Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 23, 2016 | Jun. 30, 2015 | |
Entity Registrant Name | SOUTH DAKOTA SOYBEAN PROCESSORS LLC | ||
Entity Central Index Key | 1,163,609 | ||
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 | Dec. 31, 2015 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,015 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 87,896,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and cash equivalents | $ 18,392,462 | $ 10,743,946 |
Trade accounts receivable, less allowance for uncollectible accounts (2015 - $495,000; 2014 - $0) | 21,907,703 | 23,107,816 |
Inventories | 26,318,232 | 33,688,242 |
Margin deposits | 7,467,409 | 2,549,865 |
Assets of discontinued division | 0 | 0 |
Prepaid expenses | 1,676,576 | 1,455,776 |
Total current assets | 75,762,382 | 71,545,645 |
Property and equipment | 83,083,687 | 78,583,353 |
Less accumulated depreciation | (42,162,610) | (39,832,461) |
Total property and equipment, net | 40,921,077 | 38,750,892 |
Other assets | ||
Investments in cooperatives | 6,225,008 | 6,836,461 |
Other intangible assets, net | 6,314 | 4,346 |
Total other assets | 6,231,322 | 6,840,807 |
Total assets | 122,914,781 | 117,137,344 |
Liabilities and Members' Equity | ||
Excess of outstanding checks over bank balance | (7,485,907) | (4,552,153) |
Current maturities of long-term debt | 58,344 | 57,246 |
Accounts payable | 1,471,367 | 1,318,838 |
Member distributions payable | 0 | 0 |
Accrued commodity purchases | 35,059,642 | 39,747,857 |
Accrued expenses | 2,775,993 | 2,638,130 |
Accrued interest | 229,805 | 359,896 |
Deferred liabilities - current | 538,275 | 961,967 |
Total current liabilities | 47,619,333 | 49,636,087 |
Long-term liabilities | ||
Long-term debt, less current maturities | 787,096 | 844,478 |
Deferred liabilities | 0 | 51,782 |
Total long-term liabilities | $ 787,096 | $ 896,260 |
Commitments and contingencies | ||
Members' equity | ||
Total liabilities and members' equity | $ 122,914,781 | $ 117,137,344 |
Capital Unit, Class A [Member] | ||
Members' equity | ||
Members' equity Class A Units, no par value, 30,419,000 units issued and outstanding | $ 74,508,352 | $ 66,604,997 |
Consolidated Balance Sheets _Pa
Consolidated Balance Sheets [Parenthetical] - Capital Unit, Class A [Member] - USD ($) shares in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Common stock, shares issued | 30,419 | 30,419 |
Common stock, shares outstanding | 30,419 | 30,419 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net revenues | $ 367,560,428 | $ 434,842,176 | $ 468,833,992 |
Cost of revenues: | |||
Cost of product sold | 287,339,317 | 362,027,780 | 399,246,411 |
Production | 22,817,827 | 20,754,231 | 18,653,510 |
Freight and rail | 31,827,183 | 29,387,801 | 27,647,077 |
Brokerage fees | 674,337 | 685,549 | 633,875 |
Total cost of revenues | 342,658,664 | 412,855,361 | 446,180,873 |
Gross profit | 24,901,764 | 21,986,815 | 22,653,119 |
Operating expenses: | |||
Administration | 3,571,570 | 4,338,147 | 2,884,760 |
Operating income | 21,330,194 | 17,648,668 | 19,768,359 |
Other income (expense): | |||
Interest expense | (546,648) | (1,076,620) | (1,665,339) |
Other non-operating income | 1,353,050 | 1,930,428 | 1,910,684 |
Patronage dividend income | 815,810 | 1,564,032 | 1,169,071 |
Total other income (expense) | 1,622,212 | 2,417,840 | 1,414,416 |
Income from continuing operations before income taxes | 22,952,406 | 20,066,508 | 21,182,775 |
Income tax expense | (570) | (1,870) | (1,000) |
Income from continuing operations | 22,951,836 | 20,064,638 | 21,181,775 |
Gain on discontinued operations | 0 | 0 | 9,272 |
Net income | $ 22,951,836 | $ 20,064,638 | $ 21,191,047 |
Basic and diluted earnings (loss) per capital unit: | |||
Income (loss) from continuing operations, in dollars per share | $ 0.75 | $ 0.66 | $ 0.70 |
Income (loss) from discontinuing operations, in dollars per share | 0 | 0 | 0 |
Net income (loss), in dollars per share | $ 0.75 | $ 0.66 | $ 0.70 |
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 Chan
Consolidated Statements of Changes in Members' Equity - USD ($) shares in Thousands | Total | Capital Unit, Class A [Member] |
Member's Equity at Dec. 31, 2012 | $ 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) | |
Balance, December 31, 2012 at Dec. 31, 2013 | $ 46,541,671 | |
Balances (in Units) at Dec. 31, 2013 | 30,419 | |
Subscriptions Receivable | $ 2,259 | |
Net income (loss) | 20,064,638 | 20,064,638 |
Distribution to members | (1,312) | |
Balance, December 31, 2012 at Dec. 31, 2014 | $ 66,604,997 | |
Balances (in Units) at Dec. 31, 2014 | 30,419 | |
Net income (loss) | $ 22,951,836 | $ 22,951,836 |
Distribution to members | (15,048,481) | |
Balance, December 31, 2012 at Dec. 31, 2015 | $ 74,508,352 | |
Balances (in Units) at Dec. 31, 2015 | 30,419 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities | |||
Net income | $ 22,951,836 | $ 20,064,638 | $ 21,191,047 |
Gain from discontinued operations | 0 | 0 | (9,272) |
Income from continuing operations | 22,951,836 | 20,064,638 | 21,181,775 |
Charges and credits to net income from continuing operations not affecting cash: | |||
Depreciation and amortization | 2,902,546 | 2,188,890 | 2,059,867 |
(Gain) loss on sales of property and equipment | 127,837 | (19,401) | (7,391) |
Non-cash patronage dividends | 0 | (896,799) | (591,099) |
Change in current assets and liabilities | (1,571,609) | 22,065,294 | (576,878) |
Net cash from operating activities of continuing operations | 24,410,610 | 43,402,622 | 22,066,274 |
Net cash from operating activities of discontinued operations | 0 | 1,500 | 69,956 |
Net cash from operating activities | 24,410,610 | 43,404,122 | 22,136,230 |
Investing activities | |||
Retirement of patronage dividends | 611,453 | 124,819 | 2,724,450 |
Decrease in member loans | 0 | 145,707 | 1,349 |
Proceeds from sales of property and equipment | 29,600 | 52,500 | 14,000 |
Purchase of property and equipment | (5,225,636) | (10,981,737) | (5,435,284) |
Net cash used for investing activities of continued operations | (4,584,583) | (10,658,711) | (2,695,485) |
Net cash from investing activities of discontinued operations | 0 | 3,500 | 0 |
Net cash used for investing activities | (4,584,583) | (10,655,211) | (2,695,485) |
Financing activities | |||
Change in excess of outstanding checks over bank balances | 2,933,754 | (7,817,712) | 12,369,865 |
Net (payments) proceeds from seasonal borrowings | 0 | 0 | (16,917,303) |
Distributions to members | (15,048,481) | (11,001,312) | (5,076,105) |
Decrease in subscriptions receivable | 0 | 0 | 2,259 |
Payments of Debt Issuance Costs | (6,500) | 0 | 0 |
Proceeds from long-term debt | 68,154,464 | 20,103,229 | 23,157,209 |
Principal payments on long-term debt | (68,210,748) | (23,289,220) | (33,269,494) |
