Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 21, 2014 | Jun. 30, 2013 | |
Entity Registrant Name | 'SOUTH DAKOTA SOYBEAN PROCESSORS LLC | ' | ' |
Entity Central Index Key | '0001163609 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Trading Symbol | 'sdsp | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 30,419,000 | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $29,685,500 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Assets | ' | ' |
Cash and cash equivalents | $50 | $292,874 |
Trade accounts receivable | 30,928,277 | 30,596,162 |
Inventories | 64,798,457 | 72,469,499 |
Margin deposits | 1,687,180 | 1,624,565 |
Assets of discontinued division | 155,421 | 216,105 |
Prepaid expenses | 1,531,877 | 1,024,882 |
Total current assets | 99,101,262 | 106,224,087 |
Property and equipment | 67,753,029 | 62,457,602 |
Less accumulated depreciation | -37,914,238 | -35,989,551 |
Total property and equipment, net | 29,838,791 | 26,468,051 |
Other assets | ' | ' |
Investments in cooperatives | 6,064,481 | 8,197,832 |
Notes receivable - members | 145,707 | 147,056 |
Other intangible assets, net | 6,278 | 8,210 |
Total other assets | 6,216,466 | 8,353,098 |
Total assets | 135,156,519 | 141,045,236 |
Liabilities and Members' Equity | ' | ' |
Excess of outstanding checks over bank balance | -12,369,865 | 0 |
Current maturities of long-term debt | 51,359 | 2,600,000 |
Note payable - seasonal loan | 0 | 16,917,303 |
Accounts payable | 1,929,317 | 1,812,186 |
Member distributions payable | 11,000,000 | 5,076,105 |
Accrued commodity purchases | 54,673,312 | 62,421,223 |
Accrued expenses | 3,313,309 | 2,241,614 |
Accrued interest | 327,427 | 448,795 |
Deferred liabilities - current | 858,468 | 1,453,432 |
Total current liabilities | 84,523,057 | 92,970,658 |
Long-term liabilities | ' | ' |
Long-term debt, less current maturities | 4,036,356 | 11,600,000 |
Deferred liabilities | 55,435 | 126,213 |
Total long-term liabilities | 4,091,791 | 11,726,213 |
Commitments and contingencies | ' | ' |
Members' equity | ' | ' |
Members' equity Class A Units, no par value, 30,419,000 units issued and outstanding, net of subscriptions receivable of $0 and $2,259 at December 31, 2013 and 2012, respectively | ' | 36,348,365 |
Total liabilities and members' equity | 135,156,519 | 141,045,236 |
Capital Unit, Class A [Member] | ' | ' |
Members' equity | ' | ' |
Members' equity Class A Units, no par value, 30,419,000 units issued and outstanding, net of subscriptions receivable of $0 and $2,259 at December 31, 2013 and 2012, respectively | $46,541,671 | $36,348,365 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets [Parenthetical] (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Share data in Thousands, unless otherwise specified | ||
Subscriptions receivable (in dollars) | $0 | $2,259 |
Capital Unit, Class A [Member] | ' | ' |
Common stock, shares issued | 30,419 | 30,419 |
Common stock, shares outstanding | 30,419 | 30,419 |
Subscriptions receivable (in dollars) | $2,259 | $2,259 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net revenues | $468,833,992 | $411,985,913 | $397,228,087 |
Cost of revenues: | ' | ' | ' |
Cost of product sold | 399,246,411 | 353,641,110 | 362,144,771 |
Production | 18,653,510 | 16,525,879 | 15,226,656 |
Freight and rail | 27,647,077 | 24,390,748 | 18,864,807 |
Brokerage fees | 633,875 | 515,007 | 466,955 |
Total cost of revenues | 446,180,873 | 395,072,744 | 396,703,189 |
Gross profit | 22,653,119 | 16,913,169 | 524,898 |
Operating expenses: | ' | ' | ' |
Administration | 2,884,760 | 2,415,460 | 2,307,650 |
Operating income (loss) | 19,768,359 | 14,497,709 | -1,782,752 |
Other income (expense): | ' | ' | ' |
Interest expense | -1,665,339 | -1,928,660 | -1,308,195 |
Other non-operating income | 1,910,684 | 1,595,156 | 2,443,518 |
Patronage dividend income | 1,169,071 | 576,728 | 292,207 |
Total other income (expense) | 1,414,416 | 243,224 | 1,427,530 |
Income (loss) from continuing operations before income taxes | 21,182,775 | 14,740,933 | -355,222 |
Income tax expense | -1,000 | -1,000 | -300 |
Income (loss) from continuing operations | 21,181,775 | 14,739,933 | -355,522 |
Gain (loss) on discontinued operations | 9,272 | -236,800 | -3,592,800 |
Net income (loss) | $21,191,047 | $14,503,133 | ($3,948,322) |
Basic and diluted earnings (loss) per capital unit: | ' | ' | ' |
Income (loss) from continuing operations, in dollars per share | $0.70 | $0.48 | ($0.01) |
Income (loss) from discontinuing operations, in dollars per share | $0 | ($0.01) | ($0.12) |
Net income (loss), in dollars per share | $0.70 | $0.48 | ($0.13) |
Weighted average number of capital units outstanding for calculation of basic and diluted earnings (loss) per capital unit | 30,419 | 30,419 | 30,419 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Members' Equity (USD $) | Total | Capital Unit, Class A [Member] |
Share data in Thousands | ||
Member's Equity at Dec. 31, 2010 | ' | $30,869,659 |
Balances (in Units) at Dec. 31, 2010 | ' | 30,419 |
Recognition of capital units previously recorded as temporary equity | ' | 0 |
Net income (loss) | -3,948,322 | -3,948,322 |
Balance, December 31, 2012 at Dec. 31, 2011 | ' | 26,921,337 |
Balances (in Units) at Dec. 31, 2011 | ' | 30,419 |
Net income (loss) | 14,503,133 | 14,503,133 |
Distribution to members | -5,076,105 | -5,076,105 |
Subscriptions Receivable | 2,259 | 2,259 |
Balance, December 31, 2012 at Dec. 31, 2012 | 36,348,365 | 36,348,365 |
Balances (in Units) at Dec. 31, 2012 | ' | 30,419 |
Net income (loss) | 21,191,047 | 21,191,047 |
Distribution to members | ' | -11,000,000 |
Subscriptions Receivable | 0 | 2,259 |
Balance, December 31, 2012 at Dec. 31, 2013 | ' | $46,541,671 |
Balances (in Units) at Dec. 31, 2013 | ' | 30,419 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Operating activities | ' | ' | ' |
Net income (loss) | $21,191,047 | $14,503,133 | ($3,948,322) |
(Gain) loss from discontinued operations | -9,272 | 236,800 | 3,592,800 |
Income (loss) from continuing operations | 21,181,775 | 14,739,933 | -355,522 |
Charges and credits to net income (loss) from continuing operations not affecting cash: | ' | ' | ' |
Depreciation and amortization | 2,059,867 | 1,785,254 | 2,083,593 |
(Gain) loss on sales of property and equipment | -7,391 | 1,161 | 13,216 |
Non-cash patronage dividends | -591,099 | -327,169 | -102,272 |
Change in current assets and liabilities | -576,878 | -26,411,714 | 23,008,509 |
Net cash from (used for) operating activities of continuing operations | 22,066,274 | -10,212,535 | 24,647,524 |
Net cash from (used for) operating activities of discontinued operations | 69,956 | 324,843 | -216,476 |
Net cash from (used for) operating activities | 22,136,230 | -9,887,692 | 24,431,048 |
Investing activities | ' | ' | ' |
Proceeds from investments in cooperatives | 0 | 0 | 77,599 |
Retirement of patronage dividends | 2,724,450 | 0 | 76,585 |
Decrease in member loans | 1,349 | 619 | 223 |
Proceeds from sales of property and equipment | 14,000 | 0 | 88,409 |
Purchase of property and equipment | -5,435,284 | -1,854,226 | -3,139,905 |
Net cash used for investing activities of continued operations | -2,695,485 | -1,853,607 | -2,897,089 |
Net cash from (used for) investing activities of discontinued operations | 0 | 108,503 | -83,329 |
Net cash used for investing activities | -2,695,485 | -1,745,104 | -2,980,418 |
Financing activities | ' | ' | ' |
Change in excess of outstanding checks over bank balances | 12,369,865 | -4,386,782 | 2,651,842 |
Net (payments) proceeds from seasonal borrowings | -16,917,303 | 16,917,303 | -24,790,669 |
Distributions to members | -5,076,105 | 0 | 0 |
Decrease in subscriptions receivable | 2,259 | 0 | 0 |
Proceeds from long-term debt | 23,157,209 | 1,547,999 | 10,058,801 |
Principal payments on long-term debt | -33,269,494 | -2,153,000 | -9,133,000 |
Net cash from (used for) financing activities of continued operations | -19,733,569 | 11,925,520 | -21,213,026 |
Net cash used for financing activities of discontinued operations | 0 | 0 | -237,604 |
Net cash from (used for) financing activities | -19,733,569 | 11,925,520 | -21,450,630 |
Net change in cash and cash equivalents | -292,824 | 292,724 | 0 |
Cash and cash equivalents, beginning of year | 292,874 | 150 | 150 |
Cash and cash equivalents, end of year | 50 | 292,874 | 150 |
Supplemental disclosures of cash flow information | ' | ' | ' |
Interest | 1,786,707 | 1,758,531 | 1,472,624 |
Income taxes | $0 | $0 | $0 |
Principal_Activity_and_Signifi
Principal Activity and Significant Accounting Policies | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||
Principal Activity and Significant Accounting Policies | ' | |||||||||||
Principal Activity and Significant Accounting Policies | ||||||||||||
Organization | ||||||||||||
South Dakota Soybean Processors, LLC (the “Company” or “LLC”) processes and sells soybean products, such as soybean oil, meal and hulls. The Company’s principal operations are in Volga, South Dakota. | ||||||||||||
The consolidated financial statements include the accounts of the Company and Urethane Soy Systems Company (USSC), which is the Company’s wholly-owned subsidiary. During 2011 the Company determined to discontinue operations of its polyurethane segment, including USSC, and put the assets and business up for sale. For all periods presented, amounts associated with the polyurethane segment have been classified as discontinued operations on the accompanying consolidated financial statements. See Note 5 for additional information. | ||||||||||||
On October 16, 2012, USSC’s Board of Directors and the Company’s Board of Managers approved the legal dissolution of USSC, and on December 7, 2012, USSC was formerly dissolved as a corporation. | ||||||||||||
Principles of consolidation | ||||||||||||
The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All significant intercompany accounts and transactions have been eliminated. | ||||||||||||
Cash and cash equivalents | ||||||||||||
The Company considers all highly liquid investment instruments with maturities of three months or less at the time of acquisition to be cash equivalents. | ||||||||||||
Accounts receivable | ||||||||||||
Accounts receivable are considered past due when payments are not received on a timely basis in accordance with the Company’s credit terms, which is generally 30 days from invoice date. Accounts considered uncollectible are written off. The Company’s estimate of the allowance for doubtful accounts is based on historical experience, its evaluation of the current status of receivables, and unusual circumstances, if any. | ||||||||||||
The following table presents the aging analysis of trade receivables as of December 31, 2013 and 2012: | ||||||||||||
2013 | 2012 | |||||||||||
Past due: | ||||||||||||
Less than 30 days past due | $ | 3,344,540 | $ | 2,717,120 | ||||||||
31-90 days past due | 571,697 | 185,168 | ||||||||||
Greater than 90 days past due | — | 45 | ||||||||||
Total past due | 3,916,237 | 2,902,333 | ||||||||||
Current | 27,012,040 | 27,693,829 | ||||||||||
Totals | $ | 30,928,277 | $ | 30,596,162 | ||||||||
The following table provides information regarding the Company’s allowance for doubtful accounts receivable of continued operations as of December 31, 2013, 2012, and 2011: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balances, beginning of year | $ | — | $ | — | $ | — | ||||||
Amounts charged (credited) to costs and expenses | 20,487 | — | (7,838 | ) | ||||||||
Additions (deductions) | (20,487 | ) | — | 7,838 | ||||||||
Balances, end of year | $ | — | $ | — | $ | — | ||||||
In general cash received is applied to the oldest outstanding invoice first, unless payment is for a specified invoice. The Company, on a case by case basis, may charge a late fee of 1 ½% per month on past due receivables. | ||||||||||||
Inventories | ||||||||||||
Finished goods (soybean meal, oil, refined oil, and hulls) and raw materials (soybeans) are valued at estimated market value. This accounting policy is in accordance with the guidelines described in Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 905, Agriculture (formerly AICPA Statement of Position No. 85-3, Accounting by Agricultural Producers and Agricultural Cooperatives). Supplies and other inventories are stated at the lower of cost, determined by the first-in, first-out method, or market. | ||||||||||||
Investments | ||||||||||||
Investments in cooperatives are carried at cost plus the amount of patronage earnings allocated to the Company, less any cash distributions received. | ||||||||||||
Property and equipment | ||||||||||||
