Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 28, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2014 | ' |
Entity Registrant Name | 'Green Plains Inc. | ' |
Entity Central Index Key | '0001309402 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 37,611,004 |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Trading Symbol | 'gpre | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $401,113 | $272,027 |
Restricted cash | 13,162 | 26,994 |
Accounts receivable, net of allowances of $1,355 and $308, respectively | 108,761 | 106,808 |
Inventories | 188,416 | 158,328 |
Prepaid expenses and other | 8,208 | 12,893 |
Deferred income taxes | 199 | 7,619 |
Derivative financial instruments | 62,971 | 48,636 |
Total current assets | 782,830 | 633,305 |
Property and equipment, net of accumulated depreciation of $258,934 and $215,519, respectively | 827,292 | 806,046 |
Goodwill | 40,877 | 40,877 |
Other assets | 52,581 | 51,817 |
Total assets | 1,703,580 | 1,532,045 |
Current liabilities | ' | ' |
Accounts payable | 132,750 | 112,001 |
Accrued and other liabilities | 51,494 | 37,949 |
Income taxes payable | 11,587 | 696 |
Unearned revenue | 7,484 | 4,118 |
Short-term notes payable and other borrowings | 120,443 | 171,500 |
Current maturities of long-term debt | 41,501 | 82,933 |
Current deferred income taxes | 4,531 | ' |
Total current liabilities | 369,790 | 409,197 |
Long-term debt | 453,632 | 480,746 |
Deferred income taxes | 101,831 | 91,294 |
Other liabilities | 4,982 | 5,450 |
Total liabilities | 930,235 | 986,687 |
Stockholders’ equity | ' | ' |
Common stock, $0.001 par value; 75,000,000 shares authorized; 44,810,004 and 37,703,946 shares issued, and 37,610,004 and 30,503,946 shares outstanding, respectively | 45 | 38 |
Additional paid-in capital | 568,192 | 468,962 |
Retained earnings | 259,872 | 148,505 |
Accumulated other comprehensive income (loss) | 11,044 | -6,339 |
Treasury stock, 7,200,000 shares | -65,808 | -65,808 |
Total stockholders’ equity | 773,345 | 545,358 |
Total liabilities and stockholders’ equity | $1,703,580 | $1,532,045 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Consolidated Balance Sheets [Abstract] | ' | ' |
Accounts receivable, allowances | $1,355 | $308 |
Property and equipment, accumulated depreciation | $258,934 | $215,519 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 44,810,004 | 37,703,946 |
Common stock, shares outstanding | 37,610,004 | 30,503,946 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Consolidated Statements Of Operations [Abstract] | ' | ' | ' | ' |
Revenues | $833,925 | $757,971 | $2,405,672 | $2,328,142 |
Cost of goods sold | 735,842 | 716,947 | 2,128,524 | 2,227,294 |
Gross profit | 98,083 | 41,024 | 277,148 | 100,848 |
Selling, general and administrative expenses | 23,028 | 15,490 | 64,803 | 44,048 |
Operating income | 75,055 | 25,534 | 212,345 | 56,800 |
Other income (expense) | ' | ' | ' | ' |
Interest income | 164 | 64 | 420 | 166 |
Interest expense | -10,288 | -7,608 | -29,751 | -23,440 |
Other, net | 1,068 | -947 | 2,802 | -2,077 |
Total other income (expense) | -9,056 | -8,491 | -26,529 | -25,351 |
Income before income taxes | 65,999 | 17,043 | 185,816 | 31,449 |
Income tax expense | 24,250 | 7,633 | 68,550 | 13,519 |
Net income | $41,749 | $9,410 | $117,266 | $17,930 |
Earnings per share: | ' | ' | ' | ' |
Basic | $1.11 | $0.31 | $3.25 | $0.60 |
Diluted | $1.03 | $0.28 | $2.90 | $0.56 |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic | 37,588 | 30,204 | 36,101 | 30,100 |
Diluted | 40,542 | 37,483 | 41,130 | 36,818 |
Cash dividend declared per share | $0.08 | $0.04 | $0.16 | $0.04 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Consolidated Statements Of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $41,749 | $9,410 | $117,266 | $17,930 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Unrealized losses on derivatives arising during period, net of tax benefit of $15,668, $6,307, $90,605 and $24,746, respectively | -24,836 | -9,092 | -141,166 | -37,683 |
Reclassification of realized losses on derivatives, net of tax benefit of $31,428, $6,797, $101,762 and $22,906, respectively | 49,819 | 9,903 | 158,549 | 34,881 |
Total other comprehensive income (loss), net of tax | 24,983 | 811 | 17,383 | -2,802 |
Comprehensive income | $66,732 | $10,221 | $134,649 | $15,128 |
Consolidated_Statements_Of_Com1
Consolidated Statements Of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Consolidated Statements Of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Unrealized gains (losses) on derivatives, tax | $15,668 | $6,307 | $90,605 | $24,746 |
Income tax benefit | $31,428 | $6,797 | $101,762 | $22,906 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $117,266 | $17,930 |
Adjustments to reconcile net income to net cash provided (used) by operating activities: | ' | ' |
Depreciation and amortization | 44,467 | 37,807 |
Amortization of debt issuance costs | 6,905 | 2,697 |
Deferred income taxes | 11,655 | 12,897 |
Stock-based compensation expense | 4,396 | 2,863 |
Undistributed equity in loss of affiliates | 2,511 | 2,078 |
Other | 1,047 | 33 |
Changes in operating assets and liabilities before effects of business combinations: | ' | ' |
Accounts receivable | 4,938 | 3,522 |
Inventories | -24,359 | 56,309 |
Derivative financial instruments | 14,212 | -10,121 |
Prepaid expenses and other assets | 5,116 | 2,239 |
Accounts payable and accrued liabilities | 25,186 | -12,614 |
Income taxes payable | 10,891 | -2,729 |
Unearned revenues | 3,102 | 7,282 |
Other | -1,766 | 903 |
Net cash provided by operating activities | 225,567 | 121,096 |
Cash flows from investing activities: | ' | ' |
Purchases of property and equipment | -44,242 | -12,593 |
Acquisition of businesses, net of cash acquired | -23,900 | -15,305 |
Distributions from (investments in) unconsolidated subsidiaries | -3,460 | -3,147 |
Net cash used by investing activities | -71,602 | -31,045 |
Cash flows from financing activities: | ' | ' |
Proceeds from the issuance of long-term debt | 493,892 | 185,600 |
Payments of principal on long-term debt | -475,866 | -110,476 |
Proceeds from short-term borrowings | 2,716,499 | 2,489,569 |
Payments on short-term borrowings | -2,767,575 | -2,564,337 |
Payments of cash dividends | -5,899 | -1,207 |
Change in restricted cash | 16,033 | -1,811 |
Payments of loan fees | -6,387 | -7,766 |
Proceeds from exercises of stock options | 4,424 | 597 |
Net cash used by financing activities | -24,879 | -9,831 |
Net change in cash and cash equivalents | 129,086 | 80,220 |
Cash and cash equivalents, beginning of period | 272,027 | 254,289 |
Cash and cash equivalents, end of period | 401,113 | 334,509 |
Supplemental disclosures of cash flow: | ' | ' |
Cash paid for income taxes | 42,503 | 2,069 |
Cash paid for interest | 26,134 | 22,209 |
Supplemental investing and financing activities: | ' | ' |
Assets acquired in acquisitions and mergers | 25,611 | 15,870 |
Less: liabilities assumed | -1,711 | -565 |
Net assets acquired | 23,900 | 15,305 |
Common stock issued for conversion of 5.75% Notes | $89,950 | ' |
Basis_Of_Presentation_Descript
Basis Of Presentation, Description Of Business And Summary Of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2014 | |
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 Inc., an Iowa corporation, and its subsidiaries. | |
Consolidated Financial Statements | |
The consolidated financial statements include the accounts of the Company and its controlled subsidiaries. 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, 2013. | |
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 and cattle feedlot operations, collectively referred to as agribusiness, and (4) marketing, merchant trading 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. The Company also is a partner in a joint venture to commercialize advanced technologies for 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 when these services are completed. | |
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, including cattle, 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 and cattle inventories and forward purchase and sale contracts. Exchange-traded futures and options contracts are valued at quoted market prices. 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 sale contracts. 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. | |
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 purchase or normal sale 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 sale 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 related to the ethanol production and agribusiness segments 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, 2017, the Company will adopt the amended guidance in ASC Topic 606, Revenue from Contracts with Customers. The amended guidance requires revenue recognition to reflect the transfer of promised goods or services to customers and replaces existing revenue recognition guidance. The updated standard permits the use of either the retrospective or cumulative effect transition method. The Company has not yet selected a transition method nor has it determined the effect of the updated standard on its consolidated financial statements and related disclosures. | |
Acquisitions
Acquisitions | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Disposition Of Assets [Abstract] | ' | ||||
Acquisition | ' | ||||
2. ACQUISITION | |||||
Acquisition of Fairmont and Wood River Ethanol Plants | |||||
In November 2013, the Company acquired two ethanol plants, located in Fairmont, Minnesota and Wood River, Nebraska, with a combined annual production capacity of 230 million gallons, from Ethanol Holding Company, LLC, an entity composed of the predecessor owners’ lender group. Total consideration was $114.3 million and acquisition-related costs of $0.8 million were recorded in selling, general and administrative expenses. The Company issued approximately $77.0 million of short-term notes payable and term debt shortly after the acquisition, with the acquired assets serving as collateral for these loans, and entered into capital leases totaling $10.0 million for grain facilities that were previously leased by the predecessor owners of the acquired assets. At the time of acquisition, the ethanol plant in Fairmont, Minnesota was not operational; however, upon completion of certain maintenance and enhancement projects, the Company began operations at the plant in early January 2014. The following is a summary of assets acquired and liabilities assumed (in thousands): | |||||
Amounts of Identifiable Assets Acquired | |||||
and Liabilities Assumed | |||||
Accounts receivable | $ | 119 | |||
Inventory | 8,680 | ||||
Prepaid expenses and other | 2,696 | ||||
Property and equipment, net | 112,274 | ||||
Other assets | 4,193 | ||||
Current liabilities | -4,260 | ||||
Long-term portion of capital leases and | |||||
tax increment financing bond | -7,895 | ||||
Other liabilities | -1,489 | ||||
Total identifiable net assets | $ | 114,318 | |||
The amounts above reflect the final purchase price allocation, which did not change materially from the initial allocation. There is ongoing litigation related to this acquisition. To the extent that this litigation is resolved favorably for the Company, it will result in a gain in a future period with no impact in the event of a negative outcome. | |||||
Fair_Value_Disclosures
Fair Value Disclosures | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||
Fair Value Disclosures | ' | |||||||||||
3. 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 dates indicated (in thousands): | ||||||||||||
Fair Value Measurements at September 30, 2014 | ||||||||||||
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 | $ | 401,113 | $ | - | $ | - | $ | 401,113 | ||||
Restricted cash | 13,162 | - | - | 13,162 | ||||||||
Margin deposits | 11,829 | - | -11,829 | - | ||||||||
Inventories carried at market | - | 18,642 | - | 18,642 | ||||||||
Unrealized gains on derivatives | 11,779 | 53,422 | -2,230 | 62,971 | ||||||||
Other assets | 118 | - | - | 118 | ||||||||
Total assets measured at fair value | $ | 438,001 | $ | 72,064 | $ | -14,059 | $ | 496,006 | ||||
Liabilities: | ||||||||||||
Unrealized losses on derivatives | $ | 12,458 | $ | 14,762 | $ | -14,059 | $ | 13,161 | ||||
Total liabilities measured at fair value | $ | 12,458 | $ | 14,762 | $ | -14,059 | $ | 13,161 | ||||
Fair Value Measurements at December 31, 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 | $ | 272,027 | $ | - | $ | - | $ | 272,027 | ||||
Restricted cash | 26,994 | - | - | 26,994 | ||||||||
Margin deposits | 77,102 | - | -77,102 | - | ||||||||
Inventories carried at market | - | 23,782 | - | 23,782 | ||||||||
Unrealized gains on derivatives | 3,629 | 18,712 | 26,295 | 48,636 | ||||||||
Other assets (1) | 2,200 | - | - | 2,200 | ||||||||
Total assets measured at fair value | $ | 381,952 | $ | 42,494 | $ | -50,807 | $ | 373,639 | ||||
Liabilities: | ||||||||||||
Unrealized losses on derivatives | $ | 50,807 | $ | 4,612 | $ | -50,807 | $ | 4,612 | ||||
Other | 9 | - | - | 9 | ||||||||
Total liabilities measured at fair value | $ | 50,816 | $ | 4,612 | $ | -50,807 | $ | 4,621 | ||||
(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 $619.8 million compared to a book value of $615.6 million at September 30, 2014 and the fair value of its debt approximated $775.7 million compared to a book value of $735.2 million at December 31, 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 approximated book value, which were $108.8 million and $132.8 million, respectively, at September 30, 2014 and $106.8 million and $112.0 million, respectively, at December 31, 2013. | ||||||||||||
Although the Company currently does not have any recurring Level 3 financial measurements, the fair values of the tangible assets and goodwill acquired and the equity component of convertible debt 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 or liabilities being valued. | ||||||||||||
Segment_Information
