0000950170-24-027144 | 10-K | XBRL Viewer

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Summary of Significant Accounting Policies - Summary of Accounts Receivable - Allowance for Doubtful Accounts Activity (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance at Beginning of Year	$ 699	$ 474	$ 378
Additions- Charges to (Recovery of) Costs and Expenses	(164)	485	96
Deductions- Write-offs/Costs Incurred	171	260
Balance at End of Year	$ 364	$ 699	$ 474

Quarterly Financial Data - Schedule of Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Net sales	$ 593,709	$ 901,711	$ 556,239
Gross profit (loss)	86,260	348,367	138,979
Net income (loss)	27,923	230,347	43,545
Net income (loss) attributable to common stockholders	$ 27,923	$ 230,347	$ (220,002)
Basic net income (loss) per common share	$ 0.37	$ 2.72	$ (4.4)
Diluted net income (loss) per common share	$ 0.37	$ 2.68	$ (4.4)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- 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
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Treasury Stock [Member]	Preferred Stock [Member]	Capital in Excess of Par Value [Member]	Retained Earnings (Accumulated Deficit) [Member]
Balance at Dec. 31, 2020	$ 149,643	$ 3,993	$ (13,213)	$ 3,000	$ 197,350	$ (41,487)
Balance, shares at Dec. 31, 2020		39,926	(2,075)
Net Income (Loss)	43,545					43,545
Issuance of common stock in exchange for redeemable preferred stocks	531,139	$ 4,907			526,232
Issuance of common stock in exchange for redeemable preferred stocks, shares		49,066
Deemed dividend on redeemable preferred stocks	(231,812)				(231,812)
Dividend accrued on redeemable preferred stock	(29,914)					(29,914)
Accretion of redeemable preferred stock	(1,523)					(1,523)
Dividend paid on non-redeemable preferred stock upon conversion	(1,876)					(1,876)
Conversion of non-redeemable preferred stock into common stock		$ 119		$ (3,000)	2,881
Conversion of non-redeemable preferred stock into common stock, shares		1,192
Stock-based compensation	5,516				5,516
Restricted stock granted from treasury stock	(4,228)	$ 98	$ 2,680		(7,006)
Restricted stock granted from treasury stock, shares		984	700
Balance at Dec. 31, 2021	460,490	$ 9,117	$ (10,533)		493,161	(31,255)
Balance, shares at Dec. 31, 2021		91,168	(1,375)
Net Income (Loss)	230,347					230,347
Stock-based compensation	4,025				4,025
Purchase of common stock, Shares			(13,168)
Purchase of common stock	(175,083)		$ (175,083)
Other	(3,906)		$ (3,899)		(7)
Other, Shares			(345)
Balance at Dec. 31, 2022	515,873	$ 9,117	$ (189,515)		497,179	199,092
Balance, shares at Dec. 31, 2022		91,168	(14,888)
Net Income (Loss)	27,923					27,923
Stock-based compensation	5,353				5,353
Purchase of common stock, Shares		(3,100)	(3,094)
Purchase of common stock	(28,510)		$ (28,510)
Other	(2,308)		$ (802)		(1,506)
Other, Shares			(69)
Balance at Dec. 31, 2023	$ 518,331	$ 9,117	$ (218,827)		$ 501,026	$ 227,015
Balance, shares at Dec. 31, 2023		91,168	(18,051)

Long-Term Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Long-Term Debt

5. Long-Term Debt


	December 31,
	2023			2022
	(In Thousands)
New Revolving Credit Facility, with a current interest rate of 7.07%	$	—		$	—
Prior Revolving Credit Facility		—			—
Senior Secured Notes due 2028, with an interest rate of 6.25%		575,000			700,000
Secured Financing Agreement due 2025, with an interest rate of 8.75%		14,133			19,277
Secured Financing due 2023, with an interest rate of 8.32%		—			4,161
Finance Leases		953			1,138
Unamortized debt issuance costs (1)		(8,365	)		(12,321	)
		581,721			712,255
Less current portion of long-term debt		5,847			9,522
Long-term debt due after one year, net	$	575,874		$	702,733

_____________________________

(1)

Debt issuance costs of approximately $0.5 million relating to our New Revolving Credit Facility are not included in Unamortized discount and debt issuance cost. They are included in our consolidated balance sheet in Intangible and other assets, net.

New Revolving Credit Facility - On December 21, 2023, we entered into a secured revolving credit facility (the “New Revolving Credit Facility”) with the lenders identified on the signature pages thereof and JPMorgan Chase Bank, N.A, as administrative agent. The New Revolving Credit Facility provides for borrowings up to an initial maximum of $75 million, with an option to increase the maximum by an additional $25 million (which amount is uncommitted). Availability under the New Revolving Credit Facility is subject to a borrowing base and is subject to an availability block of $7.5 million which is applied against the $75 million initially reducing the maximum (which can be removed by us at our sole discretion, subject to the satisfaction of certain conditions) (the “Availability Block”). The Availability Block is applied against the $75 million maximum. The New Revolving Credit Facility provides for a sub-facility for the issuance of letters of credit in an aggregate amount not to exceed $10 million, with the outstanding amount of any such letters of credit reducing availability for borrowings. As of the closing of the New Revolving Credit Facility, no amounts were drawn by the Borrowers thereunder. As of December 31, 2023, availability under the facility was $44.5 million, based on our eligible collateral.

The New Revolving Credit Facility matures on December 21, 2028, subject to springing maturity to the date that is 90 days prior to the stated maturity date of our existing 6.250% senior secured notes, which is currently October 15, 2028, (unless such senior secured notes have been repaid or redeemed in full prior thereto). Borrowings outstanding under the New Revolving Credit Facility will bear interest at a rate per annum equal to, at the option of us, either (a) term Secured Overnight Financing Rate (“SOFR”) for a period of one month (with a fallback to the prime rate if such rate is unavailable), plus 0.10%, plus an applicable margin of 1.625% or (b) term SOFR for a period of one, three or six months (at our election), plus 0.10%, plus an applicable margin of 1.625%, in each case with a floor of 0.00%.

LSB Industries, Inc and all of our subsidiaries (collectively, the “Borrowers”) are co-borrowers under the New Revolving Credit Facility. Obligations under the New Revolving Credit Facility are secured by a first priority security interest in substantially all of our current assets, including accounts receivable and inventory, subject to certain exceptions.

The New Revolving Credit Facility contains a financial covenant (the “Financial Covenant”), which requires that, solely if we elect to remove the Availability Block, then the Borrowers must maintain a minimum fixed charge coverage ratio of not less than 1.00:1.00. The Financial Covenant, if triggered, is tested monthly. The Financial Covenant was not triggered as of December 31, 2023.

The New Revolving Credit Facility includes other customary representations and warranties, affirmative covenants, negative covenants and events of default. Upon the occurrence of events of default, the obligations under the New Revolving Credit Facility may be accelerated and the revolver commitments thereunder may be terminated.

In connection with the entry into the New Revolving Credit Facility, JPMorgan Chase Bank, N.A, as administrative agent, entered into a joinder agreement, dated as of December 21, 2023, to the Intercreditor Agreement, dated as of August 7, 2013 (as amended), by and between the Existing Revolving Agent under the Existing Revolving Credit Facility, and Wilmington Trust, National Association, as trustee and collateral agent under the Company’s existing senior secured notes, to, among other things, replace the existing administrative agent under the Prior Revolving Credit Facility.

Prior Revolving Credit Facility - In connection with the closing of the New Revolving Credit Facility, effective as of December 21, 2023, we satisfied and discharged all obligations under, and terminated all commitments under, our then existing $65 million secured revolving credit facility (the “Prior Revolving Credit Facility”) except for obligations expressly contemplated to survive payment of the obligations thereunder (including certain existing letters of credit and bank product obligations, all of which were fully cash collateralized at the closing of the New Revolving Credit Facility using cash on hand by us.). We incurred no termination penalties in connection with the early termination of the Prior Revolving Credit Facility.

The Prior Revolving Credit Facility provided for borrowings of up to $65 million, based on specific percentages of eligible accounts receivable and inventories and up to $10 million of letters of credit.

Senior Secured Notes - On October 14, 2021, we completed the issuance and sale of $500 million in aggregate principal amount of 6.25% Senior Secured Notes due 2028 (the “Notes”). The Notes were issued pursuant to an indenture, dated as of October 14, 2021 (the “Indenture”), by and among LSB, the subsidiary guarantors which includes all of our consolidated subsidiaries named therein, and Wilmington Trust, National Association, a national banking association, as trustee and collateral agent. The Notes were issued at a price equal to 100% of their face value. Most of the proceeds from the Notes were used to redeem all of our existing Senior Secured Notes due 2023 (the "Old Notes"), to pay related transaction fees, and the remaining portion to be used for general corporate purposes. The redemption was completed on October 29, 2021.

Redemption of the Old Notes was accounted for as an extinguishment of debt, which resulted in an extinguishment loss of approximately $20.3 million in 2021, primarily consisting of the contractual redemption premium paid and the expensing of unamortized debt issuance costs associated with the Old Notes.

On March 8, 2022, we completed the issuance and sale of an additional $200 million aggregate principal amount of the Notes (the “New Notes”), which 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 100% of their face value, plus accrued interest from October 14, 2021 to March 7, 2022.

During the second quarter of 2023 we repurchased $125 million in principal amount of our Senior Secured Notes for approximately $114.3 million, which was accounted for as an extinguishment of debt. Including our write-off of the associated remaining portion of unamortized debt issuance costs, we recognized a gain on extinguishment of approximately $8.6 million.

The Senior Secured Notes mature on October 15, 2028, ranking senior in right of payment to all of our debt that is expressly subordinated in right of payment to the notes, and will rank pari passu in right of payment with all of our liabilities that are not so subordinated, including the New Revolving Credit Facility. Our obligations under the Senior Secured Notes are jointly and severally guaranteed by the subsidiary guarantors named in the Indenture on a senior secured basis.

Interest on the Senior Secured Notes accrues at a rate of 6.25% per annum and is payable semi-annually in arrears on May 15 and October 15 of each year.

Pursuant to the Indenture, LSB may redeem the Senior Secured Notes at its option, in whole or in part, at certain redemption prices, including a “make-whole” premium, as set forth in the Indenture but also includes redemption requirements associated with a change of control (as defined in the Indenture). The Senior Secured Notes do not have any conversion features. In addition, the Indenture contains customary covenants that limit, among other things, LSB and certain of its subsidiaries’ ability to engage in certain transactions and also provides for customary events of default (subject in certain cases to customary grace and cure periods). Generally, if an event of default occurs and is continuing, the trustee or holders of at least 25% in principal amount of the then outstanding Senior Secured Notes may declare the principal of and accrued but unpaid interest on all the Senior Secured Notes to be due and payable.

The Indenture contains covenants that limit, among other things, LSB and certain of its subsidiaries’ ability to (1) incur additional indebtedness; (2) declare or pay dividends, redeem stock or make other distributions to stockholders; (3) make other restricted payments, including investments; (4) create dividend and other payment restrictions affecting its subsidiaries; (5) create liens or use assets as security in other transactions; (6) merge or consolidate, or sell, transfer, lease or dispose of all or substantially all of our assets; and (7) enter into transactions with affiliates. Further, during any such time when the Senior Secured Notes are rated investment grade by each of Moody’s Investors Service, Inc. and Standard & Poor’s Investors Ratings Services and no Default (as defined in the Indenture) has occurred and is continuing, certain of the covenants will be suspended with respect to the Senior Secured Notes.

Obligations in respect of the Senior Secured Notes are secured by a first priority security interest in substantially all of our fixed assets, subject to certain customary exceptions.

Secured Financing Agreement due 2025 - In August 2020, we entered into a $30 million secured financing arrangement with an affiliate of Eldridge. Principal and interest are payable in 60 equal monthly installments with a final balloon payment of approximately $5 million due in August 2025.

Secured Financing Agreement due 2023 - During the second quarter 2023, we made the final balloon payment of approximately $3 million on a 48-month secured financing arrangement with an affiliate of Eldridge.

Finance leases - Finance leases consists primarily of leases on railcars.

Maturities of long-term debt for each of the five years after December 31, 2023 are as follows (in thousands):


2024	$	5,847
2025		8,809
2026		180
2027		125
2028		575,073
Thereafter		52
Less: Debt issuance costs		8,365
	$	581,721

Derivatives, Hedges and Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Financial Instruments

As of December 31, 2023 and 2022, we did not have any financial instruments with fair values materially different from their carrying amounts (which excludes issuance costs, if applicable) except for our Senior Secured Notes and the U.S. treasury securities that comprise the short-term investments on our consolidated balance sheet. Fair value of our Senior Secured Notes is classified as a Level 2 fair value measurement while the treasury securities are a Level 1. 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.


	2023				2022
	Carrying		Estimated		Carrying		Estimated
	Amount		Fair Value		Amount		Fair Value
	(In Millions)
Senior Secured Notes (1)	$	575	$	543	$	700	$	637
Short-Term Investments	$	207	$	207	$	331	$	329

_____________________________

Based on a quoted price of 94.50 as of December 31, 2023 and 91.00 as of December 31, 2022.

