2023
Debt issued - principal amount	$ 35,000,000	$ 400,000,000
Debt instrument, interest rate	9.625%	9.625%
Debt instrument, maturity term	2023	2023
Debt instrument issued price percentage	102.125%	99.509%
Debt instrument, frequency of interest payment			Interest is to be paid semiannually in arrears on May 1st and November 1st
Paycheck Protection Program [Member]
Debt Instrument [Line Items]
Federally guaranteed loan agreement (“PPP loan”)			$ 10,000,000
Federally guaranteed loan agreement (“PPP loan”), disbursement description			Under the current terms of the PPP loan, loan forgiveness applications are due within 10 months after the end of the loan forgiveness covered period, which period began on the date the PPP loan was disbursed and ends either eight weeks or 24 weeks after disbursement of the loan.
Federally guaranteed loan agreement (“PPP loan”), maturity period			2022-04
Federally guaranteed loan agreement (“PPP loan”), loan maturity period description			Currently, the loan matures in April 2022, which term may be extended to April 2025 if mutually agreed to by the parties.
8.32% Secured Financing Due 2023 [Member] \| El Dorado Chemical Company [Member]
Debt Instrument [Line Items]
Maturity date			Jun. 30, 2023
Debt instrument, frequency of interest payment			Principal and interest are payable in 48 equal monthly installments with a final balloon payment of approximately $3 million due in June 2023
Final balloon payment			$ 3,000,000
Secured Loan Agreement [Member] \| El Dorado Chemical Company [Member]
Debt Instrument [Line Items]
Debt instrument, frequency of interest payment			Principal and interest are payable in 60 equal monthly installments through March 2025.
8.75% Secured Financing Due 2025 [Member] \| El Dorado Ammonia L.L.C. [Member]
Debt Instrument [Line Items]
Maturity date			Aug. 31, 2025
Debt issued - principal amount			$ 30,000,000
Debt instrument, frequency of interest payment			principal and interest are payable in 60 equal monthly installments with a final balloon payment of approximately $5 million due in August 2025
Final balloon payment			$ 5,000,000
Letter of Credit [Member] \| Working Capital Revolver Loan [Member]
Debt Instrument [Line Items]
Maximum amount of revolving credit facility				$ 10,000,000

Current and Noncurrent Accrued and Other Liabilities (Tables)

3 Months Ended

Mar. 31, 2021

Other Liabilities Disclosure [Abstract]

Summary of Current and Noncurrent Accrued and Other Liabilities

	March 31,		December 31,
	2021		2020
	(In Thousands)
Accrued interest	$	19,081	$	8,669
Current portion of operating lease liabilities		7,564		6,706
Accrued payroll and benefits		6,442		5,837
Accrued death and other executive benefits		2,533		2,539
Deferred revenue		1,429		1,890
Other		10,006		10,816
		47,055		36,457
Less noncurrent portion		6,333		6,090
Current portion of accrued and other liabilities	$	40,722	$	30,367

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Treasury Stock-Common [Member]	Capital in Excess of Par Value [Member]	Retained Earnings [Member]	Non-Redeemable Preferred Stock [Member]
Balance at Dec. 31, 2019	$ 247,327	$ 3,128	$ (13,266)	$ 196,833	$ 57,632	$ 3,000
Balance, shares at Dec. 31, 2019		31,283	(2,010)
Net loss	(19,452)				(19,452)
Dividend accrued on redeemable preferred stock	(8,307)				(8,307)
Accretion of redeemable preferred stock	(504)				(504)
Stock-based compensation	495			495
Other	(64)		$ 292	(356)
Other, Shares			30
Balance at Mar. 31, 2020	219,495	$ 3,128	$ (12,974)	196,972	29,369	3,000
Balance, shares at Mar. 31, 2020		31,283	(1,980)
Balance at Dec. 31, 2020	149,643	$ 3,128	$ (13,213)	198,215	(41,487)	3,000
Balance, shares at Dec. 31, 2020		31,283	(2,075)
Net loss	(13,279)				(13,279)
Dividend accrued on redeemable preferred stock	(9,511)				(9,511)
Accretion of redeemable preferred stock	(511)				(511)
Stock-based compensation	713			713
Restricted stock granted from treasury stock			$ 5,310	(5,310)
Restricted stock granted from treasury stock, shares			835
Other	(18)		$ (18)
Other, Shares			(5)
Balance at Mar. 31, 2021	$ 127,037	$ 3,128	$ (7,921)	$ 193,618	$ (64,788)	$ 3,000
Balance, shares at Mar. 31, 2021		31,283	(1,245)

Net Sales - Summary of Net Sales Disaggregated by Principal Markets (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net sales:
Net sales	$ 98,116	$ 83,411
Chemical [Member]
Net sales:
Net sales	98,116	83,411
Chemical [Member] \| Agricultural Products [Member]
Net sales:
Net sales	44,913	41,458
Chemical [Member] \| Industrial Acids and Other Chemical Products [Member]
Net sales:
Net sales	40,275	35,206
Chemical [Member] \| Mining Products [Member]
Net sales:
Net sales	$ 12,928	$ 6,747