Segment Information | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Segment Information [Abstract] | ' | |||||||||||
Segment Information | ' | |||||||||||
4. 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 and cattle feedlot operations, collectively referred to as agribusiness, and (4) marketing, merchant trading 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. | ||||||||||||
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, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Revenues: | ||||||||||||
Ethanol production: | ||||||||||||
Revenues from external customers (1) | $ | 34,593 | $ | 39,766 | $ | -63,893 | $ | 118,511 | ||||
Intersegment revenues | 550,102 | 477,103 | 1,719,434 | 1,437,821 | ||||||||
Total segment revenues | 584,695 | 516,869 | 1,655,541 | 1,556,332 | ||||||||
Corn oil production: | ||||||||||||
Revenues from external customers (1) | - | - | - | - | ||||||||
Intersegment revenues | 21,922 | 17,290 | 58,687 | 49,304 | ||||||||
Total segment revenues | 21,922 | 17,290 | 58,687 | 49,304 | ||||||||
Agribusiness: | ||||||||||||
Revenues from external customers (1) | 23,747 | 5,055 | 75,476 | 43,178 | ||||||||
Intersegment revenues | 290,543 | 274,100 | 941,897 | 498,189 | ||||||||
Total segment revenues | 314,290 | 279,155 | 1,017,373 | 541,367 | ||||||||
Marketing and distribution: | ||||||||||||
Revenues from external customers (1) | 775,585 | 713,150 | 2,394,089 | 2,166,453 | ||||||||
Intersegment revenues | 40,616 | 9,629 | 108,676 | 13,042 | ||||||||
Total segment revenues | 816,201 | 722,779 | 2,502,765 | 2,179,495 | ||||||||
Revenues including intersegment activity | 1,737,108 | 1,536,093 | 5,234,366 | 4,326,498 | ||||||||
Intersegment eliminations | -903,183 | -778,122 | -2,828,694 | -1,998,356 | ||||||||
Revenues as reported | $ | 833,925 | $ | 757,971 | $ | 2,405,672 | $ | 2,328,142 | ||||
-1 | Revenues from external customers include realized gains and losses from derivative financial instruments. | |||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Gross profit: | ||||||||||||
Ethanol production | $ | 59,869 | $ | 22,269 | $ | 166,728 | $ | 34,228 | ||||
Corn oil production | 11,770 | 9,649 | 30,517 | 25,431 | ||||||||
Agribusiness | 2,432 | 815 | 7,907 | 2,986 | ||||||||
Marketing and distribution | 17,171 | 8,615 | 67,786 | 39,074 | ||||||||
Intersegment eliminations | 6,841 | -324 | 4,210 | -871 | ||||||||
$ | 98,083 | $ | 41,024 | $ | 277,148 | $ | 100,848 | |||||
Operating income: | ||||||||||||
Ethanol production | $ | 54,858 | $ | 17,851 | $ | 151,195 | $ | 22,508 | ||||
Corn oil production | 11,715 | 9,596 | 30,297 | 25,226 | ||||||||
Agribusiness | 1,136 | 163 | 3,341 | 781 | ||||||||
Marketing and distribution | 9,373 | 4,456 | 46,258 | 26,654 | ||||||||
Intersegment eliminations | 6,842 | -324 | 4,271 | -826 | ||||||||
Corporate activities | -8,869 | -6,208 | -23,017 | -17,543 | ||||||||
$ | 75,055 | $ | 25,534 | $ | 212,345 | $ | 56,800 | |||||
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, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Revenues: | ||||||||||||
Ethanol | $ | 617,153 | $ | 595,152 | $ | 1,765,576 | $ | 1,798,297 | ||||
Distillers grains | 132,233 | 110,426 | 412,920 | 364,866 | ||||||||
Corn oil | 24,865 | 19,375 | 64,193 | 53,749 | ||||||||
Grain | 42,061 | 23,081 | 115,433 | 78,703 | ||||||||
Other | 17,613 | 9,937 | 47,550 | 32,527 | ||||||||
$ | 833,925 | $ | 757,971 | $ | 2,405,672 | $ | 2,328,142 | |||||
The following table sets forth total assets by operating segment (in thousands): | ||||||||||||
September 30, | December 31, | |||||||||||
2014 | 2013 | |||||||||||
Total assets: | ||||||||||||
Ethanol production | $ | 957,875 | $ | 911,315 | ||||||||
Corn oil production | 32,941 | 28,569 | ||||||||||
Agribusiness | 144,014 | 165,570 | ||||||||||
Marketing and distribution | 297,401 | 258,361 | ||||||||||
Corporate assets | 275,128 | 175,210 | ||||||||||
Intersegment eliminations | -3,779 | -6,980 | ||||||||||
$ | 1,703,580 | $ | 1,532,045 | |||||||||
Inventories
Inventories | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Inventories [Abstract] | ' | |||||
Inventories | ' | |||||
5. INVENTORIES | ||||||
Inventories are carried at the lower of cost or market, except grain held for sale and fair value hedged inventories, which are valued at market value. The components of inventories are as follows (in thousands): | ||||||
September 30, | December 31, | |||||
2014 | 2013 | |||||
Finished goods | $ | 66,863 | $ | 56,664 | ||
Grain held for sale | 957 | 23,782 | ||||
Raw materials | 55,128 | 51,726 | ||||
Work-in-process | 47,115 | 11,506 | ||||
Supplies and parts | 18,353 | 14,650 | ||||
$ | 188,416 | $ | 158,328 | |||
Goodwill
Goodwill | 9 Months Ended |
Sep. 30, 2014 | |
Goodwill [Abstract] | ' |
Goodwill | ' |
6. 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, 2014. 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, 2014 | |||||||||||||
Derivative Financial Instruments [Abstract] | ' | ||||||||||||
Derivative Financial Instruments | ' | ||||||||||||
7. DERIVATIVE FINANCIAL INSTRUMENTS | |||||||||||||
At September 30, 2014, the Company’s consolidated balance sheet reflects unrealized gains, net of tax, of $11.0 million in accumulated other comprehensive income. The Company expects that all of the unrealized gains at September 30, 2014 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, | ||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Derivative financial instruments (1) | $ | 51,142 | -2 | $ | -28,466 | -3 | $ | - | $ | - | |||
Accrued and other liabilities | - | - | 13,154 | 4,612 | |||||||||
Other liabilities | - | - | 7 | - | |||||||||
Total | $ | 51,142 | $ | -28,466 | $ | 13,161 | $ | 4,612 | |||||
(1) Derivative financial instruments as reflected on the consolidated balance sheets are net of related margin deposit assets of $11.8 million and $77.1 million at September 30, 2014 and December 31, 2013, respectively. | |||||||||||||
(2) Balance at September 30, 2014 includes $12.3 million of net unrealized gains on derivative financial instruments designated as cash flow hedging instruments. | |||||||||||||
(3)Balance at December 31, 2013 includes $47.1 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments. | |||||||||||||
Refer to Note 3 - 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 gains or losses recognized in income and other comprehensive income on the Company’s derivative financial instruments and the line items in the consolidated 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 | 2014 | 2013 | 2014 | 2013 | |||||||||
Revenues | $ | 11,627 | $ | -2,241 | $ | 24,992 | $ | -16,724 | |||||
Cost of goods sold | 419 | 2,982 | 2,817 | 14,189 | |||||||||
Net increase (decrease) recognized in earnings before tax | $ | 12,046 | $ | 741 | $ | 27,809 | $ | -2,535 | |||||
Gains (Losses) Due to Ineffectiveness | Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | ||||||||||||
of Cash Flow Hedges | 2014 | 2013 | 2014 | 2013 | |||||||||
Revenues | $ | -196 | $ | 53 | $ | -278 | $ | 26 | |||||
Cost of goods sold | 1,095 | -410 | 345 | -434 | |||||||||
Net increase (decrease) recognized in earnings before tax | $ | 899 | $ | -357 | $ | 67 | $ | -408 | |||||
Gains (Losses) Reclassified from Accumulated | Three Months Ended | Nine Months Ended | |||||||||||
Other Comprehensive Income (Loss) | September 30, | September 30, | |||||||||||
into Net Income | 2014 | 2013 | 2014 | 2013 | |||||||||
Revenues | $ | -15,484 | $ | -11,642 | $ | -228,806 | $ | -45,862 | |||||
Cost of goods sold | -65,763 | -5,058 | -31,505 | -11,925 | |||||||||
Net decrease recognized in earnings before tax | $ | -81,247 | $ | -16,700 | $ | -260,311 | $ | -57,787 | |||||
Effective Portion of Cash Flow | Three Months Ended | Nine Months Ended | |||||||||||
Hedges Recognized in | September 30, | September 30, | |||||||||||
Other Comprehensive Income (Loss) | 2014 | 2013 | 2014 | 2013 | |||||||||
Commodity Contracts | $ | -40,504 | $ | -15,399 | $ | -231,771 | $ | -62,429 | |||||
Gains (Losses) from Fair Value | Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | ||||||||||||
Hedges of Inventory | 2014 | 2013 | 2014 | 2013 | |||||||||
Cost of goods sold (effect of change in inventory value) | $ | -611 | $ | - | $ | 1,842 | $ | - | |||||
Cost of goods sold (effect of fair value hedge) | 715 | - | -1,257 | - | |||||||||
Ineffectiveness recognized in earnings before tax | $ | 104 | $ | - | $ | 585 | $ | - | |||||
There were no gains or losses due to the discontinuance of cash flow hedge or fair value hedge treatment during the three and nine months ended September 30, 2014 and 2013. | |||||||||||||
The following table summarizes volumes of open commodity derivative positions as of September 30, 2014 (in thousands): | |||||||||||||
30-Sep-14 | |||||||||||||
Exchange Traded | Non-Exchange Traded | ||||||||||||
Derivative Instruments | Net Long & (Short) (1) | Long (2) | (Short) (2) | Unit of Measure | Commodity | ||||||||
Futures | 2,161 | Bushels | Corn, Soybeans and Wheat | ||||||||||
Futures | 22,545 | -3 | Bushels | Corn | |||||||||
Futures | -1,710 | -4 | Bushels | Corn | |||||||||
Futures | 41,286 | Gallons | Ethanol | ||||||||||
Futures | -136,584 | -3 | Gallons | Ethanol | |||||||||
Futures | -2,980 | mmBTU | Natural Gas | ||||||||||
Futures | -4,103 | -4 | mmBTU | Natural Gas | |||||||||
Futures | 4,920 | Pounds | Cattle | ||||||||||
Futures | -11,680 | -3 | Pounds | Cattle | |||||||||
Futures | 27,000 | Pounds | Soybean Oil | ||||||||||
Options | -3,131 | Bushels | Corn, Soybeans and Wheat | ||||||||||
Options | -10,627 | Gallons | Ethanol | ||||||||||
Forwards | 17,355 | -10,288 | Bushels | Corn and Soybeans | |||||||||
Forwards | 10,063 | -180,425 | Gallons | Ethanol | |||||||||
Forwards | 124 | -480 | Tons | Distillers Grains | |||||||||
Forwards | 14,971 | -113,860 | Pounds | Corn Oil | |||||||||
Forwards | 9,015 | -797 | mmBTU | Natural Gas | |||||||||
-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. | ||||||||||||
-4 | Futures used for fair value hedges. | ||||||||||||
Energy trading contracts that do not involve physical delivery are presented net in revenues on the consolidated statements of operations. Included in revenues are net losses of $0.3 million and net gains of $7.1 million for the three and nine months ended September 30, 2014, respectively, and net losses of $0.1 million and net gains of $0.1 million for the three and nine months ended September 30, 2013, respectively, on energy trading contracts. | |||||||||||||
Debt
Debt | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Debt [Abstract] | ' | |||||
Debt | ' | |||||
8. DEBT | ||||||
The principal balances of the components of long-term debt are as follows (in thousands): | ||||||
September 30, | December 31, | |||||
2014 | 2013 | |||||
Green Plains Bluffton: | ||||||
$70.0 million term loan | $ | - | $ | 26,621 | ||
$20.0 million revolving term loan | - | 15,000 | ||||
$22.0 million revenue bond | - | 15,780 | ||||
Green Plains Central City: | ||||||
$55.0 million term loan | - | 33,100 | ||||
$30.5 million revolving term loan | - | 17,739 | ||||
Equipment financing loan | - | 36 | ||||
Green Plains Fairmont and Green Plains Wood River: | ||||||
$62.5 million term loan | 55,000 | 50,000 | ||||
$27.0 million term loan | - | 26,756 | ||||
Tax increment financing bond | 3,589 | 3,626 | ||||
Capital leases on grain facilities | 9,994 | 9,994 | ||||
Capital leases on equipment and other | 4,359 | 5,489 | ||||
Green Plains Holdings II: | ||||||
$46.8 million term loans | 31,260 | 15,914 | ||||
$20.0 million revolving term loan | 6,000 | 31,960 | ||||
Green Plains Obion: | ||||||
$60.0 million term loan | - | 3,879 | ||||
$37.4 million revolving term loan | 32,425 | 28,400 | ||||
Equipment financing loan | - | 126 | ||||
Economic development grant | 1,178 | 1,245 | ||||
Green Plains Ord: | ||||||
$25.0 million term loan | - | 15,143 | ||||
$13.0 million revolving term loan | - | 2,151 | ||||
Green Plains Otter Tail: | ||||||
$30.3 million term loan | - | 17,960 | ||||
$19.2 million note payable | - | 19,151 | ||||
Equipment financing loan | 12 | - | ||||
Green Plains Processing: | ||||||
$225.0 million term loan | 224,438 | - | ||||
Green Plains Shenandoah: | ||||||
$17.0 million revolving term loan | - | 9,000 | ||||
Green Plains Superior: | ||||||
$40.0 million term loan | - | 9,750 | ||||
$15.6 million revolving term loan | 15,625 | 8,000 | ||||
Equipment financing loan | - | 18 | ||||
Corporate: | ||||||
$90.0 million convertible notes | - | 90,000 | ||||
$120.0 million convertible notes | 99,765 | 96,653 | ||||
Capital lease | 19 | 188 | ||||
Other | 11,469 | 10,000 | ||||
Total long-term debt | 495,133 | 563,679 | ||||
Less: current portion of long-term debt | -41,501 | -82,933 | ||||
Long-term debt | $ | 453,632 | $ | 480,746 | ||
Short-term notes payable and other borrowings at September 30, 2014 included working capital revolvers at Green Plains Cattle, Green Plains Grain and Green Plains Trade with outstanding balances of $14.8 million, $31.5 million and $74.2 million, respectively. Short-term notes payable and other borrowings at December 31, 2013 included working capital revolvers at Green Plains Grain and Green Plains Trade with outstanding balances of $95.0 million and $76.5 million, respectively. | ||||||
Ethanol Production Segment | ||||||
Term Loans | ||||||
Scheduled principal payments are as follows: | ||||||
• | Green Plains Fairmont and Green Plains | $2.5 million per quarter, decreasing | ||||
Wood River | to $1.3 million per quarter in 2015 | |||||
• | Green Plains Holdings II | $1.8 million per quarter | ||||
• | Green Plains Processing | $0.6 million per quarter | ||||
Final maturity dates (at the latest) are as follows: | ||||||
• | Green Plains Fairmont and Green Plains | |||||
Wood River | 27-Nov-15 | |||||
• | Green Plains Holdings II | 1-Jul-19 | ||||
• | Green Plains Processing | 30-Jun-20 | ||||