Property and equipment is stated at cost. Expenditures for renewals and improvements that significantly add to the productive capacity or extend the useful life of an asset are capitalized. Expenditures for maintenance and repairs are charged to expense when incurred. When depreciable properties are sold or retired, the cost and accumulated depreciation are eliminated from the accounts and the resultant gain or loss is reflected in income. | ||||||||||||
Depreciation is provided for over the estimated useful lives of the individual assets using the straight-line method. The range of the estimated useful lives used in the computation of depreciation is as follows: | ||||||||||||
Building and improvements | 10-39 years | |||||||||||
Equipment and furnishings | 3-15 years | |||||||||||
The Company reviews its long-lived assets for impairment whenever events indicate that the carrying amount of the asset may not be recoverable. If impairment indicators are present and the future cash flows is less than the carrying amount of the assets, values are reduced to the estimated fair value of those assets. | ||||||||||||
Patents | ||||||||||||
The Company’s patents were amortized over their estimated useful lives, using the straight-line method over a period of 16 to 20 years, which is the shorter of the remaining estimated economic life of the patents acquired or 20 years from the original file date. | ||||||||||||
The Company evaluated the recoverability of identifiable intangible assets whenever events or changes in circumstances indicated that an intangible asset’s carrying value may not be recoverable. Such circumstances could include, but are not limited to (1) a significant decrease in the market value of an asset, (2) a significant adverse change in the extent or manner in which the asset is used, or (3) an accumulation of costs significantly in excess of the amount originally expected for the acquisition of an asset. The Company measures the carrying amount of the asset against the estimated undiscounted future cash flows associated with it. Should the sum of the expected future net cash flows be less than the carrying value of the asset being evaluated, an impairment loss would be recognized. The impairment loss would be calculated as the amount by which the carrying value of the asset exceeds its fair value. The fair value is measured based on quoted market prices, if available. If quoted market prices are not available, the estimate of fair value is based on various valuation techniques, including the discounted value of estimated future cash flows. The evaluation of asset impairment requires the Company to make assumptions about future cash flows over the life of the assets being evaluated. These assumptions require significant judgment and actual results may differ from assumed and estimated amounts. During the years ended December 31, 2013, 2012, and 2011, the Company recorded impairment losses of $0, $0, and $637,318, respectively, related to intangible assets. The impairment loss in 2011 is recorded in “Loss on discontinued operations” on the consolidated statement of operations. As of December 31, 2012, the Company no longer held any outstanding patents. | ||||||||||||
Deferred revenue | ||||||||||||
The Company recognizes revenues as earned. Amounts billed in advance of the period in which service is rendered are recorded as a liability under “Deferred revenue”. | ||||||||||||
Use of estimates | ||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||||||||||||
Revenue Recognition | ||||||||||||
Revenue is recognized when the title to the related products is transferred to the customer. When a sales contract has delivery terms of ‘FOB Shipping Point’, revenue is recognized when the products are shipped. For those sales contracts with delivery terms of ‘FOB Destination’, revenue is not recognized until the products are delivered to the agreed-upon location. Revenues are presented net of discounts and sales allowances. | ||||||||||||
Freight | ||||||||||||
The Company presents all amounts billed to the customer for freight as a component of net revenue. Costs incurred for freight are reported as a component of cost of revenue. | ||||||||||||
The Company’s “Shipping and Handling Costs” policy is in accordance with ASC 605, Revenue Recognition (formerly EITF Issue 0-10, Accounting for Shipping and Handling Fees and Costs). | ||||||||||||
Advertising costs | ||||||||||||
Advertising and promotion costs are expensed as incurred. The Company incurred $26,000, $12,000, and $25,000, of advertising costs on continuing operations in the years ended December 31, 2013, 2012, and 2011, respectively. | ||||||||||||
Environmental remediation | ||||||||||||
It is management’s opinion that the amount of any potential environmental remediation costs will not be material to the Company’s financial condition, results of operations, or cash flows; therefore, no accrual has been recorded. | ||||||||||||
Accounting for derivative instruments and hedging activities | ||||||||||||
All of the Company’s derivatives are designated as non-hedge derivatives. The futures and options contracts used by the Company are discussed below. Although the contracts may be effective economic hedges of specified risks, they are not designated as, nor accounted for, as hedging instruments. | ||||||||||||
The Company, as part of its trading activity, uses futures and option contracts offered through regulated commodity exchanges to reduce risk. The Company is exposed to risk of loss in the market value of inventories. To reduce that risk, the Company generally takes opposite and offsetting positions using futures contracts or options. | ||||||||||||
Unrealized gains and losses on futures and options contracts used to hedge soybean, oil and meal inventories, as well as foreign exchange rates, are recognized as a component of net proceeds for financial reporting. Inventories are recorded at estimated market value. Consequently, unrealized gains and losses on derivative contracts are offset by unrealized gains and losses on inventories and reflected in current earnings. | ||||||||||||
Earnings per capital unit | ||||||||||||
Earnings per capital unit are calculated based on the weighted average number of capital units outstanding. The Company has no other capital units or other member equity instruments that are dilutive for purposes of calculating earnings per capital unit. | ||||||||||||
Income taxes | ||||||||||||
As a limited liability company, the Company’s taxable income or loss is allocated to members in accordance with their respective percentage ownership. Therefore, no provision or liability for income taxes has been included in the financial statements. | ||||||||||||
The Company has evaluated the provisions of FASB ASC 740-10 (previously Financial Interpretation No. 48, Accounting for Uncertainty in Income Taxes) for uncertain tax positions. As of December 31, 2013 and 2012, the unrecognized tax benefit accrual was zero. | ||||||||||||
The Company will recognize future accrued interest and penalties related to unrecognized tax benefits in income tax expense if incurred. | ||||||||||||
As of December 31, 2013, the book value of the Company’s net assets exceeds the tax basis of those assets by approximately $8.9 million. | ||||||||||||
The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. We are no longer subject to income tax examinations by U.S. federal and state tax authorities for years prior to 2010. We currently have no tax years under examination. | ||||||||||||
Recent accounting pronouncements | ||||||||||||
The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not expect the future adoption of any such pronouncements to have a material impact on the Company’s financial condition or results of operations. |
Correction_of_Prior_Period
Correction of Prior Period | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Changes and Error Corrections [Abstract] | ' | ||||||||||||
Correction of Prior Period | ' | ||||||||||||
Correction of Prior Period | |||||||||||||
In accordance with the SEC's Staff Accounting Bulletin No. 108, "Considering the Effects of Prior Year Misstatements When Quantifying Misstatements in Current Year Financial Statements" (SAB 108), the Company in 2012 did not accrue as a liability the amount of the distribution to its members that had been declared by the Company's Board of Managers. The Company's Operating Agreement states that the Company shall distribute to its members, who held capital units at any point during the fiscal year, at least thirty percent (30%) of the net income unless the net income is less than $500,000 or the distribution would cause the Company to violate its loan covenants. On February 7, 2013, the Company's Board of Managers declared a cash distribution of $5,076,105 to its members who held capital units during 2012. As a result of the Company's evaluation of this error under SAB 108, the Company determined that this error was material to the consolidated balance sheet and statement of changes in members' equity for the year ended December 31, 2012. Consequently, the consolidated financial statements for that period were restated to reflect the correction of this error. In evaluating and determining the appropriateness of applying SAB 108 to this error, the Company considered materiality both quantitatively and qualitatively as prescribed by the SEC's Staff Accounting Bulletin No 99. The following table reflects the impact of the above error to the consolidated balance sheet and statement of changes in members' equity as of and for the year ended December 31, 2012: | |||||||||||||
As Previously Reported | Adjustments | Adjusted | |||||||||||
Balance sheet: | |||||||||||||
Member distributions payable | $ | — | $ | 5,076,105 | $ | 5,076,105 | |||||||
Members' equity | 41,424,470 | (5,076,105 | ) | 36,348,365 | |||||||||
Statement of changes in members' equity: | |||||||||||||
Distribution to members | — | (5,076,105 | ) | (5,076,105 | ) | ||||||||
Balance, December 31, 2012 | 41,424,470 | (5,076,105 | ) | 36,348,365 | |||||||||
Inventories
Inventories | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
The Company’s inventories consist of the following as of December 31,: | ||||||||
2013 | 2012 | |||||||
Finished goods | $ | 16,690,431 | $ | 28,345,806 | ||||
Raw materials | 47,890,986 | 44,003,018 | ||||||
Supplies & miscellaneous | 217,040 | 120,675 | ||||||
Totals | $ | 64,798,457 | $ | 72,469,499 | ||||
Finished goods and raw materials are valued at estimated market value, which approximates net realizable value. In addition, futures and option contracts are marked to market through cost of revenues, with unrealized gains and losses recorded in the above inventory amounts. Supplies and other inventories are stated at the lower of cost, determined by the first-in, first-out method, or market. |
Margin_Deposits
Margin Deposits | 12 Months Ended |
Dec. 31, 2013 | |
Margin Deposits [Abstract] | ' |
Margin Deposits | ' |
Margin Deposits | |
The Company has margin deposits with a commodity brokerage firm used to acquire futures and option contracts to manage the price volatility risk of soybeans, crude soybean oil and soybean meal. Consistent with its inventory accounting policy, these contracts are recorded at market value. At December 31, 2013, the Company’s futures contracts all mature within 12 months. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||
Discontinued Operations | ' | |||||||
Discontinued Operations | ||||||||
In 2011 the Company determined to discontinue operations of its polyurethane segment, including its wholly-owned subsidiary USSC, and put the assets and business up for sale. The Company decided to discontinue and sell this division primarily because it has incurred significant operating losses over the past several years. Results of operations and the related charges for discontinued operations have been classified as “Loss on discontinued operations” on the accompanying consolidated statements of operations. Assets and liabilities of the discontinued operations have been reclassified and reflected on the accompanying consolidated balance sheets as “Assets of discontinued operations” and “Liabilities of discontinued operations” accordingly. For comparative purposes, all prior periods presented have been restated to reflect the reclassifications on a consistent basis. | ||||||||