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Common stock, par value	$ 0.10	$ 0.10
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	31,283,210	31,283,210
Treasury stock, common shares	1,245,461	2,074,565
Series E Preferred Stock [Member]
Cumulative redeemable preferred stock, dividend rate	14.00%	14.00%
Redeemable preferred stock, par value	$ 0	$ 0
Redeemable preferred stock, shares issued	210,000	210,000
Redeemable preferred stock, shares outstanding	139,768	139,768
Redeemable preferred stock, liquidation preference	$ 287,493,000	$ 277,982,000
Series F Preferred Stock [Member]
Redeemable preferred stock, par value	$ 0	$ 0
Redeemable preferred stock, shares issued	1	1
Redeemable preferred stock, shares outstanding	1	1
Redeemable preferred stock, liquidation preference	$ 100	$ 100
Series B Preferred Stock [Member]
Convertible preferred stock dividend rate	12.00%	12.00%
Preferred stock, shares issued	20,000	20,000
Preferred stock, shares outstanding	20,000	20,000
Series B cumulative, convertible preferred stock, par value	$ 100	$ 100
Preferred stock, liquidation preference, value	$ 3,325,000	$ 3,265,000
Series D Preferred Stock [Member]
Convertible preferred stock dividend rate	6.00%	6.00%
Preferred stock, shares issued	1,000,000	1,000,000
Preferred stock, shares outstanding	1,000,000	1,000,000
Preferred stock, liquidation preference, value	$ 1,327,000	$ 1,312,000
Series D cumulative, convertible Class C preferred stock, par value

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2021	Apr. 23, 2021
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Registrant Name	LSB Industries, Inc.
Entity Central Index Key	0000060714
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity File Number	1-7677
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	73-1015226
Entity Address, Address Line One	3503 NW 63rd Street
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Oklahoma City
Entity Address, State or Province	OK
Entity Address, Postal Zip Code	73116
City Area Code	405
Local Phone Number	235-4546
Document Quarterly Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding		30,037,749
Common Stock [Member]
Document Information [Line Items]
Trading Symbol	LXU
Title of 12(b) Security	Common Stock, Par Value $.10
Security Exchange Name	NYSE
Preferred Stock [Member]
Document Information [Line Items]
No Trading Symbol Flag	true
Title of 12(b) Security	Preferred Stock Purchase Rights
Security Exchange Name	NYSE

Income Taxes

3 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

7. Income Taxes

Provision (benefit) for income taxes is as follows:

	Three Months Ended
	March 31,
	2021			2020
	(In Thousands)
Current:
Federal	$	—		$	—
State		(285	)		35
Total Current	$	(285	)	$	35

Deferred:
Federal	$	(80	)	$	(753	)
State		407			379
Total Deferred	$	327		$	(374	)
Provision (benefit) for income taxes	$	42		$	(339	)

7. Income Taxes (continued)

For the three months ended March 31, 2021 and 2020, the current provision (benefit) for state income taxes shown above includes regular state income tax, provisions for uncertain state income tax positions, the impact of state tax law changes and other similar adjustments.

Our estimated annual effective tax rate for 2021 includes the impact of permanent tax differences including but not limited to limits on deductible compensation, and valuation allowances.

We considered both positive and negative evidence in our determination of the need for valuation allowances for deferred tax assets. Information evaluated includes our financial position and results of operations for the current and preceding years, the availability of deferred tax liabilities and tax carrybacks, as well as an evaluation of currently available information about future years. Valuation allowances are reflective of our quarterly analysis of the four sources of taxable income, including the calculation of the reversal of existing tax assets and liabilities, the impact of financing activities and our quarterly results. Based on our analysis, we currently believe that it is more-likely-than-not that a portion of our federal deferred tax assets will not be able to be utilized and we estimate the valuation allowance to be recorded during 2021 to be approximately $3.0 million. We have also determined it is more-likely-than-not that a portion of our state deferred tax assets will not be able to be utilized. However, we estimate a reduction in the related valuation allowance associated with these state deferred tax assets to be recorded during 2021 will be approximately $0.5 million.

We will continue to evaluate both the positive and negative evidence on a quarterly basis in determining the need for a valuation allowance with respect to our deferred tax assets. Changes in positive and negative evidence, including differences between estimated and actual results, could result in changes in the valuation of our deferred tax assets that could have a material impact on our consolidated financial statements. Changes in existing tax laws could also affect actual tax results and the realization of deferred tax assets over time.

The tax provision for the three months ended March 31, 2021 was minimal and the tax benefit for the three months ended March 31, 2020 was $0.3 million (2% benefit on pre-tax loss). For both periods, the effective tax rate is less than the statutory tax rate primarily due to the impact of the valuation allowances.