Revolving Term Loans – The revolving term loans are generally available for advances throughout the life of the commitment. Allowable advances under the Green Plains Superior loan agreement are reduced by $0.6 million each quarter commencing on October 20, 2014. Allowable advances under the Green Plains Obion loan agreement are reduced by $0.8 million each quarter commencing on August 20, 2014. Interest-only payments are due each month on all revolving term loans until their final respective maturity dates. | ||||||
Final maturity dates (at the latest) are as follows: | ||||||
• | Green Plains Holdings II | 1-Jul-19 | ||||
• | Green Plains Obion | 20-May-20 | ||||
• | Green Plains Superior | 20-Oct-19 | ||||
During the second quarter of 2014, Green Plains Processing LLC, a wholly-owned subsidiary of Green Plains Inc., issued term debt under a $225 million Term Loan B facility, which was used to repay all term loans and revolving term loans at Green Plains Bluffton, Green Plains Central City, Green Plains Ord, Green Plains Otter Tail and Green Plains Shenandoah, including the Green Plains Bluffton Revenue Bonds. The new facility is secured by the Atkinson, Bluffton, Central City, Ord, Otter Tail and Shenandoah ethanol plants, including their corn oil production assets, and bears interest at a rate equal to 5.5% plus LIBOR, subject to a 1.0% floor. At September 30, 2014, the interest rate on this term debt was 6.5%. The facility matures on June 30, 2020. | ||||||
In 2007, Green Plains Bluffton issued $22.0 million of Subordinate Solid Waste Disposal Facility Revenue Bonds bearing interest at 7.50% per annum with the City of Bluffton, Indiana. The revenue bonds required: (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 $3.7 million on September 1, 2019. On July 16, 2014, the revenue bonds were paid in full in accordance with the terms of the $225 million Term Loan B facility. | ||||||
In July 2014, the Green Plains Fairmont and Green Plains Wood River $62.5 million term loan was amended to increase the outstanding amount from $50.0 million to $62.5 million. In August 2014, the Green Plains Superior revolving term loan was amended to increase the commitment amount from $10.0 million to $15.6 million, as well as extend the maturity date, and the Green Plains Superior term loan was extinguished. The descriptions above have been updated to reflect the amendments. | ||||||
Allowable dividends and other non-overhead distributions from each respective subsidiary are subject to certain additional restrictions including compliance with all loan covenants, terms and conditions, as follows: | ||||||
• | Green Plains Fairmont and | Up to amounts equal to permitted tax distributions, as defined in the | ||||
Green Plains Wood River | loan agreement | |||||
• | Green Plains Holdings II | Up to 40% of net profit before tax, and unlimited if working capital is greater | ||||
than or equal to $20.0 million | ||||||
• | Green Plains Obion | Up to 40% of net profit before tax, and unlimited if working capital is greater | ||||
than or equal to $15.0 million | ||||||
• | Green Plains Processing | Amounts may be distributed after quarterly free cash flow payment is made, | ||||
subject to certain limitations, as defined in the loan agreement | ||||||
• | Green Plains Superior | Up to 40% of net profit before tax, and unlimited after free cash flow payment | ||||
is made | ||||||
Agribusiness Segment | ||||||
Green Plains Grain has a $125.0 million senior secured asset-based revolving credit facility with various lenders to provide for working capital financing. The lenders will make loans up to the maximum commitment based on eligible collateral. The amount of eligible collateral is determined by a calculated borrowing base value equal to the sum of percentages of eligible cash, eligible receivables and eligible inventories, less certain miscellaneous adjustments. 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 the base rate plus the applicable margin. 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. 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. | ||||||
Green Plains Cattle has a $15.0 million senior secured asset-based revolving credit facility to provide for working capital financing. The lender will make loans up to $15.0 million based on eligible collateral. The amount of eligible collateral is determined by a calculated borrowing base value equal to the sum of percentages of eligible cash, eligible receivables and eligible inventories, less certain miscellaneous adjustments. Advances are subject to interest charges at a rate per annum equal to the LIBOR rate for the outstanding period plus 3.00%. The revolving credit facility matures on December 1, 2014. | ||||||
Marketing and Distribution Segment | ||||||
Green Plains Trade has a $130.0 million senior secured asset-based revolving credit facility with various lenders to provide for working capital financing. The lenders will make loans up to $130.0 million based on eligible collateral. 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 matures on April 26, 2016. In addition to other customary covenants, this revolving credit facility contains restrictions on distributions on capital stock, with exceptions for distributions with respect to tax obligations, subject to certain conditions. At September 30, 2014, Green Plains Trade had $6.4 million presented as restricted cash on the consolidated balance sheets, the use of which was restricted for repayment towards the outstanding loan balance. | ||||||
Corporate Activities | ||||||
In September 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. At the time the Company issued the 3.25% Notes, it was only permitted to settle conversions with shares of its common stock. The Company received shareholder approval at its 2014 annual meeting, held in the second quarter, to allow for flexible settlement which gives it the option to settle conversions in cash, shares of common stock, or any combination thereof. The Company intends to satisfy conversion of the 3.25% Notes with cash for the principal amount of the debt and cash or shares of common stock for any related conversion premium. 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 for comparable debt of the Company without conversion rights. 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 noncash 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 noncash 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 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. As a result, the conversion rate was recently adjusted to 48.0057 shares of common stock per $1,000 principal amount of 3.25% Notes, which is equal to a current conversion price of approximately $20.83 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. 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. | ||||||
On February 14, 2014, the Company gave notice of its intention to redeem all of its previously-issued and outstanding $90.0 million of 5.75% Convertible Senior Notes due 2015, or the 5.75% Notes, pursuant to the optional redemption right in the indenture governing the 5.75% Notes. The 5.75% Notes were convertible into shares of the Company’s common stock at the conversion rate of 72.5846 shares of common stock for each $1,000 principal amount of 5.75% Notes from February 14, 2014 through February 28, 2014. From March 1, 2014 through March 19, 2014, the conversion rate was adjusted to 72.6961 shares of common stock for each $1,000 principal amount as a result of the quarterly cash dividend. Approximately $89.95 million of the 5.75% Notes were submitted for conversion into 6,532,713 shares of common stock through March 19, 2014. On March 20, 2014, the Company redeemed the remaining 5.75% Notes at par value plus accrued and unpaid interest through March 19, 2014. All $90.0 million of the 5.75% Notes were retired effective March 20, 2014. | ||||||
Covenant Compliance | ||||||
The Company, including all of its subsidiaries, was in compliance with its debt covenants as of September 30, 2014. | ||||||
Capitalized Interest | ||||||
The Company had $10 thousand and $99 thousand in capitalized interest during the three and nine months ended September 30, 2014. | ||||||
Restricted Net Assets | ||||||
At September 30, 2014, there were approximately $679.2 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, 2014 | ||||||||||
Stock-Based Compensation [Abstract] | ' | |||||||||
Stock-Based Compensation | ' | |||||||||
9. STOCK-BASED COMPENSATION | ||||||||||
The Company has an equity incentive plan which reserves a total of 3.5 million shares of common stock for issuance pursuant to its terms. The plan provides 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 consolidated 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, 2014: | ||||||||||
Shares | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value (in thousands) | |||||||
Outstanding at December 31, 2013 | 610,250 | $ | 10.71 | 3.4 | $ | 5,310 | ||||
Granted | - | - | - | - | ||||||
Exercised | -269,500 | 10.54 | - | 5,257 | ||||||
Forfeited | - | - | - | - | ||||||
Expired | - | - | - | - | ||||||
Outstanding at September 30, 2014 | 340,750 | $ | 10.84 | 3.3 | $ | 9,163 | ||||
Exercisable at September 30, 2014 (1) | 340,750 | $ | 10.84 | 3.3 | $ | 9,163 | ||||
(1) Includes in-the-money options totaling 340,750 shares at a weighted-average exercise price of $10.84. | ||||||||||
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, 2014: | ||||||||||
Non-Vested Shares and Deferred Stock Units | Weighted-Average Grant-Date Fair Value | Weighted-Average Remaining Vesting Term | ||||||||
(in years) | ||||||||||
Non-Vested at December 31, 2013 | 738,950 | $ | 10.39 | |||||||
Granted | 407,393 | 23.56 | ||||||||
Forfeited | -5,516 | 10.88 | ||||||||
Vested | -456,073 | 13.47 | ||||||||
Non-Vested at September 30, 2014 | 684,754 | $ | 16.17 | 1.9 | ||||||
Compensation costs expensed for share-based payment plans described above during the three and nine months ended September 30, 2014 were approximately $1.3 million and $5.8 million, respectively, and during the three and nine months ended September 30, 2013 were approximately $1.0 million and $4.4 million, respectively. At September 30, 2014, there were $8.0 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 1.9 years. The potential tax benefit realizable for the anticipated tax deductions of the exercise of share-based payment arrangements generally would approximate 38.5% of these expense amounts. | ||||||||||
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Share | ' | |||||||||||
10. EARNINGS PER SHARE | ||||||||||||
Basic earnings per share, 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 for 2013 and the first quarter of 2014, with respect to the 3.25% Notes and the 5.75% Notes, by the weighted average number of common shares outstanding during the period, adjusted for the dilutive effect of any outstanding dilutive securities. All of the 5.75% Notes were retired during the first quarter of 2014. During the second quarter of 2014, the Company received shareholder approval to allow for flexible settlement in cash, shares of common stock, or a combination of cash and shares of common stock for the conversion of the 3.25% Notes. The Company intends to settle conversions in cash for the principal amount and cash or shares of the Company’s common stock for any related conversion premium. Accordingly, beginning in the second quarter of 2014, diluted EPS is computed using the treasury stock method by dividing net income by the weighted average number of common shares outstanding during the period, adjusted for the dilutive effect of any outstanding dilutive securities. The calculations of basic and diluted EPS are as follows (in thousands): | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Basic EPS: | ||||||||||||
Net income | $ | 41,749 | $ | 9,410 | $ | 117,266 | $ | 17,930 | ||||
Weighted average shares outstanding - basic | 37,588 | 30,204 | 36,101 | 30,100 | ||||||||
EPS - basic | $ | 1.11 | $ | 0.31 | $ | 3.25 | $ | 0.60 | ||||
Diluted EPS: | ||||||||||||
Net income | $ | 41,749 | $ | 9,410 | $ | 117,266 | $ | 17,930 | ||||
Interest and amortization on convertible debt, net of tax effect: | ||||||||||||
5.75% Notes | - | 883 | 576 | 2,643 | ||||||||
3.25% Notes | - | 79 | 1,379 | 79 | ||||||||
Net income - diluted | $ | 41,749 | $ | 10,372 | $ | 119,221 | $ | 20,652 | ||||
Weighted average shares outstanding - basic | 37,588 | 30,204 | 36,101 | 30,100 | ||||||||
Effect of dilutive convertible debt: | ||||||||||||
5.75% Notes | - | 6,284 | 1,345 | 6,281 | ||||||||
3.25% Notes | 2,752 | 688 | 3,452 | 232 | ||||||||
Effect of dilutive warrants | - | 93 | - | - | ||||||||
Effect of dilutive stock-based compensation awards | 202 | 214 | 232 | 205 | ||||||||
Weighted average shares outstanding - diluted | 40,542 | 37,483 | 41,130 | 36,818 | ||||||||
EPS - diluted | $ | 1.03 | $ | 0.28 | $ | 2.90 | $ | 0.56 | ||||
Excluded from the computations of diluted EPS for both the three and nine months ended September 30, 2013 were stock-based compensation awards totaling 0.2 million shares, 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. Also, 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 as the exercise price was greater than the average market price of the Company’s common stock for those periods. | ||||||||||||
Stockholders_Equity
Stockholders Equity | 9 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
Stockholders Equity [Abstract] | ' | ||||||||||||||
Stockholders Equity | ' | ||||||||||||||
11. STOCKHOLDERS’ EQUITY | |||||||||||||||
Components of stockholders’ equity are as follows (in thousands): | |||||||||||||||
Accumulated | |||||||||||||||
Additional | Other | Total | |||||||||||||
Common Stock | Paid-in | Retained | Comprehensive | Treasury Stock | Stockholders' | ||||||||||
Shares | Amount | Capital | Earnings | Income (Loss) | Shares | Amount | Equity | ||||||||
Balance, December 31, 2013 | 37,704 | $ | 38 | $ | 468,962 | $ | 148,505 | $ | -6,339 | 7,200 | $ | -65,808 | $ | 545,358 | |
Net income | - | - | - | 117,266 | - | - | - | 117,266 | |||||||
Cash dividends declared | - | - | - | -5,899 | - | - | - | -5,899 | |||||||