Stock-Based Compensation - Summary of Restricted Stock Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested outstanding beginning of year	546,494
Vested, Shares	(279,997)
Unvested outstanding end of year	266,497	546,494
Unvested outstanding beginning of year	$ 2.72
Weighted-average fair value per restricted stock granted during year			$ 3.55
Vested, weighted-average grant date fair value	2.70
Unvested outstanding end of year	$ 2.73	$ 2.72
Total fair value of restricted stock vested during the year	$ 3,485	$ 4,394	$ 2,729
Performance Based Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested outstanding beginning of year	312,639
Vested, Shares	(170,244)
Unvested outstanding end of year	142,395	312,639
Unvested outstanding beginning of year	$ 2.71
Weighted-average fair value per restricted stock granted during year			$ 3.09
Vested, weighted-average grant date fair value	2.69
Unvested outstanding end of year	$ 2.73	$ 2.71
Total fair value of restricted stock vested during the year	$ 2,113	$ 4,976	$ 6,671
Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested outstanding beginning of year	422,447
Granted, Shares	442,116
Vested, Shares	(124,740)
Cancelled or forfeited, Shares	(35,254)
Unvested outstanding end of year	704,569	422,447
Unvested outstanding beginning of year	$ 10.50
Weighted-average fair value per restricted stock granted during year	10.87	$ 13.15	$ 5.05
Vested, weighted-average grant date fair value	11.12
Cancelled or forfeited, weighted-average grant date fair value	9.31
Unvested outstanding end of year	$ 10.33	$ 10.50
Total fair value of restricted stock vested during the year	$ 1,343		$ 2,209
Performance Based Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested outstanding beginning of year	161,922
Granted, Shares	171,641
Cancelled or forfeited, Shares	(4,329)
Unvested outstanding end of year	329,234	161,922
Unvested outstanding beginning of year	$ 10.4
Weighted-average fair value per restricted stock granted during year	20.62	$ 13.22
Cancelled or forfeited, weighted-average grant date fair value	16.78
Unvested outstanding end of year	$ 17.03	$ 10.4

Long-Term Debt - Schedule of Revolving Credit Facility and Long-Term Debt (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Finance Leases	$ 953	$ 1,138
Unamortized debt issuance costs	(8,365)	(12,321)
Long-term debt	581,721	712,255
Less current portion of long-term debt	5,847	9,522
Long-term debt due after one year, net	$ 575,874	$ 702,733
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Long-term debt	Long-term debt
Senior Secured Notes Due 2028 [Member]
Debt Instrument [Line Items]
Debt carrying amount	$ 575,000	$ 700,000
8.32% Secured Financing Due 2023 [Member]
Debt Instrument [Line Items]
Debt carrying amount		4,161
8.75% Secured Financing Due 2025 [Member]
Debt Instrument [Line Items]
Debt carrying amount	$ 14,133	$ 19,277

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Deferred compensation	$ 2,515	$ 2,354
Other accrued liabilities	283	1,813
Lease liability	5,941	5,215
Interest expense carryforward	14,375	16,025
Net operating loss	73,891	93,201
Other	11,649	11,950
Less valuation allowance on deferred tax assets	(15,175)	(14,916)
Total deferred tax assets	93,479	115,642
Property, plant and equipment	(152,802)	(169,507)
Right-of-use-assets	(5,937)	(5,340)
Prepaid and other insurance reserves	(3,593)	(4,282)
Total deferred tax liabilities	(162,332)	(179,129)
Net deferred tax liabilities	$ (68,853)	$ (63,487)

Derivatives, Hedges and Financial Instruments - Summary of Financial Instruments (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Short-term investments, Carrying Amount	$ 207,434	$ 330,553
Short-term investments, Estimated Fair Value	207,000	329,000
Senior Notes
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Carrying Amount	575,000	700,000
Estimated Fair Value	$ 543,000	$ 637,000

Quarterly Financial Data - Schedule of Quarterly Financial Information (Parenthetical) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Quarterly Financial Data [Line Items]
Gross profit (loss)	$ 86,260	$ 348,367	$ 138,979
Gain (loss) on natural gas forward contracts			2,706
Gain (loss) on extinguishment of debt	8,644	(113)	(10,259)
Interest expense associated with Global judgment	(41,136)	(46,827)	(49,378)
Benefit (provision) for income taxes	(5,973)	(39,174)	4,556
Cost of Sales [Member]
Schedule Of Quarterly Financial Data [Line Items]
Compensation expense due to CoC event	845	512	371
SG&A [Member]
Schedule Of Quarterly Financial Data [Line Items]
Compensation expense due to CoC event	$ 3,983	$ 3,513	$ 5,145

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

+ Details

- Definition

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

+ References + Details

- Definition

Amount of the cost of borrowed funds accounted for as interest expense.

+ References + Details

Summary of Significant Accounting Policies - Additional Information (Detail) $ / shares in Units, $ in Millions		1 Months Ended	12 Months Ended
	Oct. 08, 2021 shares	Aug. 31, 2021	Dec. 31, 2023 USD ($) Facility Customer Segment $ / shares shares	Dec. 31, 2022 shares	Dec. 31, 2021 shares	May 31, 2023 USD ($)
Equity, Class of Treasury Stock [Line Items]
Number of facilities for manufacture and distribution of products \| Facility			4
Stock repurchase program, authorized amount \| $						$ 150
Stock repurchase program, remaining authorized amount \| $			$ 121
Common stock, shares authorized			150,000,000	150,000,000	150,000,000
Number of customers accounted as percentage of accounts receivable \| Customer			3
Insurance coverage of general liability and auto liability risks \| $			$ 100
Tax benefit recognized			greater than 50%
Number of reportable segment \| Segment			1
Receivables, Net [Member] \| Customer Concentration Risk [Member] \| Customers including Affiliates
Equity, Class of Treasury Stock [Line Items]
Concentration risk, percentage			36.00%
Net Sales [Member] \| Customer Concentration Risk [Member] \| Customer One [Member]
Equity, Class of Treasury Stock [Line Items]
Concentration risk, percentage			10.00%	10.00%	10.00%
Net Sales [Member] \| Customer Concentration Risk [Member] \| Customers [Member]
Equity, Class of Treasury Stock [Line Items]
Concentration risk, percentage			14.00%	21.00%	15.00%
Special Dividend [Member]
Equity, Class of Treasury Stock [Line Items]
Special dividend payable in shares		0.3
Special dividend paid in common shares	9,100,000				9,100,000
Common Stock [Member]
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, average cost of repurchased shares \| $ / shares			$ 9.21
Stock repurchase program,number of shares repurchased			3,100,000
Maximum [Member]
Equity, Class of Treasury Stock [Line Items]
Credit sales, payment terms			60 days
Maximum [Member] \| Common Stock [Member]
Equity, Class of Treasury Stock [Line Items]
Issuance and sale of common stock upon the exchange of redeemable preferred shares					60,400,000
Minimum [Member]
Equity, Class of Treasury Stock [Line Items]
Credit sales, payment terms			30 days

Stock-Based Compensation - Summary of Stock-based Compensation Expense Recognized and Related Income Tax Benefit (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Income tax benefit	$ (1,128)	$ (947)	$ (1,355)
Cost of Sales [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	845	512	371
SG&A [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 3,983	$ 3,513	$ 5,145

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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+ Details

Stock-Based Compensation - Additional Information (Detail) - USD ($)		12 Months Ended
	Apr. 19, 2016	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stockholders Equity [Line Items]
Total stock based compensation expense not yet recognized, relating to non-vested equity awards		$ 6,597,000
Weighted-average remaining vesting period in years		1 year 8 months 12 days
2023 Restricted Stock [Member]
Stockholders Equity [Line Items]
Restricted stock, vesting percentage		100.00%
Restricted stock, vesting period		3 years
Performance Based Restricted Stock Units [Member]
Stockholders Equity [Line Items]
Restricted stock, vesting period		3 years
Stock Options [Member]
Stockholders Equity [Line Items]
Term of long term incentive plan		11 months 1 day
Options granted		13,000
Stock-based compensation expense		$ 0	$ 0	$ 0
Weighted average exercise price		$ 25.66
2016 Plan [Member]
Stockholders Equity [Line Items]
Term of long term incentive plan	10 years
Aggregate number of shares reserved and available for issuance		5,750,000
Number of shares to be issued		1,851,202
Options granted		0

Commitments and Contingencies - Additional Information (Detail) MMBTU in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2020 USD ($)	Dec. 31, 2023 USD ($) MMBTU Settlement T	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Oct. 18, 2023 USD ($)	Mar. 31, 2016 USD ($)
Commitments And Contingencies [Line Items]
Realized gain on sale of natural gas		$ 6,800,000
Outstanding letters of credit		1,700,000
Estimated share of the annual operating costs of pipeline, minimum		60,000
Estimated share of the annual operating costs of pipeline, maximum		$ 90,000
Operating agreement		The initial term of the operating agreement is through December 2053.
Indemnify the sureties for payments		$ 9,700,000
Payments under employment and severance agreements		11,100,000
Accrued liabilities for environmental matters		$ 400,000
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]		Other Accrued Liabilities, Current, Accrued And Other Liabilities Noncurrent
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		$ 300,000
Confidential settlement agreement with family groups \| Settlement		3
Liability reserve		$ 0
Property, Plant and Equipment, Gross, Total		1,440,736,000	$ 1,387,168,000
Depreciation, Depletion and Amortization, Total		68,414,000	66,937,000	$ 68,689,000
Interest Expense, Total		$ 41,136,000	$ 46,827,000	49,378,000
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
Nitric Acid Supply Agreement [Member]
Commitments And Contingencies [Line Items]
Required period for notice of termination		180 days
Supply commitment, description		The initial contract term began in 2021 and extends through 2027
Term of Renewal		1 year
Nitric Acid Supply Agreement [Member] \| Minimum [Member]
Commitments And Contingencies [Line Items]
Quantity of Nitric Acid, Minimum \| T		70,000
Nitric Acid Supply Agreement [Member] \| Maximum [Member]
Commitments And Contingencies [Line Items]
Quantity of Nitric Acid, Minimum \| T		100,000
Natural Gas Purchase Commitments [Member]
Commitments And Contingencies [Line Items]
Realized gain on sale of natural gas				$ 1,500,000
Natural gas purchase commitments volume \| MMBTU		0
Leidos Constructors, LLC [Member] \| Global Industrial Inc [Member]
Commitments And Contingencies [Line Items]
Accounts Payable and Accrued Liabilities, Current, Total					$ 9,800,000
Pre and Post Judgement Accrued Interest					2,400,000
Property, Plant and Equipment, Gross, Total					$ 7,400,000
Depreciation, Depletion and Amortization, Total		$ 1,800,000
Interest Expense, Total		$ 2,400,000
Percentage of accrued post judgement interests					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					$ 3,500,000

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

6. Income Taxes

Provision (benefit) for income taxes are as follows:


	2023			2022			2021
	(In Thousands)
Current:
Federal	$	—		$	—		$	—
State		607			2,320			(250	)
Total Current	$	607		$	2,320		$	(250	)

Deferred:
Federal	$	7,767		$	43,217		$	(6,217	)
State		(2,401	)		(6,363	)		1,911
Total Deferred	$	5,366		$	36,854		$	(4,306	)
Provision (benefit) for income taxes	$	5,973		$	39,174		$	(4,556	)

The current provision (benefit) for federal and state income taxes shown above includes federal and state income tax after the consideration of permanent and temporary differences between income for GAAP and tax purposes.

The deferred tax provision (benefit) results from the recognition of changes in our prior year deferred tax assets and liabilities, and the utilization of federal and state NOL carryforwards and other temporary differences. We reduce income tax expense for tax credits in the year they arise and are earned. On December 31, 2023, our gross amount of tax credits available to offset state income taxes was $4.2 million ($3.3 million net of federal benefit). Most of these tax credits carryforward for 9 years and begin expiring in 2024. The gross amount of federal tax credits was $8.1 million. These credits carryforward for 20 years and begin expiring in 2034.

In 2023, we utilized approximately $76.7 million and $66.0 million of federal and state NOL carryforwards, respectively, to reduce tax liabilities. In 2022, we utilized approximately $240.0 million and $243.0 million of federal and state NOL carryforwards, respectively, to reduce tax liabilities. In 2021, we utilized approximately $64.0 million and $56.0 million of federal and state NOL carryforwards, respectively, to reduce tax liabilities. On December 31, 2023, we have remaining federal and state tax NOL carryforwards of $274.9 million and $360.7 million, respectively. The federal NOL carryforwards begin expiring in 2036 and the state NOL carryforwards began expiring in 2024.

We considered both positive and negative evidence in our determination of the need for valuation allowances for the deferred tax assets associated with federal and state NOLs and federal credits and in conjunction with the IRC Section 382 limitation. 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 annual utilization limitations of interest expense and net operating losses and our results of operations. Based on our analysis, we believe that it is more-likely-than-not that all of our federal deferred tax assets will be utilized and a portion of our state deferred tax assets will not be able to be utilized. Information relating to our valuation allowance are included in the tables below. In 2023, the provision for income taxes includes a net increase of approximately $0.3 million of state valuation allowance primarily due to lower future income. There is no federal valuation allowance remaining as of December 31, 2023 or 2022.

Deferred tax assets and liabilities include temporary differences and carryforwards as follows:


	December 31,
	2023			2022
	(In Thousands)

Deferred compensation	$	2,515		$	2,354
Other accrued liabilities		283			1,813
Lease liability		5,941			5,215
Interest expense carryforward		14,375			16,025
Net operating loss		73,891			93,201
Other		11,649			11,950
Less valuation allowance on deferred tax assets		(15,175	)		(14,916	)
Total deferred tax assets	$	93,479		$	115,642

Property, plant and equipment		(152,802	)		(169,507	)
Right-of-use-assets		(5,937	)		(5,340	)
Prepaid and other insurance reserves		(3,593	)		(4,282	)
Total deferred tax liabilities	$	(162,332	)	$	(179,129	)

Net deferred tax liabilities	$	(68,853	)	$	(63,487	)

All of our income (loss) before taxes relates to domestic operations. Detailed below are the differences between the amount of the provision (benefit) for income taxes and the amount which would result from the application of the federal statutory rate to “Income (loss) before benefit for income taxes.”


	2023			2022			2021
	(In Thousands)
Provision (benefit) for income taxes at federal statutory rate	$	7,118		$	56,543		$	8,187
State current and deferred income tax provision (benefit)		1,238			9,374			1,833
Valuation allowance - Federal		—			(12,701	)		(13,400	)
Valuation allowance - State		259			(19,351	)		(4,286	)
State tax rate changes		(3,499	)		2,824			7,360
Tax credits		—			—			(2,835	)
PPP loan forgiveness		—			—			(2,456	)
Other		857			2,485			1,041
Provision (benefit) for income taxes	$	5,973		$	39,174		$	(4,556	)

A reconciliation of the beginning and ending amount of uncertain tax positions is as follows:


	2023		2022		2021
	(In Thousands)
Balance at beginning of year	$	—	$	—	$	464
Additions based on tax positions related to the current year		—		—		—
Reductions for tax positions of prior years		—		—		(464	)
Balance at end of year	$	—	$	—	$	-

We expect that the amount of unrecognized tax benefits may change as the result of ongoing operations, the outcomes of audits, and the expiration of statute of limitations. This change is not expected to have a significant effect on our results of operations or financial condition. As of December 31, 2023, there is no remaining uncertain tax position.

We record interest related to unrecognized tax positions in interest expense and penalties in operating other expense. For 2023, 2022 and 2021, the amounts for interest and penalties associated with unrecognized tax positions were minimal. As of December 31, 2023, there was no accrued interest or penalties (none as of December 31, 2022).

LSB and certain of its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state jurisdictions. With few exceptions, the 2020-2023 years remain open for all purposes of examination by the U.S. Internal Revenue Service and other major tax jurisdictions. Additionally, the 2014-2019 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Accrued and Other Liabilities - Summary of Accrued and Other Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued payroll and benefits	$ 9,400	$ 12,440
Current portion of operating lease liabilities	8,795	7,259
Accrued interest	$ 7,487	$ 11,196
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current portion of accrued and other liabilities	Current portion of accrued and other liabilities
Other	$ 5,802	$ 8,097
Total current and noncurrent accrued liabilities	31,484	38,992
Less noncurrent portion	523	522
Current portion of accrued and other liabilities	$ 30,961	$ 38,470

Net Sales

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Net Sales

13. Net Sales

Disaggregated Net Sales

As discussed in Note 1 – Summary of Significant Accounting Policies, 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 consolidated financial statements:



	2023		2022		2021
	(In Thousands)
Net sales:
AN & Nitric Acid	$	221,818	$	315,679	$	228,754
Urea ammonium nitrate (UAN)		154,206		239,463		123,840
Ammonia		166,581		284,005		155,159
Other		51,104		62,564		48,486
Total net sales	$	593,709	$	901,711	$	556,239

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 36 months as of December 31, 2023.

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 $1.0 million and $2.0 million of contract liabilities as of December 31, 2023 and 2022, respectively which are reflected as accrued liabilities in our consolidated balance sheets. During 2023 and 2022, deferred revenues of $1.6 million and $1.5 million, respectively were recognized and included in the balance as of December 31, 2023 and 2022. Our contract assets consists of unconditional rights to payment from our customers, which are reflected as accounts receivable in our consolidated balance sheets.