LSB and certain of its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state jurisdictions. With few exceptions, the 2017-2020 years remain open for all purposes of examination by the U.S. Internal Revenue Service and other major tax jurisdictions. Additionally, the 2013-2016 years remain subject to examination for determining the amount of net operating loss and other carryforwards.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Current and Noncurrent Accrued and Other Liabilities - Summary of Current and Noncurrent Accrued and Other Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Payables And Accruals [Abstract]
Accrued interest	$ 19,081	$ 8,669
Current portion of operating lease liabilities	7,564	6,706
Accrued payroll and benefits	6,442	5,837
Accrued death and other executive benefits	2,533	2,539
Deferred revenue	1,429	1,890
Other	10,006	10,816
Total current and noncurrent accrued liabilities	47,055	36,457
Less noncurrent portion	6,333	6,090
Current portion of accrued and other liabilities	$ 40,722	$ 30,367

Related Party Transactions

3 Months Ended

Mar. 31, 2021

Related Party Transactions

10. Related Party Transactions

As of March 31, 2021, we have three separate outstanding financing arrangements with an affiliate of LSB Funding as discussed in footnotes (D), (E) and (F) of Note 4. Also, an affiliate of LSB Funding holds $50 million of our Senior Secured Notes discussed in footnote (B) of Note 4. In addition, LSB Funding holds all outstanding shares of the Series E and Series F Redeemable Preferred discussed in Note 8.

The Golsen Holders and an immediate family member hold all outstanding shares of the Series B Preferred and Series D Preferred, which accumulated dividends on such shares totaled approximately $1.7 million at March 31, 2021.

Supplemental Cash Flow Information (Tables)

3 Months Ended

Mar. 31, 2021

Supplemental Cash Flow Elements [Abstract]

Additional Information Relating to Cash Flow Activities

The following provides additional information relating to cash flow activities:

	Three Months Ended
	March 31,
	2021			2020
	(In Thousands)
Cash refunds for:
Income taxes, net	$	(216	)	$	(332	)
Noncash continuing investing and financing activities:
Accounts receivable, supplies and accounts payable associated with additions of property, plant and equipment	$	18,091		$	20,229
Dividends accrued on Series E Redeemable Preferred	$	9,511		$	8,307
Accretion of Series E Redeemable Preferred	$	511		$	504

Loss Per Common Share (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Computation of Basic and Diluted Net Loss Per Common Share

	Three Months Ended
	March 31,
	2021			2020
	(Dollars In Thousands, Except Per Share Amounts)
Numerator:
Net loss	$	(13,279	)	$	(19,452	)
Adjustments for basic net loss per common share:
Dividend requirements on Series E Redeemable Preferred		(9,511	)		(8,307	)
Dividend requirements on Series B Preferred		(60	)		(60	)
Dividend requirements on Series D Preferred		(15	)		(15	)
Accretion of Series E Redeemable Preferred		(511	)		(504	)
Numerator for basic and dilutive net loss per common share - net loss attributable to common stockholders	$	(23,376	)	$	(28,338	)

Denominator:
Denominator for basic and dilutive net loss per common share - adjusted weighted-average shares (1)		28,343,693			28,176,205

Basic and dilutive net loss per common share	$	(0.82	)	$	(1.01	)

(1)

Excludes the weighted-average shares of unvested restricted stock that are contingently issuable.

Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Common Share

The following weighted-average shares of securities were not included in the computation of diluted net loss per common share as their effect would have been antidilutive:

	Three Months Ended
	March 31,
	2021		2020
Restricted stock and stock units		1,809,339		1,206,856
Convertible preferred stocks		916,666		916,666
Series E Redeemable Preferred - embedded derivative		303,646		303,646
Stock options		92,809		124,000
		3,122,460		2,551,168

Net Sales (Tables)

3 Months Ended

Mar. 31, 2021

Revenue From Contract With Customer [Abstract]

Summary of Net Sales Disaggregated by Principal Markets

As discussed in Note 1, we primarily derive our revenues from the sales of various chemical products. The following table presents our net sales disaggregated by our principal markets, which disaggregation is consistent with other financial information utilized or provided outside of our condensed consolidated financial statements:

	Three Months Ended
	March 31,
	2021		2020
	(In Thousands)
Net sales:
Agricultural products	$	44,913	$	41,458
Industrial acids and other chemical products		40,275		35,206
Mining products		12,928		6,747
Total net sales	$	98,116	$	83,411

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net sales	$ 98,116	$ 83,411
Cost of sales	90,056	80,860
Gross profit	8,060	2,551
Selling, general and administrative expense	8,793	10,006
Other income, net	(263)	(468)
Operating loss	(470)	(6,987)
Interest expense, net	12,372	13,479
Non-operating other expense (income), net	395	(675)
Loss before provision (benefit) for income taxes	(13,237)	(19,791)
Provision (benefit) for income taxes	42	(339)
Net loss	(13,279)	(19,452)
Dividends on convertible preferred stocks	75	75
Net loss attributable to common stockholders	$ (23,376)	$ (28,338)
Basic and dilutive net loss per common share	$ (0.82)	$ (1.01)
Series E Preferred Stock [Member]
Dividends on Series E redeemable preferred stock	$ 9,511	$ 8,307
Accretion of Series E redeemable preferred stock	$ 511	$ 504

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

1. Summary of Significant Accounting Policies

For a complete discussion of our significant accounting policies, refer to the notes to our audited consolidated financial statements included in our Form 10-K for the year ended December 31, 2020 (“2020 Form 10-K”), filed with the Securities and Exchange Commission (“SEC”) on February 25, 2021.

Basis of Consolidation – LSB Industries, Inc. (“LSB”) and its subsidiaries (the “Company,” “we,” “us,” or “our”) are consolidated in the accompanying condensed consolidated financial statements. LSB is a holding company with no significant operations or assets other than cash, cash equivalents, and investments in its subsidiaries. All material intercompany accounts and transactions have been eliminated.