Other comprehensive loss | |||||||||||||||
before reclassification | - | - | - | - | -141,166 | - | - | -141,166 | |||||||
Amounts reclassified from accum. | |||||||||||||||
other comprehensive loss | - | - | - | - | 158,549 | - | - | 158,549 | |||||||
Other comprehensive income, | |||||||||||||||
net of tax | - | - | - | - | 17,383 | - | - | 17,383 | |||||||
Stock-based compensation | 304 | - | 4,470 | - | - | - | - | 4,470 | |||||||
Stock options exercised | 269 | - | 4,424 | - | - | - | - | 4,424 | |||||||
Conversion of 5.75 % Notes | 6,533 | 7 | 90,336 | - | - | - | - | 90,343 | |||||||
Balance, September 30, 2014 | 44,810 | $ | 45 | $ | 568,192 | $ | 259,872 | $ | 11,044 | 7,200 | $ | -65,808 | $ | 773,345 | |
Amounts reclassified from accumulated other comprehensive income for the periods indicated are as follows (in thousands): | |||||||||||||||
Three Months Ended | Nine Months Ended | Statements of Operations | |||||||||||||
September 30, | September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | Classification | |||||||||||
Gains (losses) on cash flow hedges: | |||||||||||||||
Ethanol commodity derivatives | $ | -15,484 | $ | -11,642 | $ | -228,806 | $ | -45,862 | Revenues | ||||||
Corn commodity derivatives | -65,763 | -5,058 | -31,505 | -11,925 | Cost of goods sold | ||||||||||
Total | -81,247 | -16,700 | -260,311 | -57,787 | Loss before income taxes | ||||||||||
Income tax benefit | -31,428 | -6,797 | -101,762 | -22,906 | Income tax benefit | ||||||||||
Amounts reclassified from | |||||||||||||||
accumulated other | |||||||||||||||
comprehensive loss | $ | -49,819 | $ | -9,903 | $ | -158,549 | $ | -34,881 | |||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2014 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
12. 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, 2014 was $24.3 million and $68.6 million, respectively, compared to an income tax expense of $7.6 million and $13.5 million, respectively, for the same periods in 2013. The effective tax rate (calculated as the ratio of income tax expense to income before income taxes) was approximately 36.7% and 36.9% for the three and nine months ended September 30, 2014, respectively, and 44.8% and 43.0% for the three and nine months ended September 30, 2013, respectively. The effective tax rate for the three and nine months ended September 30, 2014 reflects the release of a valuation allowance for state tax credits, as well as state tax credits generated, that the Company expects to utilize in the future, and an income tax deduction for qualified production activities. This was partially offset by a change in estimate related to the Company’s filing position in various jurisdictions. | |
The amount of unrecognized tax benefits for uncertain tax positions was $0.3 million as of September 30, 2014 and $0.2 million as of December 31, 2013. Recognition of these benefits would have a favorable impact on the Company’s effective tax rate. The increase during the nine months ended September 30, 2014 is due to a change in estimate related to the Company’s filings in certain jurisdictions. | |
The 2014 annual effective tax rate can be affected as a result of variances among the estimates and amounts of full-year sources of taxable income (both among the various states and activity types), 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, 2014 | ||||
Commitments And Contingencies [Abstract] | ' | |||
Commitments And Contingencies | ' | |||
13. 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 $8.3 million and $23.5 million during the three and nine months ended September 30, 2014, respectively, and $4.7 million and $14.6 million during the three and nine months ended September 30, 2013, respectively. Aggregate minimum lease payments under these agreements for the remainder of 2014 and in future fiscal years are as follows (in thousands): | ||||
Year Ending December 31, | Amount | |||
2014 | $ | 6,166 | ||
2015 | 23,205 | |||
2016 | 20,904 | |||
2017 | 15,945 | |||
2018 | 13,535 | |||
Thereafter | 18,939 | |||
Total | $ | 98,694 | ||
Commodities | ||||
As of September 30, 2014 the Company had contracted for future purchases of grain, corn oil, natural gas, ethanol, distillers grains and cattle valued at approximately $392.7 million. | ||||
Legal | ||||
The Company is currently involved in litigation that has arisen in the ordinary course of business, but it does not believe that any pending litigation will have a material adverse effect on its financial position, results of operations or cash flows. | ||||
Insurance Recoveries | ||||
In March 2014, the Green Plains Otter Tail ethanol plant was damaged by a fire, which caused substantial property damage and business interruption costs. The Company has property damage and business interruption insurance coverages and, as a result, the fire has not had a material adverse impact on the Company’s financial results. | ||||
As of September 30, 2014, the Company’s insurance carrier had approved $6.9 million for the property damage portion of the claim, representing a partial reimbursement, net of deductible, for the replacement value of the damaged property and equipment. This recovery is in excess of the book value of the damaged assets, resulting in a gain of $3.3 million, which was recorded in other income during the nine months ended September 30, 2014. The Company expects to receive additional insurance proceeds in the fourth quarter of 2014 totaling approximately $2.3 million related to the property damage claim, which will increase the amount of the gain accordingly. | ||||
The Company had also received insurance proceeds of $8.5 million as of September 30, 2014 related to the business interruption portion of the claim, reimbursing a substantial majority of lost profits, net of deductible, during the repair of this equipment. These proceeds are recorded as a reduction of cost of goods sold. The Company expects to receive additional insurance proceeds in the fourth quarter of 2014 upon final determination of amounts due related to the business interruptions portion of the claim. | ||||
Related_Party_Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
14. RELATED PARTY TRANSACTIONS | |
Commercial Contracts | |
Three 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. In March 2014, a subsidiary of the Company entered into $1.4 million of new equipment financing agreements with AXIS Capital with monthly payments beginning in April 2014. Totals of $1.3 million and $0.1 million were included in debt at September 30, 2014 and December 31, 2013, respectively, under these financing arrangements. Payments, including principal and interest, totaled $69 thousand and $194 thousand during the three and nine months ended September 30, 2014, respectively, and $37 thousand and $111 thousand during the three and nine months ended September 30, 2013, respectively. The weighted average interest rate for all financing agreements with AXIS Capital was 6.8%. | |
Aircraft Lease | |
Effective April 1, 2014, the Company entered into two agreements with entities controlled by Wayne B. Hoovestol for the lease of two aircrafts. Mr. Hoovestol is Chairman of the Company’s Board of Directors. In total, the Company agreed to pay $15,834 per month for combined use of up to 125 hours per year of the aircrafts. Any flight time in excess of 125 hours per year will incur additional hourly-based charges. These agreements replaced a prior agreement with an entity controlled by Mr. Hoovestol for the lease of an aircraft for $6,667 per month for use of up to 100 hours per year, with any flight time in excess of 100 hours resulting in additional hourly-based charges. During the three and nine months ended September 30, 2014, payments related to these leases totaled $68 thousand and $166 thousand, respectively, and during the three and nine months ended September 30, 2013, payments related to the aircraft lease totaled $30 thousand and $104 thousand, respectively. The Company had approximately $6 thousand in outstanding payables related to this agreement at September 30, 2014 and did not have any such outstanding payables at December 31, 2013. | |
Basis_Of_Presentation_And_Desc
Basis Of Presentation And Description Of Business And Summary Of Significant Accounting Policies (Policy) | 9 Months Ended |
Sep. 30, 2014 | |
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 and its controlled subsidiaries. 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, 2013. | |
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 and cattle feedlot operations, collectively referred to as agribusiness, and (4) marketing, merchant trading 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. The Company also is a partner in a joint venture to commercialize advanced technologies for 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 when these services are completed. | |
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, including cattle, 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 and cattle inventories and forward purchase and sale contracts. Exchange-traded futures and options contracts are valued at quoted market prices. 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 sale contracts. 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. | |
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 purchase or normal sale 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 sale 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 related to the ethanol production and agribusiness segments 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, 2017, the Company will adopt the amended guidance in ASC Topic 606, Revenue from Contracts with Customers. The amended guidance requires revenue recognition to reflect the transfer of promised goods or services to customers and replaces existing revenue recognition guidance. The updated standard permits the use of either the retrospective or cumulative effect transition method. The Company has not yet selected a transition method nor has it determined the effect of the updated standard on its consolidated financial statements and related disclosures. | |
Acquisitions_Tables
Acquisitions (Tables) | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Disposition Of Assets [Abstract] | ' | ||||
Schedule Of Identifiable Assets Acquired And Liabilities Assumed | ' | ||||
Amounts of Identifiable Assets Acquired | |||||
and Liabilities Assumed | |||||
Accounts receivable | $ | 119 | |||
Inventory | 8,680 | ||||
Prepaid expenses and other | 2,696 | ||||
Property and equipment, net | 112,274 | ||||
Other assets | 4,193 | ||||
Current liabilities | -4,260 | ||||
Long-term portion of capital leases and | |||||
tax increment financing bond | -7,895 | ||||
Other liabilities | -1,489 | ||||
Total identifiable net assets | $ | 114,318 | |||
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||
Schedule Of Assets And Liabilities Fair Value | ' | |||||||||||
Fair Value Measurements at September 30, 2014 | ||||||||||||
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 | $ | 401,113 | $ | - | $ | - | $ | 401,113 | ||||
Restricted cash | 13,162 | - | - | 13,162 | ||||||||
Margin deposits | 11,829 | - | -11,829 | - | ||||||||
Inventories carried at market | - | 18,642 | - | 18,642 | ||||||||
Unrealized gains on derivatives | 11,779 | 53,422 | -2,230 | 62,971 | ||||||||
Other assets | 118 | - | - | 118 | ||||||||
Total assets measured at fair value | $ | 438,001 | $ | 72,064 | $ | -14,059 | $ | 496,006 | ||||
Liabilities: | ||||||||||||
Unrealized losses on derivatives | $ | 12,458 | $ | 14,762 | $ | -14,059 | $ | 13,161 | ||||
Total liabilities measured at fair value | $ | 12,458 | $ | 14,762 | $ | -14,059 | $ | 13,161 | ||||
Fair Value Measurements at December 31, 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 | $ | 272,027 | $ | - | $ | - | $ | 272,027 | ||||
Restricted cash | 26,994 | - | - | 26,994 | ||||||||
Margin deposits | 77,102 | - | -77,102 | - | ||||||||
Inventories carried at market | - | 23,782 | - | 23,782 | ||||||||
Unrealized gains on derivatives | 3,629 | 18,712 | 26,295 | 48,636 | ||||||||
Other assets (1) | 2,200 | - | - | 2,200 | ||||||||
Total assets measured at fair value | $ | 381,952 | $ | 42,494 | $ | -50,807 | $ | 373,639 | ||||
Liabilities: | ||||||||||||
Unrealized losses on derivatives | $ | 50,807 | $ | 4,612 | $ | -50,807 | $ | 4,612 | ||||
Other | 9 | - | - | 9 | ||||||||
Total liabilities measured at fair value | $ | 50,816 | $ | 4,612 | $ | -50,807 | $ | 4,621 | ||||
(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, 2014 | ||||||||||||
Segment Information [Abstract] | ' | |||||||||||
Summary Of Financial Data | ' | |||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Revenues: | ||||||||||||
Ethanol production: | ||||||||||||
Revenues from external customers (1) | $ | 34,593 | $ | 39,766 | $ | -63,893 | $ | 118,511 | ||||
Intersegment revenues | 550,102 | 477,103 | 1,719,434 | 1,437,821 | ||||||||
Total segment revenues | 584,695 | 516,869 | 1,655,541 | 1,556,332 | ||||||||
Corn oil production: | ||||||||||||
Revenues from external customers (1) | - | - | - | - | ||||||||
Intersegment revenues | 21,922 | 17,290 | 58,687 | 49,304 | ||||||||
Total segment revenues | 21,922 | 17,290 | 58,687 | 49,304 | ||||||||
Agribusiness: | ||||||||||||
Revenues from external customers (1) | 23,747 | 5,055 | 75,476 | 43,178 | ||||||||
Intersegment revenues | 290,543 | 274,100 | 941,897 | 498,189 | ||||||||
Total segment revenues | 314,290 | 279,155 | 1,017,373 | 541,367 | ||||||||
Marketing and distribution: | ||||||||||||
Revenues from external customers (1) | 775,585 | 713,150 | 2,394,089 | 2,166,453 | ||||||||
Intersegment revenues | 40,616 | 9,629 | 108,676 | 13,042 | ||||||||
Total segment revenues | 816,201 | 722,779 | 2,502,765 | 2,179,495 | ||||||||
Revenues including intersegment activity | 1,737,108 | 1,536,093 | 5,234,366 | 4,326,498 | ||||||||
Intersegment eliminations | -903,183 | -778,122 | -2,828,694 | -1,998,356 | ||||||||