Sales revenue from the polyurethane segment for the years ended December 31, 2013, 2012, and 2011 were $2,239, $457,748, and $1,495,257, respectively. During 2012, the Company sold the patents, other intellectual property, and property and equipment, incurring a loss on the sales totaling $(161,812). In conjunction with the discontinuance of operations, the Company recognized a loss on disposal of $1,104,000 in 2011 to write down the related carrying amounts to their fair values less estimated cost to sell. The gains (losses) from discontinued operations of this division were $9,272, $(236,800), and $(3,592,800) for the years ended December 31, 2013, 2012, and 2011, respectively. | ||||||||
Interest expense was allocated to discontinued operations based on the amount of debt related to the operations of the discontinued division. For the years ended December 31, 2013, 2012, and 2011, interest expense allocated to discontinued operations was $0, $0, and $372,000, respectively. | ||||||||
The assets and liabilities of the discontinued operations are presented separately under the captions “Assets of discontinued division” and “Liabilities of discontinued division,” respectively, in the accompanying balance sheets at December 31, 2013 and 2012, and consist of the following: | ||||||||
2013 | 2012 | |||||||
Assets of discontinued division: | ||||||||
Cash | $ | — | $ | — | ||||
Accounts receivable, less allowance for uncollectible accounts (2013 - $0; 2012 - $52,000) | — | 2,791 | ||||||
Inventories | — | — | ||||||
Prepaid expenses | — | — | ||||||
Property and equipment, net | 155,421 | 213,314 | ||||||
Notes receivable | — | — | ||||||
Patents and other intangible assets, net | — | — | ||||||
Total assets | $ | 155,421 | $ | 216,105 | ||||
2013 | 2012 | |||||||
Liabilities of discontinued division: | ||||||||
Accounts payable | $ | — | $ | — | ||||
Accrued expenses | — | — | ||||||
Total liabilities | $ | — | $ | — | ||||
Investments_in_Cooperatives
Investments in Cooperatives | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ' | |||||||
Investments in Cooperatives | ' | |||||||
Investments in Cooperatives | ||||||||
The Company’s investments in cooperatives consist of the following at December 31: | ||||||||
2013 | 2012 | |||||||
Minnesota Soybean Processors: | ||||||||
Common stock and Class A Preferred Shares | $ | 3,964,728 | $ | 3,455,876 | ||||
Class B Preferred Shares, 8% non-cumulative, convertible | 575,000 | 575,000 | ||||||
CHS (formerly Cenex Harvest States) | 124,819 | 2,849,269 | ||||||
CoBank | 1,399,934 | 1,317,687 | ||||||
Totals | $ | 6,064,481 | $ | 8,197,832 | ||||
On February 6, 2013, the Company received $2,724,450 from CHS for the retirement of previous retained patronage allocations. |
Property_and_Equipment
Property and Equipment | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||||||||
Property and Equipment | ' | |||||||||||||||
Property and Equipment | ||||||||||||||||
The following is a summary of property and equipment at December 31: | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Cost | Accumulated | Net | Net | |||||||||||||
Depreciation | ||||||||||||||||
Land | $ | 443,816 | $ | — | $ | 443,816 | $ | 443,816 | ||||||||
Land improvements | 585,678 | (116,944 | ) | 468,734 | 401,691 | |||||||||||
Buildings and improvements | 16,551,664 | (6,626,521 | ) | 9,925,143 | 10,246,705 | |||||||||||
Machinery and equipment | 48,160,659 | (30,476,174 | ) | 17,684,485 | 14,379,270 | |||||||||||
Company vehicles | 74,895 | (19,102 | ) | 55,793 | 6,567 | |||||||||||
Furniture and fixtures | 1,111,669 | (675,497 | ) | 436,172 | 525,984 | |||||||||||
Construction in progress | 824,648 | — | 824,648 | 464,018 | ||||||||||||
Totals | $ | 67,753,029 | $ | (37,914,238 | ) | $ | 29,838,791 | $ | 26,468,051 | |||||||
Depreciation of property and equipment of continued operations amounts to $2,057,935, $1,783,322, and $2,081,481 for the years ended December 31, 2013, 2012, and 2011, respectively. |
Other_Intangible_Assets
Other Intangible Assets | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||
Other Intangible Assets | ' | ||||||||||||||
Other Intangible Assets | |||||||||||||||
The following table provides information regarding the Company’s other intangible assets as of December 31, 2013 and 2012: | |||||||||||||||
Accumulated | |||||||||||||||
Intangible Assets | Life | Cost | Amortization | Net | |||||||||||
As of December 31, 2013: | |||||||||||||||
Loan Origination Costs | 10 years | $ | 13,200 | $ | (6,922 | ) | $ | 6,278 | |||||||
As of December 31, 2012: | |||||||||||||||
Loan Origination Costs | 10 years | $ | 13,200 | $ | (4,990 | ) | $ | 8,210 | |||||||
Amortization expense on the loan origination costs amounts to $1,932, $1,932, and $2,112 for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||||||||
Future amortization expense related to the loan origination costs is expected to be approximately: | |||||||||||||||
For the years ending December 31: | |||||||||||||||
2014 | $ | 1,932 | |||||||||||||
2015 | 1,932 | ||||||||||||||
2016 | 1,932 | ||||||||||||||
2017 | 482 | ||||||||||||||
2018 | — | ||||||||||||||
Total | $ | 6,278 | |||||||||||||
Notes_Payable_Seasonal_Loan
Notes Payable - Seasonal Loan | 12 Months Ended |
Dec. 31, 2013 | |
Notes Payable Seasonal Loan [Abstract] | ' |
Notes Payable - Seasonal Loan | ' |
Notes Payable - Seasonal Loan | |
The Company has entered into a revolving credit agreement with CoBank which expires August 1, 2014. Under this agreement, the Company may borrow up to $50 million to finance inventory and accounts receivable. Interest accrues at a variable rate (2.93% at December 31, 2013). Advances on the revolving credit agreement are secured and limited to qualifying inventory and accounts receivable, net of any accrued commodity purchases. There were advances outstanding of $0 and $16,917,303 at December 31, 2013 and 2012, respectively. The remaining available funds to borrow under the terms of the revolving credit agreement are approximately $50,000,000 as of December 31, 2013. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-Term Debt | ' | |||||||
Long-Term Debt | ||||||||
2013 | 2012 | |||||||
Revolving term loan from CoBank, interest at variable rates (3.18% and 4.21% at December 31, 2013 and 2012, respectively), secured by substantially all property and equipment. Loan matures March 20, 2018. | $ | 3,123,645 | $ | 14,200,000 | ||||
Note payable to Brookings Regional Railroad Authority, due in annual principal and interest installments of $75,500, interest rate at 2.00%, secured by railroad track assets. Note matures June 1, 2020. | 964,070 | — | ||||||
4,087,715 | 14,200,000 | |||||||
Less current maturities | (51,359 | ) | (2,600,000 | ) | ||||
Totals | $ | 4,036,356 | $ | 11,600,000 | ||||
The Company entered into an agreement as of March 21, 2013 with CoBank to amend and restate its Master Loan Agreement (MLA), which includes both the revolving term loan and the seasonal loan discussed in Note 8. Under the terms and conditions of the MLA, CoBank agreed to make advances to the Company for up to $12,900,000 on the revolving term loan. The available commitment decreases in scheduled periodic increments of $1,300,000 every six months starting September 20, 2013 until maturity on March 20, 2018. The principal balance outstanding on the revolving term loan was $3,123,645 and $14,200,000 as of December 31, 2013 and 2012, respectively. There was approximately $8.5 million of remaining commitments available to borrow on the revolving term loan as of December 31, 2013. | ||||||||
Under this agreement, the Company is subject to compliance with standard financial covenants and the maintenance of certain financial ratios. The Company was in compliance with all covenants and conditions with CoBank as of December 31, 2013. | ||||||||
Effective March 1, 2013, the State of South Dakota Department of Transportation agreed to loan the Brookings County Regional Railway Authority $964,070 for purposes of making improvements to the railway infrastructure near the Company's soybean processing plant in Volga, South Dakota. In consideration of this secured loan, the Company agreed to provide a guarantee to the State of South Dakota Department of Transportation the full amount of the loan, plus interest. This guarantee, however, became a direct obligation of the Company's on October 16, 2013, when the Company received the entire loan proceeds and assumed responsibility for paying the annual principal and interest payments. | ||||||||
The minimum principal payments on long-term debt obligations are as follows as of December 31, 2013: | ||||||||
For the years ending December 31: | ||||||||
2014 | $ | 51,359 | ||||||
2015 | 57,246 | |||||||
2016 | 58,344 | |||||||
2017 | 1,983,203 | |||||||
2018 | 1,260,749 | |||||||
Thereafter | 676,814 | |||||||
Total | $ | 4,087,715 | ||||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Employee Benefit Plans | ' |
Employee Benefit Plans | |
The Company maintains a Section 401(k) plan for employees who meet the eligibility requirements set forth in the plan documents. The Company matches a percentage of employees’ contributed earnings. The amounts charged to expense under continuing operations under this plan were approximately $125,000, $73,000, and $68,000 for the years ended December 31, 2013, 2012, and 2011, respectively. | |
The Company has a deferred compensation plan for key employees. The Company shall pay the employees in five equal annual installments upon retirement. The future payments have been discounted at 8%. The amount recognized as expense (benefit) during the years ended December 31, 2013, 2012, and 2011 was $10,000, $4,000, $3,000, respectively. The Company made payments of approximately $11,827 for each of the years ended December 31, 2013, 2012, and 2011. Deferred compensation payable is $38,663 and $40,634 as of December 31, 2013 and 2012, respectively. |
Commitments
Commitments | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||
Commitments | ' | |||||||||||
Commitments | ||||||||||||
The Company has operating leases for 253 rail cars from GE Capital. The leases require monthly payments of $100,795. The Company also leases 137 rail cars from Trinity Capital. This lease requires monthly payments of $74,529. The Company also leases 64 rail cars from Flagship Rail Services. This lease requires monthly payments of $24,832. The Company also leases 15 rail cars from GATX Corporation. This lease requires monthly payments of $10,050.The leases began between 1996 and 2013 and have terms ranging from 5-18 years. Lease expense for all rail cars was $2,237,863, $2,237,477, and $2,179,818 for the years ended December 31, 2013, 2012, and 2011, respectively. Prior to August 1, 2013, the Company generated revenues from the use of 317 of these rail cars on other railroads. Such revenues were $760,201, $1,535,316, and $1,453,374 for the years ended December 31, 2013, 2012, and 2011, respectively. | ||||||||||||
On September 1, 2011, the Company renewed a Grain Storage and Transportation Agreement with H&I Grain of Hetland, Inc. (“H&I”). This agreement is for the handling, storage and transportation of soybeans to and from the H&I facilities located in DeSmet, Hetland and Arlington, South Dakota, at established rates per bushel. The agreement provides for an annual minimum payment of $200,000. The agreement expires on August 31, 2014. Expenses under the agreements with H&I were $1,474,568, $1,258,806, and $642,341 for the years ended December 31, 2013, 2012, and 2011, respectively. | ||||||||||||
The Company also has a number of other operating leases for machinery and equipment. Rental expense for continuing operations under these other operating leases was $144,344, $183,771, and $193,570 for the years ended December 31, 2013, 2012, and 2011, respectively. | ||||||||||||
The following is a schedule of future minimum payments required under these operating commitments. | ||||||||||||
Rail Cars | Other | Total | ||||||||||
Year ended December 31: | ||||||||||||
2014 | $ | 2,329,000 | $ | 102,000 | $ | 2,431,000 | ||||||
2015 | 2,129,000 | 61,000 | 2,190,000 | |||||||||
2016 | 1,794,000 | 46,000 | 1,840,000 | |||||||||
2017 | 1,610,000 | 17,000 | 1,627,000 | |||||||||
2018 | 940,000 | 6,000 | 946,000 | |||||||||
Thereafter | 1,715,000 | 2,000 | 1,717,000 | |||||||||
Totals | $ | 10,517,000 | $ | 234,000 | $ | 10,751,000 | ||||||
Cash_Flow_Information
Cash Flow Information | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Cash Flow Information [Abstract] | ' | |||||||||||
Cash Flow Information | ' | |||||||||||
Cash Flow Information | ||||||||||||
The following is a schedule of changes in assets and liabilities used to determine cash from operating activities: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Increase) decrease in assets: | ||||||||||||
Trade accounts receivable | $ | (332,115 | ) | $ | (11,965,822 | ) | $ | (3,608,153 | ) | |||
