Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 28, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2013 | ' |
Entity Registrant Name | 'Green Plains Renewable Energy, Inc. | ' |
Entity Central Index Key | '0001309402 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 30,477,300 |
Trading Symbol | 'gpre | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $334,509 | $254,289 |
Restricted cash | 27,626 | 25,815 |
Accounts receivable, net of allowances of $252 and $219 | 76,982 | 80,537 |
Inventories | 116,098 | 172,009 |
Prepaid expenses and other | 7,766 | 12,314 |
Deferred income taxes | 6,373 | 2,133 |
Derivative financial instruments | 26,372 | 20,938 |
Total current assets | 595,726 | 568,035 |
Property and equipment, net of accumulated depreciation of $202,338 and $164,445, respectively | 697,751 | 708,110 |
Goodwill | 40,877 | 40,877 |
Other assets | 48,778 | 32,712 |
Total assets | 1,383,132 | 1,349,734 |
Current liabilities | ' | ' |
Accounts payable | 84,989 | 95,564 |
Accrued and other liabilities | 28,531 | 32,475 |
Unearned revenue | 10,899 | 3,617 |
Short-term notes payable and other borrowings | 96,432 | 171,302 |
Current maturities of long-term debt | 62,846 | 129,426 |
Total current liabilities | 283,697 | 432,384 |
Long-term debt | 487,926 | 362,549 |
Deferred income taxes | 84,414 | 60,082 |
Other liabilities | 5,039 | 4,217 |
Total liabilities | 861,076 | 859,232 |
Stockholders’ equity | ' | ' |
Common stock, $0.001 par value; 75,000,000 shares authorized; 37,407,240 and 36,903,777 shares issued, and 30,207,240 and 29,703,777 shares outstanding, respectively | 37 | 37 |
Additional paid-in capital | 462,831 | 445,198 |
Retained earnings | 124,263 | 107,540 |
Accumulated other comprehensive income | 733 | 3,535 |
Treasury stock, 7,200,000 shares | -65,808 | -65,808 |
Total stockholders’ equity | 522,056 | 490,502 |
Total liabilities and stockholders’ equity | $1,383,132 | $1,349,734 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Consolidated Balance Sheets [Abstract] | ' | ' |
Accounts receivable, allowances | $252 | $219 |
Property and equipment, accumulated depreciation | $202,338 | $164,445 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 37,407,240 | 36,903,777 |
Common stock, shares outstanding | 30,207,240 | 29,703,777 |
Treasury stock, shares | 7,200,000 | 7,200,000 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Consolidated Statements Of Operations [Abstract] | ' | ' | ' | ' |
Revenues | $757,971 | $947,413 | $2,328,142 | $2,593,163 |
Cost of goods sold | 716,947 | 919,516 | 2,227,294 | 2,538,363 |
Gross profit | 41,024 | 27,897 | 100,848 | 54,800 |
Selling, general and administrative expenses | 15,490 | 19,273 | 44,048 | 58,350 |
Operating income (loss) | 25,534 | 8,624 | 56,800 | -3,550 |
Other income (expense) | ' | ' | ' | ' |
Interest income | 64 | 46 | 166 | 144 |
Interest expense | -7,608 | -9,832 | -23,440 | -28,741 |
Other, net | -947 | -448 | -2,077 | -1,859 |
Total other income (expense) | -8,491 | -10,234 | -25,351 | -30,456 |
Income (loss) before income taxes | 17,043 | -1,610 | 31,449 | -34,006 |
Income tax expense (benefit) | 7,633 | -604 | 13,519 | -12,749 |
Net income (loss) | 9,410 | -1,006 | 17,930 | -21,257 |
Net loss attributable to noncontrolling interests | ' | 4 | ' | 13 |
Net income (loss) attributable to Green Plains | $9,410 | ($1,002) | $17,930 | ($21,244) |
Earnings per share: | ' | ' | ' | ' |
Net income (loss) attributable to Green Plains - basic | $0.31 | ($0.03) | $0.60 | ($0.70) |
Net income (loss) attributable to Green Plains - diluted | $0.28 | ($0.03) | $0.56 | ($0.70) |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic | 30,204 | 29,655 | 30,100 | 30,499 |
Diluted | 37,483 | 29,655 | 36,818 | 30,499 |
Cash dividend declared per share | $0.04 | ' | $0.04 | ' |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Consolidated Statements Of Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' |
Net income (loss) | $9,410 | ($1,006) | $17,930 | ($21,257) |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Unrealized gains (losses) on derivatives arising during period, net of tax (expense) benefit of $6,307, $(9,957), $24,746 and $(17,045), respectively | -9,092 | 16,540 | -37,683 | 28,493 |
Reclassification of realized (gains) losses on derivatives, net of tax expense (benefit) of $(6,797), $4,245, $(22,906) and $3,557, respectively | 9,903 | -7,052 | 34,881 | -5,945 |
Total other comprehensive income (loss), net of tax | 811 | 9,488 | -2,802 | 22,548 |
Comprehensive income | 10,221 | 8,482 | 15,128 | 1,291 |
Comprehensive loss attributable to noncontrolling interests | ' | 4 | ' | 13 |
Comprehensive income attributable to Green Plains | $10,221 | $8,486 | $15,128 | $1,304 |
Consolidated_Statements_Of_Com1
Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Consolidated Statements Of Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' |
Unrealized gain (loss) on derivatives, tax | $6,307 | ($9,957) | $24,746 | ($17,045) |
Reclassification of realized (gains) losses on derivatives, tax | ($6,797) | $4,245 | ($22,906) | $3,557 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net income (loss) | $17,930 | ($21,257) |
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities: | ' | ' |
Depreciation and amortization | 37,807 | 39,922 |
Amortization of debt issuance costs | 2,697 | 2,314 |
Deferred income taxes | 12,897 | 741 |
Stock-based compensation expense | 2,863 | 3,149 |
Undistributed equity in loss of affiliates | 2,078 | 1,858 |
Allowance for doubtful accounts | -33 | -225 |
Changes in operating assets and liabilities before effects of business combinations: | ' | ' |
Accounts receivable | 3,522 | 3,492 |
Inventories | 56,309 | -11,297 |
Derivative financial instruments | -10,121 | -2,858 |
Prepaid expenses and other assets | 2,239 | -971 |
Accounts payable and accrued liabilities | -15,343 | -21,319 |
Unearned revenues | 7,282 | -11,151 |
Other | 903 | -270 |
Net cash provided (used) by operating activities | 121,096 | -17,422 |
Cash flows from investing activities: | ' | ' |
Purchases of property and equipment | -12,593 | -23,892 |
Acquisition of businesses, net of cash acquired | -15,305 | -1,490 |
Investments in unconsolidated subsidiaries | 3,147 | 6,513 |
Net cash used by investing activities | -31,045 | -31,895 |
Cash flows from financing activities: | ' | ' |
Proceeds from the issuance of long-term debt, including convertible notes | 185,600 | 53,200 |
Payments of principal on long-term debt | -110,476 | -87,690 |
Proceeds from short-term borrowings | 2,489,569 | 2,457,848 |
Payments on short-term borrowings | -2,564,337 | -2,398,289 |
Payments for repurchase of common stock | ' | -10,445 |
Payment of dividend | -1,207 | ' |
Change in restricted cash | -1,811 | 46 |
Payments of loan fees | -7,766 | -306 |
Proceeds from the exercise of stock options | 597 | 142 |
Net cash provided (used) by financing activities | -9,831 | 14,506 |
Net change in cash and cash equivalents | 80,220 | -34,811 |
Cash and cash equivalents, beginning of period | 254,289 | 174,988 |
Cash and cash equivalents, end of period | 334,509 | 140,177 |
Supplemental disclosures of cash flow: | ' | ' |
Cash paid for income taxes | 2,069 | 495 |
Cash paid for interest | 22,209 | 24,479 |
Supplemental noncash investing and financing activities: | ' | ' |
Assets acquired in acquisitions and mergers | 15,870 | 1,590 |
Less: liabilities assumed | -565 | -100 |
Net assets acquired | 15,305 | 1,490 |
Short-term note payable issued to repurchase common stock | ' | $27,162 |
Basis_Of_Presentation_Descript
Basis Of Presentation, Description Of Business And Summary Of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Basis Of Presentation, Description Of Business And Summary Of Significant Accounting Policies [Abstract] | ' |
Basis Of Presentation, Description Of Business And Summary Of Significant Accounting Policies | ' |
1. BASIS OF PRESENTATION, DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
References to the Company | |
References to “Green Plains” or the “Company” in the consolidated financial statements and in these notes to the consolidated financial statements refer to Green Plains Renewable Energy, Inc., an Iowa corporation, and its subsidiaries. | |
Consolidated Financial Statements | |
The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and entities which it controls. All significant intercompany balances and transactions have been eliminated on a consolidated basis for reporting purposes. Unconsolidated entities are included in the financial statements on an equity basis. Results for the interim periods presented are not necessarily indicative of results to be expected for the entire year. | |
The accompanying unaudited consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles, or GAAP, for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The consolidated financial statements should be read in conjunction with the Company’s annual report on Form 10-K for the year ended December 31, 2012. | |
The unaudited financial information reflects all adjustments which are, in the opinion of management, necessary for a fair presentation of the results of operations, financial position and cash flows for the periods presented. The adjustments are of a normal recurring nature, except as otherwise noted. | |
Use of Estimates in the Preparation of Consolidated Financial Statements | |
The preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Description of Business | |
Green Plains is North America’s fourth largest ethanol producer. The Company operates its business within four segments: (1) production of ethanol and distillers grains, collectively referred to as ethanol production, (2) corn oil production, (3) grain handling and storage, collectively referred to as agribusiness, and (4) marketing and logistics services for Company-produced and third-party ethanol, distillers grains, corn oil and other commodities, and the operation of blending and terminaling facilities, collectively referred to as marketing and distribution. Additionally, the Company is a partner in a joint venture that was formed to commercialize advanced photo-bioreactor technologies for the growing and harvesting of algal biomass. | |
Revenue Recognition | |
The Company recognizes revenue when all of the following criteria are satisfied: persuasive evidence of an arrangement exists; risk of loss and title transfer to the customer; the price is fixed and determinable; and collectability is reasonably assured. | |
For sales of ethanol, distillers grains and other commodities by the Company’s marketing business, revenue is recognized when title to the product and risk of loss transfer to an external customer. Revenues related to marketing operations for third parties are recorded on a gross basis as the Company takes title to the product and assumes risk of loss. Unearned revenue is reflected on the consolidated balance sheets for goods in transit for which the Company has received payment and title has not been transferred to the customer. Revenues from the Company’s biofuel terminal operations, which include ethanol transload and splash blending services, are recognized as these services are rendered. | |
The Company routinely enters into fixed-price, physical-delivery ethanol sales agreements. In certain instances, the Company intends to settle the transaction by open market purchases of ethanol rather than by delivery from its own production. These transactions are reported net as a component of revenues. Revenues also include realized gains and losses on related derivative financial instruments, ineffectiveness on cash flow hedges, and reclassifications of realized gains and losses on effective cash flow hedges from accumulated other comprehensive income (loss). | |
Sales of agricultural commodities are recognized when title to the product and risk of loss transfer to the customer, which is dependent on the agreed upon sales terms with the customer. These sales terms provide for passage of title either at the time shipment is made or at the time the commodity has been delivered to its destination and final weights, grades and settlement prices have been agreed upon with the customer. Revenues related to grain merchandising are presented gross in the statements of operations with amounts billed for shipping and handling included in revenues and also as a component of cost of goods sold. Revenues from grain storage are recognized as services are rendered. | |
Cost of Goods Sold | |
Cost of goods sold includes costs for direct labor, materials and certain plant overhead costs. Direct labor includes all compensation and related benefits of non-management personnel involved in the operation of the Company’s ethanol plants. Grain purchasing and receiving costs, other than labor costs for grain buyers and scale operators, are also included in cost of goods sold. Direct materials consist of the costs of corn feedstock, denaturant, and process chemicals. Corn feedstock costs include unrealized gains and losses on related derivative financial instruments not designated as cash flow hedges, inbound freight charges, inspection costs and transfer costs. Corn feedstock costs also include realized gains and losses on related derivative financial instruments, ineffectiveness on cash flow hedges, and reclassifications of realized gains and losses on effective cash flow hedges from accumulated other comprehensive income (loss). Plant overhead costs primarily consist of plant utilities, plant depreciation and outbound freight charges. Shipping costs incurred directly by the Company, including railcar lease costs, are also reflected in cost of goods sold. | |
The Company uses exchange-traded futures and options contracts to minimize the effects of changes in the prices of agricultural commodities on its agribusiness segment’s grain inventories and forward purchase and sales contracts. Exchange-traded futures and options contracts are valued at quoted market prices. Grain inventories held for sale, forward purchase contracts and forward sale contracts in the agribusiness segment are valued at market prices, where available, or other market quotes adjusted for differences, primarily transportation, between the exchange-traded market and the local markets on which the terms of the contracts are based. Changes in the fair value of grain inventories held for sale, forward purchase and sale contracts, and exchange-traded futures and options contracts in the agribusiness segment, are recognized in earnings as a component of cost of goods sold. These contracts are predominantly settled in cash. The Company is exposed to loss in the event of non-performance by the counter-party to forward purchase and forward sales contracts. | |
Derivative Financial Instruments | |
To minimize the risk and the effects of the volatility of commodity price changes primarily related to corn, ethanol and natural gas, the Company uses various derivative financial instruments, including exchange-traded futures, and exchange-traded and over-the-counter options contracts. The Company monitors and manages this exposure as part of its overall risk management policy. As such, the Company seeks to reduce the potentially adverse effects that the volatility of these markets may have on its operating results. The Company may take hedging positions in these commodities as one way to mitigate risk. While the Company attempts to link its hedging activities to purchase and sales activities, there are situations in which these hedging activities can themselves result in losses. | |
By using derivatives to hedge exposures to changes in commodity prices, the Company has exposures on these derivatives to credit and market risk. The Company is exposed to credit risk that the counterparty might fail to fulfill its performance obligations under the terms of the derivative contract. The Company minimizes its credit risk by entering into transactions with high quality counterparties, limiting the amount of financial exposure it has with each counterparty and monitoring the financial condition of its counterparties. Market risk is the risk that the value of the financial instrument might be adversely affected by a change in commodity prices or interest rates. The Company manages market risk by incorporating monitoring parameters within its risk management strategy that limit the types of derivative instruments and derivative strategies the Company uses, and the degree of market risk that may be undertaken by the use of derivative instruments. | |
The Company evaluates its contracts that involve physical delivery to determine whether they may qualify for the normal purchases or normal sales exemption and are expected to be used or sold over a reasonable period in the normal course of business. Any contracts that do not meet the normal purchase or sales criteria are recorded at fair value with the change in fair value recorded in operating income unless the contracts qualify for, and the Company elects, hedge accounting treatment. | |
Certain qualifying derivatives within the ethanol production segment are designated as cash flow hedges. Prior to entering into cash flow hedges, the Company evaluates the derivative instrument to ascertain its effectiveness. For cash flow hedges, any ineffectiveness is recognized in current period results, while other unrealized gains and losses are reflected in accumulated other comprehensive income until gains and losses from the underlying hedged transaction are realized. In the event that it becomes probable that a forecasted transaction will not occur, the Company would discontinue cash flow hedge treatment, which would affect earnings. These derivative financial instruments are recognized in current assets or other current liabilities at fair value. | |
At times, the Company hedges its exposures to changes in the value of inventories and designates certain qualifying derivatives as fair value hedges. The carrying amount of the hedged inventory is adjusted through current period results for changes in the fair value arising from changes in underlying prices. Any ineffectiveness is recognized in current period results to the extent that the change in the fair value of the inventory is not offset by the change in the fair value of the derivative. | |
Recent Accounting Pronouncements | |
Effective January 1, 2013, the Company adopted the amended guidance in ASC Topic 210, Balance Sheet. The amended guidance addresses disclosure of offsetting financial assets and liabilities. It requires entities to add disclosures showing both gross and net information about instruments and transactions eligible for offset in the balance sheet and instruments and transactions subject to an agreement similar to a master netting arrangement. The updated disclosures have been implemented retrospectively and do not impact the Company’s financial position or results of operations. | |