Net cash used for financing activities | (12,177,511) | (22,005,015) | (19,733,569) |
Net change in cash and cash equivalents | 7,648,516 | 10,743,896 | (292,824) |
Cash and cash equivalents, beginning of year | 10,743,946 | 50 | 292,874 |
Cash and cash equivalents, end of year | 18,392,462 | 10,743,946 | 50 |
Supplemental disclosures of cash flow information | |||
Interest | 676,739 | 1,044,151 | 1,786,707 |
Income taxes | $ 0 | $ 0 | $ 0 |
Principal Activity and Signific
Principal Activity and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
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. 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. 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. 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 original maturities of three months or less at the time of acquisition to be cash equivalents. 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. Deferred revenue The Company recognizes revenues as earned. Amounts received in advance of the period in which service is rendered are recorded as a liability under “Deferred liabilities”. 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 $29,000 , $28,000 , and $26,000 , of advertising costs on continuing operations in the years ended December 31, 2015 , 2014 , and 2013 , 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, 2015 and 2014 , 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, 2015 , the book value of the Company’s net assets exceeds the tax basis of those assets by approximately $12.7 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 2012. We currently have no tax years under examination. Recent accounting pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements. The Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09 (Revenue from Contracts with Customers), which is effective for annual reporting periods beginning after December 15, 2017. Management has not yet assessed the impact, if any, of adopting this standard. The FASB issued ASU No. 2015-03 (Interest - Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs), which is effective for annual reporting periods beginning after December 15, 2015. Management has not yet assessed the impact, if any, of adopting this standard. The FASB issued ASU No. 2015-11 (Inventory: Simplifying the Measurement of Inventory), which is effective for annual reporting periods beginning after December 15, 2016. Management has not yet assessed the impact, if any, of adopting this standard. FASB issued ASU No. 2016-02 (Leases). The amendments in this ASU revise the accounting related to lessee accounting. Under the new guidance, lessees will be required to recognize a lease liability and a right-of-use asset for all leases. The new lease guidance also simplified the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. The amendments in this ASU are effective for annual reporting periods beginning on January 1, 2019 and should be applied through a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. Early adoption is permitted. Management has not yet assessed the impact, if any, of adopting this standard. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories The Company’s inventories consist of the following as of December 31: 2015 2014 Finished goods $ 19,072,452 $ 16,712,923 Raw materials 6,984,054 16,695,668 Supplies & miscellaneous 261,726 279,651 Totals $ 26,318,232 $ 33,688,242 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, 2015 | |
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, 2015 , the Company’s futures contracts all mature within 12 months . |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 , 2014 , and 2013 were $0 , $0 , and $2,239 , respectively. During 2012, the Company sold the patents, other intellectual property, and property and equipment, incurring a loss on the sales totaling $(161,812) . The gains (losses) from discontinued operations of this division were $0 , $0 , and $9,272 for the years ended December 31, 2015 , 2014 , and 2013 , 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, 2015 and 2014 , and consist of the following: 2015 2014 Assets of discontinued division: Property and equipment, net $ — $ — Total assets $ — $ — 2015 2014 Liabilities of discontinued division: Accounts payable $ — $ — Accrued expenses — — Total liabilities $ — $ — In 2014, the Company decided to utilize the remaining assets of the discontinued division and reclassified them as property and equipment. |
Investments in Cooperatives
Investments in Cooperatives | 12 Months Ended |
Dec. 31, 2015 | |
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: 2015 2014 Minnesota Soybean Processors: Common stock and Class A Preferred Shares $ 4,710,159 $ 4,785,158 Class B Preferred Shares, 8% non-cumulative, convertible — 575,000 CoBank 1,514,849 1,476,303 Totals $ 6,225,008 $ 6,836,461 During the years ended December 31, 2015 and 2014 , the Company received $0 and $124,819 , respectively, from CHS for the retirement of previous retained patronage allocations. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment The following is a summary of property and equipment at December 31: 2015 2014 Cost Accumulated Depreciation Net Net Land $ 543,816 $ — $ 543,816 $ 443,816 Land improvements 1,188,252 (207,813 ) 980,439 630,082 Buildings and improvements 17,618,850 (7,469,141 ) 10,149,709 9,610,552 Machinery and equipment 60,527,459 (33,548,026 ) 26,979,433 19,191,883 Company vehicles 127,965 (51,024 ) 76,941 43,332 Furniture and fixtures 1,469,891 (886,606 ) 583,285 699,388 Construction in progress 1,607,454 — 1,607,454 8,131,839 Totals $ 83,083,687 $ (42,162,610 ) $ 40,921,077 $ 38,750,892 Depreciation of property and equipment of continued operations amounts to $2,898,014 , $2,186,958 , and $2,057,935 for the years ended December 31, 2015 , 2014 , and 2013 , respectively. |
Other Intangible Assets
Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014 : Accumulated Intangible Assets Life Cost Amortization Net As of December 31, 2015: Loan Origination Costs 3 - 7 years $ 19,700 $ (13,386 ) $ 6,314 As of December 31, 2014: Loan Origination Costs 7 years $ 13,200 $ (8,854 ) $ 4,346 Amortization expense on the loan origination costs amounts to $4,532 , $1,932 , and $1,932 for the years ended December 31, 2015 , 2014 , and 2013 , respectively. Future amortization expense related to the loan origination costs is expected to be approximately: For the years ending December 31: 2016 $ 4,532 2017 1,782 Total $ 6,314 |
Notes Payable - Seasonal Loan
Notes Payable - Seasonal Loan | 12 Months Ended |
Dec. 31, 2015 | |