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. As of December 31, 2023, we have remaining performance obligations with certain customer contracts, excluding contracts with original durations of less than one year and contracts with variable consideration for which we have elected the practical expedient for consideration recognized in revenue as invoiced. The remaining performance obligations total approximately $70.2 million, of which approximately 66% of this amount relates to 2024 through 2026, approximately 17% relates to 2027 through 2028, with the remainder thereafter.

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 27,923	$ 230,347	$ 43,545

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Income Taxes - Income (Loss) before Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Provision (benefit) for income taxes at federal statutory rate	$ 7,118	$ 56,543	$ 8,187
State current and deferred income tax provision (benefit)	1,238	9,374	1,833
State tax rate changes	(3,499)	2,824	7,360
Tax credits			(2,835)
PPP loan forgiveness			(2,456)
Other	857	2,485	1,041
Provision (benefit) for income taxes	5,973	39,174	(4,556)
Federal [Member]
Operating Loss Carryforwards [Line Items]
Valuation allowance		(12,701)	(13,400)
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Valuation allowance	$ 259	$ (19,351)	$ (4,286)

Supplemental Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2023

Supplemental Cash Flow Elements [Abstract]

Additional Information Relating to Cash Flow Activities

The following provides additional information relating to cash flow activities:


	2023			2022		2021
	(In Thousands)
Cash payments (refunds) for:
Interest on long-term debt and other, net of capitalized interest	$	42,921		$	41,956	$	43,583
Income taxes, net	$	1,689		$	1,508	$	(182	)

Noncash investing and financing activities:
Property, plant and equipment acquired and not yet paid at end of period	$	25,017		$	28,394	$	17,649
(Gain) loss on extinguishment of debt	$	(8,644	)	$	113	$	—
Accounts payable associated with debt-related costs	$	450		$	—	$	—
Series E and Series F Redeemable Preferred and related dividends, accretion, and embedded derivative exchanged for common stock, net of related costs in accounts payable	$	—		$	—	$	306,690
Gain on extinguishment of PPP loan	$	—		$	—	$	10,000
Series B and Series D preferred converted into common stock	$	—		$	—	$	3,000

Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable - Allowance for Doubtful Accounts [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Year	$ 699	$ 474	$ 378
Additions- Charges to (Recovery of) Costs and Expenses	(164)	485	96
Deductions- Write- offs/Costs Incurred	171	260
Balance at End of Year	364	699	474
Deferred Tax Assets - Valuation Allowance [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Year	14,916	46,968	64,655
Additions- Charges to (Recovery of) Costs and Expenses	274	(28,268)	(17,687)
Deductions- Write- offs/Costs Incurred	15	3,784
Balance at End of Year	$ 15,175	$ 14,916	$ 46,968

Insider Trading Arrangements shares in Thousands	3 Months Ended
Insider Trading Arrangements shares in Thousands	Dec. 31, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Adoption of 10b5-1 Trading Plans by Our Officers and Directors During our fiscal quarter ended December 31, 2023, one of our directors (as defined in Rule 16a-1(f) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) entered into a contract, instruction or written plan for the purchase or sale of our securities that is intended to satisfy the conditions specified in Rule 10b5-1(c) under the Exchange Act for an affirmative defense against liability for trading in securities on the basis of material nonpublic information. We refer to this contract, instruction, and written plan as a “Rule 10b5-1 trading plan.” We describe the material terms of this Rule 10b5-1 trading plan below. John P. Burns, Executive Vice President – Manufacturing On December 8, 2023, John P. Burns, our Executive Vice President – Manufacturing, entered into a Rule 10b5-1 trading plan that is intended to satisfy the affirmative defense of Rule 10b5-1(c) and provides that Mr. Burns, acting through a broker, may sell up to an aggregate of 66,486 shares of our common stock, subject to adjustments for stock splits, stock combinations, stock dividends and other similar changes to our common stock. The total vested and unvested common shares held by Mr. Burns currently is 197,771. Sales of shares under the plan may only occur from March 8, 2024 to September 8, 2024. The plan is scheduled to terminate on September 8, 2024, subject to earlier termination upon the sale of all shares subject to the plan or the expiration of all sale orders under the plan, upon termination by Mr. Burns or the broker, or as otherwise provided in the plan. Lynn F. White, Member Board of Directors On November 9, 2023, Lynn F. White, a member of our board of directors, entered into a Rule 10b5-1 trading plan that is intended to satisfy the affirmative defense of Rule 10b5-1(c) and provides that Mr. White, acting through a broker, may sell up to an aggregate of 40,000 shares of our common stock, subject to adjustments for stock splits, stock combinations, stock dividends and other similar changes to our common stock in certain trust's which he is trustee over. The total vested common shares held by Mr. White 205,653. Sales of shares under the plan may only occur from February 8, 2024 to November 8, 2024. The plan is scheduled to terminate on November 8, 2024, subject to earlier termination upon the sale of all shares subject to the plan or the expiration of all sale orders under the plan, upon termination by Mr. White or the broker, or as otherwise provided in the plan.
John P. Burns [Member]
Trading Arrangements, by Individual
Name	John P. Burns
Title	Executive Vice President – Manufacturing
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 8, 2023
Termination Date	September 8, 2024
Arrangement Duration	185 days
Aggregate Available	66,486
Underlying Securities	197,771
Lynn F. White [Member]
Trading Arrangements, by Individual
Name	Lynn F. White
Title	board of directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 9, 2023
Termination Date	November 8, 2024
Arrangement Duration	275 days
Aggregate Available	40,000
Underlying Securities	205,653

Net Income (Loss) per Common Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Net Income (Loss) per Common Share

2. Net Income (Loss) per Common Share

The following table sets forth the computation of basic and diluted net income (loss) per common share:


	2023		2022		2021
	(In Thousands, Except Per Share Amounts)
Numerator:
Net income (loss)	$	27,923	$	230,347	$	43,545
Adjustments for basic and diluted net loss per common share:
Dividend requirements on Series E Redeemable Preferred		—		—		(29,914	)
Deemed dividend on Series E and Series F Redeemable Preferred		—		—		(231,812	)
Dividend and dividend requirements on Series B Preferred		—		—		(239	)
Dividend and dividend requirements on Series D Preferred		—		—		(59	)
Accretion of Series E Redeemable Preferred		—		—		(1,523	)

Net income attributable to participating securities		—		—		—

Numerator for basic and diluted net income (loss) per common share	$	27,923	$	230,347	$	(220,002	)

Denominator:
Denominator for basic net income (loss) per common share - weighted- average shares (1)		74,536		84,753		49,963
Effect of dilutive securities:
Unvested restricted stock and stock units		564		1,272		—
Dilutive potential common shares		564		1,272		—

Denominator for diluted net income (loss) per common share - adjusted weighted-average shares (1)		75,100		86,025		49,963

Basic net income (loss) per common share	$	0.37	$	2.72	$	(4.40	)

Diluted net income (loss) per common share	$	0.37	$	2.68	$	(4.40	)

_____________________________

(1)

All periods exclude 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:


	2023		2022		2021
	(In Thousands)
Restricted stock and stock units		388		80		1,531
Stock options		13		13		13
		401		93		1,544

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Reconciliation of Cash and Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheet to the total of the same such amounts shown in the condensed consolidated statement of cash flows:


	December 31,
	2023		2022
	(in Thousands)
Cash and cash equivalents	$	98,500	$	63,769
Restricted cash		2,532		—
Total cash, cash equivalents and restricted cash shown in the statement of cash flows		101,032		63,769

Summary of Accounts Receivable - Allowance for Doubtful Accounts Activity

A summary of our accounts receivable - allowance for doubtful accounts activity is presented below:


Accounts receivable - allowance for doubtful accounts:	Balance at Beginning of Year		Additions- Charges to (Recovery of) Costs and Expenses			Deductions- Write- offs/Costs Incurred		Balance at End of Year
	(In Thousands)
2023	$	699	$	(164	)	$	171	$	364

2022	$	474	$	485		$	260	$	699

2021	$	378	$	96		$	—	$	474

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Restricted Stock Activity

A summary of equity award activity during 2023 is presented below:


	Restricted Stock (1)					Performance-Based Restricted Stock (1)(2)					Restricted Stock Units					Performance Based Restricted Stock Units
	Shares			Weighted- Average Grant Date Fair Value		Shares			Weighted- Average Grant Date Fair Value		Shares			Weighted- Average Grant Date Fair Value		Shares			Weighted- Average Grant Date Fair Value
Unvested outstanding beginning of year		546,494		$	2.72		312,639		$	2.71		422,447		$	10.50		161,922		$	10.40
Granted		—		$	—		—		$	—		442,116		$	10.87		171,641		$	20.62
Vested		(279,997	)	$	2.70		(170,244	)	$	2.69		(124,740	)	$	11.12		—		$	—
Cancelled or forfeited		—		$	—		—		$	—		(35,254	)	$	9.31		(4,329	)	$	16.78
Unvested outstanding end of year		266,497		$	2.73		142,395		$	2.73		704,569		$	10.33		329,234		$	17.03
Additional Information:
Weighted-average fair value per stock/unit granted in 2022				$	—				$	—				$	13.15				$	13.22
Weighted-average fair value per stock/unit granted in 2021				$	3.55				$	3.09				$	5.05				$	—


	Total Fair Value			Total Fair Value			Total Fair Value			Total Fair Value
	In Thousands
Stock/unit vested in 2023		$	3,485		$	2,113		$	1,343		$	—
Stock/unit vested in 2022		$	4,394		$	4,976		$	—		$	—
Stock/unit vested in 2021		$	2,729		$	6,671		$	2,209		$	—

_____________________________

(1)

We did not grant any restricted stock or performance based restricted stock awards during 2023 or 2022.

(2)

Upon the change of control event associated with the exchange of the Series E and Series F Redeemable Preferred discussed in Note 1 – Summary of Significant Accounting Policies, during 2021 such PBRS are subject only to the time-based vesting conditions set forth in the applicable award agreement and the 2016 Plan.

Summary of Valuation Assumptions of Market Condition PBRSUs


	Valuation Date
	January 25, 2023			January 20, 2022
Valuation assumptions of market condition PBRSUs
Risk free rate		3.77	%		1.34	%
Volatility		95.06	%		97.92	%
Simulation period	2.93 years			2.92 years
Fair value	$	20.62		$	15.94

Summary of Stock-based Compensation Expense Recognized and Related Income Tax Benefit

Stock-based Compensation Expense – A summary of our stock-based compensation expense recognized and related income tax benefit for each of the three years we present our income statement is presented below:


	Stock Based Compensation
	2023			2022			2021
	(In Thousands)
Stock-based compensation expense - Cost of sales		845			512			371
Stock-based compensation expense - SG&A		3,983			3,513			5,145
Income tax benefit		(1,128	)		(947	)		(1,355	)

Property, Plant and Equipment - Additional Information (Detail)	Dec. 31, 2023
Chemical Processing Plants and Plant Infrastructure [Member] \| Minimum [Member]
Property Plant And Equipment [Line Items]
Useful lives in years	15 years
Chemical Processing Plants and Plant Infrastructure [Member] \| Maximum [Member]
Property Plant And Equipment [Line Items]
Useful lives in years	25 years
Processing Plant Components [Member] \| Minimum [Member]
Property Plant And Equipment [Line Items]
Useful lives in years	3 years
Processing Plant Components [Member] \| Maximum [Member]
Property Plant And Equipment [Line Items]
Useful lives in years	10 years
Trucks, Automobiles, Trailers, and Other Rolling Stock [Member] \| Minimum [Member]
Property Plant And Equipment [Line Items]
Useful lives in years	4 years
Trucks, Automobiles, Trailers, and Other Rolling Stock [Member] \| Maximum [Member]
Property Plant And Equipment [Line Items]
Useful lives in years	7 years

Derivatives, Hedges and Financial Instruments

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives, Hedges and Financial Instruments

8. 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 enter into certain forward natural gas contracts or volume purchase commitment. which are within the scope of derivative accounting. As of December 31, 2023, we had no outstanding forward natural gas contracts. Our natural gas contracts throughout 2023 and 2022 were not accounted for as derivatives as we elected the normal purchase and normal sales scope exception on those contracts. In 2021, we had a combination of contracts that were accounted for as derivatives as well as contracts under the scope exception and therefore not accounted for as derivatives. Please see our discussion in Note 1 – Summary of Significant Accounting Policies regarding derivatives.

For 2021, we recognized a gain of $2.7 million (including a realized gain of $1.5 million) attributed to natural gas contracts held at the reporting date. The gain is classified as a reduction of cost of sales.

From time to time, when the Company exceeds the funding threshold in our natural gas purchase commitments the Company is required to fund cash collateral to our counterparty. As of December 31, 2023, we had no counterparty cash collateral funding requirements.

Financial Instruments


	2023				2022
	Carrying		Estimated		Carrying		Estimated
	Amount		Fair Value		Amount		Fair Value
	(In Millions)
Senior Secured Notes (1)	$	575	$	543	$	700	$	637
Short-Term Investments	$	207	$	207	$	331	$	329

_____________________________

Based on a quoted price of 94.50 as of December 31, 2023 and 91.00 as of December 31, 2022.