Effective January 1, 2013, the Company adopted the amended guidance in ASC Topic 220, Comprehensive Income. The amended guidance requires entities to disclose additional information about reclassification adjustments, including (1) changes in accumulated other comprehensive income by component and (2) significant items reclassified out of accumulated other comprehensive income by presenting the amount reclassified and the individual income statement line items affected. The updated disclosures have been implemented prospectively and do not impact our financial position or results of operations. Refer to Note 10, Stockholders’ Equity, for expanded disclosures. | |
Fair_Value_Disclosures
Fair Value Disclosures | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||
Fair Value Disclosures | ' | |||||||||||
2. FAIR VALUE DISCLOSURES | ||||||||||||
The following methods, assumptions and valuation techniques were used in estimating the fair value of the Company’s financial instruments: | ||||||||||||
Level 1 – unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 1 unrealized gains and losses on commodity derivatives relate to exchange-traded open trade equity and option values in the Company’s brokerage accounts. | ||||||||||||
Level 2 – directly or indirectly observable inputs such as quoted prices for similar assets or liabilities in active markets other than quoted prices included within Level 1; quoted prices for identical or similar assets in markets that are not active; and other inputs that are observable or can be substantially corroborated by observable market data by correlation or other means. Grain inventories held for sale in the agribusiness segment are valued at nearby futures values, plus or minus nearby basis levels. | ||||||||||||
Level 3 – unobservable inputs that are supported by little or no market activity and that are a significant component of the fair value of the assets or liabilities. The Company currently does not have any recurring Level 3 financial instruments. | ||||||||||||
There have been no changes in valuation techniques and inputs used in measuring fair value. | ||||||||||||
The following tables set forth the Company’s assets and liabilities by level for the periods indicated (in thousands): | ||||||||||||
Fair Value Measurements at September 30, 2013 | ||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Reclassification for Balance Sheet | ||||||||||
(Level 1) | (Level 2) | Presentation | Total | |||||||||
Assets: | ||||||||||||
Cash and cash equivalents | $ | 334,509 | $ | - | $ | - | $ | 334,509 | ||||
Restricted cash | 27,626 | - | - | 27,626 | ||||||||
Margin deposits | 28,290 | - | -28,290 | - | ||||||||
Inventories carried at market | - | 90 | - | 90 | ||||||||
Derivative financial instruments | 2,690 | 8,603 | 15,079 | 26,372 | ||||||||
Other assets (1) | 2,200 | - | - | 2,200 | ||||||||
Total assets measured at fair value | $ | 395,315 | $ | 8,693 | $ | -13,211 | $ | 390,797 | ||||
Liabilities: | ||||||||||||
Derivative financial instruments | $ | 13,211 | $ | 4,972 | $ | -13,211 | $ | 4,972 | ||||
Other | 93 | - | - | 93 | ||||||||
Total liabilities measured at fair value | $ | 13,304 | $ | 4,972 | $ | -13,211 | $ | 5,065 | ||||
(1) Represents long-term restricted cash related to the $22.0 million revenue bond of Green Plains Bluffton. | ||||||||||||
Fair Value Measurements at December 31, 2012 | ||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Reclassification for Balance Sheet | ||||||||||
(Level 1) | (Level 2) | Presentation | Total | |||||||||
Assets: | ||||||||||||
Cash and cash equivalents | $ | 254,289 | $ | - | $ | - | $ | 254,289 | ||||
Restricted cash | 25,815 | - | - | 25,815 | ||||||||
Margin deposits | 12,847 | - | -12,847 | - | ||||||||
Inventories carried at market | - | 61,763 | - | 61,763 | ||||||||
Derivative financial instruments | 7,337 | 3,254 | 10,347 | 20,938 | ||||||||
Other assets (1) | 2,200 | - | - | 2,200 | ||||||||
Total assets measured at fair value | $ | 302,488 | $ | 65,017 | $ | -2,500 | $ | 365,005 | ||||
Liabilities: | ||||||||||||
Derivative financial instruments | $ | 2,544 | $ | 2,103 | $ | -2,500 | $ | 2,147 | ||||
Other | 107 | - | - | 107 | ||||||||
Total liabilities measured at fair value | $ | 2,651 | $ | 2,103 | $ | -2,500 | $ | 2,254 | ||||
(1) Represents long-term restricted cash related to the $22.0 million revenue bond of Green Plains Bluffton. | ||||||||||||
The Company believes the fair value of its debt approximated $676.0 million compared to a book value of $647.2 million at September 30, 2013. The Company estimates the fair value of its outstanding debt using Level 2 inputs. The Company believes the fair values of its accounts receivable and accounts payable, which were $77.0 million and $85.0 million, respectively, at September 30, 2013 approximated book value. The Company believes the fair values of its debt, accounts receivable and accounts payable, which were $663.3 million, $80.5 million and $95.6 million, respectively, at December 31, 2012 approximated book value. | ||||||||||||
Although the Company currently does not have any recurring Level 3 financial measurements, the fair values of the tangible assets and goodwill acquired represent Level 3 measurements and were derived using a combination of the income approach, the market approach and the cost approach as considered appropriate for the specific assets being valued. | ||||||||||||
Segment_Information
Segment Information | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Segment Information [Abstract] | ' | |||||||||||
Segment Information | ' | |||||||||||
3. SEGMENT INFORMATION | ||||||||||||
Company management reviews financial and operating performance in the following four separate operating segments: (1) production of ethanol and distillers grains, collectively referred to as ethanol production, (2) corn oil production, (3) grain handling and storage, collectively referred to as agribusiness, and (4) marketing and logistics services for Company-produced and third-party ethanol, distillers grains, corn oil and other commodities, and the operation of blending and terminaling facilities, collectively referred to as marketing and distribution. Selling, general and administrative expenses, primarily consisting of compensation of corporate employees, professional fees and overhead costs not directly related to a specific operating segment, are reflected in the table below as corporate activities. | ||||||||||||
During the normal course of business, the Company enters into transactions between segments. Examples of these intersegment transactions include, but are not limited to, the ethanol production segment selling ethanol to the marketing and distribution segment and the agribusiness segment selling grain to the ethanol production segment. These intersegment activities are recorded by each segment at prices approximating market and treated as if they are third-party transactions. Consequently, these transactions impact segment performance. However, revenues and corresponding costs are eliminated in consolidation and do not impact the Company’s consolidated results. | ||||||||||||
In June 2013, the Company acquired an ethanol plant located in Atkinson, Nebraska for approximately $15.2 million, with the capacity to produce approximately 50 million gallons of ethanol per year. The plant began ethanol production on July 25, 2013. Also in June 2013, the Company acquired a grain elevator in Archer, Nebraska. During the third quarter of 2013, the Company completed construction of additional storage capacity of 2.4 million bushels at its grain elevators and 7.0 million bushels at its ethanol plants. | ||||||||||||
In December 2012, the Company sold twelve grain elevators located in northwestern Iowa and western Tennessee. The transaction involved approximately 32.6 million bushels, or 83%, of the Company’s reported agribusiness grain storage capacity and all of its agronomy and retail petroleum operations. The divested assets were reported within the Company’s agribusiness segment. | ||||||||||||
The following tables set forth certain financial data for the Company’s operating segments for the periods indicated (in thousands): | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Revenues: | ||||||||||||
Ethanol production: | ||||||||||||
Revenues from external customers | $ | 39,766 | $ | 52,982 | $ | 118,511 | $ | 149,115 | ||||
Intersegment revenues | 477,103 | 439,917 | 1,437,821 | 1,268,851 | ||||||||
Total segment revenues | 516,869 | 492,899 | 1,556,332 | 1,417,966 | ||||||||
Corn oil production: | ||||||||||||
Revenues from external customers | - | 1 | - | 518 | ||||||||
Intersegment revenues | 17,290 | 14,530 | 49,304 | 43,003 | ||||||||
Total segment revenues | 17,290 | 14,531 | 49,304 | 43,521 | ||||||||
Agribusiness: | ||||||||||||
Revenues from external customers | 5,055 | 125,446 | 43,178 | 300,051 | ||||||||
Intersegment revenues | 274,100 | 50,254 | 498,189 | 134,725 | ||||||||
Total segment revenues | 279,155 | 175,700 | 541,367 | 434,776 | ||||||||
Marketing and distribution: | ||||||||||||
Revenues from external customers | 713,150 | 768,984 | 2,166,453 | 2,143,479 | ||||||||
Intersegment revenues | 9,629 | 111 | 13,042 | 302 | ||||||||
Total segment revenues | 722,779 | 769,095 | 2,179,495 | 2,143,781 | ||||||||
Revenues including intersegment activity | 1,536,093 | 1,452,225 | 4,326,498 | 4,040,044 | ||||||||
Intersegment eliminations | -778,122 | -504,812 | -1,998,356 | -1,446,881 | ||||||||
Revenues as reported | $ | 757,971 | $ | 947,413 | $ | 2,328,142 | $ | 2,593,163 | ||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Gross profit (loss): | ||||||||||||
Ethanol production | $ | 22,269 | $ | -3,701 | $ | 34,228 | $ | -20,610 | ||||
Corn oil production | 9,649 | 7,865 | 25,431 | 25,205 | ||||||||
Agribusiness | 815 | 12,513 | 2,986 | 27,357 | ||||||||
Marketing and distribution | 8,615 | 10,980 | 39,074 | 21,769 | ||||||||
Intersegment eliminations | -324 | 240 | -871 | 1,079 | ||||||||
$ | 41,024 | $ | 27,897 | $ | 100,848 | $ | 54,800 | |||||
Operating income (loss): | ||||||||||||
Ethanol production | $ | 17,851 | $ | -7,520 | $ | 22,508 | $ | -32,435 | ||||
Corn oil production | 9,596 | 7,811 | 25,226 | 25,011 | ||||||||
Agribusiness | 163 | 5,849 | 781 | 8,916 | ||||||||
Marketing and distribution | 4,456 | 7,162 | 26,654 | 10,546 | ||||||||
Intersegment eliminations | -324 | 240 | -826 | 1,113 | ||||||||
Corporate activities | -6,208 | -4,918 | -17,543 | -16,701 | ||||||||
$ | 25,534 | $ | 8,624 | $ | 56,800 | $ | -3,550 | |||||
The following table sets forth revenues by product line for the periods indicated (in thousands): | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Revenues: | ||||||||||||
Ethanol | $ | 595,152 | $ | 672,177 | $ | 1,798,297 | $ | 1,887,376 | ||||
Distillers grains | 110,426 | 111,432 | 364,866 | 310,962 | ||||||||
Corn oil | 19,375 | 15,255 | 53,749 | 44,041 | ||||||||
Grain | 23,081 | 113,567 | 78,703 | 252,490 | ||||||||
Agronomy products | 83 | 10,294 | 183 | 42,612 | ||||||||
Other | 9,854 | 24,688 | 32,344 | 55,682 | ||||||||
$ | 757,971 | $ | 947,413 | $ | 2,328,142 | $ | 2,593,163 | |||||
The following table sets forth total assets by operating segment for the periods indicated (in thousands): | ||||||||||||
September 30, | December 31, | |||||||||||
2013 | 2012 | |||||||||||
Total assets: | ||||||||||||
Ethanol production | $ | 814,178 | $ | 831,939 | ||||||||
Corn oil production | 27,737 | 27,751 | ||||||||||
Agribusiness | 66,769 | 179,930 | ||||||||||
Marketing and distribution | 252,514 | 184,541 | ||||||||||
Corporate assets | 223,147 | 150,797 | ||||||||||
Intersegment eliminations | -1,213 | -25,224 | ||||||||||
$ | 1,383,132 | $ | 1,349,734 | |||||||||
Inventories
Inventories | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Inventories [Abstract] | ' | |||||
Inventories | ' | |||||
4. INVENTORIES | ||||||
Inventories are carried at the lower of cost or market, except grain held for sale, which is valued at market value. The components of inventories are as follows (in thousands): | ||||||
September 30, | December 31, | |||||
2013 | 2012 | |||||
Finished goods | $ | 63,143 | $ | 58,080 | ||
Grain held for sale | 90 | 61,763 | ||||
Raw materials | 28,327 | 28,494 | ||||
Work-in-process | 12,508 | 13,326 | ||||
Supplies and parts | 12,030 | 10,346 | ||||
$ | 116,098 | $ | 172,009 | |||
Goodwill
Goodwill | 9 Months Ended |
Sep. 30, 2013 | |
Goodwill [Abstract] | ' |
Goodwill | ' |
5. GOODWILL | |
The Company did not have any changes in the total carrying amount of goodwill, which was $40.9 million, during the nine months ended September 30, 2013. Goodwill of $30.3 million is attributable to the ethanol production segment and $10.6 million is attributable to the marketing and distribution segment. | |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Derivative Financial Instruments [Abstract] | ' | ||||||||||||
Derivative Financial Instruments | ' | ||||||||||||
6. DERIVATIVE FINANCIAL INSTRUMENTS | |||||||||||||
At September 30, 2013, the Company’s consolidated balance sheet reflects unrealized gains, net of tax, of $0.7 million in accumulated other comprehensive income. The Company expects that all of the unrealized gains at September 30, 2013 will be reclassified into operating income over the next 12 months as a result of hedged transactions that are forecasted to occur. The amount ultimately realized in operating income, however, will differ as commodity prices change. | |||||||||||||
Fair Values of Derivative Instruments | |||||||||||||
The following table provides information about the fair values of the Company’s derivative financial instruments and the line items on the consolidated balance sheets in which the fair values are reflected (in thousands): | |||||||||||||
Asset Derivatives' | Liability Derivatives' | ||||||||||||
Fair Value | Fair Value | ||||||||||||
September 30, | December 31, | September 30, | December 31, | ||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Derivative financial instruments (1) | $ | -1,918 | -2 | $ | 8,091 | -3 | $ | - | $ | - | |||
Accrued and other liabilities | - | - | 4,972 | 2,103 | |||||||||
Other liabilities | - | - | - | 44 | |||||||||
Total | $ | -1,918 | $ | 8,091 | $ | 4,972 | $ | 2,147 | |||||
(1) Derivative financial instruments as reflected on the consolidated balance sheets are net of related margin deposit assets of $28.3 million and $12.8 million at September 30, 2013 and December 31, 2012, respectively. | |||||||||||||
(2) Balance at September 30, 2013 includes $8.6 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments. | |||||||||||||
(3)Balance at December 31, 2012 includes $2.1 million of net unrealized gains on derivative financial instruments designated as cash flow hedging instruments. | |||||||||||||
Refer to Note 2 - Fair Value Disclosures, which also contains fair value information related to derivative financial instruments. | |||||||||||||
Effect of Derivative Instruments on Consolidated Statements of Operations and Consolidated Statements of Stockholders’ Equity and Comprehensive Income | |||||||||||||
The following tables provide information about the gain or loss recognized in income and other comprehensive income on the Company’s derivative financial instruments and the line items in the financial statements in which such gains and losses are reflected (in thousands): | |||||||||||||
Gains (Losses) on Derivative Instruments Not | Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | ||||||||||||
Designated in a Hedging Relationship | 2013 | 2012 | 2013 | 2012 | |||||||||
Revenues | $ | -2,241 | $ | -10,190 | $ | -16,724 | $ | -11,469 | |||||
Cost of goods sold | 2,982 | -6,255 | 14,189 | -10,580 | |||||||||
Net increase (decrease) recognized in earnings before tax | $ | 741 | $ | -16,445 | $ | -2,535 | $ | -22,049 | |||||
Gain (Loss) Due to Ineffectiveness | Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | ||||||||||||
of Cash Flow Hedges | 2013 | 2012 | 2013 | 2012 | |||||||||
Revenues | $ | 53 | $ | -22 | $ | 26 | $ | -10 | |||||
Cost of goods sold | -410 | -405 | -434 | -29 | |||||||||
Net decrease recognized in earnings before tax | $ | -357 | $ | -427 | $ | -408 | $ | -39 | |||||
Gains (Losses) Reclassified from Accumulated | Three Months Ended | Nine Months Ended | |||||||||||
Other Comprehensive Income (Loss) | September 30, | September 30, | |||||||||||
into Net Income (Loss) | 2013 | 2012 | 2013 | 2012 | |||||||||
Revenues | $ | -11,642 | $ | -1,994 | $ | -45,862 | $ | 1,563 | |||||
Cost of goods sold | -5,058 | 13,291 | -11,925 | 7,939 | |||||||||
Net increase (decrease) recognized in earnings before tax | $ | -16,700 | $ | 11,297 | $ | -57,787 | $ | 9,502 | |||||
Effective Portion of Cash Flow | Three Months Ended | Nine Months Ended | |||||||||||
Hedges Recognized in | September 30, | September 30, | |||||||||||
Other Comprehensive Income (Loss) | 2013 | 2012 | 2013 | 2012 | |||||||||
Commodity Contracts | $ | -15,399 | $ | 26,497 | $ | -62,429 | $ | 45,538 | |||||
There were no gains or losses due to the discontinuance of cash flow hedge treatment or fair value hedge exposure during the nine months ended September 30, 2013 and 2012. | |||||||||||||
The following table summarizes the volumes of open commodity derivative positions as of September 30, 2013 (in thousands): | |||||||||||||
30-Sep-13 | |||||||||||||
Exchange Traded | Non-Exchange Traded | ||||||||||||
Derivative Instruments | Net Long & (Short) (1) | Long (2) | (Short) (2) | Unit of Measure | Commodity | ||||||||
Futures | 280 | Bushels | Corn, Soybeans and Wheat | ||||||||||
Futures | 28,915 | -3 | Bushels | Corn | |||||||||
Futures | -1,218 | Gallons | Ethanol | ||||||||||
Futures | -135,366 | -3 | Gallons | Ethanol | |||||||||
Options | -11,362 | Bushels | Corn, Soybeans and Wheat | ||||||||||
Options | -8,630 | Gallons | Ethanol | ||||||||||
Forwards | 4,724 | -3,921 | Bushels | Corn and Soybeans | |||||||||
Forwards | 8,331 | -160,889 | Gallons | Ethanol | |||||||||
Forwards | 107 | -188 | Tons | Distillers Grains | |||||||||
Forwards | 528 | -57,648 | Pounds | Corn Oil | |||||||||
-1 | Exchange traded futures and options are presented on a net long and (short) position basis. Options are presented on a delta-adjusted basis. | ||||||||||||
-2 | Non-exchange traded forwards are presented on a gross long and (short) position basis including both fixed-price and basis contracts. | ||||||||||||
-3 | Futures used for cash flow hedges. | ||||||||||||
Revenues and cost of goods sold for energy trading contracts that do not involve physical delivery are presented in revenues on the consolidated statements of operations on a net basis and are summarized in the table below for the periods indicated (in thousands): | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Revenues | $ | 13,915 | $ | 18,285 | $ | 23,676 | $ | 30,848 | |||||