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 September 30, 2016 . The purpose of the credit agreement is to finance inventory and accounts receivable. Under this agreement, the Company may borrow up to $15 million between October 1, 2015 and April 30, 2016 and $1 million between May 1 and September 30, 2016. Interest accrues at a variable rate ( 2.63% at December 31, 2015 ). Advances on the revolving credit agreement are secured and limited to qualifying inventory and accounts receivable, net of any accrued commodity purchases. There were no advances outstanding at December 31, 2015 and 2014 . The remaining available funds to borrow under the terms of the revolving credit agreement are approximately $15,000,000 as of December 31, 2015 . |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt 2015 2014 Revolving term loan from CoBank, interest at variable rates (2.88% and 3.16% at December 31, 2015 and 2014, respectively), secured by substantially all property and equipment. Loan matures September 20, 2020. $ — $ — 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. 845,440 901,724 845,440 901,724 Less current maturities (58,344 ) (57,246 ) Totals $ 787,096 $ 844,478 The Company entered into an agreement as of July 15, 2015 with CoBank to amend and restate its Master Loan Agreement (MLA), which includes both the revolving term and seasonal loans. Under the terms and conditions of the MLA, CoBank agreed to make advances to the Company for up to $10,000,000 on the revolving term loan. The available commitment decreases in scheduled periodic increments of $1,250,000 every six months starting March 20, 2017 until maturity on September 20, 2020 . The Company pays a 0.40% annual commitment fee on any funds not borrowed. There were no advances outstanding of the revolving term loan as of December 31, 2015 and 2014 . The remaining commitments available to borrow on the revolving term loan are $10.0 million as of December 31, 2015 . 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, 2015 . 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 facility near 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 for the full amount of the loan, plus interest. This guarantee was converted into 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, 2015 : For the years ending December 31: 2016 $ 58,344 2017 59,558 2018 60,749 2019 61,964 2020 604,825 Total $ 845,440 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
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 an employee's contributed earnings. The amounts charged to expense under continuing operations under this plan were approximately $157,000 , $116,000 , and $125,000 for the years ended December 31, 2015 , 2014 , and 2013 , respectively. The Company's Board of Managers approved payment of a profit-based incentive bonus to be awarded to eligible employees following the close of each fiscal year. The Board has allocated approximately 4.6% of profits over $2 million to fund this benefit. Individual amounts are based upon criteria determined by a formula that considers current pay, level of responsibility, and impact on profits of each position. The amounts charged to expense under continuing operations under this incentive were approximately $995,000 , $815,000 , and $911,000 for the years ended December 31, 2015 , 2014 , and 2013 , respectively. The Company had a deferred compensation plan for key employees. The plan provided for the Company to pay these employees in five equal annual installments upon retirement. The future payments were discounted at 8% . In February 2015, the Company approved to eliminate this plan and negotiated a settlement with the one remaining qualified employee. The amount recognized as expense (benefit) during the years ended December 31, 2015 , 2014 , and 2013 was $20,000 , $25,000 , $10,000 , respectively. The Company made payments of approximately $71,827 , $11,827 , and $11,827 for the years ended December 31, 2015 , 2014 , and 2013 , respectively. Deferred compensation payable is $0 and $51,782 as of December 31, 2015 and 2014 , respectively. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | Commitments The Company has operating leases for 252 rail cars from GE Capital. The leases require monthly payments of $100,966 . The Company also leases 157 rail cars from Trinity Capital. These leases require monthly payments of $75,099 . The Company also leases 64 rail cars from Flagship Rail Services. This lease requires monthly payments of $27,200 . The Company also leases 15 rail cars from GATX Corporation. This lease requires monthly payments of $10,050 . The Company also leases 30 rail cars from American Railcar Leasing, Inc. This lease requires monthly payments of $30,780 . The leases began between 1996 and 2015 and have terms ranging from 5 - 18 years . Lease expense for all rail cars was $2,987,265 , $2,377,908 , and $2,237,863 for the years ended December 31, 2015 , 2014 , and 2013 , 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 $1,071 , $679 , and $760,201 for the years ended December 31, 2015 , 2014 , and 2013 , 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 was 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 provided for an annual minimum payment of $200,000 . The agreement expired on August 31, 2014 . Expenses under the agreements with H&I were $0 , $404,595 , and $1,474,568 for the years ended December 31, 2015 , 2014 , and 2013 , 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 $128,780 , $126,662 , and $144,344 for the years ended December 31, 2015 , 2014 , and 2013 , respectively. The following is a schedule of future minimum payments required under these operating commitments. Rail Cars Other Total Year ended December 31: 2016 $ 2,704,000 $ 53,000 $ 2,757,000 2017 2,515,000 25,000 2,540,000 2018 1,845,000 14,000 1,859,000 2019 1,774,000 8,000 1,782,000 2020 1,535,000 3,000 1,538,000 Thereafter 668,000 — 668,000 Totals $ 11,041,000 $ 103,000 $ 11,144,000 |
Cash Flow Information
Cash Flow Information | 12 Months Ended |
Dec. 31, 2015 | |
