Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 05, 2015 | Jun. 30, 2014 |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2014 | ||
Entity Registrant Name | Green Plains Inc. | ||
Entity Central Index Key | 1309402 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 37,608,982 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Public Float | $1.10 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Trading Symbol | gpre |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $425,510 | $272,027 |
Restricted cash | 29,742 | 26,994 |
Accounts receivable, net of allowances of $1,231 and $308, respectively | 138,073 | 106,808 |
Inventories | 254,967 | 158,328 |
Prepaid expenses and other | 18,776 | 12,893 |
Deferred income taxes | 7,495 | 7,619 |
Derivative financial instruments | 36,347 | 48,636 |
Total current assets | 910,910 | 633,305 |
Property and equipment, net | 825,210 | 806,046 |
Goodwill | 40,877 | 40,877 |
Other assets | 51,560 | 51,817 |
Total assets | 1,828,557 | 1,532,045 |
Current liabilities | ||
Accounts payable | 170,199 | 112,001 |
Accrued and other liabilities | 61,118 | 37,949 |
Income taxes payable | 2,907 | 696 |
Unearned revenue | 3,965 | 4,118 |
Short-term notes payable and other borrowings | 209,886 | 171,500 |
Current maturities of long-term debt | 63,465 | 82,933 |
Total current liabilities | 511,540 | 409,197 |
Long-term debt | 399,440 | 480,746 |
Deferred income taxes | 115,235 | 91,294 |
Other liabilities | 4,893 | 5,450 |
Total liabilities | 1,031,108 | 986,687 |
Stockholders’ equity | ||
Common stock, $0.001 par value; 75,000,000 shares authorized; 44,808,982 and 37,703,946 shares issued, and 37,608,982 and 30,503,946 shares outstanding, respectively | 45 | 38 |
Additional paid-in capital | 569,431 | 468,962 |
Retained earnings | 299,101 | 148,505 |
Accumulated other comprehensive loss | -5,320 | -6,339 |
Treasury stock, 7,200,000 shares | -65,808 | -65,808 |
Total stockholders' equity | 797,449 | 545,358 |
Total liabilities and stockholders’ equity | $1,828,557 | $1,532,045 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Consolidated Balance Sheets [Abstract] | ||
Accounts receivable, allowances | $1,231 | $308 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 44,808,982 | 37,703,946 |
Common stock, shares outstanding | 37,608,982 | 30,503,946 |
Treasury stock, shares | 7,200,000 | 7,200,000 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Consolidated Statements Of Operations [Abstract] | |||
Revenues | $3,235,611 | $3,041,011 | $3,476,870 |
Cost of goods sold | 2,860,813 | 2,867,991 | 3,380,099 |
Gross profit | 374,798 | 173,020 | 96,771 |
Selling, general and administrative expenses | -88,524 | -65,169 | -79,019 |
Gain on disposal of assets | 47,133 | ||
Operating income | 286,274 | 107,851 | 64,885 |
Other income (expense) | |||
Interest income | 635 | 294 | 191 |
Interest expense | -39,908 | -33,357 | -37,521 |
Other, net | 3,429 | -2,507 | -2,399 |
Total other income (expense) | -35,844 | -35,570 | -39,729 |
Income before income taxes | 250,430 | 72,281 | 25,156 |
Income tax expense | 90,926 | 28,890 | 13,393 |
Net income | 159,504 | 43,391 | 11,763 |
Net loss attributable to noncontrolling interests | 16 | ||
Net income attributable to Green Plains | $159,504 | $43,391 | $11,779 |
Earnings per share: | |||
Income attributable to Green Plains stockholders - basic | $4.37 | $1.44 | $0.39 |
Income attributable to Green Plains stockholders - diluted | $3.96 | $1.26 | $0.39 |
Weighted average shares outstanding: | |||
Basic | 36,467 | 30,183 | 30,296 |
Diluted | 40,730 | 38,304 | 30,463 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Consolidated Statements Of Comprehensive Income [Abstract] | |||
Net income | $159,504 | $43,391 | $11,763 |
Other comprehensive income: | |||
Unrealized gains (losses) on derivatives arising during period, net of tax (expense) benefit of $138,874, $53,068 and $(19,013), respectively | -160,810 | -85,521 | 30,986 |
Reclassification of realized (gains) losses on derivatives, net of tax expense (benefit) of $(139,754), $(46,941) and $15,032, respectively | 161,829 | 75,647 | -24,498 |
Other comprehensive income (loss) | 1,019 | -9,874 | 6,488 |
Comprehensive Income | 160,523 | 33,517 | 18,251 |
Comprehensive loss attributable to noncontrolling interests | 16 | ||
Comprehensive income attributable to Green Plains | $160,523 | $33,517 | $18,267 |
Consolidated_Statements_Of_Com1
Consolidated Statements Of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Consolidated Statements Of Comprehensive Income [Abstract] | |||
Income tax (expense) benefit on unrealized gains (losses) on derivatives | $138,874 | $53,068 | ($19,013) |
Income tax expense (benefit) on reclassification of realized (gains) losses on derivatives | ($139,754) | ($46,941) | $15,032 |
Consolidated_Statements_Of_Sto
Consolidated Statements Of Stockholders’ Equity (USD $) | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accum. Other Comp. Income (Loss) [Member] | Treasury Stock [Member] | Total Green Plains Stockholders' Equity [Member] | Non-controlling Interests [Member] | Total |
In Thousands, except Share data | ||||||||
Beginning balance at Dec. 31, 2011 | $36 | $440,469 | $95,761 | ($2,953) | ($28,201) | $505,112 | $245 | $505,357 |
Beginning balance, Shares at Dec. 31, 2011 | 36,414,000 | 3,500,000 | ||||||
Net income | 11,779 | 11,779 | -16 | 11,763 | ||||
Other comprehensive income (loss) | 6,488 | 6,488 | 6,488 | |||||
Repurchase of common stock | -37,607 | -37,607 | -37,607 | |||||
Repurchase of common stock, shares | 3,700,000 | |||||||
Stock-based compensation | 1 | 4,290 | 4,291 | 4,291 | ||||
Stock-based compensation, Shares | 421,000 | |||||||
Stock options exercised | 452 | 452 | 452 | |||||
Stock options exercised, Shares | 69,000 | |||||||
Other | -13 | -13 | -229 | -242 | ||||
Ending balance at Dec. 31, 2012 | 37 | 445,198 | 107,540 | 3,535 | -65,808 | 490,502 | 490,502 | |
Ending balance, Shares at Dec. 31, 2012 | 36,904,000 | 7,200,000 | ||||||
Net income | 43,391 | 43,391 | 43,391 | |||||
Cash dividends declared | -2,426 | -2,426 | -2,426 | |||||
Other comprehensive loss before reclassification | -85,521 | |||||||
Amounts reclassified from accumulated other comprehensive loss | 75,647 | |||||||
Other comprehensive income (loss) | -9,874 | -9,874 | -9,874 | |||||
Stock-based compensation | 1 | 4,703 | 4,704 | 4,704 | ||||
Stock-based compensation, Shares | 419,000 | |||||||
Stock options exercised | 4,498 | 4,498 | 4,498 | |||||
Stock options exercised, Shares | 381,000 | |||||||
Issuance of 3.25% notes due 2018, net of tax | 14,563 | 14,563 | 14,563 | |||||
Ending balance at Dec. 31, 2013 | 38 | 468,962 | 148,505 | -6,339 | -65,808 | 545,358 | 545,358 | |
Ending balance, Shares at Dec. 31, 2013 | 37,704,000 | 7,200,000 | ||||||
Net income | 159,504 | 159,504 | 159,504 | |||||
Cash dividends declared | -8,908 | -8,908 | -8,908 | |||||
Other comprehensive loss before reclassification | -160,810 | |||||||
Amounts reclassified from accumulated other comprehensive loss | 161,829 | |||||||
Other comprehensive income (loss) | 1,019 | 1,019 | 1,019 | |||||
Repurchase of common stock, shares | 7,200,000 | |||||||
Stock-based compensation | 5,729 | 5,729 | 5,729 | |||||
Stock-based compensation, Shares | 302,000 | |||||||
Stock options exercised | 4,404 | 4,404 | 4,404 | |||||
Stock options exercised, Shares | 270,000 | 270,500 | ||||||
Conversion of 5.75% Notes | 7 | 90,336 | 90,343 | 90,343 | ||||
Conversion of 5.75% Notes, shares | 6,533,000 | |||||||
Ending balance at Dec. 31, 2014 | $45 | $569,431 | $299,101 | ($5,320) | ($65,808) | $797,449 | $797,449 | |
Ending balance, Shares at Dec. 31, 2014 | 44,809,000 | 7,200,000 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income | $159,504 | $43,391 | $11,763 |
Adjustments to reconcile net income to net cash provided (used) by operating activities: | |||
Depreciation and amortization | 60,362 | 51,002 | 52,828 |
Amortization of debt issuance costs and debt discount | 8,766 | 4,827 | 3,199 |
Gain on disposal of assets | -47,133 | ||
Gain on disposal of assets | -4,658 | ||
Deferred income taxes | 23,537 | 27,493 | 10,704 |
Stock-based compensation | 3,440 | 3,928 | 4,291 |
Undistributed equity in loss of affiliates | 4,129 | 2,507 | 2,398 |
Other | 923 | 89 | -894 |
Changes in operating assets and liabilities before effects of business combinations and dispositions: | |||
Accounts receivable | -28,145 | -25,448 | 7,538 |
Inventories | -90,910 | 22,759 | -63,739 |
Derivative financial instruments | 14,184 | -44,746 | 2,594 |
Prepaid expenses and other assets | -5,391 | -445 | -671 |
Accounts payable and accrued liabilities | 73,023 | 22,061 | 13,074 |
Income taxes payable | 4,417 | -1,497 | 1,971 |
Unearned revenues | -417 | 182 | -10,295 |
Other | -1,214 | 1,233 | -1,352 |
Net cash provided (used) by operating activities | 221,550 | 107,336 | -13,724 |
Cash flows from investing activities: | |||
Purchases of property and equipment | -59,547 | -19,764 | -26,776 |
Acquisition of businesses, net of cash acquired | -23,900 | -123,301 | -1,490 |
Proceeds on disposal of assets, net | 9,258 | 245 | 117,711 |
Investments in unconsolidated subsidiaries | 4,406 | 4,764 | 7,998 |
Net cash provided (used) by investing activities | -78,595 | -147,584 | 81,447 |
Cash flows from financing activities: | |||
Proceeds from the issuance of long-term debt | 542,692 | 343,799 | 73,100 |
Payments of principal on long-term debt | -557,850 | -303,495 | -120,153 |
Proceeds from short-term borrowings | 3,708,896 | 3,348,510 | 3,324,523 |
Payments on short-term borrowings | -3,670,529 | -3,321,556 | -3,249,371 |
Payments for repurchase of common stock | -10,445 | ||
Change in restricted cash | -547 | -1,298 | -6,196 |
Payment of cash dividends | -8,908 | -2,426 | |
Payments of loan fees | -7,630 | -10,046 | -332 |
Proceeds from the exercise of stock options and warrants | 4,404 | 4,498 | 452 |
Net cash provided (used) by financing activities | 10,528 | 57,986 | 11,578 |
Net change in cash and cash equivalents | 153,483 | 17,738 | 79,301 |
Cash and cash equivalents, beginning of period | 272,027 | 254,289 | 174,988 |
Cash and cash equivalents, end of period | 425,510 | 272,027 | 254,289 |
Supplemental disclosures of cash flow: | |||
Cash paid for income taxes | 61,817 | 2,667 | 737 |
Cash paid for interest | 38,244 | 30,633 | 33,276 |
Supplemental noncash investing and financing activities: | |||
Assets acquired in acquisitions and mergers | 25,611 | 136,934 | 1,590 |
Less: liabilities assumed | -1,711 | -13,633 | -100 |
Purchase Price | 23,900 | 123,301 | 1,490 |
Assets disposed of in sale | 191,167 | ||
Less: liabilities disposed | -120,589 | ||
Net assets disposed | 70,578 | ||
Value of common stock issued for conversion of 5.75% notes | 89,950 | ||
Short-term note payable issued to repurchase common stock | $27,162 |
Basis_Of_Presentation_And_Desc
Basis Of Presentation And Description Of Business | 12 Months Ended |
Dec. 31, 2014 | |
Basis Of Presentation And Description Of Business [Abstract] | |
Basis Of Presentation And Description Of Business | GREEN PLAINS INC. AND SUBSIDIARIES |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS | |
1. BASIS OF PRESENTATION and DESCRIPTION OF BUSINESS | |
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. | |
Use of Estimates in the Preparation of Consolidated Financial Statements | |
The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles, or 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. The Company bases its estimates on historical experience and other assumptions that it believes are proper and reasonable under the circumstances. The Company regularly evaluates the appropriateness of estimates and assumptions used in the preparation of its consolidated financial statements. Actual results could differ from those estimates. Key accounting policies, including but not limited to those relating to revenue recognition, depreciation of property and equipment, impairment of long-lived assets and goodwill, derivative financial instruments, and accounting for income taxes, are impacted significantly by judgments, assumptions and estimates used in the preparation of the consolidated financial statements. | |
Description of Business | |
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 fuel terminals, collectively referred to as marketing and distribution. The Company also is a partner in a joint venture to commercialize advanced technologies for the growing and harvesting of algal biomass. | |
Ethanol Production Segment | |
Green Plains is North America’s fourth largest ethanol producer. The Company operates twelve ethanol plants, which have the capacity to produce approximately one billion gallons of ethanol per year through separate wholly-owned operating subsidiaries. The Company’s ethanol plants also produce co-products such as wet, modified wet or dried distillers grains, as well as corn oil which is reported in a separate segment. The Company’s plants use a dry mill process to produce ethanol and co-products. At capacity, the Company’s plants consume approximately 360 million bushels of corn and produce approximately 2.9 million tons of distillers grains annually. | |
Corn Oil Production Segment | |
The Company produces corn oil at its ethanol plants within the corn oil production segment, which have the capacity to produce approximately 250 million pounds annually. The corn oil systems are designed to extract non-edible corn oil from the whole stillage immediately prior to production of distillers grains. | |
Agribusiness Segment | |
The Company owns and operates grain handling and storage assets through its agribusiness segment, which has grain storage capacity of approximately 42.2 million bushels, with 29.4 million bushels of storage capacity at the Company’s ethanol plants, 9.0 million bushels of total storage capacity at its four separate grain elevators and 3.8 million bushels of storage capacity at its cattle-feeding operation. The Company owns a feedlot with the capacity to support 70,000 head of cattle. The Company’s agribusiness operations provide synergies with the ethanol production segment as it supplies a portion of the feedstock and utilizes a portion of the distillers grains output of the Company’s ethanol plants. | |
Marketing and Distribution Segment | |
The Company has an in-house marketing business that is responsible for the sale, marketing and distribution of all ethanol, distillers grains and corn oil produced at its ethanol plants as well as logistical services for ethanol and other commodities for a third-party producer. The Company also purchases and sells ethanol, distillers grains, corn oil, grain, natural gas and other commodities and participates in other merchant trading activities in various markets. The Company operates fuel terminals at eight locations in seven south central U.S. states with approximately 822 million gallons per year, or mmgy, of total throughput capacity. | |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2014 | ||
Summary Of Significant Accounting Policies [Abstract] | ||
Summary Of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT accounting POLICIES | |
Cash and Cash Equivalents and Restricted Cash | ||
The Company considers short-term highly liquid investments with original maturities of three months or less to be cash equivalents. Cash and cash equivalents include bank deposits. The Company also has restricted cash which is comprised of cash restricted as to use for payment towards a revolving credit agreement. | ||
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 fuel terminal operations, which include ethanol transload 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 sales 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, cattle 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 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. | ||
Concentrations of Credit Risk | ||
In the normal course of business, the Company is exposed to credit risk resulting from the possibility that a loss may occur from the failure of another party to perform according to the terms of a contract. The Company transacts sales of ethanol and distillers grains and is marketing products for third parties, which may result in concentrations of credit risk from a variety of customers, including major integrated oil companies, large independent refiners, petroleum wholesalers, other marketers and jobbers. The Company is also exposed to credit risk resulting from sales of grain to large commercial buyers, including other ethanol plants, which it continually monitors. Although payments are typically received within fifteen days of sale for ethanol and distillers grains, the Company continually monitors this credit risk exposure. In addition, the Company may prepay for or make deposits on undelivered inventories. Concentrations of credit risk with respect to inventory advances are primarily with a few major suppliers of petroleum products and agricultural inputs. | ||
Inventories | ||
Corn to be used in ethanol production, ethanol and distillers grains inventories are stated at the lower of average cost or market, except for fair value hedged inventories, which are carried at market. | ||
Other grain inventories include readily-marketable physical quantities of grain, forward contracts to buy and sell grain, and exchange traded futures and option contracts (all stated at market value). The futures and options contracts, which are used to hedge the value of both owned grain and forward contracts, are considered derivatives. All grain inventories held for sale are marked to the market price with changes reflected in cost of goods sold. The forward contracts require performance in future periods. Contracts to purchase grain from producers generally relate to the current or future crop years for delivery periods quoted by regulated commodity exchanges. Contracts for the sale of grain to processors or other consumers generally do not extend beyond one year. The terms of contracts for the purchase and sale of grain are consistent with industry standards. | ||
Finished goods inventory consists of denatured ethanol and its related co-products and is valued at the lower of average cost or market. In addition to ethanol and its co-products in process and not completed to finished goods, work-in-process inventory includes the cost of cattle acquired and related feed and veterinary supplies, as well as direct labor and feedlot overhead costs, and is valued at the lower of average cost or market. | ||
Property and Equipment | ||
Property and equipment are stated at cost less accumulated depreciation. Depreciation of these assets is generally computed using the straight-line method over the following estimated useful lives of the assets: | ||
Years | ||
Plant, buildings and improvements | Oct-40 | |
Ethanol production equipment | 15-40 | |
Other machinery and equipment | 7-May | |
Land improvements | 20 | |
Railroad track and equipment | 20 | |
Computer and software | 5-Mar | |
Office furniture and equipment | 7-May | |
Property and equipment is capitalized at cost. Land improvements are capitalized and depreciated. Expenditures for property betterments and renewals are capitalized. Costs of repairs and maintenance are charged to expense as incurred. The Company periodically evaluates whether events and circumstances have occurred that may warrant revision of the estimated useful life of its fixed assets. | ||
Impairment of Long-Lived Assets | ||
The Company reviews its long-lived assets, currently consisting of property and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset may not be recoverable. Recoverability of assets to be held and used is measured by comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Significant management judgment is required in determining the fair value of long-lived assets to measure impairment, including projections of future discounted cash flows. No impairment charges were recorded for the periods reported. | ||
Goodwill | ||
Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. The Company has recorded goodwill for business combinations to the extent the purchase price exceeded the fair value of the net identifiable tangible and intangible assets of each acquired company. The Company’s goodwill currently is comprised of amounts relating to its acquisitions of five ethanol plants and its fuel terminal and distribution business. | ||
Goodwill is reviewed for impairment at least annually. The qualitative factors of goodwill are assessed to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. Under the first step, the fair value of the reporting unit is compared with its carrying value (including goodwill). If the fair value of the reporting unit is less than its carrying value, an indication of goodwill impairment exists for the reporting unit and the entity must perform step two of the impairment test. Under the second step, an impairment loss is recognized for any excess of the carrying amount of the reporting unit’s goodwill over the implied fair value of that goodwill. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation and the residual fair value after this allocation is the implied fair value of the reporting unit goodwill. Fair value of the reporting unit is determined using a discounted cash flow analysis. If the fair value of the reporting unit exceeds its carrying value, no further analysis is necessary. The Company performs its annual impairment review of goodwill at October 1, and when a triggering event occurs between annual impairment tests. No impairment losses were recorded for the periods reported. | ||
Financing Costs | ||
Fees and costs related to securing debt financing are recorded as financing costs. Debt issuance costs are stated at cost and are amortized utilizing the effective interest method for term loans and on a straight-line basis for revolving credit arrangements over the life of the agreements. However, during periods of construction, amortization of such costs is capitalized in construction-in-progress. | ||
Selling, General and Administrative Expenses | ||
Selling, general and administrative expenses are primarily general and administrative expenses for employee salaries, incentives and benefits; office expenses; director compensation; and professional fees for accounting, legal, consulting, and investor relations activities; as well as non-plant depreciation and amortization costs. | ||
Environmental Expenditures | ||
Environmental expenditures that pertain to current operations and relate to future revenue are expensed or capitalized consistent with the Company’s capitalization policy. Probable liabilities incurred that are reasonably estimable are also expensed or capitalized according to this policy and if material, would be disclosed in its quarterly and annual filings. Expenditures that result from the remediation of an existing condition caused by past operations and that do not contribute to future revenue are expensed as incurred. | ||
Stock-Based Compensation | ||
The Company recognizes compensation cost using a fair value based method whereby compensation cost is measured at the grant date based on the value of the award and is recognized over the service period, which is usually the vesting period. The Company uses the Black-Scholes pricing model to calculate the fair value of options and warrants issued to both employees and non-employees. Stock issued for compensation is valued using the market price of the stock on the date of the related agreement. | ||
Income Taxes | ||