Inventories | 7,671,042 | (42,755,845 | ) | 16,396,324 | ||||||||
Margin account deposit | (62,615 | ) | 3,993,901 | (3,287,052 | ) | |||||||
Prepaid expenses | (506,995 | ) | (196,591 | ) | 227,867 | |||||||
6,769,317 | (50,924,357 | ) | 9,728,986 | |||||||||
2013 | 2012 | 2011 | ||||||||||
Increase (decrease) in liabilities: | ||||||||||||
Accounts payable | 117,131 | 817,518 | (15,105 | ) | ||||||||
Accrued commodity purchases | (7,747,911 | ) | 21,358,570 | 13,299,182 | ||||||||
Accrued expenses and interest | 950,327 | 956,009 | (146,487 | ) | ||||||||
Deferred liabilities | (665,742 | ) | 1,380,546 | 141,933 | ||||||||
(7,346,195 | ) | 24,512,643 | 13,279,523 | |||||||||
Totals | $ | (576,878 | ) | $ | (26,411,714 | ) | $ | 23,008,509 | ||||
The member distributions payable as described in Note 17 are considered non-cash financing activities. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||
Derivative Instruments and Hedging Activities | ' | |||||||||||
Derivative Instruments and Hedging Activities | ||||||||||||
In the ordinary course of business, the Company enters into contractual arrangements as a means of managing exposure to changes in commodity prices and, occasionally, foreign exchange rates. The Company’s derivative instruments primarily consist of commodity futures, options and forward contracts. Although these contracts may be effective economic hedges of specified risks, they are not designated as, nor accounted for, as hedging instruments. These contracts are recorded on the Company’s consolidated balance sheets at fair value as discussed in Note 15, Fair Value of Financial Instruments. | ||||||||||||
As of December 31, 2013 and 2012, the value of the Company’s open futures, options and forward contracts was approximately $1,095,316 and $1,601,219, respectively. | ||||||||||||
Amounts As of December 31, 2013 | ||||||||||||
Balance Sheet | Asset | Liability | ||||||||||
Classification | Derivatives | Derivatives | ||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||
Commodity contracts | Current Assets | $ | 5,091,939 | $ | 3,992,371 | |||||||
Foreign exchange contracts | Current Assets | 10 | 4,262 | |||||||||
Totals | $ | 5,091,949 | $ | 3,996,633 | ||||||||
Amounts As of December 31, 2012 | ||||||||||||
Balance Sheet | Asset | Liability | ||||||||||
Classification | Derivatives | Derivatives | ||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||
Commodity contracts | Current Assets | $ | 5,248,420 | $ | 3,647,637 | |||||||
Foreign exchange contracts | Current Assets | 1,846 | 1,410 | |||||||||
Totals | $ | 5,250,266 | $ | 3,649,047 | ||||||||
During the years ended December 31, 2013, 2012, and 2011, net realized and unrealized gains (losses) on derivative transactions were recognized in the consolidated statement of operations as follows: | ||||||||||||
Net Gain (Loss) Recognized on Derivative | ||||||||||||
Activities for the Year Ending December 31: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||
Commodity contracts | $ | 1,113,206 | $ | 5,802,562 | $ | (4,173,693 | ) | |||||
Foreign exchange contracts | 9,072 | 518 | — | |||||||||
Totals | $ | 1,122,278 | $ | 5,803,080 | $ | (4,173,693 | ) | |||||
The Company recorded gains (losses) of $1,122,278, $5,803,080, and $(4,173,693) in cost of goods sold related to its commodity derivative instruments for the years ended December 31, 2013, 2012, and 2011, respectively. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value of Financial Instruments | ' | |||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||
ASC 820, Fair Value Measurements and Disclosures, defines fair value, establishes a comprehensive framework for measuring fair value and expands disclosures which are required about fair value measurements. Specifically, this guidance establishes a hierarchy prioritizing the inputs to valuation techniques, giving the highest priority to quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable value inputs. The three levels of hierarchy and examples are as follows | ||||||||||||||||
• | Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reported date. The types of assets and liabilities included in Level 1 are highly liquid and actively traded instruments with quoted prices, such as equities listed on the New York Stock Exchange and commodity derivative contracts listed on the Chicago Mercantile Exchange (“CME”). | |||||||||||||||
• | Level 2 – Pricing inputs are other than quoted prices in active markets, but are either directly or indirectly observable as of the reported date. The types of assets and liabilities in Level 2 are typically either comparable to actively traded securities or contracts, or priced with models using highly observable inputs, such as commodity prices using forward future prices. | |||||||||||||||
• | Level 3 – Significant inputs to pricing that are unobservable as of the reporting date. The types of assets and liabilities included in Level 3 are those with inputs requiring significant management judgment or estimation, such as complex and subjective models and forecasts used to determine the fair value of financial transmission rights. | |||||||||||||||
The following tables set forth financial assets and liabilities measured at fair value in the consolidated balance sheets and the respective levels to which fair value measurements are classified within the fair value hierarchy as of December 31, 2013 and 2012: | ||||||||||||||||
Fair Value as of December 31, 2013 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Financial assets: | ||||||||||||||||
Inventory | $ | 1,099,567 | $ | 63,068,391 | $ | — | $ | 64,167,958 | ||||||||
Margin deposits | $ | 1,687,180 | $ | — | $ | — | $ | 1,687,180 | ||||||||
Assets of discontinued division | $ | — | $ | — | $ | 155,421 | $ | 155,421 | ||||||||
Fair Value as of December 31, 2012 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Financial Assets: | ||||||||||||||||
Inventory | $ | 1,600,783 | $ | 70,243,052 | $ | — | $ | 71,843,835 | ||||||||
Margin deposits | $ | 1,624,565 | $ | — | $ | — | $ | 1,624,565 | ||||||||
Assets of discontinued division | $ | — | $ | — | $ | 216,105 | $ | 216,105 | ||||||||
The Company considers the carrying amount of significant classes of financial instruments on the balance sheets, including cash, accounts receivable, prepaid expenses, notes receivable, accounts payable, and accrued liabilities, to be reasonable estimates of fair value due to their length or maturity. The fair value of the Company’s long-term debt approximates the carrying value. The interest rates on the long-term debt are similar to rates the Company would be able to obtain currently in the market. | ||||||||||||||||
The Company enters into various commodity derivative instruments, including futures, options, swaps and other agreements. The fair value of the Company’s commodity derivatives is determined using unadjusted quoted prices for identical instruments on the CME. The Company estimates the fair market value of their finished goods and raw materials inventories using the market price quotations of similar forward future contracts listed on the CBOT and adjusts for the local market adjustments derived from other grain terminals in our area. | ||||||||||||||||
The assets of discontinued division represent a nonrecurring level 3 fair value measurement. The fair value measurements were based on managements’ best estimate of fair market value, which includes comparisons to similar assets within the industry. | ||||||||||||||||
The Company has patronage investments in other cooperatives and common stock in a privately held entity. There is no market for their patronage credits or the entity’s common shares, and it is impracticable to estimate fair value of the Company’s investments. These investments are carried on the balance sheet at original cost plus the amount of patronage earnings allocated to the Company, less any cash distributions received. | ||||||||||||||||
The following table presents the changes in Level 3 instruments measured on a recurring basis for the years ended December 31, 2013 and 2012. | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Beginning balance | $ | 216,105 | $ | 853,678 | ||||||||||||
Purchases | — | 10,616 | ||||||||||||||
Sales | (57,894 | ) | (547,005 | ) | ||||||||||||
Settlements | (21,577 | ) | 218,668 | |||||||||||||
Net gains (losses) included in earnings | 18,787 | (319,852 | ) | |||||||||||||
Ending balance | $ | 155,421 | $ | 216,105 | ||||||||||||
Business_Credit_Risk_and_Conce
Business Credit Risk and Concentrations | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Risks and Uncertainties [Abstract] | ' | |||||||||||
Business Credit Risk and Concentration | ' | |||||||||||
Business Credit Risk and Concentrations | ||||||||||||
The Company also grants credit to customers throughout the United States and Canada. The Company evaluates each customer’s credit worthiness on a case-by-case basis. Accounts receivable are generally unsecured. These receivables from continuing operations were $30,833,839 and $30,594,924 at December 31, 2013 and 2012, respectively. | ||||||||||||
Soybean meal sales accounted for approximately 58%, 57%, and 46% of total revenues from continuing operations for the years ended December 31, 2013, 2012, and 2011, respectively. Soybean oil sales represented approximately 38%, 39%, and 49% of total revenues for the years ended December 31, 2013, 2012, and 2011, respectively. | ||||||||||||
Net revenue by geographic area for the years ended December 31, 2013, 2012, and 2011 are as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
United States | $ | 395,581,058 | $ | 358,748,132 | $ | 362,014,278 | ||||||
Canada | 73,252,934 | 53,237,781 | 35,213,809 | |||||||||
Totals | $ | 468,833,992 | $ | 411,985,913 | $ | 397,228,087 | ||||||
Members_Equity
Members' Equity | 12 Months Ended |
Dec. 31, 2013 | |
Equity [Abstract] | ' |
Members' Equity | ' |
Members' Equity | |
A minimum of 2,500 capital units is required for an ownership interest in the Company. Such units are subject to certain transfer restrictions. The Company retains the right to redeem the units at the greater of $0.20 per unit or the original purchase price less cumulative distributions through the date of redemption in the event a member attempts to dispose of the units in a manner not in conformity with the Operating Agreement, if a member becomes a holder of less than 2,500 units, or if a member becomes an owner (directly or indirectly) of more than 1.5% of the issued and outstanding capital units. The Company’s Operating Agreement also includes provisions whereby cash equal to a minimum of 30% of available net income will be distributed to unit holders subject to certain limitations. These limitations include a minimum net income of $500,000, restrictions imposed by debt and credit instruments or as restricted by law in the event of insolvency. Earnings, losses and cash distributions are allocated to members based on their percentage of ownership in the Company. | |
The Board of Managers approved a Form S-1 registration statement that was filed with the Securities and Exchange Commission on February 14, 2005 for the sale of additional units in a public offering. The maximum offering under the statement was $11,250,000. During 2005, the Company sold 2,190,500 member units for a total of $4,495,750, which was originally accounted for as temporary equity. The offering allowed the investor to initially pay 50% and sign a note payable to the Company for the remaining portion. At December 31, 2013 and 2012, the Company had subscriptions receivable of $0 and 2,259, which is accounted for as a deduction from members’ equity until collected. | |
On February 7, 2013, the Company's Board of Managers approved a cash distribution of approximately $5.1 million, or 16.7 cents per capital unit. The distribution was paid in accordance with the Company's operating agreement and distribution policy on February 8, 2013. | |
At December 31, 2013 and 2012, the Company had member distributions payable of $11.0 million and $5.1 million, respectively. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Contingencies | ' |
Contingencies | |
From time to time in the ordinary course of our business, we may be named as a defendant in legal proceedings related to various issues, including without limitation, workers’ compensation claims, tort claims, or contractual disputes. We carry insurance that provides protection against general commercial liability claims, claims against our directors, officers and employees, business interruption, automobile liability, and workers’ compensation claims. We are not currently involved in any material legal proceedings and are not aware of any potential claims. |
