Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 28, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,015 | |
Entity Registrant Name | Green Plains Inc. | |
Entity Central Index Key | 1,309,402 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 38,086,537 | |
Trading Symbol | gpre |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents | $ 399,488 | $ 425,510 |
Restricted cash | 17,468 | 29,742 |
Accounts receivable, net of allowances of $1,335 and $1,231, respectively | 116,051 | 138,073 |
Income taxes receivable | 12,541 | |
Inventories | 215,847 | 254,967 |
Prepaid expenses and other | 13,672 | 18,776 |
Deferred income taxes | 7,495 | |
Derivative financial instruments | 37,772 | 36,347 |
Total current assets | 812,839 | 910,910 |
Property and equipment, net of accumulated depreciation of $305,650 and $274,543, respectively | 819,555 | 825,210 |
Goodwill | 40,877 | 40,877 |
Other assets | 52,957 | 51,560 |
Total assets | 1,726,228 | 1,828,557 |
Current liabilities | ||
Accounts payable | 98,377 | 170,199 |
Accrued and other liabilities | 32,438 | 61,118 |
Income taxes payable | 2,907 | |
Unearned revenue | 8,593 | 3,965 |
Short-term notes payable and other borrowings | 199,591 | 209,886 |
Current maturities of long-term debt | 9,289 | 63,465 |
Current deferred income taxes | 1,298 | |
Total current liabilities | 349,586 | 511,540 |
Long-term debt | 443,555 | 399,440 |
Deferred income taxes | 121,009 | 115,235 |
Other liabilities | 4,865 | 4,893 |
Total liabilities | 919,015 | 1,031,108 |
Stockholders’ equity | ||
Common stock, $0.001 par value; 75,000,000 shares authorized; 45,284,888 and 44,808,982 shares issued, and 38,084,888 and 37,608,982 shares outstanding, respectively | 45 | 45 |
Additional paid-in capital | 573,632 | 569,431 |
Retained earnings | 297,498 | 299,101 |
Accumulated other comprehensive income (loss) | 1,846 | (5,320) |
Treasury stock, 7,200,000 shares | (65,808) | (65,808) |
Total stockholders’ equity | 807,213 | 797,449 |
Total liabilities and stockholders’ equity | $ 1,726,228 | $ 1,828,557 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Consolidated Balance Sheets [Abstract] | ||
Accounts receivable, allowances | $ 1,335 | $ 1,231 |
Property and equipment, accumulated depreciation | $ 305,650 | $ 274,543 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 45,284,888 | 44,808,982 |
Common stock, shares outstanding | 38,084,888 | 37,608,982 |
Treasury stock, shares | 7,200,000 | 7,200,000 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Consolidated Statements Of Operations [Abstract] | ||||
Revenues | $ 744,490 | $ 837,858 | $ 1,482,878 | $ 1,571,747 |
Cost of goods sold | 697,164 | 759,543 | 1,409,997 | 1,392,683 |
Gross profit | 47,326 | 78,315 | 72,881 | 179,064 |
Selling, general and administrative expenses | 22,924 | 19,369 | 44,375 | 41,774 |
Operating income | 24,402 | 58,946 | 28,506 | 137,290 |
Other income (expense) | ||||
Interest income | 210 | 143 | 430 | 255 |
Interest expense | (10,564) | (9,704) | (19,722) | (19,463) |
Other, net | (1,034) | 704 | (1,965) | 1,734 |
Total other income (expense) | (11,388) | (8,857) | (21,257) | (17,474) |
Income before income taxes | 13,014 | 50,089 | 7,249 | 119,816 |
Income tax expense | 5,222 | 17,775 | 2,775 | 44,299 |
Net income | $ 7,792 | $ 32,314 | $ 4,474 | $ 75,517 |
Earnings per share: | ||||
Basic | $ 0.20 | $ 0.86 | $ 0.12 | $ 2.14 |
Diluted | $ 0.19 | $ 0.82 | $ 0.11 | $ 1.88 |
Weighted average shares outstanding: | ||||
Basic | 38,027 | 37,467 | 37,916 | 35,322 |
Diluted | 40,075 | 39,359 | 39,565 | 41,308 |
Cash dividend declared per share | $ 0.08 | $ 0.04 | $ 0.16 | $ 0.08 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Consolidated Statements Of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 7,792 | $ 32,314 | $ 4,474 | $ 75,517 |
Other comprehensive income (loss), net of tax: | ||||
Unrealized gains (losses) on derivatives arising during period, net of tax (expense) benefit of $2,470, $(12,364), $(3,327) and $72,146, respectively | (4,108) | 19,671 | 5,558 | (119,121) |
Reclassification of realized (gains) losses on derivatives, net of tax expense (benefit) of $(6,031), $(36,471), $(962) and $(67,543), respectively | 10,030 | 58,020 | 1,608 | 111,521 |
Total other comprehensive income (loss), net of tax | 5,922 | 77,691 | 7,166 | (7,600) |
Comprehensive income | $ 13,714 | $ 110,005 | $ 11,640 | $ 67,917 |
Consolidated Statements Of Com6
Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Consolidated Statements Of Comprehensive Income [Abstract] | ||||
Unrealized gains (losses) on derivatives arising during period, tax (expense) benefit | $ 2,470 | $ (12,364) | $ (3,327) | $ 72,146 |
Reclassification of realized (gains) losses on derivatives, tax expense (benefit) | $ (6,031) | $ (36,471) | $ (962) | $ (67,543) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 4,474 | $ 75,517 |
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities: | ||
Depreciation and amortization | 31,081 | 29,362 |
Amortization of debt issuance costs and debt discount | 3,668 | 4,549 |
Deferred income taxes | 11,323 | 9,463 |
Stock-based compensation | 1,054 | 3,037 |
Undistributed equity in (income) loss of affiliates | 2,159 | 871 |
Other | 104 | 52 |
Changes in operating assets and liabilities before effects of business combinations: | ||
Accounts receivable | 21,918 | (6,509) |
Inventories | 39,120 | 29,018 |
Derivative financial instruments | 10,033 | (26,232) |
Prepaid expenses and other assets | 5,220 | 1,599 |
Accounts payable and accrued liabilities | (100,228) | 2,461 |
Current income taxes | (13,021) | 24,035 |
Unearned revenues | 4,628 | 2,854 |
Other | 1,671 | 936 |
Net cash provided by operating activities | 23,204 | 151,013 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (28,690) | (28,935) |
Acquisition of businesses, net of cash acquired | (23,900) | |
Distributions from (investments in) unconsolidated subsidiaries | (3,309) | (3,277) |
Net cash used by investing activities | (31,999) | (56,112) |
Cash flows from financing activities: | ||
Proceeds from the issuance of long-term debt | 178,400 | 443,767 |
Payments of principal on long-term debt | (188,744) | (419,699) |
Proceeds from short-term borrowings | 1,568,129 | 1,782,974 |
Payments on short-term borrowings | (1,577,555) | (1,822,904) |
Payments of cash dividends | (6,077) | (2,893) |
Change in restricted cash | 12,275 | (12,084) |
Payments of loan fees | (4,289) | (6,286) |
Proceeds from exercises of stock options | 634 | 3,576 |
Net cash used by financing activities | (17,227) | (33,549) |
Net change in cash and cash equivalents | (26,022) | 61,352 |
Cash and cash equivalents, beginning of period | 425,510 | 272,027 |
Cash and cash equivalents, end of period | 399,488 | 333,379 |
Supplemental disclosures of cash flow: | ||
Cash paid for income taxes | 4,552 | 7,790 |
Cash paid for interest | $ 19,114 | 18,117 |
Supplemental investing and financing activities: | ||
Assets acquired in acquisitions and mergers | 25,611 | |
Less: liabilities assumed | (1,711) | |
Net assets acquired | 23,900 | |
Common stock issued for conversion of 5.75% Notes | $ 89,950 |
Basis Of Presentation, Descript
Basis Of Presentation, Description Of Business And Summary Of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2015 | |
Basis Of Presentation, Description Of Business And Summary Of Significant Accounting Policies [Abstract] | |
Basis Of Presentation, Description Of Business And Summary Of Significant Accounting Policies | 1. BASIS OF PRESENTATION, DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES References to the Company References to “Green Plains” or the “Company” in the consolidated financial statements and in these notes to the consolidated financial statements refer to Green Plains Inc., an Iowa corporation, and its subsidiaries. Consolidated Financial Statements The consolidated financial statements include the accounts of the Company and its controlled subsidiaries. All significant intercompany balances and transactions have been eliminated on a consolidated basis for reporting purposes. Unconsolidated entities are included in the financial statements on an equity basis. Results for the interim periods presented are not necessarily indicative of results to be expected for the entire year. The accompanying unaudited consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles, or GAAP, for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The consolidated financial statements should be read in conjunction with the Company’s annual report on Form 10-K for the year ended December 31, 2014 . The unaudited financial information reflects all adjustments which are, in the opinion of management, necessary for a fair presentation of the results of operations, financial position and cash flows for the periods presented. The adjustments are of a normal recurring nature, except as otherwise noted. Use of Estimates in the Preparation of Consolidated Financial Statements The preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. 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 Green Plains is North America’s fourth largest ethanol producer. The Company operates its business within four segments: (1) production of ethanol and distillers grains, collectively referred to as ethanol production, (2) corn oil production, (3) grain handling and storage and cattle feedlot operations, collectively referred to as agribusiness, and (4) marketing, merchant trading and logistics services for Company-produced and third-party ethanol, distillers grains, corn oil and other commodities, and the operation of 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. 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 energy commodity purchase and sale agreements. In certain instances, the Company intends to settle these transactions by transferring its obligations to other counterparties rather than by physical delivery. 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. Recent Accounting Pronouncements The Company will be required to adopt the amended guidance in ASC Topic 606, Revenue from Contracts with Customers , which replaces existing revenue recognition guidance by requiring revenue recognition to reflect the transfer of promised goods or services to customers. The updated standard permits the use of either the retrospective or cumulative effect transition method. The Financial Accounting Standards Board has approved deferral of required adoption of the amended guidance by one year, from January 1, 2017 to January 1, 2018. Early application beginning January 1, 2017 is permitted. 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. Effective January 1, 2016, the Company will adopt the amended guidance in ASC Topic 835-30, Interest - Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs . The amended guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The amended guidance will be applied on a retrospective basis, wherein the balance sheet of each individual period presented will be adjusted to reflect the period-specific effects of applying the new guidance. Effective January 1, 2017, the Company will adopt the amended guidance in ASC Topic 330, Inventory: Simplifying the Measurement of Inventory . The amended guidance requires inventory to be measured at the lower of cost or net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The amended guidance will be applied prospectively. |