The provision for income taxes is computed using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences attributable to temporary differences between the financial reporting carrying amount of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operating results in the period of enactment. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. | ||
The Company recognizes uncertainties in income taxes within the financial statements under a process by which the likelihood of a tax position is gauged based upon the technical merits of the position, and then a subsequent measurement relates the maximum benefit and the degree of likelihood to determine the amount of benefit recognized in the financial statements. | ||
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_and_Dispositions
Acquisitions and Dispositions | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Disposition Of Assets [Abstract] | |||||
Acquisitions and Dispositions | 3. ACQUISITIONS AND DISPOSITIONS | ||||
Acquisition of Fairmont and Wood River Ethanol Plants | |||||
In November 2013, the Company acquired ethanol plants located in Fairmont, Minnesota and Wood River, Nebraska, with a combined annual production capacity of 230 million gallons. 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 owner of the acquired assets. 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 operating results of the Wood River ethanol plant have been included in the Company’s consolidated financial statements since November 22, 2013. At the time of acquisition, the Fairmont ethanol plant was not operational; however, upon completion of certain maintenance and enhancement projects, operations began at the plant in early January 2014. Pro forma revenue and net income, had the acquisition of these two plants occurred on January 1, 2013, would have been $3.3 billion and $47.7 million, respectively, for the year ended December 31, 2013. This information is based on historical results of operations, and, in our opinion, is not necessarily indicative of the results that would have been achieved had we operated the two ethanol plants acquired since such dates. | |||||
There is ongoing litigation related to the consideration for 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. | |||||
Sale of Grain Assets | |||||
In December 2012, the Company sold twelve grain elevators located in northwestern Iowa and western Tennessee. The transaction involved approximately 32.6 million bushels, or 83%, of the Company’s reported agribusiness grain storage capacity and all of its agronomy and retail petroleum operations. The divested assets were reported within the Company’s agribusiness segment. The gross proceeds from the sale, including assumption of debt, current liabilities and fees, were $241.0 million. Cash proceeds from the sale totaled $117.7 million and a pre-tax gain from the sale of $47.1 million was included in operating income in the consolidated statement of operations for the year ended December 31, 2012. The following is a summary of divested assets and liabilities (in thousands): | |||||
Amounts of Disposed Assets and Liabilities | |||||
Current assets | $ | 146,527 | |||
Property and equipment, net | 44,640 | ||||
Current liabilities | 92,386 | ||||
Long-term debt, net | 27,974 | ||||
Segment_Information
Segment Information | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Segment Information [Abstract] | ||||||||||
Segment Information | 5. 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 fuel terminals, 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 (in thousands): | ||||||||||
Year Ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Revenues: | ||||||||||
Ethanol production: | ||||||||||
Revenues from external customers (1) | $ | -51,424 | $ | 116,272 | $ | 200,443 | ||||
Intersegment revenues | 2,222,446 | 1,934,770 | 1,708,800 | |||||||
Total segment revenues | 2,171,022 | 2,051,042 | 1,909,243 | |||||||
Corn oil production: | ||||||||||
Revenues from external customers (1) | - | - | 529 | |||||||
Intersegment revenues | 79,750 | 69,163 | 57,315 | |||||||
Total segment revenues | 79,750 | 69,163 | 57,844 | |||||||
Agribusiness: | ||||||||||
Revenues from external customers (1) | 100,436 | 51,883 | 408,622 | |||||||
Intersegment revenues | 1,208,120 | 761,835 | 176,062 | |||||||
Total segment revenues | 1,308,556 | 813,718 | 584,684 | |||||||
Marketing and distribution: | ||||||||||
Revenues from external customers (1) | 3,186,599 | 2,872,856 | 2,867,276 | |||||||
Intersegment revenues | 171,201 | 21,790 | 355 | |||||||
Total segment revenues | 3,357,800 | 2,894,646 | 2,867,631 | |||||||
Revenues including intersegment activity | 6,917,128 | 5,828,569 | 5,419,402 | |||||||
Intersegment eliminations | -3,681,517 | -2,787,558 | -1,942,532 | |||||||
Revenues as reported | $ | 3,235,611 | $ | 3,041,011 | $ | 3,476,870 | ||||
(1) Revenues from external customers include realized gains and losses from derivative financial instruments. | ||||||||||
Gross profit (loss): | ||||||||||
Ethanol production | $ | 236,096 | $ | 79,109 | $ | -4,895 | ||||
Corn oil production | 42,937 | 36,615 | 32,388 | |||||||
Agribusiness | 14,833 | 6,258 | 35,973 | |||||||
Marketing and distribution | 80,326 | 57,671 | 32,362 | |||||||
Intersegment eliminations | 606 | -6,633 | 943 | |||||||
$ | 374,798 | $ | 173,020 | $ | 96,771 | |||||
Operating income (loss): | ||||||||||
Ethanol production | $ | 214,497 | $ | 63,012 | $ | -20,393 | ||||
Corn oil production | 42,651 | 36,569 | 32,140 | |||||||
Agribusiness | 8,497 | 3,324 | 60,030 | |||||||
Marketing and distribution | 52,669 | 40,971 | 17,290 | |||||||
Intersegment eliminations | 666 | -6,588 | 977 | |||||||
Corporate activities | -32,706 | -29,437 | -25,159 | |||||||
$ | 286,274 | $ | 107,851 | $ | 64,885 | |||||
Income (loss) before income taxes: | ||||||||||
Ethanol production | $ | 198,598 | $ | 44,061 | $ | -42,430 | ||||
Corn oil production | 42,655 | 36,570 | 32,142 | |||||||
Agribusiness | 5,996 | 793 | 54,172 | |||||||
Marketing and distribution | 47,921 | 37,098 | 13,768 | |||||||
Intersegment eliminations | 666 | -6,588 | 977 | |||||||
Corporate activities | -45,406 | -39,653 | -33,473 | |||||||
$ | 250,430 | $ | 72,281 | $ | 25,156 | |||||
Year Ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Depreciation and amortization: | ||||||||||
Ethanol production | $ | 52,393 | $ | 45,312 | $ | 44,239 | ||||
Corn oil production | 1,756 | 1,175 | 1,156 | |||||||
Agribusiness | 1,441 | 362 | 4,209 | |||||||
Marketing and distribution | 3,096 | 2,836 | 1,942 | |||||||
Corporate activities | 1,676 | 1,317 | 1,282 | |||||||
$ | 60,362 | $ | 51,002 | $ | 52,828 | |||||
Interest expense: | ||||||||||
Ethanol production | $ | 22,749 | $ | 18,988 | $ | 22,081 | ||||
Corn oil production | - | - | - | |||||||
Agribusiness | 2,591 | 2,531 | 5,881 | |||||||
Marketing and distribution | 5,267 | 4,079 | 3,532 | |||||||
Intersegment eliminations | -238 | -982 | -1,137 | |||||||
Corporate activities | 9,539 | 8,741 | 7,164 | |||||||
$ | 39,908 | $ | 33,357 | $ | 37,521 | |||||
Capital expenditures: | ||||||||||
Ethanol production | $ | 32,050 | $ | 8,469 | $ | 7,637 | ||||
Corn oil production | 8,154 | 1,782 | 725 | |||||||
Agribusiness | 17,166 | 6,514 | 2,006 | |||||||
Marketing and distribution | 1,334 | 2,347 | 15,791 | |||||||
Corporate activities | 2,829 | 652 | 617 | |||||||
$ | 61,533 | $ | 19,764 | $ | 26,776 | |||||
The following table sets forth total assets by operating segment (in thousands): | ||||||||||
Year Ended December 31, | ||||||||||
2014 | 2013 | |||||||||
Total assets: | ||||||||||
Ethanol production | $ | 983,289 | $ | 911,315 | ||||||
Corn oil production | 31,405 | 28,569 | ||||||||
Agribusiness | 234,626 | 165,570 | ||||||||
Marketing and distribution | 305,675 | 258,361 | ||||||||
Corporate assets | 290,123 | 175,210 | ||||||||
Intersegment eliminations | -16,561 | -6,980 | ||||||||
$ | 1,828,557 | $ | 1,532,045 | |||||||
The following table sets forth revenues by product line (in thousands): | ||||||||||
Year Ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Revenues: | ||||||||||
Ethanol | $ | 2,362,812 | $ | 2,339,470 | $ | 2,507,119 | ||||
Distillers grains | 531,696 | 488,396 | 433,088 | |||||||
Corn oil | 99,167 | 74,251 | 58,640 | |||||||
Grain | 174,997 | 92,487 | 348,413 | |||||||
Other | 66,939 | 46,407 | 129,610 | |||||||
$ | 3,235,611 | $ | 3,041,011 | $ | 3,476,870 | |||||
Revenues from two customers, controlled by the same entity, of the Company’s marketing and distribution segment totaled approximately $325.0 million, or 10.0%, of the Company’s consolidated revenues. | ||||||||||
Inventories
Inventories | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Inventories [Abstract] | ||||||
Inventories | 6. 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): | ||||||
December 31, | ||||||
2014 | 2013 | |||||
Finished goods | $ | 34,639 | $ | 56,664 | ||
Grain held for sale | 23,027 | 23,782 | ||||
Raw materials | 78,095 | 51,726 | ||||
Work-in-process | 100,221 | 11,506 | ||||
Supplies and parts | 18,985 | 14,650 | ||||
$ | 254,967 | $ | 158,328 | |||
Property_And_Equipment
Property And Equipment | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Property And Equipment [Abstract] | ||||||
Property And Equipment | 7. PROPERTY AND EQUIPMENT | |||||
The components of property and equipment are as follows (in thousands): | ||||||
December 31, | ||||||
2014 | 2013 | |||||
Plant equipment | $ | 777,987 | $ | 749,627 | ||
Buildings and improvements | 159,178 | 147,663 | ||||
Land and improvements | 73,819 | 59,481 | ||||
Railroad track and equipment | 40,882 | 39,852 | ||||
Construction-in-progress | 23,276 | 3,789 | ||||
Computers and software | 9,305 | 7,380 | ||||
Office furniture and equipment | 2,127 | 1,662 | ||||
Leasehold improvements and other | 13,179 | 12,111 | ||||
Total property and equipment | 1,099,753 | 1,021,565 | ||||
Less: accumulated depreciation | -274,543 | -215,519 | ||||
Property and equipment, net | $ | 825,210 | $ | 806,046 | ||
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2014 | |
Goodwill [Abstract] | |
Goodwill | |
8. GOODWILL | |
The Company did not have any changes in the total carrying amount of goodwill, which was $40.9 million during the years ended December 31, 2014 and 2013. Goodwill of $30.3 million is attributable to the ethanol production segment and $10.6 million is attributable to the marketing and distribution segment. | |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Derivative Financial Instruments [Abstract] | ||||||||||||
Derivative Financial Instruments | 9. DERIVATIVE FINANCIAL INSTRUMENTS | |||||||||||
At December 31, 2014, the consolidated balance sheets reflect unrealized losses, net of tax, of $5.3 million in accumulated other comprehensive loss. The Company expects all of the unrealized losses at December 31, 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 at December 31, | Fair Value at December 31, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Derivative financial instruments (1) | $ | 11,859 | -2 | $ | -28,466 | -3 | $ | - | $ | - | ||
Other assets | 3 | - | - | - | ||||||||
Accrued and other liabilities | - | - | 28,082 | 4,612 | ||||||||
Total | $ | 11,862 | $ | -28,466 | $ | 28,082 | $ | 4,612 | ||||
(1) Derivative financial instruments as reflected on the balance sheet include a margin deposit assets of $24.5 million and $77.1 million at December 31, 2014 and 2013, respectively. | ||||||||||||
(2) Balance at December 31, 2014, includes $0.6 million of net unrealized losses 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 4 - 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 | Year Ended December 31, | |||||||||||
Designated in a Hedging Relationship | 2014 | 2013 | 2012 | |||||||||
Revenues | $ | 13,369 | $ | -10,855 | $ | -6,206 | ||||||
Cost of goods sold | 165 | 12,701 | -12,050 | |||||||||
Net increase (decrease) recognized in earnings before tax | $ | 13,534 | $ | 1,846 | $ | -18,256 | ||||||
Gains (Losses) Due to Ineffectiveness | Year Ended December 31, | |||||||||||
of Cash Flow Hedges | 2014 | 2013 | 2012 | |||||||||
Revenues | $ | -326 | $ | -84 | $ | -10 | ||||||
Cost of goods sold | 481 | -490 | - | |||||||||
Net increase (decrease) recognized in earnings before tax | $ | 155 | $ | -574 | $ | -10 | ||||||
Gains (Losses) Reclassified from Accumulated | Year Ended December 31, | |||||||||||
Other Comprehensive Income (Loss) | ||||||||||||
into Net Income | 2014 | 2013 | 2012 | |||||||||
Revenues | $ | -257,730 | $ | -96,736 | $ | -17,318 | ||||||
Cost of goods sold | -43,853 | -25,852 | 56,848 | |||||||||
Net increase (decrease) recognized in earnings before tax | $ | -301,583 | $ | -122,588 | $ | 39,530 | ||||||
Effective Portion of Cash Flow | Year Ended December 31, | |||||||||||
Hedges Recognized in | ||||||||||||
Other Comprehensive Income (Loss) | 2014 | 2013 | 2012 | |||||||||
Commodity Contracts | $ | -299,684 | $ | -138,589 | $ | 49,999 | ||||||
Gains (Losses) from Fair Value | Year Ended December 31, | |||||||||||
Hedges of Inventory | 2014 | 2013 | 2012 | |||||||||
Cost of goods sold (effect of change in inventory value) | $ | 304 | $ | 102 | $ | - | ||||||
Cost of goods sold (effect of fair value hedge) | 2,612 | 674 | - | |||||||||
Ineffectiveness recognized in earnings before tax | $ | 2,916 | $ | 776 | $ | - | ||||||
There were no gains or losses due to the discontinuance of cash flow hedge or fair value hedge treatment during the years ended December 31, 2014, 2013 and 2012. | ||||||||||||
The following table summarizes volumes of open commodity derivative positions as of December 31, 2014 (in thousands): | ||||||||||||
31-Dec-14 | ||||||||||||
Exchange Traded | Non-Exchange Traded | |||||||||||
Derivative Instruments | Net Long & (Short) (1) | Long (2) | (Short) (2) | Unit of Measure | Commodity | |||||||
Futures | -4,410 | Bushels | Corn, Soybeans and Wheat | |||||||||
Futures | 3,675 | -3 | Bushels | Corn | ||||||||
Futures | -9,010 | -4 | Bushels | Corn | ||||||||
Futures | 46,410 | Gallons | Ethanol | |||||||||
Futures | -82,950 | -3 | Gallons | Ethanol | ||||||||
Futures | 958 | mmBTU | Natural Gas | |||||||||
Futures | -4,318 | -4 | mmBTU | Natural Gas | ||||||||
Futures | 1,320 | Pounds | Cattle | |||||||||
Futures | -37,040 | -3 | Pounds | Cattle | ||||||||
Futures | -2,700 | Pounds | Soybean Oil | |||||||||
Options | -2,461 | Bushels | Corn, Soybeans and Wheat | |||||||||
Options | -15,095 | Gallons | Ethanol | |||||||||
Options | -30 | mmBTU | Natural Gas | |||||||||
Forwards | 19,041 | -16,251 | Bushels | Corn and Soybeans | ||||||||
Forwards | 8,046 | -160,901 | Gallons | Ethanol | ||||||||
Forwards | 104 | -461 | Tons | Distillers Grains | ||||||||
Forwards | 3,744 | -60,490 | Pounds | Corn Oil | ||||||||
Forwards | 9,310 | -876 | 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 gains of $8.0 million, net losses of $1.2 million, and net gains of $0.5 million for the years ended December 31, 2014, 2013 and 2012, respectively, on energy trading contracts. | ||||||||||||
Debt
Debt | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Debt [Abstract] | ||||||
Debt | 10. DEBT | |||||
The principal balances of the components of long-term debt are as follows (in thousands): | ||||||
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 | 40,000 | 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 lease on equipment and other | 4,192 | 5,489 | ||||
Green Plains Holdings II: | ||||||
$46.8 million term loans | 29,510 | 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 | 27,400 | 28,400 | ||||
Equipment financing loan | - | 126 | ||||
Economic development grant | 1,156 | 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 | 11 | - | ||||
Green Plains Processing: | ||||||
$225.0 million term loan | 213,775 | - | ||||
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 | 15,025 | 8,000 | ||||
Equipment financing loan | - | 18 | ||||
Corporate: | ||||||
$90.0 million convertible notes | - | 90,000 | ||||
$120.0 million convertible notes | 100,845 | 96,653 | ||||
Capital lease | - | 188 | ||||
Other | 11,408 | 10,000 | ||||
Total long-term debt | 462,905 | 563,679 | ||||
Less: current portion of long-term debt | -63,465 | -82,933 | ||||
Long-term debt | $ | 399,440 | $ | 480,746 | ||
Scheduled long-term debt repayments, excluding the effects of any debt discounts and including full accretion of the $120.0 million convertible notes (due 2018) at their maturity, are as follows (in thousands): | ||||||
Year Ending December 31, | Amount | |||||
2015 | $ | 63,465 | ||||
2016 | 13,070 | |||||
2017 | 14,963 | |||||
2018 | 134,949 | |||||
2019 | 22,365 | |||||
Thereafter | 233,248 | |||||
Total | $ | 482,060 | ||||
Short-term notes payable and other borrowings at December 31, 2014 included working capital revolvers at Green Plains Cattle, Green Plains Grain and Green Plains Trade with outstanding balances of $77.0 million, $37.0 million and $95.9 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. | ||||||
Loan Terminology | ||||||
Related to loan covenant discussions below, the following definitions generally apply to the Company’s loans (all calculated in accordance with GAAP consistently applied): | ||||||
· | Working capital – current assets less current liabilities. | |||||
· | Net worth – total assets less total liabilities plus subordinated debt. | |||||
· | Tangible Net worth – total assets less intangible assets less total liabilities plus subordinated debt. | |||||
· | Debt service coverage ratio* – (1) net income (after taxes), plus depreciation and amortization, divided by (2) all current portions of regularly scheduled long-term debt for the prior period (previous year end). | |||||
· | Fixed charge coverage ratio* – | |||||
· (1) adjusted EBITDA divided by (2) fixed charges, which are generally the sum of interest expense, scheduled principal payments, distributions, and maintenance capital, within the ethanol production segment. | ||||||
· (1) EBITDA, less capital expenditures and interest expense of working capital financings divided by (2) scheduled principal payments and interest expense on long-term indebtedness, within the agribusiness segment. | ||||||
· (1) EBITDA less capital expenditures less distributions less cash taxes, divided by (2) all debt payments for the previous four quarters, on a trailing quarter basis, within the marketing and distribution segment. | ||||||
· | Leverage ratio – total liabilities divided by tangible net worth. | |||||
*Certain credit agreements allow for the inclusion of equity contributions from the parent company in the calculations of the debt service and fixed charge coverage ratios. | ||||||
Ethanol Production Segment | ||||||
Loan Repayment Terms | ||||||
Term Loans – | ||||||
Scheduled principal payments are as follows: | ||||||
• | Green Plains Fairmont and | |||||
Green Plains Wood River | $1.3 million per quarter | |||||
• | 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 | ||||
The Green Plains Processing term loan requires quarterly special payments of 50% to 75% of the available free cash flow from the entity’s operations (as defined in the loan agreement), subject to certain limitations. The Green Plains Fairmont and Green Plains Wood River term loan requires quarterly special payments of 50% of available free cash flow from the entities’ operations (as defined in the loan agreement), subject to certain limitations, beginning with the first quarter of 2015. As of December 31, 2014, free cash flow payments under the Green Plains Fairmont and Green Plains Wood River term loan are discontinued when the aggregate of such future payments equals $16.0 million. In all instances, the loan agreements specify that any amounts owed would be reduced or eliminated to avoid a covenant compliance default, if applicable. | ||||||
Free cash flow payments currently are not to exceed the following amounts in any given year: | ||||||
• | Green Plains Fairmont and | |||||
Green Plains Wood River | $4.0 million | |||||
• | Green Plains Processing | $54.0 million annually, $27.0 million for 2014 | ||||
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 | ||||
Interest and Fees | ||||||
The term loans bear interest at LIBOR plus 4.50% to 5.50% or lender-established prime rates. The Green Plains Fairmont and Green Plains Wood River combined term loan bears interest at the three-month LIBOR plus 6.25%. The Green Plains Processing term loan has established a 1% floor on the underlying LIBOR index. A portion of the Green Plains Holdings II term loan is fixed at 8.22%.The revolving term loans bear interest at LIBOR plus 3.85% to 4.50% or lender-established prime rates. Unused commitment fees, when charged, are 0.25% to 0.65%. | ||||||
Security | ||||||
As security for the loans, the lenders received a first-position lien on all personal property and real estate owned by the respective entity, and its subsidiaries, if applicable, borrowing the funds, including an assignment of all contracts and rights pertinent to construction and on-going operations of the plant. These borrowing entities are also required to maintain certain financial and non-financial covenants during the terms of the loans. | ||||||
Covenants | ||||||
The loan agreements contain affirmative covenants (including financial covenants) and negative covenants including: | ||||||
Maintenance of working capital, including unused portion of revolver, as follows: | ||||||
• | Green Plains Holdings II | $15.0 million | ||||
• | Green Plains Obion | $9.0 million | ||||
• | Green Plains Superior | $3.0 million | ||||
Maintenance of net worth as follows: | ||||||
• | Green Plains Holdings II | $100.0 million plus 25% of net income before tax | ||||
• | Green Plains Obion | $95.0 million plus 25% of net income before tax | ||||
• | Green Plains Superior | $33.0 million | ||||
Maintenance of annual fixed charge coverage ratios: | ||||||
• | Green Plains Processing | 1.25 to 1.00 | ||||
Maintenance of annual debt service coverage ratios: | ||||||
• | Green Plains Fairmont and Green Plains Wood River | 2.25 to 1.00 | ||||
• | Green Plains Holdings II | 1.25 to 1.00 | ||||
• | Green Plains Obion | 1.25 to 1.00 | ||||
• | Green Plains Superior | 1.00 to 1.00 | ||||
Maintenance of annual leverage ratio: | ||||||
• | Green Plains Fairmont and Green Plains Wood River | 3.25 to 1.00 (decreasing to 2.00 to 1.00 in 2015) | ||||
• | Green Plains Processing | 4.00 to 1.00 (decreasing to 3.25 to 1.00 in 2019) | ||||
Annual capital expenditures will be limited as follows: | ||||||
• | Green Plains Fairmont and Green Plains Wood River | $2.0 million growth and $4.0 million maintenance | ||||
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 | Up to amounts equal to permitted tax | ||||
and Green Plains Wood River | distributions, as defined in the 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 | ||||||
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 December 31, 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. In July 2014, the revenue bonds were paid in full in accordance with the terms of the $225 million Term Loan B facility. | ||||||
In February 2014, the Green Plains Holdings II credit agreement was amended to restructure the commitments on the amortizing term loan and term revolver, extend the final maturity date and modify various financial covenants. The amendment increased the commitment of the amortizing term loan to $46.8 million, and decreased the commitment on the revolver to $20.0 million. In June 2014, the Green Plains Obion revolving term loan was amended to extend the maturity date and modify various financial covenants. In June 2014, the Green Plains Fairmont and Green Plains Wood River $27.0 million term loan was paid in full. In July 2014, the Green Plains Fairmont and Green Plains Wood River $50.0 million term loan, secured by these subsidiaries, was amended to increase the outstanding amount 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 and extend the maturity date. The Green Plains Superior term loan was extinguished. The descriptions and covenants above have been updated to reflect the amendments. | ||||||