Business_Segment_Information
Business Segment Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Business Segment Information | ' | ||||||||||||
Business Segment Information | |||||||||||||
The Company organizes its business units into two reportable segments: soybean processing and polyurethane. Separate management of each segment is required because each segment is subject to different marketing, production, and technology strategies. The soybean processing segment purchases soybeans and processes them in primarily three products: soybean meal, oil and hulls. The polyurethane segment, which was classified as a discontinued operation in 2011, manufactured a soy-based polyol called Soyol® and its resin systems and sold them to the polyurethane industry. The segments’ accounting policies are the same as those described in the summary of significant accounting policies. Market prices are used to report intersegment sales. | |||||||||||||
Segment information for the years ended December 31, 2013, 2012, and 2011 are as follows: | |||||||||||||
Soybean | Polyurethane | Total | |||||||||||
Processing | |||||||||||||
For the Year Ended December 31, 2013: | |||||||||||||
Sales to external customers | $ | 468,833,992 | $ | 2,239 | $ | 468,836,231 | |||||||
Intersegment sales | — | — | — | ||||||||||
Depreciation and amortization | 2,059,867 | — | 2,059,867 | ||||||||||
Interest expense | 1,665,339 | — | 1,665,339 | ||||||||||
Segment profit (loss) | 21,181,775 | 9,272 | 21,191,047 | ||||||||||
Segment assets | 135,001,098 | 155,421 | 135,156,519 | ||||||||||
Expenditures for segment assets | 5,435,284 | — | 5,435,284 | ||||||||||
For the Year Ended December 31, 2012: | |||||||||||||
Sales to external customers | $ | 411,985,913 | $ | 457,748 | $ | 412,443,661 | |||||||
Intersegment sales | — | — | — | ||||||||||
Depreciation and amortization | 1,785,254 | — | 1,785,254 | ||||||||||
Interest expense | 1,928,660 | — | 1,928,660 | ||||||||||
Segment profit (loss) | 14,739,933 | (236,800 | ) | 14,503,133 | |||||||||
Segment assets | 140,829,131 | 216,105 | 141,045,236 | ||||||||||
Expenditures for segment assets | 1,854,226 | — | 1,854,226 | ||||||||||
For the Year Ended December 31, 2011: | |||||||||||||
Sales to external customers | $ | 397,228,087 | $ | 1,495,257 | $ | 398,723,344 | |||||||
Intersegment sales | 71,959 | — | 71,959 | ||||||||||
Depreciation and amortization | 2,083,593 | 222,379 | 2,305,972 | ||||||||||
Interest expense | 1,308,195 | 371,555 | 1,679,750 | ||||||||||
Segment profit (loss) | (355,522 | ) | (3,592,800 | ) | (3,948,322 | ) | |||||||
Segment assets | 89,217,689 | 889,739 | 90,107,428 | ||||||||||
Expenditures for segment assets | 3,139,905 | — | 3,139,905 | ||||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
Except for the events listed below, we evaluated all of our activity and concluded that no subsequent events have occurred that would require recognition in our financial statements or disclosed in the notes to our financial statements. | |
On February 4, 2014, the Company’s Board of Managers declared a cash distribution to its members of $11.0 million. The distribution was issued and paid to members in accordance with the Company's operating agreement and distribution policy on February 6, 2014. |
Principal_Activity_and_Signifi1
Principal Activity and Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||
Consolidation, Policy | ' | |||||||||||
Principles of consolidation | ||||||||||||
The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All significant intercompany accounts and transactions have been eliminated. | ||||||||||||
Cash and Cash Equivalents, Polic | ' | |||||||||||
Cash and cash equivalents | ||||||||||||
The Company considers all highly liquid investment instruments with maturities of three months or less at the time of acquisition to be cash equivalents. | ||||||||||||
Trade and Other Accounts Receivable, Policy | ' | |||||||||||
Accounts receivable | ||||||||||||
Accounts receivable are considered past due when payments are not received on a timely basis in accordance with the Company’s credit terms, which is generally 30 days from invoice date. Accounts considered uncollectible are written off. The Company’s estimate of the allowance for doubtful accounts is based on historical experience, its evaluation of the current status of receivables, and unusual circumstances, if any. | ||||||||||||
The following table presents the aging analysis of trade receivables as of December 31, 2013 and 2012: | ||||||||||||
2013 | 2012 | |||||||||||
Past due: | ||||||||||||
Less than 30 days past due | $ | 3,344,540 | $ | 2,717,120 | ||||||||
31-90 days past due | 571,697 | 185,168 | ||||||||||
Greater than 90 days past due | — | 45 | ||||||||||
Total past due | 3,916,237 | 2,902,333 | ||||||||||
Current | 27,012,040 | 27,693,829 | ||||||||||
Totals | $ | 30,928,277 | $ | 30,596,162 | ||||||||
The following table provides information regarding the Company’s allowance for doubtful accounts receivable of continued operations as of December 31, 2013, 2012, and 2011: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balances, beginning of year | $ | — | $ | — | $ | — | ||||||
Amounts charged (credited) to costs and expenses | 20,487 | — | (7,838 | ) | ||||||||
Additions (deductions) | (20,487 | ) | — | 7,838 | ||||||||
Balances, end of year | $ | — | $ | — | $ | — | ||||||
In general cash received is applied to the oldest outstanding invoice first, unless payment is for a specified invoice. The Company, on a case by case basis, may charge a late fee of 1 ½% per month on past due receivables. | ||||||||||||
Inventory, Policy | ' | |||||||||||
Inventories | ||||||||||||
Finished goods (soybean meal, oil, refined oil, and hulls) and raw materials (soybeans) are valued at estimated market value. This accounting policy is in accordance with the guidelines described in Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 905, Agriculture (formerly AICPA Statement of Position No. 85-3, Accounting by Agricultural Producers and Agricultural Cooperatives). Supplies and other inventories are stated at the lower of cost, determined by the first-in, first-out method, or market. | ||||||||||||
Cost Method Investments, Policy | ' | |||||||||||
Investments | ||||||||||||
Investments in cooperatives are carried at cost plus the amount of patronage earnings allocated to the Company, less any cash distributions received. | ||||||||||||
Property, Plant and Equipment, Policy | ' | |||||||||||
Property and equipment | ||||||||||||
Property and equipment is stated at cost. Expenditures for renewals and improvements that significantly add to the productive capacity or extend the useful life of an asset are capitalized. Expenditures for maintenance and repairs are charged to expense when incurred. When depreciable properties are sold or retired, the cost and accumulated depreciation are eliminated from the accounts and the resultant gain or loss is reflected in income. | ||||||||||||
Depreciation is provided for over the estimated useful lives of the individual assets using the straight-line method. The range of the estimated useful lives used in the computation of depreciation is as follows: | ||||||||||||
Building and improvements | 10-39 years | |||||||||||
Equipment and furnishings | 3-15 years | |||||||||||
The Company reviews its long-lived assets for impairment whenever events indicate that the carrying amount of the asset may not be recoverable. If impairment indicators are present and the future cash flows is less than the carrying amount of the assets, values are reduced to the estimated fair value of those assets. | ||||||||||||
Patents Policy | ' | |||||||||||
Patents | ||||||||||||
The Company’s patents were amortized over their estimated useful lives, using the straight-line method over a period of 16 to 20 years, which is the shorter of the remaining estimated economic life of the patents acquired or 20 years from the original file date. | ||||||||||||
The Company evaluated the recoverability of identifiable intangible assets whenever events or changes in circumstances indicated that an intangible asset’s carrying value may not be recoverable. Such circumstances could include, but are not limited to (1) a significant decrease in the market value of an asset, (2) a significant adverse change in the extent or manner in which the asset is used, or (3) an accumulation of costs significantly in excess of the amount originally expected for the acquisition of an asset. The Company measures the carrying amount of the asset against the estimated undiscounted future cash flows associated with it. Should the sum of the expected future net cash flows be less than the carrying value of the asset being evaluated, an impairment loss would be recognized. The impairment loss would be calculated as the amount by which the carrying value of the asset exceeds its fair value. The fair value is measured based on quoted market prices, if available. If quoted market prices are not available, the estimate of fair value is based on various valuation techniques, including the discounted value of estimated future cash flows. The evaluation of asset impairment requires the Company to make assumptions about future cash flows over the life of the assets being evaluated. These assumptions require significant judgment and actual results may differ from assumed and estimated amounts. During the years ended December 31, 2013, 2012, and 2011, the Company recorded impairment losses of $0, $0, and $637,318, respectively, related to intangible assets. The impairment loss in 2011 is recorded in “Loss on discontinued operations” on the consolidated statement of operations. | ||||||||||||
Revenue Recognition, Deferred Revenue | ' | |||||||||||
Deferred revenue | ||||||||||||
The Company recognizes revenues as earned. Amounts billed in advance of the period in which service is rendered are recorded as a liability under “Deferred revenue”. | ||||||||||||
Use of Estimates, Policy | ' | |||||||||||
Use of estimates | ||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||||||||||||
Revenue Recognition, Policy | ' | |||||||||||
Revenue Recognition | ||||||||||||
Revenue is recognized when the title to the related products is transferred to the customer. When a sales contract has delivery terms of ‘FOB Shipping Point’, revenue is recognized when the products are shipped. For those sales contracts with delivery terms of ‘FOB Destination’, revenue is not recognized until the products are delivered to the agreed-upon location. Revenues are presented net of discounts and sales allowances. | ||||||||||||
Revenue Recognition, Cargo and Freight, Policy | ' | |||||||||||
Freight | ||||||||||||
The Company presents all amounts billed to the customer for freight as a component of net revenue. Costs incurred for freight are reported as a component of cost of revenue. | ||||||||||||
The Company’s “Shipping and Handling Costs” policy is in accordance with ASC 605, Revenue Recognition (formerly EITF Issue 0-10, Accounting for Shipping and Handling Fees and Costs). | ||||||||||||
Advertising Costs, Policy | ' | |||||||||||
Advertising costs | ||||||||||||
Advertising and promotion costs are expensed as incurred. | ||||||||||||
Regulatory Environmental Costs, Policy | ' | |||||||||||
Environmental remediation | ||||||||||||
It is management’s opinion that the amount of any potential environmental remediation costs will not be material to the Company’s financial condition, results of operations, or cash flows; therefore, no accrual has been recorded. | ||||||||||||
Derivatives, Methods of Accounting, Hedging Derivatives | ' | |||||||||||
Accounting for derivative instruments and hedging activities | ||||||||||||
All of the Company’s derivatives are designated as non-hedge derivatives. The futures and options contracts used by the Company are discussed below. Although the contracts may be effective economic hedges of specified risks, they are not designated as, nor accounted for, as hedging instruments. | ||||||||||||
The Company, as part of its trading activity, uses futures and option contracts offered through regulated commodity exchanges to reduce risk. The Company is exposed to risk of loss in the market value of inventories. To reduce that risk, the Company generally takes opposite and offsetting positions using futures contracts or options. | ||||||||||||