Fair Value Disclosures
Fair Value Disclosures | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | 2 . FAIR VALUE DISCLOSURES The following methods, assumptions and valuation techniques were used in estimating the fair value of the Company’s financial instruments: Level 1 – unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 1 unrealized gains and losses on commodity derivatives relate to exchange-traded open trade equity and option values in the Company’s brokerage accounts. Level 2 – directly or indirectly observable inputs such as quoted prices for similar assets or liabilities in active markets other than quoted prices included within Level 1; quoted prices for identical or similar assets in markets that are not active; and other inputs that are observable or can be substantially corroborated by observable market data by correlation or other means. Grain inventories held for sale in the agribusiness segment are valued at nearby futures values, plus or minus nearby basis levels. Level 3 – unobservable inputs that are supported by little or no market activity and that are a significant component of the fair value of the assets or liabilities. The Company currently does not have any recurring Level 3 financial instruments. There have been no changes in valuation techniques and inputs used in measuring fair value. The following tables set forth the Company’s assets and liabilities by level (in thousands): Fair Value Measurements at June 30, 2015 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 $ $ - $ - $ Restricted cash - - Margin deposits - - Inventories carried at market - - Unrealized gains on derivatives Total assets measured at fair value $ $ $ $ Liabilities: Unrealized losses on derivatives $ $ $ $ Total liabilities measured at 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 $ $ - $ - $ Restricted cash - - Margin deposits - - Inventories carried at market - - Unrealized gains on derivatives Other assets - Total assets measured at fair value $ $ $ $ Liabilities: Unrealized losses on derivatives $ $ $ $ Total liabilities measured at fair value $ $ $ $ The Company believes the fair value of its debt approxim ated $654.3 million compa red to a book va lue of $652.4 million at June 30, 2015 and the fair value of its debt approximated $676.5 million compared to a book value of $672.8 million at December 31, 2014 . The Company estimates the fair value of its outstanding debt using Level 2 inputs. The Company believes the fair values of its accounts receivable and accounts payable approximated book value, which were $ 116.1 million and $ 98.4 million, respectively, at June 30, 2015 and $ 138.1 million and $ 170.2 million, respectively, at December 31, 2014 . Although the Company currently does not have any recurring Level 3 financial measurements, the fair values of the tangible assets and goodwill acquired and the equity component of convertible debt represent Level 3 measurements and were derived using a combination of the income approach, the market approach and the cost approach as considered appropriate for the specific assets or liabilities being valued. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2015 | |
Segment Information [Abstract] | |
Segment Information | 3. SEGMENT INFORMATION Company management reviews financial and operating performance in the following four separate operating segments: (1) production of ethanol and distillers grains, collectively referred to as ethanol production, (2) corn oil production, (3) grain handling and storage 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): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Revenues: Ethanol production: Revenues from external customers (1) $ $ $ $ Intersegment revenues Total segment revenues Corn oil production: Revenues from external customers (1) - - Intersegment revenues Total segment revenues Agribusiness: Revenues from external customers (1) Intersegment revenues Total segment revenues Marketing and distribution: Revenues from external customers (1) Intersegment revenues Total segment revenues Revenues including intersegment activity Intersegment eliminations Revenues as reported $ $ $ $ (1) Revenues from external customers include realized gains and losses from derivative financial instruments. Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Gross profit (loss): Ethanol production $ $ $ $ Corn oil production Agribusiness Marketing and distribution Intersegment eliminations $ $ $ $ Operating income (loss): Ethanol production $ $ $ $ Corn oil production Agribusiness Marketing and distribution Intersegment eliminations Corporate activities $ $ $ $ The following table sets forth revenues by product line (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Revenues: Ethanol $ $ $ $ Distillers grains Corn oil Grain Cattle Other $ $ $ $ The following table sets forth total assets by operating segment (in thousands): June 30, December 31, 2015 2014 Total assets: Ethanol production $ $ Corn oil production Agribusiness Marketing and distribution Corporate assets Intersegment eliminations $ $ |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2015 | |
Inventories [Abstract] | |
Inventories | 4. 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): June 30, December 31, 2015 2014 Finished goods $ $ Grain held for sale Raw materials Work-in-process Supplies and parts $ $ |
Goodwill
Goodwill | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill [Abstract] | |
Goodwill | 5. GOODWILL The Company did not have any changes in the carrying amount of goodwill, which was $ 40.9 million, during the six months ended June 30, 2015 . 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 Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Financial Instruments [Abstract] | |
Derivative Financial Instruments | 6. DERIVATIVE FINANCIAL INSTRUMENTS At June 30, 2015 , the Company’s consolidated balance she et reflects unrealized gain s, net of tax, of $1.8 million in accumulated other comprehensive income. The Company expects that all of the unrealized gains at June 30, 2015 will be reclassified into operating income over the next 12 months as a result of hedged transactions that are forecasted to occur. The amount ultimately realized in operating income, however, will differ as commodity prices change. Fair Values of Derivative Instruments The following table provides information about the fair values of the Company’s derivative financial instruments and the line items on the consolidated balance sheets in which the fair values are reflected (in thousands): Asset Derivatives' Liability Derivatives' Fair Value Fair Value June 30, December 31, June 30, December 31, 2015 2014 2015 2014 Derivative financial instruments (1) $ (2) $ (3) $ - $ - Other assets - - - Accrued and other liabilities - - Total $ $ $ $ (1) Derivative financial instruments as reflected on the consolidated balance sheets are net of related margin deposit assets of $ 15.0 million a n d $ 24.5 million at June 30, 2015 and December 31, 2014 , respectively. (2) Balance at June 30, 2015 i ncludes $ 1.2 million of net unrealized gains on deri vative financial instruments designated as cash flow hedging instruments. (3) Balance at December 31, 2014 includ es $ 0.6 million of net unrealized losses on deri vative financial instruments designated as cash flow hedging instruments. Refer to Note 2 - Fair Value Disclosures , which also contains fair value information related to derivative financial instruments. Effect of Derivative Instruments on Consolidated Statements of Operations and Consolidated Statements of Stockholders’ Equity and Comprehensive Income The following tables provide information about 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 reflecte d (in thousands): Gains (Losses) on Derivative Instruments Not Three Months Ended June 30, Six Months Ended June 30, Designated in a Hedging Relationship 2015 2014 2015 2014 Revenues $ $ $ $ Cost of goods sold Net increase (decrease) recognized in earnings before tax $ $ $ $ Gains (Losses) Due to Ineffectiveness Three Months Ended June 30, Six Months Ended June 30, of Cash Flow Hedges 2015 2014 2015 2014 Revenues $ $ $ $ Cost of goods sold Net increase (decrease) recognized in earnings before tax $ $ $ $ Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) Three Months Ended June 30, Six Months Ended June 30, into Net Income 2015 2014 2015 2014 Revenues $ $ $ $ Cost of goods sold Net increase (decrease) recognized in earnings before tax $ $ $ $ Effective Portion of Cash Flow Hedges Recognized in Three Months Ended June 30, Six Months Ended June 30, Other Comprehensive Income (Loss) 2015 2014 2015 2014 Commodity Contracts $ $ $ $ Gains (Losses) from Fair Value Three Months Ended June 30, Six Months Ended June 30, Hedges of Inventory 2015 2014 2015 2014 Cost of goods sold (effect of change in inventory value) $ $ $ $ Cost of goods sold (effect of fair value hedge) Ineffectiveness recognized in earnings before tax $ $ $ $ There were no gains or losses due to the discontinuance of cash flow hedge or fair value hedge treatment during the three and six months ended June 30, 2015 and 2014 . The following table summarizes volumes of open commodity derivative positions as of June 30, 2015 (in thousands): June 30, 2015 Exchange Traded Non-Exchange Traded Derivative Instruments Net Long & (Short) (1) Long (2) (Short) (2) Unit of Measure Commodity Futures Bushels Corn, Soybeans and Wheat Futures (3) Bushels Corn Futures Gallons Ethanol Futures (3) Gallons Ethanol Futures mmBTU Natural Gas Futures (4) mmBTU Natural Gas Futures Pounds Cattle Futures (3) Pounds Cattle Futures Barrels Crude Oil Futures Pounds Soybean Oil Options Bushels Corn, Soybeans and Wheat Options Gallons Ethanol Options Pounds Cattle Options Barrels Crude Oil Options Pounds Soybean Oil Options mmBTU Natural Gas Forwards Bushels Corn and Soybeans Forwards Gallons Ethanol Forwards Tons Distillers Grains Forwards Pounds Corn Oil Forwards 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 reve nues are net gain s of $2.4 million and $7.7 million for the three and six months ended June 30, 2015 , respectively, a nd net losses of $0.2 million and $1.3 million for th e thre e and six months ended June 30, 2014 , respectively, on energy trading contracts. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2015 | |
Debt [Abstract] | |