In March 2007, Green Plains Otter Tail issued $19.2 million in senior notes under New Market Tax Credits financing. The notes bear interest at an annual rate equal to the prime rate (as defined) plus 1.5%, but not less than 4.0%, payable monthly, and require monthly principal payments of approximately $0.3 million beginning in September 2014. The senior notes, which were scheduled to mature in September 2018, were extinguished in April 2014, with $2.2 million of the outstanding obligation forgiven according to terms of the financing, which is included in other income in the consolidated financial statements for the year ended December 31, 2014. | ||||||
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. The loan agreement includes affirmative covenants and negative covenants including maintenance of working capital of $23.0 million, maintenance of net worth of $26.3 million, maintenance of a fixed charge coverage ratio of 1.25 to 1.00, maintenance of an annual leverage ratio of 6.00 to 1.00 and capital expenditure limitation of $15.0 million annually. 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 $100.0 million senior secured asset-based revolving credit facility with various lenders to provide for working capital financing for the cattle feedlot operations. This loan replaced the $15.0 million senior secured asset-based revolving credit facility that matured in December 2014. 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 receivables, eligible inventories and eligible other current assets, less certain miscellaneous adjustments. Advances are subject to interest charges at a variable rate per annum equal to the LIBOR rate for the outstanding period plus 3.00%, 2.50%, or 2.00%, depending upon availability. The revolving credit facility matures on October 31, 2017. The revolving credit facility includes total revolving credit commitments of $100.0 million and an accordion feature whereby amounts available under the facility may be increased by up to $50.0 million of new lender commitments upon agent approval. The loan agreement includes affirmative covenants and negative covenants including maintenance of working capital of $15.0 million, maintenance of net worth of $20.0 million plus 50% of prior year net income, maintenance of an annual leverage ratio of 3.50 to 1.00 and capital expenditure limitation of $3.0 million annually. As security for the revolving credit facility, the lender received a first priority lien on certain cash, inventory, accounts receivable, property and equipment and other assets owned by Green Plains Cattle. | ||||||
Marketing and Distribution Segment | ||||||
Green Plains Trade has a $150.0 million senior secured asset-based revolving credit facility that was amended in November 2014, to increase the commitment amount from $130.0 million to $150.0 million and to extend the maturity date to November 26, 2019. The revolving credit facility, with various lenders, is used to provide for working capital financing. The lenders will make loans up to $150.0 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. In addition to other customary covenants, this revolving credit facility contains restrictions on distributions with respect to capital stock, with exceptions for distributions with respect to tax obligations, subject to certain conditions, whereby distributions may be made in an amount up to 50% of net income if (a) undrawn availability under this facility, on a pro forma basis, is greater than $10.0 million for the preceding 30 days and (b) as of the date of the distribution, the borrower would be in compliance with the fixed charge coverage ratio on a pro forma basis. The loan agreement includes affirmative covenants and negative covenants including maintenance of a fixed charge coverage ratio of 1.15 to 1.00 and capital expenditure limitation of $1.0 million annually. At December 31, 2014, Green Plains Trade had $22.9 million, presented as restricted cash on the consolidated balance sheets, the use of which was restricted for repayment towards the outstanding loan balance. | ||||||
In June 2013, subsidiaries of the Company executed a New Markets Tax Credits financing transaction related to the Birmingham, Alabama terminal. In order to facilitate this financing transaction, the Company was required to issue promissory notes payable in the amount of $10.0 million and a note receivable in the amount of $8.1 million. The promissory notes payable and note receivable bear interest at 1% per annum, payable quarterly. Beginning in March 2020, the promissory notes and note receivable each require quarterly principal and interest payments of approximately $0.2 million; the Company retains the right to call $8.1 million of the promissory notes in 2020. The promissory notes payable and note receivable mature on September 15, 2031 and will be fully amortized upon maturity. In connection with the New Markets Tax Credits financing transaction, income tax credits were generated for the benefit of the lender. The Company has guaranteed the lender the value of these income tax credits over their statutory lives, a period of seven years, in the event that the income tax credits are recaptured or reduced. The value of the income tax credits was anticipated to be $5.0 million at the time of the transaction. The Company believes the likelihood of recapture or reduction of the income tax credits is remote, and therefore has not established a liability in connection with this guarantee. | ||||||
Corporate Activities | ||||||
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 48.0607 shares of common stock per $1,000 principal amount of 3.25% Notes, which is equal to a current conversion price of approximately $20.81 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 December 31, 2014. | ||||||
Capitalized Interest | ||||||
The Company had $191 thousand in capitalized interest during the year ended December 31, 2014, no capitalized interest during the year ended December 31, 2013 and $285 thousand in capitalized interest during the year ended December 31, 2012. | ||||||
Restricted Net Assets | ||||||
At December 31, 2014, there were approximately $681.4 million of net assets at the Company’s subsidiaries that were not available to be transferred to the parent company in the form of dividends, loans or advances due to restrictions contained in the credit facilities of these subsidiaries. | ||||||
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Stock-Based Compensation [Abstract] | ||||||||||
Stock-Based Compensation | 11. 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. | ||||||||||
Grants under the equity incentive plans may include: | ||||||||||
· | Options – Stock options may be granted that are currently exercisable, that become exercisable in installments, or that are not exercisable until a fixed future date. Certain options that have been issued are exercisable during their term regardless of termination of employment while other options have been issued that terminate at a designated time following the date employment is terminated. Options issued to date may be exercised immediately and/or at future vesting dates, and must be exercised no later than five to eight years after the grant date or they will expire. | |||||||||
· | Stock Awards – Stock awards may be granted to directors and employees with ownership of the common stock vesting immediately or over a period determined by the Compensation Committee and stated in the award. Stock awards granted to date vested in some cases immediately and at other times over a period determined by the Compensation Committee and were restricted as to sales for a specified period. Compensation expense was recognized upon the grant award date if fully vested, or over the requisite vesting period. | |||||||||
· | Deferred Stock Units – Deferred stock units may be granted to directors and employees with ownership of the common stock vesting immediately or over a period determined by the Compensation Committee and stated in the award. As determined by the Compensation Committee, deferred stock units granted to date vest over a specific period with underlying shares of common stock issuable in a period beyond the vesting date. Compensation expense was recognized upon the grant award date if fully vested, or over the requisite vesting period. | |||||||||
For stock options granted during the periods indicated below, the fair value of options granted was estimated on the date of grant using the Black‑Scholes option‑pricing model, a pricing model acceptable under GAAP. The Company did not grant any stock option awards during the years ended December 31, 2014 and 2013. The fair value of stock option awards granted in 2012 were calculated using assumptions of an expected life of 6.0 years, an interest rate of 0.63% and a volatility rate of 76.26%. | ||||||||||
The expected life of options granted represents the period of time in years that options granted are expected to be outstanding. The interest rate represents the annual interest rate a risk-free investment could potentially earn during the expected life of the option grant. Expected volatility is based on weighted-average historical volatility of the Company’s common stock. | ||||||||||
All of the Company’s existing share-based compensation awards have been determined to be equity awards. The Company recognizes compensation costs for stock option awards which vest with the passage of time with only service conditions on a straight-line basis over the requisite service period. | ||||||||||
The following table summarizes exercisable stock option activity for the year ended December 31, 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 | -270,500 | 10.56 | 5,270 | |||||||
Forfeited | - | - | ||||||||
Expired | - | - | ||||||||
Outstanding at December 31, 2014 | 339,750 | $ | 10.82 | 3.1 | $ | 4,763 | ||||
Exercisable at December 31, 2014 (1) | 339,750 | $ | 10.82 | 3.1 | $ | 4,763 | ||||
-1 | Includes in-the-money options totaling 339,750 shares at a weighted-average exercise price of $10.82. | |||||||||
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 year ended December 31, 2014: | ||||||||||
Non-Vested Shares and Deferred Stock Units | Weighted-Average Grant-Date Fair Value | Weighted-Average Remaining Vesting Term | ||||||||
(in years) | ||||||||||
Nonvested at December 31, 2013 | 738,950 | $ | 10.39 | |||||||
Granted | 407,393 | 23.56 | ||||||||
Forfeited | -5,516 | 10.88 | ||||||||
Vested | -462,323 | 13.49 | ||||||||
Nonvested at December 31, 2014 | 678,504 | $ | 16.18 | 1.8 | ||||||
Compensation costs expensed for the Company’s share-based payment plan described above were approximately $7.2 million, $5.5 million and $5.5 million for the years ended December 31, 2014, 2013 and 2012, respectively. At December 31, 2014, there were $6.6 million of unrecognized compensation costs from share-based compensation arrangements, which are related to non-vested awards. This compensation is expected to be recognized over a weighted-average period of approximately 1.8 years. The potential tax benefit realizable for the anticipated tax deductions of the exercise of share-based payment arrangements generally would approximate 37.5% of these expense amounts. | ||||||||||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Earnings Per Share | 12. 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 2012, 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): | |||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
Basic EPS: | |||||||||
Net income attributable to Green Plains | $ | 159,504 | $ | 43,391 | $ | 11,779 | |||
Weighted average shares outstanding - basic | 36,467 | 30,183 | 30,296 | ||||||
EPS - basic | $ | 4.37 | $ | 1.44 | $ | 0.39 | |||
Diluted EPS: | |||||||||
Net income attributable to Green Plains | $ | 159,504 | $ | 43,391 | $ | 11,779 | |||
Interest and amortization on convertible debt, net of tax effect: | |||||||||
5.75% Notes | 576 | 3,578 | - | ||||||
3.25% Notes | 1,379 | 1,473 | - | ||||||
Net income attributable to Green Plains - diluted | $ | 161,459 | $ | 48,442 | $ | 11,779 | |||
Weighted average shares outstanding - basic | 36,467 | 30,183 | 30,296 | ||||||
Effect of dilutive convertible debt: | |||||||||
5.75% Notes | 1,006 | 6,286 | - | ||||||
3.25% Notes | 3,040 | 1,624 | - | ||||||
Effect of dilutive stock-based compensation awards | 217 | 211 | 167 | ||||||
Weighted average shares oustanding - diluted | 40,730 | 38,304 | 30,463 | ||||||
EPS - diluted | $ | 3.96 | $ | 1.26 | $ | 0.39 | |||
Excluded from the computations of diluted EPS for the years ended December 31, 2013 and 2012, were stock-based compensation awards totaling 14 thousand and 0.8 million shares, respectively, because the exercise prices or the grant-date fair value, as applicable, of the corresponding awards were greater than the average market price of the Company’s common stock during the respective periods. Also, the effect of 5.75% Notes due 2015 was excluded from the computation of diluted EPS for the year ended December 31, 2012 as inclusion would be antidilutive. | |||||||||
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Stockholders Equity Abstract | |||||||||||
Stockholders' Equity Note Disclosure [Text Block] | 13. STOCKHOLDERS’ EQUITY | ||||||||||
Treasury Stock | |||||||||||
The Company holds 7.2 million shares of its common stock at a cost of $65.8 million. Shares of repurchased common stock are recorded at cost as treasury stock, resulting in a reduction of stockholders’ equity in the consolidated balance sheets. When shares are reissued, the Company will use the weighted average cost method for determining the cost basis. The difference between the cost of the shares and the issuance price will be added or deducted from additional paid-in capital. | |||||||||||
Share Repurchase Program | |||||||||||
In August 2014, the Company announced a share repurchase program of up to $100 million of its common stock. Under the share repurchase program, the Company may repurchase shares from time to time in open market transactions, privately negotiated transactions, accelerated share buyback programs, tender offers or by other means. The timing and amount of repurchase transactions will be determined by its management based on its evaluation of market conditions, share price, legal requirements and other factors. The program may be suspended, modified or discontinued at any time without prior notice. No shares have been repurchased pursuant to this repurchase program. | |||||||||||
Dividends | |||||||||||
In August 2013, the Company’s Board of Directors approved the initiation of a quarterly cash dividend. The Company has paid a quarterly cash dividend since this initial authorization and anticipates declaring cash dividends in future quarters on a regular basis; however, future declarations of dividends are subject to Board approval and may be adjusted as the Company’s cash position, business needs or market conditions change. | |||||||||||
Accumulated Other Comprehensive Income | |||||||||||
Changes in accumulated other comprehensive income relate primarily to gains and losses on derivative financial instruments. Amounts reclassified from accumulated other comprehensive income are as follows (in thousands): | |||||||||||
Year Ended December 31, | Statements of Operations | ||||||||||
2014 | 2013 | 2012 | Classification | ||||||||
Gains (losses) on cash flow hedges: | |||||||||||
Ethanol commodity derivatives | $ | -257,730 | $ | -96,736 | $ | -17,318 | Revenues | ||||
Corn commodity derivatives | -43,853 | -25,852 | 56,848 | Cost of goods sold | |||||||
Total | -301,583 | -122,588 | 39,530 | Income (loss) before income taxes | |||||||
Income tax benefit | -139,754 | -46,941 | 15,032 | Income tax expense (benefit) | |||||||
Amounts reclassified from accumulated | |||||||||||
other comprehensive income (loss) | $ | -161,829 | $ | -75,647 | $ | 24,498 | |||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Income Taxes [Abstract] | ||||||||||
Income Taxes | 14. INCOME TAXES | |||||||||
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and for net operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | ||||||||||
Income tax expense consists of the following (in thousands): | ||||||||||
Year Ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Current | $ | 67,389 | $ | 1,397 | $ | 2,689 | ||||
Deferred | 23,537 | 27,493 | 10,704 | |||||||
Total | $ | 90,926 | $ | 28,890 | $ | 13,393 | ||||
Differences between the income tax expense computed at the statutory federal income tax rate and as presented on the consolidated statements of operations are summarized as follows (in thousands): | ||||||||||
Year Ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Tax expense at federal statutory | ||||||||||
rate of 35% | $ | 87,650 | $ | 25,299 | $ | 8,810 | ||||
State income tax expense, net | ||||||||||
of federal benefit | 6,810 | 2,002 | 4,036 | |||||||
Qualified production activities deduction | -4,637 | - | - | |||||||
Increase (decrease) in valuation allowance | ||||||||||
against deferred tax assets | - | -709 | - | |||||||
Nondeductible compensation | 848 | 1,491 | - | |||||||
Other | 255 | 807 | 547 | |||||||
Income tax expense | $ | 90,926 | $ | 28,890 | $ | 13,393 | ||||
Significant components of deferred tax assets and liabilities are as follows (in thousands): | ||||||||||
December 31, | ||||||||||
2014 | 2013 | |||||||||
Deferred tax assets: | ||||||||||
Net operating loss carryforwards - State | $ | 471 | $ | 1,232 | ||||||
Tax credit carryforwards - Federal | - | 2,062 | ||||||||
Tax credit carryforwards - State | 4,910 | 5,662 | ||||||||
Derivative financial instruments | 975 | 2,297 | ||||||||
Organizational and start-up costs | 851 | 2,371 | ||||||||
Stock-based compensation | 2,868 | 2,975 | ||||||||
Accrued expenses | 7,196 | 7,219 | ||||||||
Capital leases | 3,743 | - | ||||||||
Other | 1,532 | 1,690 | ||||||||
Total deferred tax assets | 22,546 | 25,508 | ||||||||
Deferred tax liabilities: | ||||||||||
Convertible debt | $ | -6,878 | $ | -8,444 | ||||||
Fixed assets | -118,132 | -94,864 | ||||||||
Investment in partnerships | -1,534 | -1,786 | ||||||||
Total deferred tax liabilities | -126,544 | -105,094 | ||||||||
Valuation allowance | -3,742 | -3,765 | ||||||||
Deferred income taxes | $ | -107,740 | $ | -83,351 | ||||||
As of December 31, 2013, the Company had utilized all of its federal net operating loss carryforwards of $30.5 million from 2012. The Company continues to maintain a valuation allowance against some of its net deferred tax assets due to the uncertainty of realizing these assets in the future. The deferred tax valuation allowance of $3.7 million as of December 31, 2014 relates to certain Iowa and Nebraska tax credits that started expiring in 2014 and will continue to expire through 2016. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income and other tax attributes during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. | ||||||||||
The Company conducts business and files tax returns in several states within the U.S. The Company’s federal and state returns for the tax years ended November 30, 2011 and later are still subject to audit. | ||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): | ||||||||||
Unrecognized Tax Benefits | ||||||||||
Balance at January 1, 2014 | $ | 279 | ||||||||
Additions for current year tax positions | - | |||||||||
Additions for prior year tax positions | 33 | |||||||||
Reductions for prior year tax positions | - | |||||||||
Reductions as a result of a lapse of applicable statue of expirations | - | |||||||||
Balance at December 31, 2014 | $ | 312 | ||||||||
The unrecognized tax benefits, if recognized, would favorably impact the Company’s effective tax rate. The Company accrues interest and penalties associated with uncertain tax positions as part of selling, general and administrative expense. | ||||||||||
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments And Contingencies [Abstract] | ||||
Commitments And Contingencies | ||||
15. 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 $31.8 million, $19.9 million and $18.3 million during the years ended December 31, 2014, 2013 and 2012, respectively. Aggregate minimum lease payments under these agreements for future fiscal years are as follows (in thousands): | ||||
Year Ending December 31, | Amount | |||
2015 | $ | 30,316 | ||
2016 | 26,910 | |||
2017 | 16,810 | |||
2018 | 13,835 | |||
2019 | 9,989 | |||
Thereafter | 8,923 | |||
Total | $ | 106,783 | ||
Commodities | ||||
As of December 31, 2014 the Company had contracted for future purchases of grain, corn oil, natural gas, ethanol, distillers grains and cattle valued at approximately $308.3 million. | ||||
Legal | ||||
In April 2011, Aventine Renewable Energy, Inc. filed a complaint in the United States Bankruptcy Court for the District of Delaware in connection with its Chapter 11 bankruptcy naming as defendants Green Plains Inc., Green Plains Obion LLC, Green Plains Bluffton LLC, Green Plains VBV LLC and Green Plains Trade Group LLC. This action alleged $24.4 million of damages from preferential transfers or, in the alternative, $28.4 million of damages from fraudulent transfers under an ethanol marketing agreement and an unspecified amount of damages for a continuing breach of a termination agreement related to rail cars. In April 2012, the parties mutually agreed to a negotiated settlement whereby the Company agreed to a cash payment and the purchase of 20 million gallons of ethanol from Aventine over a four-month period beginning in May 2012. An after-tax charge of $2.4 million for the settlement was reflected in operations for the year ended December 31, 2012. | ||||
In November 2013, the Company acquired ethanol plants located in Fairmont, Minnesota and Wood River, Nebraska. There is ongoing litigation related to the consideration for 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. | ||||
In addition to the above-described proceeding, the Company is currently involved in other litigation that has arisen in the ordinary course of business; however, it does not believe that any of this 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 December 31, 2014, the Company had received $7.8 million for the property damage portion of the claim, representing 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 $4.2 million, which was recorded in other income during the year ended December 31, 2014. | ||||
The Company had also received insurance proceeds of $10.5 million as of December 31, 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 amounts above for both property damage and business interruption insurance claims are final and have been approved and paid by the insurance carrier. | ||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2014 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | 16. EMPLOYEE BENEFIT PLANS |