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 1,440,736	$ 1,387,168
Less accumulated depreciation and amortization	605,438	538,507
Property, plant and equipment, net	835,298	848,661
Machinery, Equipment and Automotive [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 1,324,323	1,283,429
Machinery, Equipment and Automotive [Member] \| Minimum [Member]
Property Plant And Equipment [Line Items]
Useful lives in years	3 years
Machinery, Equipment and Automotive [Member] \| Maximum [Member]
Property Plant And Equipment [Line Items]
Useful lives in years	25 years
Buildings and Improvements [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 38,086	38,021
Buildings and Improvements [Member] \| Minimum [Member]
Property Plant And Equipment [Line Items]
Useful lives in years	15 years
Buildings and Improvements [Member] \| Maximum [Member]
Property Plant And Equipment [Line Items]
Useful lives in years	30 years
Land Improvements [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 8,692	8,384
Land Improvements [Member] \| Minimum [Member]
Property Plant And Equipment [Line Items]
Useful lives in years	20 years
Land Improvements [Member] \| Maximum [Member]
Property Plant And Equipment [Line Items]
Useful lives in years	35 years
Furniture, Fixtures and Store Equipment [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 2,726	2,438
Furniture, Fixtures and Store Equipment [Member] \| Minimum [Member]
Property Plant And Equipment [Line Items]
Useful lives in years	3 years
Furniture, Fixtures and Store Equipment [Member] \| Maximum [Member]
Property Plant And Equipment [Line Items]
Useful lives in years	30 years
Construction in Progress [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 41,086	28,029
Capital Spare Parts [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	21,256	22,300
Land [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 4,567	$ 4,567

Stock-Based Compensation - Summary of Valuation Assumptions of Market Condition PBRSUs (Detail) - Performance Based Restricted Stock Units [Member] - $ / shares	Jan. 25, 2023	Jan. 20, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk free rate	3.77%	1.34%
Volatility	95.06%	97.92%
Simulation period	2 years 11 months 4 days	2 years 11 months 1 day
Fair value	$ 20.62	$ 15.94

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 98,500	$ 63,769
Restricted cash	2,532
Short-term investments	207,434	330,553
Accounts receivable	40,749	75,494
Allowance for doubtful accounts	(364)	(699)
Accounts receivable, net	40,385	74,795
Inventories:
Finished goods	26,329	28,893
Raw materials	1,799	1,990
Total inventories	28,128	30,883
Supplies, prepaid items and other:
Prepaid insurance	14,846	17,429
Precious metals	12,094	13,323
Supplies	30,486	27,501
Other	2,337	8,346
Total supplies, prepaid items and other	59,763	66,599
Total current assets	436,742	566,599
Property, plant and equipment, net	835,298	848,661
Other assets:
Operating lease assets	24,852	22,682
Intangible and other assets, net	1,292	1,877
Total other assets	26,144	24,559
Total assets	1,298,184	1,439,819
Current liabilities:
Accounts payable	68,323	78,182
Short-term financing	13,398	16,134
Accrued and other liabilities	30,961	38,470
Current portion of long-term debt	5,847	9,522
Total current liabilities	118,529	142,308
Long-term debt, net	575,874	702,733
Noncurrent operating lease liabilities	16,074	14,896
Other noncurrent accrued and other liabilities	523	522
Deferred income taxes	68,853	63,487
Commitments and contingencies (Note 7)
Stockholders' equity:
Common stock, $.10 par value; 150 million shares authorized, 91.2 million shares issued	9,117	9,117
Capital in excess of par value	501,026	497,179
Retained earnings	227,015	199,092
Total stockholders' equity	737,158	705,388
Less treasury stock, at cost:
Common stock, 18.1 million shares (14.9 million shares at December 31, 2022)	218,827	189,515
Total stockholders' equity	518,331	515,873
Total liabilities and stockholders' equity	$ 1,298,184	$ 1,439,819

Stock-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

9. Stock-based Compensation

2016 Long Term Incentive Plan – Our equity award grants during the periods presented below were granted under the 2016 Long Term Incentive Plan (the "2016 Plan"), which replaced the 2008 Incentive Stock Plan. The 2016 Plan was approved by our shareholders in 2016 and subsequently amended in 2021. No awards may be granted under the 2016 Plan on and after the tenth anniversary of its effective date. As of December 31, 2023, the maximum aggregate number of shares currently authorized for issuance under the 2016 Plan is 5,750,000 shares with 1,851,202 shares available to be issued. The 2016 Plan is administered by the compensation committee (the “Committee”) of our Board and allows for, among others, the following types of awards: restricted stock, restricted stock units, and other stock and cash-based awards, stock appreciation rights and stock options.

Restricted Stock and Restricted Stock Units – During 2023, time-based restricted stock units ("RSU") and performance-based restricted stock units ("PBRSU") were granted to certain executives and employees. Certain time-based (i.e. a “service condition”) restricted stock units had graded vesting provisions of equal annual increments over three years while others had cliff vesting provisions of 100% at the end of three years. The PBRSUs granted in 2023 vest in three years and are based on a market condition. The equity awards granted in 2022 have similar vesting timeframes to those granted in 2023 while the PBRSUs granted in that year include units that vest based on a performance condition tied to the Company’s cost structure and units that vest based on a market condition. Details of the market and performance conditions are discussed further below.

During 2021, restricted stock and performance-based restricted stock were granted to certain executives and restricted stock units were granted to certain employees. Pursuant to the terms of the performance-based awards outstanding as of the change of control event associated with the exchange of the Series E and Series F Redeemable Preferred discussed in Note 1 – Summary of Significant Accounting Policies, additional shares of restricted stock were issued including the satisfaction of certain performance conditions above the target performance level. Also, such performance-based restricted stock subsequent to the change of control event, were thereafter subject only to the time-based vesting conditions set forth in the applicable award agreement and the 2016 Plan.

We generally grant RSUs to our non-employee directors annually. Vesting of our director grants occurs upon the earliest of: (i) the director’s separation from service, (ii) the first anniversary of the grant date, or (iii) the occurrence of a change of control, as defined by the agreement. Since the separation from service vesting provision effectively allows an award to vest with no minimum service requirement, these awards are fully expensed on the date they were granted. Pursuant to the terms of these RSU awards all of these RSU awards outstanding during 2021 immediately vested as a result of the change of control event discussed in Note 1 – Summary of Significant Accounting Policies.

A summary of equity award activity during 2023 is presented below:


	Restricted Stock (1)					Performance-Based Restricted Stock (1)(2)					Restricted Stock Units					Performance Based Restricted Stock Units
	Shares			Weighted- Average Grant Date Fair Value		Shares			Weighted- Average Grant Date Fair Value		Shares			Weighted- Average Grant Date Fair Value		Shares			Weighted- Average Grant Date Fair Value
Unvested outstanding beginning of year		546,494		$	2.72		312,639		$	2.71		422,447		$	10.50		161,922		$	10.40
Granted		—		$	—		—		$	—		442,116		$	10.87		171,641		$	20.62
Vested		(279,997	)	$	2.70		(170,244	)	$	2.69		(124,740	)	$	11.12		—		$	—
Cancelled or forfeited		—		$	—		—		$	—		(35,254	)	$	9.31		(4,329	)	$	16.78
Unvested outstanding end of year		266,497		$	2.73		142,395		$	2.73		704,569		$	10.33		329,234		$	17.03
Additional Information:
Weighted-average fair value per stock/unit granted in 2022				$	—				$	—				$	13.15				$	13.22
Weighted-average fair value per stock/unit granted in 2021				$	3.55				$	3.09				$	5.05				$	—


	Total Fair Value			Total Fair Value			Total Fair Value			Total Fair Value
	In Thousands
Stock/unit vested in 2023		$	3,485		$	2,113		$	1,343		$	—
Stock/unit vested in 2022		$	4,394		$	4,976		$	—		$	—
Stock/unit vested in 2021		$	2,729		$	6,671		$	2,209		$	—

_____________________________

(1)

We did not grant any restricted stock or performance based restricted stock awards during 2023 or 2022.

(2)

The payout on our 2023 PBRSU grants, which vest in three years, is based on our total shareholder return feature (“TSR”) relative to our peer group. The vesting criteria is measured annually relative to annual targets (with a minimum threshold and a maximum ceiling) with a final adjustment in the third year. Each annual measurement results in a number of shares that are independently earned (i.e. “banked”) and are not affected by the measurement in the other periods. Banked shares are used in the final calculation to determine the vested shares at the end of the three-year period. As a result, the number of shares earned annually could be lower or higher than the annual target PRBSU shares. These awards granted require the grantee to be continuously employed through the end of the term for vesting purposes.

The 2022 PBRSU grants, which vest in three years, include units that vest based on a performance condition tied to the company’s cost structure and units that vest based on a market condition as measured by our TSR on an absolute basis. Both performance condition and market condition units are measured annually relative to annual targets for each respective criteria (with a minimum threshold and a maximum ceiling) with a final adjustment in the third year. Each annual measurement results in a number of shares that are independently earned (i.e. “banked") and are not affected by the measurement in the other periods. Banked shares are used in the final calculation to determine the vested shares at the end of the three-year period. As a result, the number of shares earned annually could be lower or higher than the annual target PRBSU shares. These awards granted require the grantee to be continuously employed through the end of the term for vesting purposes.

The fair value of our service condition and performance condition awards are based on the market price of our common stock.

We estimate the fair value of our market condition awards using a Monte Carlo simulation with the following assumptions:

•

the closing stock price on the day preceding the grant,

•

the prediction time horizon, the vesting term of the grant,

•

the three-year Treasury yield curve rate on the grant date,

•

the standard deviation of historical daily returns for the length of the vesting term of the grant.


	Valuation Date
	January 25, 2023			January 20, 2022
Valuation assumptions of market condition PBRSUs
Risk free rate		3.77	%		1.34	%
Volatility		95.06	%		97.92	%
Simulation period	2.93 years			2.92 years
Fair value	$	20.62		$	15.94

Stock Options – We have had no activity or stock-based compensation expense related to stock options during the past three years. As of December 31, 2023, we had 13,000 options at a weighted average exercise price of $25.66, all of which were out of the money and are scheduled to expire in 0.92 years.


	Stock Based Compensation
	2023			2022			2021
	(In Thousands)
Stock-based compensation expense - Cost of sales		845			512			371
Stock-based compensation expense - SG&A		3,983			3,513			5,145
Income tax benefit		(1,128	)		(947	)		(1,355	)

As of December 31, 2023, unrecognized compensation cost related to outstanding awards was $6,597,000 with a weighted-average remaining vesting period of 1.7 years.

Net Sales - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
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 36 months
Average revenue remaining performance obligation expected timing of satisfaction period	36 months
Contract liabilities	$ 1.0	$ 2.0
Contract with customer, liability partially offset revenue recognized	1.6	$ 1.5
Amount of remaining performance obligation	$ 70.2

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Basis of Consolidation

Basis of Consolidation – LSB Industries, Inc. (“LSB”) and its subsidiaries (the “Company”, “we”, “us”, or “our”) are consolidated in the accompanying consolidated financial statements. All material intercompany accounts and transactions have been eliminated. Certain prior period amounts reported in our consolidated financial statements and notes thereto have been reclassified to conform to current period presentation.

Nature of Business

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 ammonium nitrate (“HDAN”) and UAN for agricultural applications, high purity and commercial grade ammonia, high purity ammonium nitrate, sulfuric acids, concentrated, blended and regular nitric acid, mixed nitrating acids, carbon dioxide, and diesel exhaust fluid for industrial applications, and industrial grade ammonium nitrate (“LDAN”) and ammonium nitrate (“AN”) solutions for the mining industry. We manufacture and distribute 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 Covestro LLC in Baytown, Texas (the “Baytown Facility”).

Our 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 North America.

Use of Estimates

Use of Estimates – The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“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.

Stock Repurchase Program

Stock Repurchase Program – In May 2023, our Board of Directors (our “Board”) authorized a $150 million stock repurchase program. Total repurchase authority remaining under the repurchase program was $121 million as of December 31, 2023. The repurchase program may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing securities, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. The repurchase program does not obligate us to purchase any particular number or type of securities. During 2023, we repurchased approximately 3.1 million shares of common stock at an average cost of $9.21 per share.

Increase in Authorized Shares of Common Stock and a Stock Dividend

Increase in Authorized Shares of Common Stock and a Stock Dividend – In 2021, our stockholders approved an increase the number of authorized shares of our common stock to 150 million shares of common stock. The stockholders also approved the issuance and sale of up to approximately 60.4 million shares of common stock of the Company upon the exchange of all of the outstanding shares of Series E and Series F Redeemable Preferred stock. The stockholders also amended the certificate of designations of the Series E Redeemable Preferred to eliminate the right to participate in connection with the declaration of a proposed common stock dividend with respect to our common stock at the time of amendment.

In August 2021, our Board declared a common stock dividend (“Special Dividend”), the Special Dividend was completed in the form of a stock dividend of 0.3 shares of our common stock, for each outstanding share of common stock (excluding common stock held in the treasury and the common shares issued as part of the exchange of all of the outstanding shares of Series E and Series F Redeemable Preferred). The Special Dividend was paid through the issuance of approximately 9.1 million shares of common stock on October 8, 2021 to holders of record of common stock, including certain stock-based awards, on September 24, 2021. Our common stock began trading on a stock dividend-adjusted basis on October 13, 2021.

As the result of the exchange transaction discussed above, a change of control event occurred as defined in certain equity award agreements outstanding at the time which are discussed in Note 9 – Stock-based Compensation.

Equity Awards

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 to meet the settlement requirements upon vesting of equity awards.

Cash and Cash Equivalents

Cash and Cash Equivalents – Investments, which consist of highly liquid investments with original maturities of three months or less, are considered cash equivalents.

Restricted Cash

Restricted Cash – We classify cash that has been segregated or is otherwise limited in use as restricted. Our restricted cash as of December 31, 2023, relates primarily to certain cash collateral held by Wells Fargo under the terminated Old Revolving Credit Facility discussed in Note 5 – Long-Term Debt for letters of credit outstanding as we transition these items to our New Revolving Credit Facility. All of our restricted cash is classified as a current asset and is separately presented on the face of our consolidated balance sheet. The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheet to the total of the same such amounts shown in the condensed consolidated statement of cash flows:


	December 31,
	2023		2022
	(in Thousands)
Cash and cash equivalents	$	98,500	$	63,769
Restricted cash		2,532		—
Total cash, cash equivalents and restricted cash shown in the statement of cash flows		101,032		63,769

Short-Term Investments

Short-Term Investments – Investments, which consist of U.S. treasury bills with an original maturity up to and less than 52 weeks, are considered short-term investments and are classified as Level 1. We intend and have the ability to hold these investments until maturity. These investments are carried at cost which approximated fair value for the period ended December 31, 2023. See Note 8 – Derivatives, Hedges and Financial Instruments.

Accounts Receivable

Accounts Receivable – Substantially all of our accounts receivable consists of trade receivables from customers. Our accounts receivable are generally unsecured and presented at original invoiced amount less an estimate made for expected credit losses. We develop our estimate of expected credit losses by evaluating individual customer receivables and considering the customer's financial condition, credit history, whether any amounts are currently past due and the length of time accounts may be past due. We also consider current economic conditions and industry trends as part of our overall evaluation. We write off accounts receivable when we deem them uncollectible and records recoveries of accounts receivable previously written off when received.

A summary of our accounts receivable - allowance for doubtful accounts activity is presented below:


Accounts receivable - allowance for doubtful accounts:	Balance at Beginning of Year		Additions- Charges to (Recovery of) Costs and Expenses			Deductions- Write- offs/Costs Incurred		Balance at End of Year
	(In Thousands)
2023	$	699	$	(164	)	$	171	$	364

2022	$	474	$	485		$	260	$	699

2021	$	378	$	96		$	—	$	474

Credit is extended to customers based on an evaluation of the customer’s financial condition and other factors. Customer payments are generally due thirty to sixty days after the invoice date. Concentrations of credit risk with respect to trade receivables are monitored and this risk is reduced due to short-term payment terms relating to most of our significant customers. Three customers (including their affiliates) account for approximately 36% of our total net receivables as of December 31, 2023.

Inventories

Inventories – Inventories are stated at the lower of cost (determined using the first-in, first-out basis) or net realizable value, which is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, transportation or disposal. Finished goods include material, labor, and manufacturing overhead costs.

Inventory reserves associated with cost exceeding net realizable value were not material as of December 31, 2023 and 2022.

Property, Plant and Equipment

Property, Plant and Equipment – Property, plant and equipment (“PP&E”) are stated at cost or fair market value in the case of the assets acquired through acquisitions, or otherwise at reduced values to the extent there have been asset impairment write-downs, net of accumulated depreciation amortization. Major renewals and improvements that increase the life, value, or productive capacity of assets are capitalized in PP&E while maintenance, repairs and minor renewals, including planned maintenance turnarounds, are expensed as incurred. Interest cost related to the construction of qualifying assets is capitalized as part of the construction costs.

For financial reporting purposes, depreciation of the costs of PP&E is computed using the straight-line method over the estimated useful lives of the assets. No provision for depreciation is made on construction in progress or capital spare parts until such time as the relevant assets are put into service. Depreciation expense is recognized in cost of sales or selling, general and administrative expenses within the consolidated statements of operations consistent with the utilization of the underlying assets.