Debt | 7. DEBT The principal balances of the components of long-term debt are as follows (in thousands): June 30, December 31, 2015 2014 Green Plains Fairmont and Green Plains Wood River: $62.5 million term loan $ - $ Green Plains Holdings II: $46.8 million term loans - $20.0 million revolving term loan - Green Plains Obion: $37.4 million revolving term loan - Green Plains Processing: $345.0 million term loan Green Plains Superior: $15.6 million revolving term loan - Corporate: $120.0 million convertible notes Other Total long-term debt Less: current portion of long-term debt Long-term debt $ $ Short-term notes payable and other borrowings at June 30, 2015 included working capital revolvers at Green Plains Cattle, Green Plains Grain and Green Plains Trade with outstanding b alanc es of $81.4 million, $ 47.0 million and $ 71.2 million, respectively. Short-term notes payable and other borrowings at Decem ber 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. Ethanol Production Segment During the second quarter of 2015, Green Plains Processing LLC (“Green Plains Processing”), a wholly-owned subsidiary of the Company, amended its senior secured credit facility to increase the outstanding borrowings by $120.0 million. The proceeds were primarily used to refinance debt outstanding, with maturity dates ranging from November 2015 to May 2020, at certain of the Company’s subsidiaries (that are now subsidiaries of the Green Plains Processing), which include Green Plains Holdings II LLC, Green Plains Obion LLC, Green Plains Superior LLC, Green Plains Fairmont LLC and G reen Plains Wood River LLC, to pay fees and expenses in connection therewith and for general corporate purposes. The $345.0 million senior secured credit facility is guaranteed by the Company and each of the subsidiaries of Green Plains Processing , and secured by the stock and substan tially all of the assets of Green Plains Processing and its subsidiaries. The credit facility bears interest at a rate equal to 5.5% plus LIBOR, subject to a 1.0% floor . At June 30, 2015, the interest rate on this term debt was 6.5% . Commencing in the third quarter of 2015, scheduled principal payments are $0.9 million each quarter. The terms of the credit facility require the Borrower to maintain a maximum total leverage ratio at the end of each fiscal quarter of not more than 4.00 to 1.00, initially, decreasing to 3.25 to 1.00 over t he life of the credit facility. The terms of the credit f acility also require a minimum fixed charge coverage r atio of 1.25 to 1.00. The credit facility has a provision that requires the Company to make quarterly special payments of 50% to 75% of the available free cash flow from the entity’s operations subject to certain limitations. 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 e qual to the LIBOR rate plus 2.25% or the base rate plus 3.25% . The revolving cre dit facility matures on August 26, 2016 . The revolvi ng credit facility includes total revolving credit c ommitments 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 Green Plains Grain revolving credit facility, the lender s received a first priority lien on certain cash, inventory, accounts receivable a nd other assets owned by subsidiaries within the agribusiness segme nt. The terms of the credit facility include various affirmative covenants and negative covenants , including maintenance of working capital of $19.4 million for 2015 and maintenance of tangible net worth of $26.3 million for 2015. The credit facility also includes a capital expenditure limitation of $8.0 million annually, plus any equity contributions from the Company and any unused amount from the previous year . In addition, the credit facility requires maintenance of a fixed charge coverage r atio at the end of each fiscal quarter of 1.25 to 1.00 and an annual leverage r atio at the end of each fiscal quarter of 6.00 to 1.00. T his revolving credit facility also contains restrictions on distributions with respect to capital stock, with exceptions for distributions of up to 40% of net profit bef ore 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. 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 up on 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. As security for the Green Plains Cattle revolving credit facility, the lender s received a first priority lien on certain cash, inventory, accounts receivable, property and equipment and other assets owned by Green Plains Cattle. The terms of the credit facility include affirmative covenants and negative covenants , including maintenance of working capital of $15.0 million for 2015, maintenance of net worth of $20. 3 million for 2015 and maintenance of a total debt to tangible net worth ratio of 3.50 to 1.00 . The credit facility also includes an annual capital expenditure limitation of $3.0 million , plus any unused amount from the previous year. Marketing and Distribution Segment Green Plains Trade has a $ 150.0 million senior secured asset-based revolving credit facility with various lenders to provide for working capital financing. The lenders will make loans up to $150.0 million based on eligible collateral. The amount of eligible collateral is determined by a calculated borro wing base value equal to the sum of percentages of eligible receivables and eligible inventories, less certain miscellaneous adjustments. The outstanding balance, if any, is subject to interest charges at the lender’s floating base rate plus the applicable margin or LIBOR plus the applicable margin. The revolving credit facility matures on November 26, 2019 . 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 June 30, 2015 , Green Plains Trade had $11.1 million pr esented as restricted cash on the consolidated balance sheet , the use of which was restricted for repayment towards the outstanding loan balance. Corporate Activities In September 2013, the Company issued $120.0 million of 3.25% Convertible Senior Notes due 2018, or the 3.25% Notes. The 3.25% Notes represent senior, unsecured obligations of the Company, with interest payable on April 1 and October 1 of each year. At the time the Company issued the 3.25% Notes, it was only permitted to settle conversions with shares of its common stock. The Company received shareholder approval at its 2014 annual meeting, held in the second quarter, to allow for flexible settlement which gives it the option to settle conversions in cash, shares of common stock, or any combination thereof. The Company intends to satisfy conversion of the 3.25% Notes with cash for the principal amount of the debt and cash or shares of common stock for any related conversion premium. The 3.25% Notes contain liability and equity components which were bifurcated and accounted for separately. The liability component of the 3.25% Notes, as of the issuance date, was calculated by estimating the fair value of a similar liability issued at an 8.21% effective interest rate, which was determined by considering the rate of return investors would require for comparable debt of the Company without conversion rights. The amount of the equity component was calculated by deducting the fair value of the liability component from the principal amount of the 3.25% Notes, resulting in the initial recognition of $24.5 million as debt discount costs recorded in additional paid-in capital. The carrying amount of the 3.25% Notes will be accreted to the principal amount over the remaining term to maturity, and the Company will record a corresponding amount of noncash interest expense. Additionally, the Company incurred debt issuance costs of $5.1 million related to the 3.25% Notes and allocated $4.0 million of debt issuance costs to the liability component of the 3.25% Notes. These costs will be amortized to noncash interest expense over the five -year term of the 3.25% Notes. Prior to April 1, 2018, the 3.25% Notes will not be convertible unless certain cond itions 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 t o 48.1992 s hares of common stock per $1,000 principal amount of 3.25% Notes, which is equal to a current conversion price of approxim ately $20.75 per shar e. 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. Covenant Compliance The Company, including all of its subsidiaries, was in compliance with its debt covenants as of June 30, 2015 . Capitalized Interest The Compan y had $ 218 thousand and $393 thousand in capitalize d interest during the three and six months ended June 30, 2015 . Restricted Net Assets At June 30, 2015 , there were approxim ately $ 701.5 million o f 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. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2015 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 8. STOCK-BASED COMPENSATION The Company has an equity incentive plan which reserves a total of 3.5 million shares of common stock for issuance pursuant to its terms. The plan provides for the granting of shares of stock, including options to purchase shares of common stock, stock appreciation rights tied to the value of common stock, restricted stock, and restricted and deferred stock unit awards to eligible employees, non-employee directors and consultants. The Company measures share-based compensation grants at fair value on the grant date, adjusted for estimated forfeitures. The Company records noncash compensation expense related to equity awards in its consolidated financial statements over the requisite service period on a straight-line basis. Substantially all of the Company’s existing share-based compensation awards have been determined to be equity awards. The following table summarizes exercisable stock option activity for the six months ended June 30, 2015 : Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2014 $ 3.1 $ Granted - - - - Exercised - Forfeited - - - - Expired - - - - Outstanding at June 30, 2015 $ 2.8 $ Exercisable at June 30, 2015 (1) $ 2.8 $ (1) Includes in-the-money options tot aling 307,450 shares at a weighted-average exercise price of $ 9.88 . 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 six months ended June 30, 2015 : Non-Vested Shares and Deferred Stock Units Weighted-Average Grant-Date Fair Value Weighted-Average Remaining Vesting Term (in years) Non-Vested at December 31, 2014 $ Granted Forfeited - - Vested Non-Vested at June 30, 2015 $ 2.2 Compensation costs expensed for share-based payment plans described above during the three and six months ended June 30, 2015 were approxim ately $ 2.6 million and $4.3 million, respe cti vely, and during the three and six months ended June 30, 2014 were appro ximately $ 1.2 million and $ 4.5 million, respectively. At June 30, 2015 , there were $ 15.0 million o f 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 approxim ately 2.2 years. The potential tax benefit realizable for the anticipated tax deductions of the exercise of share-based payment arrangements generally would approxim ate 37.5 % of these exp ense amounts. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 9. 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 the first quarter of 2014, with respect to the 3.25% Notes and the 5.75% Convertible Senior Notes due 2015, or the 5.75% Notes, by the weighted average number of common shares outstanding during the period, adjusted for the dilutive effect of any outstanding dilutive securities. All of the 5.75% Notes were retired during the first quarter of 2014. During the second quarter of 2014, the Company received shareholder approval to allow for flexible settlement in cash, shares of common stock, or a combination of cash and shares of common stock for the conversion of the 3.25% Notes. The Company intends to settle conversions in cash for the principal amount and cash or shares of the Company’s common stock for any related conversion premium. Accordingly, beginning in the second quarter of 2014, diluted EPS is computed using the treasury stock method by dividing net income by the weighted average number of common shares outstanding during the period, adjusted for the dilutive effect of any outstanding dilutive securities. The calculations of basic and diluted EPS are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Basic EPS: Net income $ $ $ $ Weighted average shares outstanding - basic EPS - basic $ $ $ $ Diluted EPS: Net income $ $ $ $ Interest and amortization on convertible debt, net of tax effect: 5.75% Notes - - - 3.25% Notes - - - Net income - diluted $ $ $ $ Weighted average shares outstanding - basic Effect of dilutive convertible debt: 5.75% Notes - - - 3.25% Notes Effect of dilutive stock-based compensation awards Weighted average shares outstanding - diluted EPS - diluted $ $ $ $ Excluded from the computations of diluted EPS for the six months ended June 30, 2015 were stock-based compensation awards totaling 6 thousand shares because the exercise prices or the grant-date fair value, as applicable, of the corresponding awards were greater than the average market price of the Company’s common sto ck during the period . |