The Company offers eligible employees a comprehensive employee benefits plan that includes health, dental, vision, life and accidental death, short-term disability and long-term disability insurance, and flexible spending accounts. Additionally, the Company offers a 401(k) retirement plan that enables eligible employees to save on a tax-deferred basis up to the limits allowable under the Internal Revenue Code. The Company matches up to 4% of eligible employee contributions. Employee and employer contributions are 100% vested immediately. Employer contributions to the 401(k) plan were $1.1 million, $0.9 million and $0.9 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |
The Company contributes to a defined benefit pension plan. Although benefits under the plan were frozen as of January 1, 2009, the Company remains obligated to ensure that the plan is funded in accordance with applicable requirements. As of December 31, 2014, assets of the plan were $6.4 million and liabilities of the plan were $6.0 million. Excess plan assets over plan liabilities of $0.4 million were included in other assets on the consolidated balance sheet at December 31, 2014 and excess plan liabilities over plan assets of $0.3 million were included in other liabilities on the consolidated balance sheet at December 31, 2013. | |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | |
17. 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 $1.2 million and $0.1 million were included in debt at December 31, 2014 and 2013, respectively, under these financing arrangements. Payments, including principal and interest, totaled $0.3 million, $0.1 million and $0.3 million for the years ended December 31, 2014, 2013 and 2012, respectively, and the weighted average interest rate for all outstanding financing agreements with AXIS Capital is 6.8%. | |
Aircraft Leases | |
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 years ended December 31, 2014, 2013 and 2012, payments related to these leases totaled $187 thousand, $136 thousand and $121 thousand, respectively. The Company had approximately $2 thousand in outstanding payables related to this agreement at December 31, 2014 and no outstanding payables at December 31, 2013. | |
Effective January 1, 2015, the Company has entered into two agreements with an entity controlled by Mr. Hoovestol for the lease of two different aircrafts, replacing the prior agreements. Under the new agreements, the Company has agreed to pay $9,766 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. | |
Quarterly_Financial_Data
Quarterly Financial Data | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Quarterly Financial Data[Abstract] | |||||||||||||
Quarterly Financial Data | 18. QUARTERLY FINANCIAL DATA (Unaudited) | ||||||||||||
The following tables set forth certain unaudited financial data for each of the quarters within the years ended December 31, 2014 and 2013 (in thousands, except per share amounts). This information has been derived from the Company’s consolidated financial statements and in management’s opinion, reflects all adjustments necessary for a fair presentation of the information for the quarters presented. The operating results for any quarter are not necessarily indicative of results for any future period. | |||||||||||||
Three Months Ended | |||||||||||||
December 31, | September 30, | June 30, | March 31, | ||||||||||
2014 | 2014 | 2014 | 2014 | ||||||||||
Revenues | $ | 829,939 | $ | 833,925 | $ | 837,858 | $ | 733,889 | |||||
Cost of goods sold | 732,288 | 735,842 | 759,543 | 633,140 | |||||||||
Operating income | 73,929 | 75,055 | 58,946 | 78,343 | |||||||||
Other expense | -9,315 | -9,056 | -8,857 | -8,615 | |||||||||
Income tax expense | 22,377 | 24,250 | 17,775 | 26,525 | |||||||||
Net income attributable to Green Plains | 42,237 | 41,749 | 32,314 | 43,203 | |||||||||
Basic earnings per share attributable to Green Plains | 1.12 | 1.11 | 0.86 | 1.30 | |||||||||
Diluted earnings per share attributable to Green Plains | 1.07 | 1.03 | 0.82 | 1.04 | |||||||||
Three Months Ended | |||||||||||||
December 31, | September 30, | June 30, | March 31, | ||||||||||
2013 | 2013 | 2013 | 2013 | ||||||||||
Revenues | $ | 712,869 | $ | 757,971 | $ | 804,696 | $ | 765,476 | |||||
Cost of goods sold | 640,697 | 716,947 | 772,085 | 738,262 | |||||||||
Operating income | 51,051 | 25,534 | 18,562 | 12,704 | |||||||||
Other expense | -10,219 | -8,491 | -8,309 | -8,551 | |||||||||
Income tax expense | 15,371 | 7,633 | 4,288 | 1,598 | |||||||||
Net income attributable to Green Plains | 25,461 | 9,410 | 5,965 | 2,555 | |||||||||
Basic earnings per share attributable to Green Plains | 0.84 | 0.31 | 0.20 | 0.09 | |||||||||
Diluted earnings per share attributable to Green Plains | 0.65 | 0.28 | 0.19 | 0.08 | |||||||||
Schedule_I_Condensed_Financial
Schedule I - Condensed Financial Information Of The Registrant | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Schedule I - Condensed Financial Information Of The Registrant [Abstract] | |||||||||
Schedule I - Condensed Financial Information Of The Registrant | Schedule I – Condensed Financial Information of the Registrant (Parent Company Only) | ||||||||
GREEN PLAINS INC. | |||||||||
CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT | |||||||||
STATEMENTS OF BALANCE SHEET – PARENT COMPANY ONLY | |||||||||
(in thousands) | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
ASSETS | |||||||||
Current assets | |||||||||
Cash and cash equivalents | $ | 252,689 | $ | 143,852 | |||||
Restricted cash | 6,309 | - | |||||||
Accounts receivable, including amounts from related parties of | |||||||||
$196 and $69, respectively | 268 | 128 | |||||||
Prepaid expenses and other | 893 | 860 | |||||||
Due from subsidiaries | 30,823 | 20,987 | |||||||
Total current assets | 290,982 | 165,827 | |||||||
Property and equipment, net | 4,147 | 3,052 | |||||||
Investment in consolidated subsidiaries | 611,311 | 568,410 | |||||||
Other assets | 18,323 | 19,374 | |||||||
Total assets | $ | 924,763 | $ | 756,663 | |||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||
Current liabilities | |||||||||
Accounts payable | $ | 2,098 | $ | 4,310 | |||||
Accrued liabilities | 20,057 | 14,344 | |||||||
Current maturities of long-term debt | - | 188 | |||||||
Total current liabilities | 22,155 | 18,842 | |||||||
Long-term debt | 100,845 | 186,654 | |||||||
Deferred income taxes | 4,010 | 5,446 | |||||||
Other liabilities | 304 | 363 | |||||||
Total liabilities | 127,314 | 211,305 | |||||||
Stockholders' equity | |||||||||
Common stock | 45 | 38 | |||||||
Additional paid-in capital | 569,431 | 468,962 | |||||||
Retained earnings | 299,101 | 148,505 | |||||||
Accumulated other comprehensive loss | -5,320 | -6,339 | |||||||
Treasury stock | -65,808 | -65,808 | |||||||
Total stockholders' equity | 797,449 | 545,358 | |||||||
Total liabilities and stockholders' equity | $ | 924,763 | $ | 756,663 | |||||
See accompanying notes to the condensed financial statements. | |||||||||
GREEN PLAINS INC. | |||||||||
CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT | |||||||||
STATEMENTS OF OPERATIONS – PARENT COMPANY ONLY | |||||||||
(in thousands) | |||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
Selling, general and administrative expenses | $ | - | $ | 88 | $ | - | |||
Operating (loss) | - | -88 | - | ||||||
Other income (expense) | |||||||||
Interest income | 462 | 192 | 112 | ||||||
Interest expense | -9,539 | -8,742 | -7,165 | ||||||
Other, net | -3,860 | -2,647 | -2,399 | ||||||
Total other expense | -12,937 | -11,197 | -9,452 | ||||||
Loss before income taxes | -12,937 | -11,285 | -9,452 | ||||||
Income tax benefit | 4,361 | 5,018 | 218 | ||||||
Loss before equity in earnings of subsidiaries | -8,576 | -6,267 | -9,234 | ||||||
Equity in earnings of consolidated subsidiaries | 168,080 | 49,658 | 21,013 | ||||||
Net income | $ | 159,504 | $ | 43,391 | $ | 11,779 | |||
See accompanying notes to the condensed financial statements. | |||||||||
GREEN PLAINS INC. | |||||||||
CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT | |||||||||
STATEMENTS OF CASH FLOWS – PARENT COMPANY ONLY | |||||||||
(in thousands) | |||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
Cash flows from operating activities: | $ | -7,653 | $ | -1,924 | $ | -279 | |||
Net cash provided (used) by operating activities | -7,653 | -1,924 | -279 | ||||||
Cash flows from investing activities: | |||||||||
Purchases of property and equipment | -2,829 | -652 | -616 | ||||||
Proceeds on disposal of assets, net | - | 42 | - | ||||||
Investment in subsidiaries, net | 125,179 | -53,754 | 54,426 | ||||||
Issuance of notes receivable from subsidiaries, | |||||||||
net of payments received | 9,500 | 15,356 | -6,832 | ||||||
Investments in unconsolidated subsidiaries | -4,309 | -3,264 | -7,998 | ||||||
Net cash provided (used) by investing activities | 127,541 | -42,272 | 38,980 | ||||||
Cash flows from financing activities: | |||||||||
Proceeds from the issuance of long-term debt | - | 120,000 | - | ||||||
Payments of principal on long-term debt | -238 | -1,841 | -204 | ||||||
Payments on short-term borrowings | - | -27,162 | - | ||||||
Payments for repurchase of common stock | - | - | -10,445 | ||||||
Change in restricted cash | -6,309 | - | - | ||||||
Payment of cash dividends | -8,908 | -2,426 | - | ||||||
Payment of loan fees | - | -5,072 | - | ||||||
Proceeds from the exercise of stock options | 4,404 | 4,498 | - | ||||||
Other, net | - | - | 452 | ||||||
Net cash provided (used) by financing activities | -11,051 | 87,997 | -10,197 | ||||||
Net change in cash and equivalents | 108,837 | 43,801 | 28,504 | ||||||
Cash and cash equivalents, beginning of period | 143,852 | 100,051 | 71,547 | ||||||
Cash and cash equivalents, end of period | $ | 252,689 | $ | 143,852 | $ | 100,051 | |||
See accompanying notes to the condensed financial statements. | |||||||||
GREEN PLAINS INC. | |||||||||
CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT | |||||||||
NOTES TO CONDENSED FINANCIAL STATEMENTS – PARENT COMPANY ONLY | |||||||||
1. BASIS OF PRESENTATION | |||||||||
References to the “Parent Company” refer to Green Plains Inc., a holding company that conducts substantially all of its business operations through its subsidiaries. As specified in certain of its subsidiaries’ debt agreements, there are restrictions on the Parent Company’s ability to obtain funds from certain of its subsidiaries through dividends, loans or advances. See Note 10 – Debt in the Notes to the Consolidated Financial Statements for further information. Accordingly, these condensed financial statements have been presented on a “parent-only” basis. Under a parent-only presentation, the Parent Company’s investments in its consolidated subsidiaries are presented under the equity method of accounting. These financial statements should be read in conjunction with Green Plains Inc.’s audited consolidated financial statements included elsewhere herein. | |||||||||
2. COMMITMENTS AND CONTINGENCIES | |||||||||
Operating Leases | |||||||||
The Parent Company leases certain facilities 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 Parent Company incurred lease expenses of $1.0 million, $0.9 million and $0.9 million during the years ended December 31, 2014, 2013 and 2012, respectively. Aggregate minimum lease payments under these agreements for future fiscal years are as follows (in thousands): | |||||||||
Year Ending December 31, | Amount | ||||||||
2015 | $ | 1,085 | |||||||
2016 | 1,088 | ||||||||
2017 | 296 | ||||||||
2018 | 120 | ||||||||
2019 | 122 | ||||||||
Thereafter | 249 | ||||||||
Total | $ | 2,960 | |||||||
Parent Guarantees | |||||||||
The various operating subsidiaries of the Parent Company enter into contracts as a routine part of their business activities. Examples of these contracts include financing and lease arrangements, commodity purchase and sale agreements, and agreements with vendors. In certain instances, the contractual obligations of such subsidiaries are guaranteed by, or otherwise supported by, the Parent Company. As of December 31, 2014, the Parent Company had $187.9 million in guarantees of subsidiary contracts and indebtedness. | |||||||||
3. DEBT | |||||||||
Parent Company debt as of December 31, 2014 is comprised of the 3.25% Convertible Senior Notes due 2018, or the 3.25% Notes. Scheduled long-term debt repayments, excluding the effects of any debt discounts and including full accretion of the 3.25% Notes at their maturity, are as follows (in thousands): | |||||||||
Year Ending December 31, | Amount | ||||||||
2015 | $ | - | |||||||
2016 | - | ||||||||
2017 | - | ||||||||
2018 | 120,000 | ||||||||
2019 | - | ||||||||
Thereafter | - | ||||||||
Total | $ | 120,000 | |||||||
Basis_Of_Presentation_And_Desc1
Basis Of Presentation And Description Of Business (Policy) | 12 Months Ended |
Dec. 31, 2014 | |
Basis Of Presentation And Description Of Business [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. | |
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 U.S. generally accepted accounting principles, or 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. The Company bases its estimates on historical experience and other assumptions that it believes are proper and reasonable under the circumstances. The Company regularly evaluates the appropriateness of estimates and assumptions used in the preparation of its consolidated financial statements. Actual results could differ from those estimates. Key accounting policies, including but not limited to those relating to revenue recognition, depreciation of property and equipment, impairment of long-lived assets and goodwill, derivative financial instruments, and accounting for income taxes, are impacted significantly by judgments, assumptions and estimates used in the preparation of the consolidated financial statements. | |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended | |
Dec. 31, 2014 | ||
Summary Of Significant Accounting Policies [Abstract] | ||
Cash And Cash Equivalents And Restricted Cash | Cash and Cash Equivalents and Restricted Cash | |
The Company considers short-term highly liquid investments with original maturities of three months or less to be cash equivalents. Cash and cash equivalents include bank deposits. The Company also has restricted cash which is comprised of cash restricted as to use for payment towards a revolving credit agreement. | ||
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 fuel terminal operations, which include ethanol transload 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 sales 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, cattle 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 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. | ||
Concentrations Of Credit Risk | Concentrations of Credit Risk | |
In the normal course of business, the Company is exposed to credit risk resulting from the possibility that a loss may occur from the failure of another party to perform according to the terms of a contract. The Company transacts sales of ethanol and distillers grains and is marketing products for third parties, which may result in concentrations of credit risk from a variety of customers, including major integrated oil companies, large independent refiners, petroleum wholesalers, other marketers and jobbers. The Company is also exposed to credit risk resulting from sales of grain to large commercial buyers, including other ethanol plants, which it continually monitors. Although payments are typically received within fifteen days of sale for ethanol and distillers grains, the Company continually monitors this credit risk exposure. In addition, the Company may prepay for or make deposits on undelivered inventories. Concentrations of credit risk with respect to inventory advances are primarily with a few major suppliers of petroleum products and agricultural inputs. | ||
Inventories | Inventories | |
Corn to be used in ethanol production, ethanol and distillers grains inventories are stated at the lower of average cost or market, except for fair value hedged inventories, which are carried at market. | ||
Other grain inventories include readily-marketable physical quantities of grain, forward contracts to buy and sell grain, and exchange traded futures and option contracts (all stated at market value). The futures and options contracts, which are used to hedge the value of both owned grain and forward contracts, are considered derivatives. All grain inventories held for sale are marked to the market price with changes reflected in cost of goods sold. The forward contracts require performance in future periods. Contracts to purchase grain from producers generally relate to the current or future crop years for delivery periods quoted by regulated commodity exchanges. Contracts for the sale of grain to processors or other consumers generally do not extend beyond one year. The terms of contracts for the purchase and sale of grain are consistent with industry standards. | ||
Finished goods inventory consists of denatured ethanol and its related co-products and is valued at the lower of average cost or market. In addition to ethanol and its co-products in process and not completed to finished goods, work-in-process inventory includes the cost of cattle acquired and related feed and veterinary supplies, as well as direct labor and feedlot overhead costs, and is valued at the lower of average cost or market. | ||
Property And Equipment | Property and Equipment | |
Property and equipment are stated at cost less accumulated depreciation. Depreciation of these assets is generally computed using the straight-line method over the following estimated useful lives of the assets: | ||
Years | ||
Plant, buildings and improvements | Oct-40 | |
Ethanol production equipment | 15-40 | |
Other machinery and equipment | 7-May | |
Land improvements | 20 | |
Railroad track and equipment | 20 | |
Computer and software | 5-Mar | |
Office furniture and equipment | 7-May | |
Property and equipment is capitalized at cost. Land improvements are capitalized and depreciated. Expenditures for property betterments and renewals are capitalized. Costs of repairs and maintenance are charged to expense as incurred. The Company periodically evaluates whether events and circumstances have occurred that may warrant revision of the estimated useful life of its fixed assets. | ||
Impairment Of Long-Lived Assets | Impairment of Long-Lived Assets | |
The Company reviews its long-lived assets, currently consisting of property and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset may not be recoverable. Recoverability of assets to be held and used is measured by comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Significant management judgment is required in determining the fair value of long-lived assets to measure impairment, including projections of future discounted cash flows. No impairment charges were recorded for the periods reported. | ||
Goodwill | Goodwill | |
Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. The Company has recorded goodwill for business combinations to the extent the purchase price exceeded the fair value of the net identifiable tangible and intangible assets of each acquired company. The Company’s goodwill currently is comprised of amounts relating to its acquisitions of five ethanol plants and its fuel terminal and distribution business. | ||
Goodwill is reviewed for impairment at least annually. The qualitative factors of goodwill are assessed to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. Under the first step, the fair value of the reporting unit is compared with its carrying value (including goodwill). If the fair value of the reporting unit is less than its carrying value, an indication of goodwill impairment exists for the reporting unit and the entity must perform step two of the impairment test. Under the second step, an impairment loss is recognized for any excess of the carrying amount of the reporting unit’s goodwill over the implied fair value of that goodwill. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation and the residual fair value after this allocation is the implied fair value of the reporting unit goodwill. Fair value of the reporting unit is determined using a discounted cash flow analysis. If the fair value of the reporting unit exceeds its carrying value, no further analysis is necessary. The Company performs its annual impairment review of goodwill at October 1, and when a triggering event occurs between annual impairment tests. No impairment losses were recorded for the periods reported. | ||
Financing Costs | Financing Costs | |
Fees and costs related to securing debt financing are recorded as financing costs. Debt issuance costs are stated at cost and are amortized utilizing the effective interest method for term loans and on a straight-line basis for revolving credit arrangements over the life of the agreements. However, during periods of construction, amortization of such costs is capitalized in construction-in-progress. | ||
Selling, General And Administrative Expenses | Selling, General and Administrative Expenses | |
Selling, general and administrative expenses are primarily general and administrative expenses for employee salaries, incentives and benefits; office expenses; director compensation; and professional fees for accounting, legal, consulting, and investor relations activities; as well as non-plant depreciation and amortization costs. | ||
Environmental Expenditures | Environmental Expenditures | |
Environmental expenditures that pertain to current operations and relate to future revenue are expensed or capitalized consistent with the Company’s capitalization policy. Probable liabilities incurred that are reasonably estimable are also expensed or capitalized according to this policy and if material, would be disclosed in its quarterly and annual filings. Expenditures that result from the remediation of an existing condition caused by past operations and that do not contribute to future revenue are expensed as incurred. | ||
Stock-Based Compensation | Stock-Based Compensation | |
The Company recognizes compensation cost using a fair value based method whereby compensation cost is measured at the grant date based on the value of the award and is recognized over the service period, which is usually the vesting period. The Company uses the Black-Scholes pricing model to calculate the fair value of options and warrants issued to both employees and non-employees. Stock issued for compensation is valued using the market price of the stock on the date of the related agreement. | ||
Income Taxes | Income Taxes | |
The provision for income taxes is computed using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences attributable to temporary differences between the financial reporting carrying amount of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operating results in the period of enactment. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. | ||
The Company recognizes uncertainties in income taxes within the financial statements under a process by which the likelihood of a tax position is gauged based upon the technical merits of the position, and then a subsequent measurement relates the maximum benefit and the degree of likelihood to determine the amount of benefit recognized in the financial statements. | ||
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. | ||
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended | |
Dec. 31, 2014 | ||
Summary Of Significant Accounting Policies [Abstract] | ||
Schedule Of Estimated Useful Lives Of Assets | ||
Years | ||
Plant, buildings and improvements | Oct-40 | |
Ethanol production equipment | 15-40 | |
Other machinery and equipment | 7-May | |
Land improvements | 20 | |
Railroad track and equipment | 20 | |
Computer and software | 5-Mar | |