When PP&E is retired, sold, or otherwise disposed, the asset’s carrying amount and related accumulated depreciation and amortization is removed from the accounts and any gain or loss is included in other (income) expense, net in our consolidated statements of operations.

Operating leases are included in operating lease assets, accrued and other liabilities and noncurrent operating lease liabilities in our consolidated balance sheets. Financing leases are included in property, plant and equipment, current-portion of long-term debt, and long-term debt, net, in our consolidated balance sheets.

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets – Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset (asset group) may not be recoverable. An asset’s fair value must be determined when the carrying amount of an asset (asset group) exceeds the estimated undiscounted future cash flows expected to result from the use of the asset (asset group) and/or its eventual disposition. If assets to be held and used are considered to be impaired, the impairment to be recognized is the amount by which the carrying amounts of the assets exceed the fair values of the assets as measured by the present value of future net cash flows expected to be generated by the assets or their appraised value. In general, and depending on the event or change in circumstances, our asset groups are reviewed for impairment on a facility-by-facility basis (such as the Cherokee, El Dorado or Pryor Facility).

In addition, if the event or change in circumstance relates to the probable sale of an asset (or group of assets), the specific asset (or group of assets) is reviewed for impairment.

Leases

Leases – We determine if an arrangement is a lease at inception or modification of a contract and classify each lease as either an operating or finance lease based on the terms of the contract. We reassess lease classification subsequent to commencement upon a change to the expected lease term or a modification to the contract. A contract contains a lease if the contract conveys the right to control the use of the identified property or equipment, explicitly or implicitly, for a period of time in exchange for consideration. Control of an underlying asset is conveyed if we obtain the rights to direct the use of and obtain substantially all of the economic benefit from the use of the underlying asset.

An operating lease asset represents our right to use the underlying asset as a lessee for the lease term and an operating lease liability represent our obligation to make lease payments arising from the lease. Currently, most of our leases are classified as operating leases and primarily relate to railcars, other equipment and office space. Our leases that are classified as finance leases and other leases under which we are the lessor are not material. Variable payments are excluded from the present value of lease payments and are recognized in the period in which the payment is made. Our current leases do not contain residual value guarantees. Most of our leases do not include options to extend or terminate the lease prior to the end of the term. Leases with a term of 12 months or less are not recognized in the balance sheet.

Since our leases generally do not provide an implicit rate, we use our incremental borrowing rate based on the lease term and other information available at the commencement date in determining the present value of lease payments. Lease expense is recognized on a straight-line basis over the applicable lease term.

Concentration of Credit Risks for Cash and Cash Equivalents and Sales

Concentration of Credit Risks for Cash and Cash Equivalents and Sales – Financial instruments relating to cash and cash equivalents potentially subject us to concentrations of credit risk. These financial instruments were held by financial institutions within the U.S.

Net sales to one customer represented more than 10% our total net sales on an individual basis, in 2023, 2022 and 2021, of approximately 14%, 21% and 15% of our total net sales for those years, respectively.

Short-Term Financing

Short-Term Financing – Our short-term financing represents the short-term note related to financing of our insurance premiums, which are renewed annually.

Income Taxes

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 record interest related to unrecognized tax positions in interest expense and penalties in operating other expense.

Income tax benefits associated with amounts that are deductible for income tax purposes are recorded through the statement of operations. These benefits are principally generated from the vesting of restricted stock. We reduce income tax expense for investment tax credits in the period the credit arises and is earned.

Contingencies

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 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).

Asset Retirement Obligations

Asset Retirement Obligations – In general, we record the estimated fair value of an asset retirement obligation (“ARO”) associated with tangible long-lived assets in the period it is incurred and when there is sufficient information available to estimate the fair value. An ARO associated with long-lived assets is a legal obligation under existing or enacted law, statute, written or oral contract or legal construction. AROs, which are initially recorded based on estimated discounted cash flows, are accreted to full value over time through charges to cost of sales. In addition, we capitalize the corresponding asset retirement cost as PP&E, which cost is depreciated or depleted over the related asset’s respective useful life. We do not have any assets restricted for the purpose of settling our AROs. As of December 31, 2023 and 2022, our asset retirement obligations were not material.

Revenue Recognition and Other Information

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. We generally determine transfer of control based on when risk of loss is transferred, which could be at our facility or when the product reaches the buyer's destination. Most of our contracts contain a single performance obligation with the promise to transfer a specific product.

Performance obligations from product sales are 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 published commodity prices (such as NYMEX natural gas price or the Tampa ammonia price) 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, short-fall charges and storage 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.

Practical Expedients and Other Information

We have applied the following practical expedients and policy elections:

•

to recognize revenue in the amount we have the right to invoice relating to certain services that are performed for customers and, not disclosing the value of unsatisfied performance obligations related to such services.

•

not disclosing the value of unsatisfied performance obligations for contracts with an original expected duration of one year or less.

•

expense as incurred any incremental costs of obtaining a contract if the associated period of benefit is one year or less.

•

to exclude from the measurement of the transaction price all taxes assessed by a governmental authority.

•

to account for shipping and handling as activities to fulfill the promise to transfer the good.

All net sales and long-lived assets relate to domestic operations for the periods presented. Our net sales were mainly to customers in the U.S. and other parts of North America.

Cost of Sales

Cost of Sales – Cost of sales includes materials, labor and overhead costs, including depreciation, to manufacture the products sold plus inbound freight, purchasing and receiving costs, inspection costs, internal transfer costs, loading and handling costs, warehousing costs, railcar lease costs and outbound freight. Precious metals used as a catalyst and consumed during the manufacturing process are included in cost of sales. Recoveries and gains from precious metals and business interruption insurance claims, if any, are reductions to cost of sales.

Turnarounds represent major maintenance activities that require the shutdown of significant parts of a plant to perform necessary inspections, cleanings, repairs, and replacements of assets. Maintenance, repairs and minor renewal costs relating to turnarounds are included in cost of sales in our consolidated statements of operations as they are incurred. Planned turnaround activities vary in frequency, but generally occur every two to three years.

Selling, General and Administrative Expense

Selling, General and Administrative Expense – Selling, general and administrative expense (“SG&A”) includes costs associated with the sales, marketing and administrative functions. Such costs include personnel costs, including benefits, professional fees, office and occupancy costs associated with the sales, marketing and administrative functions. Also included in SG&A are any distribution fees paid to third parties to distribute our products.

Derivatives and Fair Value

Derivatives and Fair Value – In order to mitigate a portion of the commodity price risk associated with natural gas, which we utilize in our manufacturing process, we periodically enter into natural gas forward contracts or volume purchase commitments. Such contracts are required to be accounted for as derivatives under applicable accounting guidance unless they are eligible for and we elect the normal purchase normal sale (“NPNS”) exception. We are eligible for the NPNS exception when these contracts provide for the purchase of natural gas that will be delivered in quantities expected to be used over a reasonable period of time in the normal course of business and are documented as such. In the event that we have natural gas derivatives that we do not elect or do not qualify for the NPNS exception, we would account for such contracts as derivatives by recognizing them in the balance sheet at fair value with changes in fair value recognized in the statement of operations. Such derivatives are not designated as hedges for accounting purposes.

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.

Segment Information

Segment Information - We operate in one principal business segment – our chemical business.

Recently Issued Accounting Pronouncements

ASU 2023-06 - In October 2023, the FASB issued accounting standards updates (“ASUs”) 2023-06, Disclosure Improvements—Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative, which modify the disclosure or presentation requirements of a variety of Topics in the Codification. Certain of the amendments represent clarifications to or technical corrections of the current requirements. For all entities, if by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment will be removed from the Codification and will not become effective for any entity. These amendments should be applied prospectively. We are currently evaluating the timing and the effect of adoption of this ASU on our consolidated financial statements and related disclosures.

ASU 2023-07 - In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures, which improves reportable segment disclosure requirements through enhanced disclosures about significant segment expenses. The amendments include a new requirement to disclose significant segment expenses regularly provided to the chief operating decision maker (CODM), extend certain annual disclosures to interim periods, clarify single reportable segment entities must apply Accounting Standard Codification (“ASC”) 280 in its entirety, permit more than one measure of segment profit or loss to be reported under certain conditions and require disclosure of the title and position of the CODM. This ASU will be effective for us on January 1, 2024 and for interim periods beginning January 1, 2025, however early adoption is permitted. We are currently evaluating the adoption timing of the interim provisions and the effect of adoption of this ASU on our consolidated financial statements and related disclosures.

ASU 2023-09 - In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which focuses on income tax disclosures around effective tax rates and cash income taxes paid. This ASU will be effective for us for on a prospective basis for annual periods beginning after December 15, 2024. We do not expect the impact of this update to be material as the improvements are enhancements to existing disclosures in the financial statements.

Changes to U.S. GAAP are established by the FASB in the form of ASUs to the FASB’s Accounting Standards Codification. We considered all ASUs issued and outstanding or that became effective since January 1, 2023 through the date of these financial statements and determined them not to be applicable or materially impact our financial statements other than those ASU's specifically addressed above.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net income	$ 27,923	$ 230,347	$ 43,545
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Deferred income taxes	5,366	36,854	(4,306)
Depreciation and amortization of property, plant and equipment	68,414	66,937	68,689
Amortization of intangible and other assets	508	1,082	1,254
(Gain) loss on extinguishments of debt	(8,644)	113	10,259
Amortization of debt issuance costs, including discounts and premiums	1,924	2,073	6,067
Stock-based compensation	5,353	4,025	5,516
Gain associated with commodity contracts			(2,706)
Other	1,160	(4,638)	2,653
Cash provided (used) by changes in assets and liabilities:
Accounts receivable	35,113	10,197	(42,913)
Inventories	2,755	(14,300)	3,261
Supplies, prepaid items and other	5,528	(8,548)	(8,642)
Accounts payable	(264)	18,821	932
Other assets and other liabilities	(7,615)	2,691	4,018
Net cash provided (used) by operating activities	137,521	345,654	87,627
Cash flows from investing activities
Expenditures for property, plant and equipment	(67,603)	(45,833)	(35,128)
Proceeds from short-term investments	389,856	158,879
Purchases of short-term investments	(264,448)	(486,091)
Other investing activities	(405)	3,310	434
Net cash provided (used) by investing activities	57,400	(369,735)	(34,694)
Cash flows from financing activities
Proceeds from revolving debt facilities			12,000
Payments on revolving debt facilities			(12,000)
Proceeds from 6.25% senior secured notes		200,000	500,000
Payments on other long-term debt	(9,536)	(13,750)	(10,472)
Payments of debt-related costs, including extinguishment costs	(94)	(4,840)	(27,254)
Proceeds from short-term financing	17,805	20,143	16,689
Payments on short-term financing	(20,542)	(16,725)	(17,549)
Acquisition of treasury stock, net	(28,305)	(174,975)
Taxes paid on equity awards	(2,666)	(4,012)	(4,228)
Payments of costs to exchange redeemable preferred stocks for common stock		(135)	(7,363)
Payments of dividends on non-redeemable preferred stocks			(1,876)
Net cash (used) provided by financing activities	(157,658)	5,706	12,947
Net increase (decrease) in cash and cash equivalents	37,263	(18,375)	65,880
Cash, cash equivalents and restricted cash at beginning of year	63,769	82,144	16,264
Cash, cash equivalents and restricted cash at end of year	101,032	$ 63,769	82,144
6.25% Senior Secured Notes due 2028 [Member]
Cash flows from financing activities
Repurchases or Payments on senior secured notes	$ (114,320)
9.625% Senior Secured Notes due 2023 [Member]
Cash flows from financing activities
Repurchases or Payments on senior secured notes			$ (435,000)

Net Sales - Additional Information (Detail 1)	12 Months Ended
Net Sales - Additional Information (Detail 1)	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, percent	66.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	3 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-01-01
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, percent	17.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	2 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net sales	$ 593,709	$ 901,711	$ 556,239
Cost of sales	507,449	553,344	417,260
Gross profit	86,260	348,367	138,979
Selling, general and administrative expense	36,580	39,428	38,028
Other (income) expense, net	(2,097)	561	(97)
Operating income	51,777	308,378	101,048
Interest expense, net	41,136	46,827	49,378
(Gain) loss on extinguishments of debt	(8,644)	113	10,259
Non-operating other (income) expense, net	(14,611)	(8,083)	2,422
Income before provision (benefit) for income taxes	33,896	269,521	38,989
Provision (benefit) for income taxes	5,973	39,174	(4,556)
Net income	27,923	230,347	43,545
Dividends on convertible preferred stocks			298
Deemed dividend on Series E and Series F redeemable preferred stocks			231,812
Net income (loss) attributable to common stockholders	$ 27,923	$ 230,347	$ (220,002)
Basic:
Net income (loss)	$ 0.37	$ 2.72	$ (4.4)
Diluted:
Net income (loss)	$ 0.37	$ 2.68	$ (4.4)
Series E Preferred Stock [Member]
Dividends on Series E redeemable preferred stock			$ 29,914
Accretion of Series E redeemable preferred stock			$ 1,523

Net Sales (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Summary of Net Sales Disaggregated by Principal Markets

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 consolidated financial statements:



	2023		2022		2021
	(In Thousands)
Net sales:
AN & Nitric Acid	$	221,818	$	315,679	$	228,754
Urea ammonium nitrate (UAN)		154,206		239,463		123,840
Ammonia		166,581		284,005		155,159
Other		51,104		62,564		48,486
Total net sales	$	593,709	$	901,711	$	556,239

Supplemental Cash Flow Information

12 Months Ended

Dec. 31, 2023

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

12. Supplemental Cash Flow Information

The following provides additional information relating to cash flow activities:


	2023			2022		2021
	(In Thousands)
Cash payments (refunds) for:
Interest on long-term debt and other, net of capitalized interest	$	42,921		$	41,956	$	43,583
Income taxes, net	$	1,689		$	1,508	$	(182	)

Noncash investing and financing activities:
Property, plant and equipment acquired and not yet paid at end of period	$	25,017		$	28,394	$	17,649
(Gain) loss on extinguishment of debt	$	(8,644	)	$	113	$	—
Accounts payable associated with debt-related costs	$	450		$	—	$	—
Series E and Series F Redeemable Preferred and related dividends, accretion, and embedded derivative exchanged for common stock, net of related costs in accounts payable	$	—		$	—	$	306,690
Gain on extinguishment of PPP loan	$	—		$	—	$	10,000
Series B and Series D preferred converted into common stock	$	—		$	—	$	3,000

Leases - Additional Information (Detail) $ in Millions	12 Months Ended
Leases - Additional Information (Detail) $ in Millions	Dec. 31, 2023 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease existence of option to extend	true
Lessee operating lease term expire period	2031-02
Operating lease renewal term	5 years
Operating lease and finance lease, right-of-use asset	$ 1.9
Lease obligations not yet commenced	$ 0.8
Minimum [Member]
Lessee, Lease, Description [Line Items]
Operating lease renewal term	2 years
Maximum [Member]
Lessee, Lease, Description [Line Items]
Operating lease renewal term	10 years

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

1. Summary of Significant Accounting Policies

Cash and Cash Equivalents – Investments, which consist of highly liquid investments with original maturities of three months or less, are considered cash equivalents.