Stockholders Equity
Stockholders Equity | 6 Months Ended |
Jun. 30, 2015 | |
Stockholders Equity [Abstract] | |
Stockholders Equity | 10. STOCKHOLDERS’ EQUITY Components of stockholders’ equity are as follows (in thousands): Accumulated Additional Other Total Common Stock Paid-in Retained Comprehensive Treasury Stock Stockholders' Shares Amount Capital Earnings Income (Loss) Shares Amount Equity Balance, December 31, 2014 $ $ $ $ $ $ Net income - - - - - - Cash dividends declared - - - - - - Other comprehensive income, before reclassification - - - - - - Amounts reclassified from accum. other comprehensive income - - - - - - Other comprehensive income, net of tax - - - - - - Stock-based compensation - - - - - Stock options exercised - - - - - Balance, June 30, 2015 $ $ $ $ $ $ Amounts reclassified from accumulated other comprehensive income for the periods indicated are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, Statements of Operations 2015 2014 2015 2014 Classification Gains (losses) on cash flow hedges: Ethanol commodity derivatives $ $ $ $ Revenues Corn commodity derivatives Cost of goods sold Total Income (loss) before income taxes Income tax expense (benefit) Income tax expense (benefit) Amounts reclassified from accumulated other comprehensive income (loss) $ $ $ $ |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | 11 . INCOME TAXES The Company records income tax expense or benefit during interim periods based on its best estimate of the annual effective tax rate. Certain items are given discrete period treatment and, as a result, the tax effects of such items are reported in full in the relevant interim period. Income t ax expense for th e three and six months ended June 30, 2015 was $ 5.2 million and $2.8 million, respectively, compared to $ 17.8 million and $44.3 million, respectively, for the same periods in 2014. The effective tax rate (calculated as the ratio of income tax expense to income before income taxes) was approximately 40.1% and 38.3% for the three and six months ended June 30, 2015 respectively , and 35.5% and 37.0% for the three and six months ended June 30, 2014, respectively. The increase in the effective tax rate was due to comparable permanent differences on lower amounts of income before taxes for the 2015 period compared to the 2014 period. The amount of unrecognized tax benefits for uncertain tax positions was $0.3 million as of June 30, 2015 and December 31, 2014 . Recognition of these benefits would have a favorable impact on the Company’ s effective tax rate. The 2015 annual effective tax rate can be affected as a result of variances among the estimates and amounts of full-year sources of taxable income (both among the various states and activity types), the realization of tax credits, adjustments that may arise from the resolution of tax matters under review, variances in the release of valuation allowances and the Company’s assessment of its liability for uncertain tax positions. |
Commitments And Contingencies
Commitments And Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 12. COMMITMENTS AND CONTINGENCIES Operating Leases The Company leases certain facilities and parcels of land under agreements that expire at various dates. For accounting purposes, rent expense i s based on a straight-line amortization of the total payments required over the lease term. The Company incurred lease expen ses of $ 8.6 million and $16.9 million durin g the three and six months ended June 30, 2015 , respe ctively, and $4.6 million and $11.2 million during the three and six months ended June 30, 2014, respectively . Aggregate minimum lease payments under thes e agreements for the remainder of 2015 and in future fiscal years are as follows (in thousands): Year Ending December 31, Amount 2015 $ 2016 2017 2018 2019 Thereafter Total $ Commodities As of June 30, 2015 the Company had contracted for future purchases of grain, corn oil, natural gas, crude oil, ethanol, distillers grains and cattle valued at approxi mately $ 336.4 million. Legal The Company is currently involved in litigation that has arisen in the ordinary course of business, but it does not believe that any pending litigation will have a material adverse effect on its financial position, results of operations or cash flows. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 13. 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 C ompany entered into $1.4 million of new equipment financing agreements with AXIS Capital with monthly payments beginning in April 2014. Totals of $ 1.1 million and $1.2 million were included in debt at June 30, 2015 and December 31, 2014 , respectively, under these financing arrangements. Payments, including principal and interest, totaled $ 69 thousand and $138 thousand during the three and six months ended June 30, 2015 , respectively, and $88 thousand and $124 thousand during the three and six months ended June 30, 2014, respectively. The weighted average interest rate for the financing agreements with AXIS Capital was 6.8 %. Aircraft Lease Effective January 1, 2015, the Company entered into two agreements with an entity 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 $ 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. These agreements replaced prior agreements with entities controlled by Mr. Hoovestol for the lease of two aircrafts for $15,834 per month for use of up to 125 hours per year, with any flight time in excess of 125 hours resulting i n additional hourly-based charges. During the three and six months ended June 30, 2015 , payments related to these leases total ed $47 thousand and $104 thousand, respectiv ely , and during the three and six months ended June 30, 2014, payments related to the aircraft lease tot aled $68 thousand and $ 99 thousand, respectively. Th e Company had no outstanding payables as of June 30, 2015 and approx imately $2 thousand in outs tanding payables related to these agreemen ts at December 31, 2014 . |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14. SUBSEQUENT EVENTS Initial Public Offering of Subsidiary On July 1, 2015, Green Plains Partners LP (the “Partnership”), a newly-formed subsidiary of the Company, closed its initial public offering (the “Offering”). In conjunction with the Offering, the Company contributed its downstream ethanol transportation and storage assets to the Partnership. A total of 11.5 million common units representing limited partner interests of the Partnership, which included 1.5 million common units pursuant to the underwriters’ overallotment option, were sold in the Offering at a price to the public of $15.00 per common unit. The Partnership received net proceeds of approximately $157.9 million from the Offering, after deducting the underwriting discount, structuring fees and offering expenses. The Partnership used the net proceeds to make a distribution to the Company of $155.3 million, pay origination fees under the Partnership’s new revolving credit facility and for general partnership purposes. After completion of the Offering, the Company, together with its subsidiaries, owns a 62.5% limited partner interest and a 2% general partner interest in the Partnership and the public owns the remaining 35.5% limited partner interest in the Partnership. As such, the Company will consolidate the Partnership in its financial statements in future periods. In connection with the closing of the Offering, the Partnership entered into a new $100.0 million revolving credit facility, as described below under Liquidity and Capital Resources – Initial Public Offering, and the Company entered into certain fee-based arrangements with the Partnership, as described in the Company’s current report on Form 8-K dated July 6, 2015. |
Basis Of Presentation And Descr
Basis Of Presentation And Description Of Business And Summary Of Significant Accounting Policies (Policy) | 6 Months Ended |
Jun. 30, 2015 | |
Basis Of Presentation, Description Of Business And Summary Of Significant Accounting Policies [Abstract] | |
Consolidated Financial Statements | Consolidated Financial Statements The consolidated financial statements include the accounts of the Company and its controlled subsidiaries. All significant intercompany balances and transactions have been eliminated on a consolidated basis for reporting purposes. Unconsolidated entities are included in the financial statements on an equity basis. Results for the interim periods presented are not necessarily indicative of results to be expected for the entire year. The accompanying unaudited consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles, or GAAP, for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The consolidated financial statements should be read in conjunction with the Company’s annual report on Form 10-K for the year ended December 31, 2014 . The unaudited financial information reflects all adjustments which are, in the opinion of management, necessary for a fair presentation of the results of operations, financial position and cash flows for the periods presented. The adjustments are of a normal recurring nature, except as otherwise noted. |
Use Of Estimates In The Preparation Of Consolidated Financial Statements | Use of Estimates in the Preparation of Consolidated Financial Statements The preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. 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 | Description of Business Green Plains is North America’s fourth largest ethanol producer. The Company operates its business within four segments: (1) production of ethanol and distillers grains, collectively referred to as ethanol production, (2) corn oil production, (3) grain handling and storage and cattle feedlot operations, collectively referred to as agribusiness, and (4) marketing, merchant trading and logistics services for Company-produced and third-party ethanol, distillers grains, corn oil and other commodities, and the operation of 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. |