Cost of goods sold | 14,028 | 17,521 | 23,626 | 30,013 | |||||||||
Debt
Debt | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Debt [Abstract] | ' | |||||
Debt | ' | |||||
7. DEBT | ||||||
The principal balances of the components of long-term debt are as follows (in thousands): | ||||||
September 30, | December 31, | |||||
2013 | 2012 | |||||
Green Plains Bluffton: | ||||||
$70.0 million term loan | $ | 27,395 | $ | 41,018 | ||
$20.0 million revolving term loan | 20,000 | 20,000 | ||||
$22.0 million revenue bond | 15,780 | 17,510 | ||||
Green Plains Central City: | ||||||
$55.0 million term loan | 34,512 | 38,635 | ||||
$30.5 million revolving term loan | 28,639 | 28,639 | ||||
$11.0 million revolving line of credit | 10,600 | 10,600 | ||||
Equipment financing loan | 54 | 105 | ||||
Green Plains Holdings II: | ||||||
$26.4 million term loan | 17,414 | 21,914 | ||||
$51.1 million revolving term loan | 42,640 | 45,320 | ||||
Green Plains Obion: | ||||||
$60.0 million term loan | 6,279 | 13,479 | ||||
$37.4 million revolving term loan | 37,400 | 37,400 | ||||
Equipment financing loan | 179 | 334 | ||||
Economic development grant | 1,268 | 1,335 | ||||
Green Plains Ord: | ||||||
$25.0 million term loan | 15,789 | 17,675 | ||||
$13.0 million revolving term loan | 12,151 | 12,151 | ||||
$5.0 million revolving line of credit | 4,749 | 4,749 | ||||
Green Plains Otter Tail: | ||||||
$30.3 million term loan | 19,190 | 22,791 | ||||
$4.7 million revolver | 4,675 | 4,675 | ||||
$19.2 million note payable | 19,116 | 19,014 | ||||
Capital lease payable | - | 53 | ||||
Green Plains Shenandoah: | ||||||
$17.0 million revolving term loan | 16,000 | 17,000 | ||||
Green Plains Superior: | ||||||
$40.0 million term loan | 11,125 | 15,250 | ||||
$10.0 million revolving term loan | 10,000 | 10,000 | ||||
Equipment financing loan | 36 | 89 | ||||
Corporate: | ||||||
$90.0 million convertible notes | 90,000 | 90,000 | ||||
$120.0 million convertible notes | 95,538 | - | ||||
Notes payable | - | 1,625 | ||||
Capital lease | 243 | 403 | ||||
Other | 10,000 | 211 | ||||
Total long-term debt | 550,772 | 491,975 | ||||
Less: current portion of long-term debt | -62,846 | -129,426 | ||||
Long-term debt | $ | 487,926 | $ | 362,549 | ||
Short-term notes payable and other borrowings at September 30, 2013 included working capital revolvers at Green Plains Grain and Green Plains Trade with outstanding balances of $38.0 million and $58.4 million, respectively. Short-term notes payable and other borrowings at December 31, 2012 included working capital revolvers at Green Plains Grain and Green Plains Trade with outstanding balances of $105.0 million and $39.1 million, respectively, and a $27.2 million short-term note payable issued in conjunction with the March 2012 repurchase of common stock. | ||||||
Ethanol Production Segment | ||||||
· | Term Loans | |||||
o | Scheduled principal payments are as follows: | |||||
• | Green Plains Bluffton | $0.3 million per month | ||||
• | Green Plains Central City | $0.5 million per month | ||||
• | Green Plains Holdings II | $1.5 million per quarter | ||||
• | Green Plains Obion | $2.4 million per quarter | ||||
• | Green Plains Ord | $0.2 million per month | ||||
• | Green Plains Otter Tail | $0.4 million per month | ||||
• | Green Plains Superior | $1.4 million per quarter | ||||
o | Final maturity dates (at the latest) are as follows: | |||||
• | Green Plains Bluffton | 31-Jan-15 | ||||
• | Green Plains Central City | 1-Jul-16 | ||||
• | Green Plains Holdings II | 1-Jul-16 | ||||
• | Green Plains Obion | 20-May-14 | ||||
• | Green Plains Ord | 1-Jul-16 | ||||
• | Green Plains Otter Tail | 1-Sep-18 | ||||
• | Green Plains Superior | 20-Jul-15 | ||||
· | Revolving Term Loans – The revolving term loans are generally available for advances throughout the life of the commitment, subject, in certain cases, to borrowing base restrictions. Allowable advances under the Green Plains Shenandoah loan agreement are reduced by $1.0 million each six-month period commencing on June 1, 2013. Allowable advances under the Green Plains Superior loan agreement are reduced by $2.5 million each six-month period commencing on the first day of the month beginning six months after repayment of the term loan, but in no event later than January 1, 2016. Allowable advances under the Green Plains Obion loan agreement are reduced by $4.7 million on a semi-annual basis commencing on March 1, 2015. Allowable advances under the Green Plains Holdings II loan agreement are reduced by $2.7 million on a semi-annual basis commencing on April 1, 2012 and are reduced by $5.7 million on a semi-annual basis commencing on October 1, 2016. Interest-only payments are due each month on all revolving term loans until the final maturity date for the Green Plains Bluffton, Green Plains Central City, Green Plains Ord, Green Plains Shenandoah, and Green Plains Superior loan agreements. | |||||
o | Final maturity dates (at the latest) are as follows: | |||||
• | Green Plains Bluffton | 31-Jan-15 | ||||
• | Green Plains Central City | 1-Jul-16 | ||||
• | Green Plains Holdings II | 1-Oct-18 | ||||
• | Green Plains Obion | 1-Jun-18 | ||||
• | Green Plains Ord | 1-Jul-16 | ||||
• | Green Plains Shenandoah | 1-Mar-18 | ||||
• | Green Plains Superior | 1-Jul-17 | ||||
Green Plains Bluffton issued a $22.0 million Subordinate Solid Waste Disposal Facility Revenue Bond with the City of Bluffton, Indiana. The revenue bond requires: (1) semi-annual principal and interest payments of approximately $1.5 million through March 1, 2019, and (2) a final principal and interest payment of $3.745 million on September 1, 2019. At September 30, 2013, Green Plains Bluffton had $2.5 million of cash, presented as restricted cash with the long-term portion in other assets on the consolidated balance sheets, the use of which was restricted for principal and interest payments towards the revenue bond. | ||||||
Green Plains Otter Tail issued $19.2 million in senior notes under New Market Tax Credits financing. The notes bear interest at a rate equal to the prime rate (as defined) plus 1.5%, but not less than 4.0%, payable monthly, and require monthly principal payments of approximately $0.3 million beginning in September 2014. The notes mature on September 1, 2018 with an expected outstanding balance of $4.7 million upon maturity. | ||||||
Allowable dividends or other annual distributions from each respective subsidiary, subject to certain additional restrictions including compliance with all loan covenants, terms and conditions, are as follows: | ||||||
• | Green Plains Bluffton | Up to 35% of net profit before tax, and up to an additional 15% of net profit before tax, | ||||
after free cash flow payment is made | ||||||
• | Green Plains Central City | |||||
and Green Plains Ord | Up to 35% of net profit before tax, and an unlimited amount may be distributed after | |||||
free cash flow payment is made, provided maintenance of 70% tangible owners’ equity | ||||||
• | Green Plains Holdings II | Up to 40% of net profit before tax, and unlimited after free cash flow payment is made | ||||
• | Green Plains Obion | Up to 40% of net profit before tax, and unlimited after free cash flow payment is made | ||||
• | Green Plains Otter Tail | Up to 40% of net profit before tax, and an amount reasonably acceptable to the lender | ||||
may be distributed provided maintenance of 40% tangible owner equity | ||||||
• | Green Plains Superior | Up to 40% of net profit before tax, and unlimited after free cash flow payment is made | ||||
In October 2013, the Green Plains Shenandoah revolving term loan was amended to remove the restriction on allowable dividends and to revise the working capital and net worth covenants. The working capital covenant, previously to be not less than $8.0 million, was amended to be not less than $6.0 million. The net worth covenant, previously to be not less than $60.0 million, was amended to be not less than $65.0 million. | ||||||
Agribusiness Segment | ||||||
Green Plains Grain has a $125.0 million senior secured revolving credit facility with various lenders, as amended on August 27, 2013, to provide the agribusiness segment with working capital funding subject to a borrowing base as defined in the facility. The revolving credit facility matures on August 26, 2016. The revolving credit facility includes total revolving credit commitments of $125.0 million and an accordion feature whereby amounts available under the facility may be increased by up to $75.0 million of new lender commitments upon agent approval. The facility also allows for additional seasonal borrowings up to $50.0 million. The total commitments outstanding under the facility cannot exceed $250.0 million. As security for the revolving credit facility, the lender received a first priority lien on certain cash, inventory, accounts receivable and other assets owned by subsidiaries of the agribusiness segment. Advances are subject to interest charges at a rate per annum equal to the LIBOR rate for the outstanding period plus the applicable margin or a rate per annum equal to the base rate plus the applicable margin. In addition to other customary covenants, this revolving credit facility contains restrictions on distributions with respect to capital stock, with exceptions for distributions of up to 40% of net profit before tax, subject to certain conditions. | ||||||
Marketing and Distribution Segment | ||||||
Green Plains Trade has a senior secured asset-based revolving credit facility pursuant to which the lender will loan up to $130.0 million on eligible collateral. This credit facility was increased from $70.0 million in April 2013. The amount of eligible collateral is determined by a calculated borrowing base value equal to the sum of percentages of eligible receivables and eligible inventories, less certain miscellaneous adjustments. The outstanding balance, if any, is subject to interest charges at the lender’s floating base rate plus the applicable margin or LIBOR plus the applicable margin. The revolving credit facility expires on April 25, 2016. In addition to other customary covenants, this revolving credit facility contains restrictions on distributions with respect to capital stock, with exceptions (i) for distributions with respect to tax obligations, subject to certain conditions, and (ii) whereby distributions may be made in an amount up to 50% of net income if (a) undrawn availability under this facility, on a pro forma basis, is greater than $10.0 million for the preceding 30 days and (b) as of the date of the distribution, the borrower would be in compliance with the fixed charge coverage ratio on a pro forma basis. At September 30, 2013, Green Plains Trade had $27.4 million, presented as restricted cash on the consolidated balance sheets, the use of which was restricted for repayment towards the outstanding loan balance. | ||||||
In June 2013, subsidiaries of the Company executed a New Markets Tax Credits financing transaction. In order to facilitate this financing transaction, the Company was required to issue promissory notes payable in the amount of $10.0 million and a note receivable in the amount of $8.1 million. The promissory notes payable and note receivable bear interest at 1% per annum, payable quarterly. Beginning in March 2020, the promissory notes and note receivable each require quarterly principal and interest payments of approximately $0.2 million; the Company retains the right to call $8.1 million of the promissory notes in 2020. The promissory notes payable and note receivable mature on September 15, 2031 and will be fully amortized upon maturity. In connection with the New Markets Tax Credits financing transaction, income tax credits were generated for the benefit of the lender. The Company has guaranteed the lender the value of these income tax credits over their statutory lives, a period of seven years, in the event that the income tax credits are recaptured or reduced. The value of the income tax credits was anticipated to be $5.0 million at the time of the transaction. The Company believes the likelihood of recapture or reduction of the income tax credits is remote, and therefore has not established a liability in connection with this guarantee. | ||||||
Corporate Activities | ||||||
On September 20, 2013, the Company issued $120.0 million of 3.25% Convertible Senior Notes due 2018, or the 3.25% Notes. The 3.25% Notes represent senior, unsecured obligations of the Company, with interest payable on April 1 and October 1 of each year. Conversion of the 3.25% Notes may only be settled in shares of the Company’s common stock unless shareholder approval is received to allow for flexible settlement consisting of, at the Company's election, cash, shares of the Company's common stock, or a combination of cash and shares of the Company's common stock (and cash in lieu of fractional shares) until the close of business on the scheduled trading day immediately preceding the maturity date. As a result, the 3.25% Notes contain liability and equity components which were bifurcated and accounted for separately. The liability component of the 3.25% Notes, as of the issuance date, was calculated by estimating the fair value of a similar liability issued at an 8.21% effective interest rate, which was determined by considering the rate of return investors would require in the Company’s debt structure. The amount of the equity component was calculated by deducting the fair value of the liability component from the principal amount of the 3.25% Notes, resulting in the initial recognition of $24.5 million as debt discount costs recorded in additional paid-in capital. The carrying amount of the 3.25% Notes will be accreted to the principal amount over the remaining term to maturity and the Company will record a corresponding amount of non-cash interest expense. Additionally, the Company incurred debt issuance costs of $5.1 million related to the 3.25% Notes and allocated $4.0 million of debt issuance costs to the liability component of the 3.25% Notes. These costs will be amortized to non-cash interest expense over the five-year term of the 3.25% Notes. Prior to April 1, 2018, the 3.25% Notes will not be convertible unless certain conditions are satisfied. The initial conversion rate is 47.9627 shares of common stock per $1,000 principal amount of 3.25% Notes, which is equal to an initial conversion price of approximately $20.85 per share. The conversion rate is subject to adjustment upon the occurrence of certain events, including the payment of a quarterly cash dividend that exceeds $0.04 per share. In addition, the Company may be obligated to increase the conversion rate for any conversion that occurs in connection with certain corporate events, including the Company calling the 3.25% Notes for redemption. | ||||||
The Company may redeem for cash all, but not less than all, of the 3.25% Notes at any time on or after October 1, 2016 if the sale price of the Company's common stock equals or exceeds 140% of the applicable conversion price for a specified time period ending on the trading day immediately prior to the date the Company delivers notice of the redemption. The redemption price will equal 100% of the principal amount of the 3.25% Notes, plus any accrued and unpaid interest to, but excluding, the redemption date. In addition, upon the occurrence of a fundamental change, such as a change in control, holders of the 3.25% Notes will have the right, at their option, to require the Company to repurchase their 3.25% Notes in cash at a price equal to 100% of the principal amount of the 3.25% Notes to be repurchased, plus accrued and unpaid interest. Default with respect to any loan in excess of $10.0 million constitutes an event of default under the 3.25% Notes, which could result in the 3.25% Notes being declared due and payable. | ||||||
In November 2010, the Company issued $90.0 million of 5.75% Convertible Senior Notes due 2015, or the 5.75% Notes. The 5.75% Notes represent senior, unsecured obligations of the Company, with interest payable on May 1 and November 1 of each year. The 5.75% Notes may be converted into shares of the Company’s common stock and cash in lieu of fractional shares of the common stock based on a conversion rate equal to 69.9527 shares of the common stock per $1,000 principal amount of 5.75% Notes, which is equal to a conversion price of approximately $14.30 per share. The conversion rate is subject to adjustment upon the occurrence of specified events, including the payment of a cash dividend. The conversion rate was adjusted to reflect the payment of a cash dividend of $0.04 per common share paid on September 26, 2013 to all shareholders of record as of September 5, 2013. The Company may redeem for cash all, but not less than all, of the 5.75% Notes at any time on or after November 1, 2013, if the last reported sale price of the Company’s common stock equals or exceeds 140% of the applicable conversion price for a specified time period, at a redemption price equal to 100% of the principal amount of the 5.75% Notes, plus accrued and unpaid interest. Default with respect to any loan in excess of $10.0 million constitutes an event of default under the 5.75% Notes, which could result in the 5.75% Notes being declared due and payable. | ||||||
A $27.2 million note payable to a subsidiary of NTR plc, which previously was the Company’s largest shareholder, was paid in full during the first quarter of 2013. | ||||||
Covenant Compliance | ||||||
The Company, including all of its subsidiaries, was in compliance with its debt covenants as of September 30, 2013. | ||||||
Capitalized Interest | ||||||
The Company had no capitalized interest during the nine months ended September 30, 2013. | ||||||
Restricted Net Assets | ||||||
At September 30, 2013, there were approximately $548.4 million of net assets at the Company’s subsidiaries that were not available to be transferred to the parent company in the form of dividends, loans or advances due to restrictions contained in the credit facilities of these subsidiaries. | ||||||
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Stock-Based Compensation [Abstract] | ' | |||||||||
Stock-Based Compensation | ' | |||||||||
8. STOCK-BASED COMPENSATION | ||||||||||