Nature of Business – We are engaged in the manufacture and sale of chemical products. The chemical products we primarily manufacture, market and sell are ammonia, fertilizer grade AN (“HDAN”) and UAN for agricultural applications, high purity and commercial grade ammonia, high purity AN, sulfuric acids, concentrated, blended and regular nitric acid, mixed nitrating acids, carbon dioxide, and diesel exhaust fluid for industrial applications, and industrial grade AN (“LDAN”) and solutions for the mining industry. We manufacture and distribute our products in four facilities; three of which we own and are located in El Dorado, Arkansas (the “El Dorado Facility”); Cherokee, Alabama (the “Cherokee Facility”); and Pryor, Oklahoma (the “Pryor Facility”); and one of which we operate on behalf of a global chemical company in Baytown, Texas.

Sales to customers include farmers, ranchers, fertilizer dealers and distributors primarily in the ranch land and grain production markets in the United States (“U.S.”); industrial users of acids throughout the U.S. and parts of Canada; and explosive manufacturers in the U.S. and parts of Mexico and Canada.

In our opinion, the unaudited condensed consolidated financial statements of the Company as of March 31, 2021 and for the three months ended March 31, 2021 and 2020 include all adjustments and accruals, consisting of normal, recurring accrual adjustments, which are necessary for a fair presentation of the results for the interim periods. These interim results are not necessarily indicative of results for a full year due, in part, to the seasonality of our sales of agricultural products and the timing of performing our major plant maintenance activities. Our selling seasons for agricultural products are primarily during the spring and fall planting seasons, which typically extend from March through June and from September through November.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted in this Form 10-Q pursuant to the rules and regulations of the SEC. These condensed consolidated financial statements should be read in connection with our audited consolidated financial statements and notes thereto included in our 2020 Form 10-K.

Use of Estimates – 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.

Income Taxes – Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the statement of operations in the period that includes the enactment date. We establish valuation allowances if we believe it is more-likely-than-not that some or all of deferred tax assets will not be realized. Significant judgment is applied in evaluating the need for and the magnitude of appropriate valuation allowances against deferred tax assets.

In addition, we do not recognize a tax benefit unless we conclude that it is more likely than not that the benefit will be sustained on audit by the relevant taxing authorities based solely on the technical merits of the associated tax position. If the recognition threshold is met, we recognize a tax benefit measured at the largest amount of the tax benefit that, in our judgment, is greater than 50% likely to be realized.

We reduce income tax expense for investment tax credits in the period the credit arises and is earned.

1. Summary of Significant Accounting Policies (continued)

Contingencies – Certain conditions may exist which may result in a loss, but which will only be resolved when future events occur. We and our legal counsel assess such contingent liabilities, and such assessment inherently involves an exercise of judgment. If the assessment of a contingency indicates that it is probable that a loss has been incurred, we would accrue for such contingent losses when such losses can be reasonably estimated. If the assessment indicates that a potentially material loss contingency is not probable but reasonably possible, or is probable but cannot be estimated, the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, would be disclosed. Estimates of potential legal fees and other directly related costs associated with contingencies are not accrued but rather are expensed as incurred. Loss contingency liabilities are included in current and noncurrent accrued and other liabilities and are based on current estimates that may be revised in the near term. In addition, we recognize contingent gains when such gains are realized or when the contingencies have been resolved (generally at the time a settlement has been reached).

Redeemable Preferred Stocks – Our redeemable preferred stocks that are redeemable outside of our control are classified as temporary/mezzanine equity. The redeemable preferred stocks were recorded at fair value upon issuance, net of issuance costs or discounts. In addition, certain embedded features included in the Series E Redeemable Preferred required bifurcation and are classified as derivative liabilities. The carrying values of the redeemable preferred stocks are being increased by periodic accretions (including the amount for dividends earned but not yet declared or paid) using the interest method so that the carrying amount will equal the redemption value as of October 25, 2023, the earliest possible redemption date by the holder. The accretion was recorded to retained earnings. However, this accretion will change if the expected redemption date changes.

Derivatives, Hedges and Financial Instruments – Derivatives are recognized in the balance sheet and are measured at fair value. Changes in fair value of derivatives are recorded in results of operations unless the normal purchase or sale exceptions apply, or hedge accounting is elected.

The fair value amounts recognized for our derivative contracts executed with the same counterparty under a master netting arrangement may be offset. We have the choice to offset or not, but that choice must be applied consistently. A master netting arrangement exists if the reporting entity has multiple contracts with a single counterparty that are subject to a contractual agreement that provides for the net settlement of all contracts through a single payment in a single currency in the event of default on or termination of any one contract. Offsetting the fair values recognized for the derivative contracts outstanding with a single counterparty results in the net fair value of the transactions being reported as an asset or a liability in the balance sheet. When applicable, we present the fair values of our derivative contracts under master netting agreements using a gross fair value presentation.

Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date:

Level 1 - Valuations of contracts classified as Level 1 are based on quoted prices in active markets for identical contracts.