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: 2015 2014 2013 (Increase) decrease in assets: Trade accounts receivable $ 1,200,113 $ 7,820,461 $ (332,115 ) Inventories 7,370,010 31,110,215 7,671,042 Margin account deposit (4,917,544 ) (862,685 ) (62,615 ) Prepaid expenses (220,800 ) 76,101 (506,995 ) 3,431,779 38,144,092 6,769,317 2015 2014 2013 Increase (decrease) in liabilities: Accounts payable 152,529 (610,479 ) 117,131 Accrued commodity purchases (4,688,215 ) (14,925,455 ) (7,747,911 ) Accrued expenses and interest 7,772 (642,710 ) 950,327 Deferred liabilities (475,474 ) 99,846 (665,742 ) (5,003,388 ) (16,078,798 ) (7,346,195 ) Totals $ (1,571,609 ) $ 22,065,294 $ (576,878 ) |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014 , the value of the Company’s open futures, options and forward contracts was approximately $2,211,112 and $(1,870,229) , respectively. Amounts As of December 31, 2015 Balance Sheet Classification Asset Derivatives Liability Derivatives Derivatives not designated as hedging instruments: Commodity contracts Current Assets $ 10,599,610 $ 8,296,932 Foreign exchange contracts Current Assets 75,319 166,885 Totals $ 10,674,929 $ 8,463,817 Amounts As of December 31, 2014 Balance Sheet Classification Asset Derivatives Liability Derivatives Derivatives not designated as hedging instruments: Commodity contracts Current Assets $ 8,242,480 $ 10,057,448 Foreign exchange contracts Current Assets 50,540 105,801 Totals $ 8,293,020 $ 10,163,249 During the years ended December 31, 2015 , 2014 , and 2013 , 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: 2015 2014 2013 Derivatives not designated as hedging instruments: Commodity contracts $ 3,526,586 $ (1,184,594 ) $ 1,113,206 Foreign exchange contracts 130,914 (8,573 ) 9,072 Totals $ 3,657,500 $ (1,193,167 ) $ 1,122,278 The Company recorded gains (losses) of $3,657,500 , $(1,193,167) , and $1,122,278 in cost of goods sold related to its commodity derivative instruments for the years ended December 31, 2015 , 2014 , and 2013 , respectively. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014 : Fair Value as of December 31, 2015 Level 1 Level 2 Level 3 Total Financial assets: Inventory $ 2,302,679 $ 23,489,685 $ — $ 25,792,364 Margin deposits $ 7,467,409 $ — $ — $ 7,467,409 Assets of discontinued division $ — $ — $ — $ — Fair Value as of December 31, 2014 Level 1 Level 2 Level 3 Total Financial Assets: Inventory $ (1,814,969 ) $ 34,913,326 $ — $ 33,098,357 Margin deposits $ 2,549,865 $ — $ — $ 2,549,865 Assets of discontinued division $ — $ — $ — $ — 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, 2015 and 2014 . 2015 2014 Beginning balance $ — $ 155,421 Transfers — (150,421 ) Sales — (5,000 ) Settlements — — Net gains (losses) included in earnings — — Ending balance $ — $ — |
Business Credit Risk and Concen
Business Credit Risk and Concentrations | 12 Months Ended |
Dec. 31, 2015 | |
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 $22,494,957 and $23,078,461 at December 31, 2015 and 2014 , respectively. Soybean meal sales accounted for approximately 61% , 63% , and 58% of total revenues from continuing operations for the years ended December 31, 2015 , 2014 , and 2013 , respectively. Soybean oil sales represented approximately 35% , 33% , and 38% of total revenues for the years ended December 31, 2015 , 2014 , and 2013 , respectively. Net revenue by geographic area for the years ended December 31, 2015 , 2014 , and 2013 are as follows: 2015 2014 2013 United States $ 294,345,947 $ 335,832,896 $ 395,581,058 Canada 73,214,481 99,009,280 73,252,934 Totals $ 367,560,428 $ 434,842,176 $ 468,833,992 |
Members' Equity
Members' Equity | 12 Months Ended |
Dec. 31, 2015 | |
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. Earnings, losses and cash distributions are allocated to members based on their percentage of ownership in the Company. On February 3, 2015, the Company's Board of Managers approved a cash distribution of approximately $15.0 million , or 49.3 cent s per capital unit. The distribution was paid in accordance with the Company's operating agreement and distribution policy on February 5, 2015. Prior to June 2014, the Company had been accruing member distributions payable due to a provision in the Company's Operating Agreement requiring a minimum distribution of thirty percent (30%) of the previous year's net income. At the Company's Annual Meeting of Members held on June 17, 2014, the members approved a resolution eliminating the minimum distribution; therefore, the Company immediately ceased accruing any liability for member distributions. At December 31, 2014 and 2013, the Company had member distributions payable of $0.0 million and $0.0 million , respectively. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
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. On November 5, 2015, an incident occurred at the Volga, South Dakota facility which resulted in the death of an outside contractor. The contractor was in the process of installing a catwalk in the vicinity of an oil storage tank when the incident occurred. The Company has reported the accident to the Occupational Safety and Health Administration ("OSHA"), which is conducting an investigation. No civil lawsuit has been filed. The Company has notified its respective insurance carriers. |
Business Segment Information
Business Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 , 2014 , and 2013 are as follows: Soybean Processing Polyurethane Total For the Year Ended December 31, 2015: Sales to external customers $ 367,560,428 $ — $ 367,560,428 Intersegment sales — — — Depreciation and amortization 2,902,546 — 2,902,546 Interest expense 546,648 — 546,648 Segment profit (loss) 22,951,836 — 22,951,836 Segment assets 122,914,781 — 122,914,781 Expenditures for segment assets 5,225,636 — 5,225,636 For the Year Ended December 31, 2014: Sales to external customers $ 434,842,176 $ — $ 434,842,176 Intersegment sales — — — Depreciation and amortization 2,188,890 — 2,188,890 Interest expense 1,076,620 — 1,076,620 Segment profit (loss) 20,064,638 — 20,064,638 Segment assets 117,137,344 — 117,137,344 Expenditures for segment assets 10,981,737 — 10,981,737 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 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Except for the event 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 January 19, 2016, the Company’s Board of Managers declared a cash distribution to its members of approximately $15.0 million . The distribution was issued and paid to members in accordance with the Company's operating agreement and distribution policy on February 8, 2016 . |
Principal Activity and Signif26
Principal Activity and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
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 original maturities of three months or less at the time of acquisition to be cash equivalents. |
Trade and Other Accounts Receivable, Policy | 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, 2015 and 2014 : 2015 2014 Past due: Less than 30 days past due $ 2,750,039 $ 1,732,449 30-59 days past due 145,276 430,671 60-89 days past due 32,540 23,500 Greater than 90 days past due 776,026 38,892 Total past due 3,703,881 2,225,512 Current 18,698,822 20,882,304 Totals $ 22,402,703 $ 23,107,816 The following table provides information regarding the Company’s allowance for doubtful accounts receivable of continued operations as of December 31, 2015 , 2014 , and 2013 : 2015 2014 2013 Balances, beginning of year $ — $ — $ — Amounts charged (credited) to costs and expenses 511,404 1,516,052 20,487 Additions (deductions) (16,404 ) (1,516,052 ) (20,487 ) Balances, end of year $ 495,000 $ — $ — 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. |