Office furniture and equipment | 7-May | |
Acquisitions_and_Dispositions_
Acquisitions and Dispositions (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Business Acquisition [Line Items] | |||||
Schedule Of Disposed Assets And Liabilities | |||||
Amounts of Disposed Assets and Liabilities | |||||
Current assets | $ | 146,527 | |||
Property and equipment, net | 44,640 | ||||
Current liabilities | 92,386 | ||||
Long-term debt, net | 27,974 | ||||
Green Plains Fairmont and Green Plains Wood River [Member] | |||||
Business Acquisition [Line Items] | |||||
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) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||
Schedule Of Assets And Liabilities Fair Value | Fair Value Measurements at December 31, 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 | $ | 425,510 | $ | - | $ | - | $ | 425,510 | ||||
Restricted cash | 29,742 | - | - | 29,742 | ||||||||
Margin deposits | 24,488 | - | -24,488 | - | ||||||||
Inventories carried at market | - | 36,411 | - | 36,411 | ||||||||
Unrealized gains on derivatives | 11,877 | 18,111 | 6,359 | 36,347 | ||||||||
Other assets | 118 | 3 | - | 121 | ||||||||
Total assets measured at fair value | $ | 491,735 | $ | 54,525 | $ | -18,129 | $ | 528,131 | ||||
Liabilities: | ||||||||||||
Unrealized losses on derivatives | $ | 18,129 | $ | 28,082 | $ | -18,129 | $ | 28,082 | ||||
Total liabilities measured at fair value | $ | 18,129 | $ | 28,082 | $ | -18,129 | $ | 28,082 | ||||
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) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Segment Information [Abstract] | ||||||||||
Summary Of Financial Data | ||||||||||
Year Ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Revenues: | ||||||||||
Ethanol production: | ||||||||||
Revenues from external customers (1) | $ | -51,424 | $ | 116,272 | $ | 200,443 | ||||
Intersegment revenues | 2,222,446 | 1,934,770 | 1,708,800 | |||||||
Total segment revenues | 2,171,022 | 2,051,042 | 1,909,243 | |||||||
Corn oil production: | ||||||||||
Revenues from external customers (1) | - | - | 529 | |||||||
Intersegment revenues | 79,750 | 69,163 | 57,315 | |||||||
Total segment revenues | 79,750 | 69,163 | 57,844 | |||||||
Agribusiness: | ||||||||||
Revenues from external customers (1) | 100,436 | 51,883 | 408,622 | |||||||
Intersegment revenues | 1,208,120 | 761,835 | 176,062 | |||||||
Total segment revenues | 1,308,556 | 813,718 | 584,684 | |||||||
Marketing and distribution: | ||||||||||
Revenues from external customers (1) | 3,186,599 | 2,872,856 | 2,867,276 | |||||||
Intersegment revenues | 171,201 | 21,790 | 355 | |||||||
Total segment revenues | 3,357,800 | 2,894,646 | 2,867,631 | |||||||
Revenues including intersegment activity | 6,917,128 | 5,828,569 | 5,419,402 | |||||||
Intersegment eliminations | -3,681,517 | -2,787,558 | -1,942,532 | |||||||
Revenues as reported | $ | 3,235,611 | $ | 3,041,011 | $ | 3,476,870 | ||||
(1) Revenues from external customers include realized gains and losses from derivative financial instruments. | ||||||||||
Gross profit (loss): | ||||||||||
Ethanol production | $ | 236,096 | $ | 79,109 | $ | -4,895 | ||||
Corn oil production | 42,937 | 36,615 | 32,388 | |||||||
Agribusiness | 14,833 | 6,258 | 35,973 | |||||||
Marketing and distribution | 80,326 | 57,671 | 32,362 | |||||||
Intersegment eliminations | 606 | -6,633 | 943 | |||||||
$ | 374,798 | $ | 173,020 | $ | 96,771 | |||||
Operating income (loss): | ||||||||||
Ethanol production | $ | 214,497 | $ | 63,012 | $ | -20,393 | ||||
Corn oil production | 42,651 | 36,569 | 32,140 | |||||||
Agribusiness | 8,497 | 3,324 | 60,030 | |||||||
Marketing and distribution | 52,669 | 40,971 | 17,290 | |||||||
Intersegment eliminations | 666 | -6,588 | 977 | |||||||
Corporate activities | -32,706 | -29,437 | -25,159 | |||||||
$ | 286,274 | $ | 107,851 | $ | 64,885 | |||||
Income (loss) before income taxes: | ||||||||||
Ethanol production | $ | 198,598 | $ | 44,061 | $ | -42,430 | ||||
Corn oil production | 42,655 | 36,570 | 32,142 | |||||||
Agribusiness | 5,996 | 793 | 54,172 | |||||||
Marketing and distribution | 47,921 | 37,098 | 13,768 | |||||||
Intersegment eliminations | 666 | -6,588 | 977 | |||||||
Corporate activities | -45,406 | -39,653 | -33,473 | |||||||
$ | 250,430 | $ | 72,281 | $ | 25,156 | |||||
Year Ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Depreciation and amortization: | ||||||||||
Ethanol production | $ | 52,393 | $ | 45,312 | $ | 44,239 | ||||
Corn oil production | 1,756 | 1,175 | 1,156 | |||||||
Agribusiness | 1,441 | 362 | 4,209 | |||||||
Marketing and distribution | 3,096 | 2,836 | 1,942 | |||||||
Corporate activities | 1,676 | 1,317 | 1,282 | |||||||
$ | 60,362 | $ | 51,002 | $ | 52,828 | |||||
Interest expense: | ||||||||||
Ethanol production | $ | 22,749 | $ | 18,988 | $ | 22,081 | ||||
Corn oil production | - | - | - | |||||||
Agribusiness | 2,591 | 2,531 | 5,881 | |||||||
Marketing and distribution | 5,267 | 4,079 | 3,532 | |||||||
Intersegment eliminations | -238 | -982 | -1,137 | |||||||
Corporate activities | 9,539 | 8,741 | 7,164 | |||||||
$ | 39,908 | $ | 33,357 | $ | 37,521 | |||||
Capital expenditures: | ||||||||||
Ethanol production | $ | 32,050 | $ | 8,469 | $ | 7,637 | ||||
Corn oil production | 8,154 | 1,782 | 725 | |||||||
Agribusiness | 17,166 | 6,514 | 2,006 | |||||||
Marketing and distribution | 1,334 | 2,347 | 15,791 | |||||||
Corporate activities | 2,829 | 652 | 617 | |||||||
$ | 61,533 | $ | 19,764 | $ | 26,776 | |||||
Summary Of Total Assets For Operating Segments | ||||||||||
Year Ended December 31, | ||||||||||
2014 | 2013 | |||||||||
Total assets: | ||||||||||
Ethanol production | $ | 983,289 | $ | 911,315 | ||||||
Corn oil production | 31,405 | 28,569 | ||||||||
Agribusiness | 234,626 | 165,570 | ||||||||
Marketing and distribution | 305,675 | 258,361 | ||||||||
Corporate assets | 290,123 | 175,210 | ||||||||
Intersegment eliminations | -16,561 | -6,980 | ||||||||
$ | 1,828,557 | $ | 1,532,045 | |||||||
Schedule Of Revenues By Product | ||||||||||
Year Ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Revenues: | ||||||||||
Ethanol | $ | 2,362,812 | $ | 2,339,470 | $ | 2,507,119 | ||||
Distillers grains | 531,696 | 488,396 | 433,088 | |||||||
Corn oil | 99,167 | 74,251 | 58,640 | |||||||
Grain | 174,997 | 92,487 | 348,413 | |||||||
Other | 66,939 | 46,407 | 129,610 | |||||||
$ | 3,235,611 | $ | 3,041,011 | $ | 3,476,870 | |||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Inventories [Abstract] | ||||||
Schedule Of Inventories | ||||||
December 31, | ||||||
2014 | 2013 | |||||
Finished goods | $ | 34,639 | $ | 56,664 | ||
Grain held for sale | 23,027 | 23,782 | ||||
Raw materials | 78,095 | 51,726 | ||||
Work-in-process | 100,221 | 11,506 | ||||
Supplies and parts | 18,985 | 14,650 | ||||
$ | 254,967 | $ | 158,328 | |||
Property_And_Equipment_Tables
Property And Equipment (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Property And Equipment [Abstract] | ||||||
Schedule Of Components Of Property And Equipment | ||||||
December 31, | ||||||
2014 | 2013 | |||||
Plant equipment | $ | 777,987 | $ | 749,627 | ||
Buildings and improvements | 159,178 | 147,663 | ||||
Land and improvements | 73,819 | 59,481 | ||||
Railroad track and equipment | 40,882 | 39,852 | ||||
Construction-in-progress | 23,276 | 3,789 | ||||
Computers and software | 9,305 | 7,380 | ||||
Office furniture and equipment | 2,127 | 1,662 | ||||
Leasehold improvements and other | 13,179 | 12,111 | ||||
Total property and equipment | 1,099,753 | 1,021,565 | ||||
Less: accumulated depreciation | -274,543 | -215,519 | ||||
Property and equipment, net | $ | 825,210 | $ | 806,046 | ||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Schedule Of Fair Values Of Derivative Financial Instruments | ||||||||||||
Asset Derivatives' | Liability Derivatives' | |||||||||||
Fair Value at December 31, | Fair Value at December 31, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Derivative financial instruments (1) | $ | 11,859 | -2 | $ | -28,466 | -3 | $ | - | $ | - | ||
Other assets | 3 | - | - | - | ||||||||
Accrued and other liabilities | - | - | 28,082 | 4,612 | ||||||||
Total | $ | 11,862 | $ | -28,466 | $ | 28,082 | $ | 4,612 | ||||
(1) Derivative financial instruments as reflected on the balance sheet include a margin deposit assets of $24.5 million and $77.1 million at December 31, 2014 and 2013, respectively. | ||||||||||||
(2) Balance at December 31, 2014, includes $0.6 million of net unrealized losses 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 | Year Ended December 31, | |||||||||||
Hedges Recognized in | ||||||||||||
Other Comprehensive Income (Loss) | 2014 | 2013 | 2012 | |||||||||
Commodity Contracts | $ | -299,684 | $ | -138,589 | $ | 49,999 | ||||||
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 | Year Ended December 31, | |||||||||||
Designated in a Hedging Relationship | 2014 | 2013 | 2012 | |||||||||
Revenues | $ | 13,369 | $ | -10,855 | $ | -6,206 | ||||||
Cost of goods sold | 165 | 12,701 | -12,050 | |||||||||
Net increase (decrease) recognized in earnings before tax | $ | 13,534 | $ | 1,846 | $ | -18,256 | ||||||
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 | Year Ended December 31, | |||||||||||
of Cash Flow Hedges | 2014 | 2013 | 2012 | |||||||||
Revenues | $ | -326 | $ | -84 | $ | -10 | ||||||
Cost of goods sold | 481 | -490 | - | |||||||||
Net increase (decrease) recognized in earnings before tax | $ | 155 | $ | -574 | $ | -10 | ||||||
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 | Year Ended December 31, | |||||||||||
Other Comprehensive Income (Loss) | ||||||||||||
into Net Income | 2014 | 2013 | 2012 | |||||||||
Revenues | $ | -257,730 | $ | -96,736 | $ | -17,318 | ||||||
Cost of goods sold | -43,853 | -25,852 | 56,848 | |||||||||
Net increase (decrease) recognized in earnings before tax | $ | -301,583 | $ | -122,588 | $ | 39,530 | ||||||
Schedule Of Gain (Loss) From Fair Value Hedges Of Ethanol Inventory [Member] | ||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | ||||||||||||
Gains (Losses) from Fair Value | Year Ended December 31, | |||||||||||
Hedges of Inventory | 2014 | 2013 | 2012 | |||||||||
Cost of goods sold (effect of change in inventory value) | $ | 304 | $ | 102 | $ | - | ||||||
Cost of goods sold (effect of fair value hedge) | 2,612 | 674 | - | |||||||||
Ineffectiveness recognized in earnings before tax | $ | 2,916 | $ | 776 | $ | - | ||||||
Schedule Of Volumes of Open Commodity Derivative Positions [Member] | ||||||||||||
Schedule Of Open Positition Derivative Financial Instruments | ||||||||||||
31-Dec-14 | ||||||||||||
Exchange Traded | Non-Exchange Traded | |||||||||||
Derivative Instruments | Net Long & (Short) (1) | Long (2) | (Short) (2) | Unit of Measure | Commodity | |||||||
Futures | -4,410 | Bushels | Corn, Soybeans and Wheat | |||||||||
Futures | 3,675 | -3 | Bushels | Corn | ||||||||
Futures | -9,010 | -4 | Bushels | Corn | ||||||||
Futures | 46,410 | Gallons | Ethanol | |||||||||
Futures | -82,950 | -3 | Gallons | Ethanol | ||||||||
Futures | 958 | mmBTU | Natural Gas | |||||||||
Futures | -4,318 | -4 | mmBTU | Natural Gas | ||||||||
Futures | 1,320 | Pounds | Cattle | |||||||||
Futures | -37,040 | -3 | Pounds | Cattle | ||||||||
Futures | -2,700 | Pounds | Soybean Oil | |||||||||
Options | -2,461 | Bushels | Corn, Soybeans and Wheat | |||||||||
Options | -15,095 | Gallons | Ethanol | |||||||||
Options | -30 | mmBTU | Natural Gas | |||||||||
Forwards | 19,041 | -16,251 | Bushels | Corn and Soybeans | ||||||||
Forwards | 8,046 | -160,901 | Gallons | Ethanol | ||||||||
Forwards | 104 | -461 | Tons | Distillers Grains | ||||||||
Forwards | 3,744 | -60,490 | Pounds | Corn Oil | ||||||||
Forwards | 9,310 | -876 | 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) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Debt Instrument [Line Items] | ||||||
Schedule Of The Components Of Long-Term Debt | ||||||
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 | 40,000 | 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 lease on equipment and other | 4,192 | 5,489 | ||||
Green Plains Holdings II: | ||||||
$46.8 million term loans | 29,510 | 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 | 27,400 | 28,400 | ||||
Equipment financing loan | - | 126 | ||||
Economic development grant | 1,156 | 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 | 11 | - | ||||
Green Plains Processing: | ||||||
$225.0 million term loan | 213,775 | - | ||||
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 | 15,025 | 8,000 | ||||
Equipment financing loan | - | 18 | ||||
Corporate: | ||||||
$90.0 million convertible notes | - | 90,000 | ||||
$120.0 million convertible notes | 100,845 | 96,653 | ||||
Capital lease | - | 188 | ||||
Other | 11,408 | 10,000 | ||||
Total long-term debt | 462,905 | 563,679 | ||||
Less: current portion of long-term debt | -63,465 | -82,933 | ||||
Long-term debt | $ | 399,440 | $ | 480,746 | ||
Schedule Of Maturities Of Long-Term Debt | ||||||
Year Ending December 31, | Amount | |||||
2015 | $ | 63,465 | ||||
2016 | 13,070 | |||||
2017 | 14,963 | |||||
2018 | 134,949 | |||||
2019 | 22,365 | |||||
Thereafter | 233,248 | |||||
Total | $ | 482,060 | ||||
Schedule of Financial Covenants | ||||||
Maintenance of working capital, including unused portion of revolver, as follows: | ||||||
• | Green Plains Holdings II | $15.0 million | ||||
• | Green Plains Obion | $9.0 million | ||||
• | Green Plains Superior | $3.0 million | ||||
Maintenance of net worth as follows: | ||||||
• | Green Plains Holdings II | $100.0 million plus 25% of net income before tax | ||||
• | Green Plains Obion | $95.0 million plus 25% of net income before tax | ||||
• | Green Plains Superior | $33.0 million | ||||
Maintenance of annual fixed charge coverage ratios: | ||||||
• | Green Plains Processing | 1.25 to 1.00 | ||||
Maintenance of annual debt service coverage ratios: | ||||||
• | Green Plains Fairmont and Green Plains Wood River | 2.25 to 1.00 | ||||
• | Green Plains Holdings II | 1.25 to 1.00 | ||||
• | Green Plains Obion | 1.25 to 1.00 | ||||
• | Green Plains Superior | 1.00 to 1.00 | ||||
Maintenance of annual leverage ratio: | ||||||
• | Green Plains Fairmont and Green Plains Wood River | 3.25 to 1.00 (decreasing to 2.00 to 1.00 in 2015) | ||||
• | Green Plains Processing | 4.00 to 1.00 (decreasing to 3.25 to 1.00 in 2019) | ||||
Annual capital expenditures will be limited as follows: | ||||||
• | Green Plains Fairmont and Green Plains Wood River | $2.0 million growth and $4.0 million maintenance | ||||
Schedule of Allowable Dividends | ||||||
• | Green Plains Fairmont | Up to amounts equal to permitted tax | ||||
and Green Plains Wood River | distributions, as defined in the 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 Wood River | $1.3 million per quarter | |||||
• | Green Plains Holdings II | $1.8 million per quarter | ||||
• | Green Plains Processing | $0.6 million per quarter | ||||
Schedule Of Maturity Dates 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 | ||||
Schedule Of Free Cash Flow Payments Annual Threshold | ||||||
• | Green Plains Fairmont and | |||||
Green Plains Wood River | $4.0 million | |||||
• | Green Plains Processing | $54.0 million annually, $27.0 million for 2014 | ||||
Revolving Term Loans [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Schedule Of Maturity Dates 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) | 12 Months Ended | |||||||||
Dec. 31, 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 | -270,500 | 10.56 | 5,270 | |||||||
Forfeited | - | - | ||||||||
Expired | - | - | ||||||||
Outstanding at December 31, 2014 | 339,750 | $ | 10.82 | 3.1 | $ | 4,763 | ||||
Exercisable at December 31, 2014 (1) | 339,750 | $ | 10.82 | 3.1 | $ | 4,763 | ||||
Includes in-the-money options totaling 339,750 shares at a weighted-average exercise price of $10.82. | ||||||||||
Schedule Of Non-Vested Stock Award And DSU Activity | ||||||||||
Non-Vested Shares and Deferred Stock Units | Weighted-Average Grant-Date Fair Value | Weighted-Average Remaining Vesting Term | ||||||||
(in years) | ||||||||||
Nonvested at December 31, 2013 | 738,950 | $ | 10.39 | |||||||
Granted | 407,393 | 23.56 | ||||||||
Forfeited | -5,516 | 10.88 | ||||||||
Vested | -462,323 | 13.49 | ||||||||
Nonvested at December 31, 2014 | 678,504 | $ | 16.18 | 1.8 | ||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Schedule Of Basic And Diluted Earnings Per Share | |||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
Basic EPS: | |||||||||
Net income attributable to Green Plains | $ | 159,504 | $ | 43,391 | $ | 11,779 | |||
Weighted average shares outstanding - basic | 36,467 | 30,183 | 30,296 | ||||||
EPS - basic | $ | 4.37 | $ | 1.44 | $ | 0.39 | |||
Diluted EPS: | |||||||||
Net income attributable to Green Plains | $ | 159,504 | $ | 43,391 | $ | 11,779 | |||
Interest and amortization on convertible debt, net of tax effect: | |||||||||
5.75% Notes | 576 | 3,578 | - | ||||||
3.25% Notes | 1,379 | 1,473 | - | ||||||
Net income attributable to Green Plains - diluted | $ | 161,459 | $ | 48,442 | $ | 11,779 | |||
Weighted average shares outstanding - basic | 36,467 | 30,183 | 30,296 | ||||||
Effect of dilutive convertible debt: | |||||||||
5.75% Notes | 1,006 | 6,286 | - | ||||||
3.25% Notes | 3,040 | 1,624 | - | ||||||
Effect of dilutive stock-based compensation awards | 217 | 211 | 167 | ||||||
Weighted average shares oustanding - diluted | 40,730 | 38,304 | 30,463 | ||||||
EPS - diluted | $ | 3.96 | $ | 1.26 | $ | 0.39 | |||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Stockholders’ Equity [Abstract] | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | |||||||||||
Year Ended December 31, | Statements of Operations | ||||||||||
2014 | 2013 | 2012 | Classification | ||||||||
Gains (losses) on cash flow hedges: | |||||||||||
Ethanol commodity derivatives | $ | -257,730 | $ | -96,736 | $ | -17,318 | Revenues | ||||
Corn commodity derivatives | -43,853 | -25,852 | 56,848 | Cost of goods sold | |||||||
Total | -301,583 | -122,588 | 39,530 | Income (loss) before income taxes | |||||||
Income tax benefit | -139,754 | -46,941 | 15,032 | Income tax expense (benefit) | |||||||
Amounts reclassified from accumulated | |||||||||||
other comprehensive income (loss) | $ | -161,829 | $ | -75,647 | $ | 24,498 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Income Taxes [Abstract] | ||||||||||
Schedule Of Income Tax Expense | ||||||||||
Year Ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Current | $ | 67,389 | $ | 1,397 | $ | 2,689 | ||||
Deferred | 23,537 | 27,493 | 10,704 | |||||||
Total | $ | 90,926 | $ | 28,890 | $ | 13,393 | ||||
Schedule Of Differences Between The Income Tax Expense (Benefit)Computed At The Statutory Federal income Tax Rate And As Presented On The Consolidated Statements Of Operations | ||||||||||
Year Ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Tax expense at federal statutory | ||||||||||
rate of 35% | $ | 87,650 | $ | 25,299 | $ | 8,810 | ||||
State income tax expense, net | ||||||||||
of federal benefit | 6,810 | 2,002 | 4,036 | |||||||
Qualified production activities deduction | -4,637 | - | - | |||||||
Increase (decrease) in valuation allowance | ||||||||||
against deferred tax assets | - | -709 | - | |||||||
Nondeductible compensation | 848 | 1,491 | - | |||||||
Other | 255 | 807 | 547 | |||||||
Income tax expense | $ | 90,926 | $ | 28,890 | $ | 13,393 | ||||
Schedule Of Significant Components Of Deferred Tax Assets And Liabilities | ||||||||||
December 31, | ||||||||||
2014 | 2013 | |||||||||
Deferred tax assets: | ||||||||||
Net operating loss carryforwards - State | $ | 471 | $ | 1,232 | ||||||
Tax credit carryforwards - Federal | - | 2,062 | ||||||||
Tax credit carryforwards - State | 4,910 | 5,662 | ||||||||
Derivative financial instruments | 975 | 2,297 | ||||||||
Organizational and start-up costs | 851 | 2,371 | ||||||||
Stock-based compensation | 2,868 | 2,975 | ||||||||
Accrued expenses | 7,196 | 7,219 | ||||||||
Capital leases | 3,743 | - | ||||||||
Other | 1,532 | 1,690 | ||||||||
Total deferred tax assets | 22,546 | 25,508 | ||||||||
Deferred tax liabilities: | ||||||||||
Convertible debt | $ | -6,878 | $ | -8,444 | ||||||
Fixed assets | -118,132 | -94,864 | ||||||||
Investment in partnerships | -1,534 | -1,786 | ||||||||
Total deferred tax liabilities | -126,544 | -105,094 | ||||||||
Valuation allowance | -3,742 | -3,765 | ||||||||
Deferred income taxes | $ | -107,740 | $ | -83,351 | ||||||
Reconciliation Of The Beginning And Ending Amounts Of Unrecognized Tax Benefits | ||||||||||
Unrecognized Tax Benefits | ||||||||||
Balance at January 1, 2014 | $ | 279 | ||||||||
Additions for current year tax positions | - | |||||||||
Additions for prior year tax positions | 33 | |||||||||
Reductions for prior year tax positions | - | |||||||||
Reductions as a result of a lapse of applicable statue of expirations | - | |||||||||
Balance at December 31, 2014 | $ | 312 | ||||||||
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments And Contingencies [Abstract] | ||||
Schedule Of Aggregate Minimum Lease Payments | ||||
Year Ending December 31, | Amount | |||
2015 | $ | 30,316 | ||
2016 | 26,910 | |||
2017 | 16,810 | |||
2018 | 13,835 | |||
2019 | 9,989 | |||
Thereafter | 8,923 | |||
Total | $ | 106,783 | ||
Quarterly_Financial_Data_Table
Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Quarterly Financial Data[Abstract] | |||||||||||||
Schedule Of Quarterly Financial Information | |||||||||||||
Three Months Ended | |||||||||||||
December 31, | September 30, | June 30, | March 31, | ||||||||||
2014 | 2014 | 2014 | 2014 | ||||||||||
Revenues | $ | 829,939 | $ | 833,925 | $ | 837,858 | $ | 733,889 | |||||
Cost of goods sold | 732,288 | 735,842 | 759,543 | 633,140 | |||||||||
Operating income | 73,929 | 75,055 | 58,946 | 78,343 | |||||||||
Other expense | -9,315 | -9,056 | -8,857 | -8,615 | |||||||||
Income tax expense | 22,377 | 24,250 | 17,775 | 26,525 | |||||||||
Net income attributable to Green Plains | 42,237 | 41,749 | 32,314 | 43,203 | |||||||||
Basic earnings per share attributable to Green Plains | 1.12 | 1.11 | 0.86 | 1.30 | |||||||||
Diluted earnings per share attributable to Green Plains | 1.07 | 1.03 | 0.82 | 1.04 | |||||||||
Three Months Ended | |||||||||||||
December 31, | September 30, | June 30, | March 31, | ||||||||||
2013 | 2013 | 2013 | 2013 | ||||||||||
Revenues | $ | 712,869 | $ | 757,971 | $ | 804,696 | $ | 765,476 | |||||
Cost of goods sold | 640,697 | 716,947 | 772,085 | 738,262 | |||||||||
Operating income | 51,051 | 25,534 | 18,562 | 12,704 | |||||||||
Other expense | -10,219 | -8,491 | -8,309 | -8,551 | |||||||||
Income tax expense | 15,371 | 7,633 | 4,288 | 1,598 | |||||||||
Net income attributable to Green Plains | 25,461 | 9,410 | 5,965 | 2,555 | |||||||||
Basic earnings per share attributable to Green Plains | 0.84 | 0.31 | 0.20 | 0.09 | |||||||||
Diluted earnings per share attributable to Green Plains | 0.65 | 0.28 | 0.19 | 0.08 | |||||||||
Schedule_I_Condensed_Financial1
Schedule I - Condensed Financial Information Of The Registrant (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Scheduled Long-Term Debt Repayments | |||||||||
Year Ending December 31, | Amount | ||||||||
2015 | $ | 63,465 | |||||||
2016 | 13,070 | ||||||||
2017 | 14,963 | ||||||||
2018 | 134,949 | ||||||||
2019 | 22,365 | ||||||||
Thereafter | 233,248 | ||||||||
Total | $ | 482,060 | |||||||
Green Plains Inc. [Member] | |||||||||
Condensed Financial Information Of The Registrant Statements Of Balance Sheet - Parent Company Only | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
ASSETS | |||||||||