The Company has equity incentive plans which reserve a combined total of 3.5 million shares of common stock for issuance pursuant to their terms. The plans provide for the granting of shares of stock, including options to purchase shares of common stock, stock appreciation rights tied to the value of common stock, restricted stock, and restricted and deferred stock unit awards to eligible employees, non-employee directors and consultants. The Company measures share-based compensation grants at fair value on the grant date, adjusted for estimated forfeitures. The Company records noncash compensation expense related to equity awards in its financial statements over the requisite service period on a straight-line basis. Substantially all of the Company’s existing share-based compensation awards have been determined to be equity awards. | ||||||||||
The following table summarizes stock option activity for the nine months ended September 30, 2013: | ||||||||||
Shares | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value (in thousands) | |||||||
Outstanding at December 31, 2012 | 726,750 | $ | 10.10 | 4.3 | $ | 625 | ||||
Granted | - | - | ||||||||
Exercised | -95,000 | 6.28 | 576 | |||||||
Forfeited | - | - | ||||||||
Expired | - | - | ||||||||
Outstanding at September 30, 2013 | 631,750 | $ | 10.67 | 3.7 | $ | 3,623 | ||||
Exercisable at September 30, 2013 (1) | 631,750 | $ | 10.67 | 3.7 | $ | 3,623 | ||||
(1) Includes in-the-money options totaling 520,750 shares at a weighted-average exercise price of $8.95. | ||||||||||
The Company’s option awards allow employees to exercise options through cash payment to the Company for the shares of common stock or through a simultaneous broker-assisted cashless exercise of a share option through which the employee authorizes the exercise of an option and the immediate sale of the option shares in the open market. The Company uses newly-issued shares of common stock to satisfy its share-based payment obligations. | ||||||||||
The following table summarizes non-vested stock award and deferred stock unit activity for the nine months ended September 30, 2013: | ||||||||||
Non-Vested Shares and Deferred Stock Units | Weighted-Average Grant-Date Fair Value | Weighted-Average Remaining Vesting Term | ||||||||
(in years) | ||||||||||
Nonvested at December 31, 2012 | 628,090 | $ | 11.41 | |||||||
Granted | 565,651 | 9.60 | ||||||||
Forfeited | -5,358 | 9.80 | ||||||||
Vested | -455,683 | 10.88 | ||||||||
Nonvested at September 30, 2013 | 732,700 | $ | 10.35 | 1.8 | ||||||
Compensation costs expensed for share-based payment plans described above during the three and nine months ended September 30, 2013 were approximately $1.0 million and $4.4 million, respectively, and during the three and nine months ended September 30, 2012 were approximately $1.0 million and $4.3 million, respectively. At September 30, 2013, there were $5.4 million of unrecognized compensation costs from share-based compensation arrangements, which are related to non-vested awards. This compensation is expected to be recognized over a weighted-average period of approximately 1.8 years. The potential tax benefit realizable for the anticipated tax deductions of the exercise of share-based payment arrangements generally would approximate 38% of these expense amounts. | ||||||||||
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Share | ' | |||||||||||
9. EARNINGS PER SHARE | ||||||||||||
Basic earnings per common shares, or EPS, is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income on an if-converted basis, with respect to the 3.25% Notes and the 5.75% Notes, available to common stockholders by the weighted average number of common shares outstanding during the period, adjusted for the dilutive effect of any outstanding dilutive securities. The reconciliations of net income to net income on an if-converted basis and basic and diluted earnings per share are as follows (in thousands): | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Basic EPS: | ||||||||||||
Net income (loss) attributable to Green Plains | $ | 9,410 | $ | -1,002 | $ | 17,930 | $ | -21,244 | ||||
Weighted average shares outstanding - basic | 30,204 | 29,655 | 30,100 | 30,499 | ||||||||
Net income (loss) attributable to Green Plains - basic | $ | 0.31 | $ | -0.03 | $ | 0.60 | $ | -0.7 | ||||
Diluted EPS: | ||||||||||||
Net income (loss) attributable to Green Plains | $ | 9,410 | $ | -1,002 | $ | 17,930 | $ | -21,244 | ||||
Interest and amortization on convertible debt, net of tax effect: | ||||||||||||
5.75% Notes due 2015 | 883 | - | 2,643 | - | ||||||||
3.25% Notes due 2018 | 79 | - | 79 | - | ||||||||
Net income (loss) attributable to Green Plains on an if-converted basis | $ | 10,372 | $ | -1,002 | $ | 20,652 | $ | -21,244 | ||||
Weighted average shares outstanding - basic | 30,204 | 29,655 | 30,100 | 30,499 | ||||||||
Effect of dilutive convertible debt: | ||||||||||||
5.75% Notes due 2015 | 6,284 | - | 6,281 | - | ||||||||
3.25% Notes due 2018 | 688 | - | 232 | - | ||||||||
Effect of dilutive warrants | 93 | - | - | - | ||||||||
Effect of dilutive stock-based compensation awards | 214 | - | 205 | - | ||||||||
Total potential shares outstanding | 37,483 | 29,655 | 36,818 | 30,499 | ||||||||
Net income (loss) attributable to Green Plains - diluted | $ | 0.28 | $ | -0.03 | $ | 0.56 | $ | -0.7 | ||||
Excluded from the computations of diluted EPS for the three and nine months ended September 30, 2013 were stock-based compensation awards totaling 0.2 million and 0.2 million shares, respectively, and for the three and nine months ended September 30, 2012 were stock-based compensation awards totaling 1.3 million and 1.1 million shares, respectively, because the exercise prices or the grant-date fair value, as applicable, of the corresponding awards were greater than the average market price of the Company’s common stock during the respective periods. For the three and nine months ended September 30, 2012, 6.3 million and 6.4 million shares, respectively, related to the effect of the convertible debt and stock-based compensation awards were also excluded from the computation of diluted EPS as the inclusion of these shares would have been antidilutive. As consideration for the acquisition of the Lakota and Riga ethanol plants in October 2010, the Company issued warrants for 700,000 shares of its common stock at a price of $14.00 per share exercisable until October 22, 2013. The warrants are excluded from the computations of diluted EPS for the nine months ended September 30, 2013 and the three and nine months ended September 30, 2012 as the exercise price was greater than the average market price of the Company’s common stock for those periods. On October 22, 2013, 270,060 warrants were exercised at a price of $14.00 per share and 429,940 warrants expired unexercised. | ||||||||||||
Stockholders_Equity
Stockholders Equity | 6 Months Ended | ||||||||||||||
Jun. 30, 2013 | |||||||||||||||
Stockholders Equity [Abstract] | ' | ||||||||||||||
Stockholders Equity | ' | ||||||||||||||
10. STOCKHOLDERS’ EQUITY | |||||||||||||||
Components of stockholders’ equity are as follows (in thousands): | |||||||||||||||
Accum. | |||||||||||||||
Additional | Other | Total | |||||||||||||
Common Stock | Paid-in | Retained | Comp. | Treasury Stock | Stockholders' | ||||||||||
Shares | Amount | Capital | Earnings | Income | Shares | Amount | Equity | ||||||||
Balance, December 31, 2012 | 36,904 | $ | 37 | $ | 445,198 | $ | 107,540 | $ | 3,535 | 7,200 | $ | -65,808 | $ | 490,502 | |
Net income | - | - | - | 17,930 | - | - | - | 17,930 | |||||||
Cash dividends declared | - | - | - | -1,207 | - | - | - | -1,207 | |||||||
Other comprehensive loss, | |||||||||||||||
net of tax | - | - | - | - | -2,802 | - | - | -2,802 | |||||||
Stock-based compensation | 408 | - | 2,863 | - | - | - | - | 2,863 | |||||||
Stock options exercised | 95 | - | 597 | - | - | - | - | 597 | |||||||
Issuance of 3.25 % notes due | |||||||||||||||
2018, net of tax | - | - | 14,173 | - | - | - | - | 14,173 | |||||||
Balance, September 30, 2013 | 37,407 | $ | 37 | $ | 462,831 | $ | 124,263 | $ | 733 | 7,200 | $ | -65,808 | $ | 522,056 | |
On August 22, 2013, the Company announced that its Board of Directors approved the initiation of a quarterly cash dividend. An initial dividend of $0.04 per common share was paid on September 26, 2013 to all shareholders of record as of September 5, 2013. | |||||||||||||||
Changes in accumulated other comprehensive income during the nine months ended September 30, 2013, net of tax, which related primarily to gains and losses on derivative financial instruments, are as follows (in thousands): | |||||||||||||||
Accumulated | |||||||||||||||
Other Comp. | |||||||||||||||
Income | |||||||||||||||
Balance, December 31, 2012 | $ | 3,535 | |||||||||||||
Other comprehensive loss before reclassifications | -37,683 | ||||||||||||||
Amounts reclassified from accumulated other | |||||||||||||||
comprehensive loss | 34,881 | ||||||||||||||
Net current period other comprehensive loss | -2,802 | ||||||||||||||
Balance, September 30, 2013 | $ | 733 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income for the periods indicated are as follows (in thousands): | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | Statements of Operations | |||||||||||||
2013 | 2012 | 2013 | 2012 | Classification | |||||||||||
Gains (losses) on cash flow hedges: | |||||||||||||||
Ethanol commodity derivatives | $ | -11,642 | $ | -1,994 | $ | -45,862 | $ | 1,563 | Revenues | ||||||
Corn commodity derivatives | -5,058 | 13,291 | -11,925 | 7,939 | Cost of goods sold | ||||||||||
Total | -16,700 | 11,297 | -57,787 | 9,502 | Income (loss) before income taxes | ||||||||||
Income tax benefit | -6,797 | 4,245 | -22,906 | 3,557 | Income tax expense (benefit) | ||||||||||
Amounts reclassified from accumulated | |||||||||||||||
other comprehensive income (loss) | $ | -9,903 | $ | 7,052 | $ | -34,881 | $ | 5,945 | |||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
11. INCOME TAXES | |
The Company records income tax expense or benefit during interim periods based on its best estimate of the annual effective tax rate. Certain items are given discrete period treatment and, as a result, the tax effects of such items are reported in full in the relevant interim period. | |
Income tax expense for the three and nine months ended September 30, 2013 was $7.6 million and $13.5 million, respectively, compared to an income tax benefit of $0.6 million and $12.7 million, respectively, for the same periods in 2012. The effective tax rate (calculated as the ratio of income tax expense to income before income taxes) was approximately 44.8% and 43.0% for the three and nine months ended September 30, 2013, respectively, and 37.5% and 37.5% for the three and nine months ended September 30 2012, respectively. The effective tax rate for the three and nine months ended September 30, 2013 reflects a change in estimate related to nondeductible compensation expense and an increase in the accrual for uncertain tax positions partially offset by an increase in tax benefits arising from stock-based compensation awards. | |
The amount of unrecognized tax benefits for uncertain tax positions was $1.1 million as of September 30, 2013 and $0.1 million as of December 31, 2012. Recognition of these benefits would have a favorable impact on the Company’s effective tax rate. The Company estimates that it is reasonably possible that the amount of unrecognized tax benefits will decrease by up to $0.1 million over the next twelve months due to the expiration of statutes of limitation. | |
The 2013 annual effective tax rate can be affected as a result of variances among the estimates and amounts of full-year sources of taxable income (among the various states), the realization of tax credits, adjustments that may arise from the resolution of tax matters under review, variances in the release of valuation allowances and the Company’s assessment of its liability for uncertain tax positions. | |
Commitments_And_Contingencies
Commitments And Contingencies | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Commitments And Contingencies [Abstract] | ' | |||
Commitments And Contingencies | ' | |||
12. COMMITMENTS AND CONTINGENCIES | ||||
Operating Leases | ||||
The Company leases certain facilities and parcels of land under agreements that expire at various dates. For accounting purposes, rent expense is based on a straight-line amortization of the total payments required over the lease term. The Company incurred lease expenses of $4.7 million and $14.6 million during the three and nine months ended September 30, 2013, respectively, and $4.8 million and $13.9 million during the three and nine months ended September 30, 2012, respectively. Aggregate minimum lease payments under these agreements for the remainder of 2013 and in future fiscal years are as follows (in thousands): | ||||
Year Ending December 31, | Amount | |||
2013 | $ | 4,845 | ||
2014 | 14,715 | |||
2015 | 13,580 | |||
2016 | 11,308 | |||
2017 | 6,438 | |||
Thereafter | 6,150 | |||
Total | $ | 57,036 | ||
Commodities | ||||
As of September 30, 2013 the Company had contracted for future purchases of grain, natural gas, ethanol and distillers grains valued at approximately $188.9 million, $10.8 million, $8.6 million and $19.7 million, respectively. | ||||
Legal | ||||
The Company is currently involved in litigation that has arisen in the ordinary course of business, but it does not believe that any other pending litigation will have a material adverse effect on its financial position, results of operations or cash flows. | ||||
Related_Party_Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
13. RELATED PARTY TRANSACTIONS | |
Commercial Contracts | |
Two subsidiaries of the Company have executed separate financing agreements for equipment with AXIS Capital Inc. Gordon F. Glade, President and Chief Executive Officer of AXIS Capital, is a member of the Company’s Board of Directors. Totals of $0.1 million and $0.2 million were included in debt at September 30, 2013 and December 31, 2012, respectively, under these financing arrangements. Payments, including principal and interest, totaled $37 thousand and $0.1 million during the three and nine months ended September 30, 2013, respectively, and $37 thousand and $0.2 million during the three and nine months ended September 30, 2012, respectively, and the weighted average interest rate for all financing agreements with AXIS Capital was 6.1%. | |
The Company has entered into ethanol purchase and sale agreements with Center Oil Company. Gary R. Parker, President and Chief Executive Officer of Center Oil, is a member of the Company’s Board of Directors. During the three and nine months ended September 30, 2013 cash receipts from Center Oil totaled $1.3 million and $1.9 million, respectively, and cash payments to Center Oil totaled $3.0 million and $5.6 million for the same periods, respectively, on these contracts. During the three and nine months ended September 30, 2012, cash receipts from Center Oil totaled $12.0 million and $15.7 million, respectively, and cash payments to Center Oil totaled $3.4 million and $4.5 million for the same periods, respectively, on these contracts. In October 2011, the Company also entered into an operating lease agreement with Center Oil in which the Company will pay $42 thousand per month for the lease of 35 railcars. The agreement was effective through October 14, 2013 and was not renewed. The Company had $0.5 million included in accounts payable, net of outstanding receivables, and $14 thousand included in accounts receivable, net of outstanding payables, from Center Oil at September 30, 2013 and December 31, 2012, respectively. | |
Aircraft Lease | |
The Company has entered into an agreement with Hoovestol Inc. for the lease of an aircraft. Wayne B. Hoovestol, President of Hoovestol Inc., is Chairman of the Company’s Board of Directors. The Company has agreed to pay $6,667 per month for use of up to 100 hours per year of the aircraft. Any flight time in excess of 100 hours per year will incur additional hourly-based charges. During the three and nine months ended September 30, 2013, payments related to this lease totaled $30 thousand and $104 thousand, respectively, and during the three and nine months ended September 30, 2012, payments related to this lease totaled $25 thousand and $90 thousand, respectively. The Company had $2 thousand in accounts payable to Hoovestol Inc. at September 30, 2013 and did not have any accounts payables to Hoovestol Inc. at December 31, 2012. | |
Basis_Of_Presentation_And_Desc
Basis Of Presentation And Description Of Business And Summary Of Significant Accounting Policies (Policy) | 9 Months Ended |
Sep. 30, 2013 | |
Basis Of Presentation, Description Of Business And Summary Of Significant Accounting Policies [Abstract] | ' |
Consolidated Financial Statements | ' |
Consolidated Financial Statements | |
The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and entities which it controls. All significant intercompany balances and transactions have been eliminated on a consolidated basis for reporting purposes. Unconsolidated entities are included in the financial statements on an equity basis. Results for the interim periods presented are not necessarily indicative of results to be expected for the entire year. | |
The accompanying unaudited consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles, or GAAP, for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The consolidated financial statements should be read in conjunction with the Company’s annual report on Form 10-K for the year ended December 31, 2012. | |
The unaudited financial information reflects all adjustments which are, in the opinion of management, necessary for a fair presentation of the results of operations, financial position and cash flows for the periods presented. The adjustments are of a normal recurring nature, except as otherwise noted. | |
Use Of Estimates In The Preparation Of Consolidated Financial Statements | ' |
Use of Estimates in the Preparation of Consolidated Financial Statements | |
The preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Description Of Business | ' |
Description of Business | |
Green Plains is North America’s fourth largest ethanol producer. The Company operates its business within four segments: (1) production of ethanol and distillers grains, collectively referred to as ethanol production, (2) corn oil production, (3) grain handling and storage, collectively referred to as agribusiness, and (4) marketing and logistics services for Company-produced and third-party ethanol, distillers grains, corn oil and other commodities, and the operation of blending and terminaling facilities, collectively referred to as marketing and distribution. Additionally, the Company is a partner in a joint venture that was formed to commercialize advanced photo-bioreactor technologies for the growing and harvesting of algal biomass. | |
Revenue Recognition | ' |
Revenue Recognition | |
The Company recognizes revenue when all of the following criteria are satisfied: persuasive evidence of an arrangement exists; risk of loss and title transfer to the customer; the price is fixed and determinable; and collectability is reasonably assured. | |