Unrealized gains and losses on futures and options contracts used to hedge soybean, oil and meal inventories, as well as foreign exchange rates, are recognized as a component of net proceeds for financial reporting. Inventories are recorded at estimated market value. Consequently, unrealized gains and losses on derivative contracts are offset by unrealized gains and losses on inventories and reflected in current earnings. | ||||||||||||
Earnings Per Share, Policy | ' | |||||||||||
Earnings per capital unit | ||||||||||||
Earnings per capital unit are calculated based on the weighted average number of capital units outstanding. The Company has no other capital units or other member equity instruments that are dilutive for purposes of calculating earnings per capital unit. | ||||||||||||
Income Tax, Policy | ' | |||||||||||
Income taxes | ||||||||||||
As a limited liability company, the Company’s taxable income or loss is allocated to members in accordance with their respective percentage ownership. Therefore, no provision or liability for income taxes has been included in the financial statements. | ||||||||||||
The Company has evaluated the provisions of FASB ASC 740-10 (previously Financial Interpretation No. 48, Accounting for Uncertainty in Income Taxes) for uncertain tax positions. As of December 31, 2013 and 2012, the unrecognized tax benefit accrual was zero. | ||||||||||||
The Company will recognize future accrued interest and penalties related to unrecognized tax benefits in income tax expense if incurred. | ||||||||||||
As of December 31, 2013, the book value of the Company’s net assets exceeds the tax basis of those assets by approximately $8.9 million. | ||||||||||||
The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. We are no longer subject to income tax examinations by U.S. federal and state tax authorities for years prior to 2010. We currently have no tax years under examination. | ||||||||||||
New Accounting Pronouncements, Policy | ' | |||||||||||
Recent accounting pronouncements | ||||||||||||
The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not expect the future adoption of any such pronouncements to have a material impact on the Company’s financial condition or results of operations. |
Principal_Activity_and_Signifi2
Principal Activity and Significant Accounting Policies Details (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Past Due Financing Receivables | ' | |||||||||||
The following table presents the aging analysis of trade receivables as of December 31, 2013 and 2012: | ||||||||||||
2013 | 2012 | |||||||||||
Past due: | ||||||||||||
Less than 30 days past due | $ | 3,344,540 | $ | 2,717,120 | ||||||||
31-90 days past due | 571,697 | 185,168 | ||||||||||
Greater than 90 days past due | — | 45 | ||||||||||
Total past due | 3,916,237 | 2,902,333 | ||||||||||
Current | 27,012,040 | 27,693,829 | ||||||||||
Totals | $ | 30,928,277 | $ | 30,596,162 | ||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable | ' | |||||||||||
The following table provides information regarding the Company’s allowance for doubtful accounts receivable of continued operations as of December 31, 2013, 2012, and 2011: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balances, beginning of year | $ | — | $ | — | $ | — | ||||||
Amounts charged (credited) to costs and expenses | 20,487 | — | (7,838 | ) | ||||||||
Additions (deductions) | (20,487 | ) | — | 7,838 | ||||||||
Balances, end of year | $ | — | $ | — | $ | — | ||||||
Correction_of_Prior_Period_Tab
Correction of Prior Period (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Changes and Error Corrections [Abstract] | ' | ||||||||||||
Schedule of Error Corrections and Prior Period Adjustments | ' | ||||||||||||
The following table reflects the impact of the above error to the consolidated balance sheet and statement of changes in members' equity as of and for the year ended December 31, 2012: | |||||||||||||
As Previously Reported | Adjustments | Adjusted | |||||||||||
Balance sheet: | |||||||||||||
Member distributions payable | $ | — | $ | 5,076,105 | $ | 5,076,105 | |||||||
Members' equity | 41,424,470 | (5,076,105 | ) | 36,348,365 | |||||||||
Statement of changes in members' equity: | |||||||||||||
Distribution to members | — | (5,076,105 | ) | (5,076,105 | ) | ||||||||
Balance, December 31, 2012 | 41,424,470 | (5,076,105 | ) | 36,348,365 | |||||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventory, Current | ' | |||||||
The Company’s inventories consist of the following as of December 31,: | ||||||||
2013 | 2012 | |||||||
Finished goods | $ | 16,690,431 | $ | 28,345,806 | ||||
Raw materials | 47,890,986 | 44,003,018 | ||||||
Supplies & miscellaneous | 217,040 | 120,675 | ||||||
Totals | $ | 64,798,457 | $ | 72,469,499 | ||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||
Schedule Of Disposal Groups, Including Discontinued Operations, Balance Sheet and Additional Disclosures | ' | |||||||
The assets and liabilities of the discontinued operations are presented separately under the captions “Assets of discontinued division” and “Liabilities of discontinued division,” respectively, in the accompanying balance sheets at December 31, 2013 and 2012, and consist of the following: | ||||||||
2013 | 2012 | |||||||
Assets of discontinued division: | ||||||||
Cash | $ | — | $ | — | ||||
Accounts receivable, less allowance for uncollectible accounts (2013 - $0; 2012 - $52,000) | — | 2,791 | ||||||
Inventories | — | — | ||||||
Prepaid expenses | — | — | ||||||
Property and equipment, net | 155,421 | 213,314 | ||||||
Notes receivable | — | — | ||||||
Patents and other intangible assets, net | — | — | ||||||
Total assets | $ | 155,421 | $ | 216,105 | ||||
2013 | 2012 | |||||||
Liabilities of discontinued division: | ||||||||
Accounts payable | $ | — | $ | — | ||||
Accrued expenses | — | — | ||||||
Total liabilities | $ | — | $ | — | ||||
Investments_in_Cooperatives_Ta
Investments in Cooperatives (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ' | |||||||
Schedule Of Investment In Co Operatives | ' | |||||||
The Company’s investments in cooperatives consist of the following at December 31: | ||||||||
2013 | 2012 | |||||||
Minnesota Soybean Processors: | ||||||||
Common stock and Class A Preferred Shares | $ | 3,964,728 | $ | 3,455,876 | ||||
Class B Preferred Shares, 8% non-cumulative, convertible | 575,000 | 575,000 | ||||||
CHS (formerly Cenex Harvest States) | 124,819 | 2,849,269 | ||||||
CoBank | 1,399,934 | 1,317,687 | ||||||
Totals | $ | 6,064,481 | $ | 8,197,832 | ||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||||||||
Property, Plant and Equipment | ' | |||||||||||||||
The following is a summary of property and equipment at December 31: | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Cost | Accumulated | Net | Net | |||||||||||||
Depreciation | ||||||||||||||||
Land | $ | 443,816 | $ | — | $ | 443,816 | $ | 443,816 | ||||||||
Land improvements | 585,678 | (116,944 | ) | 468,734 | 401,691 | |||||||||||
Buildings and improvements | 16,551,664 | (6,626,521 | ) | 9,925,143 | 10,246,705 | |||||||||||
Machinery and equipment | 48,160,659 | (30,476,174 | ) | 17,684,485 | 14,379,270 | |||||||||||
Company vehicles | 74,895 | (19,102 | ) | 55,793 | 6,567 | |||||||||||
Furniture and fixtures | 1,111,669 | (675,497 | ) | 436,172 | 525,984 | |||||||||||
Construction in progress | 824,648 | — | 824,648 | 464,018 | ||||||||||||
Totals | $ | 67,753,029 | $ | (37,914,238 | ) | $ | 29,838,791 | $ | 26,468,051 | |||||||
Other_Intangible_Assets_Tables
Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||
Schedule of Finite-Lived Intangible Assets | ' | ||||||||||||||
The following table provides information regarding the Company’s other intangible assets as of December 31, 2013 and 2012: | |||||||||||||||
Accumulated | |||||||||||||||
Intangible Assets | Life | Cost | Amortization | Net | |||||||||||
As of December 31, 2013: | |||||||||||||||
Loan Origination Costs | 10 years | $ | 13,200 | $ | (6,922 | ) | $ | 6,278 | |||||||
As of December 31, 2012: | |||||||||||||||
Loan Origination Costs | 10 years | $ | 13,200 | $ | (4,990 | ) | $ | 8,210 | |||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | ' | ||||||||||||||
Future amortization expense related to the loan origination costs is expected to be approximately: | |||||||||||||||
For the years ending December 31: | |||||||||||||||
2014 | $ | 1,932 | |||||||||||||
2015 | 1,932 | ||||||||||||||
2016 | 1,932 | ||||||||||||||
2017 | 482 | ||||||||||||||
2018 | — | ||||||||||||||
Total | $ | 6,278 | |||||||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of Debt | ' | |||||||
2013 | 2012 | |||||||
Revolving term loan from CoBank, interest at variable rates (3.18% and 4.21% at December 31, 2013 and 2012, respectively), secured by substantially all property and equipment. Loan matures March 20, 2018. | $ | 3,123,645 | $ | 14,200,000 | ||||
Note payable to Brookings Regional Railroad Authority, due in annual principal and interest installments of $75,500, interest rate at 2.00%, secured by railroad track assets. Note matures June 1, 2020. | 964,070 | — | ||||||
4,087,715 | 14,200,000 | |||||||
Less current maturities | (51,359 | ) | (2,600,000 | ) | ||||
Totals | $ | 4,036,356 | $ | 11,600,000 | ||||
Schedule of Maturities of Long-term Debt | ' | |||||||
The minimum principal payments on long-term debt obligations are as follows as of December 31, 2013: | ||||||||
For the years ending December 31: | ||||||||
2014 | $ | 51,359 | ||||||
2015 | 57,246 | |||||||
2016 | 58,344 | |||||||
2017 | 1,983,203 | |||||||
2018 | 1,260,749 | |||||||
Thereafter | 676,814 | |||||||
Total | $ | 4,087,715 | ||||||
Commitments_Tables
Commitments (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases | ' | |||||||||||
The following is a schedule of future minimum payments required under these operating commitments. | ||||||||||||
Rail Cars | Other | Total | ||||||||||
Year ended December 31: | ||||||||||||
2014 | $ | 2,329,000 | $ | 102,000 | $ | 2,431,000 | ||||||
2015 | 2,129,000 | 61,000 | 2,190,000 | |||||||||
2016 | 1,794,000 | 46,000 | 1,840,000 | |||||||||
2017 | 1,610,000 | 17,000 | 1,627,000 | |||||||||
2018 | 940,000 | 6,000 | 946,000 | |||||||||
Thereafter | 1,715,000 | 2,000 | 1,717,000 | |||||||||
Totals | $ | 10,517,000 | $ | 234,000 | $ | 10,751,000 | ||||||
Cash_Flow_Information_Tables
Cash Flow Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Cash Flow Information [Abstract] | ' | |||||||||||
Schedule Of Changes In Assets and Liabilities | ' | |||||||||||
The following is a schedule of changes in assets and liabilities used to determine cash from operating activities: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Increase) decrease in assets: | ||||||||||||
Trade accounts receivable | $ | (332,115 | ) | $ | (11,965,822 | ) | $ | (3,608,153 | ) | |||
Inventories | 7,671,042 | (42,755,845 | ) | 16,396,324 | ||||||||
Margin account deposit | (62,615 | ) | 3,993,901 | (3,287,052 | ) | |||||||
Prepaid expenses | (506,995 | ) | (196,591 | ) | 227,867 | |||||||
6,769,317 | (50,924,357 | ) | 9,728,986 | |||||||||
2013 | 2012 | 2011 | ||||||||||
Increase (decrease) in liabilities: | ||||||||||||
Accounts payable | 117,131 | 817,518 | (15,105 | ) | ||||||||
Accrued commodity purchases | (7,747,911 | ) | 21,358,570 | 13,299,182 | ||||||||
Accrued expenses and interest | 950,327 | 956,009 | (146,487 | ) | ||||||||
Deferred liabilities | (665,742 | ) | 1,380,546 | 141,933 | ||||||||
(7,346,195 | ) | 24,512,643 | 13,279,523 | |||||||||
Totals | $ | (576,878 | ) | $ | (26,411,714 | ) | $ | 23,008,509 | ||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||
Schedule Of Derivatives Assets and Liabilities Not Designated As Hedging Instruments | ' | |||||||||||
As of December 31, 2013 and 2012, the value of the Company’s open futures, options and forward contracts was approximately $1,095,316 and $1,601,219, respectively. | ||||||||||||
Amounts As of December 31, 2013 | ||||||||||||
Balance Sheet | Asset | Liability | ||||||||||
Classification | Derivatives | Derivatives | ||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||
Commodity contracts | Current Assets | $ | 5,091,939 | $ | 3,992,371 | |||||||
Foreign exchange contracts | Current Assets | 10 | 4,262 | |||||||||
Totals | $ | 5,091,949 | $ | 3,996,633 | ||||||||
Amounts As of December 31, 2012 | ||||||||||||
Balance Sheet | Asset | Liability | ||||||||||
Classification | Derivatives | Derivatives | ||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||
Commodity contracts | Current Assets | $ | 5,248,420 | $ | 3,647,637 | |||||||
Foreign exchange contracts | Current Assets | 1,846 | 1,410 | |||||||||
Totals | $ | 5,250,266 | $ | 3,649,047 | ||||||||