Current assets | |||||||||
Cash and cash equivalents | $ | 252,689 | $ | 143,852 | |||||
Restricted cash | 6,309 | - | |||||||
Accounts receivable, including amounts from related parties of | |||||||||
$196 and $69, respectively | 268 | 128 | |||||||
Prepaid expenses and other | 893 | 860 | |||||||
Due from subsidiaries | 30,823 | 20,987 | |||||||
Total current assets | 290,982 | 165,827 | |||||||
Property and equipment, net | 4,147 | 3,052 | |||||||
Investment in consolidated subsidiaries | 611,311 | 568,410 | |||||||
Other assets | 18,323 | 19,374 | |||||||
Total assets | $ | 924,763 | $ | 756,663 | |||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||
Current liabilities | |||||||||
Accounts payable | $ | 2,098 | $ | 4,310 | |||||
Accrued liabilities | 20,057 | 14,344 | |||||||
Current maturities of long-term debt | - | 188 | |||||||
Total current liabilities | 22,155 | 18,842 | |||||||
Long-term debt | 100,845 | 186,654 | |||||||
Deferred income taxes | 4,010 | 5,446 | |||||||
Other liabilities | 304 | 363 | |||||||
Total liabilities | 127,314 | 211,305 | |||||||
Stockholders' equity | |||||||||
Common stock | 45 | 38 | |||||||
Additional paid-in capital | 569,431 | 468,962 | |||||||
Retained earnings | 299,101 | 148,505 | |||||||
Accumulated other comprehensive loss | -5,320 | -6,339 | |||||||
Treasury stock | -65,808 | -65,808 | |||||||
Total stockholders' equity | 797,449 | 545,358 | |||||||
Total liabilities and stockholders' equity | $ | 924,763 | $ | 756,663 | |||||
Condensed Financial Information Of The Registrant Statements Of Operations - Parent Company Only | |||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
Selling, general and administrative expenses | $ | - | $ | 88 | $ | - | |||
Operating (loss) | - | -88 | - | ||||||
Other income (expense) | |||||||||
Interest income | 462 | 192 | 112 | ||||||
Interest expense | -9,539 | -8,742 | -7,165 | ||||||
Other, net | -3,860 | -2,647 | -2,399 | ||||||
Total other expense | -12,937 | -11,197 | -9,452 | ||||||
Loss before income taxes | -12,937 | -11,285 | -9,452 | ||||||
Income tax benefit | 4,361 | 5,018 | 218 | ||||||
Loss before equity in earnings of subsidiaries | -8,576 | -6,267 | -9,234 | ||||||
Equity in earnings of consolidated subsidiaries | 168,080 | 49,658 | 21,013 | ||||||
Net income | $ | 159,504 | $ | 43,391 | $ | 11,779 | |||
Condensed Financial Information Of The Registrant Statements Of Cash Flows - Parent Company Only | |||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
Cash flows from operating activities: | $ | -7,653 | $ | -1,924 | $ | -279 | |||
Net cash provided (used) by operating activities | -7,653 | -1,924 | -279 | ||||||
Cash flows from investing activities: | |||||||||
Purchases of property and equipment | -2,829 | -652 | -616 | ||||||
Proceeds on disposal of assets, net | - | 42 | - | ||||||
Investment in subsidiaries, net | 125,179 | -53,754 | 54,426 | ||||||
Issuance of notes receivable from subsidiaries, | |||||||||
net of payments received | 9,500 | 15,356 | -6,832 | ||||||
Investments in unconsolidated subsidiaries | -4,309 | -3,264 | -7,998 | ||||||
Net cash provided (used) by investing activities | 127,541 | -42,272 | 38,980 | ||||||
Cash flows from financing activities: | |||||||||
Proceeds from the issuance of long-term debt | - | 120,000 | - | ||||||
Payments of principal on long-term debt | -238 | -1,841 | -204 | ||||||
Payments on short-term borrowings | - | -27,162 | - | ||||||
Payments for repurchase of common stock | - | - | -10,445 | ||||||
Change in restricted cash | -6,309 | - | - | ||||||
Payment of cash dividends | -8,908 | -2,426 | - | ||||||
Payment of loan fees | - | -5,072 | - | ||||||
Proceeds from the exercise of stock options | 4,404 | 4,498 | - | ||||||
Other, net | - | - | 452 | ||||||
Net cash provided (used) by financing activities | -11,051 | 87,997 | -10,197 | ||||||
Net change in cash and equivalents | 108,837 | 43,801 | 28,504 | ||||||
Cash and cash equivalents, beginning of period | 143,852 | 100,051 | 71,547 | ||||||
Cash and cash equivalents, end of period | $ | 252,689 | $ | 143,852 | $ | 100,051 | |||
Schedule Of Aggregate Minimum Lease Payments | |||||||||
Year Ending December 31, | Amount | ||||||||
2015 | $ | 1,085 | |||||||
2016 | 1,088 | ||||||||
2017 | 296 | ||||||||
2018 | 120 | ||||||||
2019 | 122 | ||||||||
Thereafter | 249 | ||||||||
Total | $ | 2,960 | |||||||
Scheduled Long-Term Debt Repayments | |||||||||
Year Ending December 31, | Amount | ||||||||
2015 | $ | - | |||||||
2016 | - | ||||||||
2017 | - | ||||||||
2018 | 120,000 | ||||||||
2019 | - | ||||||||
Thereafter | - | ||||||||
Total | $ | 120,000 | |||||||
Basis_Of_Presentation_And_Desc2
Basis Of Presentation And Description Of Business (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
segment | |
gal | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |
Number of operating segments | 4 |
Annual ethanol production capacity, gallons | 1,000,000,000 |
Ethanol Production Segment [Member] | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |
Number of ethanol plants | 12 |
Annual corn consumption capacity, bushels | 360,000,000 |
Annual distillers grains production capacity, tons | 2,900,000 |
Corn Oil Production Segment [Member] | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |
Annual corn oil production, pounds | 250,000,000 |
Agribusiness Segment [Member] | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |
Total Grain Storage Capacity | 42,200,000 |
Ethanol plants, storage capacity, bushels | 29,400,000 |
Grain elevator storage capacity, bushels | 9,000,000 |
Number of grain elevators | 4 |
Cattle Grain Storage Capacity | 3,800,000 |
Head of Cattle Capacity | 70,000 |
Marketing And Distribution Segment [Member] | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |
Number of blending and terminaling facilities | 8 |
Number of states, in south central U.S., served by BlendStar LLC blending and terminaling facilities | 7 |
Blending and terminaling throughput capacity, gallons | 822,000,000 |
Summary_Of_Significant_Account3
Summary Of Significant Accounting Policies (Schedule Of Estimated Useful Lives Of Assets) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Plant, Buildings And Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 10 |
Plant, Buildings And Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | -40 |
Ethanol Production Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 15 |
Ethanol Production Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | -40 |
Other Machinery And Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 5 |
Other Machinery And Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | -7 |
Land Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 20 |
Railroad Track And Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 20 |
Computer And Software [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 3 |
Computer And Software [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | -5 |
Office Furniture And Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 5 |
Office Furniture And Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | -7 |
Acquisitions_and_Dispositions_1
Acquisitions and Dispositions (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
gal | |||
Disposition Of Assets [Line Items] | |||
Cash proceeds from sale of grain elevators | $9,258,000 | $245,000 | $117,711,000 |
Pre-tax gain from sale of grain elevators | 47,133,000 | ||
Expected annual ethanol production capacity | 1,000,000,000 | ||
Purchase price of acquisition | 23,900,000 | 123,301,000 | 1,490,000 |
Cash equity utilized to reduce outstanding debt | 557,850,000 | 303,495,000 | 120,153,000 |
Disposed Asset [Member] | |||
Disposition Of Assets [Line Items] | |||
Number of grain elevators sold in divestiture | 12 | ||
Grain elevator storage capacity, bushels | 32,600,000 | ||
Percent of agribusiness grain storage capacity | 83.00% | ||
Gross proceeds from the sale, including the assumptions of debt, current liabilities and fees | 241,000,000 | ||
Cash proceeds from sale of grain elevators | 117,700,000 | ||
Pre-tax gain from sale of grain elevators | 47,100,000 | ||
Acquisition Of Green Plains Fairmont and Green Plains Wood River [Member] | |||
Disposition Of Assets [Line Items] | |||
Expected annual ethanol production capacity | 230,000,000 | ||
Cash paid for business acquisition | 114,300,000 | ||
Transaction Costs | 800,000 | ||
Notes Payable | 77,000,000 | ||
Number of ethanol plants | 2 | ||
Consolidated pro forma revenue | 3,300,000,000 | ||
Consolidated pro forma net income | 47,700,000 | ||
Capital Lease Obligations Incurred | $10,000,000 |
Acquisitions_and_Dispositions_2
Acquisitions and Dispositions (Schedule Of Disposed Assets And Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Acquisitions And Dispositions [Line Items] | ||
Current assets | $910,910 | $633,305 |
Property and equipment, net | 825,210 | 806,046 |
Current liabilities | 511,540 | 409,197 |
Long-term debt, net | 462,905 | 563,679 |
Disposed Asset [Member] | ||
Acquisitions And Dispositions [Line Items] | ||
Current assets | 146,527 | |
Property and equipment, net | 44,640 | |
Disposed Liability [Member] | ||
Acquisitions And Dispositions [Line Items] | ||
Current liabilities | 92,386 | |
Long-term debt, net | $27,974 |
Acquisitions_and_Dispositions_3
Acquisitions and Dispositions (Schedule Of Identifiable Assets Acquired And Liabilities Assumed) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Business Acquisition [Line Items] | |||
Goodwill | $40,877 | $40,877 | |
Purchase Price | 23,900 | 123,301 | 1,490 |
Acquisition Of 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 lease 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 $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ||
Fair value of debt | $676.50 | $775.70 |
Book Value Of Debt | 672.8 | 735.2 |
Fair value of accounts receivable | 138.1 | 106.8 |
Fair value of accounts payable | $170.20 | $112 |
Fair_Value_Disclosures_Schedul
Fair Value Disclosures (Schedule Of Assets And Liabilities Fair Value) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | |
Assets | |||
Cash and cash equivalents | $425,510,000 | $272,027,000 | |
Restricted cash | 29,742,000 | 26,994,000 | |
Margin deposits | |||
Inventories carried at market | 36,411,000 | 23,782,000 | |
Unrealized gains on derivatives | 36,347,000 | 48,636,000 | |
Other assets | 121,000 | 2,200,000 | [1] |
Total assets measured at fair value | 528,131,000 | 373,639,000 | |
Liabilities | |||
Unrealized losses on derivatives | 28,082,000 | 4,612,000 | |
Other | 9,000 | ||
Total liabilities measured at fair value | 28,082,000 | 4,621,000 | |
Debt Instrument, Face Amount | 22,000,000 | ||
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
Assets | |||
Cash and cash equivalents | 425,510,000 | 272,027,000 | |
Restricted cash | 29,742,000 | 26,994,000 | |
Margin deposits | 24,488,000 | 77,102,000 | |
Inventories carried at market | |||
Unrealized gains on derivatives | 11,877,000 | 3,629,000 | |
Other assets | 118,000 | 2,200,000 | [1] |
Total assets measured at fair value | 491,735,000 | 381,952,000 | |
Liabilities | |||
Unrealized losses on derivatives | 18,129,000 | 50,807,000 | |
Other | 9,000 | ||
Total liabilities measured at fair value | 18,129,000 | 50,816,000 | |
Significant Other Observable Inputs (Level 2) [Member] | |||
Assets | |||
Inventories carried at market | 36,411,000 | 23,782,000 | |
Unrealized gains on derivatives | 18,111,000 | 18,712,000 | |
Other assets | 3,000 | ||
Total assets measured at fair value | 54,525,000 | 42,494,000 | |
Liabilities | |||
Unrealized losses on derivatives | 28,082,000 | 4,612,000 | |
Total liabilities measured at fair value | 28,082,000 | 4,612,000 | |
Reclassification For Balance Sheet Presentation [Member] | |||
Assets | |||
Margin deposits | -24,488,000 | -77,102,000 | |
Unrealized gains on derivatives | 6,359,000 | 26,295,000 | |
Total assets measured at fair value | -18,129,000 | -50,807,000 | |
Liabilities | |||
Unrealized losses on derivatives | -18,129,000 | -50,807,000 | |
Total liabilities measured at fair value | ($18,129,000) | ($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) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
segment | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Number of reportable segments | 4 | ||||||||||
Revenues | $829,939 | $833,925 | $837,858 | $733,889 | $712,869 | $757,971 | $804,696 | $765,476 | $3,235,611 | $3,041,011 | $3,476,870 |
Customer Concentration Risk [Member] | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Segment Reporting, Disclosure of Major Customers | two | ||||||||||
Concentration Risk, Percentage | 10.00% | ||||||||||
Revenues | $325,000 |
Segment_Information_Summary_Of
Segment Information (Summary Of Financial Data) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | $829,939 | $833,925 | $837,858 | $733,889 | $712,869 | $757,971 | $804,696 | $765,476 | $3,235,611 | $3,041,011 | $3,476,870 | |||
Gross profit | 374,798 | 173,020 | 96,771 | |||||||||||
Operating income | 73,929 | 75,055 | 58,946 | 78,343 | 51,051 | 25,534 | 18,562 | 12,704 | 286,274 | 107,851 | 64,885 | |||
Income (loss) before income taxes | 250,430 | 72,281 | 25,156 | |||||||||||
Depreciation and amortization | 60,362 | 51,002 | 52,828 | |||||||||||
Interest expense | 39,908 | 33,357 | 37,521 | |||||||||||
Capital expenditures | 61,533 | 19,764 | 26,776 | |||||||||||
Revenue Including Intersegment Activity [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 6,917,128 | 5,828,569 | 5,419,402 | |||||||||||
Ethanol Production [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 2,171,022 | 2,051,042 | 1,909,243 | |||||||||||
Gross profit | 236,096 | 79,109 | -4,895 | |||||||||||
Operating income | 214,497 | 63,012 | -20,393 | |||||||||||
Income (loss) before income taxes | 198,598 | 44,061 | -42,430 | |||||||||||
Depreciation and amortization | 52,393 | 45,312 | 44,239 | |||||||||||
Interest expense | 22,749 | 18,988 | 22,081 | |||||||||||
Capital expenditures | 32,050 | 8,469 | 7,637 | |||||||||||
Ethanol Production [Member] | Revenue From External Customers [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | -51,424 | [1] | 116,272 | [1] | 200,443 | [1] | ||||||||
Ethanol Production [Member] | Intersegment Revenue [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 2,222,446 | 1,934,770 | 1,708,800 | |||||||||||
Corn Oil Production [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 79,750 | 69,163 | 57,844 | |||||||||||
Gross profit | 42,937 | 36,615 | 32,388 | |||||||||||
Operating income | 42,651 | 36,569 | 32,140 | |||||||||||
Income (loss) before income taxes | 42,655 | 36,570 | 32,142 | |||||||||||
Depreciation and amortization | 1,756 | 1,175 | 1,156 | |||||||||||
Capital expenditures | 8,154 | 1,782 | 725 | |||||||||||
Corn Oil Production [Member] | Revenue From External Customers [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 529 | [1] | ||||||||||||
Corn Oil Production [Member] | Intersegment Revenue [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 79,750 | 69,163 | 57,315 | |||||||||||
Agribusiness [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 1,308,556 | 813,718 | 584,684 | |||||||||||
Gross profit | 14,833 | 6,258 | 35,973 | |||||||||||
Operating income | 8,497 | 3,324 | 60,030 | |||||||||||
Income (loss) before income taxes | 5,996 | 793 | 54,172 | |||||||||||
Depreciation and amortization | 1,441 | 362 | 4,209 | |||||||||||
Interest expense | 2,591 | 2,531 | 5,881 | |||||||||||
Capital expenditures | 17,166 | 6,514 | 2,006 | |||||||||||
Agribusiness [Member] | Revenue From External Customers [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 100,436 | [1] | 51,883 | [1] | 408,622 | [1] | ||||||||
Agribusiness [Member] | Intersegment Revenue [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 1,208,120 | 761,835 | 176,062 | |||||||||||
Marketing And Distribution [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 3,357,800 | 2,894,646 | 2,867,631 | |||||||||||
Gross profit | 80,326 | 57,671 | 32,362 | |||||||||||
Operating income | 52,669 | 40,971 | 17,290 | |||||||||||
Income (loss) before income taxes | 47,921 | 37,098 | 13,768 | |||||||||||
Depreciation and amortization | 3,096 | 2,836 | 1,942 | |||||||||||
Interest expense | 5,267 | 4,079 | 3,532 | |||||||||||
Capital expenditures | 1,334 | 2,347 | 15,791 | |||||||||||
Marketing And Distribution [Member] | Revenue From External Customers [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 3,186,599 | 2,872,856 | 2,867,276 | |||||||||||
Marketing And Distribution [Member] | Intersegment Revenue [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 171,201 | 21,790 | 355 | |||||||||||
Intersegment Eliminations [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | -3,681,517 | -2,787,558 | -1,942,532 | |||||||||||
Gross profit | 606 | -6,633 | 943 | |||||||||||
Operating income | 666 | -6,588 | 977 | |||||||||||
Income (loss) before income taxes | 666 | -6,588 | 977 | |||||||||||
Interest expense | -238 | -982 | -1,137 | |||||||||||
Corporate Activities [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Operating income | -32,706 | -29,437 | -25,159 | |||||||||||
Income (loss) before income taxes | -45,406 | -39,653 | -33,473 | |||||||||||
Depreciation and amortization | 1,676 | 1,317 | 1,282 | |||||||||||
Interest expense | 9,539 | 8,741 | 7,164 | |||||||||||
Capital expenditures | $2,829 | $652 | $617 | |||||||||||
[1] | Revenues from external customers include realized gains and losses from derivative financial instruments. |
Segment_Information_Summary_Of1
Segment Information (Summary Of Total Assets For Operating Segments) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ||
Total assets | $1,828,557 | $1,532,045 |
Ethanol Production [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 983,289 | 911,315 |
Corn Oil Production [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 31,405 | 28,569 |
Agribusiness [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 234,626 | 165,570 |
Marketing And Distribution [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 305,675 | 258,361 |
Corporate Assets [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 290,123 | 175,210 |
Intersegment Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | ($16,561) | ($6,980) |
Segment_Information_Schedule_O
Segment Information (Schedule Of Revenues By Product) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $829,939 | $833,925 | $837,858 | $733,889 | $712,869 | $757,971 | $804,696 | $765,476 | $3,235,611 | $3,041,011 | $3,476,870 |
Ethanol [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 2,362,812 | 2,339,470 | 2,507,119 | ||||||||
Distillers Grains [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 531,696 | 488,396 | 433,088 | ||||||||
Corn Oil [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 99,167 | 74,251 | 58,640 | ||||||||
Grain [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 174,997 | 92,487 | 348,413 | ||||||||
Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $66,939 | $46,407 | $129,610 |
Inventories_Schedule_Of_Invent
Inventories (Schedule Of Inventories) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ||
Finished goods | $34,639 | $56,664 |
Grain held for sale | 23,027 | 23,782 |
Raw materials | 78,095 | 51,726 |
Work-in-process | 100,221 | 11,506 |
Supplies and parts | 18,985 | 14,650 |
Inventories | $254,967 | $158,328 |
Property_And_Equipment_Schedul
Property And Equipment (Schedule Of Components Of Property And Equipment) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Total property and equipment | $1,099,753 | $1,021,565 |
Less: accumulated depreciation | -274,543 | -215,519 |
Property and equipment, net | 825,210 | 806,046 |
Plant Equipment [Member] | ||
Total property and equipment | 777,987 | 749,627 |
Plant, Buildings And Improvements [Member] | ||
Total property and equipment | 159,178 | 147,663 |
Land And Improvements [Member] | ||
Total property and equipment | 73,819 | 59,481 |
Railroad Track And Equipment [Member] | ||
Total property and equipment | 40,882 | 39,852 |
Construction-In-Progress [Member] | ||
Total property and equipment | 23,276 | 3,789 |
Computer And Software [Member] | ||
Total property and equipment | 9,305 | 7,380 |
Office Furniture And Equipment [Member] | ||
Total property and equipment | 2,127 | 1,662 |
Leasehold Improvements And Other [Member] | ||
Total property and equipment | $13,179 | $12,111 |
Goodwill_Details
Goodwill (Details) (USD $) | Dec. 31, 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 $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Derivative Financial Instruments [Abstract] | |||
Accumulated other comprehensive loss | ($5,320,000) | ($6,339,000) | |
Energy trading contracts, net in revenue | $8,000,000 | ($1,200,000) | $500,000 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Schedule Of Fair Values Of Derivative Financial Instruments) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | |||
Derivatives, Fair Value [Line Items] | ||||
Fair value of derivative asset | $11,862,000 | [1] | ($28,466,000) | [2] |
Fair value of derivative liability | 28,082,000 | 4,612,000 | ||
Margin deposit asset | 24,500,000 | 77,100,000 | ||
Net unrealized gains or losses on cash flow hedges | -600,000 | -47,100,000 | ||
Derivative Financial Instruments [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair value of derivative asset | 11,859,000 | [1],[3] | -28,466,000 | [2],[3] |
Other Assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair value of derivative asset | 3,000 | [1] | ||
Accrued And Other Liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair value of derivative asset | [1] | |||
Fair value of derivative liability | $28,082,000 | $4,612,000 | ||
[1] | Balance at December 31, 2014, includes $0.6 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments. | |||
[2] | Balance at December 31, 2013, includes $47.1 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments. | |||
[3] | Derivative financial instruments as reflected on the balance sheet include a margin deposit assets of $24.5 million and $77.1 million at December 31, 2014 and 2013, respectively. |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Schedule Of Gain Or Loss Recognized In Income And Other Comprehensive Income) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) on Derivative Instruments Not Designated in a Hedging Relationship | $13,534 | $1,846 | ($18,256) |
Gain (Loss) Due to Ineffectiveness of Cash Flow Hedges | 155 | -574 | -10 |
Gains (losses) on cash flow hedges reclassified | -301,583 | -122,588 | 39,530 |
Ineffectiveness recognized in earnings before tax | 2,916 | 776 | |
Revenue [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) on Derivative Instruments Not Designated in a Hedging Relationship | 13,369 | -10,855 | -6,206 |
Gain (Loss) Due to Ineffectiveness of Cash Flow Hedges | -326 | -84 | -10 |
Gains (losses) on cash flow hedges reclassified | -257,730 | -96,736 | -17,318 |
Cost Of Goods Sold [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) on Derivative Instruments Not Designated in a Hedging Relationship | 165 | 12,701 | -12,050 |
Gain (Loss) Due to Ineffectiveness of Cash Flow Hedges | 481 | -490 | |
Gains (losses) on cash flow hedges reclassified | -43,853 | -25,852 | 56,848 |
Fair value hedge effect of change in inventory value | 304 | 102 | |
Effect of fair value hedge | $2,612 | $674 |
Derivative_Financial_Instrumen5
Derivative Financial Instruments (Commodity Contracts) (Details) (Commodity Contracts [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Commodity Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Effective Portion of Cash Flow Hedges Recognized in Other Comprehensive Income (Loss) | ($299,684) | ($138,589) | $49,999 |