For sales of ethanol, distillers grains and other commodities by the Company’s marketing business, revenue is recognized when title to the product and risk of loss transfer to an external customer. Revenues related to marketing operations for third parties are recorded on a gross basis as the Company takes title to the product and assumes risk of loss. Unearned revenue is reflected on the consolidated balance sheets for goods in transit for which the Company has received payment and title has not been transferred to the customer. Revenues from the Company’s biofuel terminal operations, which include ethanol transload and splash blending services, are recognized as these services are rendered. | |
The Company routinely enters into fixed-price, physical-delivery ethanol sales agreements. In certain instances, the Company intends to settle the transaction by open market purchases of ethanol rather than by delivery from its own production. These transactions are reported net as a component of revenues. Revenues also include realized gains and losses on related derivative financial instruments, ineffectiveness on cash flow hedges, and reclassifications of realized gains and losses on effective cash flow hedges from accumulated other comprehensive income (loss). | |
Sales of agricultural commodities are recognized when title to the product and risk of loss transfer to the customer, which is dependent on the agreed upon sales terms with the customer. These sales terms provide for passage of title either at the time shipment is made or at the time the commodity has been delivered to its destination and final weights, grades and settlement prices have been agreed upon with the customer. Revenues related to grain merchandising are presented gross in the statements of operations with amounts billed for shipping and handling included in revenues and also as a component of cost of goods sold. Revenues from grain storage are recognized as services are rendered. | |
Cost Of Goods Sold | ' |
Cost of Goods Sold | |
Cost of goods sold includes costs for direct labor, materials and certain plant overhead costs. Direct labor includes all compensation and related benefits of non-management personnel involved in the operation of the Company’s ethanol plants. Grain purchasing and receiving costs, other than labor costs for grain buyers and scale operators, are also included in cost of goods sold. Direct materials consist of the costs of corn feedstock, denaturant, and process chemicals. Corn feedstock costs include unrealized gains and losses on related derivative financial instruments not designated as cash flow hedges, inbound freight charges, inspection costs and transfer costs. Corn feedstock costs also include realized gains and losses on related derivative financial instruments, ineffectiveness on cash flow hedges, and reclassifications of realized gains and losses on effective cash flow hedges from accumulated other comprehensive income (loss). Plant overhead costs primarily consist of plant utilities, plant depreciation and outbound freight charges. Shipping costs incurred directly by the Company, including railcar lease costs, are also reflected in cost of goods sold. | |
The Company uses exchange-traded futures and options contracts to minimize the effects of changes in the prices of agricultural commodities on its agribusiness segment’s grain inventories and forward purchase and sales contracts. Exchange-traded futures and options contracts are valued at quoted market prices. Grain inventories held for sale, forward purchase contracts and forward sale contracts in the agribusiness segment are valued at market prices, where available, or other market quotes adjusted for differences, primarily transportation, between the exchange-traded market and the local markets on which the terms of the contracts are based. Changes in the fair value of grain inventories held for sale, forward purchase and sale contracts, and exchange-traded futures and options contracts in the agribusiness segment, are recognized in earnings as a component of cost of goods sold. These contracts are predominantly settled in cash. The Company is exposed to loss in the event of non-performance by the counter-party to forward purchase and forward sales contracts. | |
Derivative Financial Instruments | ' |
Derivative Financial Instruments | |
To minimize the risk and the effects of the volatility of commodity price changes primarily related to corn, ethanol and natural gas, the Company uses various derivative financial instruments, including exchange-traded futures, and exchange-traded and over-the-counter options contracts. The Company monitors and manages this exposure as part of its overall risk management policy. As such, the Company seeks to reduce the potentially adverse effects that the volatility of these markets may have on its operating results. The Company may take hedging positions in these commodities as one way to mitigate risk. While the Company attempts to link its hedging activities to purchase and sales activities, there are situations in which these hedging activities can themselves result in losses. | |
By using derivatives to hedge exposures to changes in commodity prices, the Company has exposures on these derivatives to credit and market risk. The Company is exposed to credit risk that the counterparty might fail to fulfill its performance obligations under the terms of the derivative contract. The Company minimizes its credit risk by entering into transactions with high quality counterparties, limiting the amount of financial exposure it has with each counterparty and monitoring the financial condition of its counterparties. Market risk is the risk that the value of the financial instrument might be adversely affected by a change in commodity prices or interest rates. The Company manages market risk by incorporating monitoring parameters within its risk management strategy that limit the types of derivative instruments and derivative strategies the Company uses, and the degree of market risk that may be undertaken by the use of derivative instruments. | |
The Company evaluates its contracts that involve physical delivery to determine whether they may qualify for the normal purchases or normal sales exemption and are expected to be used or sold over a reasonable period in the normal course of business. Any contracts that do not meet the normal purchase or sales criteria are recorded at fair value with the change in fair value recorded in operating income unless the contracts qualify for, and the Company elects, hedge accounting treatment. | |
Certain qualifying derivatives within the ethanol production segment are designated as cash flow hedges. Prior to entering into cash flow hedges, the Company evaluates the derivative instrument to ascertain its effectiveness. For cash flow hedges, any ineffectiveness is recognized in current period results, while other unrealized gains and losses are reflected in accumulated other comprehensive income until gains and losses from the underlying hedged transaction are realized. In the event that it becomes probable that a forecasted transaction will not occur, the Company would discontinue cash flow hedge treatment, which would affect earnings. These derivative financial instruments are recognized in current assets or other current liabilities at fair value. | |
At times, the Company hedges its exposures to changes in the value of inventories and designates certain qualifying derivatives as fair value hedges. The carrying amount of the hedged inventory is adjusted through current period results for changes in the fair value arising from changes in underlying prices. Any ineffectiveness is recognized in current period results to the extent that the change in the fair value of the inventory is not offset by the change in the fair value of the derivative. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
Effective January 1, 2013, the Company adopted the amended guidance in ASC Topic 210, Balance Sheet. The amended guidance addresses disclosure of offsetting financial assets and liabilities. It requires entities to add disclosures showing both gross and net information about instruments and transactions eligible for offset in the balance sheet and instruments and transactions subject to an agreement similar to a master netting arrangement. The updated disclosures have been implemented retrospectively and do not impact the Company’s financial position or results of operations. | |
Effective January 1, 2013, the Company adopted the amended guidance in ASC Topic 220, Comprehensive Income. The amended guidance requires entities to disclose additional information about reclassification adjustments, including (1) changes in accumulated other comprehensive income by component and (2) significant items reclassified out of accumulated other comprehensive income by presenting the amount reclassified and the individual income statement line items affected. The updated disclosures have been implemented prospectively and do not impact our financial position or results of operations. Refer to Note 10, Stockholders’ Equity, for expanded disclosures. | |
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||
Schedule Of Assets And Liabilities Fair Value | ' | |||||||||||
Fair Value Measurements at September 30, 2013 | ||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Reclassification for Balance Sheet | ||||||||||
(Level 1) | (Level 2) | Presentation | Total | |||||||||
Assets: | ||||||||||||
Cash and cash equivalents | $ | 334,509 | $ | - | $ | - | $ | 334,509 | ||||
Restricted cash | 27,626 | - | - | 27,626 | ||||||||
Margin deposits | 28,290 | - | -28,290 | - | ||||||||
Inventories carried at market | - | 90 | - | 90 | ||||||||
Derivative financial instruments | 2,690 | 8,603 | 15,079 | 26,372 | ||||||||
Other assets (1) | 2,200 | - | - | 2,200 | ||||||||
Total assets measured at fair value | $ | 395,315 | $ | 8,693 | $ | -13,211 | $ | 390,797 | ||||
Liabilities: | ||||||||||||
Derivative financial instruments | $ | 13,211 | $ | 4,972 | $ | -13,211 | $ | 4,972 | ||||
Other | 93 | - | - | 93 | ||||||||
Total liabilities measured at fair value | $ | 13,304 | $ | 4,972 | $ | -13,211 | $ | 5,065 | ||||
(1) Represents long-term restricted cash related to the $22.0 million revenue bond of Green Plains Bluffton. | ||||||||||||
Fair Value Measurements at December 31, 2012 | ||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Reclassification for Balance Sheet | ||||||||||
(Level 1) | (Level 2) | Presentation | Total | |||||||||
Assets: | ||||||||||||
Cash and cash equivalents | $ | 254,289 | $ | - | $ | - | $ | 254,289 | ||||
Restricted cash | 25,815 | - | - | 25,815 | ||||||||
Margin deposits | 12,847 | - | -12,847 | - | ||||||||
Inventories carried at market | - | 61,763 | - | 61,763 | ||||||||
Derivative financial instruments | 7,337 | 3,254 | 10,347 | 20,938 | ||||||||
Other assets (1) | 2,200 | - | - | 2,200 | ||||||||
Total assets measured at fair value | $ | 302,488 | $ | 65,017 | $ | -2,500 | $ | 365,005 | ||||
Liabilities: | ||||||||||||
Derivative financial instruments | $ | 2,544 | $ | 2,103 | $ | -2,500 | $ | 2,147 | ||||
Other | 107 | - | - | 107 | ||||||||
Total liabilities measured at fair value | $ | 2,651 | $ | 2,103 | $ | -2,500 | $ | 2,254 | ||||
(1) Represents long-term restricted cash related to the $22.0 million revenue bond of Green Plains Bluffton. | ||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Segment Information [Abstract] | ' | |||||||||||
Summary Of Financial Data | ' | |||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Revenues: | ||||||||||||
Ethanol production: | ||||||||||||
Revenues from external customers | $ | 39,766 | $ | 52,982 | $ | 118,511 | $ | 149,115 | ||||
Intersegment revenues | 477,103 | 439,917 | 1,437,821 | 1,268,851 | ||||||||
Total segment revenues | 516,869 | 492,899 | 1,556,332 | 1,417,966 | ||||||||
Corn oil production: | ||||||||||||
Revenues from external customers | - | 1 | - | 518 | ||||||||
Intersegment revenues | 17,290 | 14,530 | 49,304 | 43,003 | ||||||||
Total segment revenues | 17,290 | 14,531 | 49,304 | 43,521 | ||||||||
Agribusiness: | ||||||||||||
Revenues from external customers | 5,055 | 125,446 | 43,178 | 300,051 | ||||||||
Intersegment revenues | 274,100 | 50,254 | 498,189 | 134,725 | ||||||||
Total segment revenues | 279,155 | 175,700 | 541,367 | 434,776 | ||||||||
Marketing and distribution: | ||||||||||||
Revenues from external customers | 713,150 | 768,984 | 2,166,453 | 2,143,479 | ||||||||
Intersegment revenues | 9,629 | 111 | 13,042 | 302 | ||||||||
Total segment revenues | 722,779 | 769,095 | 2,179,495 | 2,143,781 | ||||||||
Revenues including intersegment activity | 1,536,093 | 1,452,225 | 4,326,498 | 4,040,044 | ||||||||
Intersegment eliminations | -778,122 | -504,812 | -1,998,356 | -1,446,881 | ||||||||
Revenues as reported | $ | 757,971 | $ | 947,413 | $ | 2,328,142 | $ | 2,593,163 | ||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Gross profit (loss): | ||||||||||||
Ethanol production | $ | 22,269 | $ | -3,701 | $ | 34,228 | $ | -20,610 | ||||
Corn oil production | 9,649 | 7,865 | 25,431 | 25,205 | ||||||||
Agribusiness | 815 | 12,513 | 2,986 | 27,357 | ||||||||
Marketing and distribution | 8,615 | 10,980 | 39,074 | 21,769 | ||||||||
Intersegment eliminations | -324 | 240 | -871 | 1,079 | ||||||||
$ | 41,024 | $ | 27,897 | $ | 100,848 | $ | 54,800 | |||||
Operating income (loss): | ||||||||||||
Ethanol production | $ | 17,851 | $ | -7,520 | $ | 22,508 | $ | -32,435 | ||||
Corn oil production | 9,596 | 7,811 | 25,226 | 25,011 | ||||||||
Agribusiness | 163 | 5,849 | 781 | 8,916 | ||||||||
Marketing and distribution | 4,456 | 7,162 | 26,654 | 10,546 | ||||||||
Intersegment eliminations | -324 | 240 | -826 | 1,113 | ||||||||
Corporate activities | -6,208 | -4,918 | -17,543 | -16,701 | ||||||||
$ | 25,534 | $ | 8,624 | $ | 56,800 | $ | -3,550 | |||||
Schedule Of Revenues By Product | ' | |||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Revenues: | ||||||||||||
Ethanol | $ | 595,152 | $ | 672,177 | $ | 1,798,297 | $ | 1,887,376 | ||||
Distillers grains | 110,426 | 111,432 | 364,866 | 310,962 | ||||||||
Corn oil | 19,375 | 15,255 | 53,749 | 44,041 | ||||||||
Grain | 23,081 | 113,567 | 78,703 | 252,490 | ||||||||
Agronomy products | 83 | 10,294 | 183 | 42,612 | ||||||||
Other | 9,854 | 24,688 | 32,344 | 55,682 | ||||||||
$ | 757,971 | $ | 947,413 | $ | 2,328,142 | $ | 2,593,163 | |||||
Summary Of Total Assets For Operating Segments | ' | |||||||||||
September 30, | December 31, | |||||||||||
2013 | 2012 | |||||||||||
Total assets: | ||||||||||||
Ethanol production | $ | 814,178 | $ | 831,939 | ||||||||
Corn oil production | 27,737 | 27,751 | ||||||||||
Agribusiness | 66,769 | 179,930 | ||||||||||
Marketing and distribution | 252,514 | 184,541 | ||||||||||
Corporate assets | 223,147 | 150,797 | ||||||||||
Intersegment eliminations | -1,213 | -25,224 | ||||||||||
$ | 1,383,132 | $ | 1,349,734 | |||||||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Inventories [Abstract] | ' | |||||
Schedule Of Inventories | ' | |||||
September 30, | December 31, | |||||
2013 | 2012 | |||||
Finished goods | $ | 63,143 | $ | 58,080 | ||
Grain held for sale | 90 | 61,763 | ||||
Raw materials | 28,327 | 28,494 | ||||
Work-in-process | 12,508 | 13,326 | ||||
Supplies and parts | 12,030 | 10,346 | ||||
$ | 116,098 | $ | 172,009 | |||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Schedule Of Fair Values Of Derivative Financial Instruments | ' | ||||||||||||
Asset Derivatives' | Liability Derivatives' | ||||||||||||
Fair Value | Fair Value | ||||||||||||
September 30, | December 31, | September 30, | December 31, | ||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Derivative financial instruments (1) | $ | -1,918 | -2 | $ | 8,091 | -3 | $ | - | $ | - | |||
Accrued and other liabilities | - | - | 4,972 | 2,103 | |||||||||
Other liabilities | - | - | - | 44 | |||||||||
Total | $ | -1,918 | $ | 8,091 | $ | 4,972 | $ | 2,147 | |||||
(1) Derivative financial instruments as reflected on the consolidated balance sheets are net of related margin deposit assets of $28.3 million and $12.8 million at September 30, 2013 and December 31, 2012, respectively. | |||||||||||||
(2) Balance at September 30, 2013 includes $8.6 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments. | |||||||||||||
(3)Balance at December 31, 2012 includes $2.1 million of net unrealized gains on derivative financial instruments designated as cash flow hedging instruments. | |||||||||||||
Schedule of Effective Portion of Cash Flow Hedges Recognized In Other Comprehensive Income (Loss) | ' | ||||||||||||
Effective Portion of Cash Flow | Three Months Ended | Nine Months Ended | |||||||||||
Hedges Recognized in | September 30, | September 30, | |||||||||||
Other Comprehensive Income (Loss) | 2013 | 2012 | 2013 | 2012 | |||||||||
Commodity Contracts | $ | -15,399 | $ | 26,497 | $ | -62,429 | $ | 45,538 | |||||
Schedule Of Gains (Losses) On Derivative Instruments Not Designated In Hedging Relationship [Member] | ' | ||||||||||||
Schedule Of Gains (Losses) On Derivative Instruments Not Designated In Hedging Relationship | ' | ||||||||||||
Gains (Losses) on Derivative Instruments Not | Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | ||||||||||||
Designated in a Hedging Relationship | 2013 | 2012 | 2013 | 2012 | |||||||||
Revenues | $ | -2,241 | $ | -10,190 | $ | -16,724 | $ | -11,469 | |||||
Cost of goods sold | 2,982 | -6,255 | 14,189 | -10,580 | |||||||||
Net increase (decrease) recognized in earnings before tax | $ | 741 | $ | -16,445 | $ | -2,535 | $ | -22,049 | |||||
Schedule Of Gain (Loss) Due To Ineffectiveness Of Cash Flow Hedges [Member] | ' | ||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | ' | ||||||||||||
Gain (Loss) Due to Ineffectiveness | Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | ||||||||||||
of Cash Flow Hedges | 2013 | 2012 | 2013 | 2012 | |||||||||
Revenues | $ | 53 | $ | -22 | $ | 26 | $ | -10 | |||||
Cost of goods sold | -410 | -405 | -434 | -29 | |||||||||
Net decrease recognized in earnings before tax | $ | -357 | $ | -427 | $ | -408 | $ | -39 | |||||
Schedule Of Gains (Losses) Reclassified From Accumulated Other Comprehensive Income (Loss) Into Net Income (Loss) [Member] | ' | ||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | ' | ||||||||||||
Gains (Losses) Reclassified from Accumulated | Three Months Ended | Nine Months Ended | |||||||||||
Other Comprehensive Income (Loss) | September 30, | September 30, | |||||||||||
into Net Income (Loss) | 2013 | 2012 | 2013 | 2012 | |||||||||
Revenues | $ | -11,642 | $ | -1,994 | $ | -45,862 | $ | 1,563 | |||||