Level 2 - Valuations of contracts classified as Level 2 are based on quoted prices for similar contracts and valuation inputs other than quoted prices that are observable for these contracts.

Level 3 - Valuations of assets and liabilities classified as Level 3 are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement.

At March 31, 2021 and December 31, 2020, we did not have any financial instruments with fair values materially different from their carrying amounts (which excludes issuance costs, if applicable). The fair value of financial instruments is not indicative of the overall fair value of our assets and liabilities since financial instruments do not include all assets, including intangibles, and all liabilities.

Equity Awards – Equity award transactions with employees are measured based on the estimated fair value of the equity awards issued. For equity awards with service conditions that have a graded vesting period, we recognize compensation cost on a straight-line basis over the requisite service period for the entire award. Forfeitures are accounted for as they occur. We may issue new shares of common stock or may use treasury shares associated with the equity awards.

In January 2021, the compensation committee of our Board of Directors approved the grant of 614,999 shares of time-based restricted stock and 219,084 shares of performance-based restricted stock to certain executives under our 2016 Long Term Incentive Plan. The time-based restricted stock shares will vest at the end of each one-year period at the rate of one-third per year for three years, vesting 100% at the end of three years. The performance-based restricted stock will vest at the end of three years, subject to achievement of certain performance metrics. The unvested restricted shares carry dividend and voting rights contingent upon the vesting and lapsing of restriction. Sales of these shares are restricted prior to the date of vesting. Pursuant to the terms of the underlying restricted stock agreements, unvested restricted shares will immediately vest upon the occurrence of a change in control (as defined by agreement), termination without cause or death.

1. Summary of Significant Accounting Policies (continued)

Revenue Recognition

Revenue Recognition and Performance Obligations

We determine revenue recognition through the following steps:

•

Identification of the performance obligations in the contract;

•

Determination of the transaction price;

•

Allocation of the transaction price to the performance obligations in the contract; and

•

Recognition of revenue when, or as, we satisfy a performance obligation.

A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Generally, satisfaction occurs when control of the promised goods is transferred to the customer or as services are rendered or completed in exchange for consideration in an amount for which we expect to be entitled. Generally, control is transferred when the preparation for shipment of the product to a customer has been completed. Most of our contracts contain a single performance obligation with the promise to transfer a specific product.

Most of our revenue is recognized from performance obligations satisfied at a point in time, however, we have a performance obligation to perform certain services that are satisfied over a period of time. Revenue is recognized from this type of performance obligation as services are rendered and are based on the amount for which we have a right to invoice, which reflects the amount of expected consideration that corresponds directly with the value of the services performed.

Transaction Price Constraints and Variable Consideration

For most of our contracts with customers, the transaction price from the inception of a contract is constrained to a short period of time (generally one month) as these contracts contain terms with variable consideration related to both price and quantity. These contract prices are often based on commodity indexes (such as NYMEX natural gas index) published monthly and the contract quantities are typically based on estimated ranges. The quantities become fixed and determinable over a period of time as each sale order is received from the customer.

The nature of our contracts also gives rise to other types of variable consideration, including volume discounts and rebates, make-whole provisions, other pricing concessions, and short-fall charges. We estimate these amounts based on the expected amount to be provided to customers, which result in a transaction price adjustment reducing revenue (net sales) with the offset increasing contract or refund liabilities. These estimates are based on historical experience, anticipated performance and our best judgment at the time. We reassess these estimates on a quarterly basis.

The aforementioned constraints over transaction prices in conjunction with the variable consideration included in our material contracts prevent a practical assignment of a specific dollar amount to performance obligations at the beginning and end of the period. Therefore, we have applied the variable consideration allocation exception.

Future revenues to be earned from the satisfaction of performance obligations will be recognized when control transfers as goods are loaded and weighed or services are performed over the remaining duration of our contracts.

Recently Adopted Accounting Pronouncements

ASU 2019-12 – In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which affects general principles within Topic 740, Income Taxes. The amendments of ASU 2019-12 are meant to simplify and reduce the cost of accounting for income taxes. The ASU removes certain exceptions to the general framework and also seeks to simplify and/or clarify accounting for income taxes by adding certain requirements that would simplify GAAP for financial statement preparers. On January 1, 2021, we adopted ASU 2019-12, which did not have a material impact on our condensed consolidated financial statements or related disclosures.

1. Summary of Significant Accounting Policies (continued)

Recently Issued Accounting Pronouncements

ASU 2020-06 - In August 2020, the FASB issued ASU 2020-06, Debt-Debt with Conversion and other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s own Equity (Subtopic 815-40). This ASU addresses the complexity associated with applying GAAP to certain financial instruments with characteristics of liabilities and equity. The ASU includes amendments to the guidance on convertible instruments and the derivative scope exception for contracts in an entity’s own equity and simplifies the accounting for convertible instruments which include beneficial conversion features or cash conversion features by removing certain separation models. Additionally, the ASU requires entities to use the “if-converted” method when calculating diluted earnings per share for convertible instruments. This ASU will be effective for us on January 1, 2024; however, early adoption is permitted beginning January 1, 2021. We are evaluating the timing and the effect of our pending adoption of this ASU on our consolidated financial statements and related disclosures at this time.