	December 31,
	2023		2022
	(in Thousands)
Cash and cash equivalents	$	98,500	$	63,769
Restricted cash		2,532		—
Total cash, cash equivalents and restricted cash shown in the statement of cash flows		101,032		63,769

A summary of our accounts receivable - allowance for doubtful accounts activity is presented below:


Accounts receivable - allowance for doubtful accounts:	Balance at Beginning of Year		Additions- Charges to (Recovery of) Costs and Expenses			Deductions- Write- offs/Costs Incurred		Balance at End of Year
	(In Thousands)
2023	$	699	$	(164	)	$	171	$	364

2022	$	474	$	485		$	260	$	699

2021	$	378	$	96		$	—	$	474

Inventory reserves associated with cost exceeding net realizable value were not material as of December 31, 2023 and 2022.

In addition, if the event or change in circumstance relates to the probable sale of an asset (or group of assets), the specific asset (or group of assets) is reviewed for impairment.

Short-Term Financing – Our short-term financing represents the short-term note related to financing of our insurance premiums, which are renewed annually.

Revenue Recognition and Other Information

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

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 published commodity prices (such as NYMEX natural gas price or the Tampa ammonia price) 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.

Practical Expedients and Other Information

We have applied the following practical expedients and policy elections:

•

not disclosing the value of unsatisfied performance obligations for contracts with an original expected duration of one year or less.

•

expense as incurred any incremental costs of obtaining a contract if the associated period of benefit is one year or less.

•

to exclude from the measurement of the transaction price all taxes assessed by a governmental authority.

•

to account for shipping and handling as activities to fulfill the promise to transfer the good.

All net sales and long-lived assets relate to domestic operations for the periods presented. Our net sales were mainly to customers in the U.S. and other parts of North America.

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.

Segment Information - We operate in one principal business segment – our chemical business.

Recently Issued Accounting Pronouncements

Supplemental Cash Flow Information - Additional Information Relating to Cash Flow Activities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash payments (refunds) for:
Interest on long-term debt and other, net of capitalized interest	$ 42,921	$ 41,956	$ 43,583
Income taxes, net	1,689	1,508	(182)
Noncash investing and financing activities:
Property, plant and equipment acquired and not yet paid at end of period	25,017	28,394	17,649
(Gain) loss on extinguishment of debt	(8,644)	$ 113	10,259
Accounts payable associated with debt-related costs	$ 450
Gain on extinguishment of PPP loan			10,000
Series E and Series F Redeemable Preferred Stock [Member]
Noncash investing and financing activities:
Series E and Series F Redeemable Preferred and related dividends, accretion, and embedded derivative exchanged for common stock, net of related costs in accounts payable			306,690
Series B and Series D Preferred Stock [Member]
Noncash investing and financing activities:
Series B and Series D preferred converted into common stock			$ 3,000

Employee Savings and Stock Purchase Plans, Collective Bargaining Agreements and Executive Benefit Agreement

12 Months Ended

Dec. 31, 2023

Employee Savings and Stock Purchase Plans, Collective Bargaining Agreements and Executive Benefit Agreement

10. Employee Savings and Stock Purchase Plans, Collective Bargaining Agreements and Executive Benefit Agreement

Death Benefit Agreement - We were party to a death benefit agreement (“2005 Agreement”) with Jack E. Golsen (“J. Golsen”), who retired effective December 31, 2017.

The 2005 Agreement provided that, upon J. Golsen’s death, we would pay to the designated beneficiary, a lump-sum payment of $2.5 million. J. Golsen passed away in April 2022. Further, we maintained and owned a life insurance policy with a face value of $3.0 million for which we were the beneficiary. The policy did not have any cash surrender value, premium payments were current, and the policy was in force at the time of J. Golsen’s death. We received the settlement payment of $3.0 million and paid the death benefit of $2.5 million in July 2022. We have recorded $3.0 million in a settlement of life insurance presented within non-operating other expense (income), net within our consolidated statements of operations for the twelve months ended December 31, 2022. The settlement of life insurance is included in our consolidated statement of cash flows in “Other” investing activities.

Employee Savings Plans - We sponsor a savings plan under Section 401(k) of the Internal Revenue Code under which participation is available to substantially all full-time employees. For full-time employees not covered by a collective bargaining agreement, beginning in April 2023 we match dollar for dollar of an employee’s contribution, up to a total of 5% of pre-tax earnings for substantially all full-time employees. Prior to this we matched 50% of an employee’s contribution, up to 8%. For 2023, 2022 and 2021, the amounts contributed to this plan were approximately $1.9 million, $1.3 million, and $1.0 million respectively.

Employee Stock Purchase Plan - During 2022 our Board adopted and our shareholders approved our 2022 Employee Stock Purchase Plan (“ESPP”), which provides for payroll deductions by employees to purchase LSB stock direct from the Company at a discount to market price. The maximum number of shares reserved and available for issuance under the ESPP shall not exceed 4,500,000 shares. As of December 31, 2023 there were approximately 4,467,000 shares available for subsequent issuance under the ESPP. Eligibility in the ESPP is limited to our employees who have been continuously employed for a period of at least 30 days as of the first day of an offering and satisfy other requirements set forth in the ESPP. The ESPP offering period under the ESPP will be 6 months in duration and commence on the first business day of January and July of each year. Participants in the ESPP are subject to individual limits on (a) percentage of eligible compensation allocated toward purchases; (b) number of shares purchased and (c) in the event the participant holds stock option awards, total fair market value of purchases. The purchase price of each share will be 90 percent of the closing price of a share of our common stock on the exercise date. Shares purchased by the participant are issued from our treasury stock. During 2023, we had two offerings and approximately 24,000 shares were issued from our treasury stock to participants at an average closing price of $9.59. During 2022, we had one offering and approximately 9,000 shares were issued from our treasury stock to participants at a closing price of $13.30.

Collective Bargaining Agreements - As of December 31, 2023, we employed 586 persons, 163 whom are represented by unions under collective bargaining agreements. We have three 3-year union contracts which were successfully ratified in 2022.

Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Valuation and Qualifying Accounts

Schedule II - Valuation and Qualifying Accounts

Years ended December 31, 2023, 2022, and 2021


Description (1)	Balance at Beginning of Year		Additions- Charges to (Recovery of) Costs and Expenses			Deductions- Write- offs/Costs Incurred		Balance at End of Year
	(In Thousands)
Accounts receivable - allowance for doubtful accounts:
2023	$	699	$	(164	)	$	171	$	364

2022	$	474	$	485		$	260	$	699

2021	$	378	$	96		$	—	$	474

Deferred tax assets - valuation allowance:
2023	$	14,916	$	274		$	15	$	15,175

2022	$	46,968	$	(28,268	)	$	3,784	$	14,916

2021	$	64,655	$	(17,687	)	$	—	$	46,968

_____________________________

(1)

Reduction in the consolidated balance sheet from the related assets to which the reserve applies.

Other valuation and qualifying accounts are detailed in our notes to consolidated financial statements.

Long-Term Debt - Schedule of Revolving Credit Facility and Long-Term Debt (Parenthetical) (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
7.07% New Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, interest rate	7.07%	7.07%
Debt issuance costs	$ 0.5
6.25% Senior Secured Notes Due 2028 [Member]
Debt Instrument [Line Items]
Long-term debt, effective Interest Rate	6.25%	6.25%
8.32% Secured Financing Due 2023 [Member]
Debt Instrument [Line Items]
Long-term debt, effective Interest Rate	8.32%	8.32%
8.75% Secured Financing Due 2025 [Member]
Debt Instrument [Line Items]
Long-term debt, effective Interest Rate	8.75%	8.75%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Employee Savings and Stock Purchase Plans, Collective Bargaining Agreements and Executive Benefit Agreement - Additional Information (Detail)		1 Months Ended		12 Months Ended
	Mar. 31, 2023	Apr. 30, 2023	Jul. 28, 2022 USD ($)	Dec. 31, 2023 USD ($) Person Contract $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($)
Deferred Compensation Arrangement With Individual Excluding Share Based Payments And Postretirement Benefits [Line Items]
401(k) plan, Employer matching contribution percentage	50.00%
Defined contribution plan, employer discretionary contribution amount				$ 1,900,000	$ 1,300,000	$ 1,000,000
Number of persons employed \| Person				586
Union contracts agreement period				3 years
Number of union contracts ratified \| Contract				3
Collective Bargaining Agreements [Member]
Deferred Compensation Arrangement With Individual Excluding Share Based Payments And Postretirement Benefits [Line Items]
Number of persons employed \| Person				163
Maximum [Member]
Deferred Compensation Arrangement With Individual Excluding Share Based Payments And Postretirement Benefits [Line Items]
401(k) plan, Company matching contributions to all full-time employees	8.00%	5.00%
Employee Stock Purchase Plan [Member]
Deferred Compensation Arrangement With Individual Excluding Share Based Payments And Postretirement Benefits [Line Items]
Offering period of each year					6 months
Percentage of purchase price of common stock					90.00%
Maximum number of shares reserved and available for issuance \| shares				4,467,000
Employee Stock Purchase Plan [Member] \| Maximum [Member]
Deferred Compensation Arrangement With Individual Excluding Share Based Payments And Postretirement Benefits [Line Items]
Maximum number of shares reserved and available for issuance \| shares					4,500,000
Jack E. Golsen [Member]
Deferred Compensation Arrangement With Individual Excluding Share Based Payments And Postretirement Benefits [Line Items]
Retirement date				Dec. 31, 2017
Minimum amount of life insurance policy to be kept by the company for 2005 Agreement				$ 2,500,000
Face value of life insurance policies				$ 3,000,000
Settlement payment received			$ 3,000,000
Payment of death benefits			$ 2,500,000
Gain on insurance settlement					$ 3,000,000
Treasury Stock [Member] \| Employee Stock Purchase Plan [Member]
Deferred Compensation Arrangement With Individual Excluding Share Based Payments And Postretirement Benefits [Line Items]
Number of shares issued \| shares				24,000	9,000
Closing price per share \| $ / shares				$ 9.59	$ 13.3

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

7. Commitments and Contingencies

Purchase and Sales Commitments – We have the following significant purchase and sales commitments.

Nitric acid supply agreement – EDC is party to an agreement with a customer to supply nitric acid. Under the agreement, EDC agreed to supply between 70,000 to 100,000 tons of nitric acid annually. The initial contract term began in 2021 and extends through 2027 but includes automatic one-year renewal terms unless terminated by either party in writing 180 days before the current contract expiration date.

Settlements and Outstanding Natural Gas Purchase Commitments – In February 2021, our manufacturing facility in Pryor, Oklahoma, experienced a service disruption 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 manufacturing facility in El Dorado, Arkansas, asserted a claim of force majeure and materially restricted the supply of gas to the facility. At the time of the weather event, we had outstanding natural gas forward contracts and volume purchase commitments that locked in the cost of certain volumes of natural gas. During 2021, as a result of the extreme conditions previously described, we settled all of our natural gas forward contracts and certain volume purchase commitments at that time and recognized a realized gain of approximately $6.8 million, which includes the realized gain discussed under “Natural Gas Contracts” in Note 8 – Derivatives, Hedges and Financial Instruments and was classified as a reduction to cost of sales. As of December 31, 2023 we did not have any natural gas volume purchase commitments.

We had standby letters of credit outstanding of approximately $1.7 million as of December 31, 2023.

Wastewater Pipeline Operating Agreement – EDC is party to an operating agreement for the right to use a pipeline to dispose its wastewater. EDC is contractually obligated to pay a portion of the operating costs of the pipeline, as incurred, which portion is estimated to be $60,000 to $90,000 annually. The initial term of the operating agreement is through December 2053.

Performance and Payment Bonds – We are contingently liable to sureties in respect of certain insurance bonds issued by the sureties in connection with certain contracts entered into by certain subsidiaries in the normal course of business. These insurance bonds primarily represent guarantees of future performance of our subsidiaries. As of December 31, 2023, we have agreed to indemnify the sureties for payments, up to $9.7 million, made by them in respect of such bonds. All of these insurance bonds are expected to expire or be renewed in 2024.

Employment and Severance Agreements - We have employment and severance agreements with several of our officers. The agreements, as amended, provide for annual base salaries, bonuses and other benefits commonly found in such agreements. In the event of termination of employment due to a change in control (as defined in the agreements), the agreements provide for payments aggregating $11.1 million as of December 31, 2023. Also see Note 10 – Employee Savings and Stock Purchase Plans, Collective Bargaining Agreements and Executive Benefit Agreement.

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.

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 December 31, 2023, our accrued liabilities for environmental matters totaled approximately $0.4 million 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.

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 volume of effluents that can be discharged and control the method of such discharge.

In 2017, the 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. Since that time, PCC and ODEQ engaged in ongoing discussions related to the renewal of the injection well to address the wastewater stream. In 2022, ODEQ responded to the application in the form of an information request. PCC submitted a formal response to the information request. In November 2023, PCC and the ODEQ signed a Consent Order setting out the timeline for the review and development of an alternative method of disposing of the wastewater at Pryor. PCC continues to work ODEQ under the terms of the Consent Order to develop options for the treatment and disposal or process water from the facility. We are unable to estimate the costs related to the replacement of the disposal well at this time as there are various alternatives that we plan to explore for which feasibility and cost efficiency have yet to be determined.

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 Arkansas Department of Environmental Quality (“ADEQ”) stated that El Dorado Chemical was meeting the requirements of the CAO and should continue semi-annual monitoring. A 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 as of December 31, 2023, in connection with this ADEQ matter.

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.

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. 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.

Cherokee Nitrogen Company received a Notice of Potential Violation ("NOV") for ten findings identified from an inspection conducted by the U.S. Environmental Protection Agency (“EPA”) Region IV in late 2022. We provided written responses to each finding in the inspection report issued in connection with such inspection and to the Notice of Potential Violations and held direct communications with the EPA related to the matter. A meeting was held with the EPA in January 2024 to discuss the NOV and our subsequent responsive actions. During the meeting, the EPA proposed two alternatives for the penalties related to the violations. We accepted one of the proposed alternatives, which included a cash fine and an investment in a community project, which we accrued as of December 31, 2023.

Other Pending, Threatened or Settled Litigation

West Fertilizer Matter

In 2013, an explosion and fire occurred at the West Fertilizer Company (“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 fertilizer grade ammonium nitrate (“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 $0.3 million, which retention limit has been met relating to the West Fertilizer matter. In August 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 of December 31, 2023, no liability reserve has been established in connection with this matter.

Global Industrial Matter

In 2015, we and EDA received written notice from Global Industrial, Inc. (“Global”) of Global’s intention to assert mechanic liens for labor, service, or materials furnished under certain subcontract agreements for the improvement of the 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 of the Ammonia Plant. Leidos terminated the services of Global with respect to their work performed at our El Dorado Facility.

LSB and EDA are pursuing the recovery of any damage or loss caused by Global’s work performed through their contract with Leidos at our El Dorado Facility. In March 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 (the “Union County Trial Court”), wherein Global sought 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 work performed by Global that is the subject of 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.