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 energy commodity purchase and sale agreements. In certain instances, the Company intends to settle these transactions by transferring its obligations to other counterparties rather than by physical delivery. 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. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company will be required to adopt the amended guidance in ASC Topic 606, Revenue from Contracts with Customers , which replaces existing revenue recognition guidance by requiring revenue recognition to reflect the transfer of promised goods or services to customers. The updated standard permits the use of either the retrospective or cumulative effect transition method. The Financial Accounting Standards Board has approved deferral of required adoption of the amended guidance by one year, from January 1, 2017 to January 1, 2018. Early application beginning January 1, 2017 is permitted. 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. Effective January 1, 2016, the Company will adopt the amended guidance in ASC Topic 835-30, Interest - Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs . The amended guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The amended guidance will be applied on a retrospective basis, wherein the balance sheet of each individual period presented will be adjusted to reflect the period-specific effects of applying the new guidance. Effective January 1, 2017, the Company will adopt the amended guidance in ASC Topic 330, Inventory: Simplifying the Measurement of Inventory . The amended guidance requires inventory to be measured at the lower of cost or net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The amended guidance will be applied prospectively. |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Assets And Liabilities Fair Value | Fair Value Measurements at June 30, 2015 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 $ $ - $ - $ Restricted cash - - Margin deposits - - Inventories carried at market - - Unrealized gains on derivatives Total assets measured at fair value $ $ $ $ Liabilities: Unrealized losses on derivatives $ $ $ $ Total liabilities measured at 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 $ $ - $ - $ Restricted cash - - Margin deposits - - Inventories carried at market - - Unrealized gains on derivatives Other assets - Total assets measured at fair value $ $ $ $ Liabilities: Unrealized losses on derivatives $ $ $ $ Total liabilities measured at fair value $ $ $ $ |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Information [Abstract] | |
Summary Of Financial Data | Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Revenues: Ethanol production: Revenues from external customers (1) $ $ $ $ Intersegment revenues Total segment revenues Corn oil production: Revenues from external customers (1) - - Intersegment revenues Total segment revenues Agribusiness: Revenues from external customers (1) Intersegment revenues Total segment revenues Marketing and distribution: Revenues from external customers (1) Intersegment revenues Total segment revenues Revenues including intersegment activity Intersegment eliminations Revenues as reported $ $ $ $ (1) Revenues from external customers include realized gains and losses from derivative financial instruments. Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Gross profit (loss): Ethanol production $ $ $ $ Corn oil production Agribusiness Marketing and distribution Intersegment eliminations $ $ $ $ Operating income (loss): Ethanol production $ $ $ $ Corn oil production Agribusiness Marketing and distribution Intersegment eliminations Corporate activities $ $ $ $ |
Schedule Of Revenues By Product | Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Revenues: Ethanol $ $ $ $ Distillers grains Corn oil Grain Cattle Other $ $ $ $ |
Summary Of Total Assets For Operating Segments | June 30, December 31, 2015 2014 Total assets: Ethanol production $ $ Corn oil production Agribusiness Marketing and distribution Corporate assets Intersegment eliminations $ $ |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Inventories [Abstract] | |
Schedule Of Inventories | June 30, December 31, 2015 2014 Finished goods $ $ Grain held for sale Raw materials Work-in-process Supplies and parts $ $ |
Derivative Financial Instrume26
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Schedule Of Fair Values Of Derivative Financial Instruments | Asset Derivatives' Liability Derivatives' Fair Value Fair Value June 30, December 31, June 30, December 31, 2015 2014 2015 2014 Derivative financial instruments (1) $ (2) $ (3) $ - $ - Other assets - - - Accrued and other liabilities - - Total $ $ $ $ (1) Derivative financial instruments as reflected on the consolidated balance sheets are net of related margin deposit assets of $ 15.0 million a n d $ 24.5 million at June 30, 2015 and December 31, 2014 , respectively. (2) Balance at June 30, 2015 i ncludes $ 1.2 million of net unrealized gains on deri vative financial instruments designated as cash flow hedging instruments. (3) Balance at December 31, 2014 includ es $ 0.6 million of net unrealized losses on deri vative 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 Hedges Recognized in Three Months Ended June 30, Six Months Ended June 30, Other Comprehensive Income (Loss) 2015 2014 2015 2014 Commodity Contracts $ $ $ $ |
Schedule Of Gains (Losses) On Derivative Instruments Not Designated In Hedging Relationship [Member] | |
Schedule Of Gains (Losses) On Derivative Instruments Not Designated In Hedging Relationship | Gains (Losses) on Derivative Instruments Not Three Months Ended June 30, Six Months Ended June 30, Designated in a Hedging Relationship 2015 2014 2015 2014 Revenues $ $ $ $ Cost of goods sold Net increase (decrease) recognized in earnings before tax $ $ $ $ |
Schedule Of Gain (Loss) Due To Ineffectiveness Of Cash Flow Hedges [Member] | |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | Gains (Losses) Due to Ineffectiveness Three Months Ended June 30, Six Months Ended June 30, of Cash Flow Hedges 2015 2014 2015 2014 Revenues $ $ $ $ Cost of goods sold Net increase (decrease) recognized in earnings before tax $ $ $ $ |
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 Other Comprehensive Income (Loss) Three Months Ended June 30, Six Months Ended June 30, into Net Income 2015 2014 2015 2014 Revenues $ $ $ $ Cost of goods sold Net increase (decrease) recognized in earnings before tax $ $ $ $ |
Schedule Of Gain (Loss) From Fair Value Hedges Of Inventory [Member] | |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | Gains (Losses) from Fair Value Three Months Ended June 30, Six Months Ended June 30, Hedges of Inventory 2015 2014 2015 2014 Cost of goods sold (effect of change in inventory value) $ $ $ $ Cost of goods sold (effect of fair value hedge) Ineffectiveness recognized in earnings before tax $ $ $ $ |
Schedule Of Volumes of Open Commodity Derivative Positions [Member] | |
Schedule Of Open Position Derivative Financial Instruments | June 30, 2015 Exchange Traded Non-Exchange Traded Derivative Instruments Net Long & (Short) (1) Long (2) (Short) (2) Unit of Measure Commodity Futures Bushels Corn, Soybeans and Wheat Futures (3) Bushels Corn Futures Gallons Ethanol Futures (3) Gallons Ethanol Futures mmBTU Natural Gas Futures (4) mmBTU Natural Gas Futures Pounds Cattle Futures (3) Pounds Cattle Futures Barrels Crude Oil Futures Pounds Soybean Oil Options Bushels Corn, Soybeans and Wheat Options Gallons Ethanol Options Pounds Cattle Options Barrels Crude Oil Options Pounds Soybean Oil Options mmBTU Natural Gas Forwards Bushels Corn and Soybeans Forwards Gallons Ethanol Forwards Tons Distillers Grains Forwards Pounds Corn Oil Forwards 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) | 6 Months Ended |
Jun. 30, 2015 | |
Debt [Abstract] | |
Schedule Of The Components Of Long-Term Debt | June 30, December 31, 2015 2014 Green Plains Fairmont and Green Plains Wood River: $62.5 million term loan $ - $ Green Plains Holdings II: $46.8 million term loans - $20.0 million revolving term loan - Green Plains Obion: $37.4 million revolving term loan - Green Plains Processing: $345.0 million term loan Green Plains Superior: $15.6 million revolving term loan - Corporate: $120.0 million convertible notes Other Total long-term debt Less: current portion of long-term debt Long-term debt $ $ |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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, 2014 $ 3.1 $ Granted - - - - Exercised - Forfeited - - - - Expired - - - - Outstanding at June 30, 2015 $ 2.8 $ Exercisable at June 30, 2015 (1) $ 2.8 $ (1) Includes in-the-money options tot aling 307,450 shares at a weighted-average exercise price of $ 9.88 . |
Schedule Of Non-Vested Stock Award And DSU Activity | Non-Vested Shares and Deferred Stock Units Weighted-Average Grant-Date Fair Value Weighted-Average Remaining Vesting Term (in years) Non-Vested at December 31, 2014 $ Granted Forfeited - - Vested Non-Vested at June 30, 2015 $ 2.2 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule Of Basic And Diluted Earnings Per Share | Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Basic EPS: Net income $ $ $ $ Weighted average shares outstanding - basic EPS - basic $ $ $ $ Diluted EPS: Net income $ $ $ $ Interest and amortization on convertible debt, net of tax effect: 5.75% Notes - - - 3.25% Notes - - - Net income - diluted $ $ $ $ Weighted average shares outstanding - basic Effect of dilutive convertible debt: 5.75% Notes - - - 3.25% Notes Effect of dilutive stock-based compensation awards Weighted average shares outstanding - diluted EPS - diluted $ $ $ $ |
Stockholders Equity (Tables)
Stockholders Equity (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Stockholders Equity [Abstract] | |
Stockholders Equity | Accumulated Additional Other Total Common Stock Paid-in Retained Comprehensive Treasury Stock Stockholders' Shares Amount Capital Earnings Income (Loss) Shares Amount Equity Balance, December 31, 2014 $ $ $ $ $ $ Net income - - - - - - Cash dividends declared - - - - - - Other comprehensive income, before reclassification - - - - - - Amounts reclassified from accum. other comprehensive income - - - - - - Other comprehensive income, net of tax - - - - - - Stock-based compensation - - - - - Stock options exercised - - - - - Balance, June 30, 2015 $ $ $ $ $ $ |
Reclassification Accumulated Other Comprehensive Income | Three Months Ended June 30, Six Months Ended June 30, Statements of Operations 2015 2014 2015 2014 Classification Gains (losses) on cash flow hedges: Ethanol commodity derivatives $ $ $ $ Revenues Corn commodity derivatives Cost of goods sold Total Income (loss) before income taxes Income tax expense (benefit) Income tax expense (benefit) Amounts reclassified from accumulated other comprehensive income (loss) $ $ $ $ |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Commitments And Contingencies [Abstract] | |
Schedule Of Aggregate Minimum Lease Payments | Year Ending December 31, Amount 2015 $ 2016 2017 2018 2019 Thereafter Total $ |
Basis Of Presentation And Des32
Basis Of Presentation And Description Of Business And Summary Of Significant Accounting Policies (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2015segment | |
Basis Of Presentation, Description Of Business And Summary Of Significant Accounting Policies [Abstract] | |
Number of operating segments | 4 |
Fair Value Disclosures (Narrati
Fair Value Disclosures (Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value Disclosures [Abstract] | ||
Fair value of debt | $ 654.3 | $ 676.5 |
Book value of debt | 652.4 | 672.8 |
Fair value of accounts receivable | 116.1 | 138.1 |