Revenue Recognition, Deferred Revenue | Deferred revenue The Company recognizes revenues as earned. Amounts received in advance of the period in which service is rendered are recorded as a liability under “Deferred liabilities”. |
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, 2015 and 2014 , 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, 2015 , the book value of the Company’s net assets exceeds the tax basis of those assets by approximately $12.7 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 2012. 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. The Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09 (Revenue from Contracts with Customers), which is effective for annual reporting periods beginning after December 15, 2017. Management has not yet assessed the impact, if any, of adopting this standard. |
Principal Activity and Signif27
Principal Activity and Significant Accounting Policies Details (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Past Due Financing Receivables | The following table presents the aging analysis of trade receivables as of December 31, 2015 and 2014 : 2015 2014 Past due: Less than 30 days past due $ 2,750,039 $ 1,732,449 30-59 days past due 145,276 430,671 60-89 days past due 32,540 23,500 Greater than 90 days past due 776,026 38,892 Total past due 3,703,881 2,225,512 Current 18,698,822 20,882,304 Totals $ 22,402,703 $ 23,107,816 |
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, 2015 , 2014 , and 2013 : 2015 2014 2013 Balances, beginning of year $ — $ — $ — Amounts charged (credited) to costs and expenses 511,404 1,516,052 20,487 Additions (deductions) (16,404 ) (1,516,052 ) (20,487 ) Balances, end of year $ 495,000 $ — $ — |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | The Company’s inventories consist of the following as of December 31: 2015 2014 Finished goods $ 19,072,452 $ 16,712,923 Raw materials 6,984,054 16,695,668 Supplies & miscellaneous 261,726 279,651 Totals $ 26,318,232 $ 33,688,242 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014 , and consist of the following: 2015 2014 Assets of discontinued division: Property and equipment, net $ — $ — Total assets $ — $ — 2015 2014 Liabilities of discontinued division: Accounts payable $ — $ — Accrued expenses — — Total liabilities $ — $ — |
Investments in Cooperatives (Ta
Investments in Cooperatives (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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: 2015 2014 Minnesota Soybean Processors: Common stock and Class A Preferred Shares $ 4,710,159 $ 4,785,158 Class B Preferred Shares, 8% non-cumulative, convertible — 575,000 CoBank 1,514,849 1,476,303 Totals $ 6,225,008 $ 6,836,461 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | The following is a summary of property and equipment at December 31: 2015 2014 Cost Accumulated Depreciation Net Net Land $ 543,816 $ — $ 543,816 $ 443,816 Land improvements 1,188,252 (207,813 ) 980,439 630,082 Buildings and improvements 17,618,850 (7,469,141 ) 10,149,709 9,610,552 Machinery and equipment 60,527,459 (33,548,026 ) 26,979,433 19,191,883 Company vehicles 127,965 (51,024 ) 76,941 43,332 Furniture and fixtures 1,469,891 (886,606 ) 583,285 699,388 Construction in progress 1,607,454 — 1,607,454 8,131,839 Totals $ 83,083,687 $ (42,162,610 ) $ 40,921,077 $ 38,750,892 |
Other Intangible Assets (Tables
Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014 : Accumulated Intangible Assets Life Cost Amortization Net As of December 31, 2015: Loan Origination Costs 3 - 7 years $ 19,700 $ (13,386 ) $ 6,314 As of December 31, 2014: Loan Origination Costs 7 years $ 13,200 $ (8,854 ) $ 4,346 |
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: 2016 $ 4,532 2017 1,782 Total $ 6,314 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | 2015 2014 Revolving term loan from CoBank, interest at variable rates (2.88% and 3.16% at December 31, 2015 and 2014, respectively), secured by substantially all property and equipment. Loan matures September 20, 2020. $ — $ — 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. 845,440 901,724 845,440 901,724 Less current maturities (58,344 ) (57,246 ) Totals $ 787,096 $ 844,478 |
Schedule of Maturities of Long-term Debt | The minimum principal payments on long-term debt obligations are as follows as of December 31, 2015 : For the years ending December 31: 2016 $ 58,344 2017 59,558 2018 60,749 2019 61,964 2020 604,825 Total $ 845,440 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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: 2016 $ 2,704,000 $ 53,000 $ 2,757,000 2017 2,515,000 25,000 2,540,000 2018 1,845,000 14,000 1,859,000 2019 1,774,000 8,000 1,782,000 2020 1,535,000 3,000 1,538,000 Thereafter 668,000 — 668,000 Totals $ 11,041,000 $ 103,000 $ 11,144,000 |
Cash Flow Information (Tables)
Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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: 2015 2014 2013 (Increase) decrease in assets: Trade accounts receivable $ 1,200,113 $ 7,820,461 $ (332,115 ) Inventories 7,370,010 31,110,215 7,671,042 Margin account deposit (4,917,544 ) (862,685 ) (62,615 ) Prepaid expenses (220,800 ) 76,101 (506,995 ) 3,431,779 38,144,092 6,769,317 2015 2014 2013 Increase (decrease) in liabilities: Accounts payable 152,529 (610,479 ) 117,131 Accrued commodity purchases (4,688,215 ) (14,925,455 ) (7,747,911 ) Accrued expenses and interest 7,772 (642,710 ) 950,327 Deferred liabilities (475,474 ) 99,846 (665,742 ) (5,003,388 ) (16,078,798 ) (7,346,195 ) Totals $ (1,571,609 ) $ 22,065,294 $ (576,878 ) |
Derivative Instruments and He36
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule Of Derivatives Assets and Liabilities Not Designated As Hedging Instruments | As of December 31, 2015 and 2014 , the value of the Company’s open futures, options and forward contracts was approximately $2,211,112 and $(1,870,229) , respectively. Amounts As of December 31, 2015 Balance Sheet Classification Asset Derivatives Liability Derivatives Derivatives not designated as hedging instruments: Commodity contracts Current Assets $ 10,599,610 $ 8,296,932 Foreign exchange contracts Current Assets 75,319 166,885 Totals $ 10,674,929 $ 8,463,817 Amounts As of December 31, 2014 Balance Sheet Classification Asset Derivatives Liability Derivatives Derivatives not designated as hedging instruments: Commodity contracts Current Assets $ 8,242,480 $ 10,057,448 Foreign exchange contracts Current Assets 50,540 105,801 Totals $ 8,293,020 $ 10,163,249 |