Derivative_Financial_Instrumen6
Derivative Financial Instruments (Schedule Of Volumes Of Open Commodity Derivative Positions) (Details) | Dec. 31, 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 | -4,410,000 | |
Futures [Member] | Exchange Traded Net Long & Short [Member] | Corn In Bushels [Member] | Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 3,675,000 | [1] |
Futures [Member] | Exchange Traded Net Long & Short [Member] | Corn In Bushels [Member] | Fair Value Hedging [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | -9,010,000 | [2] |
Futures [Member] | Exchange Traded Net Long & Short [Member] | Ethanol In Gallons [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 46,410,000 | |
Futures [Member] | Exchange Traded Net Long & Short [Member] | Ethanol In Gallons [Member] | Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | -82,950,000 | [1] |
Futures [Member] | Exchange Traded Net Long & Short [Member] | Natural Gas In mmBTU [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 958,000 | |
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 | -4,318,000 | [2] |
Futures [Member] | Exchange Traded Net Long & Short [Member] | Cattle In Pounds [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 1,320,000 | |
Futures [Member] | Exchange Traded Net Long & Short [Member] | Cattle In Pounds [Member] | Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | -37,040,000 | [1] |
Futures [Member] | Exchange Traded Net Long & Short [Member] | Soybean Oil in Pounds [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | -2,700,000 | |
Options [Member] | Exchange Traded Net Long & Short [Member] | Corn, Soybeans And Wheat In Bushels [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | -2,461,000 | |
Options [Member] | Exchange Traded Net Long & Short [Member] | Ethanol In Gallons [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | -15,095,000 | |
Options [Member] | Exchange Traded Net Long & Short [Member] | Natural Gas In mmBTU [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | -30,000 | |
Forwards [Member] | Non-Exchange Traded Long [Member] | Ethanol In Gallons [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 8,046,000 | [3] |
Forwards [Member] | Non-Exchange Traded Long [Member] | Natural Gas In mmBTU [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 9,310,000 | [3] |
Forwards [Member] | Non-Exchange Traded Long [Member] | Corn And Soybeans In Bushels [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 19,041,000 | [3] |
Forwards [Member] | Non-Exchange Traded Long [Member] | Distillers Grains In Tons [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 104,000 | [3] |
Forwards [Member] | Non-Exchange Traded Long [Member] | Corn Oil in Pounds [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 3,744,000 | [3] |
Forwards [Member] | Non-Exchange Traded Short [Member] | Ethanol In Gallons [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | -160,901,000 | [3] |
Forwards [Member] | Non-Exchange Traded Short [Member] | Natural Gas In mmBTU [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | -876,000 | [3] |
Forwards [Member] | Non-Exchange Traded Short [Member] | Corn And Soybeans In Bushels [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | -16,251,000 | [3] |
Forwards [Member] | Non-Exchange Traded Short [Member] | Distillers Grains In Tons [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | -461,000 | [3] |
Forwards [Member] | Non-Exchange Traded Short [Member] | Corn Oil in Pounds [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | -60,490,000 | [3] |
[1] | Futures used for cash flow hedges. | |
[2] | Futures used for fair value hedges | |
[3] | 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 $) | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 31, 2014 | Aug. 31, 2014 |
Debt Instrument [Line Items] | ||||
Total long-term debt | $462,905,000 | $563,679,000 | ||
Less: current portion of long-term debt | -63,465,000 | -82,933,000 | ||
Long-term Debt, Excluding Current Maturities | 399,440,000 | 480,746,000 | ||
Debt instrument amount | 22,000,000 | |||
Notes Due 2015 [Member] | Convertible Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Total long-term debt | 90,000,000 | |||
Debt instrument amount | 90,000,000 | |||
3.25% Notes due 2018 [Member] | Convertible Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Total long-term debt | 100,845,000 | 96,653,000 | ||
Debt instrument amount | 120,000,000 | |||
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] | ||||
Debt instrument amount | 50,000,000 | |||
Green Plains Fairmont and Green Plains Wood River [Member] | Tax Increment Financing Bond [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 | 26,756,000 | |||
Debt instrument amount | 27,000,000 | |||
Green Plains Fairmont and Green Plains Wood River [Member] | Term Loan I [Member] | ||||
Debt Instrument [Line Items] | ||||
Total long-term debt | 40,000,000 | 50,000,000 | ||
Debt instrument amount | 62,500,000 | |||
Green Plains Fairmont and Green Plains Wood River [Member] | Equipment Financing Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Total long-term debt | 4,192,000 | 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 | 29,510,000 | 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 | 27,400,000 | 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 | 1,156,000 | 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 Processing [Member] | Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Total long-term debt | 213,775,000 | |||
Debt instrument amount | 225,000,000 | |||
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 | 11,000 | |||
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] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument amount | 10,000,000 | |||
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 | 15,025,000 | 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] | Capital Lease Payable [Member] | ||||
Debt Instrument [Line Items] | ||||
Total long-term debt | 188,000 | |||
Corporate [Member] | Other Debt Obligations [Member] | ||||
Debt Instrument [Line Items] | ||||
Total long-term debt | $11,408,000 | $10,000,000 |
Debt_Schedule_Of_Maturities_Of
Debt (Schedule Of Maturities Of Long-Term Debt) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Debt [Abstract] | |
2015 | $63,465 |
2016 | 13,070 |
2017 | 14,963 |
2018 | 134,949 |
2019 | 22,365 |
Thereafter | 233,248 |
Total | $482,060 |
Debt_Narrative_Shortterm_notes
Debt (Narrative - Short-term notes payable and other borrowings) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2014 | Jul. 31, 2014 |
Debt Instrument [Line Items] | |||
Debt instrument amount | $22,000,000 | ||
Green Plains Grain [Member] | Revolving Line Of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Amount Outstanding | 95,000,000 | 37,000,000 | |
Green Plains Cattle [Member] | Revolving Line Of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Amount Outstanding | 77,000,000 | ||
Green Plains Trade [Member] | Revolving Line Of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Amount Outstanding | 76,500,000 | 95,900,000 | |
Green Plains Fairmont and Green Plains Wood River [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument amount | $50,000,000 |
Debt_Narrative_Ethanol_Product
Debt (Narrative - Ethanol Production Segment) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Jul. 31, 2014 | Aug. 31, 2014 | |
Debt Instrument [Line Items] | ||||
Debt instrument amount | $22,000,000 | |||
Expected outstanding balance upon maturity | 482,060,000 | |||
Restricted cash | 29,742,000 | 26,994,000 | ||
Green Plains Fairmont and Green Plains Wood River [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate added to LIBOR | 6.25% | |||
Debt instrument amount | 50,000,000 | |||
Debt maturity dates | 27-Nov-15 | |||
Aggregate of future payments necessary to discontinue free cash flow payments | 16,000,000 | |||
Green Plains Fairmont and Green Plains Wood River [Member] | Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument amount | 27,000,000 | |||
Green Plains Bluffton [Member] | Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument amount | 70,000,000 | |||
Green Plains Bluffton [Member] | Revolving Term Loans [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument amount | 20,000,000 | |||
Green Plains Bluffton [Member] | Revenue Bond [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument amount | 22,000,000 | |||
Green Plains Central City [Member] | Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument amount | 55,000,000 | |||
Green Plains Central City [Member] | Revolving Term Loans [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument amount | 30,500,000 | |||
Green Plains Holdings II [Member] | ||||
Debt Instrument [Line Items] | ||||
Allowable dividends as percentage of net profit before tax | 40.00% | |||
Debt maturity dates | 1-Jul-19 | |||
Green Plains Holdings II [Member] | Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument amount | 46,800,000 | |||
Green Plains Holdings II [Member] | Revolving Term Loans [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument amount | 20,000,000 | |||
Green Plains Obion [Member] | ||||
Debt Instrument [Line Items] | ||||
Allowable dividends as percentage of net profit before tax | 40.00% | |||
Green Plains Obion [Member] | Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument amount | 60,000,000 | |||
Green Plains Obion [Member] | Revolving Term Loans [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument amount | 37,400,000 | |||
Green Plains Ord [Member] | Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument amount | 25,000,000 | |||
Green Plains Ord [Member] | Revolving Term Loans [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument amount | 13,000,000 | |||
Green Plains Otter Tail [Member] | ||||
Debt Instrument [Line Items] | ||||
New Market Tax Credits Debt Forgiveness | 2,200,000 | |||
Green Plains Otter Tail [Member] | Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument amount | 30,300,000 | |||
Green Plains Otter Tail [Member] | Revenue Bond [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate added to LIBOR | 1.50% | |||
Debt instrument, interest rate, effective percentage | 4.00% | |||
Green Plains Processing [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate added to LIBOR | 5.50% | |||
Debt instrument, floor interest rate | 1.00% | |||
Debt instrument, interest rate, effective percentage | 6.50% | |||
Debt maturity dates | 30-Jun-20 | |||
Green Plains Processing [Member] | Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument amount | 225,000,000 | |||
Green Plains Shenandoah [Member] | Revolving Term Loans [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument amount | 17,000,000 | |||
Green Plains Superior [Member] | ||||
Debt Instrument [Line Items] | ||||
Allowable dividends as percentage of net profit before tax | 40.00% | |||
Debt instrument amount | 10,000,000 | |||
Green Plains Superior [Member] | Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument amount | 40,000,000 | |||
Green Plains Superior [Member] | Revolving Term Loans [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument amount | 15,600,000 | |||
Ethanol Production Segment [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument unused borrowing capacity fee, percentage | 0.65% | |||
Ethanol Production Segment [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument unused borrowing capacity fee, percentage | 0.25% | |||
Ethanol Production Segment [Member] | Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, floor interest rate | 1.00% | |||
Ethanol Production Segment [Member] | Term Loan [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate added to LIBOR | 5.50% | |||
Ethanol Production Segment [Member] | Term Loan [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate added to LIBOR | 4.50% | |||
Ethanol Production Segment [Member] | Revolving Term Loans [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate added to LIBOR | 4.50% | |||
Ethanol Production Segment [Member] | Revolving Term Loans [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate added to LIBOR | 3.85% | |||
Ethanol Production Segment [Member] | Green Plains Fairmont and Green Plains Wood River [Member] | Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Percentage of available free cash flow from operations, used to determine annual payments | 50.00% | |||
Ethanol Production Segment [Member] | Green Plains Bluffton [Member] | Term Loan [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Percentage of available free cash flow from operations, used to determine annual payments | 75.00% | |||
Ethanol Production Segment [Member] | Green Plains Bluffton [Member] | Term Loan [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Percentage of available free cash flow from operations, used to determine annual payments | 50.00% | |||
Ethanol Production Segment [Member] | Green Plains Bluffton [Member] | Revenue Bond [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate, effective percentage | 7.50% | |||
Debt instrument amount | 22,000,000 | |||
Principal payments (plus interest) | 1,500,000 | |||
Final principal and interest payment on September 1, 2019 | 3,700,000 | |||
Ethanol Production Segment [Member] | Green Plains Central City [Member] | Term Loan [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Percentage of available free cash flow from operations, used to determine annual payments | 75.00% | |||
Ethanol Production Segment [Member] | Green Plains Central City [Member] | Term Loan [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Percentage of available free cash flow from operations, used to determine annual payments | 50.00% | |||
Ethanol Production Segment [Member] | Green Plains Holdings II [Member] | Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate, effective percentage | 8.22% | |||
Ethanol Production Segment [Member] | Green Plains Holdings II [Member] | Revolving Term Loans [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt maturity dates | 1-Jul-19 | |||
Ethanol Production Segment [Member] | Green Plains Obion [Member] | Term Loan [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Percentage of available free cash flow from operations, used to determine annual payments | 75.00% | |||
Ethanol Production Segment [Member] | Green Plains Obion [Member] | Term Loan [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Percentage of available free cash flow from operations, used to determine annual payments | 50.00% | |||
Ethanol Production Segment [Member] | Green Plains Obion [Member] | Revolving Term Loans [Member] | ||||
Debt Instrument [Line Items] | ||||
Allowable advances decrease | 800,000 | |||
Debt maturity dates | 20-May-20 | |||
Ethanol Production Segment [Member] | Green Plains Ord [Member] | Term Loan [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Percentage of available free cash flow from operations, used to determine annual payments | 75.00% | |||
Ethanol Production Segment [Member] | Green Plains Ord [Member] | Term Loan [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Percentage of available free cash flow from operations, used to determine annual payments | 50.00% | |||
Ethanol Production Segment [Member] | Green Plains Otter Tail [Member] | Revenue Bond [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument amount | 19,200,000 | |||
Principal payments (plus interest) | 300,000 | |||
Debt maturity dates | 1-Sep-18 | |||
Ethanol Production Segment [Member] | Green Plains Processing [Member] | Term Loan [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Percentage of available free cash flow from operations, used to determine annual payments | 75.00% | |||
Ethanol Production Segment [Member] | Green Plains Processing [Member] | Term Loan [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Percentage of available free cash flow from operations, used to determine annual payments | 50.00% | |||
Ethanol Production Segment [Member] | Green Plains Shenandoah [Member] | Term Loan [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Percentage of available free cash flow from operations, used to determine annual payments | 75.00% | |||
Ethanol Production Segment [Member] | Green Plains Shenandoah [Member] | Term Loan [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Percentage of available free cash flow from operations, used to determine annual payments | 50.00% | |||
Ethanol Production Segment [Member] | Green Plains Superior [Member] | Term Loan [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Percentage of available free cash flow from operations, used to determine annual payments | 75.00% | |||
Ethanol Production Segment [Member] | Green Plains Superior [Member] | Term Loan [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Percentage of available free cash flow from operations, used to determine annual payments | 50.00% | |||
Ethanol Production Segment [Member] | Green Plains Superior [Member] | Revolving Term Loans [Member] | ||||
Debt Instrument [Line Items] | ||||
Allowable advances decrease | $600,000 | |||
Debt maturity dates | 20-Oct-19 |
Debt_Narrative_Agribusiness_Se
Debt (Narrative - Agribusiness Segment, Marketing And Distribution Segment, Corporate Activities, Capitalized Interest, And Restricted Net Assets) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 31, 2014 | Feb. 28, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | |||||
Debt instrument amount | $22,000,000 | ||||
Percentage Of Net Income Added To Base Net Worth Compliance Limit | 50.00% | ||||
Value of common stock issued for conversion of 5.75% notes | 89,950,000 | ||||
Green Plains Grain [Member] | |||||
Debt Instrument [Line Items] | |||||
Working capital | 23,000,000 | ||||
Net worth | 26,300,000 | ||||
Fixed charge coverage ratio | 1.25 | ||||
Annual Leverage Ratio | 6 | ||||
Annual capital expenditures | 15,000,000 | ||||
Green Plains Cattle [Member] | |||||
Debt Instrument [Line Items] | |||||
Additional amounts available under facility | 50,000,000 | ||||
Line of credit, maximum borrowing capacity | 100,000,000 | ||||
Interest rate added to LIBOR or lender's commercial floating rate | 2.50% | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 100,000,000 | ||||
Working capital | 15,000,000 | ||||
Net worth | 20,000,000 | ||||
Annual Leverage Ratio | 3.5 | ||||
Annual capital expenditures | 3,000,000 | ||||
Green Plains Cattle [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate added to LIBOR or lender's commercial floating rate | 3.00% | ||||
Green Plains Cattle [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate added to LIBOR or lender's commercial floating rate | 2.00% | ||||
Green Plains Cattle [Member] | Previous Debt Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit, maximum borrowing capacity | 15,000,000 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 15,000,000 | ||||
Agribusiness Segment [Member] | Seasonal Borrowings [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit, maximum borrowing capacity | 50,000,000 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 50,000,000 | ||||
Agribusiness Segment [Member] | Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Allowable Dividends As Percentage Of Net Profit Before Tax | 40.00% | ||||
Debt instrument amount | 125,000,000 | ||||
Additional amounts available under facility | 75,000,000 | ||||
Line of credit, maximum borrowing capacity | 250,000,000 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 250,000,000 | ||||
Marketing And Distribution Segment [Member] | Green Plains Trade [Member] | |||||
Debt Instrument [Line Items] | |||||
Undrawn Availability of Revolving Credit Facility On A ProForma Basis | 10,000,000 | ||||
Allowable Dividends As Percentage Of Net Profit Before Tax | 50.00% | ||||
Debt instrument amount | 150,000,000 | ||||
Restricted cash | 22,900,000 | ||||
Fixed charge coverage ratio | 1.15 | ||||
Annual capital expenditures | 1,000,000 | ||||
Marketing And Distribution Segment [Member] | Green Plains Trade [Member] | Previous Debt Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument amount | 130,000,000 | ||||
Marketing And Distribution Segment [Member] | BlendStar LLC [member] | |||||
Debt Instrument [Line Items] | |||||
Anticipated Tax Credits | 5,000,000 | ||||
Statutory Life In Years | 7 years | ||||
Principal payments (plus interest) | 200,000 | ||||
Debt instrument stated percentage | 1.00% | ||||
Accounts, Notes, Loans and Financing Receivable, Net, Noncurrent | 8,100,000 | ||||
Marketing And Distribution Segment [Member] | BlendStar LLC [member] | Note Payable [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument amount | 10,000,000 | ||||
Corporate Activities [Member] | 3.25% Convertible Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
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% | ||||
Debt instrument amount | 120,000,000 | ||||
Debt instrument stated percentage | 3.25% | ||||
Debt conversion amount | 1,000 | ||||
Debt conversion price | $20.81 | ||||
Conversion price percentage | 140.00% | ||||
Principal amount of notes, percentage | 100.00% | ||||
Debt Instrument, Interest Rate, Effective Percentage | 8.21% | ||||
Debt Instrument, Unamortized Discount | 24,500,000 | ||||
Debt Issuance Cost | 5,100,000 | ||||
Common Stock, Dividends, Per Share, Cash Paid | $0.04 | ||||
Shares of common stock issued for conversion of 5.75% Notes | 48.0607 | ||||
Corporate Activities [Member] | 5.75% Convertible Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument amount | 90,000,000 | ||||
Debt instrument stated percentage | 5.75% | ||||
Debt conversion rate shares | 72.6961 | 72.5846 | |||
Debt conversion amount | 1,000 | ||||
Value of common stock issued for conversion of 5.75% notes | 89,950,000 | ||||
Shares of common stock issued for conversion of 5.75% Notes | 6,532,713 | ||||
Capitalized Interest [Member] | |||||
Debt Instrument [Line Items] | |||||
Capitalized interest | 191,000 | 0 | 285,000 | ||
Restricted Net Assets [Member] | |||||
Debt Instrument [Line Items] | |||||
Restricted assets | $681,400,000 |
Debt_Schedule_Of_Principal_Pay
Debt (Schedule Of Principal Payments Of Long-Term Debt) (Details) (Ethanol Production Segment [Member], Term Loan [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Green Plains Fairmont and Green Plains Wood River [Member] | |
Debt Instrument [Line Items] | |
Scheduled principal payments, periodic | $1.30 |
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) | 12 Months Ended |
Dec. 31, 2014 | |
Green Plains Fairmont and Green Plains Wood River [Member] | |
Debt Instrument [Line Items] | |
Debt maturity dates | 27-Nov-15 |
Green Plains Holdings II [Member] | |
Debt Instrument [Line Items] | |
Debt maturity dates | 1-Jul-19 |
Green Plains Processing [Member] | |
Debt Instrument [Line Items] | |
Debt maturity dates | 30-Jun-20 |
Ethanol Production Segment [Member] | Green Plains Holdings II [Member] | Revolving Term Loans [Member] | |
Debt Instrument [Line Items] | |
Debt maturity dates | 1-Jul-19 |
Ethanol Production Segment [Member] | Green Plains Obion [Member] | Revolving Term Loans [Member] | |
Debt Instrument [Line Items] | |
Debt maturity dates | 20-May-20 |
Ethanol Production Segment [Member] | Green Plains Superior [Member] | Revolving Term Loans [Member] | |
Debt Instrument [Line Items] | |
Debt maturity dates | 20-Oct-19 |
Debt_Schedule_Of_Free_Cash_Flo
Debt (Schedule Of Free Cash Flow Payments Annual Threshold) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Green Plains Processing [Member] | |