Revenues as reported | $ | 833,925 | $ | 757,971 | $ | 2,405,672 | $ | 2,328,142 | ||||
-1 | Revenues from external customers include realized gains and losses from derivative financial instruments. | |||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Gross profit: | ||||||||||||
Ethanol production | $ | 59,869 | $ | 22,269 | $ | 166,728 | $ | 34,228 | ||||
Corn oil production | 11,770 | 9,649 | 30,517 | 25,431 | ||||||||
Agribusiness | 2,432 | 815 | 7,907 | 2,986 | ||||||||
Marketing and distribution | 17,171 | 8,615 | 67,786 | 39,074 | ||||||||
Intersegment eliminations | 6,841 | -324 | 4,210 | -871 | ||||||||
$ | 98,083 | $ | 41,024 | $ | 277,148 | $ | 100,848 | |||||
Operating income: | ||||||||||||
Ethanol production | $ | 54,858 | $ | 17,851 | $ | 151,195 | $ | 22,508 | ||||
Corn oil production | 11,715 | 9,596 | 30,297 | 25,226 | ||||||||
Agribusiness | 1,136 | 163 | 3,341 | 781 | ||||||||
Marketing and distribution | 9,373 | 4,456 | 46,258 | 26,654 | ||||||||
Intersegment eliminations | 6,842 | -324 | 4,271 | -826 | ||||||||
Corporate activities | -8,869 | -6,208 | -23,017 | -17,543 | ||||||||
$ | 75,055 | $ | 25,534 | $ | 212,345 | $ | 56,800 | |||||
Schedule Of Revenues By Product | ' | |||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Revenues: | ||||||||||||
Ethanol | $ | 617,153 | $ | 595,152 | $ | 1,765,576 | $ | 1,798,297 | ||||
Distillers grains | 132,233 | 110,426 | 412,920 | 364,866 | ||||||||
Corn oil | 24,865 | 19,375 | 64,193 | 53,749 | ||||||||
Grain | 42,061 | 23,081 | 115,433 | 78,703 | ||||||||
Other | 17,613 | 9,937 | 47,550 | 32,527 | ||||||||
$ | 833,925 | $ | 757,971 | $ | 2,405,672 | $ | 2,328,142 | |||||
Summary Of Total Assets For Operating Segments | ' | |||||||||||
September 30, | December 31, | |||||||||||
2014 | 2013 | |||||||||||
Total assets: | ||||||||||||
Ethanol production | $ | 957,875 | $ | 911,315 | ||||||||
Corn oil production | 32,941 | 28,569 | ||||||||||
Agribusiness | 144,014 | 165,570 | ||||||||||
Marketing and distribution | 297,401 | 258,361 | ||||||||||
Corporate assets | 275,128 | 175,210 | ||||||||||
Intersegment eliminations | -3,779 | -6,980 | ||||||||||
$ | 1,703,580 | $ | 1,532,045 | |||||||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Inventories [Abstract] | ' | |||||
Schedule Of Inventories | ' | |||||
September 30, | December 31, | |||||
2014 | 2013 | |||||
Finished goods | $ | 66,863 | $ | 56,664 | ||
Grain held for sale | 957 | 23,782 | ||||
Raw materials | 55,128 | 51,726 | ||||
Work-in-process | 47,115 | 11,506 | ||||
Supplies and parts | 18,353 | 14,650 | ||||
$ | 188,416 | $ | 158,328 | |||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Schedule Of Fair Values Of Derivative Financial Instruments | ' | ||||||||||||
Asset Derivatives' | Liability Derivatives' | ||||||||||||
Fair Value | Fair Value | ||||||||||||
September 30, | December 31, | September 30, | December 31, | ||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Derivative financial instruments (1) | $ | 51,142 | -2 | $ | -28,466 | -3 | $ | - | $ | - | |||
Accrued and other liabilities | - | - | 13,154 | 4,612 | |||||||||
Other liabilities | - | - | 7 | - | |||||||||
Total | $ | 51,142 | $ | -28,466 | $ | 13,161 | $ | 4,612 | |||||
(1) Derivative financial instruments as reflected on the consolidated balance sheets are net of related margin deposit assets of $11.8 million and $77.1 million at September 30, 2014 and December 31, 2013, respectively. | |||||||||||||
(2) Balance at September 30, 2014 includes $12.3 million of net unrealized gains on derivative financial instruments designated as cash flow hedging instruments. | |||||||||||||
(3)Balance at December 31, 2013 includes $47.1 million of net unrealized losses 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) | 2014 | 2013 | 2014 | 2013 | |||||||||
Commodity Contracts | $ | -40,504 | $ | -15,399 | $ | -231,771 | $ | -62,429 | |||||
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 | 2014 | 2013 | 2014 | 2013 | |||||||||
Revenues | $ | 11,627 | $ | -2,241 | $ | 24,992 | $ | -16,724 | |||||
Cost of goods sold | 419 | 2,982 | 2,817 | 14,189 | |||||||||
Net increase (decrease) recognized in earnings before tax | $ | 12,046 | $ | 741 | $ | 27,809 | $ | -2,535 | |||||
Schedule Of Gain (Loss) Due To Ineffectiveness Of Cash Flow Hedges [Member] | ' | ||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | ' | ||||||||||||
Gains (Losses) Due to Ineffectiveness | Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | ||||||||||||
of Cash Flow Hedges | 2014 | 2013 | 2014 | 2013 | |||||||||
Revenues | $ | -196 | $ | 53 | $ | -278 | $ | 26 | |||||
Cost of goods sold | 1,095 | -410 | 345 | -434 | |||||||||
Net increase (decrease) recognized in earnings before tax | $ | 899 | $ | -357 | $ | 67 | $ | -408 | |||||
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 | 2014 | 2013 | 2014 | 2013 | |||||||||
Revenues | $ | -15,484 | $ | -11,642 | $ | -228,806 | $ | -45,862 | |||||
Cost of goods sold | -65,763 | -5,058 | -31,505 | -11,925 | |||||||||
Net decrease recognized in earnings before tax | $ | -81,247 | $ | -16,700 | $ | -260,311 | $ | -57,787 | |||||
Schedule Of Gain (Loss) From Fair Value Hedges Of Inventory [Member] | ' | ||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | ' | ||||||||||||
Gains (Losses) from Fair Value | Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | ||||||||||||
Hedges of Inventory | 2014 | 2013 | 2014 | 2013 | |||||||||
Cost of goods sold (effect of change in inventory value) | $ | -611 | $ | - | $ | 1,842 | $ | - | |||||
Cost of goods sold (effect of fair value hedge) | 715 | - | -1,257 | - | |||||||||
Ineffectiveness recognized in earnings before tax | $ | 104 | $ | - | $ | 585 | $ | - | |||||
Schedule Of Volumes of Open Commodity Derivative Positions [Member] | ' | ||||||||||||
Schedule Of Open Positition Derivative Financial Instruments | ' | ||||||||||||
30-Sep-14 | |||||||||||||
Exchange Traded | Non-Exchange Traded | ||||||||||||
Derivative Instruments | Net Long & (Short) (1) | Long (2) | (Short) (2) | Unit of Measure | Commodity | ||||||||
Futures | 2,161 | Bushels | Corn, Soybeans and Wheat | ||||||||||
Futures | 22,545 | -3 | Bushels | Corn | |||||||||
Futures | -1,710 | -4 | Bushels | Corn | |||||||||
Futures | 41,286 | Gallons | Ethanol | ||||||||||
Futures | -136,584 | -3 | Gallons | Ethanol | |||||||||
Futures | -2,980 | mmBTU | Natural Gas | ||||||||||
Futures | -4,103 | -4 | mmBTU | Natural Gas | |||||||||
Futures | 4,920 | Pounds | Cattle | ||||||||||
Futures | -11,680 | -3 | Pounds | Cattle | |||||||||
Futures | 27,000 | Pounds | Soybean Oil | ||||||||||
Options | -3,131 | Bushels | Corn, Soybeans and Wheat | ||||||||||
Options | -10,627 | Gallons | Ethanol | ||||||||||
Forwards | 17,355 | -10,288 | Bushels | Corn and Soybeans | |||||||||
Forwards | 10,063 | -180,425 | Gallons | Ethanol | |||||||||
Forwards | 124 | -480 | Tons | Distillers Grains | |||||||||
Forwards | 14,971 | -113,860 | Pounds | Corn Oil | |||||||||
Forwards | 9,015 | -797 | mmBTU | Natural Gas | |||||||||
-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. | ||||||||||||
-4 | Futures used for fair value hedges. | ||||||||||||
Debt_Tables
Debt (Tables) | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Debt Instrument [Line Items] | ' | |||||
Schedule Of The Components Of Long-Term Debt | ' | |||||
September 30, | December 31, | |||||
2014 | 2013 | |||||
Green Plains Bluffton: | ||||||
$70.0 million term loan | $ | - | $ | 26,621 | ||
$20.0 million revolving term loan | - | 15,000 | ||||
$22.0 million revenue bond | - | 15,780 | ||||
Green Plains Central City: | ||||||
$55.0 million term loan | - | 33,100 | ||||
$30.5 million revolving term loan | - | 17,739 | ||||
Equipment financing loan | - | 36 | ||||
Green Plains Fairmont and Green Plains Wood River: | ||||||
$62.5 million term loan | 55,000 | 50,000 | ||||
$27.0 million term loan | - | 26,756 | ||||
Tax increment financing bond | 3,589 | 3,626 | ||||
Capital leases on grain facilities | 9,994 | 9,994 | ||||
Capital leases on equipment and other | 4,359 | 5,489 | ||||
Green Plains Holdings II: | ||||||
$46.8 million term loans | 31,260 | 15,914 | ||||
$20.0 million revolving term loan | 6,000 | 31,960 | ||||
Green Plains Obion: | ||||||
$60.0 million term loan | - | 3,879 | ||||
$37.4 million revolving term loan | 32,425 | 28,400 | ||||
Equipment financing loan | - | 126 | ||||
Economic development grant | 1,178 | 1,245 | ||||
Green Plains Ord: | ||||||
$25.0 million term loan | - | 15,143 | ||||
$13.0 million revolving term loan | - | 2,151 | ||||
Green Plains Otter Tail: | ||||||
$30.3 million term loan | - | 17,960 | ||||
$19.2 million note payable | - | 19,151 | ||||
Equipment financing loan | 12 | - | ||||
Green Plains Processing: | ||||||
$225.0 million term loan | 224,438 | - | ||||
Green Plains Shenandoah: | ||||||
$17.0 million revolving term loan | - | 9,000 | ||||
Green Plains Superior: | ||||||
$40.0 million term loan | - | 9,750 | ||||
$15.6 million revolving term loan | 15,625 | 8,000 | ||||
Equipment financing loan | - | 18 | ||||
Corporate: | ||||||
$90.0 million convertible notes | - | 90,000 | ||||
$120.0 million convertible notes | 99,765 | 96,653 | ||||
Capital lease | 19 | 188 | ||||
Other | 11,469 | 10,000 | ||||
Total long-term debt | 495,133 | 563,679 | ||||
Less: current portion of long-term debt | -41,501 | -82,933 | ||||
Long-term debt | $ | 453,632 | $ | 480,746 | ||
Schedule Of Allowable Dividends [Table text Block] | ' | |||||
• | Green Plains Fairmont and | Up to amounts equal to permitted tax distributions, as defined in the | ||||
Green Plains Wood River | loan agreement | |||||
• | Green Plains Holdings II | Up to 40% of net profit before tax, and unlimited if working capital is greater | ||||
than or equal to $20.0 million | ||||||
• | Green Plains Obion | Up to 40% of net profit before tax, and unlimited if working capital is greater | ||||
than or equal to $15.0 million | ||||||
• | Green Plains Processing | Amounts may be distributed after quarterly free cash flow payment is made, | ||||
subject to certain limitations, as defined in the loan agreement | ||||||
• | Green Plains Superior | Up to 40% of net profit before tax, and unlimited after free cash flow payment | ||||
is made | ||||||
Term Loan [Member] | ' | |||||
Debt Instrument [Line Items] | ' | |||||
Schedule Of Principal Payments Of Long-Term Debt | ' | |||||
• | Green Plains Fairmont and Green Plains | $2.5 million per quarter, decreasing | ||||
Wood River | to $1.3 million per quarter in 2015 | |||||
• | Green Plains Holdings II | $1.8 million per quarter | ||||
• | Green Plains Processing | $0.6 million per quarter | ||||
Schedule Of Maturities Of Long-Term Debt | ' | |||||
• | Green Plains Fairmont and Green Plains | |||||
Wood River | 27-Nov-15 | |||||
• | Green Plains Holdings II | 1-Jul-19 | ||||
• | Green Plains Processing | 30-Jun-20 | ||||
Revolving Term Loans [Member] | ' | |||||
Debt Instrument [Line Items] | ' | |||||
Schedule Of Maturities Of Long-Term Debt | ' | |||||
• | Green Plains Holdings II | 1-Jul-19 | ||||
• | Green Plains Obion | 20-May-20 | ||||
• | Green Plains Superior | 20-Oct-19 | ||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2014 | ||||||||||
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, 2013 | 610,250 | $ | 10.71 | 3.4 | $ | 5,310 | ||||
Granted | - | - | - | - | ||||||
Exercised | -269,500 | 10.54 | - | 5,257 | ||||||
Forfeited | - | - | - | - | ||||||
Expired | - | - | - | - | ||||||
Outstanding at September 30, 2014 | 340,750 | $ | 10.84 | 3.3 | $ | 9,163 | ||||
Exercisable at September 30, 2014 (1) | 340,750 | $ | 10.84 | 3.3 | $ | 9,163 | ||||
(1) Includes in-the-money options totaling 340,750 shares at a weighted-average exercise price of $10.84. | ||||||||||
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) | ||||||||||
Non-Vested at December 31, 2013 | 738,950 | $ | 10.39 | |||||||
Granted | 407,393 | 23.56 | ||||||||
Forfeited | -5,516 | 10.88 | ||||||||
Vested | -456,073 | 13.47 | ||||||||
Non-Vested at September 30, 2014 | 684,754 | $ | 16.17 | 1.9 | ||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Schedule Of Basic And Diluted Earnings Per Share | ' | |||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Basic EPS: | ||||||||||||
Net income | $ | 41,749 | $ | 9,410 | $ | 117,266 | $ | 17,930 | ||||
Weighted average shares outstanding - basic | 37,588 | 30,204 | 36,101 | 30,100 | ||||||||
EPS - basic | $ | 1.11 | $ | 0.31 | $ | 3.25 | $ | 0.60 | ||||
Diluted EPS: | ||||||||||||
Net income | $ | 41,749 | $ | 9,410 | $ | 117,266 | $ | 17,930 | ||||
Interest and amortization on convertible debt, net of tax effect: | ||||||||||||
5.75% Notes | - | 883 | 576 | 2,643 | ||||||||
3.25% Notes | - | 79 | 1,379 | 79 | ||||||||
Net income - diluted | $ | 41,749 | $ | 10,372 | $ | 119,221 | $ | 20,652 | ||||
Weighted average shares outstanding - basic | 37,588 | 30,204 | 36,101 | 30,100 | ||||||||
Effect of dilutive convertible debt: | ||||||||||||
5.75% Notes | - | 6,284 | 1,345 | 6,281 | ||||||||
3.25% Notes | 2,752 | 688 | 3,452 | 232 | ||||||||
Effect of dilutive warrants | - | 93 | - | - | ||||||||
Effect of dilutive stock-based compensation awards | 202 | 214 | 232 | 205 | ||||||||
Weighted average shares outstanding - diluted | 40,542 | 37,483 | 41,130 | 36,818 | ||||||||
EPS - diluted | $ | 1.03 | $ | 0.28 | $ | 2.90 | $ | 0.56 | ||||
Stockholders_Equity_Tables
Stockholders Equity (Tables) | 9 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
Stockholders Equity [Abstract] | ' | ||||||||||||||
Stockholders Equity | ' | ||||||||||||||
Accumulated | |||||||||||||||
Additional | Other | Total | |||||||||||||
Common Stock | Paid-in | Retained | Comprehensive | Treasury Stock | Stockholders' | ||||||||||
Shares | Amount | Capital | Earnings | Income (Loss) | Shares | Amount | Equity | ||||||||
Balance, December 31, 2013 | 37,704 | $ | 38 | $ | 468,962 | $ | 148,505 | $ | -6,339 | 7,200 | $ | -65,808 | $ | 545,358 | |
Net income | - | - | - | 117,266 | - | - | - | 117,266 | |||||||