ASU 2020-04 – In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional guidance for a limited time to ease the potential accounting burden associated with transitioning away from reference rates such as LIBOR that are expected to be discontinued. This ASU provides exceptions and optional expedients for applying GAAP to contract modifications, hedging relationships, and other transactions that reference LIBOR or other reference rates to be discontinued as a result of reference rate reform. They do not apply to modifications made or hedges entered into or evaluated after December 31, 2022, unless the hedging relationships existed as of that date and optional expedients for them were elected and retained through the end of the hedging relationship. This ASU became effective upon issuance. We continue to evaluate the effect of this ASU and plan to utilize this relief for our debt agreements that include LIBOR rates.

Redeemable Preferred Stocks - Summary of Redeemable Preferred Stock (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Stockholders Equity [Line Items]
Accumulated dividends	$ 9,511	$ 8,307
Series E Redeemable Preferred Stock [Member]
Stockholders Equity [Line Items]
Beginning balance	$ 272,101
Beginning balance, shares	139,768
Accretion relating to liquidation preference on preferred stock	$ 273
Accretion for discount and issuance costs on preferred stock	238
Accumulated dividends	9,511	$ 8,307
Ending balance	$ 282,123
Ending balance, shares	139,768

Derivatives Hedges and Financial Instruments

3 Months Ended

Mar. 31, 2021

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivatives Hedges and Financial Instruments

6. Derivatives, Hedges and Financial Instruments

For the periods presented, the following significant instruments are accounted for on a fair value basis:

Natural Gas Contracts

Periodically, we entered into certain forward natural gas contracts (“natural gas contracts”), which are accounted for on a mark-to-market basis. We are utilizing these natural gas contracts as economic hedges for risk management purposes but are not designated as hedging instruments. At December 31, 2020, our natural gas contracts included 7.3 million MMBtu of natural gas, that extended through December 2021, but these contracts were settled during the first quarter of 2021, primarily due to the weather event discussed in Note 5. As a result, we had no outstanding natural gas contracts at March 31, 2021. The valuations of the natural gas contracts are classified as Level 2. At December 31, 2020, the valuation inputs included the contractual weighted-average cost of $2.65 per MMBtu and the weighted-average market value of $2.49 per MMBtu.

For the three months ended March 31, 2021 and 2020, we recognized a gain of $2.7 million (includes a realized gain of $1.5 million) and a loss of $0.7 million (includes a realized loss of $0.2 million), respectively. The gain is classified as a reduction of cost of sales and the loss is classified as cost of sales.

Embedded Derivative

As discussed in Note 8, certain embedded features (“embedded derivative”) relating to the redemption of the Series E Redeemable Preferred, which includes certain contingent redemption features and the participation rights value have been bifurcated from the Series E Redeemable Preferred and recorded as a liability. At March 31, 2021 and December 31, 2020, we estimate that the contingent redemption features have fair value since we estimate that it is probable that a portion of the shares of this preferred stock would be redeemed prior to October 25, 2023. For certain other embedded features, we estimated no fair value based on our assessment that there is a remote probability that these features will be exercised.

The fair value of the embedded derivative was valued using discounted cash flow models and primarily based on the difference in the present value of estimated future cash flows with no redemptions prior to October 25, 2023 compared to certain redemptions deemed probable during the same period and applying the effective dividend rate of the Series E Redeemable Preferred. In addition, at March 31, 2021 and December 31, 2020, the fair value of the embedded derivative included the valuation of the participation rights, which was based on the equivalent of 303,646 shares of our common stock at $5.13 and $3.39 per share, respectively.

The valuations of the embedded derivative are classified as Level 3. This derivative is valued using market information, management’s redemption assumptions, the underlying number of shares as defined in the terms of the Series E Redeemable Preferred, and the market price of our common stock.

6. Derivatives, Hedges and Financial Instruments (continued)

For the three months ended March 31, 2021 and 2020, we recognized an unrealized loss of approximately $0.4 million and an unrealized gain of approximately $0.6 million, respectively, due to the change in fair value of the embedded derivative. The unrealized gain and loss are included in non-operating other income and expense.

The following details our assets and liabilities that are measured at fair value on a recurring basis at March 31, 2021 and December 31, 2020:

			Fair Value Measurements at March 31, 2021 Using
Description	Total Fair Value at March 31, 2021		Quoted Prices in Active Markets for Identical Contracts (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)⁽¹⁾		Total Fair Value at December 31, 2020
	(In Thousands)

Assets - Supplies, prepaid items and other:
Natural gas contracts	$	—	$	—	$	—	$	—	$	80
Total	$	—	$	—	$	—	$	—	$	80

Liabilities - Current and noncurrent accrued and other liabilities:
Natural gas contracts	$	—	$	—	$	—	$	—	$	1,285
Embedded derivative	$	1,465	$	—	$	—	$	1,465	$	1,029
Total	$	1,465	$	—	$	—	$	1,465	$	2,314

(1)

There was no Level 3 transfer activity for the three months ended March 31, 2021 or 2020.