Fair value of accounts payable | $ 98.4 | $ 170.2 |
Fair Value Disclosures (Schedul
Fair Value Disclosures (Schedule Of Assets And Liabilities Fair Value) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Assets: | ||
Cash and cash equivalents | $ 399,488 | $ 425,510 |
Restricted cash | 17,468 | 29,742 |
Inventories carried at market | 13,979 | 36,411 |
Unrealized gains on derivatives | 37,772 | 36,347 |
Other assets | 121 | |
Total assets measured at fair value | 468,707 | 528,131 |
Liabilities: | ||
Unrealized losses on derivatives | 10,101 | 28,082 |
Total liabilities measured at fair value | 10,101 | 28,082 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets: | ||
Cash and cash equivalents | 399,488 | 425,510 |
Restricted cash | 17,468 | 29,742 |
Margin deposits | 15,037 | 24,488 |
Unrealized gains on derivatives | 11,519 | 11,877 |
Other assets | 118 | |
Total assets measured at fair value | 443,512 | 491,735 |
Liabilities: | ||
Unrealized losses on derivatives | 8,261 | 18,129 |
Total liabilities measured at fair value | 8,261 | 18,129 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Inventories carried at market | 13,979 | 36,411 |
Unrealized gains on derivatives | 21,968 | 18,111 |
Other assets | 3 | |
Total assets measured at fair value | 35,947 | 54,525 |
Liabilities: | ||
Unrealized losses on derivatives | 12,592 | 28,082 |
Total liabilities measured at fair value | 12,592 | 28,082 |
Reclassification for Balance Sheet Presentation [Member] | ||
Assets: | ||
Margin deposits | (15,037) | (24,488) |
Unrealized gains on derivatives | 4,285 | 6,359 |
Total assets measured at fair value | (10,752) | (18,129) |
Liabilities: | ||
Unrealized losses on derivatives | (10,752) | (18,129) |
Total liabilities measured at fair value | $ (10,752) | $ (18,129) |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2015segment | |
Segment Information [Abstract] | |
Number of operating segments | 4 |
Segment Information (Summary Of
Segment Information (Summary Of Financial Data) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Segment Reporting Information [Line Items] | |||||
Revenues | $ 744,490 | $ 837,858 | $ 1,482,878 | $ 1,571,747 | |
Gross profit (loss) | 47,326 | 78,315 | 72,881 | 179,064 | |
Operating income (loss) | 24,402 | 58,946 | 28,506 | 137,290 | |
Revenue From External Customers [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 744,490 | 837,858 | 1,482,878 | 1,571,747 | |
Revenue Including Intersegment Activity [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 1,469,921 | 1,843,479 | 2,880,135 | 3,497,258 | |
Ethanol Production [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Gross profit (loss) | 24,284 | 35,171 | 17,464 | 106,859 | |
Operating income (loss) | 18,230 | 30,111 | 5,087 | 96,337 | |
Ethanol Production [Member] | Revenue From External Customers [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | [1] | 38,856 | (71,054) | 102,950 | (98,486) |
Ethanol Production [Member] | Intersegment Revenue [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 411,582 | 603,529 | 764,441 | 1,169,332 | |
Ethanol Production [Member] | Revenue Including Intersegment Activity [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 450,438 | 532,475 | 867,391 | 1,070,846 | |
Corn Oil Production [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Gross profit (loss) | 9,625 | 10,931 | 20,010 | 18,746 | |
Operating income (loss) | 9,567 | 10,874 | 19,778 | 18,582 | |
Corn Oil Production [Member] | Revenue From External Customers [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | [1] | (7) | (13) | ||
Corn Oil Production [Member] | Intersegment Revenue [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 17,027 | 20,381 | 33,836 | 36,765 | |
Corn Oil Production [Member] | Revenue Including Intersegment Activity [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 17,027 | 20,374 | 33,823 | 36,765 | |
Agribusiness [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Gross profit (loss) | 4,006 | 2,499 | 9,218 | 5,475 | |
Operating income (loss) | 2,258 | 1,269 | 5,468 | 2,205 | |
Agribusiness [Member] | Revenue From External Customers [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | [1] | 78,642 | 33,488 | 136,976 | 51,729 |
Agribusiness [Member] | Intersegment Revenue [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 264,935 | 347,116 | 527,718 | 651,354 | |
Agribusiness [Member] | Revenue Including Intersegment Activity [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 343,577 | 380,604 | 664,694 | 703,083 | |
Marketing And Distribution [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Gross profit (loss) | 10,714 | 9,899 | 22,868 | 50,615 | |
Operating income (loss) | 4,564 | 4,391 | 10,172 | 36,885 | |
Marketing And Distribution [Member] | Revenue From External Customers [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | [1] | 626,992 | 875,431 | 1,242,965 | 1,618,504 |
Marketing And Distribution [Member] | Intersegment Revenue [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 31,887 | 34,595 | 71,262 | 68,060 | |
Marketing And Distribution [Member] | Revenue Including Intersegment Activity [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 658,879 | 910,026 | 1,314,227 | 1,686,564 | |
Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Gross profit (loss) | (1,303) | 19,815 | 3,321 | (2,631) | |
Operating income (loss) | (1,303) | 19,815 | 3,381 | (2,571) | |
Intersegment Eliminations [Member] | Intersegment Revenue [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | (725,431) | (1,005,621) | (1,397,257) | (1,925,511) | |
Corporate Activities [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating income (loss) | $ (8,914) | $ (7,514) | $ (15,380) | $ (14,148) | |
[1] | Revenues from external customers include realized gains and losses from derivative financial instruments. |
Segment Information (Schedule O
Segment Information (Schedule Of Revenues By Product) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 744,490 | $ 837,858 | $ 1,482,878 | $ 1,571,747 |
Ethanol [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 468,998 | 618,386 | 913,299 | 1,148,427 |
Distillers Grains [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 128,503 | 143,695 | 237,891 | 280,687 |
Corn Oil [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 19,619 | 22,196 | 38,700 | 39,328 |
Grain [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 53,688 | 44,172 | 152,774 | 73,372 |
Cattle in Pounds [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 66,287 | 3,431 | 111,478 | 3,431 |
Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 7,395 | $ 5,978 | $ 28,736 | $ 26,502 |
Segment Information (Summary 38
Segment Information (Summary Of Total Assets For Operating Segments) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 1,726,228 | $ 1,828,557 |
Ethanol Production [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 875,086 | 983,289 |
Corn Oil Production [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 31,990 | 31,405 |
Agribusiness [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 230,037 | 234,626 |
Marketing And Distribution [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 264,795 | 305,675 |
Corporate Assets [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 334,207 | 290,123 |
Intersegment Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ (9,887) | $ (16,561) |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Inventories [Abstract] | ||
Finished goods | $ 43,820 | $ 34,639 |
Grain held for sale | 6,653 | 23,027 |
Raw materials | 39,000 | 78,095 |
Work-in-process | 104,719 | 100,221 |
Supplies and parts | 21,655 | 18,985 |
Inventories | $ 215,847 | $ 254,967 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
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 Instrume41
Derivative Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Derivative Financial Instruments [Abstract] | |||||
Accumulated other comprehensive income (loss) | $ 1,846 | $ 1,846 | $ (5,320) | ||
Energy trading contracts, gain (loss) | $ 2,400 | $ (200) | $ 7,700 | $ (1,300) |
Derivative Financial Instrume42
Derivative Financial Instruments (Schedule Of Fair Values Of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2015 | Dec. 31, 2014 | ||||
Derivatives, Fair Value [Line Items] | |||||
Asset Derivatives, Fair Value | $ 22,735 | $ 11,862 | |||
Liability Derivatives, Fair Value | 10,101 | 28,082 | |||
Margin deposit asset | 15,000 | 24,500 | |||
Net unrealized gains (losses) on cash flow hedges | 1,200 | (600) | |||
Derivative Financial Instruments [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Asset Derivatives, Fair Value | [2] | $ 22,735 | [1] | 11,859 | [3] |
Other Assets [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Asset Derivatives, Fair Value | $ 3 | ||||
Liability Derivatives, Fair Value | |||||
Accrued and Other Liabilities [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Liability Derivatives, Fair Value | $ 10,101 | $ 28,082 | |||
[1] | Balance at June 30, 2015 includes $1.2 million of net unrealized gains on derivative financial instruments designated as cash flow hedging instruments. | ||||
[2] | Derivative financial instruments as reflected on the consolidated balance sheets are net of related margin deposit assets of $15.0 million and $24.5 million at June 30, 2015 and December 31, 2014, respectively. | ||||
[3] | Balance at December 31, 2014 includes $0.6 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments. |
Derivative Financial Instrume43
Derivative Financial Instruments (Schedule Of Gain Or Loss Recognized In Income And Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (Losses) on Derivative Instruments Not Designated in a Hedging Relationship | $ (7,616) | $ (1,324) | $ (18,375) | $ 15,764 |
Gains (Losses) Due to Ineffectiveness of Cash Flow Hedges | 466 | (1,346) | (36) | (832) |
Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Net Income | (16,061) | (94,491) | (2,570) | (179,064) |
Ineffectiveness recognized in earnings before tax | (185) | 36 | 1,530 | 404 |
Revenue [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (Losses) on Derivative Instruments Not Designated in a Hedging Relationship | 3,617 | (4,884) | (166) | 13,366 |
Gains (Losses) Due to Ineffectiveness of Cash Flow Hedges | (28) | 264 | (59) | (82) |
Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Net Income | (8,141) | (125,177) | 3,708 | (213,323) |
Cost of Goods Sold [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (Losses) on Derivative Instruments Not Designated in a Hedging Relationship | (11,233) | 3,560 | (18,209) | 2,398 |
Gains (Losses) Due to Ineffectiveness of Cash Flow Hedges | 494 | (1,610) | 23 | (750) |
Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Net Income | (7,920) | 30,686 | (6,278) | 34,259 |
Cost of Goods Sold (Effect of Change in Inventory Value) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Fair value hedge, effect of change in inventory value | (1,002) | (693) | (2,370) | 2,453 |
Cost of Goods Sold (Effect of Fair Value Hedge) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Fair value hedge, effect of fair value hedge | $ 817 | $ 729 | $ 3,900 | $ (2,049) |
Derivative Financial Instrume44