Schedule Of Derivative Instruments, Net Realized and Unrealized Gain (Loss) On Derivatives Not Designated As Hedging Instruments | During the years ended December 31, 2015 , 2014 , and 2013 , 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: 2015 2014 2013 Derivatives not designated as hedging instruments: Commodity contracts $ 3,526,586 $ (1,184,594 ) $ 1,113,206 Foreign exchange contracts 130,914 (8,573 ) 9,072 Totals $ 3,657,500 $ (1,193,167 ) $ 1,122,278 |
Fair Value of Financial Instr37
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014 : Fair Value as of December 31, 2015 Level 1 Level 2 Level 3 Total Financial assets: Inventory $ 2,302,679 $ 23,489,685 $ — $ 25,792,364 Margin deposits $ 7,467,409 $ — $ — $ 7,467,409 Assets of discontinued division $ — $ — $ — $ — Fair Value as of December 31, 2014 Level 1 Level 2 Level 3 Total Financial Assets: Inventory $ (1,814,969 ) $ 34,913,326 $ — $ 33,098,357 Margin deposits $ 2,549,865 $ — $ — $ 2,549,865 Assets of discontinued division $ — $ — $ — $ — |
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, 2015 and 2014 . 2015 2014 Beginning balance $ — $ 155,421 Transfers — (150,421 ) Sales — (5,000 ) Settlements — — Net gains (losses) included in earnings — — Ending balance $ — $ — |
Business Credit Risk and Conc38
Business Credit Risk and Concentrations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Risks and Uncertainties [Abstract] | |
Schedules of Concentration of Risk, by Risk Factor | Net revenue by geographic area for the years ended December 31, 2015 , 2014 , and 2013 are as follows: 2015 2014 2013 United States $ 294,345,947 $ 335,832,896 $ 395,581,058 Canada 73,214,481 99,009,280 73,252,934 Totals $ 367,560,428 $ 434,842,176 $ 468,833,992 |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Segment information for the years ended December 31, 2015 , 2014 , and 2013 are as follows: Soybean Processing Polyurethane Total For the Year Ended December 31, 2015: Sales to external customers $ 367,560,428 $ — $ 367,560,428 Intersegment sales — — — Depreciation and amortization 2,902,546 — 2,902,546 Interest expense 546,648 — 546,648 Segment profit (loss) 22,951,836 — 22,951,836 Segment assets 122,914,781 — 122,914,781 Expenditures for segment assets 5,225,636 — 5,225,636 For the Year Ended December 31, 2014: Sales to external customers $ 434,842,176 $ — $ 434,842,176 Intersegment sales — — — Depreciation and amortization 2,188,890 — 2,188,890 Interest expense 1,076,620 — 1,076,620 Segment profit (loss) 20,064,638 — 20,064,638 Segment assets 117,137,344 — 117,137,344 Expenditures for segment assets 10,981,737 — 10,981,737 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 |
Principal Activity and Signif40
Principal Activity and Significant Accounting Policies (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total past due | $ 3,703,881 | $ 2,225,512 |
Current | 18,698,822 | 20,882,304 |
Totals | 22,402,703 | 23,107,816 |
Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total past due | 2,750,039 | 1,732,449 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total past due | 145,276 | 430,671 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total past due | 32,540 | 23,500 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total past due | $ 776,026 | $ 38,892 |
Principal Activity and Signif41
Principal Activity and Significant Accounting Policies (Details 1) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Provision for Doubtful Accounts | $ 511,404 | $ 1,516,052 | $ 20,487 |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Balances, beginning of year | 0 | 0 | 0 |
Balances, end of year | 495,000 | 0 | 0 |
Allowance for Doubtful Accounts Receivable, Write-offs | $ 16,404 | $ 1,516,052 | $ 20,487 |
Principal Activity and Signif42
Principal Activity and Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounts Receivable Credit Period | 30 days | ||
Percentage Of Late Fee On Past Due Receivables | 1.50% | ||
Finite-Lived Intangible Asset, Useful Life | 7 years | ||
Advertising Expense | $ 29,000 | $ 28,000 | $ 26,000 |
Unrecognized Tax Benefits | 0 | $ 0 | |
Deferred Tax Assets, Net Of Valuation Allowance | $ 12,700,000 | ||
Maximum | |||
Finite-Lived Intangible Asset, Useful Life | 7 years | ||
Minimum | |||
Finite-Lived Intangible Asset, Useful Life | 3 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 ($) | Feb. 04, 2015 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Distribution to members | $ (15,000,000) | $ (11,000,000) | ||
Member distributions payable | $ 0 | $ 0 |
Inventories (Details)
Inventories (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 19,072,452 | $ 16,712,923 |
Raw materials | 6,984,054 | 16,695,668 |
Supplies & miscellaneous | 261,726 | 279,651 |
Totals | $ 26,318,232 | $ 33,688,242 |
Margin Deposits Margin Deposits
Margin Deposits Margin Deposits (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Future [Member] | |
Derivative [Line Items] | |
Contracts Maturity | 12 months |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Disposal Group, Including Discontinued Operation, Assets [Abstract] | ||
Property and equipment, net | $ 0 | $ 0 |
Total assets | 0 | 0 |
Disposal Group, Including Discontinued Operation, Liabilities [Abstract] | ||
Accounts payable | 0 | 0 |
Accrued expenses | 0 | 0 |
Total liabilities | $ 0 | $ 0 |
Discontinued Operations (Deta47
Discontinued Operations (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue, Net | $ 367,560,428 | $ 434,842,176 | $ 468,833,992 |
Income (Loss) From Discontinued Operations, Net Of Tax, Attributable To Parent | 0 | 0 | 9,272 |
Gain (Loss) On Sale Of Other Assets | (161,812) | ||
Polyurethane | |||
Revenue, Net | $ 0 | $ 0 | $ 2,239 |
Investments in Cooperatives (De
Investments in Cooperatives (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Investments in associated cooperative companies: | ||
Investments in cooperatives | $ 6,225,008 | $ 6,836,461 |
Common stock and Class A Preferred Shares | ||
Investments in associated cooperative companies: | ||
Investments in cooperatives | 4,710,159 | 4,785,158 |
Class B Preferred Shares Noncumulative Convertible | ||
Investments in associated cooperative companies: | ||
Investments in cooperatives | 0 | 575,000 |
Cobank | ||
Investments in associated cooperative companies: | ||
Investments in cooperatives | $ 1,514,849 | $ 1,476,303 |
Investments in Cooperatives (49
Investments in Cooperatives (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Proceeds from CHS, retirement of previous retained patronage | $ 611,453 | $ 124,819 | $ 2,724,450 |
Preferred Class B | |||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | ||
CHS | |||
Proceeds from CHS, retirement of previous retained patronage | $ 0 | $ 124,819 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Cost | $ 83,083,687 | $ 78,583,353 |
Less accumulated depreciation | (42,162,610) | (39,832,461) |
Total property and equipment, net | 40,921,077 | 38,750,892 |