Cash dividends declared | - | - | - | -5,899 | - | - | - | -5,899 | |||||||
Other comprehensive loss | |||||||||||||||
before reclassification | - | - | - | - | -141,166 | - | - | -141,166 | |||||||
Amounts reclassified from accum. | |||||||||||||||
other comprehensive loss | - | - | - | - | 158,549 | - | - | 158,549 | |||||||
Other comprehensive income, | |||||||||||||||
net of tax | - | - | - | - | 17,383 | - | - | 17,383 | |||||||
Stock-based compensation | 304 | - | 4,470 | - | - | - | - | 4,470 | |||||||
Stock options exercised | 269 | - | 4,424 | - | - | - | - | 4,424 | |||||||
Conversion of 5.75 % Notes | 6,533 | 7 | 90,336 | - | - | - | - | 90,343 | |||||||
Balance, September 30, 2014 | 44,810 | $ | 45 | $ | 568,192 | $ | 259,872 | $ | 11,044 | 7,200 | $ | -65,808 | $ | 773,345 | |
Reclassification Accumulated Other Comprehensive Income | ' | ||||||||||||||
Three Months Ended | Nine Months Ended | Statements of Operations | |||||||||||||
September 30, | September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | Classification | |||||||||||
Gains (losses) on cash flow hedges: | |||||||||||||||
Ethanol commodity derivatives | $ | -15,484 | $ | -11,642 | $ | -228,806 | $ | -45,862 | Revenues | ||||||
Corn commodity derivatives | -65,763 | -5,058 | -31,505 | -11,925 | Cost of goods sold | ||||||||||
Total | -81,247 | -16,700 | -260,311 | -57,787 | Loss before income taxes | ||||||||||
Income tax benefit | -31,428 | -6,797 | -101,762 | -22,906 | Income tax benefit | ||||||||||
Amounts reclassified from | |||||||||||||||
accumulated other | |||||||||||||||
comprehensive loss | $ | -49,819 | $ | -9,903 | $ | -158,549 | $ | -34,881 | |||||||
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Commitments And Contingencies [Abstract] | ' | |||
Schedule Of Aggregate Minimum Lease Payments | ' | |||
Year Ending December 31, | Amount | |||
2014 | $ | 6,166 | ||
2015 | 23,205 | |||
2016 | 20,904 | |||
2017 | 15,945 | |||
2018 | 13,535 | |||
Thereafter | 18,939 | |||
Total | $ | 98,694 | ||
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, 2014 | |
segment | |
Basis Of Presentation, Description Of Business And Summary Of Significant Accounting Policies [Abstract] | ' |
Number of operating segments | 4 |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
gal | |
Disposition Of Assets [Abstract] | ' |
Expected annual ethanol production capacity | 230,000,000 |
Cash paid for business acquisition | $114.30 |
Transaction Costs | 0.8 |
Notes Payable | 77 |
Capital Lease Obligations Incurred | $10 |
Acquisitions_Schedule_Of_Ident
Acquisitions (Schedule Of Identifiable Assets Acquired And Liabilities Assumed) (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Business Acquisition [Line Items] | ' | ' |
Total identifiable net assets | $23,900 | $15,305 |
Green Plains Fairmont and Green Plains Wood River [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Accounts receivable | 119 | ' |
Inventory | 8,680 | ' |
Prepaid expenses and other | 2,696 | ' |
Property and equipment, net | 112,274 | ' |
Other assets | 4,193 | ' |
Current liabilities | -4,260 | ' |
Long-term portion of capital leases and tax increment financing bond | -7,895 | ' |
Other | -1,489 | ' |
Total identifiable net assets | $114,318 | ' |
Fair_Value_Disclosures_Narrati
Fair Value Disclosures (Narrative) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ' | ' |
Fair value of debt | $619.80 | $775.70 |
Book Value Of Debt | 615.6 | 735.2 |
Fair value of accounts receivable | 108.8 | 106.8 |
Fair value of accounts payable | $132.80 | $112 |
Fair_Value_Disclosures_Schedul
Fair Value Disclosures (Schedule Of Assets And Liabilities Fair Value) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Debt instrument amount | ' | $22,000,000 | |
Assets | ' | ' | |
Cash and cash equivalents | 401,113,000 | 272,027,000 | |
Restricted cash | 13,162,000 | 26,994,000 | |
Inventories carried at market | 18,642,000 | 23,782,000 | |
Unrealized gains on derivatives | 62,971,000 | 48,636,000 | |
Other assets | 118,000 | 2,200,000 | [1] |
Total assets measured at fair value | 496,006,000 | 373,639,000 | |
Liabilities | ' | ' | |
Unrealized losses on derivatives | 13,161,000 | 4,612,000 | |
Other | ' | 9,000 | |
Total liabilities measured at fair value | 13,161,000 | 4,621,000 | |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' | |
Assets | ' | ' | |
Cash and cash equivalents | 401,113,000 | 272,027,000 | |
Restricted cash | 13,162,000 | 26,994,000 | |
Margin deposits | 11,829,000 | 77,102,000 | |
Unrealized gains on derivatives | 11,779,000 | 3,629,000 | |
Other assets | 118,000 | 2,200,000 | [1] |
Total assets measured at fair value | 438,001,000 | 381,952,000 | |
Liabilities | ' | ' | |
Unrealized losses on derivatives | 12,458,000 | 50,807,000 | |
Other | ' | 9,000 | |
Total liabilities measured at fair value | 12,458,000 | 50,816,000 | |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' | |
Assets | ' | ' | |
Inventories carried at market | 18,642,000 | 23,782,000 | |
Unrealized gains on derivatives | 53,422,000 | 18,712,000 | |
Total assets measured at fair value | 72,064,000 | 42,494,000 | |
Liabilities | ' | ' | |
Unrealized losses on derivatives | 14,762,000 | 4,612,000 | |
Total liabilities measured at fair value | 14,762,000 | 4,612,000 | |
Reclassification For Balance Sheet Presentation [Member] | ' | ' | |
Assets | ' | ' | |
Margin deposits | -11,829,000 | -77,102,000 | |
Unrealized gains on derivatives | -2,230,000 | 26,295,000 | |
Total assets measured at fair value | -14,059,000 | -50,807,000 | |
Liabilities | ' | ' | |
Unrealized losses on derivatives | -14,059,000 | -50,807,000 | |
Total liabilities measured at fair value | ($14,059,000) | ($50,807,000) | |
[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) | 9 Months Ended |
Sep. 30, 2014 | |
gal | |
segment | |
Segment Information [Abstract] | ' |
Number of operating segments | 4 |
Expected Annual Ethanol Production | 230,000,000 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenues | $833,925 | $757,971 | $2,405,672 | $2,328,142 | ||||
Gross profit (loss) | 98,083 | 41,024 | 277,148 | 100,848 | ||||
Operating income (loss) | 75,055 | 25,534 | 212,345 | 56,800 | ||||
Revenue From External Customers [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenues | 833,925 | 757,971 | 2,405,672 | 2,328,142 | ||||
Revenue Including Intersegment Activity [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenues | 1,737,108 | 1,536,093 | 5,234,366 | 4,326,498 | ||||
Ethanol Production [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Gross profit (loss) | 59,869 | 22,269 | 166,728 | 34,228 | ||||
Operating income (loss) | 54,858 | 17,851 | 151,195 | 22,508 | ||||
Ethanol Production [Member] | Revenue From External Customers [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenues | 34,593 | [1] | 39,766 | [1] | -63,893 | [1] | 118,511 | [1] |
Ethanol Production [Member] | Intersegment Revenue [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenues | 550,102 | 477,103 | 1,719,434 | 1,437,821 | ||||
Ethanol Production [Member] | Revenue Including Intersegment Activity [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenues | 584,695 | 516,869 | 1,655,541 | 1,556,332 | ||||
Corn Oil Production [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Gross profit (loss) | 11,770 | 9,649 | 30,517 | 25,431 | ||||
Operating income (loss) | 11,715 | 9,596 | 30,297 | 25,226 | ||||
Corn Oil Production [Member] | Intersegment Revenue [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenues | 21,922 | 17,290 | 58,687 | 49,304 | ||||
Corn Oil Production [Member] | Revenue Including Intersegment Activity [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenues | 21,922 | 17,290 | 58,687 | 49,304 | ||||
Agribusiness [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Gross profit (loss) | 2,432 | 815 | 7,907 | 2,986 | ||||
Operating income (loss) | 1,136 | 163 | 3,341 | 781 | ||||
Agribusiness [Member] | Revenue From External Customers [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenues | 23,747 | [1] | 5,055 | [1] | 75,476 | [1] | 43,178 | [1] |
Agribusiness [Member] | Intersegment Revenue [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenues | 290,543 | 274,100 | 941,897 | 498,189 | ||||
Agribusiness [Member] | Revenue Including Intersegment Activity [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenues | 314,290 | 279,155 | 1,017,373 | 541,367 | ||||
Marketing And Distribution [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Gross profit (loss) | 17,171 | 8,615 | 67,786 | 39,074 | ||||
Operating income (loss) | 9,373 | 4,456 | 46,258 | 26,654 | ||||
Marketing And Distribution [Member] | Revenue From External Customers [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenues | 775,585 | [1] | 713,150 | [1] | 2,394,089 | [1] | 2,166,453 | [1] |
Marketing And Distribution [Member] | Intersegment Revenue [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenues | 40,616 | 9,629 | 108,676 | 13,042 | ||||
Marketing And Distribution [Member] | Revenue Including Intersegment Activity [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenues | 816,201 | 722,779 | 2,502,765 | 2,179,495 | ||||
Intersegment Eliminations [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Gross profit (loss) | 6,841 | -324 | 4,210 | -871 | ||||
Operating income (loss) | 6,842 | -324 | 4,271 | -826 | ||||
Intersegment Eliminations [Member] | Intersegment Revenue [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenues | -903,183 | -778,122 | -2,828,694 | -1,998,356 | ||||
Corporate Activities [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Operating income (loss) | ($8,869) | ($6,208) | ($23,017) | ($17,543) | ||||
[1] | Revenues from external customers include realized gains and losses from derivative financial instruments. |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | $833,925 | $757,971 | $2,405,672 | $2,328,142 |
Ethanol [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 617,153 | 595,152 | 1,765,576 | 1,798,297 |
Distillers Grains [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 132,233 | 110,426 | 412,920 | 364,866 |
Corn Oil [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 24,865 | 19,375 | 64,193 | 53,749 |
Grain [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 42,061 | 23,081 | 115,433 | 78,703 |
Other [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | $17,613 | $9,937 | $47,550 | $32,527 |
Segment_Information_Summary_Of1
Segment Information (Summary Of Total Assets For Operating Segments) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Total assets | $1,703,580 | $1,532,045 |
Ethanol Production [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 957,875 | 911,315 |
Corn Oil Production [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 32,941 | 28,569 |
Agribusiness [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 144,014 | 165,570 |
Marketing And Distribution [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 297,401 | 258,361 |
Corporate Assets [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 275,128 | 175,210 |
Intersegment Eliminations [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | ($3,779) | ($6,980) |
Inventories_Schedule_Of_Invent
Inventories (Schedule Of Inventories) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Finished goods | $66,863 | $56,664 |
Grain held for sale | 957 | 23,782 |
Raw materials | 55,128 | 51,726 |
Work-in-process | 47,115 | 11,506 |
Supplies and parts | 18,353 | 14,650 |
Inventories | $188,416 | $158,328 |
Goodwill_Details
Goodwill (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
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 $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Derivative Financial Instruments [Abstract] | ' | ' | ' | ' | ' |
Accumulated other comprehensive income (loss) | $11,044,000 | ' | $11,044,000 | ' | ($6,339,000) |
Energy Trading Contracts, gain or loss | ($300,000) | ($100,000) | $7,100,000 | $100,000 | ' |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Schedule Of Fair Values Of Derivative Financial Instruments) (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Dec. 31, 2013 | |||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Asset Derivatives, Fair Value | $51,142,000 | ($28,466,000) | ||
Liability Derivatives, Fair Value | 13,161,000 | 4,612,000 | ||
Margin deposit asset | 11,800,000 | 77,100,000 | ||
Net unrealized losses on cash flow hedges | 12,300,000 | 47,100,000 | ||
Derivative Financial Instruments [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Asset Derivatives, Fair Value | 51,142,000 | [1],[2] | -28,466,000 | [1],[3] |
Accrued And Other Liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Liability Derivatives, Fair Value | 13,154,000 | 4,612,000 | ||
Other Liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Liability Derivatives, Fair Value | $7,000 | ' | ||
[1] | Derivative financial instruments as reflected on the consolidated balance sheets are net of related margin deposit assets of $11.8 million and $77.1 million at September 30, 2014 and December 31, 2013, respectively. | |||
[2] | Balance at September 30, 2014 includes $12.3 million of net unrealized gains on derivative financial instruments designated as cash flow hedging instruments. | |||
[3] | Balance at December 31, 2013 includes $47.1 million of net unrealized losses 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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gains (Losses) on Derivative Instruments Not Designated in a Hedging Relationship | $12,046 | $741 | $27,809 | ($2,535) |
Gain (Loss) Due to Ineffectiveness of Cash Flow Hedges | 899 | -357 | 67 | -408 |
Gains (losses) on cash flow hedges | -81,247 | -16,700 | -260,311 | -57,787 |
Ineffectiveness recognized in earnings before tax | 104 | ' | 585 | ' |
Revenue [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gains (Losses) on Derivative Instruments Not Designated in a Hedging Relationship | 11,627 | -2,241 | 24,992 | -16,724 |
Gain (Loss) Due to Ineffectiveness of Cash Flow Hedges | -196 | 53 | -278 | 26 |