During 2018, the Union County Trial 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 Union County Trial Court. In March 2020, the Union County

Trial Court rendered a judgment and then an amended final judgment in April 2020. The amended final judgment awarded Global (i) approximately $7.4 million (including the $3.5 million referred to above) for labor, service and materials furnished relating to the Ammonia Plant on the basis of what the Union County Trial Court called a claim for “nonpayment of invoices,” (ii) approximately $1.3 million for prejudgment interest on the same claim, and (iii) a lien on certain property and foreclosure on the lien to satisfy the monetary obligations of the judgement. In addition, post-judgment interest will accrue at the annual rate of 4.25% until the judgment is paid. LSB appealed this judgment and on October 18, 2023, the Arkansas Court of Appeals reversed and remanded. The Arkansas Court of Appeal ruled that the lien was defective and therefore invalid, and that the claim for “nonpayment of invoices” was not a cause of action and reversed and remanded the judgment on that claim. In December 2023, the Arkansas Court of Appeal denied Global’s request for rehearing and the Arkansas Supreme Court declined to hear Global’s appeal. As a result, we do not expect to have any material continuing liability related to this matter and have reversed approximately $9.8 million of payables and accrued liabilities, which related to approximately $2.4 million in pre and post-judgement accrued interest and $7.4 million of gross plant, property and equipment. These adjustments also impacted our results of operations for the twelve months ending December 31, 2023, through the reversals of approximately $2.4 million of interest expense and of approximately $1.8 million in previously recognized depreciation expense (a component of cost of sales) on the related plant, property and equipment.

LSB retains all of its claims against Leidos and intends to vigorously prosecute those claims and vigorously contest the cross-claims in Part (2) of the matter referred to above. We expect the trial to be set for late summer 2024.

No liability was established as of December 31, 2023, 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) in the ordinary course of our business. While it is possible that the actual claims results could differ from our estimates, after consultation with legal counsel, we believe that any such differences will not have a material effect on our business, financial condition, results of operations or cash flows.

Derivatives, Hedges and Financial Instruments - Summary of Financial Instruments (Parenthetical) (Detail)	Dec. 31, 2023	Dec. 31, 2022
Offsetting [Abstract]
Quoted price	94.5	91

Leases - Summary of Components of Lease Expense, Supplemental Cash Flow Information Related to Leases and Other Lease-related Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Components of lease expense:
Operating lease cost	$ 11,071	$ 10,692	$ 9,998
Short-term lease cost	3,399	3,634	2,243
Other cost	391	275	157
Sublease income	(5,632)
Total lease cost	9,229	14,601	12,398
Supplemental cash flow information related to leases:
Operating cash flows from operating leases	10,948	10,552	10,290
Operating cash flows from finance leases	78	56	33
Financing cash flows from finance leases	231	168	92
Cash paid for amounts included in the measurement of lease liabilities	11,257	10,776	10,415
Right-of-use assets obtained in exchange for new operating lease liabilities	11,969	4,347	$ 9,549
Right-of-use assets obtained in exchange for new finance lease liabilities	$ 46	$ 932
Other lease-related information:
Weighted-average remaining lease term - operating leases (in years)	4 years 3 months 18 days	3 years 3 months 18 days	4 years
Weighted-average remaining lease term - finance leases (in years)	4 years	4 years 10 months 24 days	3 years 2 months 12 days
Weighted-average discount rate - operating leases	8.26%	8.25%	8.44%
Weighted-average discount rate - finance leases	7.53%	7.54%	8.69%

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Components of Lease Expense Supplemental Cash Flow Information Related to Leases and Other Lease Related Information



	2023			2022			2021
	(Dollars In Thousands)
Components of lease expense:
Operating lease cost	$	11,071		$	10,692		$	9,998
Short-term lease cost		3,399			3,634			2,243
Other cost (1)		391			275			157
Sublease income		(5,632	)		—			—
Total lease cost	$	9,229		$	14,601		$	12,398
Supplemental cash flow information related to leases:
Operating cash flows from operating leases	$	10,948		$	10,552		$	10,290
Operating cash flows from finance leases		78			56			33
Financing cash flows from finance leases		231			168			92
Cash paid for amounts included in the measurement of lease liabilities	$	11,257		$	10,776		$	10,415

Right-of-use assets obtained in exchange for new operating lease liabilities	$	11,969		$	4,347		$	9,549

Right-of-use assets obtained in exchange for new finance lease liabilities	$	46		$	932		$	—

Other lease-related information:
Weighted-average remaining lease term - operating leases (in years)		4.3			3.3			4.0
Weighted-average remaining lease term - finance leases (in years)		4.0			4.9			3.2
Weighted-average discount rate - operating leases		8.26	%		8.25	%		8.44	%
Weighted-average discount rate - finance leases		7.53	%		7.54	%		8.69	%

(1)

Includes variable and finance lease costs.

Summary of Future Minimum Lease Payments

As of December 31, 2023, future minimum lease payments due under ASC 842 are summarized by fiscal year in the table below:


	Operating Leases			Finance Leases
	(In Thousands)
2024	$	10,443		$	292
2025		6,526			335
2026		4,147			204
2027		2,993			137
2028		1,661			79
Thereafter		3,792			53
Total lease payments		29,562			1,100
Less imputed interest		(4,693	)		(147	)
Present value of lease liabilities	$	24,869		$	953

Derivatives, Hedges and Financial Instruments - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) MMBTU	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($)
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Gain (loss) on sale of natural gas		$ 2,700
Realized gain on sale of natural gas	$ 6,800
Financial instruments with fair values	$ 0		$ 0
Natural Gas Purchase Commitments [Member]
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Natural gas purchase commitments volume \| MMBTU	0
Realized gain on sale of natural gas		$ 1,500
Natural Gas Purchase Commitments [Member] \| Level 2 [Member]
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Natural gas purchase commitments volume \| MMBTU	0

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

Our leasing activity primarily consists being a lessee of railcars and office space. We have in excess of 1,300 railcars under lease, Typically, the initial term for such leases ranges from 2 years to 10 years, and the majority do not include any renewal options. Substantially all our railcar leases are operating leases with a limited number classified as financing leases.

We currently lease the office space housing our headquarters in Oklahoma City, Oklahoma. In November 2023, we modified the then existing lease by extending the lease term, adding additional square footage and revising the rental rate. The modified lease, which is an operating lease, has a term that ends in February 2031 with a five-year renewal option. The incremental lease liability recognized as a result of the modification was $1.9 million with a corresponding increase to the right of use asset.

From time to time when we have excess freight capacity, we may sublease a portion of our railcars fleet on a short term basis to other parties. The income for these subleases is recorded as a component of "Other (income) expense, net" in our consolidated statement of operations.



	2023			2022			2021
	(Dollars In Thousands)
Components of lease expense:
Operating lease cost	$	11,071		$	10,692		$	9,998
Short-term lease cost		3,399			3,634			2,243
Other cost (1)		391			275			157
Sublease income		(5,632	)		—			—
Total lease cost	$	9,229		$	14,601		$	12,398
Supplemental cash flow information related to leases:
Operating cash flows from operating leases	$	10,948		$	10,552		$	10,290
Operating cash flows from finance leases		78			56			33
Financing cash flows from finance leases		231			168			92
Cash paid for amounts included in the measurement of lease liabilities	$	11,257		$	10,776		$	10,415

Right-of-use assets obtained in exchange for new operating lease liabilities	$	11,969		$	4,347		$	9,549

Right-of-use assets obtained in exchange for new finance lease liabilities	$	46		$	932		$	—

Other lease-related information:
Weighted-average remaining lease term - operating leases (in years)		4.3			3.3			4.0
Weighted-average remaining lease term - finance leases (in years)		4.0			4.9			3.2
Weighted-average discount rate - operating leases		8.26	%		8.25	%		8.44	%
Weighted-average discount rate - finance leases		7.53	%		7.54	%		8.69	%

_____________________________

(1)

Includes variable and finance lease costs.

As of December 31, 2023, future minimum lease payments due under ASC 842 are summarized by fiscal year in the table below:


	Operating Leases			Finance Leases
	(In Thousands)
2024	$	10,443		$	292
2025		6,526			335
2026		4,147			204
2027		2,993			137
2028		1,661			79
Thereafter		3,792			53
Total lease payments		29,562			1,100
Less imputed interest		(4,693	)		(147	)
Present value of lease liabilities	$	24,869		$	953

As of December 31, 2023, we have executed operating leases with lease terms greater than one year, totaling approximately $0.8 million which have not yet commenced.

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Common stock, par value	$ 0.1	$ 0.1
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	91,200,000	91,200,000
Treasury stock, common shares	18,100,000	14,900,000

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2023	Mar. 01, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Registrant Name	LSB INDUSTRIES, INC.
Entity Central Index Key	0000060714
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		72,995,775
Entity Public Float			$ 518
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 Annual Report	true
Document Transition Report	false
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	Oklahoma City, OK, United States
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant’s proxy statement for its annual meeting of stockholders will be filed with the Securities and Exchange Commission within 120 days after the end of its 2023 fiscal year, are incorporated by reference in Part III.
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

Summary of Significant Accounting Policies - Summary of Reconciliation of Cash and Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 98,500	$ 63,769
Restricted Cash	2,532
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$ 101,032	$ 63,769	$ 82,144	$ 16,264

Accrued and Other Liabilities

12 Months Ended

Dec. 31, 2023

Other Liabilities Disclosure [Abstract]

Accrued and Other Liabilities

4. Accrued and Other Liabilities


	December 31,
	2023		2022
	(In Thousands)
Accrued payroll and benefits	$	9,400	$	12,440
Current portion of operating lease liabilities		8,795		7,259
Accrued interest		7,487		11,196
Other		5,802		8,097
		31,484		38,992
Less noncurrent portion		523		522
Current portion of accrued and other liabilities	$	30,961	$	38,470

Income Taxes - Reconciliation of Beginning and Ending Amount of Uncertain Tax Positions (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Balance at beginning of year	$ 0	$ 464,000
Reductions for tax positions of prior years	0	$ (464,000)
Balance at end of year	$ 0

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment


	Range of useful	December 31,
	lives in years	2023		2022
		(In Thousands)
Machinery, equipment and automotive (1)	3 - 25	$	1,324,323	$	1,283,429
Buildings and improvements	15 - 30		38,086		38,021
Land improvements	20 - 35		8,692		8,384
Furniture, fixtures and store equipment	3 - 30		2,726		2,438
Construction in progress	N/A		41,086		28,029
Capital spare parts	N/A		21,256		22,300
Land	N/A		4,567		4,567
			1,440,736		1,387,168
Less accumulated depreciation and amortization			605,438		538,507
		$	835,298	$	848,661

_____________________________

(1) Machinery, equipment and automotive primarily includes the categories of property and equipment and estimated useful lives as follows: processing plants and plant infrastructure (15-25 years); certain processing plant components (3-10 years); and trucks, automobiles, trailers, and other rolling stock (4-7 years).

Consolidated Statements of Cash Flows (Parenthetical)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
9.625% Senior Secured Notes due 2023 [Member]
Debt instrument, interest rate			9.625%
6.25% Senior Secured Notes due 2028 [Member]
Debt instrument, interest rate	6.25%	6.25%	6.25%

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

3. Property, Plant and Equipment


	Range of useful	December 31,
	lives in years	2023		2022
		(In Thousands)
Machinery, equipment and automotive (1)	3 - 25	$	1,324,323	$	1,283,429
Buildings and improvements	15 - 30		38,086		38,021
Land improvements	20 - 35		8,692		8,384
Furniture, fixtures and store equipment	3 - 30		2,726		2,438
Construction in progress	N/A		41,086		28,029
Capital spare parts	N/A		21,256		22,300
Land	N/A		4,567		4,567
			1,440,736		1,387,168
Less accumulated depreciation and amortization			605,438		538,507
		$	835,298	$	848,661

_____________________________

Net Income (Loss) per Common Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Computation of Basic and Diluted Net Income (Loss) Per Common Share

The following table sets forth the computation of basic and diluted net income (loss) per common share:


	2023		2022		2021
	(In Thousands, Except Per Share Amounts)
Numerator:
Net income (loss)	$	27,923	$	230,347	$	43,545
Adjustments for basic and diluted net loss per common share:
Dividend requirements on Series E Redeemable Preferred		—		—		(29,914	)
Deemed dividend on Series E and Series F Redeemable Preferred		—		—		(231,812	)
Dividend and dividend requirements on Series B Preferred		—		—		(239	)
Dividend and dividend requirements on Series D Preferred		—		—		(59	)
Accretion of Series E Redeemable Preferred		—		—		(1,523	)

Net income attributable to participating securities		—		—		—

Numerator for basic and diluted net income (loss) per common share	$	27,923	$	230,347	$	(220,002	)

Denominator:
Denominator for basic net income (loss) per common share - weighted- average shares (1)		74,536		84,753		49,963
Effect of dilutive securities:
Unvested restricted stock and stock units		564		1,272		—
Dilutive potential common shares		564		1,272		—

Denominator for diluted net income (loss) per common share - adjusted weighted-average shares (1)		75,100		86,025		49,963

Basic net income (loss) per common share	$	0.37	$	2.72	$	(4.40	)

Diluted net income (loss) per common share	$	0.37	$	2.68	$	(4.40	)

_____________________________

(1)

All periods exclude 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:


	2023		2022		2021
	(In Thousands)
Restricted stock and stock units		388		80		1,531
Stock options		13		13		13
		401		93		1,544

Leases - Summary of Future Minimum Lease Payments (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2024	$ 10,443
2025	6,526
2026	4,147
2027	2,993
2028	1,661
Thereafter	3,792
Total lease payments	29,562
Less imputed interest	(4,693)
Present value of lease liabilities	24,869
Finance Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2024	292
2025	335
2026	204
2027	137
2028	79
Thereafter	53
Total lease payments	1,100
Less imputed interest	(147)
Present value of lease liabilities	$ 953	$ 1,138
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Long-Term Debt	Long-Term Debt

Related Party Transactions - Additional Information (Detail) - USD ($)				12 Months Ended
	Oct. 08, 2021	Sep. 27, 2021	Jan. 02, 2018	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Number of shares of common stock for each share of converted preferred stock				anti-dilution terms of the Series B and Series D Preferred, which shares were held by certain of the Golsen Holders, the conversion ratio of the 12% Cumulative, Convertible Preferred Stock, par value $100 (“Series B Preferred”) increased to 43.3333 to 1 from 33.3333 to 1 and Series D 6% Cumulative, Convertible Class C Preferred Stock, no par value (“Series D Preferred”) increased to 0.325 to 1 from 0.25 to 1.
LSB Funding [Member]
Related Party Transaction [Line Items]
Directors fees				$ 400,000	$ 300,000	$ 300,000
LSB Funding [Member] \| Common Stock [Member]
Related Party Transaction [Line Items]
Stock repurchase authorized					9,000,000
Stock repurchase acquired, average cost per share					$ 12.58
SBT Investors and LSB Funding [Member]
Related Party Transaction [Line Items]
Common stock shares outstanding				15,300,000
Percentage of common stock shares owned				21.00%
Eldridge [Member] \| Senior Secured Notes [Member]
Related Party Transaction [Line Items]
Debt issued - principal amount				$ 30,000,000
Barry H. Golsen [Member]
Related Party Transaction [Line Items]
Directors fees				$ 200,000	$ 100,000	$ 100,000
Jack E. Golsen [Member]
Related Party Transaction [Line Items]
Current term expiring date				Dec. 31, 2017
Retirement date				Dec. 31, 2017
Jack E. Golsen [Member] \| Transition Agreement [Member]
Related Party Transaction [Line Items]
Agreement commencement date			Jan. 01, 2018
Payment of annual cash retainer fee			$ 480,000
Amount payable to cover certain monthly expense			$ 4,400
Special Dividend [Member]
Related Party Transaction [Line Items]
Special dividend paid in common shares	9,100,000					9,100,000
Special Dividend [Member] \| LSB Funding [Member]
Related Party Transaction [Line Items]
Special dividend paid in common shares						1,200,000
Special Dividend [Member] \| Golsen Holders [Member]
Related Party Transaction [Line Items]
Special dividend paid in common shares						700,000
Series E and Series F Redeemable Preferred Stock [Member]
Related Party Transaction [Line Items]
Issuance and sale of common stock upon the exchange of redeemable preferred shares		49,100,000
Series D Preferred Stock [Member] \| Anti-dilution Terms [Member]
Related Party Transaction [Line Items]
Preferred stock converted into shares of common stock				0.25		0.325
Series B and Series D Preferred Stock [Member]
Related Party Transaction [Line Items]
Accumulated dividends						$ 1,900,000
Preferred stock converted into shares of common stock						1,200,000
Preferred stock, shares outstanding						0