Loss Per Common Share

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Loss Per Common Share

2. Loss Per Common Share

	Three Months Ended
	March 31,
	2021			2020
	(Dollars In Thousands, Except Per Share Amounts)
Numerator:
Net loss	$	(13,279	)	$	(19,452	)
Adjustments for basic net loss per common share:
Dividend requirements on Series E Redeemable Preferred		(9,511	)		(8,307	)
Dividend requirements on Series B Preferred		(60	)		(60	)
Dividend requirements on Series D Preferred		(15	)		(15	)
Accretion of Series E Redeemable Preferred		(511	)		(504	)
Numerator for basic and dilutive net loss per common share - net loss attributable to common stockholders	$	(23,376	)	$	(28,338	)

Denominator:
Denominator for basic and dilutive net loss per common share - adjusted weighted-average shares (1)		28,343,693			28,176,205

Basic and dilutive net loss per common share	$	(0.82	)	$	(1.01	)

(1)

Excludes the weighted-average shares of unvested restricted stock that are contingently issuable.

The following weighted-average shares of securities were not included in the computation of diluted net loss per common share as their effect would have been antidilutive:

	Three Months Ended
	March 31,
	2021		2020
Restricted stock and stock units		1,809,339		1,206,856
Convertible preferred stocks		916,666		916,666
Series E Redeemable Preferred - embedded derivative		303,646		303,646
Stock options		92,809		124,000
		3,122,460		2,551,168

Net Sales

3 Months Ended

Mar. 31, 2021

Revenue From Contract With Customer [Abstract]

Net Sales

9. Net Sales

Disaggregated Net Sales

	Three Months Ended
	March 31,
	2021		2020
	(In Thousands)
Net sales:
Agricultural products	$	44,913	$	41,458
Industrial acids and other chemical products		40,275		35,206
Mining products		12,928		6,747
Total net sales	$	98,116	$	83,411

Other Information

Although most of our contracts have an original expected duration of one year or less, for our contracts with a duration greater than one year at contract inception, the average remaining expected duration was approximately 18 months at March 31, 2021.

Liabilities associated with contracts with customers (contract liabilities) primarily relate to deferred revenue and customer deposits associated with cash payments received in advance from customers for volume shortfall charges and product shipments. We had approximately $2.7 million and $2.5 million of contract liabilities as of March 31, 2021 and December 31, 2020, respectively. For the three months ended March 31, 2021 and 2020, revenues of $1.0 million and $0.5 million, respectively, were recognized and included in the balance at the beginning of the respective period.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Current and Noncurrent Accrued and Other Liabilities

3 Months Ended

Mar. 31, 2021

Other Liabilities Disclosure [Abstract]

Current and Noncurrent Accrued and Other Liabilities

3. Current and Noncurrent Accrued and Other Liabilities

	March 31,		December 31,
	2021		2020
	(In Thousands)
Accrued interest	$	19,081	$	8,669
Current portion of operating lease liabilities		7,564		6,706
Accrued payroll and benefits		6,442		5,837
Accrued death and other executive benefits		2,533		2,539
Deferred revenue		1,429		1,890
Other		10,006		10,816
		47,055		36,457
Less noncurrent portion		6,333		6,090
Current portion of accrued and other liabilities	$	40,722	$	30,367

Redeemable Preferred Stocks - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2021 shares
Series E Redeemable Preferred Stock [Member]
Class Of Stock [Line Items]
Preferred stock cumulative dividend rate	14.00%
Participating right in dividends and liquidating distributions expressed in number of common shares	303,646
Series E Redeemable Preferred Stock [Member] \| April 2021
Class Of Stock [Line Items]
Increase in preferred stock cumulative dividend rate	0.50%
Series E Redeemable Preferred Stock [Member] \| April 2022
Class Of Stock [Line Items]
Increase in preferred stock cumulative dividend rate	0.50%
Series E Redeemable Preferred Stock [Member] \| April 2023
Class Of Stock [Line Items]
Increase in preferred stock cumulative dividend rate	1.00%
Series F Redeemable Preferred Stock [Member]
Class Of Stock [Line Items]
Common stock voting rights shares	456,225
Voting rights description	As of March 31, 2021, the Series F Redeemable Preferred has voting rights to vote as a single class on all matters which the common stock have the right to vote and is entitled to a number of votes equal to 456,225 shares of our common stock.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities
Net loss	$ (13,279)	$ (19,452)
Adjustments to reconcile net loss to net cash provided (used) by operating activities:
Deferred income taxes	327	(374)
Depreciation and amortization of property, plant and equipment	16,762	17,592
Amortization of intangible and other assets	315	315
Other	(1,058)	1,373
Cash provided (used) by changes in assets and liabilities:
Accounts receivable	(17,321)	(7,512)
Inventories	625	(2,996)
Prepaid insurance	2,265	3,115
Accounts payable	8,598	(3,171)
Accrued interest	10,412	11,805
Other assets and other liabilities	5,065	(2,873)
Net cash provided (used) by operating activities	12,711	(2,178)
Cash flows from investing activities
Expenditures for property, plant and equipment	(6,133)	(10,737)
Other investing activities	198	179
Net cash used by investing activities	(5,935)	(10,558)
Cash flows from financing activities
Proceeds from revolving debt facility		30,000
Proceeds from other long-term debt		2,570
Payments on other long-term debt	(3,353)	(2,042)
Payments on short-term financing	(5,419)	(3,036)
Other financing activities	(36)	(64)
Net cash provided (used) by financing activities	(8,808)	27,428
Net increase (decrease) in cash and cash equivalents	(2,032)	14,692
Cash and cash equivalents at beginning of period	16,264	22,791
Cash and cash equivalents at end of period	$ 14,232	$ 37,483