Land | ||
Cost | 543,816 | |
Less accumulated depreciation | 0 | |
Total property and equipment, net | 543,816 | 443,816 |
Land Improvements | ||
Cost | 1,188,252 | |
Less accumulated depreciation | (207,813) | |
Total property and equipment, net | 980,439 | 630,082 |
Building and Building Improvements | ||
Cost | 17,618,850 | |
Less accumulated depreciation | (7,469,141) | |
Total property and equipment, net | 10,149,709 | 9,610,552 |
Machinery and Equipment | ||
Cost | 60,527,459 | |
Less accumulated depreciation | (33,548,026) | |
Total property and equipment, net | 26,979,433 | 19,191,883 |
Vehicles | ||
Cost | 127,965 | |
Less accumulated depreciation | (51,024) | |
Total property and equipment, net | 76,941 | 43,332 |
Furniture and Fixtures | ||
Cost | 1,469,891 | |
Less accumulated depreciation | (886,606) | |
Total property and equipment, net | 583,285 | 699,388 |
Construction In Progress | ||
Cost | 1,607,454 | |
Less accumulated depreciation | 0 | |
Total property and equipment, net | $ 1,607,454 | $ 8,131,839 |
Property and Equipment (Detai51
Property and Equipment (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $ 2,898,014 | $ 2,186,958 | $ 2,057,935 |
Other Intangible Assets (Detail
Other Intangible Assets (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||
Loan Origination Costs, Life | 7 years | |
Loan Origination Costs, Costs | $ 19,700 | $ 13,200 |
Loan Origination Costs, Accumulated Amortization | (13,386) | (8,854) |
Total | $ 6,314 | $ 4,346 |
Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Loan Origination Costs, Life | 3 years | |
Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Loan Origination Costs, Life | 7 years |
Other Intangible Assets (Deta53
Other Intangible Assets (Details 1) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2,014 | $ 4,532 | |
2,015 | 1,782 | |
Total | $ 6,314 | $ 4,346 |
Other Intangible Assets (Deta54
Other Intangible Assets (Details Textual ) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Finite-Lived Intangible Asset, Useful Life | 7 years | ||
Amortization Of Financing Costs | $ 4,532 | $ 1,932 | $ 1,932 |
Notes Payable - Seasonal Loan (
Notes Payable - Seasonal Loan (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Notes Payable Seasonal Loan [Abstract] | ||
Line Of Credit Facility, Expiration Date | Sep. 30, 2016 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 15,000,000 | |
Line of Credit Facility, Current Borrowing Capacity | $ 1,000,000 | |
Line Of Credit Facility, Interest Rate At Period End | 2.63% | |
Line Of Credit Facility, Amount Outstanding | $ 0 | $ 0 |
Line Of Credit Facility, Remaining Borrowing Capacity | $ 15,000,000 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
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. | $ 0 | $ 0 |
Notes Payable | 845,440 | 901,724 |
Long-term Debt | 845,440 | 901,724 |
Current maturities of long-term debt | (58,344) | (57,246) |
Totals | $ 787,096 | $ 844,478 |
Long-Term Debt (Details 1)
Long-Term Debt (Details 1) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
For the years ending December 31: | ||
2,014 | $ 58,344 | |
2,015 | 59,558 | |
2,016 | 60,749 | |
2,017 | 61,964 | |
2,018 | 604,825 | |
Long-term Debt | $ 845,440 | $ 901,724 |
Long-Term Debt (Details Textual
Long-Term Debt (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Long-Term Line Of Credit | $ 0 | $ 0 |
Line of Credit Facility, Periodic Payment, Principal | $ 1,300,000 | |
Line Of Credit Facility, Interest Rate At Period End | 2.63% | |
Line of Credit Facility, Fair Value of Amount Outstanding | $ 10,000,000 | |
Notes Payable | $ 845,440 | $ 901,724 |
Revolving Term Loan | ||
Debt Instrument, Maturity Date | Sep. 20, 2020 | |
Long-Term Line Of Credit | $ 10,000,000 | |
Line Of Credit Facility, Interest Rate At Period End | 2.88% | 3.16% |
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, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Defined Contribution Plan, Cost Recognized | $ 157,000 | $ 116,000 | $ 125,000 |
Deferred Compensation Arrangement with Individual, Employer Contribution | $ 71,827 | 11,827 | 11,827 |
Defined Benefit Plan, Future Payments Discounted, Percentage | 8.00% | ||
Deferred Compensation Plan Expense Benefit | $ 20,000 | 25,000 | 10,000 |
Deferred Compensation Liability, Classified, Noncurrent | $ 0 | 51,782 | |
Profit Sharing | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Deferred Compensation Arrangement with Individual, Percent of Profits Allocated | 4.60% | ||
Deferred Compensation Arrangement with Individual, Employer Contribution | $ 2,000,000 | ||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 995,000 | $ 815,000 | $ 911,000 |
Commitments (Details)
Commitments (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Year ended December 31: | |
2,013 | $ 2,757 |
2,014 | 2,540 |
2,015 | 1,859 |
2,016 | 1,782 |
2,017 | 1,538 |
Thereafter | 668 |
Totals | 11,144 |
Railroad Transportation Equipment | |
Year ended December 31: | |
2,013 | 2,704 |
2,014 | 2,515 |
2,015 | 1,845 |
2,016 | 1,774 |
2,017 | 1,535 |
Thereafter | 668 |
Totals | 11,041 |
Other Transportation Equipment | |
Year ended December 31: | |
2,013 | 53 |
2,014 | 25 |
2,015 | 14 |
2,016 | 8 |
2,017 | 3 |
Thereafter | 0 |
Totals | $ 103 |
Commitments (Details Textual)
Commitments (Details Textual) | 1 Months Ended | 12 Months Ended | |||
Sep. 30, 2011 | Dec. 31, 2015USD ($)car | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Sep. 01, 2011USD ($) | |
Operating Leases, Rent Expense | $ 128,780 | $ 126,662 | $ 144,344 | ||
Operating Leases, Income Statement, Lease Revenue | 1,071 | 679 | 760,201 | ||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 2,757,000 | ||||
Operating Lease Revenue Generated Units | car | 317 | ||||
Railroad Transportation Equipment | |||||
Operating Leases, Rent Expense | $ 2,987,265 | 2,377,908 | 2,237,863 | ||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 2,704,000 | ||||
Ge Capital | |||||
Number Of Rail Cars | car | 252 | ||||
Monthly Payments For Operating Leases | $ 100,966 | ||||
Trinity Capital | |||||
Number Of Rail Cars | car | 157 | ||||
Monthly Payments For Operating Leases | $ 75,099 | ||||
Flagship Rail Services | |||||
Number Of Rail Cars | car | 64 | ||||
Monthly Payments For Operating Leases | $ 27,200 | ||||
Gatx Corporation | |||||
Number Of Rail Cars | car | 15 | ||||
Monthly Payments For Operating Leases | $ 10,050 | ||||
American Railcar Leasing, Inc. | |||||
Number Of Rail Cars | car | 30 | ||||
Monthly Payments For Operating Leases | $ 30,780 | ||||
Hetland Inc | |||||
Operating Leases, Rent Expense | $ 0 | $ 404,595 | $ 1,474,568 | ||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 200,000 | ||||
Lease Expiration Date | Aug. 31, 2014 | ||||
Minimum | |||||