Schedule Of Derivative Instruments, Net Realized and Unrealized Gain (Loss) On Derivatives Not Designated As Hedging Instruments | ' | |||||||||||
During the years ended December 31, 2013, 2012, and 2011, net realized and unrealized gains (losses) on derivative transactions were recognized in the consolidated statement of operations as follows: | ||||||||||||
Net Gain (Loss) Recognized on Derivative | ||||||||||||
Activities for the Year Ending December 31: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||
Commodity contracts | $ | 1,113,206 | $ | 5,802,562 | $ | (4,173,693 | ) | |||||
Foreign exchange contracts | 9,072 | 518 | — | |||||||||
Totals | $ | 1,122,278 | $ | 5,803,080 | $ | (4,173,693 | ) | |||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | |||||||||||||||
The following tables set forth financial assets and liabilities measured at fair value in the consolidated balance sheets and the respective levels to which fair value measurements are classified within the fair value hierarchy as of December 31, 2013 and 2012: | ||||||||||||||||
Fair Value as of December 31, 2013 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Financial assets: | ||||||||||||||||
Inventory | $ | 1,099,567 | $ | 63,068,391 | $ | — | $ | 64,167,958 | ||||||||
Margin deposits | $ | 1,687,180 | $ | — | $ | — | $ | 1,687,180 | ||||||||
Assets of discontinued division | $ | — | $ | — | $ | 155,421 | $ | 155,421 | ||||||||
Fair Value as of December 31, 2012 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Financial Assets: | ||||||||||||||||
Inventory | $ | 1,600,783 | $ | 70,243,052 | $ | — | $ | 71,843,835 | ||||||||
Margin deposits | $ | 1,624,565 | $ | — | $ | — | $ | 1,624,565 | ||||||||
Assets of discontinued division | $ | — | $ | — | $ | 216,105 | $ | 216,105 | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | ' | |||||||||||||||
The following table presents the changes in Level 3 instruments measured on a recurring basis for the years ended December 31, 2013 and 2012. | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Beginning balance | $ | 216,105 | $ | 853,678 | ||||||||||||
Purchases | — | 10,616 | ||||||||||||||
Sales | (57,894 | ) | (547,005 | ) | ||||||||||||
Settlements | (21,577 | ) | 218,668 | |||||||||||||
Net gains (losses) included in earnings | 18,787 | (319,852 | ) | |||||||||||||
Ending balance | $ | 155,421 | $ | 216,105 | ||||||||||||
Business_Credit_Risk_and_Conce1
Business Credit Risk and Concentrations (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Risks and Uncertainties [Abstract] | ' | |||||||||||
Schedules of Concentration of Risk, by Risk Factor | ' | |||||||||||
Net revenue by geographic area for the years ended December 31, 2013, 2012, and 2011 are as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
United States | $ | 395,581,058 | $ | 358,748,132 | $ | 362,014,278 | ||||||
Canada | 73,252,934 | 53,237,781 | 35,213,809 | |||||||||
Totals | $ | 468,833,992 | $ | 411,985,913 | $ | 397,228,087 | ||||||
Business_Segment_Information_T
Business Segment Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | ||||||||||||
Segment information for the years ended December 31, 2013, 2012, and 2011 are as follows: | |||||||||||||
Soybean | Polyurethane | Total | |||||||||||
Processing | |||||||||||||
For the Year Ended December 31, 2013: | |||||||||||||
Sales to external customers | $ | 468,833,992 | $ | 2,239 | $ | 468,836,231 | |||||||
Intersegment sales | — | — | — | ||||||||||
Depreciation and amortization | 2,059,867 | — | 2,059,867 | ||||||||||
Interest expense | 1,665,339 | — | 1,665,339 | ||||||||||
Segment profit (loss) | 21,181,775 | 9,272 | 21,191,047 | ||||||||||
Segment assets | 135,001,098 | 155,421 | 135,156,519 | ||||||||||
Expenditures for segment assets | 5,435,284 | — | 5,435,284 | ||||||||||
For the Year Ended December 31, 2012: | |||||||||||||
Sales to external customers | $ | 411,985,913 | $ | 457,748 | $ | 412,443,661 | |||||||
Intersegment sales | — | — | — | ||||||||||
Depreciation and amortization | 1,785,254 | — | 1,785,254 | ||||||||||
Interest expense | 1,928,660 | — | 1,928,660 | ||||||||||
Segment profit (loss) | 14,739,933 | (236,800 | ) | 14,503,133 | |||||||||
Segment assets | 140,829,131 | 216,105 | 141,045,236 | ||||||||||
Expenditures for segment assets | 1,854,226 | — | 1,854,226 | ||||||||||
For the Year Ended December 31, 2011: | |||||||||||||
Sales to external customers | $ | 397,228,087 | $ | 1,495,257 | $ | 398,723,344 | |||||||
Intersegment sales | 71,959 | — | 71,959 | ||||||||||
Depreciation and amortization | 2,083,593 | 222,379 | 2,305,972 | ||||||||||
Interest expense | 1,308,195 | 371,555 | 1,679,750 | ||||||||||
Segment profit (loss) | (355,522 | ) | (3,592,800 | ) | (3,948,322 | ) | |||||||
Segment assets | 89,217,689 | 889,739 | 90,107,428 | ||||||||||
Expenditures for segment assets | 3,139,905 | — | 3,139,905 | ||||||||||
Principal_Activity_and_Signifi3
Principal Activity and Significant Accounting Policies (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Past due: | ' | ' |
Less than 30 days past due | $3,344,540 | $2,717,120 |
31-90 days past due | 571,697 | 185,168 |
Greater than 90 days past due | 0 | 45 |
Total past due | 3,916,237 | 2,902,333 |
Current | 27,012,040 | 27,693,829 |
Totals | $30,928,277 | $30,596,162 |
Principal_Activity_and_Signifi4
Principal Activity and Significant Accounting Policies (Details 1) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ' | ' | ' |
Balances, beginning of year | $0 | $0 | $0 |
Amounts charged (credited) to costs and expenses | -20,487 | 0 | 7,838 |
Additions (deductions) | -20,487 | 0 | 7,838 |
Balances, end of year | $0 | $0 | $0 |
Principal_Activity_and_Signifi5
Principal Activity and Significant Accounting Policies (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Accounts Receivable Credit Period | '30 days | ' | ' |
Percentage Of Late Fee On Past Due Receivables | 1.50% | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '10 years | '10 years | ' |
Impairment Of Intangible Assets, Indefinite-Lived (Excluding Goodwill) | $0 | $0 | $637,318 |
Advertising Expense | 26,000 | 12,000 | 25,000 |
Unrecognized Tax Benefits | 0 | 0 | ' |
Deferred Tax Assets, Net Of Valuation Allowance | $8,900,000 | ' | ' |
Patents | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Method | 'straight-line method | ' | ' |
Maximum | Patents | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '20 years | ' | ' |
Minimum | Patents | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '16 years | ' | ' |
Building and Building Improvements | Maximum | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | '39 years | ' | ' |
Building and Building Improvements | Minimum | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | '10 years | ' | ' |
Furniture and Fixtures | Maximum | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | '15 years | ' | ' |
Furniture and Fixtures | Minimum | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | '3 years | ' | ' |
Correction_of_Prior_Period_Det
Correction of Prior Period (Details) (USD $) | 0 Months Ended | 12 Months Ended | |
Feb. 07, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Percentage of Net Income Members Distribution | ' | 30.00% | ' |
Minimum Restrictions Of Net Income | ' | $500,000 | ' |
Distribution to members | -5,076,105 | ' | -5,076,105 |
Member distributions payable | ' | 11,000,000 | 5,076,105 |
Member's Equity | ' | 36,348,365 | ' |
Balance, December 31, 2012 | ' | ' | 36,348,365 |
Liability Accrual for Distributions Declared | Scenario, Previously Reported | ' | ' | ' |
Distribution to members | ' | ' | 0 |
Member distributions payable | ' | ' | 0 |
Balance, December 31, 2012 | ' | ' | 41,424,470 |
Liability Accrual for Distributions Declared | Restatement Adjustment | ' | ' | ' |
Distribution to members | ' | ' | -5,076,105 |
Member distributions payable | ' | ' | 5,076,105 |
Balance, December 31, 2012 | ' | ' | ($5,076,105) |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Inventory Disclosure [Abstract] | ' | ' |
Finished goods | $16,690,431 | $28,345,806 |
Raw materials | 47,890,986 | 44,003,018 |
Supplies & miscellaneous | 217,040 | 120,675 |
Totals | $64,798,457 | $72,469,499 |
Margin_Deposits_Margin_Deposit
Margin Deposits Margin Deposits (Details) (Future [Member]) | 12 Months Ended |
Dec. 31, 2013 | |
Future [Member] | ' |
Derivative [Line Items] | ' |
Contracts Maturity | '12 months |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Assets of Disposal Group, Including Discontinued Operation [Abstract] | ' | ' |
Cash | $0 | $0 |
Accounts receivable, less allowance for uncollectible accounts (2012 - $52,000; 2010 - $73,000) | 0 | 2,791 |
Inventories | 0 | 0 |
Prepaid expenses | 0 | 0 |
Property and equipment, net | 155,421 | 213,314 |
Notes receivable | 0 | 0 |
Patents and other intangible assets, net | 0 | 0 |
Total assets | 155,421 | 216,105 |
Liabilities of Disposal Group, Including Discontinued Operation [Abstract] | ' | ' |
Accounts payable | 0 | 0 |
Accrued expenses | 0 | 0 |
Total liabilities | $0 | $0 |
Discontinued_Operations_Detail1
Discontinued Operations (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Revenue, Net | $468,833,992 | $411,985,913 | $397,228,087 |
Disposal Group, Not Discontinued Operation, Gain (Loss) On Disposal | ' | ' | 1,104,000 |
Income (Loss) From Discontinued Operations, Net Of Tax, Attributable To Parent | 9,272 | -236,800 | -3,592,800 |
Interest Paid, Discontinued Operations | 0 | 0 | 372,000 |
Allowance For Doubtful Accounts Receivable | 0 | ' | 0 |
Gain (Loss) On Sale Of Other Assets | ' | -161,812 | ' |
Polyurethane | ' | ' | ' |
Revenue, Net | $2,239 | $457,748 | $1,495,257 |
Investments_in_Cooperatives_De
Investments in Cooperatives (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Investments in associated cooperative companies: | ' | ' |
Investments in cooperatives | $6,064,481 | $8,197,832 |
Common stock and Class A Preferred Shares | ' | ' |
Investments in associated cooperative companies: | ' | ' |
Investments in cooperatives | 3,964,728 | 3,455,876 |
Class B Preferred Shares Noncumulative Convertible | ' | ' |
Investments in associated cooperative companies: | ' | ' |
Investments in cooperatives | 575,000 | 575,000 |
CHS | ' | ' |
Investments in associated cooperative companies: | ' | ' |
Investments in cooperatives | 124,819 | 2,849,269 |
Cobank | ' | ' |
Investments in associated cooperative companies: | ' | ' |
Investments in cooperatives | $1,399,934 | $1,317,687 |
Investments_in_Cooperatives_De1
Investments in Cooperatives (Details Textual) (USD $) | 0 Months Ended | 12 Months Ended | ||
Feb. 06, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Proceeds from CHS, retirement of previous retained patronage | $2,724,450 | $2,724,450 | $0 | $76,585 |
Preferred Class B | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | 8.00% | ' | ' |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Cost | $67,753,029 | $62,457,602 |
Less accumulated depreciation | -37,914,238 | -35,989,551 |
Total property and equipment, net | 29,838,791 | 26,468,051 |
Land | ' | ' |
Cost | 443,816 | ' |
Less accumulated depreciation | 0 | ' |
Total property and equipment, net | 443,816 | 443,816 |
Land Improvements | ' | ' |
Cost | 585,678 | ' |
Less accumulated depreciation | -116,944 | ' |
Total property and equipment, net | 468,734 | 401,691 |
Building and Building Improvements | ' | ' |
Cost | 16,551,664 | ' |
Less accumulated depreciation | -6,626,521 | ' |
Total property and equipment, net | 9,925,143 | 10,246,705 |
Machinery and Equipment | ' | ' |
Cost | 48,160,659 | ' |
Less accumulated depreciation | -30,476,174 | ' |
Total property and equipment, net | 17,684,485 | 14,379,270 |
Vehicles | ' | ' |
Cost | 74,895 | ' |
Less accumulated depreciation | -19,102 | ' |
Total property and equipment, net | 55,793 | 6,567 |
Furniture and Fixtures | ' | ' |
Cost | 1,111,669 | ' |
Less accumulated depreciation | -675,497 | ' |
Total property and equipment, net | 436,172 | 525,984 |
Construction In Progress | ' | ' |
Cost | 824,648 | ' |
Less accumulated depreciation | 0 | ' |
Total property and equipment, net | $824,648 | $464,018 |
Property_and_Equipment_Details1
Property and Equipment (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property, Plant and Equipment [Abstract] | ' | ' | ' |
Depreciation | $2,057,935 | $1,783,322 | $2,081,481 |
Other_Intangible_Assets_Detail
Other Intangible Assets (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
Loan Origination Costs, Life | '10 years | '10 years |
Loan Origination Costs, Costs | $13,200 | $13,200 |
Loan Origination Costs, Accumulated Amortization | -6,922 | -4,990 |
Total | $6,278 | $8,210 |
Other_Intangible_Assets_Detail1