Debt Instrument [Line Items] | |
Free cash flow payment annual threshold | $54 |
Former Free Cash Flow Payment Annual Threshold | 27 |
Ethanol Production Segment [Member] | Green Plains Bluffton [Member] | Term Loan [Member] | |
Debt Instrument [Line Items] | |
Free cash flow payment annual threshold | $4 |
Debt_Schedule_of_Financial_Cov
Debt (Schedule of Financial Covenants) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Debt Instrument [Line Items] | |
Percentage Of Net Income Added To Base Net Worth Compliance Limit | 50.00% |
Green Plains Fairmont and Green Plains Wood River [Member] | |
Debt Instrument [Line Items] | |
Annual Leverage Ratio | 3.25 |
Debt service coverage ratio | 2.25 |
Annual capital expenditures | 2 |
Annual Capital Maintenance Expenditures Maximum | 4 |
Green Plains Fairmont and Green Plains Wood River [Member] | Future Covenant [Member] | |
Debt Instrument [Line Items] | |
Annual Leverage Ratio | 2 |
Green Plains Holdings II [Member] | |
Debt Instrument [Line Items] | |
Working capital | 15 |
Net worth | 100 |
Percentage Of Net Income Added To Base Net Worth Compliance Limit | 25.00% |
Debt service coverage ratio | 1.25 |
Green Plains Obion [Member] | |
Debt Instrument [Line Items] | |
Working capital | 9 |
Net worth | 95 |
Percentage Of Net Income Added To Base Net Worth Compliance Limit | 25.00% |
Debt service coverage ratio | 1.25 |
Green Plains Processing [Member] | |
Debt Instrument [Line Items] | |
Fixed charge coverage ratio | 1.25 |
Annual Leverage Ratio | 4 |
Green Plains Processing [Member] | Future Covenant [Member] | |
Debt Instrument [Line Items] | |
Annual Leverage Ratio | 3.25 |
Green Plains Superior [Member] | |
Debt Instrument [Line Items] | |
Working capital | 3 |
Net worth | 33 |
Debt service coverage ratio | 1 |
Green Plains Grain [Member] | |
Debt Instrument [Line Items] | |
Working capital | 23 |
Net worth | 26.3 |
Fixed charge coverage ratio | 1.25 |
Annual Leverage Ratio | 6 |
Annual capital expenditures | 15 |
Debt_Schedule_of_Allowable_Div
Debt (Schedule of Allowable Dividends) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Green Plains Holdings II [Member] | |
Debt Instrument [Line Items] | |
Allowable dividends as percentage of net profit before tax | 40.00% |
Working Capital Threshold For Unlimited Dividend Distributions | $20 |
Green Plains Obion [Member] | |
Debt Instrument [Line Items] | |
Allowable dividends as percentage of net profit before tax | 40.00% |
Working Capital Threshold For Unlimited Dividend Distributions | $15 |
Green Plains Superior [Member] | |
Debt Instrument [Line Items] | |
Allowable dividends as percentage of net profit before tax | 40.00% |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation costs expensed | $7.20 | $5.50 | $5.50 |
Unrecognized compensation costs | $6.60 | ||
Compensation expected to be recognized, weighted-average period in years | 1 year 9 months 18 days | ||
Potential tax benefit, percentage | 37.50% | ||
Equity Incentive Plans [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, number of shares authorized | 3,500,000 | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercisable options, expiration period, years | 8 years | ||
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercisable options, expiration period, years | 5 years |
StockBased_Compensation_Schedu
Stock-Based Compensation (Schedule of Stock Option Valuation Assumptions) (Details) | 12 Months Ended |
Dec. 31, 2012 | |
Stock-Based Compensation [Abstract] | |
Expected life | 6 years |
Interest rate | 0.63% |
Volatility | 76.26% |
StockBased_Compensation_Schedu1
Stock-Based Compensation (Schedule Of Stock Option Activity) (Details) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 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 1 month 6 days | 3 years 4 months 24 days |
Outstanding at December 31, 2013, Aggregate Intrinsic Value | $5,310 | |
Exercised, Shares | -270,500 | |
Exercised, Weighted Average Exercise price | $10.56 | |
Exercised, Aggregate Intrinsic Value | 5,270 | |
Outstanding at December 31, 2014, Shares | 339,750 | 610,250 |
Outstanding at December 31, 2014, Weighted Average Exercise Price | $10.82 | $10.71 |
Outstanding at December 31, 2014, Weighted Average Remaining Contractual | 3 years 1 month 6 days | 3 years 4 months 24 days |
Outstanding at December 31, 2014, Aggregate Intrinsic Value | 4,763 | 5,310 |
Exercisable at December 31, 2014, Shares | 339,750 | |
Exercisable at December 31, 2014, Weighted Average Exercise Price | $10.82 | |
Exercisable at December 31, 2014, Weighted Average Remaining Contractual | 3 years 1 month 6 days | |
Exercisable at December 31, 2014, Aggregate Intrinsic Value | $4,763 | |
In-the-money options, shares | 339,750 | |
In-the-money options, weighted-average exercise price | $10.82 |
StockBased_Compensation_Schedu2
Stock-Based Compensation (Schedule Of Non-Vested Stock Award And DSU Activity) (Details) (USD $) | 12 Months Ended |
Dec. 31, 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 | -462,323 |
Vested, Weighted-Average Grant-Date Fair Value | $13.49 |
Nonvested at December 31, 2014, Non-Vested Shares and Deferred Stock Units | 678,504 |
Nonvested at December 31, 2014, Weighted-Average Grant-Date Fair Value | $16.18 |
Nonvested at December 31, 2014, Weighted-Average Remaining Vesting Term (in years) | 1 year 9 months 18 days |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | ||
Stock-based compensation awards excluded from computations of diluted EPS | 14 | 800 |
Earnings_Per_Share_Schedule_Of
Earnings Per Share (Schedule Of Basic And Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net income attributable to Green Plains | $42,237 | $41,749 | $32,314 | $43,203 | $25,461 | $9,410 | $5,965 | $2,555 | $159,504 | $43,391 | $11,779 |
Weighted average shares outstanding - basic | 36,467 | 30,183 | 30,296 | ||||||||
Income (loss) attributable to Green Plains stockholders - basic | $1.12 | $1.11 | $0.86 | $1.30 | $0.84 | $0.31 | $0.20 | $0.09 | $4.37 | $1.44 | $0.39 |
Net income (loss) attributable to Green Plains on an as-if-converted basis | 161,459 | 48,442 | 11,779 | ||||||||
Effect of dilutive stock-based compensation awards | 217 | 211 | 167 | ||||||||
Total potential shares outstanding | 40,730 | 38,304 | 30,463 | ||||||||
Income (loss) attributable to Green Plains stockholders - diluted | $1.07 | $1.03 | $0.82 | $1.04 | $0.65 | $0.28 | $0.19 | $0.08 | $3.96 | $1.26 | $0.39 |
5.75% Convertible Notes due 2015 [Member] | |||||||||||
Interest and amortization on convertible debt, net of tax effect | 576 | 3,578 | |||||||||
Effect of dilutive convertible debt | 1,006 | 6,286 | |||||||||
3.25% Convertible Notes due 2018 [Member] | |||||||||||
Interest and amortization on convertible debt, net of tax effect | $1,379 | $1,473 | |||||||||
Effect of dilutive convertible debt | 3,040 | 1,624 |
Stockholders_Equity_Narrative_
Stockholders' Equity (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2014 | |
Stockholders Equity Abstract | ||
Repurchase of common stock, shares | 7,200,000 | |
Repurchase of common stock | $65,800,000 | |
Authorized amount of share repurchase program | $100,000,000 | |
Dividends Payable, Date Declared | 1-Aug-13 |
Stockholders_Equity_Schedule_o
Stockholders' Equity (Schedule of Reclassification From AOCI) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Gains (losses) on cash flow hedges reclassified | ($301,583) | ($122,588) | $39,530 |
Income tax benefit | 139,754 | 46,941 | -15,032 |
Amounts reclassified from accumulated other comprehensive income (loss) | -161,829 | -75,647 | 24,498 |
Revenue [Member] | |||
Gains (losses) on cash flow hedges reclassified | -257,730 | -96,736 | -17,318 |
Cost Of Goods Sold [Member] | |||
Gains (losses) on cash flow hedges reclassified | -43,853 | -25,852 | 56,848 |
Income Loss Before Income Taxes [Member] | |||
Gains (losses) on cash flow hedges reclassified | -301,583 | -122,588 | 39,530 |
Income Tax Expense Benefit [Member] | |||
Income tax benefit | ($139,754) | ($46,941) | $15,032 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Income Taxes [Abstract] | ||
Deferred tax valuation allowance | $3,742,000 | $3,765,000 |
Deferred tax valuation allowance, state | 3,700,000 | |
Net operating loss carryforwards, federal | $30,500,000 |
Income_Taxes_Schedule_Of_Incom
Income Taxes (Schedule Of Income Tax Expense) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Abstract] | |||||||||||
Current | $67,389 | $1,397 | $2,689 | ||||||||
Deferred | 23,537 | 27,493 | 10,704 | ||||||||
Income tax expense | $22,377 | $24,250 | $17,775 | $26,525 | $15,371 | $7,633 | $4,288 | $1,598 | $90,926 | $28,890 | $13,393 |
Income_Taxes_Schedule_Of_Diffe
Income Taxes (Schedule Of Differences Between The Income Tax Expense (Benefit)Computed At The Statutory Federal income Tax Rate And As Presented On The Consolidated Statements Of Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 36 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 |
Income Taxes [Abstract] | ||||||||||||
Federal statutory rate | 35.00% | |||||||||||
Tax expense at federal statutory rate of 35% | $87,650 | $25,299 | $8,810 | |||||||||
State income tax expense, net of federal benefit | 6,810 | 2,002 | 4,036 | |||||||||
Qualified production activities deduction | -4,637 | |||||||||||
Increase (decrease) in valuation allowance against deferred tax assets | -709 | |||||||||||
Nondeductible compensation | 848 | 1,491 | ||||||||||
Other | 255 | 807 | 547 | |||||||||
Income tax expense | $22,377 | $24,250 | $17,775 | $26,525 | $15,371 | $7,633 | $4,288 | $1,598 | $90,926 | $28,890 | $13,393 |
Income_Taxes_Schedule_Of_Signi
Income Taxes (Schedule Of Significant Components Of Deferred Tax Assets And Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Income Taxes [Abstract] | ||
Deferrred tax assets: Net operating loss carryforwards - State | $471 | $1,232 |
Deferrred tax assets: Tax credit carryforwards - Federal | 2,062 | |
Deferrred tax assets: Tax credit carryforwards - State | 4,910 | 5,662 |
Deferrred tax assets: Derivative financial instruments | 975 | 2,297 |
Deferred tax assets: Organizational and start-up costs | 851 | 2,371 |
Deferrred tax assets: Stock-based compensation | 2,868 | 2,975 |
Deferred tax assets: Accrued Expenses | 7,196 | 7,219 |
Deferred tax assets: Capital leases | 3,743 | |
Deferred tax assets: Other | 1,532 | 1,690 |
Total deferred tax assets | 22,546 | 25,508 |
Deferred tax liabilities: Convertible Debt | -6,878 | -8,444 |
Deferred tax liabilities: Fixed assets | -118,132 | -94,864 |
Deferred tax liabilities: Investment in partnerships | -1,534 | -1,786 |
Total deferred tax liabilities | -126,544 | -105,094 |
Valuation allowance | -3,742 | -3,765 |
Deferred income taxes | ($107,740) | ($83,351) |
Income_Taxes_Reconciliation_Of
Income Taxes (Reconciliation Of The Beginning And Ending Amounts Of Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Income Taxes [Abstract] | |
Balance at January 1, 2014 | $279 |
Additions for current year tax positions | |
Additions for prior year tax positions | 33 |
Reductions for prior year tax positions | |
Reductions as a result of a lapse of applicable statute of expirations | |
Balance at December 31, 2014 | $312 |
Commitments_And_Contingencies_1
Commitments And Contingencies (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
gal | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Lease expenses | $31,800,000 | $19,900,000 | $18,300,000 |
Contracted future deliveries | 308,300,000 | ||
Non-monetary settlement requirement | 20,000,000 | ||
After-tax charge for settlement | 2,400,000 | ||
Gain on disposal of assets | -4,658,000 | ||
Damages From Preferential Transfers [Member] | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Damages from transfers | 24,400,000 | ||
Damages From Fraudulent Transfers [Member] | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Damages from transfers | 28,400,000 | ||
Property Damage Portion Of Insurance Claim [Member] | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Insurance Recoveries | 7,800,000 | ||
Business Interruption Portion Of Insurance Claim [Member] | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Insurance Recoveries | 10,500,000 | ||
Green Plains Otter Tail [Member] | Property Damage Portion Of Insurance Claim [Member] | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Gain on disposal of assets | $4,200,000 |
Commitments_And_Contingencies_2
Commitments And Contingencies (Future Minimum Lease Payments) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies [Abstract] | |
2015 | $30,316 |
2016 | 26,910 |
2017 | 16,810 |
2018 | 13,835 |
2019 | 9,989 |
Thereafter | 8,923 |
Total | $106,783 |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Employee Benefit Plans [Abstract] | |||
Defined contribution plan, employer matching contribution, percent | 4.00% | ||
Defined contribution plan, employers matching contribution, vesting percentage | 100.00% | ||
Employer contributions to the 401(k) plan | $1.10 | $0.90 | $0.90 |
Defined benefit plan, assets | 6.4 | ||
Defined benefit pension plan, liabilities | 6 | ||
Funded status of plan on balance sheet | $0.40 | $0.30 |
Related_Party_Transactions_Nar
Related Party Transactions (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jan. 01, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Related Party Transaction [Line Items] | ||||||
Outstanding accounts payable | $170,199,000 | $170,199,000 | $112,001,000 | |||
AXIS Capital [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Outstanding note payable | 1,400,000 | 1,400,000 | ||||
Debt included in financing arrangements | 1,200,000 | 1,200,000 | 100,000 | |||
Principal payments (plus interest) | 300,000 | 100,000 | 300,000 | |||
Weighted average interest rate | 6.80% | 6.80% | ||||
Hoovestol Inc [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Cash payments | 187,000 | 136,000 | 121,000 | |||
Outstanding accounts payable | 2,000 | 2,000 | ||||
Aircraft lease amount payable, per month | $9,766 | $6,667 | $15,834 | |||
Aircraft hours available each month under lease | 125 | 100 | 125 |
Quarterly_Financial_Data_Detai
Quarterly Financial Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Data[Abstract] | |||||||||||
Revenues | $829,939 | $833,925 | $837,858 | $733,889 | $712,869 | $757,971 | $804,696 | $765,476 | $3,235,611 | $3,041,011 | $3,476,870 |
Cost of goods sold | 732,288 | 735,842 | 759,543 | 633,140 | 640,697 | 716,947 | 772,085 | 738,262 | 2,860,813 | 2,867,991 | 3,380,099 |
Operating income | 73,929 | 75,055 | 58,946 | 78,343 | 51,051 | 25,534 | 18,562 | 12,704 | 286,274 | 107,851 | 64,885 |
Other expense | -9,315 | -9,056 | -8,857 | -8,615 | -10,219 | -8,491 | -8,309 | -8,551 | -35,844 | -35,570 | -39,729 |
Income tax expense | 22,377 | 24,250 | 17,775 | 26,525 | 15,371 | 7,633 | 4,288 | 1,598 | 90,926 | 28,890 | 13,393 |
Net income attributable to Green Plains | 42,237 | 41,749 | 32,314 | 43,203 | 25,461 | 9,410 | 5,965 | 2,555 | 159,504 | 43,391 | 11,779 |
Basic earnings per share attributable to Green Plains | $1.12 | $1.11 | $0.86 | $1.30 | $0.84 | $0.31 | $0.20 | $0.09 | $4.37 | $1.44 | $0.39 |
Diluted earnings per share attributable to Green Plains | $1.07 | $1.03 | $0.82 | $1.04 | $0.65 | $0.28 | $0.19 | $0.08 | $3.96 | $1.26 | $0.39 |
Pre-tax gain from sale of grain elevators | $47,133 |
Schedule_I_Condensed_Financial2
Schedule I - Condensed Financial Information Of The Registrant (Condensed Financial Information Of The Registrant Statements Of Balance Sheet - Parent Company Only) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Current assets | ||||
Cash and cash equivalents | $425,510 | $272,027 | $254,289 | $174,988 |
Restricted cash | 29,742 | 26,994 | ||
Accounts receivable, including amounts from related parties of $196 and $69, respectively | 138,073 | 106,808 | ||
Prepaid expenses and other | 18,776 | 12,893 | ||
Total current assets | 910,910 | 633,305 | ||
Property and equipment, net | 825,210 | 806,046 | ||
Other assets | 51,560 | 51,817 | ||
Total assets | 1,828,557 | 1,532,045 | ||
Current liabilities | ||||
Accounts payable | 170,199 | 112,001 | ||
Accrued liabilities | 61,118 | 37,949 | ||
Current maturities of long-term debt | 63,465 | 82,933 | ||
Total current liabilities | 511,540 | 409,197 | ||
Long-term debt | 399,440 | 480,746 | ||
Deferred Tax Liabilities, Noncurrent | 115,235 | 91,294 | ||
Other liabilities | 4,893 | 5,450 | ||
Total liabilities | 1,031,108 | 986,687 | ||
Stockholders’ equity | ||||
Common stock | 45 | 38 | ||
Additional paid-in capital | 569,431 | 468,962 | ||
Retained earnings | 299,101 | 148,505 | ||
Accumulated other comprehensive loss | -5,320 | -6,339 | ||
Treasury stock | -65,808 | -65,808 | ||
Total stockholders' equity | 797,449 | 545,358 | ||
Total liabilities and stockholders’ equity | 1,828,557 | 1,532,045 | ||
Green Plains Inc. [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 252,689 | 143,852 | 100,051 | 71,547 |
Restricted cash | 6,309 | |||
Accounts receivable, including amounts from related parties of $196 and $69, respectively | 268 | 128 | ||
Prepaid expenses and other | 893 | 860 | ||
Due from subsidiaries | 30,823 | 20,987 | ||
Total current assets | 290,982 | 165,827 | ||
Property and equipment, net | 4,147 | 3,052 | ||
Investment in consolidated subsidiaries | 611,311 | 568,410 | ||
Other assets | 18,323 | 19,374 | ||
Total assets | 924,763 | 756,663 | ||
Current liabilities | ||||
Accounts payable | 2,098 | 4,310 | ||
Accrued liabilities | 20,057 | 14,344 | ||
Current maturities of long-term debt | 188 | |||
Total current liabilities | 22,155 | 18,842 | ||
Long-term debt | 100,845 | 186,654 | ||
Deferred Tax Liabilities, Noncurrent | 4,010 | 5,446 | ||
Other liabilities | 304 | 363 | ||
Total liabilities | 127,314 | 211,305 | ||
Stockholders’ equity | ||||
Common stock | 45 | 38 | ||
Additional paid-in capital | 569,431 | 468,962 | ||
Retained earnings | 299,101 | 148,505 | ||
Accumulated other comprehensive loss | -5,320 | -6,339 | ||
Treasury stock | -65,808 | -65,808 | ||
Total stockholders' equity | 797,449 | 545,358 | ||
Total liabilities and stockholders’ equity | 924,763 | 756,663 | ||
Accounts receivable, amounts from related parties | $196 | $69 |
Schedule_I_Condensed_Financial3
Schedule I - Condensed Financial Information Of The Registrant (Condensed Financial Information Of The Registrant Statements Of Operations - Parent Company Only) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Selling, general and administrative expenses | $88,524 | $65,169 | $79,019 | ||||||||
Operating income | 73,929 | 75,055 | 58,946 | 78,343 | 51,051 | 25,534 | 18,562 | 12,704 | 286,274 | 107,851 | 64,885 |
Interest income | 635 | 294 | 191 | ||||||||
Interest expense | -39,908 | -33,357 | -37,521 | ||||||||
Other, net | 3,429 | -2,507 | -2,399 | ||||||||
Total other income (expense) | -9,315 | -9,056 | -8,857 | -8,615 | -10,219 | -8,491 | -8,309 | -8,551 | -35,844 | -35,570 | -39,729 |
Income before income taxes | 250,430 | 72,281 | 25,156 | ||||||||
Income tax benefit | -22,377 | -24,250 | -17,775 | -26,525 | -15,371 | -7,633 | -4,288 | -1,598 | -90,926 | -28,890 | -13,393 |
Net income | 159,504 | 43,391 | 11,763 | ||||||||
Green Plains Inc. [Member] | |||||||||||
Selling, general and administrative expenses | 88 | ||||||||||
Operating income | -88 | ||||||||||
Interest income | 462 | 192 | 112 | ||||||||
Interest expense | -9,539 | -8,742 | -7,165 | ||||||||
Other, net | -3,860 | -2,647 | -2,399 | ||||||||
Total other income (expense) | -12,937 | -11,197 | -9,452 | ||||||||
Income before income taxes | -12,937 | -11,285 | -9,452 | ||||||||
Income tax benefit | 4,361 | 5,018 | 218 | ||||||||
Loss before equity in earnings of subsidiaries | -8,576 | -6,267 | -9,234 | ||||||||
Equity in earnings of consolidated subsidiaries | 168,080 | 49,658 | 21,013 | ||||||||
Net income | $159,504 | $43,391 | $11,779 |
Schedule_I_Condensed_Financial4
Schedule I - Condensed Financial Information Of The Registrant (Condensed Financial Information Of The Registrant Statements Of Cash Flows - Parent Company Only) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net Cash Provided by (Used in) Operating Activities [Abstract] | |||
Net cash provided (used) by operating activities | $221,550 | $107,336 | ($13,724) |
Cash flows from investing activities: | |||
Purchases of property and equipment | -59,547 | -19,764 | -26,776 |
Proceeds on disposal of assets, net | 9,258 | 245 | 117,711 |
Net cash provided (used) by investing activities | -78,595 | -147,584 | 81,447 |
Cash flows from financing activities: | |||
Proceeds from the issuance of long-term debt | 542,692 | 343,799 | 73,100 |
Payments of principal on long-term debt | -557,850 | -303,495 | -120,153 |
Payments on short-term borrowings | -3,670,529 | -3,321,556 | -3,249,371 |
Payments for repurchase of common stock | -10,445 | ||
Change in restricted cash | -547 | -1,298 | -6,196 |
Payment of cash dividends | -8,908 | -2,426 | |
Payments of loan fees | -7,630 | -10,046 | -332 |
Proceeds from the exercise of stock options and warrants | 4,404 | 4,498 | 452 |
Net cash provided (used) by financing activities | 10,528 | 57,986 | 11,578 |
Net change in cash and cash equivalents | 153,483 | 17,738 | 79,301 |
Cash and cash equivalents, beginning of period | 272,027 | 254,289 | 174,988 |
Cash and cash equivalents, end of period | 425,510 | 272,027 | 254,289 |
Green Plains Inc. [Member] | |||
Net Cash Provided by (Used in) Operating Activities [Abstract] | |||
Net cash provided (used) by operating activities | -7,653 | -1,924 | -279 |
Cash flows from investing activities: | |||
Purchases of property and equipment | -2,829 | -652 | -616 |
Proceeds on disposal of assets, net | 42 | ||
Investment in subsidiaries | 125,179 | -53,754 | 54,426 |
Issuance of notes receivable from subsidiaries, net of payments received | 9,500 | 15,356 | -6,832 |
Other, net | -4,309 | -3,264 | -7,998 |
Net cash provided (used) by investing activities | 127,541 | -42,272 | 38,980 |
Cash flows from financing activities: | |||
Proceeds from the issuance of long-term debt | 120,000 | ||
Payments of principal on long-term debt | -238 | -1,841 | -204 |
Payments on short-term borrowings | -27,162 | ||
Payments for repurchase of common stock | -10,445 | ||
Change in restricted cash | -6,309 | ||
Payment of cash dividends | -8,908 | -2,426 | |
Payments of loan fees | -5,072 | ||
Proceeds from the exercise of stock options and warrants | 4,404 | 4,498 | |
Other, net | 452 | ||
Net cash provided (used) by financing activities | -11,051 | 87,997 | -10,197 |
Net change in cash and cash equivalents | 108,837 | 43,801 | 28,504 |
Cash and cash equivalents, beginning of period | 143,852 | 100,051 | 71,547 |
Cash and cash equivalents, end of period | $252,689 | $143,852 | $100,051 |
Schedule_I_Condensed_Financial5
Schedule I - Condensed Financial Information Of The Registrant (Commitments And Contingencies) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Total | $106,783,000 | ||
Green Plains Inc. [Member] | |||
Incurred lease expenses | 1,000,000 | 900,000 | 900,000 |
2015 | 1,085,000 | ||
2016 | 1,088,000 | ||
2017 | 296,000 | ||
2018 | 120,000 | ||
2019 | 122,000 | ||
Thereafter | 249,000 | ||
Total | 2,960,000 | ||
Guarantees of subsidiary contracts and indebtedness | $187,900,000 |
Schedule_I_Condensed_Financial6
Schedule I - Condensed Financial Information Of The Registrant (Debt) (Details) (Green Plains Inc. [Member], USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Green Plains Inc. [Member] | |
2015 | |
2016 | |
2017 | |
2018 | 120,000 |
2019 | |
Thereafter | |
Total | $120,000 |