Lease Term | 5 years | ||||
Maximum | |||||
Lease Term | 18 years |
Cash Flow Information (Details)
Cash Flow Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
(Increase) decrease in assets: | |||
Trade accounts receivable | $ 1,200,113 | $ 7,820,461 | $ (332,115) |
Inventories | 7,370,010 | 31,110,215 | 7,671,042 |
Margin account deposit | (4,917,544) | (862,685) | (62,615) |
Prepaid expenses | (220,800) | 76,101 | (506,995) |
Total Increase (Decrease) in Operating Assets | 3,431,779 | 38,144,092 | 6,769,317 |
Increase (decrease) in liabilities: | |||
Accounts payable | 152,529 | (610,479) | 117,131 |
Accrued commodity purchases | (4,688,215) | (14,925,455) | (7,747,911) |
Accrued expenses and interest | 7,772 | (642,710) | 950,327 |
Deferred liabilities | (475,474) | 99,846 | (665,742) |
Total Increase (Decrease) in Operating Liabilities | (5,003,388) | (16,078,798) | (7,346,195) |
Total | $ 1,571,609 | $ (22,065,294) | $ 576,878 |
Derivative Instruments and He63
Derivative Instruments and Hedging Activities (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Derivatives not designated as hedging instruments: | ||
Asset Derivatives | $ 10,674,929 | $ 8,293,020 |
Liability Derivatives | 8,463,817 | 10,163,249 |
Commodity Contract | ||
Derivatives not designated as hedging instruments: | ||
Asset Derivatives | 10,599,610 | 8,242,480 |
Liability Derivatives | 8,296,932 | 10,057,448 |
Foreign Exchange Contract | ||
Derivatives not designated as hedging instruments: | ||
Asset Derivatives | 75,319 | 50,540 |
Liability Derivatives | $ 166,885 | $ 105,801 |
Derivative Instruments and He64
Derivative Instruments and Hedging Activities (Details 1) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivatives not designated as hedging instruments: | |||
Net Gain (Loss) Recognized on Derivative Activities | $ 3,657,500 | $ (1,193,167) | $ 1,122,278 |
Commodity Contract | |||
Derivatives not designated as hedging instruments: | |||
Net Gain (Loss) Recognized on Derivative Activities | 3,526,586 | (1,184,594) | 1,113,206 |
Foreign Exchange Contract | |||
Derivatives not designated as hedging instruments: | |||
Net Gain (Loss) Recognized on Derivative Activities | $ 130,914 | $ (8,573) | $ 9,072 |
Derivative Instruments and He65
Derivative Instruments and Hedging Activities (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 3,657,500 | $ (1,193,167) | $ 1,122,278 |
Derivative Assets (Liabilities), At Fair Value, Net | $ 2,211,112 | $ (1,870,229) |
Fair Value of Financial Instr66
Fair Value of Financial Instruments (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Financial assets: | ||
Inventory | $ 25,792,364 | $ 33,098,357 |
Margin deposits | 7,467,409 | 2,549,865 |
Assets of discontinued division | 0 | 0 |
Fair Value, Inputs, Level 1 | ||
Financial assets: | ||
Inventory | 2,302,679 | (1,814,969) |
Margin deposits | 7,467,409 | 2,549,865 |
Assets of discontinued division | 0 | 0 |
Fair Value, Inputs, Level 2 | ||
Financial assets: | ||
Inventory | 23,489,685 | 34,913,326 |
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 | $ 0 | $ 0 |
Fair Value of Financial Instr67
Fair Value of Financial Instruments (Details 1) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | $ 0 | $ (150,421) |
Fair Value, Inputs, Level 3 | ||
Beginning balance | 0 | 155,421 |
Sales | 0 | (5,000) |
Settlements | 0 | 0 |
Net gains (losses) included in earnings | 0 | 0 |
Ending balance | $ 0 | $ 0 |
Business Credit Risk and Conc68
Business Credit Risk and Concentrations (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information, Revenue for Reportable Segment | $ 0 | ||
United States | |||
Segment Reporting Information, Revenue for Reportable Segment | $ 294,345,947 | $ 335,832,896 | 395,581,058 |
Canada | |||
Segment Reporting Information, Revenue for Reportable Segment | 73,214,481 | 99,009,280 | 73,252,934 |
United states and Canada | |||
Segment Reporting Information, Revenue for Reportable Segment | $ 367,560,428 | $ 434,842,176 | $ 468,833,992 |
Business Credit Risk and Conc69
Business Credit Risk and Concentrations (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Receivables, Net, Current | $ 22,494,957 | $ 23,078,461 | |
Soybean Meal | |||
Sales Revenue, Goods, Net, Percentage | 61.00% | 63.00% | 58.00% |
Soybean Oil | |||
Sales Revenue, Goods, Net, Percentage | 35.00% | 33.00% | 38.00% |
Members' Equity (Details Textua
Members' Equity (Details Textual) | Feb. 04, 2015USD ($)$ / shares | Dec. 31, 2015USD ($)$ / Unitsshares | Dec. 31, 2013USD ($) | Dec. 31, 2014USD ($) |
Equity [Abstract] | ||||
Minimum Capital Units | shares | 2,500 | |||
Redemption Of Members Equity Per Unit | $ / Units | 0.20 | |||
Distribution to members | $ 15,000,000 | $ 11,000,000 | ||
Distribution to members, in dollars per share | $ / shares | $ 0.493 | |||
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. | |||
Dividends Payable | $ 0 | $ 0 |
Business Segment Information (D
Business Segment Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Sales to external customers | $ 367,560,428 | $ 434,842,176 | $ 468,836,231 |
Inter-segment sales | 0 | ||
Depreciation and amortization | 2,902,546 | 2,188,890 | 2,059,867 |
Interest expense | 546,648 | 1,076,620 | 1,665,339 |
Segment profit (loss) | 22,951,836 | 20,064,638 | 21,191,047 |
Segment assets | 122,914,781 | 117,137,344 | 135,156,519 |
Expenditures for segment assets | 5,225,636 | 10,981,737 | 5,435,284 |
Soybean Processing | |||
Sales to external customers | 367,560,428 | 434,842,176 | 468,833,992 |
Inter-segment sales | 0 | ||
Depreciation and amortization | 2,902,546 | 2,188,890 | 2,059,867 |
Interest expense | 546,648 | 1,076,620 | 1,665,339 |
Segment profit (loss) | 22,951,836 | 20,064,638 | 21,181,775 |
Segment assets | 122,914,781 | 117,137,344 | 135,001,098 |
Expenditures for segment assets | 5,225,636 | 10,981,737 | 5,435,284 |
Polyurethane | |||
Sales to external customers | 0 | 0 | 2,239 |
Inter-segment sales | 0 | ||
Depreciation and amortization | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 |
Segment profit (loss) | 0 | 0 | 9,272 |
Segment assets | 0 | 0 | 155,421 |
Expenditures for segment assets | $ 0 | $ 0 | $ 0 |
Subsequent Events (Details Text
Subsequent Events (Details Textual) - USD ($) | Feb. 08, 2016 | Jan. 19, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Line of Credit Facility, Periodic Payment, Principal | $ 1,300,000 | ||||
Distributions to members | (15,048,481) | $ (11,001,312) | $ (5,076,105) | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 15,000,000 | ||||
Subsequent Event | |||||
Distributions to members | $ (15,000,000) | ||||
Distribution Made To Member Or Limited Partner, Distribution Date | Feb. 8, 2016 | ||||
Revolving Term Loan | |||||
Debt Instrument, Maturity Date | Sep. 20, 2020 |