Gains (losses) on cash flow hedges | -15,484 | -11,642 | -228,806 | -45,862 |
Cost Of Goods Sold [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gains (Losses) on Derivative Instruments Not Designated in a Hedging Relationship | 419 | 2,982 | 2,817 | 14,189 |
Gain (Loss) Due to Ineffectiveness of Cash Flow Hedges | 1,095 | -410 | 345 | -434 |
Gains (losses) on cash flow hedges | -65,763 | -5,058 | -31,505 | -11,925 |
Fair value hedge effect of change in inventory value | -611 | ' | 1,842 | ' |
Effect of fair value hedge | $715 | ' | ($1,257) | ' |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Commodity Contracts [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Effective Portion of Cash Flow Hedges Recognized in Other Comprehensive Income (Loss) | ($40,504) | ($15,399) | ($231,771) | ($62,429) |
Derivative_Financial_Instrumen6
Derivative Financial Instruments (Schedule Of Volumes Of Open Commodity Derivative Positions) (Details) | Sep. 30, 2014 | |
contract | ||
Futures [Member] | Exchange Traded Net Long & Short [Member] | Corn, Soybeans And Wheat In Bushels [Member] | ' | |
Derivative [Line Items] | ' | |
Volumes of open commodity derivatives | 2,161,000 | [1] |
Futures [Member] | Exchange Traded Net Long & Short [Member] | Corn In Bushels [Member] | Cash Flow Hedges [Member] | ' | |
Derivative [Line Items] | ' | |
Volumes of open commodity derivatives | 22,545,000 | [1],[2] |
Futures [Member] | Exchange Traded Net Long & Short [Member] | Corn In Bushels [Member] | Fair Value Hedging [Member] | ' | |
Derivative [Line Items] | ' | |
Volumes of open commodity derivatives | -1,710,000 | [1],[3] |
Futures [Member] | Exchange Traded Net Long & Short [Member] | Ethanol In Gallons [Member] | ' | |
Derivative [Line Items] | ' | |
Volumes of open commodity derivatives | 41,286,000 | [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 | -136,584,000 | [1],[2] |
Futures [Member] | Exchange Traded Net Long & Short [Member] | Natural Gas In mmBTU [Member] | ' | |
Derivative [Line Items] | ' | |
Volumes of open commodity derivatives | -2,980,000 | [1] |
Futures [Member] | Exchange Traded Net Long & Short [Member] | Natural Gas In mmBTU [Member] | Fair Value Hedging [Member] | ' | |
Derivative [Line Items] | ' | |
Volumes of open commodity derivatives | -4,103,000 | [1],[3] |
Futures [Member] | Exchange Traded Net Long & Short [Member] | Cattle [Member] | ' | |
Derivative [Line Items] | ' | |
Volumes of open commodity derivatives | 4,920,000 | [1] |
Futures [Member] | Exchange Traded Net Long & Short [Member] | Cattle [Member] | Cash Flow Hedges [Member] | ' | |
Derivative [Line Items] | ' | |
Volumes of open commodity derivatives | -11,680,000 | [1],[2] |
Futures [Member] | Exchange Traded Net Long & Short [Member] | Soybean Oil [Member] | ' | |
Derivative [Line Items] | ' | |
Volumes of open commodity derivatives | 27,000,000 | [1] |
Options [Member] | Exchange Traded Net Long & Short [Member] | Corn, Soybeans And Wheat In Bushels [Member] | ' | |
Derivative [Line Items] | ' | |
Volumes of open commodity derivatives | -3,131,000 | [1] |
Options [Member] | Exchange Traded Net Long & Short [Member] | Ethanol In Gallons [Member] | ' | |
Derivative [Line Items] | ' | |
Volumes of open commodity derivatives | -10,627,000 | [1] |
Forwards [Member] | Non-Exchange Traded Long [Member] | Ethanol In Gallons [Member] | ' | |
Derivative [Line Items] | ' | |
Volumes of open commodity derivatives | 10,063,000 | [4] |
Forwards [Member] | Non-Exchange Traded Long [Member] | Natural Gas In mmBTU [Member] | ' | |
Derivative [Line Items] | ' | |
Volumes of open commodity derivatives | 9,015,000 | [4] |
Forwards [Member] | Non-Exchange Traded Long [Member] | Corn And Soybeans In Bushels [Member] | ' | |
Derivative [Line Items] | ' | |
Volumes of open commodity derivatives | 17,355,000 | [4] |
Forwards [Member] | Non-Exchange Traded Long [Member] | Distillers Grains In Tons [Member] | ' | |
Derivative [Line Items] | ' | |
Volumes of open commodity derivatives | 124,000 | [4] |
Forwards [Member] | Non-Exchange Traded Long [Member] | Corn Oil in Pounds [Member] | ' | |
Derivative [Line Items] | ' | |
Volumes of open commodity derivatives | 14,971,000 | [4] |
Forwards [Member] | Non-Exchange Traded Short [Member] | Ethanol In Gallons [Member] | ' | |
Derivative [Line Items] | ' | |
Volumes of open commodity derivatives | -180,425,000 | [4] |
Forwards [Member] | Non-Exchange Traded Short [Member] | Natural Gas In mmBTU [Member] | ' | |
Derivative [Line Items] | ' | |
Volumes of open commodity derivatives | -797,000 | [4] |
Forwards [Member] | Non-Exchange Traded Short [Member] | Corn And Soybeans In Bushels [Member] | ' | |
Derivative [Line Items] | ' | |
Volumes of open commodity derivatives | -10,288,000 | [4] |
Forwards [Member] | Non-Exchange Traded Short [Member] | Distillers Grains In Tons [Member] | ' | |
Derivative [Line Items] | ' | |
Volumes of open commodity derivatives | -480,000 | [4] |
Forwards [Member] | Non-Exchange Traded Short [Member] | Corn Oil in Pounds [Member] | ' | |
Derivative [Line Items] | ' | |
Volumes of open commodity derivatives | -113,860,000 | [4] |
[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] | Futures used for fair value hedges. | |
[4] | Non-exchange traded forwards are presented on a gross long and (short) position basis including both fixed-price and basis contracts. |
Debt_Schedule_Of_The_Component
Debt (Schedule Of The Components Of Long-Term Debt) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | $495,133,000 | $563,679,000 |
Less: current portion of long-term debt | -41,501,000 | -82,933,000 |
Long-term debt | 453,632,000 | 480,746,000 |
Debt instrument amount | ' | 22,000,000 |
Other Debt Obligations [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 11,469,000 | 10,000,000 |
Green Plains Bluffton [Member] | Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | ' | 26,621,000 |
Debt instrument amount | 70,000,000 | ' |
Green Plains Bluffton [Member] | Revolving Term Loans [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | ' | 15,000,000 |
Debt instrument amount | 20,000,000 | ' |
Green Plains Bluffton [Member] | Revenue Bond [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | ' | 15,780,000 |
Debt instrument amount | 22,000,000 | ' |
Green Plains Central City [Member] | Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | ' | 33,100,000 |
Debt instrument amount | 55,000,000 | ' |
Green Plains Central City [Member] | Revolving Term Loans [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | ' | 17,739,000 |
Debt instrument amount | 30,500,000 | ' |
Green Plains Central City [Member] | Equipment Financing Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | ' | 36,000 |
Green Plains Fairmont and Green Plains Wood River [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 3,589,000 | 3,626,000 |
Green Plains Fairmont and Green Plains Wood River [Member] | Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 55,000,000 | 50,000,000 |
Debt instrument amount | 62,500,000 | ' |
Green Plains Fairmont and Green Plains Wood River [Member] | Note Payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | ' | 26,756,000 |
Debt instrument amount | 27,000,000 | ' |
Green Plains Fairmont and Green Plains Wood River [Member] | Equipment Financing Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 4,359,000 | 5,489,000 |
Green Plains Fairmont and Green Plains Wood River [Member] | Capital Lease Payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 9,994,000 | 9,994,000 |
Green Plains Holdings II [Member] | Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 31,260,000 | 15,914,000 |
Debt instrument amount | 46,800,000 | ' |
Green Plains Holdings II [Member] | Revolving Term Loans [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 6,000,000 | 31,960,000 |
Debt instrument amount | 20,000,000 | ' |
Green Plains Obion [Member] | Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | ' | 3,879,000 |
Debt instrument amount | 60,000,000 | ' |
Green Plains Obion [Member] | Revolving Term Loans [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 32,425,000 | 28,400,000 |
Debt instrument amount | 37,400,000 | ' |
Green Plains Obion [Member] | Equipment Financing Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | ' | 126,000 |
Green Plains Obion [Member] | Economic Development Grant [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 1,178,000 | 1,245,000 |
Green Plains Ord [Member] | Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | ' | 15,143,000 |
Debt instrument amount | 25,000,000 | ' |
Green Plains Ord [Member] | Revolving Term Loans [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | ' | 2,151,000 |
Debt instrument amount | 13,000,000 | ' |
Green Plains Otter Tail [Member] | Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | ' | 17,960,000 |
Debt instrument amount | 30,300,000 | ' |
Green Plains Otter Tail [Member] | Note Payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | ' | 19,151,000 |
Debt instrument amount | 19,200,000 | ' |
Green Plains Otter Tail [Member] | Equipment Financing Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 12,000 | ' |
Green Plains Processing [Member] | Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 224,438,000 | ' |
Debt instrument amount | 225,000,000 | ' |
Green Plains Shenandoah [Member] | Revolving Term Loans [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | ' | 9,000,000 |
Debt instrument amount | 17,000,000 | ' |
Green Plains Superior [Member] | Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | ' | 9,750,000 |
Debt instrument amount | 40,000,000 | ' |
Green Plains Superior [Member] | Revolving Term Loans [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 15,625,000 | 8,000,000 |
Debt instrument amount | 15,600,000 | ' |
Green Plains Superior [Member] | Equipment Financing Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | ' | 18,000 |
Corporate [Member] | Convertible Notes 90M [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | ' | 90,000,000 |
Debt instrument amount | 90,000,000 | ' |
Corporate [Member] | Convertible Notes 120M [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 99,765,000 | 96,653,000 |
Debt instrument amount | 120,000,000 | ' |
Corporate [Member] | Capital Lease Payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | $19,000 | $188,000 |
Debt_Narrative_Ethanol_Product
Debt (Narrative - Ethanol Production Segment) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jul. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Aug. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
Green Plains Bluffton [Member] | Green Plains Bluffton [Member] | Green Plains Bluffton [Member] | Green Plains Bluffton [Member] | Green Plains Cattle [Member] | Green Plains Central City [Member] | Green Plains Central City [Member] | Green Plains Fairmont and Green Plains Wood River [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 Shenandoah [Member] | Green Plains Superior [Member] | Green Plains Superior [Member] | Green Plains Superior [Member] | Green Plains Processing [Member] | Green Plains Processing [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] | Revolvers [Member] | Term Loan [Member] | Revolving Term Loans [Member] | Term Loan [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] | Revolving Term Loans [Member] | Term Loan [Member] | Green Plains Bluffton [Member] | Green Plains Fairmont and Green Plains Wood River [Member] | Green Plains Fairmont and Green Plains Wood River [Member] | Green Plains Holdings II [Member] | Green Plains Obion [Member] | Green Plains Superior [Member] | Green Plains Superior [Member] | Green Plains Processing [Member] | Green Plains Processing [Member] | ||||||||
Revenue Bond [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Revolving Term Loans [Member] | Revolving Term Loans [Member] | Revolving Term Loans [Member] | Term Loan [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowable Dividends As Percentage Of Net Profit Before Tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | ' | ' | 40.00% | ' | ' | ' | ' | ' | ' | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding note payable | $77,000,000 | ' | ' | ' | ' | ' | $14,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowable advances decrease | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | 600,000 | ' | ' | ' |
Debt instrument amount | ' | 22,000,000 | ' | 70,000,000 | 20,000,000 | 22,000,000 | ' | 55,000,000 | 30,500,000 | 62,500,000 | ' | 46,800,000 | 20,000,000 | ' | 60,000,000 | 37,400,000 | 25,000,000 | 13,000,000 | 30,300,000 | 17,000,000 | ' | 40,000,000 | 15,600,000 | ' | 225,000,000 | 22,000,000 | 62,500,000 | 50,000,000 | ' | ' | 15,600,000 | 10,000,000 | ' | 225,000,000 |
Debt instrument, interest rate, effective percentage | ' | ' | 7.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Basis for Effective Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5.5% | ' |
Principal payments (plus interest) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt maturity dates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Jul-19 | ' | 30-Jun-20 | ' | ' | ' | ' | ' |
Final principal and interest payment on September 1, 2019 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,700,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted cash | 13,162,000 | 26,994,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum Working Capital Required For Compliance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $20,000,000 | ' | ' | $15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Schedule_Of_Principal_Pay
Debt (Schedule Of Principal Payments Of Long-Term Debt) (Details) (Term Loan [Member], USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Green Plains Fairmont and Green Plains Wood River [Member] | ' |
Debt Instrument [Line Items] | ' |
Scheduled principal payments, periodic | $2.50 |
Green Plains Holdings II [Member] | ' |
Debt Instrument [Line Items] | ' |
Scheduled principal payments, periodic | 1.8 |
Green Plains Processing [Member] | ' |