Cost of goods sold | -5,058 | 13,291 | -11,925 | 7,939 | |||||||||
Net increase (decrease) recognized in earnings before tax | $ | -16,700 | $ | 11,297 | $ | -57,787 | $ | 9,502 | |||||
Schedule Of Volumes of Open Commodity Derivative Positions [Member] | ' | ||||||||||||
Schedule Of Open Positition Derivative Financial Instruments | ' | ||||||||||||
30-Sep-13 | |||||||||||||
Exchange Traded | Non-Exchange Traded | ||||||||||||
Derivative Instruments | Net Long & (Short) (1) | Long (2) | (Short) (2) | Unit of Measure | Commodity | ||||||||
Futures | 280 | Bushels | Corn, Soybeans and Wheat | ||||||||||
Futures | 28,915 | -3 | Bushels | Corn | |||||||||
Futures | -1,218 | Gallons | Ethanol | ||||||||||
Futures | -135,366 | -3 | Gallons | Ethanol | |||||||||
Options | -11,362 | Bushels | Corn, Soybeans and Wheat | ||||||||||
Options | -8,630 | Gallons | Ethanol | ||||||||||
Forwards | 4,724 | -3,921 | Bushels | Corn and Soybeans | |||||||||
Forwards | 8,331 | -160,889 | Gallons | Ethanol | |||||||||
Forwards | 107 | -188 | Tons | Distillers Grains | |||||||||
Forwards | 528 | -57,648 | Pounds | Corn Oil | |||||||||
-1 | Exchange traded futures and options are presented on a net long and (short) position basis. Options are presented on a delta-adjusted basis. | ||||||||||||
-2 | Non-exchange traded forwards are presented on a gross long and (short) position basis including both fixed-price and basis contracts. | ||||||||||||
-3 | Futures used for cash flow hedges. | ||||||||||||
Schedule Of Equity Trading Contracts Not Involving Physical Delivery Revenue And Cost Of Goods Sold [Member] | ' | ||||||||||||
Schedule Of Gains (Losses) On Derivative Instruments Not Designated In Hedging Relationship | ' | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Revenues | $ | 13,915 | $ | 18,285 | $ | 23,676 | $ | 30,848 | |||||
Cost of goods sold | 14,028 | 17,521 | 23,626 | 30,013 | |||||||||
Debt_Tables
Debt (Tables) | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Debt Instrument [Line Items] | ' | |||||
Schedule Of The Components Of Long-Term Debt | ' | |||||
September 30, | December 31, | |||||
2013 | 2012 | |||||
Green Plains Bluffton: | ||||||
$70.0 million term loan | $ | 27,395 | $ | 41,018 | ||
$20.0 million revolving term loan | 20,000 | 20,000 | ||||
$22.0 million revenue bond | 15,780 | 17,510 | ||||
Green Plains Central City: | ||||||
$55.0 million term loan | 34,512 | 38,635 | ||||
$30.5 million revolving term loan | 28,639 | 28,639 | ||||
$11.0 million revolving line of credit | 10,600 | 10,600 | ||||
Equipment financing loan | 54 | 105 | ||||
Green Plains Holdings II: | ||||||
$26.4 million term loan | 17,414 | 21,914 | ||||
$51.1 million revolving term loan | 42,640 | 45,320 | ||||
Green Plains Obion: | ||||||
$60.0 million term loan | 6,279 | 13,479 | ||||
$37.4 million revolving term loan | 37,400 | 37,400 | ||||
Equipment financing loan | 179 | 334 | ||||
Economic development grant | 1,268 | 1,335 | ||||
Green Plains Ord: | ||||||
$25.0 million term loan | 15,789 | 17,675 | ||||
$13.0 million revolving term loan | 12,151 | 12,151 | ||||
$5.0 million revolving line of credit | 4,749 | 4,749 | ||||
Green Plains Otter Tail: | ||||||
$30.3 million term loan | 19,190 | 22,791 | ||||
$4.7 million revolver | 4,675 | 4,675 | ||||
$19.2 million note payable | 19,116 | 19,014 | ||||
Capital lease payable | - | 53 | ||||
Green Plains Shenandoah: | ||||||
$17.0 million revolving term loan | 16,000 | 17,000 | ||||
Green Plains Superior: | ||||||
$40.0 million term loan | 11,125 | 15,250 | ||||
$10.0 million revolving term loan | 10,000 | 10,000 | ||||
Equipment financing loan | 36 | 89 | ||||
Corporate: | ||||||
$90.0 million convertible notes | 90,000 | 90,000 | ||||
$120.0 million convertible notes | 95,538 | - | ||||
Notes payable | - | 1,625 | ||||
Capital lease | 243 | 403 | ||||
Other | 10,000 | 211 | ||||
Total long-term debt | 550,772 | 491,975 | ||||
Less: current portion of long-term debt | -62,846 | -129,426 | ||||
Long-term debt | $ | 487,926 | $ | 362,549 | ||
Term Loan [Member] | ' | |||||
Debt Instrument [Line Items] | ' | |||||
Schedule Of Principal Payments Of Long-Term Debt | ' | |||||
• | Green Plains Bluffton | $0.3 million per month | ||||
• | Green Plains Central City | $0.5 million per month | ||||
• | Green Plains Holdings II | $1.5 million per quarter | ||||
• | Green Plains Obion | $2.4 million per quarter | ||||
• | Green Plains Ord | $0.2 million per month | ||||
• | Green Plains Otter Tail | $0.4 million per month | ||||
• | Green Plains Superior | $1.4 million per quarter | ||||
Schedule Of Maturities Of Long-Term Debt | ' | |||||
• | Green Plains Bluffton | 31-Jan-15 | ||||
• | Green Plains Central City | 1-Jul-16 | ||||
• | Green Plains Holdings II | 1-Jul-16 | ||||
• | Green Plains Obion | 20-May-14 | ||||
• | Green Plains Ord | 1-Jul-16 | ||||
• | Green Plains Otter Tail | 1-Sep-18 | ||||
• | Green Plains Superior | 20-Jul-15 | ||||
Revolving Term Loans [Member] | ' | |||||
Debt Instrument [Line Items] | ' | |||||
Schedule Of Maturities Of Long-Term Debt | ' | |||||
• | Green Plains Bluffton | 31-Jan-15 | ||||
• | Green Plains Central City | 1-Jul-16 | ||||
• | Green Plains Holdings II | 1-Oct-18 | ||||
• | Green Plains Obion | 1-Jun-18 | ||||
• | Green Plains Ord | 1-Jul-16 | ||||
• | Green Plains Shenandoah | 1-Mar-18 | ||||
• | Green Plains Superior | 1-Jul-17 | ||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Stock-Based Compensation [Abstract] | ' | |||||||||
Schedule Of Stock Option Activity | ' | |||||||||
Shares | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value (in thousands) | |||||||
Outstanding at December 31, 2012 | 726,750 | $ | 10.10 | 4.3 | $ | 625 | ||||
Granted | - | - | ||||||||
Exercised | -95,000 | 6.28 | 576 | |||||||
Forfeited | - | - | ||||||||
Expired | - | - | ||||||||
Outstanding at September 30, 2013 | 631,750 | $ | 10.67 | 3.7 | $ | 3,623 | ||||
Exercisable at September 30, 2013 (1) | 631,750 | $ | 10.67 | 3.7 | $ | 3,623 | ||||
(1) Includes in-the-money options totaling 520,750 shares at a weighted-average exercise price of $8.95. | ||||||||||
Schedule Of Non-Vested Stock Award And DSU Activity | ' | |||||||||
Non-Vested Shares and Deferred Stock Units | Weighted-Average Grant-Date Fair Value | Weighted-Average Remaining Vesting Term | ||||||||
(in years) | ||||||||||
Nonvested at December 31, 2012 | 628,090 | $ | 11.41 | |||||||
Granted | 565,651 | 9.60 | ||||||||
Forfeited | -5,358 | 9.80 | ||||||||
Vested | -455,683 | 10.88 | ||||||||
Nonvested at September 30, 2013 | 732,700 | $ | 10.35 | 1.8 | ||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Schedule Of Basic And Diluted Earnings Per Share | ' | |||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Basic EPS: | ||||||||||||
Net income (loss) attributable to Green Plains | $ | 9,410 | $ | -1,002 | $ | 17,930 | $ | -21,244 | ||||
Weighted average shares outstanding - basic | 30,204 | 29,655 | 30,100 | 30,499 | ||||||||
Net income (loss) attributable to Green Plains - basic | $ | 0.31 | $ | -0.03 | $ | 0.60 | $ | -0.7 | ||||
Diluted EPS: | ||||||||||||
Net income (loss) attributable to Green Plains | $ | 9,410 | $ | -1,002 | $ | 17,930 | $ | -21,244 | ||||
Interest and amortization on convertible debt, net of tax effect: | ||||||||||||
5.75% Notes due 2015 | 883 | - | 2,643 | - | ||||||||
3.25% Notes due 2018 | 79 | - | 79 | - | ||||||||
Net income (loss) attributable to Green Plains on an if-converted basis | $ | 10,372 | $ | -1,002 | $ | 20,652 | $ | -21,244 | ||||
Weighted average shares outstanding - basic | 30,204 | 29,655 | 30,100 | 30,499 | ||||||||
Effect of dilutive convertible debt: | ||||||||||||
5.75% Notes due 2015 | 6,284 | - | 6,281 | - | ||||||||
3.25% Notes due 2018 | 688 | - | 232 | - | ||||||||
Effect of dilutive warrants | 93 | - | - | - | ||||||||
Effect of dilutive stock-based compensation awards | 214 | - | 205 | - | ||||||||
Total potential shares outstanding | 37,483 | 29,655 | 36,818 | 30,499 | ||||||||
Net income (loss) attributable to Green Plains - diluted | $ | 0.28 | $ | -0.03 | $ | 0.56 | $ | -0.7 | ||||
Stockholders_Equity_Tables
Stockholders Equity (Tables) | 9 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Stockholders Equity [Abstract] | ' | ||||||||||||||
Stockholders Equity | ' | ||||||||||||||
Accum. | |||||||||||||||
Additional | Other | Total | |||||||||||||
Common Stock | Paid-in | Retained | Comp. | Treasury Stock | Stockholders' | ||||||||||
Shares | Amount | Capital | Earnings | Income | Shares | Amount | Equity | ||||||||
Balance, December 31, 2012 | 36,904 | $ | 37 | $ | 445,198 | $ | 107,540 | $ | 3,535 | 7,200 | $ | -65,808 | $ | 490,502 | |
Net income | - | - | - | 17,930 | - | - | - | 17,930 | |||||||
Cash dividends declared | - | - | - | -1,207 | - | - | - | -1,207 | |||||||
Other comprehensive loss, | |||||||||||||||
net of tax | - | - | - | - | -2,802 | - | - | -2,802 | |||||||
Stock-based compensation | 408 | - | 2,863 | - | - | - | - | 2,863 | |||||||
Stock options exercised | 95 | - | 597 | - | - | - | - | 597 | |||||||
Issuance of 3.25 % notes due | |||||||||||||||
2018, net of tax | - | - | 14,173 | - | - | - | - | 14,173 | |||||||
Balance, September 30, 2013 | 37,407 | $ | 37 | $ | 462,831 | $ | 124,263 | $ | 733 | 7,200 | $ | -65,808 | $ | 522,056 | |
Schedule Of Changes In Accumulated Other Comprehensive Income, Net Of Tax | ' | ||||||||||||||
Accumulated | |||||||||||||||
Other Comp. | |||||||||||||||
Income | |||||||||||||||
Balance, December 31, 2012 | $ | 3,535 | |||||||||||||
Other comprehensive loss before reclassifications | -37,683 | ||||||||||||||
Amounts reclassified from accumulated other | |||||||||||||||
comprehensive loss | 34,881 | ||||||||||||||
Net current period other comprehensive loss | -2,802 | ||||||||||||||
Balance, September 30, 2013 | $ | 733 | |||||||||||||
Reclassification Accumulated Other Comprehensive Income | ' | ||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | Statements of Operations | |||||||||||||
2013 | 2012 | 2013 | 2012 | Classification | |||||||||||
Gains (losses) on cash flow hedges: | |||||||||||||||
Ethanol commodity derivatives | $ | -11,642 | $ | -1,994 | $ | -45,862 | $ | 1,563 | Revenues | ||||||
Corn commodity derivatives | -5,058 | 13,291 | -11,925 | 7,939 | Cost of goods sold | ||||||||||
Total | -16,700 | 11,297 | -57,787 | 9,502 | Income (loss) before income taxes | ||||||||||
Income tax benefit | -6,797 | 4,245 | -22,906 | 3,557 | Income tax expense (benefit) | ||||||||||
Amounts reclassified from accumulated | |||||||||||||||
other comprehensive income (loss) | $ | -9,903 | $ | 7,052 | $ | -34,881 | $ | 5,945 | |||||||
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Commitments And Contingencies [Abstract] | ' | |||
Schedule Of Aggregate Minimum Lease Payments | ' | |||
Year Ending December 31, | Amount | |||
2013 | $ | 4,845 | ||
2014 | 14,715 | |||
2015 | 13,580 | |||
2016 | 11,308 | |||
2017 | 6,438 | |||
Thereafter | 6,150 | |||
Total | $ | 57,036 | ||
Basis_Of_Presentation_And_Desc1
Basis Of Presentation And Description Of Business And Summary Of Significant Accounting Policies (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2013 | |
segment | |
Basis Of Presentation, Description Of Business And Summary Of Significant Accounting Policies [Abstract] | ' |
Number of operating segments | 4 |
Fair_Value_Disclosures_Narrati
Fair Value Disclosures (Narrative) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ' | ' |
Fair value of debt | $676 | $663.30 |
Fair value of accounts receivable | 77 | 80.5 |
Fair value of accounts payable | $85 | $95.60 |
Fair_Value_Disclosures_Schedul
Fair Value Disclosures (Schedule Of Assets And Liabilities Fair Value) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
Assets | ' | ' | ||
Cash and cash equivalents | $334,509,000 | $254,289,000 | ||
Restricted cash | 27,626,000 | 25,815,000 | ||
Inventories carried at market | 90,000 | 61,763,000 | ||
Derivative financial instruments | 26,372,000 | 20,938,000 | ||
Other assets | 2,200,000 | [1] | 2,200,000 | [1] |
Total assets measured at fair value | 390,797,000 | 365,005,000 | ||
Liabilities | ' | ' | ||
Derivative financial instruments | 4,972,000 | 2,147,000 | ||
Other | 93,000 | 107,000 | ||
Total liabilities measured at fair value | 5,065,000 | 2,254,000 | ||
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' | ||
Assets | ' | ' | ||
Cash and cash equivalents | 334,509,000 | 254,289,000 | ||
Restricted cash | 27,626,000 | 25,815,000 | ||
Margin deposits | 28,290,000 | 12,847,000 | ||
Derivative financial instruments | 2,690,000 | 7,337,000 | ||
Other assets | 2,200,000 | [1] | 2,200,000 | [1] |
Total assets measured at fair value | 395,315,000 | 302,488,000 | ||
Liabilities | ' | ' | ||
Derivative financial instruments | 13,211,000 | 2,544,000 | ||
Other | 93,000 | 107,000 | ||
Total liabilities measured at fair value | 13,304,000 | 2,651,000 | ||
Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ||
Assets | ' | ' | ||
Inventories carried at market | 90,000 | 61,763,000 | ||
Derivative financial instruments | 8,603,000 | 3,254,000 | ||
Total assets measured at fair value | 8,693,000 | 65,017,000 | ||
Liabilities | ' | ' | ||
Derivative financial instruments | 4,972,000 | 2,103,000 | ||
Total liabilities measured at fair value | 4,972,000 | 2,103,000 | ||
Reclassification For Balance Sheet Presentation [Member] | ' | ' | ||
Assets | ' | ' | ||
Margin deposits | -28,290,000 | -12,847,000 | ||
Derivative financial instruments | 15,079,000 | 10,347,000 | ||
Total assets measured at fair value | -13,211,000 | -2,500,000 | ||
Liabilities | ' | ' | ||
Derivative financial instruments | -13,211,000 | -2,500,000 | ||
Total liabilities measured at fair value | -13,211,000 | -2,500,000 | ||
Green Plains Bluffton [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Debt instrument amount | $22,000,000 | ' | ||
[1] | (1) Represents long-term restricted cash related to the $22.0 million revenue bond of Green Plains Bluffton. |
Segment_Information_Narrative_
Segment Information (Narrative) (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
item | |
bu | |
segment | |
Number of operating segments | 4 |
Number of grain elevators sold | 12 |
Grain elevator storage capacity, bushels | 32,600,000 |
Percent of agribusiness grain storage capacity | 83.00% |
Green Plains Atkinson [Member] | ' |
Purchase price of acquisition | 15.2 |
Expected Annual Ethanol Production | 50,000,000 |
Ethanol Production [Member] | ' |
Grain Storage Capacity Constructed | 2,400,000 |
Agribusiness [Member] | ' |
Grain Storage Capacity Constructed | 7,000,000 |
Segment_Information_Summary_Of
Segment Information (Summary Of Financial Data) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | $757,971 | $947,413 | $2,328,142 | $2,593,163 |
Gross profit (loss) | 41,024 | 27,897 | 100,848 | 54,800 |
Operating income (loss) | 25,534 | 8,624 | 56,800 | -3,550 |
Revenue From External Customers [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 757,971 | 947,413 | 2,328,142 | 2,593,163 |
Revenue Including Intersegment Activity [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 1,536,093 | 1,452,225 | 4,326,498 | 4,040,044 |
Ethanol Production [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Gross profit (loss) | 22,269 | -3,701 | 34,228 | -20,610 |
Operating income (loss) | 17,851 | -7,520 | 22,508 | -32,435 |
Ethanol Production [Member] | Revenue From External Customers [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 39,766 | 52,982 | 118,511 | 149,115 |
Ethanol Production [Member] | Intersegment Revenue [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 477,103 | 439,917 | 1,437,821 | 1,268,851 |
Ethanol Production [Member] | Revenue Including Intersegment Activity [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 516,869 | 492,899 | 1,556,332 | 1,417,966 |
Corn Oil Production [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Gross profit (loss) | 9,649 | 7,865 | 25,431 | 25,205 |
Operating income (loss) | 9,596 | 7,811 | 25,226 | 25,011 |
Corn Oil Production [Member] | Revenue From External Customers [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | ' | 1 | ' | 518 |
Corn Oil Production [Member] | Intersegment Revenue [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 17,290 | 14,530 | 49,304 | 43,003 |
Corn Oil Production [Member] | Revenue Including Intersegment Activity [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 17,290 | 14,531 | 49,304 | 43,521 |
Agribusiness [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Gross profit (loss) | 815 | 12,513 | 2,986 | 27,357 |
Operating income (loss) | 163 | 5,849 | 781 | 8,916 |
Agribusiness [Member] | Revenue From External Customers [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 5,055 | 125,446 | 43,178 | 300,051 |
Agribusiness [Member] | Intersegment Revenue [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 274,100 | 50,254 | 498,189 | 134,725 |
Agribusiness [Member] | Revenue Including Intersegment Activity [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 279,155 | 175,700 | 541,367 | 434,776 |
Marketing And Distribution [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Gross profit (loss) | 8,615 | 10,980 | 39,074 | 21,769 |
Operating income (loss) | 4,456 | 7,162 | 26,654 | 10,546 |
Marketing And Distribution [Member] | Revenue From External Customers [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 713,150 | 768,984 | 2,166,453 | 2,143,479 |
Marketing And Distribution [Member] | Intersegment Revenue [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 9,629 | 111 | 13,042 | 302 |
Marketing And Distribution [Member] | Revenue Including Intersegment Activity [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 722,779 | 769,095 | 2,179,495 | 2,143,781 |
Intersegment Eliminations [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Gross profit (loss) | -324 | 240 | -871 | 1,079 |
Operating income (loss) | -324 | 240 | -826 | 1,113 |
Intersegment Eliminations [Member] | Intersegment Revenue [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | -778,122 | -504,812 | -1,998,356 | -1,446,881 |
Corporate Activities [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating income (loss) | ($6,208) | ($4,918) | ($17,543) | ($16,701) |
Segment_Information_Schedule_O
Segment Information (Schedule Of Revenues By Product) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | $757,971 | $947,413 | $2,328,142 | $2,593,163 |
Ethanol [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 595,152 | 672,177 | 1,798,297 | 1,887,376 |
Distillers Grains [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 110,426 | 111,432 | 364,866 | 310,962 |
Corn Oil [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 19,375 | 15,255 | 53,749 | 44,041 |
Grain [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 23,081 | 113,567 | 78,703 | 252,490 |