Long-Term Debt - New Revolving Credit Facility, Prior Revolving Credit Facility and Senior Secured Notes - Additional Information (Detail) - USD ($)				3 Months Ended	12 Months Ended
	Dec. 21, 2023	Mar. 08, 2022	Oct. 14, 2021	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt					$ 8,644,000	$ (113,000)	$ (10,259,000)
New Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum amount of revolving credit facility	$ 75,000,000				44,500,000
Revolving credit facility, increase (decrease), net					25,000,000
Amount available for borrowing					$ 7,500,000
Maturity date					Dec. 21, 2028
New Revolving Credit Facility [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate	1.625%
Debt instrument, interest rate	0.10%
Debt instrument floor rate percentage	0.00%
Prior Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum amount of revolving credit facility					$ 65,000,000
Financial Covenant [Member] \| New Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt instrument, covenant description					Borrowers must maintain a minimum fixed charge coverage ratio of not less than 1.00:1.00
Fixed charge coverage ratio					100.00%
6.25% Senior Secured Notes Due 2028 [Member]
Debt Instrument [Line Items]
Maturity date					Oct. 15, 2028
Debt issued - principal amount		$ 200,000,000	$ 500,000,000
Debt instrument, interest rate			6.25%		6.25%
Debt instrument, maturity term			2028
Debt instrument issued price percentage		100.00%	100.00%		25.00%
Gain (loss) on extinguishment of debt				$ 8,600,000			$ (20,300,000)
Debt instrument, frequency of interest payment					Interest on the Senior Secured Notes accrues at a rate of 6.25% per annum and is payable semi-annually in arrears on May 15 and October 15 of each year.
Repurchase of debt instrument				125,000,000
Extinguishment of debt				114,300,000
8.32% Secured Financing Due 2023 [Member] \| El Dorado Chemical Company [Member]
Debt Instrument [Line Items]
Final balloon payment				$ 3,000,000
Debt instrument term				48 months
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] \| New Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum amount of revolving credit facility	$ 10,000,000
Letter of Credit [Member] \| Prior Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum amount of revolving credit facility					$ 10,000,000

Accrued and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Other Liabilities Disclosure [Abstract]

Summary of Accrued and Other Liabilities


	December 31,
	2023		2022
	(In Thousands)
Accrued payroll and benefits	$	9,400	$	12,440
Current portion of operating lease liabilities		8,795		7,259
Accrued interest		7,487		11,196
Other		5,802		8,097
		31,484		38,992
Less noncurrent portion		523		522
Current portion of accrued and other liabilities	$	30,961	$	38,470

Related Party Transactions

12 Months Ended

Dec. 31, 2023

Related Party Transactions

11. Related Party Transactions

As of December 31, 2023 TLB-LSB, LLC, which is an affiliate of Todd Boehly beneficially owns, approximately 15.3 million shares of our outstanding common stock, or approximately 21% of our outstanding common stock.

As discussed in Note 1 – Summary of Significant Accounting Policies, as the result of the stockholders’ approval, the Series E and Series F Redeemable Preferred exchange transaction was consummated during 2021. Pursuant to the terms of the exchange agreement, an affiliate of Eldridge exchanged all of the shares of the Series E and Series F Redeemable Preferred for approximately 49.1 million shares of our common stock.

Also, as part of the exchange transaction, our Board declared the Special Dividend that was paid through the issuance of approximately 9.1 million shares of common stock in 2021, which amount included approximately 1.2 million shares to LSB Funding and approximately 0.7 million shares to certain of the Golsen Holders. In addition, pursuant to the anti-dilution terms of the Series B and Series D Preferred, which shares were held by certain of the Golsen Holders, the conversion ratio of the 12% Cumulative, Convertible Preferred Stock, par value $100 (“Series B Preferred”) increased to 43.3333 to 1 from 33.3333 to 1 and Series D 6% Cumulative, Convertible Class C Preferred Stock, no par value (“Series D Preferred”) increased to 0.325 to 1 from 0.25 to 1.

Following the exchange transaction in 2021, certain of the Golsen Holders who held all of the outstanding shares of Series B Preferred and Series D Preferred provided notice to convert all of their shares of Series B Preferred and Series D Preferred into approximately 1.2 million shares of our common stock, pursuant to the terms of these securities. Pursuant to the terms of these securities, our Board declared and we paid the accumulated dividends totaling approximately $1.9 million on the Series B and Series D Preferred. As a result, no shares of the Series B Preferred and Series D Preferred remain outstanding as of December 31, 2021.

As of December 31, 2023, we have one outstanding financing arrangement with an affiliate of Eldridge as discussed in Note 5 – Long-Term Debt. In addition, an affiliate of Eldridge held approximately $30 million of our Senior Secured Notes.

During 2022, we exhausted our stock repurchase authorization, including by repurchasing 9.0 million shares at an average cost of $12.58 per share in connection with a public offerings by LSB Funding and SBT Investors, each of which is an affiliate of Eldridge.

Pursuant to the terms of the Board Representation and Standstill Agreement, as amended, our Board includes two directors that are employees of affiliates of LSB Funding and SBT Investors. During 2023, we incurred director fees associated with these directors totaling approximately $0.4 million and approximately $0.3 million for 2022 and 2021 for each respective year.

During 2023, 2022 and 2021, we incurred director fees associated with Barry H. Golsen totaling approximately $0.2 million during 2023 and approximately $0.1 million for 2022 and 2021 for each respective year.

As the result of J. Golsen informing the Board of his election to retire as Executive Chairman effective December 31, 2017, we determined not to extend the employment agreement with J. Golsen beyond its then current term that expired on December 31, 2017 and, in accordance with the terms his employment agreement, delivered a notice of non-renewal to J. Golsen. Following his retirement, J. Golsen served as Chairman Emeritus of our Board.

In 2017, we entered into a transition agreement with J. Golsen that commenced on January 1, 2018 and ends upon the earlier of his death or a change in control as defined in the agreement. During the term, J. Golsen received an annual cash retainer of $480,000 and an additional monthly amount of $4,400 to cover certain expenses. In accordance with the terms of the Transition Agreement, we also reimburse J. Golsen for his cost of certain medical insurance coverage until his death. J. Golsen passed away in April 2022.

We were party to the 2005 Agreement with J. Golsen. See discussion in Note 10 – Employee Savings and Stock Purchase Plans, Collective Bargaining Agreements and Executive Benefit Agreement.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

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+ Details

Long-Term Debt - Schedule of Maturities of Long-Term Debt (Detail) $ in Thousands	Dec. 31, 2023 USD ($)
Debt Disclosure [Abstract]
2024	$ 5,847
2025	8,809
2026	180
2027	125
2028	575,073
Thereafter	52
Less: Debt issuance costs	8,365
Long-term debt	$ 581,721

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Gross amount of tax credits available to offset federal benefit	$ 3,300,000
Gross amount of tax credits available to offset state income taxes	$ 4,200,000
Federal net operating loss carryforwards expiration year	2036
State net operating loss carry forwards expiration year	2024
Valuation allowance reversal Change	$ 15,175,000	$ 14,916,000
Uncertain tax position	0	0		$ 464,000
Unrecognized tax positions accrued interest or penalties	$ 0	0
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Tax carryforward period	9 years
Tax credit carryforward expiration year	2024
Operating loss carryforwards utilized current period	$ 66,000,000	243,000,000	$ 56,000,000
Operating loss carryforwards	360,700,000
Valuation allowance reversal Change	300,000
Federal [Member]
Operating Loss Carryforwards [Line Items]
Valuation allowance reversal Change	$ 0	0
Internal Revenue Service (IRS) [Member]
Operating Loss Carryforwards [Line Items]
Tax carryforward period	20 years
Tax credit carryforward expiration year	2034
Gross tax credits	$ 8,100,000
Operating loss carryforwards utilized current period	76,700,000	$ 240,000,000	$ 64,000,000
Operating loss carryforwards	$ 274,900,000

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Revolving Credit Facility and Long-Term Debt


	December 31,
	2023			2022
	(In Thousands)
New Revolving Credit Facility, with a current interest rate of 7.07%	$	—		$	—
Prior Revolving Credit Facility		—			—
Senior Secured Notes due 2028, with an interest rate of 6.25%		575,000			700,000
Secured Financing Agreement due 2025, with an interest rate of 8.75%		14,133			19,277
Secured Financing due 2023, with an interest rate of 8.32%		—			4,161
Finance Leases		953			1,138
Unamortized debt issuance costs (1)		(8,365	)		(12,321	)
		581,721			712,255
Less current portion of long-term debt		5,847			9,522
Long-term debt due after one year, net	$	575,874		$	702,733

_____________________________

(1)

Schedule of Maturities of Long-Term Debt

Maturities of long-term debt for each of the five years after December 31, 2023 are as follows (in thousands):


2024	$	5,847
2025		8,809
2026		180
2027		125
2028		575,073
Thereafter		52
Less: Debt issuance costs		8,365
	$	581,721

- 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.

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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-7

+ Details

Net Income (Loss) per Common Share - Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Common Share (Detail) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	401,000	93,000	1,544,000
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	388,000	80,000	1,531,000
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	13,000	13,000	13,000

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Provision (Benefit) for Income Taxes

Provision (benefit) for income taxes are as follows:


	2023			2022			2021
	(In Thousands)
Current:
Federal	$	—		$	—		$	—
State		607			2,320			(250	)
Total Current	$	607		$	2,320		$	(250	)

Deferred:
Federal	$	7,767		$	43,217		$	(6,217	)
State		(2,401	)		(6,363	)		1,911
Total Deferred	$	5,366		$	36,854		$	(4,306	)
Provision (benefit) for income taxes	$	5,973		$	39,174		$	(4,556	)

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities include temporary differences and carryforwards as follows:


	December 31,
	2023			2022
	(In Thousands)

Deferred compensation	$	2,515		$	2,354
Other accrued liabilities		283			1,813
Lease liability		5,941			5,215
Interest expense carryforward		14,375			16,025
Net operating loss		73,891			93,201
Other		11,649			11,950
Less valuation allowance on deferred tax assets		(15,175	)		(14,916	)
Total deferred tax assets	$	93,479		$	115,642

Property, plant and equipment		(152,802	)		(169,507	)
Right-of-use-assets		(5,937	)		(5,340	)
Prepaid and other insurance reserves		(3,593	)		(4,282	)
Total deferred tax liabilities	$	(162,332	)	$	(179,129	)

Net deferred tax liabilities	$	(68,853	)	$	(63,487	)

Income (Loss) before Provision (Benefit) for Income Taxes


	2023			2022			2021
	(In Thousands)
Provision (benefit) for income taxes at federal statutory rate	$	7,118		$	56,543		$	8,187
State current and deferred income tax provision (benefit)		1,238			9,374			1,833
Valuation allowance - Federal		—			(12,701	)		(13,400	)
Valuation allowance - State		259			(19,351	)		(4,286	)
State tax rate changes		(3,499	)		2,824			7,360
Tax credits		—			—			(2,835	)
PPP loan forgiveness		—			—			(2,456	)
Other		857			2,485			1,041
Provision (benefit) for income taxes	$	5,973		$	39,174		$	(4,556	)

Reconciliation of Beginning and Ending Amount of Uncertain Tax Positions

A reconciliation of the beginning and ending amount of uncertain tax positions is as follows:


	2023		2022		2021
	(In Thousands)
Balance at beginning of year	$	—	$	—	$	464
Additions based on tax positions related to the current year		—		—		—
Reductions for tax positions of prior years		—		—		(464	)
Balance at end of year	$	—	$	—	$	-

Income Taxes - Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
State	$ 607	$ 2,320	$ (250)
Total Current	607	2,320	(250)
Deferred:
Federal	7,767	43,217	(6,217)
State	(2,401)	(6,363)	1,911
Total Deferred	5,366	36,854	(4,306)
Provision (benefit) for income taxes	$ 5,973	$ 39,174	$ (4,556)

- Definition

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

+ References + Details

Net Income (Loss) per Common Share - Computation of Basic and Diluted Net Income (Loss) Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net income (loss)	$ 27,923	$ 230,347	$ 43,545
Adjustments for basic and diluted net loss per common share:
Dividend accrued on redeemable preferred stock			(29,914)
Deemed dividend on Series E and Series F redeemable preferred stocks			231,812
Dividend requirements			(298)
Numerator for basic net (loss) income per common share	27,923	230,347	(220,002)
Numerator for diluted net (loss) income per common share	$ 27,923	$ 230,347	$ (220,002)
Denominator:
Denominator for basic net income (loss) per common share - weighted- average shares	74,536	84,753	49,963
Effect of dilutive securities:
Unvested restricted stock and stock units	564	1,272
Dilutive potential common shares	564	1,272
Denominator for diluted net income (loss) per common share - adjusted weighted-average shares	75,100	86,025	49,963
Basic net income (loss) per common share	$ 0.37	$ 2.72	$ (4.4)
Diluted net income (loss) per common share	$ 0.37	$ 2.68	$ (4.4)
Series E Redeemable Preferred Stock [Member]
Adjustments for basic and diluted net loss per common share:
Dividend accrued on redeemable preferred stock			$ (29,914)
Accretion of redeemable preferred stock			(1,523)
Series E and Series F Redeemable Preferred Stock [Member]
Adjustments for basic and diluted net loss per common share:
Deemed dividend on Series E and Series F redeemable preferred stocks			(231,812)
Series B Preferred Stock [Member]
Adjustments for basic and diluted net loss per common share:
Dividend requirements			(239)
Series D Preferred Stock [Member]
Adjustments for basic and diluted net loss per common share:
Dividend requirements			$ (59)

Net Sales - Summary of Net Sales Disaggregated by Principal Markets (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net sales:
Net sales	$ 593,709	$ 901,711	$ 556,239
Chemical
Net sales:
Net sales	593,709	901,711	556,239
Chemical \| AN and Nitric Acid
Net sales:
Net sales	221,818	315,679	228,754
Chemical \| Urea ammonium nitrate (UAN)
Net sales:
Net sales	154,206	239,463	123,840
Chemical \| Ammonia
Net sales:
Net sales	166,581	284,005	155,159
Chemical \| Other
Net sales:
Net sales	$ 51,104	$ 62,564	$ 48,486

- Definition

+ References

+ Details