Debt Instrument [Line Items] | ' |
Scheduled principal payments, periodic | $0.60 |
Debt_Schedule_Of_Maturity_Date
Debt (Schedule Of Maturity Dates Of Long-Term Debt) (Details) (Ethanol Production Segment [Member], Term Loan [Member]) | 9 Months Ended |
Sep. 30, 2014 | |
Green Plains Fairmont and Green Plains Wood River [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt maturity dates | 1-Jul-19 |
Green Plains Holdings II [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt maturity dates | 30-Jun-20 |
Debt_Narrative_Agribusiness_Se
Debt (Narrative - Agribusiness Segment, Marketing And Distribution Segment, Corporate Activities, Capitalized Interest, And Restricted Net Assets) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 0 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||||
Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Mar. 19, 2014 | Feb. 28, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
5.75% Convertible Senior Notes [Member] | 5.75% Convertible Senior Notes [Member] | 5.75% Convertible Senior Notes [Member] | Green Plains Grain [Member] | Green Plains Grain [Member] | Green Plains Cattle [Member] | Green Plains Trade [Member] | Green Plains Trade [Member] | Agribusiness Segment [Member] | Agribusiness Segment [Member] | Agribusiness Segment [Member] | Agribusiness Segment [Member] | Agribusiness Segment [Member] | Marketing And Distribution Segment [Member] | Marketing And Distribution Segment [Member] | Corporate Activities [Member] | Corporate Activities [Member] | Restricted Net Assets [Member] | ||||
Revolvers [Member] | Revolvers [Member] | Revolvers [Member] | Revolvers [Member] | Revolvers [Member] | Green Plains Grain [Member] | Green Plains Grain [Member] | Green Plains Grain [Member] | Green Plains Cattle [Member] | Green Plains Cattle [Member] | Green Plains Trade [Member] | Green Plains Trade [Member] | 3.25% Convertible Senior Notes [Member] | 5.75% Convertible Senior Notes [Member] | ||||||||
Seasonal Borrowings [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolvers [Member] | Revolving Credit Facility [Member] | |||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding note payable | $77,000,000 | $77,000,000 | ' | ' | ' | ' | $31,500,000 | $95,000,000 | $14,800,000 | $74,200,000 | $76,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Issuance Costs Assigned To Liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | ' |
Convertible Debt Cross Default Threshold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' |
Debt instrument, interest rate, effective percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.21% | 5.75% | ' |
Debt Instrument, Interest Rate, Basis for Effective Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3.00% | ' | ' | ' | ' | ' | ' |
Allowable Dividends As Percentage Of Net Profit Before Tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | ' | ' | ' | ' | ' | ' | ' |
Debt instrument amount | ' | ' | 22,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,000,000 | ' | 15,000,000 | ' | ' | 120,000,000 | 90,000,000 | ' |
Debt maturity dates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26-Aug-16 | ' | ' | ' | ' | ' | ' | ' |
Additional amounts available under facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | ' |
Line of credit, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | 50,000,000 | ' | ' | ' | ' | 130,000,000 | ' | ' | ' |
Restricted cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,400,000 | ' | ' | ' | ' |
Revolving credit facility expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26-Apr-16 | ' | ' | ' |
Debt instrument stated percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.25% | ' | ' |
Debt conversion amount | ' | ' | ' | 1,000 | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' |
Common stock issued for conversion of 5.75% Notes | ' | 89,950,000 | ' | ' | ' | 89,950,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock for conversion of 5.75% Notes, shares | ' | ' | ' | 72.6961 | 72.5846 | 6,532,713 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48.0057 | ' | ' |
Debt conversion price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $20.83 | ' | ' |
Conversion price percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 140.00% | ' | ' |
Principal amount of notes, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' |
Capitalized interest | 10,000 | 99,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 679,200,000 |
Debt Instrument, Interest Rate, Effective Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 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 | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $250,000,000 | $50,000,000 | ' | ' | ' | ' | $130,000,000 | ' | ' | ' |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Stock-Based Compensation [Abstract] | ' | ' | ' | ' |
Share-based compensation arrangement by share-based payment award, number of shares authorized | 3.5 | ' | 3.5 | ' |
Compensation costs expensed | $1.30 | $1 | $5.80 | $4.40 |
Unrecognized compensation costs | $8 | ' | $8 | ' |
Compensation expected to be recognized, weighted-average period in years | ' | ' | '1 year 10 months 24 days | ' |
Potential tax benefit, percentage | ' | ' | 38.50% | ' |
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, 2014 | Dec. 31, 2013 | |
Stock-Based Compensation [Abstract] | ' | ' | |
Outstanding at December 31, 2013, Shares | 610,250 | ' | |
Outstanding at December 31, 2013, Weighted Average Exercise Price | $10.71 | ' | |
Outstanding at December 31, 2013, Weighted Average Remaining Contractual Term | '3 years 3 months 18 days | '3 years 4 months 24 days | |
Outstanding at December 31, 2013, Aggregate Intrinsic Value | $5,310 | ' | |
Exercised, Shares | -269,500 | ' | |
Exercised, Weighted Average Exercise price | $10.54 | ' | |
Exercised, Aggregate Intrinsic Value | 5,257 | ' | |
Outstanding at September 30, 2014, Shares | 340,750 | 610,250 | |
Outstanding at September 30, 2014, Weighted Average Exercise Price | $10.84 | $10.71 | |
Outstanding at September 30, 2014, Weighted Average Remaining Contractual | '3 years 3 months 18 days | '3 years 4 months 24 days | |
Outstanding at September 30, 2014, Aggregate Intrinsic Value | 9,163 | 5,310 | |
Exercisable at September 30, 2014, Shares | 340,750 | [1] | ' |
Exercisable at September 30, 2014, Weighted Average Exercise Price | $10.84 | [1] | ' |
Exercisable at September 30, 2014, Weighted Average Remaining Contractual | '3 years 3 months 18 days | [1] | ' |
Exercisable at September 30, 2014, Aggregate Intrinsic Value | $9,163 | [1] | ' |
In-the-money options, shares | 340,750 | ' | |
In-the-money options, weighted-average exercise price | $10.84 | ' | |
[1] | Includes in-the-money options totaling 340,750 shares at a weighted-average exercise price of $10.84. |
StockBased_Compensation_Schedu1
Stock-Based Compensation (Schedule Of Non-Vested Stock Award And DSU Activity) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Stock-Based Compensation [Abstract] | ' |
Nonvested at December 31, 2013, Non-Vested Shares and Deferred Stock Units | 738,950 |
Nonvested at December 31, 2013, Weighted-Average Grant-Date Fair Value | $10.39 |
Granted, Non-Vested Shares and Deferred Stock Units | 407,393 |
Granted, Weighted-Average Grant-Date Fair Value | $23.56 |
Forfeited, Non-Vested Shares and Deferred Stock Units | -5,516 |
Forfeited, Weighted-Average Grant-Date Fair Value | $10.88 |
Vested, Non-Vested Shares and Deferred Stock Units | -456,073 |
Vested, Weighted-Average Grant-Date Fair Value | $13.47 |
Nonvested at September 30, 2014, Non-Vested Shares and Deferred Stock Units | 684,754 |
Nonvested at September 30, 2014, Weighted-Average Grant-Date Fair Value | $16.17 |
Nonvested at September 30, 2014, Weighted-Average Remaining Vesting Term (in years) | '1 year 10 months 24 days |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Earnings Per Share [Abstract] | ' |
Stock-based compensation awards excluded from computations of diluted EPS | 200,000 |
Class of Warrant or Right, Outstanding | 700,000 |
Warrants price per share | 14 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net income | $41,749 | $9,410 | $117,266 | $17,930 |
Weighted average shares outstanding - basic | 37,588 | 30,204 | 36,101 | 30,100 |
Basic | $1.11 | $0.31 | $3.25 | $0.60 |
Net income (loss) attributable to Green Plains on an as-if-converted basis | 41,749 | 10,372 | 119,221 | 20,652 |
Effect of dilutive warrants | ' | 93 | ' | ' |
Effect of dilutive stock-based compensation awards | 202 | 214 | 232 | 205 |
Total potential shares outstanding | 40,542 | 37,483 | 41,130 | 36,818 |
Diluted | $1.03 | $0.28 | $2.90 | $0.56 |
3.25% Convertible Senior Notes [Member] | ' | ' | ' | ' |
Interest and amortization on convertible debt, net of tax effect | ' | 79 | 1,379 | 79 |
Effect of dilutive convertible debt | 2,752 | 688 | 3,452 | 232 |
5.75% Convertible Senior Notes [Member] | ' | ' | ' | ' |
Interest and amortization on convertible debt, net of tax effect | ' | $883 | $576 | $2,643 |
Effect of dilutive convertible debt | ' | 6,284 | 1,345 | 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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
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 | ' | ' | ' | ' | 37,704,000 | ' | ' | ' | 7,200,000 | 7,200,000 |
Beginning balance | ' | ' | $545,358 | ' | $38 | $468,962 | $148,505 | ($6,339) | ($65,808) | ($65,808) |
Net income | 41,749 | 9,410 | 117,266 | 17,930 | ' | ' | 117,266 | ' | ' | ' |
Cash dividends declared | ' | ' | -5,899 | ' | ' | ' | -5,899 | ' | ' | ' |
Other comprehensive loss before reclassifications | ' | ' | -141,166 | ' | ' | ' | ' | -141,166 | ' | ' |
Amounts reclassified from accumulated other comprehensive loss | ' | ' | 158,549 | ' | ' | ' | ' | 158,549 | ' | ' |
Total other comprehensive income (loss), net of tax | 24,983 | 811 | 17,383 | -2,802 | ' | ' | ' | 17,383 | ' | ' |
Stock-based compensation, Shares | ' | ' | ' | ' | 304,000 | ' | ' | ' | ' | ' |
Stock-based compensation | ' | ' | 4,470 | ' | ' | 4,470 | ' | ' | ' | ' |
Stock options exercised, Shares | ' | ' | 269,500 | ' | 269,000 | ' | ' | ' | ' | ' |
Stock options exercised | ' | ' | 4,424 | ' | ' | 4,424 | ' | ' | ' | ' |
Conversion of 5.75% Notes, Shares | ' | ' | ' | ' | 6,533,000 | ' | ' | ' | ' | ' |
Conversion of 5.75% Notes | ' | ' | 90,343 | ' | 7 | 90,336 | ' | ' | ' | ' |
Ending balance, Shares | ' | ' | ' | ' | 44,810,000 | ' | ' | ' | 7,200,000 | 7,200,000 |
Ending balance | $773,345 | ' | $773,345 | ' | $45 | $568,192 | $259,872 | $11,044 | ($65,808) | ($65,808) |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Gains (losses) on cash flow hedges | ($81,247) | ($16,700) | ($260,311) | ($57,787) |
Income tax benefit | -31,428 | -6,797 | -101,762 | -22,906 |
Gains Losses On Cash Flow Hedges [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Gains (losses) on cash flow hedges | -81,247 | -16,700 | -260,311 | -57,787 |
Income tax benefit | -31,428 | -6,797 | -101,762 | -22,906 |
Amounts reclassified from accumulated other comprehensive loss | -49,819 | -9,903 | -158,549 | -34,881 |
Revenue [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Gains (losses) on cash flow hedges | -15,484 | -11,642 | -228,806 | -45,862 |
Revenue [Member] | Gains Losses On Cash Flow Hedges [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Gains (losses) on cash flow hedges | -15,484 | -11,642 | -228,806 | -45,862 |
Cost Of Goods Sold [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Gains (losses) on cash flow hedges | -65,763 | -5,058 | -31,505 | -11,925 |
Cost Of Goods Sold [Member] | Gains Losses On Cash Flow Hedges [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Gains (losses) on cash flow hedges | ($65,763) | ($5,058) | ($31,505) | ($11,925) |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Income Taxes [Abstract] | ' | ' | ' | ' | ' |
Income tax expense | $24,250,000 | $7,633,000 | $68,550,000 | $13,519,000 | ' |
Effective tax rate | 36.70% | 44.80% | 36.90% | 43.00% | ' |
Unrecognized Tax Benefits | $300,000 | ' | $300,000 | ' | $200,000 |
Commitments_And_Contingencies_1
Commitments And Contingencies (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Commitments And Contingencies [Abstract] | ' | ' | ' | ' |
Lease expenses | $8.30 | $4.70 | $23.50 | $14.60 |
Contracted future deliveries | 392.7 | ' | 392.7 | ' |
Insurance Recoveries | ' | ' | 6.9 | ' |
Estimated Insurance Recoveries | 2.3 | ' | 2.3 | ' |
Gain On Insurance Recovery | ' | ' | 3.3 | ' |
Gain on Business Interruption Insurance Recovery | ' | ' | $8.50 | ' |
Commitments_And_Contingencies_2
Commitments And Contingencies (Future Minimum Lease Payments) (Details) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies [Abstract] | ' |
2014 | $6,166 |
2015 | 23,205 |
2016 | 20,904 |
2017 | 15,945 |
2018 | 13,535 |
Thereafter | 18,939 |
Total | $98,694 |
Related_Party_Transactions_Nar
Related Party Transactions (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Outstanding note payable | $77,000,000 | ' | $77,000,000 | ' | ' |
Outstanding accounts payable | 132,750,000 | ' | 132,750,000 | ' | 112,001,000 |
AXIS Capital [Member] | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Due to Related Parties, Current | 1,300,000 | ' | 1,300,000 | ' | 100,000 |
Outstanding note payable | 1,400,000 | ' | 1,400,000 | ' | ' |
Principal payments (plus interest) | 69,000 | 37,000 | 194,000 | 111,000 | ' |
Weighted average interest rate | 6.80% | ' | 6.80% | ' | ' |
Hoovestol Inc [Member] | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Aircraft lease amount payable, per month | ' | ' | 6,667 | ' | ' |
Aircraft hours available each month under lease | ' | ' | 100 | ' | ' |
Aircraft Lease [Member] | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Cash payments | 68,000 | 30,000 | 166,000 | 104,000 | ' |
Outstanding accounts payable | 0 | ' | 0 | ' | ' |
Aircraft lease amount payable, per month | ' | ' | $15,834 | ' | ' |
Aircraft hours available each month under lease | ' | ' | 125 | ' | ' |