Agronomy Products [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 83 | 10,294 | 183 | 42,612 |
Other [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | $9,854 | $24,688 | $32,344 | $55,682 |
Segment_Information_Summary_Of1
Segment Information (Summary Of Total Assets For Operating Segments) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Total assets | $1,383,132 | $1,349,734 |
Ethanol Production [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 814,178 | 831,939 |
Corn Oil Production [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 27,737 | 27,751 |
Agribusiness [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 66,769 | 179,930 |
Marketing And Distribution [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 252,514 | 184,541 |
Corporate Assets [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 223,147 | 150,797 |
Intersegment Eliminations [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | ($1,213) | ($25,224) |
Inventories_Schedule_Of_Invent
Inventories (Schedule Of Inventories) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Finished goods | $63,143 | $58,080 |
Grain held for sale | 90 | 61,763 |
Raw materials | 28,327 | 28,494 |
Work-in-process | 12,508 | 13,326 |
Supplies and parts | 12,030 | 10,346 |
Inventories | $116,098 | $172,009 |
Goodwill_Details
Goodwill (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Goodwill [Line Items] | ' | ' |
Goodwill | $40,877 | $40,877 |
Ethanol Production [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 30,300 | ' |
Marketing And Distribution [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | $10,600 | ' |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Narrative) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivative Financial Instruments [Abstract] | ' | ' |
Accumulated other comprehensive income | $733 | $3,535 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Schedule Of Fair Values Of Derivative Financial Instruments) (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2013 | Dec. 31, 2012 | |||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Asset Derivatives, Fair Value | ($1,918,000) | $8,091,000 | ||
Liability Derivatives, Fair Value | 4,972,000 | 2,147,000 | ||
Margin deposit asset | 28,300,000 | 12,800,000 | ||
Net unrealized gains on cash flow hedges | 8,600,000 | 2,100,000 | ||
Derivative Financial Instruments [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Asset Derivatives, Fair Value | -1,918,000 | [1],[2] | 8,091,000 | [1],[3] |
Accrued And Other Liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Liability Derivatives, Fair Value | 4,972,000 | 2,103,000 | ||
Other Liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Liability Derivatives, Fair Value | ' | $44,000 | ||
[1] | Derivative financial instruments as reflected on the consolidated balance sheets are net of related margin deposit assets of $28.3 million and $12.8 million at September 30, 2013 and December 31, 2012, respectively. | |||
[2] | Balance at September 30, 2013 includes $8.6 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments. | |||
[3] | Balance at December 31, 2012 includes $2.1 million of net unrealized gains on derivative financial instruments designated as cash flow hedging instruments. |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Schedule Of Gain Or Loss Recognized In Income And Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gains (Losses) on Derivative Instruments Not Designated in a Hedging Relationship | $741 | ($16,445) | ($2,535) | ($22,049) |
Gain (Loss) Due to Ineffectiveness of Cash Flow Hedges | -357 | -427 | -408 | -39 |
Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Net Income (Loss) | -16,700 | 11,297 | -57,787 | 9,502 |
Revenue [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gains (Losses) on Derivative Instruments Not Designated in a Hedging Relationship | -2,241 | -10,190 | -16,724 | -11,469 |
Gain (Loss) Due to Ineffectiveness of Cash Flow Hedges | 53 | -22 | 26 | -10 |
Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Net Income (Loss) | -11,642 | -1,994 | -45,862 | 1,563 |
Cost Of Goods Sold [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gains (Losses) on Derivative Instruments Not Designated in a Hedging Relationship | 2,982 | -6,255 | 14,189 | -10,580 |
Gain (Loss) Due to Ineffectiveness of Cash Flow Hedges | -410 | -405 | -434 | -29 |
Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Net Income (Loss) | ($5,058) | $13,291 | ($11,925) | $7,939 |
Derivative_Financial_Instrumen5
Derivative Financial Instruments (Commodity Contracts) (Details) (Commodity Contracts [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Commodity Contracts [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Effective Portion of Cash Flow Hedges Recognized in Other Comprehensive Income (Loss) | ($15,399) | $26,497 | ($62,429) | $45,538 |
Derivative_Financial_Instrumen6
Derivative Financial Instruments (Schedule Of Volumes Of Open Commodity Derivative Positions) (Details) | Sep. 30, 2013 | |
contract | ||
Futures [Member] | Exchange Traded Net Long & Short [Member] | Corn In Bushels [Member] | Cash Flow Hedges [Member] | ' | |
Derivative [Line Items] | ' | |
Volumes of open commodity derivatives | 28,915,000 | [1],[2] |
Futures [Member] | Exchange Traded Net Long & Short [Member] | Ethanol In Gallons [Member] | ' | |
Derivative [Line Items] | ' | |
Volumes of open commodity derivatives | -1,218,000 | [1] |
Futures [Member] | Exchange Traded Net Long & Short [Member] | Ethanol In Gallons [Member] | Cash Flow Hedges [Member] | ' | |
Derivative [Line Items] | ' | |
Volumes of open commodity derivatives | -135,366,000 | [1],[2] |
Futures [Member] | Exchange Traded Net Long & Short [Member] | Corn, Soybeans And Wheat In Bushels [Member] | ' | |
Derivative [Line Items] | ' | |
Volumes of open commodity derivatives | 280,000 | [1] |
Options [Member] | Exchange Traded Net Long & Short [Member] | Ethanol In Gallons [Member] | ' | |
Derivative [Line Items] | ' | |
Volumes of open commodity derivatives | -8,630,000 | [1] |
Options [Member] | Exchange Traded Net Long & Short [Member] | Corn, Soybeans And Wheat In Bushels [Member] | ' | |
Derivative [Line Items] | ' | |
Volumes of open commodity derivatives | -11,362,000 | [1] |
Forwards [Member] | Non-Exchange Traded Long [Member] | Corn And Soybeans In Bushels [Member] | ' | |
Derivative [Line Items] | ' | |
Volumes of open commodity derivatives | 4,724,000 | [3] |
Forwards [Member] | Non-Exchange Traded Long [Member] | Ethanol In Gallons [Member] | ' | |
Derivative [Line Items] | ' | |
Volumes of open commodity derivatives | 8,331,000 | [3] |
Forwards [Member] | Non-Exchange Traded Long [Member] | Distillers Grains In Tons [Member] | ' | |
Derivative [Line Items] | ' | |
Volumes of open commodity derivatives | 107,000 | [3] |
Forwards [Member] | Non-Exchange Traded Long [Member] | Corn Oil in Pounds [Member] | ' | |
Derivative [Line Items] | ' | |
Volumes of open commodity derivatives | 528,000 | [3] |
Forwards [Member] | Non-Exchange Traded Short [Member] | Corn And Soybeans In Bushels [Member] | ' | |
Derivative [Line Items] | ' | |
Volumes of open commodity derivatives | -3,921,000 | [3] |
Forwards [Member] | Non-Exchange Traded Short [Member] | Ethanol In Gallons [Member] | ' | |
Derivative [Line Items] | ' | |
Volumes of open commodity derivatives | -160,889,000 | [3] |
Forwards [Member] | Non-Exchange Traded Short [Member] | Distillers Grains In Tons [Member] | ' | |
Derivative [Line Items] | ' | |
Volumes of open commodity derivatives | -188,000 | [3] |
Forwards [Member] | Non-Exchange Traded Short [Member] | Corn Oil in Pounds [Member] | ' | |
Derivative [Line Items] | ' | |
Volumes of open commodity derivatives | -57,648,000 | [3] |
[1] | Exchange traded futures and options are presented on a net long and (short) position basis. Options are presented on a delta-adjusted basis. | |
[2] | Futures used for cash flow hedges. | |
[3] | Non-exchange traded forwards are presented on a gross long and (short) position basis including both fixed-price and basis contracts. |
Derivative_Financial_Instrumen7
Derivative Financial Instruments (Schedule Of Revenues And Cost Of Goods Sold) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenue [Member] | ' | ' | ' | ' |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' | ' | ' |
Net in revenue | $13,915 | $18,285 | $23,676 | $30,848 |
Cost Of Goods Sold [Member] | ' | ' | ' | ' |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' | ' | ' |
Net in revenue | $14,028 | $17,521 | $23,626 | $30,013 |
Debt_Narrative_Ethanol_Product
Debt (Narrative - Ethanol Production Segment) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Green Plains Bluffton [Member] | Green Plains Bluffton [Member] | Green Plains Bluffton [Member] | Green Plains Bluffton [Member] | Green Plains Central City [Member] | Green Plains Central City [Member] | Green Plains Central City And Green Plains Ord Combined [Member] | Green Plains Holdings II [Member] | Green Plains Holdings II [Member] | Green Plains Holdings II [Member] | Green Plains Obion [Member] | Green Plains Obion [Member] | Green Plains Obion [Member] | Green Plains Ord [Member] | Green Plains Ord [Member] | Green Plains Otter Tail [Member] | Green Plains Otter Tail [Member] | Green Plains Shenandoah [Member] | Green Plains Shenandoah [Member] | Green Plains Superior [Member] | Green Plains Superior [Member] | Green Plains Superior [Member] | Ethanol Production Segment [Member] | Ethanol Production Segment [Member] | Ethanol Production Segment [Member] | Ethanol Production Segment [Member] | Ethanol Production Segment [Member] | Ethanol Production Segment [Member] | Ethanol Production Segment [Member] | Ethanol Production Segment [Member] | Ethanol Production Segment [Member] | Ethanol Production Segment [Member] | Ethanol Production Segment [Member] | Ethanol Production Segment [Member] | Ethanol Production Segment [Member] | Ethanol Production Segment [Member] | Ethanol Production Segment [Member] | Ethanol Production Segment [Member] | Ethanol Production Segment [Member] | |||
Term Loan [Member] | Revolving Term Loans [Member] | Revenue Bond [Member] | Term Loan [Member] | Revolving Term Loans [Member] | Term Loan [Member] | Revolving Term Loans [Member] | Term Loan [Member] | Revolving Term Loans [Member] | Term Loan [Member] | Revolving Term Loans [Member] | Term Loan [Member] | Amended [Member] | Revolving Term Loans [Member] | Term Loan [Member] | Revolving Term Loans [Member] | Green Plains Bluffton [Member] | Green Plains Bluffton [Member] | Green Plains Bluffton [Member] | Green Plains Central City [Member] | Green Plains Central City [Member] | Green Plains Holdings II [Member] | Green Plains Holdings II [Member] | Green Plains Holdings II [Member] | Green Plains Obion [Member] | Green Plains Obion [Member] | Green Plains Ord [Member] | Green Plains Ord [Member] | Green Plains Otter Tail [Member] | Green Plains Otter Tail [Member] | Green Plains Shenandoah [Member] | Green Plains Superior [Member] | Green Plains Superior [Member] | |||||||||
Term Loan [Member] | Revolving Term Loans [Member] | Revenue Bond [Member] | Term Loan [Member] | Revolving Term Loans [Member] | Term Loan [Member] | Revolving Term Loans [Member] | Term Loan [Member] | Revolving Term Loans [Member] | Term Loan [Member] | Revolving Term Loans [Member] | Term Loan [Member] | Revenue Bond [Member] | Revolving Term Loans [Member] | Term Loan [Member] | Revolving Term Loans [Member] | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional Allowable Dividends As Percentage Of Net Profit Before Tax, After Free Cash Flow Payment | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum Tangible Owners Equity Required For Compliance | ' | ' | ' | ' | ' | ' | ' | ' | 70.00% | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowable Dividends As Percentage Of Net Profit Before Tax | ' | ' | 35.00% | ' | ' | ' | ' | ' | 35.00% | 40.00% | ' | ' | 40.00% | ' | ' | ' | ' | 40.00% | ' | ' | ' | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short term notes payable | ' | $27,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowable advances decrease | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,700,000 | ' | 2,700,000 | ' | 4,700,000 | ' | ' | ' | ' | 1,000,000 | ' | 2,500,000 |
Debt instrument amount | ' | ' | 22,000,000 | 70,000,000 | 20,000,000 | 22,000,000 | 55,000,000 | 30,500,000 | ' | ' | 26,400,000 | 51,100,000 | ' | 60,000,000 | 37,400,000 | 25,000,000 | 13,000,000 | ' | 30,300,000 | ' | 17,000,000 | ' | 40,000,000 | 10,000,000 | ' | ' | 22,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,200,000 | ' | ' | ' |
Principal payments (plus interest) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' |
Debt maturity dates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Jan-15 | 31-Jan-15 | ' | 1-Jul-16 | 1-Jul-16 | ' | 1-Jul-16 | 1-Oct-18 | 20-May-14 | 1-Jun-18 | 1-Jul-16 | 1-Jul-16 | 1-Sep-18 | 1-Sep-18 | 1-Mar-18 | 20-Jul-15 | 1-Jul-17 |
Expected outstanding balance upon maturity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,700,000 | ' | ' | ' |
Final principal and interest payment on September 1, 2019 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,745,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted cash | 27,626,000 | 25,815,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Working capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,000,000 | 8,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum Net Worth Required for Compliance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $65,000,000 | $60,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Narrative_Agribusiness_Se
Debt (Narrative - Agribusiness Segment, Marketing And Distribution Segment, Corporate Activities, Capitalized Interest, And Restricted Net Assets) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Apr. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 |
Green Plains Grain [Member] | Green Plains Grain [Member] | Green Plains Trade [Member] | Green Plains Trade [Member] | Agribusiness Segment [Member] | Agribusiness Segment [Member] | Agribusiness Segment [Member] | Marketing And Distribution Segment [Member] | Marketing And Distribution Segment [Member] | Marketing And Distribution Segment [Member] | Marketing And Distribution Segment [Member] | Corporate Activities [Member] | Corporate Activities [Member] | Corporate Activities [Member] | Capitalized Interest [Member] | Restricted Net Assets [Member] | |
Revolvers [Member] | Revolvers [Member] | Revolvers [Member] | Revolvers [Member] | Green Plains Grain [Member] | Green Plains Grain [Member] | Green Plains Grain [Member] | Green Plains Trade [Member] | Green Plains Trade [Member] | Green Plains Trade [Member] | BlendStar LLC [member] | 3.25% Convertible Senior Notes [Member] | 5.75% Convertible Senior Notes [Member] | Note Payable [Member] | |||
Seasonal Borrowings [Member] | Revolving Credit Facility [Member] | Revolvers [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding note payable | $38,000,000 | $105,000,000 | $58,400,000 | $39,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Issuance Costs Assigned To Liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | ' |
Convertible Debt Cross Default Threshold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | 10,000,000 | ' | ' | ' |
Anticipated Tax Credits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' |
Statutory Life In Years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | ' | ' | ' | ' | ' |
Debt instrument, interest rate, effective percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 8.21% | 5.75% | ' | ' | ' |
Value Of Callable Debt Instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,100,000 | ' | ' | ' | ' | ' |
Principal payments (plus interest) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' |
Undrawn Availability of Revolving Credit Facility On A ProForma Basis | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' |
Allowable Dividends As Percentage Of Net Profit Before Tax | ' | ' | ' | ' | ' | ' | 40.00% | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' |
Debt instrument amount | ' | ' | ' | ' | ' | ' | 125,000,000 | ' | ' | ' | 10,000,000 | 120,000,000 | 90,000,000 | 27,200,000 | ' | ' |
Debt maturity dates | ' | ' | ' | ' | ' | ' | 26-Aug-16 | ' | ' | ' | 15-Sep-31 | ' | ' | ' | ' | ' |
Additional amounts available under facility | ' | ' | ' | ' | ' | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit, maximum borrowing capacity | ' | ' | ' | ' | 250,000,000 | 50,000,000 | ' | ' | 130,000,000 | 70,000,000 | ' | ' | ' | ' | ' | ' |
Restricted cash | ' | ' | ' | ' | ' | ' | ' | 27,400,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility expiration date | ' | ' | ' | ' | ' | ' | ' | ' | 25-Apr-16 | ' | ' | ' | ' | ' | ' | ' |
Debt instrument stated percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.25% | ' | ' | ' | ' |
Debt conversion rate shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47.9627 | 69.9527 | ' | ' | ' |
Debt conversion amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | 1,000 | ' | ' | ' |
Debt conversion price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $20.85 | $14.30 | ' | ' | ' |
Conversion price percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 140.00% | 140.00% | ' | ' | ' |
Principal amount of notes, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | ' | ' | ' |
Capitalized interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Restricted assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 548,400,000 |
Accounts, Notes, Loans and Financing Receivable, Net, Noncurrent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,100,000 | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Effective Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 8.21% | 5.75% | ' | ' | ' |
Debt Instrument, Unamortized Discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,500,000 | ' | ' | ' | ' |
Debt Issuance Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,100,000 | ' | ' | ' | ' |
Common Stock, Dividends, Per Share, Cash Paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.04 | $0.04 | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | $250,000,000 | $50,000,000 | ' | ' | $130,000,000 | $70,000,000 | ' | ' | ' | ' | ' | ' |
Debt_Schedule_Of_The_Component
Debt (Schedule Of The Components Of Long-Term Debt) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | $550,772,000 | $491,975,000 |
Less: current portion of long-term debt | -62,846,000 | -129,426,000 |
Long-term debt | 487,926,000 | 362,549,000 |
Other Debt Obligations [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 10,000,000 | 211,000 |
Green Plains Bluffton [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt instrument amount | 22,000,000 | ' |
Green Plains Bluffton [Member] | Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 27,395,000 | 41,018,000 |