Derivative Financial Instruments (Commodity Contracts) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Commodity Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective Portion of Cash Flow Hedges Recognized in Other Comprehensive Income (Loss) | $ (6,578) | $ 32,035 | $ 8,885 | $ (191,267) |
Derivative Financial Instrume45
Derivative Financial Instruments (Schedule Of Volumes Of Open Commodity Derivative Positions) (Details) contract in Thousands | Jun. 30, 2015contract | |
Futures [Member] | Exchange Traded Net Long & Short [Member] | Corn, Soybeans And Wheat In Bushels [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | [1] | (12,220) |
Futures [Member] | Exchange Traded Net Long & Short [Member] | Corn In Bushels [Member] | Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | [1],[2] | 6,400 |
Futures [Member] | Exchange Traded Net Long & Short [Member] | Ethanol In Gallons [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | [1] | 80,556 |
Futures [Member] | Exchange Traded Net Long & Short [Member] | Ethanol In Gallons [Member] | Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | [1],[2] | (93,660) |
Futures [Member] | Exchange Traded Net Long & Short [Member] | Crude Oil In Barrels [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | [1] | 12 |
Futures [Member] | Exchange Traded Net Long & Short [Member] | Natural Gas In mmBTU [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | [1] | (5,473) |
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 | [1],[3] | (2,540) |
Futures [Member] | Exchange Traded Net Long & Short [Member] | Cattle in Pounds [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | [1] | 2,600 |
Futures [Member] | Exchange Traded Net Long & Short [Member] | Cattle in Pounds [Member] | Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | [1],[2] | (17,800) |
Futures [Member] | Exchange Traded Net Long & Short [Member] | Soybean Oil in Pounds [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | [1] | (4,140) |
Options [Member] | Exchange Traded Net Long & Short [Member] | Corn, Soybeans And Wheat In Bushels [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | [1] | 622 |
Options [Member] | Exchange Traded Net Long & Short [Member] | Ethanol In Gallons [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | [1] | 4,506 |
Options [Member] | Exchange Traded Net Long & Short [Member] | Crude Oil In Barrels [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | [1] | (80) |
Options [Member] | Exchange Traded Net Long & Short [Member] | Natural Gas In mmBTU [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | [1] | 77 |
Options [Member] | Exchange Traded Net Long & Short [Member] | Cattle in Pounds [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | [1] | (35,544) |
Options [Member] | Exchange Traded Net Long & Short [Member] | Soybean Oil in Pounds [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | [1] | 6,540 |
Forwards [Member] | Non-Exchange Traded Long [Member] | Ethanol In Gallons [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | [4] | 4,950 |
Forwards [Member] | Non-Exchange Traded Long [Member] | Natural Gas In mmBTU [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | [4] | 8,047 |
Forwards [Member] | Non-Exchange Traded Long [Member] | Corn And Soybeans In Bushels [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | [4] | 24,094 |
Forwards [Member] | Non-Exchange Traded Long [Member] | Distillers Grains In Tons [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | [4] | 135 |
Forwards [Member] | Non-Exchange Traded Long [Member] | Corn Oil in Pounds [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | [4] | 16,513 |
Forwards [Member] | Non-Exchange Traded Short [Member] | Ethanol In Gallons [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | [4] | (198,922) |
Forwards [Member] | Non-Exchange Traded Short [Member] | Natural Gas In mmBTU [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | [4] | (5,134) |
Forwards [Member] | Non-Exchange Traded Short [Member] | Corn And Soybeans In Bushels [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | [4] | (9,223) |
Forwards [Member] | Non-Exchange Traded Short [Member] | Distillers Grains In Tons [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | [4] | (423) |
Forwards [Member] | Non-Exchange Traded Short [Member] | Corn Oil in Pounds [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | [4] | (90,146) |
[1] | Exchange traded futures and options are presented on a net long and (short) position basis. Options are presented on a delta-adjusted basis. | |
[2] | Futures used for cash flow hedges. | |
[3] | Futures used for fair value hedges. | |
[4] | Non-exchange traded forwards are presented on a gross long and (short) position basis including both fixed-price and basis contracts. |
Debt (Schedule Of The Component
Debt (Schedule Of The Components Of Long-Term Debt) (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Total long-term debt | $ 452,844,000 | $ 462,905,000 |
Less: current portion of long-term debt | (9,289,000) | (63,465,000) |
Long-term debt | 443,555,000 | 399,440,000 |
Green Plains Fairmont and Green Plains Wood River [Member] | Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 40,000,000 | |
Debt instrument, face amount | 62,500,000 | |
Green Plains Holdings II [Member] | Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 29,510,000 | |
Debt instrument, face amount | 46,800,000 | |
Green Plains Holdings II [Member] | Revolving Term Loans [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 6,000,000 | |
Debt instrument, face amount | 20,000,000 | |
Green Plains Obion [Member] | Revolving Term Loans [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 27,400,000 | |
Debt instrument, face amount | 37,400,000 | |
Green Plains Processing [Member] | Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 321,840,000 | 213,775,000 |
Debt instrument, face amount | 345,000,000 | |
Green Plains Superior [Member] | Revolving Term Loans [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 15,025,000 | |
Debt instrument, face amount | 15,600,000 | |
Corporate [Member] | Convertible Notes 120M [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 103,072,000 | 100,845,000 |
Debt instrument, face amount | 120,000,000 | |
Other Debt Obligations [Member] | Other Debt Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 27,932,000 | $ 30,350,000 |
Debt (Narrative - Ethanol Produ
Debt (Narrative - Ethanol Production Segment) (Details) - Jun. 30, 2015 - Green Plains Processing [Member] - Term Loan [Member] | USD ($) | USD ($) |
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 345,000,000 | $ 345,000,000 |
Ethanol Production Segment [Member] | ||
Debt Instrument [Line Items] | ||
Increase in outstanding borrowings | 120,000,000 | |
Debt instrument, face amount | $ 345,000,000 | $ 345,000,000 |
Interest rate, effective percentage | 6.50% | 6.50% |
Interest rate, basis for effective rate | 5.5% plus LIBOR, subject to a 1.0% floor | |
Scheduled periodic principal payments | $ 900,000 | |
Ethanol Production Segment [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Total leverage ratio, initial ratio | 4 | 4 |
Total leverage ratio, decreased ratio over the life of the debt | 3.25 | 3.25 |
Percentage of available free cash flow from operations, subject to certain limitations, required to be used toward quarterly special payments | 75.00% | |
Ethanol Production Segment [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 1.00% | |
Fixed charge coverage ratio | 1.25 | 1.25 |
Percentage of available free cash flow from operations, subject to certain limitations, required to be used toward quarterly special payments | 50.00% | |
Ethanol Production Segment [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 5.50% |
Debt (Narrative - Agribusiness
Debt (Narrative - Agribusiness Segment, Marketing And Distribution Segment, Corporate Activities, Capitalized Interest, And Restricted Net Assets) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Capitalized interest | $ 218,000 | $ 393,000 | |
Green Plains Grain [Member] | Revolvers [Member] | |||
Debt Instrument [Line Items] | |||
Outstanding note payable | 47,000,000 | 47,000,000 | $ 37,000,000 |
Green Plains Cattle [Member] | Revolvers [Member] | |||
Debt Instrument [Line Items] | |||
Outstanding note payable | 81,400,000 | 81,400,000 | 77,000,000 |
Green Plains Trade [Member] | Revolvers [Member] | |||
Debt Instrument [Line Items] | |||
Outstanding note payable | 71,200,000 | 71,200,000 | $ 95,900,000 |
Agribusiness Segment [Member] | Green Plains Grain [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | 125,000,000 | $ 125,000,000 | |
Debt maturity dates | Aug. 26, 2016 | ||
Line of credit, maximum borrowing capacity | $ 250,000,000 | $ 250,000,000 | |
Allowable dividends as percentage of net profit before taxes | 40.00% | 40.00% | |
Additional amounts available under facility | $ 75,000,000 | ||
Minimum working capital required for compliance | 19,400,000 | ||
Minimum net worth required for compliance | $ 26,300,000 | $ 26,300,000 | |
Annual leverage ratio | 6 | ||
Fixed charge coverage ratio | 1.25 | 1.25 | |
Annual capital expenditures, maximum | $ 8,000,000 | ||
Agribusiness Segment [Member] | Green Plains Grain [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 2.25% | ||
Interest rate, basis for effective rate | LIBOR rate plus 2.25% | ||
Agribusiness Segment [Member] | Green Plains Grain [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 3.25% | ||
Interest rate, basis for effective rate | base rate plus 3.25% | ||
Agribusiness Segment [Member] | Green Plains Grain [Member] | Seasonal Borrowings [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit, maximum borrowing capacity | $ 50,000,000 | $ 50,000,000 | |
Agribusiness Segment [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | 100,000,000 | $ 100,000,000 | |
Debt instrument, basis spread on variable rate | 2.50% | ||
Line of credit, maximum borrowing capacity | 100,000,000 | $ 100,000,000 | |
Additional amounts available under facility | 50,000,000 | ||
Minimum working capital required for compliance | 15,000,000 | ||
Minimum net worth required for compliance | 20,300,000 | $ 20,300,000 | |
Annual leverage ratio | 3.50 | ||
Annual capital expenditures, maximum | $ 3,000,000 | ||
Agribusiness Segment [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 3.00% | ||
Agribusiness Segment [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 2.00% | ||
Marketing and Distribution Segment [Member] | Green Plains Trade [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit, maximum borrowing capacity | $ 150,000,000 | $ 150,000,000 | |
Revolving credit facility expiration date | Nov. 26, 2019 | ||
Allowable dividends as percentage of net profit before taxes | 50.00% | 50.00% | |
Undrawn availability of revolving credit facility on a pro forma basis | $ 10,000,000 | $ 10,000,000 | |
Fixed charge coverage ratio | 1.15 | 1.15 | |
Annual capital expenditures, maximum | $ 1,000,000 | ||
Restricted cash | $ 11,100,000 | 11,100,000 | |
Corporate Activities [Member] | 3.25% Convertible Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 120,000,000 | $ 120,000,000 | |
Interest rate, stated percentage | 3.25% | 3.25% | |
Interest rate, effective percentage | 8.21% | 8.21% | |
Debt insturment, unamoritzed discount | $ 24,500,000 | $ 24,500,000 | |
Debt issuance costs | 5,100,000 | ||