Loss Per Common Share - Computation of Basic and Diluted Net Loss Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net loss	$ (13,279)	$ (19,452)
Adjustments for basic net loss per common share:
Dividend accrued on redeemable preferred stock	(9,511)	(8,307)
Dividend requirements	(75)	(75)
Net loss attributable to common stockholders	$ (23,376)	$ (28,338)
Denominator:
Denominator for basic and dilutive net loss per common share - adjusted weighted-average shares	28,343,693	28,176,205
Basic and dilutive net loss per common share	$ (0.82)	$ (1.01)
Series E Redeemable Preferred Stock [Member]
Adjustments for basic net loss per common share:
Dividend accrued on redeemable preferred stock	$ (9,511)	$ (8,307)
Accretion of redeemable preferred stock	(511)	(504)
Series B Preferred Stock [Member]
Adjustments for basic net loss per common share:
Dividend requirements	(60)	(60)
Series D Preferred Stock [Member]
Adjustments for basic net loss per common share:
Dividend requirements	$ (15)	$ (15)

Redeemable Preferred Stocks (Table)

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Summary of Redeemable Preferred Stock

Changes in our Series E and Series F Redeemable Preferred are as follows:

	Series E Redeemable Preferred
	Shares		Amount
	(Dollars In Thousands)
Balance at December 31, 2020		139,768	$	272,101
Accretion relating to liquidation preference on preferred stock		—		273
Accretion for discount and issuance costs on preferred stock		—		238
Accumulated dividends		—		9,511
Balance at March 31, 2021		139,768	$	282,123

Related Party Transactions - Additional Information (Detail) $ in Millions	Mar. 31, 2021 USD ($)
Related Party Transaction [Line Items]
Preferred stock, accumulated dividends	$ 1.7
Affiliate of LSB Funding [Member]
Related Party Transaction [Line Items]
Principal amount of notes hold	$ 50.0

Supplemental Cash Flow Information - Additional Information Relating to Cash Flow Activities (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash refunds for:
Income taxes, net	$ (216)	$ (332)
Noncash continuing investing and financing activities:
Accounts receivable, supplies and accounts payable associated with additions of property, plant and equipment	18,091	20,229
Series E Redeemable Preferred Stock [Member]
Noncash continuing investing and financing activities:
Dividends accrued on Series E Redeemable Preferred	9,511	8,307
Accretion of Series E Redeemable Preferred	$ 511	$ 504

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Basis of Consolidation

Nature of Business

Use of Estimates

Income Taxes

We reduce income tax expense for investment tax credits in the period the credit arises and is earned.

Contingencies

Redeemable Preferred Stocks

Derivatives, Hedges and Financial Instruments

Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date:

Level 1 - Valuations of contracts classified as Level 1 are based on quoted prices in active markets for identical contracts.

Level 2 - Valuations of contracts classified as Level 2 are based on quoted prices for similar contracts and valuation inputs other than quoted prices that are observable for these contracts.

Equity Awards

Revenue Recognition

Revenue Recognition and Performance Obligations

We determine revenue recognition through the following steps:

•

Identification of the performance obligations in the contract;

•

Determination of the transaction price;

•

Allocation of the transaction price to the performance obligations in the contract; and

•

Recognition of revenue when, or as, we satisfy a performance obligation.

Transaction Price Constraints and Variable Consideration

Recently Adopted Accounting Pronouncements

1. Summary of Significant Accounting Policies (continued)

Recently Issued Accounting Pronouncements

Long-Term Debt - Schedule of Revolving Credit Facility and Long-Term Debt (Parenthetical) (Detail)	Mar. 31, 2021	Dec. 31, 2020
3.75% Working Capital Revolver Loan [Member]
Debt Instrument [Line Items]
Line of credit facility, interest rate	3.75%	3.75%
8.75% Secured Financing Due 2025 [Member]
Debt Instrument [Line Items]
Long-term debt, effective Interest Rate	8.75%	8.75%
1.00% Unsecured Loan Agreement due 2022 [Member]
Debt Instrument [Line Items]
Long-term debt, effective Interest Rate	1.00%	1.00%
8.32% Secured Financing Due 2023 [Member]
Debt Instrument [Line Items]
Long-term debt, effective Interest Rate	8.32%	8.32%
8.75% Secured Loan Agreement Due 2025 [Member]
Debt Instrument [Line Items]
Long-term debt, effective Interest Rate	8.75%	8.75%

Derivatives Hedges and Financial Instruments - Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets - Supplies, prepaid items and other:
Natural gas contracts		$ 80
Total		80
Liabilities - Current and noncurrent accrued and other liabilities:
Natural gas contracts		1,285
Embedded derivative	$ 1,465	1,029
Total	1,465	$ 2,314
Significant Unobservable Inputs (Level 3) [Member]
Liabilities - Current and noncurrent accrued and other liabilities:
Embedded derivative	1,465
Total	$ 1,465