Debt instrument amount | 70,000,000 | ' |
Green Plains Bluffton [Member] | Revolving Term Loans [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 20,000,000 | 20,000,000 |
Debt instrument amount | 20,000,000 | ' |
Green Plains Bluffton [Member] | Revenue Bond [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 15,780,000 | 17,510,000 |
Debt instrument amount | 22,000,000 | ' |
Green Plains Central City [Member] | Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 34,512,000 | 38,635,000 |
Debt instrument amount | 55,000,000 | ' |
Green Plains Central City [Member] | Revolving Term Loans [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 28,639,000 | 28,639,000 |
Debt instrument amount | 30,500,000 | ' |
Green Plains Central City [Member] | Revolving Line Of Credit [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 10,600,000 | 10,600,000 |
Line of credit, maximum borrowing capacity | 11,000,000 | ' |
Green Plains Central City [Member] | Equipment Financing Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 54,000 | 105,000 |
Green Plains Holdings II [Member] | Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 17,414,000 | 21,914,000 |
Debt instrument amount | 26,400,000 | ' |
Green Plains Holdings II [Member] | Revolving Term Loans [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 42,640,000 | 45,320,000 |
Debt instrument amount | 51,100,000 | ' |
Green Plains Obion [Member] | Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 6,279,000 | 13,479,000 |
Debt instrument amount | 60,000,000 | ' |
Green Plains Obion [Member] | Revolving Term Loans [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 37,400,000 | 37,400,000 |
Debt instrument amount | 37,400,000 | ' |
Green Plains Obion [Member] | Equipment Financing Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 179,000 | 334,000 |
Green Plains Obion [Member] | Economic Development Grant [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 1,268,000 | 1,335,000 |
Green Plains Ord [Member] | Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 15,789,000 | 17,675,000 |
Debt instrument amount | 25,000,000 | ' |
Green Plains Ord [Member] | Revolving Term Loans [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 12,151,000 | 12,151,000 |
Debt instrument amount | 13,000,000 | ' |
Green Plains Ord [Member] | Revolving Line Of Credit [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 4,749,000 | 4,749,000 |
Debt instrument amount | 5,000,000 | ' |
Green Plains Otter Tail [Member] | Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 19,190,000 | 22,791,000 |
Debt instrument amount | 30,300,000 | ' |
Green Plains Otter Tail [Member] | Revolver [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 4,675,000 | 4,675,000 |
Debt instrument amount | 4,700,000 | ' |
Green Plains Otter Tail [Member] | Note Payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 19,116,000 | 19,014,000 |
Debt instrument amount | 19,200,000 | ' |
Green Plains Otter Tail [Member] | Capital Lease Payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | ' | 53,000 |
Green Plains Shenandoah [Member] | Revolving Term Loans [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 16,000,000 | 17,000,000 |
Debt instrument amount | 17,000,000 | ' |
Green Plains Superior [Member] | Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 11,125,000 | 15,250,000 |
Debt instrument amount | 40,000,000 | ' |
Green Plains Superior [Member] | Revolving Term Loans [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 10,000,000 | 10,000,000 |
Debt instrument amount | 10,000,000 | ' |
Green Plains Superior [Member] | Equipment Financing Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 36,000 | 89,000 |
Corporate [Member] | Convertible Notes 90M [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 90,000,000 | 90,000,000 |
Debt instrument amount | 90,000,000 | ' |
Corporate [Member] | Convertible Notes 120M [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 95,538,000 | ' |
Debt instrument amount | 120,000,000 | ' |
Corporate [Member] | Note Payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | ' | 1,625,000 |
Corporate [Member] | Capital Lease Payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | $243,000 | $403,000 |
Debt_Schedule_Of_Principal_Pay
Debt (Schedule Of Principal Payments Of Long-Term Debt) (Details) (Ethanol Production Segment [Member], Term Loan [Member], USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Green Plains Bluffton [Member] | ' |
Debt Instrument [Line Items] | ' |
Scheduled principal payments, periodic | $0.30 |
Green Plains Central City [Member] | ' |
Debt Instrument [Line Items] | ' |
Scheduled principal payments, periodic | 0.5 |
Green Plains Holdings II [Member] | ' |
Debt Instrument [Line Items] | ' |
Scheduled principal payments, periodic | 1.5 |
Green Plains Obion [Member] | ' |
Debt Instrument [Line Items] | ' |
Scheduled principal payments, periodic | 2.4 |
Green Plains Ord [Member] | ' |
Debt Instrument [Line Items] | ' |
Scheduled principal payments, periodic | 0.2 |
Green Plains Otter Tail [Member] | ' |
Debt Instrument [Line Items] | ' |
Scheduled principal payments, periodic | 0.4 |
Green Plains Superior [Member] | ' |
Debt Instrument [Line Items] | ' |
Scheduled principal payments, periodic | $1.40 |
Debt_Schedule_Of_Maturity_Date
Debt (Schedule Of Maturity Dates Of Long-Term Debt) (Details) (Ethanol Production Segment [Member]) | 9 Months Ended |
Sep. 30, 2013 | |
Green Plains Bluffton [Member] | Term Loan [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt maturity dates | 31-Jan-15 |
Green Plains Bluffton [Member] | Revolving Term Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt maturity dates | 31-Jan-15 |
Green Plains Central City [Member] | Term Loan [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt maturity dates | 1-Jul-16 |
Green Plains Central City [Member] | Revolving Term Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt maturity dates | 1-Jul-16 |
Green Plains Holdings II [Member] | Term Loan [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt maturity dates | 1-Jul-16 |
Green Plains Holdings II [Member] | Revolving Term Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt maturity dates | 1-Oct-18 |
Green Plains Obion [Member] | Term Loan [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt maturity dates | 20-May-14 |
Green Plains Obion [Member] | Revolving Term Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt maturity dates | 1-Jun-18 |
Green Plains Ord [Member] | Term Loan [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt maturity dates | 1-Jul-16 |
Green Plains Ord [Member] | Revolving Term Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt maturity dates | 1-Jul-16 |
Green Plains Otter Tail [Member] | Term Loan [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt maturity dates | 1-Sep-18 |
Green Plains Shenandoah [Member] | Revolving Term Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt maturity dates | 1-Mar-18 |
Green Plains Superior [Member] | Term Loan [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt maturity dates | 20-Jul-15 |
Green Plains Superior [Member] | Revolving Term Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt maturity dates | 1-Jul-17 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Stock-Based Compensation [Abstract] | ' | ' | ' | ' |
Share-based compensation arrangement by share-based payment award, number of shares authorized | 3.5 | ' | 3.5 | ' |
Compensation costs expensed | $1 | $1 | $4.40 | $4.30 |
Unrecognized compensation costs | $5.40 | ' | $5.40 | ' |
Compensation expected to be recognized, weighted-average period in years | ' | ' | '1 year 9 months 18 days | ' |
Potential tax benefit, percentage | ' | ' | 38.00% | ' |
StockBased_Compensation_Schedu
Stock-Based Compensation (Schedule Of Stock Option Activity) (Details) (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | |
Stock-Based Compensation [Abstract] | ' | ' | |
Outstanding at December 31, 2012, Shares | 726,750 | ' | |
Outstanding at December 31, 2012, Weighted Average Exercise Price | $10.10 | ' | |
Outstanding at December 31, 2012, Weighted Average Remaining Contractual Term | '3 years 8 months 12 days | '4 years 3 months 18 days | |
Outstanding at December 31, 2012, Aggregate Intrinsic Value | $625 | ' | |
Exercised, Shares | -95,000 | ' | |
Exercised, Weighted Average Exercise price | $6.28 | ' | |
Exercised, Aggregate Intrinsic Value | 576 | ' | |
Outstanding at September 30, 2013, Shares | 631,750 | 726,750 | |
Outstanding at September 30, 2013, Weighted Average Exercise Price | $10.67 | $10.10 | |
Outstanding at September 30, 2013, Weighted Average Remaining Contractual | '3 years 8 months 12 days | '4 years 3 months 18 days | |
Outstanding at September 30, 2013, Aggregate Intrinsic Value | 3,623 | 625 | |
Exercisable at September 30, 2013, Shares | 631,750 | [1] | ' |
Exercisable at September 30, 2013, Weighted Average Exercise Price | $10.67 | [1] | ' |
Exercisable at September 30, 2013, Weighted Average Remaining Contractual | '3 years 8 months 12 days | [1] | ' |
Exercisable at September 30, 2013, Aggregate Intrinsic Value | $3,623 | [1] | ' |
In-the-money options, shares | 520,750 | ' | |
In-the-money options, weighted-average exercise price | $8.95 | ' | |
[1] | Includes in-the-money options totaling 520,750 shares at a weighted-average exercise price of $8.95. |
StockBased_Compensation_Schedu1
Stock-Based Compensation (Schedule Of Non-Vested Stock Award And DSU Activity) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Stock-Based Compensation [Abstract] | ' |
Nonvested at December 31, 2012, Non-Vested Shares and Deferred Stock Units | 628,090 |
Nonvested at December 31, 2012, Weighted-Average Grant-Date Fair Value | $11.41 |
Granted, Non-Vested Shares and Deferred Stock Units | 565,651 |
Granted, Weighted-Average Grant-Date Fair Value | $9.60 |
Forfeited, Non-Vested Shares and Deferred Stock Units | -5,358 |
Forfeited, Weighted-Average Grant-Date Fair Value | $9.80 |
Vested, Non-Vested Shares and Deferred Stock Units | -455,683 |
Vested, Weighted-Average Grant-Date Fair Value | $10.88 |
Nonvested at September 30, 2013, Non-Vested Shares and Deferred Stock Units | 732,700 |
Nonvested at September 30, 2013, Weighted-Average Grant-Date Fair Value | $10.35 |
Nonvested at September 30, 2013, Weighted-Average Remaining Vesting Term (in years) | '1 year 9 months 18 days |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Class of Warrant or Right, Outstanding | 700,000 | ' | 700,000 | ' |
Warrants price per share | 14 | ' | 14 | ' |
Warrants Exercised During Period, in shares | ' | ' | 270,060 | ' |
Warrants Expired During Period, in shares | ' | ' | 429,940 | ' |
Antidilutive Securities Out Of Money Stock Based Compensation Awards [Member] | ' | ' | ' | ' |
Stock-based compensation awards excluded from computations of diluted EPS | 200,000 | 1,300,000 | 200,000 | 1,100,000 |
Antidilutive Securities Net Loss Position Stock Based Compensation Awards [Member] | ' | ' | ' | ' |
Stock-based compensation awards excluded from computations of diluted EPS | 6,300,000 | ' | 6,400,000 | ' |
Earnings_Per_Share_Schedule_Of
Earnings Per Share (Schedule Of Basic And Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net income (loss) attributable to Green Plains | $9,410 | ($1,002) | $17,930 | ($21,244) |
Weighted average shares outstanding - basic | 30,204 | 29,655 | 30,100 | 30,499 |
Net income (loss) attributable to Green Plains - basic | $0.31 | ($0.03) | $0.60 | ($0.70) |
Net income (loss) attributable to Green Plains on an as-if-converted basis | 10,372 | -1,002 | 20,652 | -21,244 |
Effect of dilutive warrants | 93 | ' | ' | ' |
Effect of dilutive stock-based compensation awards | 214 | ' | 205 | ' |
Total potential shares outstanding | 37,483 | 29,655 | 36,818 | 30,499 |
Net income (loss) attributable to Green Plains - diluted | $0.28 | ($0.03) | $0.56 | ($0.70) |
3.25% Convertible Senior Notes [Member] | ' | ' | ' | ' |
Interest and amortization on convertible debt, net of tax effect | 79 | ' | 79 | ' |
Effect of dilutive convertible debt | 688 | ' | 232 | ' |
5.75% Convertible Senior Notes [Member] | ' | ' | ' | ' |
Interest and amortization on convertible debt, net of tax effect | $883 | ' | $2,643 | ' |
Effect of dilutive convertible debt | 6,284 | ' | 6,281 | ' |
Stockholders_Equity_Schedule_O
Stockholders' Equity (Schedule Of Stockholders' Equity) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accum. Other Comp. Income (Loss) [Member] | Treasury Stock [Member] | Treasury Stock [Member] | |||||
Stockholders' Equity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance, Shares | ' | ' | ' | ' | 36,904,000 | ' | ' | ' | 7,200,000 | 7,200,000 |
Beginning balance | ' | ' | $490,502 | ' | $37 | $445,198 | $107,540 | $3,535 | ($65,808) | ($65,808) |
Net income | 9,410 | -1,006 | 17,930 | -21,257 | ' | ' | 17,930 | ' | ' | ' |
Cash dividends declared | ' | ' | -1,207 | ' | ' | ' | -1,207 | ' | ' | ' |
Other comprehensive income, net of tax | 811 | 9,488 | -2,802 | 22,548 | ' | ' | ' | -2,802 | ' | ' |
Stock-based compensation, Shares | ' | ' | ' | ' | 408,000 | ' | ' | ' | ' | ' |
Stock-based compensation | ' | ' | 2,863 | ' | ' | 2,863 | ' | ' | ' | ' |
Stock options exercised, Shares | ' | ' | 95,000 | ' | 95,000 | ' | ' | ' | ' | ' |
Stock options exercised | ' | ' | 597 | ' | ' | 597 | ' | ' | ' | ' |
Issuance of 3.25% Notes due 2018, net of tax | ' | ' | 14,173 | ' | ' | 14,173 | ' | ' | ' | ' |
Ending balance, Shares | ' | ' | ' | ' | 37,407,000 | ' | ' | ' | 7,200,000 | 7,200,000 |
Ending balance | $522,056 | ' | $522,056 | ' | $37 | $462,831 | $124,263 | $733 | ($65,808) | ($65,808) |
Common Stock, Dividends, Per Share, Declared | $0.04 | ' | $0.04 | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Schedule_O1
Stockholders Equity (Schedule Of Changes In Accumulated Other Comprehensive Income, Net Of Tax) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Stockholders Equity [Abstract] | ' | ' | ' | ' |
Balance, December 31, 2012 | ' | ' | $3,535 | ' |
Other comprehensive income (loss) before reclassifications | ' | ' | -37,683 | ' |
Amounts reclassified from accumulated other comprehensive income (loss) | ' | ' | 34,881 | ' |
Total other comprehensive income (loss), net of tax | 811 | 9,488 | -2,802 | 22,548 |
Balance, September 30, 2013 | $733 | ' | $733 | ' |
Stockholders_Equity_Reclassifi
Stockholders Equity (Reclassification From Accumulated Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Net Income (Loss) | ($16,700) | $11,297 | ($57,787) | $9,502 |
Reclassification of realized (gains) losses on derivatives, tax | -6,797 | 4,245 | -22,906 | 3,557 |
Reclassification of realized (gains) losses on derivatives, net of tax expense (benefit) of $(12,470), $858, $(16,108) and $(669), respectively | -9,903 | 7,052 | -34,881 | 5,945 |
Gains Losses On Cash Flow Hedges [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Net Income (Loss) | -16,700 | 11,297 | -57,787 | 9,502 |
Reclassification of realized (gains) losses on derivatives, tax | -6,797 | 4,245 | -22,906 | 3,557 |
Reclassification of realized (gains) losses on derivatives, net of tax expense (benefit) of $(12,470), $858, $(16,108) and $(669), respectively | -9,903 | 7,052 | -34,881 | 5,945 |
Revenue [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Net Income (Loss) | -11,642 | -1,994 | -45,862 | 1,563 |
Revenue [Member] | Gains Losses On Cash Flow Hedges [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Net Income (Loss) | -11,642 | -1,994 | -45,862 | 1,563 |
Cost Of Goods Sold [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Net Income (Loss) | -5,058 | 13,291 | -11,925 | 7,939 |
Cost Of Goods Sold [Member] | Gains Losses On Cash Flow Hedges [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Net Income (Loss) | ($5,058) | $13,291 | ($11,925) | $7,939 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Income Taxes [Abstract] | ' | ' | ' | ' | ' |
Income tax expense (benefit) | $7,633,000 | ($604,000) | $13,519,000 | ($12,749,000) | ' |
Effective tax rate | 44.80% | 37.50% | 43.00% | 37.50% | ' |
Unrecognized Tax Benefits | $1,100,000 | ' | $1,100,000 | ' | $100,000 |
Commitments_And_Contingencies_1
Commitments And Contingencies (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' | ' | ' |
Lease expenses | $4.70 | $4.80 | $14.60 | $13.90 |
Commodities [Member] | Future Grain Deliveries [Member] | ' | ' | ' | ' |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' | ' | ' |
Contracted future deliveries | 188.9 | ' | 188.9 | ' |
Commodities [Member] | Natural Gas Deliveries [Member] | ' | ' | ' | ' |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' | ' | ' |
Contracted future deliveries | 10.8 | ' | 10.8 | ' |
Commodities [Member] | Ethanol Product Deliveries [Member] | ' | ' | ' | ' |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' | ' | ' |
Contracted future deliveries | 8.6 | ' | 8.6 | ' |
Commodities [Member] | Distillers Grains Product Deliveries [Member] | ' | ' | ' | ' |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' | ' | ' |
Contracted future deliveries | $19.70 | ' | $19.70 | ' |
Commitments_And_Contingencies_2
Commitments And Contingencies (Future Minimum Lease Payments) (Details) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies [Abstract] | ' |
2013 | $4,845 |
2014 | 14,715 |
2015 | 13,580 |
2016 | 11,308 |
2017 | 6,438 |
Thereafter | 6,150 |
Total | $57,036 |
Related_Party_Transactions_Nar
Related Party Transactions (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Payments for repurchase of common stock | ' | ' | ' | $10,445,000 | ' |
Short term notes payable | ' | ' | ' | ' | 27,200,000 |
Outstanding accounts payable | 84,989,000 | ' | 84,989,000 | ' | 95,564,000 |
AXIS Capital [Member] | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Due to Related Parties, Current | 100,000 | ' | 100,000 | ' | 200,000 |
Principal payments (plus interest) | 37,000 | 37,000 | 100,000 | 200,000 | ' |
Weighted average interest rate | 6.10% | ' | 6.10% | ' | ' |
Ethanol Purchase And Sale Agreements [Member] | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Cash receipts | 1,300,000 | 12,000,000 | 1,900,000 | 15,700,000 | ' |
Cash payments | 3,000,000 | 3,400,000 | 5,600,000 | 4,500,000 | ' |
Accounts receivable | 500,000 | ' | 500,000 | ' | 14,000 |
Railcar Lease [Member] | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Cash payments | ' | ' | 42,000 | ' | ' |
Number of railcars | ' | ' | 35 | ' | ' |
Hoovestol Inc [Member] | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Cash payments | 30,000 | 25,000 | 104,000 | 90,000 | ' |
Outstanding accounts payable | 0 | ' | 0 | ' | 0 |
Aircraft lease amount payable, per month | ' | ' | $6,667 | ' | ' |
Aircraft hours available each month under lease | ' | ' | 100 | ' | ' |