Other Intangible Assets (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
2014 | $1,932 | ' |
2015 | 1,932 | ' |
2016 | 1,932 | ' |
2017 | 482 | ' |
2018 | 0 | ' |
Total | $6,278 | $8,210 |
Other_Intangible_Assets_Detail2
Other Intangible Assets (Details Textual ) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '10 years | '10 years | ' |
Amortization Of Financing Costs | $1,932 | $1,932 | $2,112 |
Notes_Payable_Seasonal_Loan_De
Notes Payable - Seasonal Loan (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Notes Payable Seasonal Loan [Abstract] | ' | ' |
Line Of Credit Facility, Expiration Date | 1-Aug-14 | ' |
Line Of Credit Facility, Maximum Borrowing Capacity | $50,000,000 | ' |
Line Of Credit Facility, Interest Rate At Period End | 2.93% | ' |
Line Of Credit Facility, Amount Outstanding | 0 | 16,917,303 |
Line Of Credit Facility, Remaining Borrowing Capacity | $50,000,000 | ' |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Disclosure [Abstract] | ' | ' |
Revolving term loan from CoBank, interest at variable rates (4.21% and 4.55% at December 31, 2012 and 2011, respectively), secured by substantially all property and equipment. Loan matures March 20, 2018. | $3,123,645 | $14,200,000 |
Notes Payable | 964,070 | 0 |
Long-term Debt | 4,087,715 | 14,200,000 |
Current maturities of long-term debt | -51,359 | -2,600,000 |
Totals | $4,036,356 | $11,600,000 |
LongTerm_Debt_Details_1
Long-Term Debt (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
For the years ending December 31: | ' | ' |
2014 | $51,359 | ' |
2015 | 57,246 | ' |
2016 | 58,344 | ' |
2017 | 1,983,203 | ' |
2018 | 1,260,749 | ' |
Thereafter | 676,814 | ' |
Long-term Debt | $4,087,715 | $14,200,000 |
LongTerm_Debt_Details_Textual
Long-Term Debt (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Long-Term Line Of Credit | $3,123,645 | $14,200,000 |
Line Of Credit Facility, Periodic Payment, Principal | 1,300,000 | ' |
Line Of Credit Facility, Interest Rate At Period End | 2.93% | ' |
Line Of Credit Facility, Maximum Borrowing Capacity | 50,000,000 | ' |
Line of Credit Facility, Fair Value of Amount Outstanding | 8,500,000 | ' |
Notes Payable | 964,070 | 0 |
Revolving Term Loan | ' | ' |
Debt Instrument, Maturity Date | 20-Mar-18 | ' |
Line Of Credit Facility, Interest Rate At Period End | 3.18% | 4.21% |
Line Of Credit Facility, Maximum Borrowing Capacity | 12,900,000 | ' |
Notes Payable, Other Payables [Member] | ' | ' |
Debt Instrument, Periodic Payment, Interest | 75,500 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | ' |
Notes Payable | $964,070 | ' |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
Defined Benefit Plan, Expense | $125,000 | $73,000 | $68,000 |
Defined Benefit Plan, Future Payments Discounted, Percentage | 8.00% | ' | ' |
Deferred Compensation Plan Expense Benefit | 10,000 | 4,000 | 3,000 |
Defined Benefit Plan, Benefits Paid | 11,827 | ' | ' |
Deferred Compensation Liability, Classified, Noncurrent | $38,663 | $40,634 | ' |
Commitments_Details
Commitments (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Year ended December 31: | ' |
2013 | $2,431 |
2014 | 2,190 |
2015 | 1,840 |
2016 | 1,627 |
2017 | 946 |
Thereafter | 1,717 |
Totals | 10,751 |
Railroad Transportation Equipment | ' |
Year ended December 31: | ' |
2013 | 2,329 |
2014 | 2,129 |
2015 | 1,794 |
2016 | 1,610 |
2017 | 940 |
Thereafter | 1,715 |
Totals | 10,517 |
Other Transportation Equipment | ' |
Year ended December 31: | ' |
2013 | 102 |
2014 | 61 |
2015 | 46 |
2016 | 17 |
2017 | 6 |
Thereafter | 2 |
Totals | $234 |
Commitments_Details_Textual
Commitments (Details Textual) (USD $) | 1 Months Ended | 12 Months Ended | |||
Sep. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 01, 2011 | |
Operating Leases, Rent Expense | ' | $144,344 | $183,771 | $193,570 | ' |
Operating Leases, Income Statement, Lease Revenue | ' | 760,201 | 1,535,316 | 1,453,374 | ' |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | ' | 2,431,000 | ' | ' | ' |
Operating Lease Revenue Generated Units | ' | 317 | ' | ' | ' |
Railroad Transportation Equipment | ' | ' | ' | ' | ' |
Operating Leases, Rent Expense | ' | 2,237,863 | 2,237,477 | 2,179,818 | ' |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | ' | 2,329,000 | ' | ' | ' |
Ge Capital | ' | ' | ' | ' | ' |
Number Of Rail Cars | ' | 253 | ' | ' | ' |
Monthly Payments For Operating Leases | ' | 100,795 | ' | ' | ' |
Trinity Capital | ' | ' | ' | ' | ' |
Number Of Rail Cars | ' | 137 | ' | ' | ' |
Monthly Payments For Operating Leases | ' | 74,529 | ' | ' | ' |
Flagship Rail Services | ' | ' | ' | ' | ' |
Number Of Rail Cars | ' | 64 | ' | ' | ' |
Monthly Payments For Operating Leases | ' | 24,832 | ' | ' | ' |
Gatx Corporation | ' | ' | ' | ' | ' |
Number Of Rail Cars | ' | 15 | ' | ' | ' |
Monthly Payments For Operating Leases | ' | 10,050 | ' | ' | ' |
Hetland Inc | ' | ' | ' | ' | ' |
Operating Leases, Rent Expense | ' | 1,474,568 | 1,258,806 | 642,341 | ' |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | ' | ' | ' | ' | $200,000 |
Lease Expiration Date | 31-Aug-14 | ' | ' | ' | ' |
Minimum | ' | ' | ' | ' | ' |
Lease Term | ' | '5 years | ' | ' | ' |
Maximum | ' | ' | ' | ' | ' |
Lease Term | ' | '18 years | ' | ' | ' |
Cash_Flow_Information_Details
Cash Flow Information (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
(Increase) decrease in assets: | ' | ' | ' |
Trade accounts receivable | ($332,115) | ($11,965,822) | ($3,608,153) |
Inventories | 7,671,042 | -42,755,845 | 16,396,324 |
Margin account deposit | -62,615 | 3,993,901 | -3,287,052 |
Prepaid expenses | -506,995 | -196,591 | 227,867 |
Total Increase (Decrease) in Operating Assets | 6,769,317 | -50,924,357 | 9,728,986 |
Increase (decrease) in liabilities: | ' | ' | ' |
Accounts payable | 117,131 | 817,518 | -15,105 |
Accrued commodity purchases | -7,747,911 | 21,358,570 | 13,299,182 |
Accrued expenses and interest | 950,327 | 956,009 | -146,487 |
Deferred liabilities | -665,742 | 1,380,546 | 141,933 |
Total Increase (Decrease) in Operating Liabilities | -7,346,195 | 24,512,643 | 13,279,523 |
Total | $576,878 | $26,411,714 | ($23,008,509) |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Derivatives not designated as hedging instruments: | ' | ' |
Asset Derivatives | $5,091,949 | $5,250,266 |
Liability Derivatives | 3,996,633 | 3,649,047 |
Commodity Contract | ' | ' |
Derivatives not designated as hedging instruments: | ' | ' |
Asset Derivatives | 5,091,939 | 5,248,420 |
Liability Derivatives | 3,992,371 | 3,647,637 |
Foreign Exchange Contract | ' | ' |
Derivatives not designated as hedging instruments: | ' | ' |
Asset Derivatives | 10 | 1,846 |
Liability Derivatives | $4,262 | $1,410 |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities (Details 1) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Derivatives not designated as hedging instruments: | ' | ' | ' |
Net Gain (Loss) Recognized on Derivative Activities | $1,122,278 | $5,803,080 | ($4,173,693) |
Commodity Contract | ' | ' | ' |
Derivatives not designated as hedging instruments: | ' | ' | ' |
Net Gain (Loss) Recognized on Derivative Activities | 1,113,206 | 5,802,562 | -4,173,693 |
Foreign Exchange Contract | ' | ' | ' |
Derivatives not designated as hedging instruments: | ' | ' | ' |
Net Gain (Loss) Recognized on Derivative Activities | $9,072 | $518 | $0 |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' | ' |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $1,122,278 | $5,803,080 | ($4,173,693) |
Derivative Assets (Liabilities), At Fair Value, Net | $1,095,316 | $1,601,219 | ' |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Financial assets: | ' | ' |
Inventory | $64,167,958 | $71,843,835 |
Margin deposits | 1,687,180 | 1,624,565 |
Assets of discontinued division | 155,421 | 216,105 |
Fair Value, Inputs, Level 1 | ' | ' |
Financial assets: | ' | ' |
Inventory | 1,099,567 | 1,600,783 |
Margin deposits | 1,687,180 | 1,624,565 |
Assets of discontinued division | 0 | 0 |
Fair Value, Inputs, Level 2 | ' | ' |
Financial assets: | ' | ' |
Inventory | 63,068,391 | 70,243,052 |
Margin deposits | 0 | 0 |
Assets of discontinued division | 0 | 0 |
Fair Value, Inputs, Level 3 | ' | ' |
Financial assets: | ' | ' |
Inventory | 0 | 0 |
Margin deposits | 0 | 0 |
Assets of discontinued division | $155,421 | $216,105 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments (Details 1) (Fair Value, Inputs, Level 3, USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value, Inputs, Level 3 | ' | ' |
Beginning balance | $216,105 | $853,678 |
Purchases | 0 | 10,616 |
Sales | -57,894 | -547,005 |
Settlements | -21,577 | 218,668 |
Net gains (losses) included in earnings | 18,787 | -319,852 |
Ending balance | $155,421 | $216,105 |
Business_Credit_Risk_and_Conce2
Business Credit Risk and Concentrations (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Segment Reporting Information, Revenue for Reportable Segment | ' | ' | $71,959 |
United States | ' | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment | 395,581,058 | 358,748,132 | 362,014,278 |
Canada | ' | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment | 73,252,934 | 53,237,781 | 35,213,809 |
United states and Canada | ' | ' | ' |
Segment Reporting Information, Revenue for Reportable Segment | $468,833,992 | $411,985,913 | $397,228,087 |
Business_Credit_Risk_and_Conce3
Business Credit Risk and Concentrations (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Receivables, Net, Current | 30,833,839 | 30,594,924 | ' |
Soybean Meal | ' | ' | ' |
Sales Revenue, Goods, Net, Percentage | 58.00% | 57.00% | 46.00% |
Soybean Oil | ' | ' | ' |
Sales Revenue, Goods, Net, Percentage | 38.00% | 39.00% | 49.00% |
Members_Equity_Details_Textual
Members' Equity (Details Textual) (USD $) | 0 Months Ended | 12 Months Ended | ||
Feb. 07, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2005 | |
Equity [Abstract] | ' | ' | ' | ' |
Minimum Capital Units | ' | 2,500 | ' | ' |
Redemption Of Members Equity Per Unit | ' | 0.2 | ' | ' |
Minimum Restrictions Of Net Income | ' | $500,000 | ' | ' |
Maximum Offering On Member Equity Statements | ' | 11,250,000 | ' | ' |
Members Equity Units Sold In Public Offering | ' | ' | ' | 2,190,500 |
Members Equity Value Sold In Public Offering | ' | ' | ' | 4,495,750 |
Initial Payment On Offering Percentage | ' | 50.00% | ' | ' |
Subscriptions Receivable | ' | 0 | 2,259 | ' |
Distribution to members | 5,076,105 | ' | 5,076,105 | ' |
Distribution to members, in dollars per share | $0.17 | ' | ' | ' |
Net Income Distribution To Members Description | ' | 'if a member becomes a holder of less than 2,500 units, or if a member becomes an owner (directly or indirectly) of more than 1.5% of the issued and outstanding capital units. The Companybs Operating Agreement also includes provisions whereby cash equal to a minimum of 30% of available net income will be distributed to unit holders subject to certain limitations. | ' | ' |
Dividends Payable | ' | $11,000,000 | $5,076,105 | ' |
Business_Segment_Information_D
Business Segment Information (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Sales to external customers | $468,836,231 | $412,443,661 | $398,723,344 |
Inter-segment sales | ' | ' | 71,959 |
Depreciation and amortization | 2,059,867 | 1,785,254 | 2,305,972 |
Interest expense | 1,665,339 | 1,928,660 | 1,679,750 |
Segment profit (loss) | 21,191,047 | 14,503,133 | -3,948,322 |
Segment assets | 135,156,519 | 141,045,236 | 90,107,428 |
Expenditures for segment assets | 5,435,284 | 1,854,226 | 3,139,905 |
Soybean Processing | ' | ' | ' |
Sales to external customers | 468,833,992 | 411,985,913 | 397,228,087 |
Inter-segment sales | ' | ' | 71,959 |
Depreciation and amortization | 2,059,867 | 1,785,254 | 2,083,593 |
Interest expense | 1,665,339 | 1,928,660 | 1,308,195 |
Segment profit (loss) | 21,181,775 | 14,739,933 | -355,522 |
Segment assets | 135,001,098 | 140,829,131 | 89,217,689 |
Expenditures for segment assets | 5,435,284 | 1,854,226 | 3,139,905 |
Polyurethane | ' | ' | ' |
Sales to external customers | 2,239 | 457,748 | 1,495,257 |
Inter-segment sales | ' | ' | 0 |
Depreciation and amortization | 0 | 0 | 222,379 |
Interest expense | 0 | 0 | 371,555 |
Segment profit (loss) | 9,272 | -236,800 | -3,592,800 |
Segment assets | 155,421 | 216,105 | 889,739 |
Expenditures for segment assets | $0 | $0 | $0 |
Subsequent_Events_Details_Text
Subsequent Events (Details Textual) (USD $) | 12 Months Ended | 0 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 04, 2014 | |
Subsequent Event | ||||
Distributions to members | ($5,076,105) | $0 | $0 | ($11,000,000) |
Distribution Made To Member Or Limited Partner, Distribution Date | ' | ' | ' | 6-Feb-14 |