Debt issuance costs assigned to liability | $ 4,000,000 | $ 4,000,000 | |
Debt instrument, term | 5 years | ||
Common stock, dividends per share, cash paid per share | $ 0.04 | ||
Common stock for conversion, shares | 48.1992 | ||
Debt conversion amount | $ 1,000 | ||
Debt conversion price | $ 20.75 | $ 20.75 | |
Conversion price percentage | 140.00% | ||
Principal amount of notes, percentage | 100.00% | ||
Convertible debt, cross default threshold | $ 10,000,000 | $ 10,000,000 | |
Restricted Net Assets [Member] | |||
Debt Instrument [Line Items] | |||
Restricted assets | $ 701,500,000 | $ 701,500,000 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Stock-Based Compensation [Abstract] | ||||
Share-based compensation arrangement by share-based payment award, number of shares authorized | 3.5 | 3.5 | ||
Compensation costs expensed | $ 2.6 | $ 1.2 | $ 4.3 | $ 4.5 |
Unrecognized compensation costs | $ 15 | $ 15 | ||
Compensation expected to be recognized, weighted-average period in years | 2 years 2 months 12 days | |||
Potential tax benefit, percentage | 37.50% |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule Of Stock Option Activity) (Details) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | ||
Stock-Based Compensation [Abstract] | |||
Outstanding at December 31, 2014, Shares | 339,750 | ||
Outstanding at December 31, 2014, Weighted Average Exercise Price | $ / shares | $ 10.82 | ||
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2 | 2 years 9 months 18 days | 3 years 1 month 6 days | |
Outstanding at December 31, 2014, Aggregate Intrinsic Value | $ | $ 4,763 | ||
Exercised, Shares | (32,300) | ||
Exercised, Weighted Average Exercise price | $ / shares | $ 19.79 | ||
Exercised, Aggregate Intrinsic Value | $ | $ 282 | ||
Outstanding at June 30, 2015, Shares | 307,450 | 339,750 | |
Outstanding at June 30, 2015, Weighted Average Exercise Price | $ / shares | $ 9.88 | $ 10.82 | |
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2 | 2 years 9 months 18 days | 3 years 1 month 6 days | |
Outstanding at June 30, 2015, Aggregate Intrinsic Value | $ | $ 5,356 | $ 4,763 | |
Exercisable at June 30, 2015, Shares | [1] | 307,450 | |
Exercisable at June 30, 2015, Weighted Average Exercise Price | $ / shares | [1] | $ 9.88 | |
Exercisable at June 30, 2015, Weighted Average Remaining Contractual | [1] | 2 years 9 months 18 days | |
Exercisable at June 30, 2015, Aggregate Intrinsic Value | $ | [1] | $ 5,356 | |
In-the-money options, shares | 307,450 | ||
In-the-money options, weighted-average exercise price | $ / shares | 9.88 | ||
[1] | Includes in-the-money options totaling 307,450 shares at a weighted-average exercise price of $9.88. |
Stock-Based Compensation (Sch51
Stock-Based Compensation (Schedule Of Non-Vested Stock Award And DSU Activity) (Details) - 6 months ended Jun. 30, 2015 - $ / shares | Total |
Stock-Based Compensation [Abstract] | |
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 |
Granted, Non-Vested Shares and Deferred Stock Units | 473,289 |
Granted, Weighted-Average Grant-Date Fair Value | $ 27.03 |
Vested, Non-Vested Shares and Deferred Stock Units | (381,528) |
Vested, Weighted-Average Grant-Date Fair Value | $ 15.91 |
Nonvested at June 30, 2015, Non-Vested Shares and Deferred Stock Units | 770,265 |
Nonvested at June 30, 2015, Weighted-Average Grant-Date Fair Value | $ 22.98 |
Nonvested at June 30, 2015, Weighted-Average Remaining Vesting Term (in years) | 2 years 2 months 12 days |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) shares in Thousands | 6 Months Ended |
Jun. 30, 2015shares | |
Antidilutive Securities Out Of Money Stock Based Compensation Awards [Member] | |
Stock-based compensation awards excluded from computations of diluted EPS | 6 |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net income | $ 7,792 | $ 32,314 | $ 4,474 | $ 75,517 |
Weighted average shares outstanding - basic | 38,027 | 37,467 | 37,916 | 35,322 |
EPS - basic | $ 0.20 | $ 0.86 | $ 0.12 | $ 2.14 |
Net income - diluted | $ 7,792 | $ 32,314 | $ 4,474 | $ 77,472 |
Effect of dilutive stock-based compensation awards | 167 | 217 | 169 | 241 |
Weighted average shares outstanding - diluted | 40,075 | 39,359 | 39,565 | 41,308 |
EPS - diluted | $ 0.19 | $ 0.82 | $ 0.11 | $ 1.88 |
3.25% Convertible Senior Notes [Member] | ||||
Interest and amortization on convertible debt, net of tax effect | $ 1,379 | |||
Effect of dilutive convertible debt | 1,881 | 1,675 | 1,480 | 3,716 |
5.75% Convertible Senior Notes [Member] | ||||
Interest and amortization on convertible debt, net of tax effect | $ 576 | |||
Effect of dilutive convertible debt | 2,029 |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule Of Stockholders' Equity) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Stockholders' Equity [Line Items] | ||||
Beginning balance | $ 797,449 | |||
Net income (loss) | $ 7,792 | $ 32,314 | 4,474 | $ 75,517 |
Cash dividends declared | (6,077) | |||
Other comprehensive income before reclassifications | 5,558 | |||
Amounts reclassified from accumulated other comprehensive income | 1,608 | |||
Total other comprehensive income (loss), net of tax | 5,922 | $ 77,691 | 7,166 | $ (7,600) |
Stock-based compensation | $ 3,567 | |||
Stock options exercised, Shares | 32,300 | |||
Stock options exercised | $ 634 | |||
Ending balance | $ 807,213 | $ 807,213 | ||
Common Units [Member] | ||||
Stockholders' Equity [Line Items] | ||||
Beginning balance, Shares | 44,809,000 | |||
Beginning balance | $ 45 | |||
Stock-based compensation, Shares | 444,000 | |||
Stock options exercised, Shares | 32,000 | |||
Ending balance, Shares | 45,285,000 | 45,285,000 | ||
Ending balance | $ 45 | $ 45 | ||
Additional Paid-In Capital [Member] | ||||
Stockholders' Equity [Line Items] | ||||
Beginning balance | 569,431 | |||
Stock-based compensation | 3,567 | |||
Stock options exercised | 634 | |||
Ending balance | 573,632 | 573,632 | ||
Retained Earnings [Member] | ||||
Stockholders' Equity [Line Items] | ||||
Beginning balance | 299,101 | |||
Net income (loss) | 4,474 | |||
Cash dividends declared | (6,077) | |||
Ending balance | 297,498 | 297,498 | ||
Accum. Other Comp. Income (Loss) [Member] | ||||
Stockholders' Equity [Line Items] | ||||
Beginning balance | (5,320) | |||
Other comprehensive income before reclassifications | 5,558 | |||
Amounts reclassified from accumulated other comprehensive income | 1,608 | |||
Total other comprehensive income (loss), net of tax | 7,166 | |||
Ending balance | $ 1,846 | $ 1,846 | ||
Treasury Stock [Member] | ||||
Stockholders' Equity [Line Items] | ||||
Beginning balance, Shares | 7,200,000 | |||
Beginning balance | $ (65,808) | |||
Ending balance, Shares | 7,200,000 | 7,200,000 | ||
Ending balance | $ (65,808) | $ (65,808) |
Stockholders Equity (Reclassifi
Stockholders Equity (Reclassification From Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Gains (losses) on cash flow hedges | $ (16,061) | $ (94,491) | $ (2,570) | $ (179,064) |
Income tax expense (benefit) | (6,031) | (36,471) | (962) | (67,543) |
Gains Losses On Cash Flow Hedges [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Gains (losses) on cash flow hedges | (16,061) | (94,491) | (2,570) | (179,064) |
Income tax expense (benefit) | (6,031) | (36,471) | (962) | (67,543) |
Amounts reclassified from accumulated other comprehensive income (loss) | (10,030) | (58,020) | (1,608) | (111,521) |
Revenue [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Gains (losses) on cash flow hedges | (8,141) | (125,177) | 3,708 | (213,323) |
Revenue [Member] | Gains Losses On Cash Flow Hedges [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Gains (losses) on cash flow hedges | (8,141) | (125,177) | 3,708 | (213,323) |
Cost of Goods Sold [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Gains (losses) on cash flow hedges | (7,920) | 30,686 | (6,278) | 34,259 |
Cost of Goods Sold [Member] | Gains Losses On Cash Flow Hedges [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Gains (losses) on cash flow hedges | $ (7,920) | $ 30,686 | $ (6,278) | $ 34,259 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Income Taxes [Abstract] | |||||
Income tax expense | $ 5,222 | $ 17,775 | $ 2,775 | $ 44,299 | |
Effective tax rate | 40.10% | 35.50% | 38.30% | 37.00% | |
Uncategorized tax benefits | $ 300 | $ 300 | $ 300 |
Commitments And Contingencies57
Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Commitments And Contingencies [Abstract] | ||||
Lease expenses | $ 8.6 | $ 4.6 | $ 16.9 | $ 11.2 |
Contracted future deliveries | $ 336.4 | $ 336.4 |
Commitments And Contingencies58
Commitments And Contingencies (Future Minimum Lease Payments) (Details) $ in Thousands | Jun. 30, 2015USD ($) |
Commitments And Contingencies [Abstract] | |
2,015 | $ 15,381 |
2,016 | 27,008 |
2,017 | 16,961 |
2,018 | 13,880 |
2,019 | 10,033 |
Thereafter | 8,928 |
Total | $ 92,191 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)H / Y | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Related Party Transaction [Line Items] | |||||
Outstanding accounts payable | $ 98,377,000 | $ 98,377,000 | $ 170,199,000 | ||
AXIS Capital [Member] | |||||
Related Party Transaction [Line Items] | |||||
Outstanding note payable | 1,400,000 | 1,400,000 | |||
Due to related parties, current | 1,100,000 | 1,100,000 | 1,200,000 | ||
Principal payments (plus interest) | $ 69,000 | $ 88,000 | $ 138,000 | $ 124,000 | |
Weighted average interest rate | 6.80% | 6.80% | |||
Board of Directors Chairman [Member] | Aircraft Lease [Member] | |||||
Related Party Transaction [Line Items] | |||||
Aircraft lease amount payable, per month | $ 9,766 | 15,834 | |||
Aircraft hours available each month under lease | H / Y | 125 | ||||
Cash payments | $ 47,000 | $ 68,000 | $ 104,000 | $ 99,000 | |
Outstanding accounts payable | $ 2,000 |
Subsequent Events (Details)
Subsequent Events (Details) - Jul. 01, 2015 - Subsequent Event [Member] - USD ($) | Total |
Limited Partner [Member] | IPO [Member] | |
Subsequent Event [Line Items] | |
Ownership interest, public, percentage | 35.50% |
Green Plains Partners LP [Member] | IPO [Member] | |
Subsequent Event [Line Items] | |
Net proceeds received as part of the transaction | $ 157,900,000 |
Distribution to Green Plains Inc. | 155,300,000 |
Green Plains Partners LP [Member] | IPO [Member] | Revolving Credit Facility [Member] | |
Subsequent Event [Line Items] | |
Line of credit, current borrowing capacity | $ 100,000,000 |
Green Plains Partners LP [Member] | Common Units [Member] | IPO [Member] | |
Subsequent Event [Line Items] | |
Offering price per unit sold to the public | $ 15 |
Green Plains Partners LP [Member] | Common Units [Member] | Over-Allotment Option - Included as part of $11.5M common units [Member] | |
Subsequent Event [Line Items] | |
Number of units issued as part of the transaction | 1,500,000 |
Green Plains Partners LP [Member] | Limited Partner [Member] | Common Units [Member] | IPO [Member] | |
Subsequent Event [Line Items] | |
Number of units issued as part of the transaction | 11,500,000 |
Green Plains Inc. [Member] | Limited Partner [Member] | IPO [Member] | |
Subsequent Event [Line Items] | |
Ownership interest, percentage | 62.50% |
Green Plains Inc. [Member] | General Partner [Member] | IPO [Member] | |
Subsequent Event [Line Items] | |
Ownership interest, percentage | 2.00% |