Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 12, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,015 | ||
Entity 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 | 38,474,154 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 980 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Trading Symbol | gpre |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents | $ 384,867 | $ 425,510 |
Restricted cash | 27,018 | 29,742 |
Accounts receivable, net of allowances of $285 and $1,231, respectively | 96,150 | 138,073 |
Income taxes receivable | 9,104 | |
Inventories | 353,957 | 254,967 |
Prepaid expenses and other | 10,941 | 18,776 |
Derivative financial instruments | 30,540 | 36,347 |
Total current assets | 912,577 | 903,415 |
Property and equipment, net | 922,070 | 825,210 |
Goodwill | 40,877 | 40,877 |
Other assets | 53,804 | 51,560 |
Total assets | 1,929,328 | 1,821,062 |
Current liabilities | ||
Accounts payable | 168,528 | 170,199 |
Accrued and other liabilities | $ 38,706 | 65,083 |
Income taxes payable | 2,907 | |
Short-term notes payable and other borrowings | $ 226,928 | 209,886 |
Current maturities of long-term debt | 4,507 | 63,465 |
Total current liabilities | 438,669 | 511,540 |
Long-term debt | 443,547 | 399,440 |
Deferred income taxes | 81,797 | 107,740 |
Other liabilities | 6,406 | 4,893 |
Total liabilities | 970,419 | 1,023,613 |
Stockholders’ equity | ||
Common stock, $0.001 par value; 75,000,000 shares authorized; 45,281,571 and 44,808,982 shares issued, and 37,889,871 and 37,608,982 and shares outstanding, respectively | 45 | 45 |
Additional paid-in capital | 577,787 | 569,431 |
Retained earnings | 290,974 | 299,101 |
Accumulated other comprehensive income (loss) | (1,165) | (5,320) |
Treasury stock, 7,391,700 and 7,200,000 shares, respectively | (69,811) | (65,808) |
Total Green Plains stockholders' equity | 797,830 | 797,449 |
Noncontrolling interest | 161,079 | |
Total stockholders’ equity | 958,909 | 797,449 |
Total liabilities and stockholders’ equity | $ 1,929,328 | $ 1,821,062 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Consolidated Balance Sheets [Abstract] | ||
Accounts receivable, allowances | $ 285 | $ 1,231 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 45,281,571 | 44,808,982 |
Common stock, shares outstanding | 37,889,871 | 37,608,982 |
Treasury stock, shares | 7,391,700 | 7,200,000 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues | |||
Product Revenues | $ 2,957,201 | $ 3,227,127 | $ 3,033,832 |
Service Revenues | 8,388 | 8,484 | 7,179 |
Total revenues | 2,965,589 | 3,235,611 | 3,041,011 |
Costs and Expenses | |||
Costs of goods sold | 2,729,599 | 2,783,045 | 2,808,814 |
Operations and maintenance expenses | 29,369 | 26,424 | 17,854 |
Selling, general and administrative expenses | 79,594 | 77,729 | 55,638 |
Depreciation and amortization expenses | 65,950 | 62,139 | 50,854 |
Total costs and expenses | 2,904,512 | 2,949,337 | 2,933,160 |
Operating income (loss) | 61,077 | 286,274 | 107,851 |
Other income (expense) | |||
Interest income | 1,211 | 635 | 294 |
Interest expense | (40,366) | (39,908) | (33,357) |
Other, net | (457) | 3,429 | (2,507) |
Total other income (expense) | (39,612) | (35,844) | (35,570) |
Income (loss) before income taxes | 21,465 | 250,430 | 72,281 |
Income tax expense | 6,237 | 90,926 | 28,890 |
Net income | 15,228 | $ 159,504 | $ 43,391 |
Net income attributable to noncontrolling interests | 8,164 | ||
Net income attributable to Green Plains | $ 7,064 | $ 159,504 | $ 43,391 |
Earnings per share: | |||
Net income attributable to Green Plains stockholders - basic | $ 0.19 | $ 4.37 | $ 1.44 |
Net income attributable to Green Plains stockholders - diluted | $ 0.18 | $ 3.96 | $ 1.26 |
Weighted average shares outstanding: | |||
Basic | 37,947 | 36,467 | 30,183 |
Diluted | 39,028 | 40,730 | 38,304 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Consolidated Statements Of Comprehensive Income [Abstract] | |||
Net income | $ 15,228 | $ 159,504 | $ 43,391 |
Other comprehensive income (loss), net of tax: | |||
Unrealized gains (losses) on derivatives arising during period, net of tax (expense) benefit of $(4,413), $138,874 and $53,068, respectively | 7,169 | (160,810) | (85,521) |
Reclassification of realized (gains) losses on derivatives, net of tax expense (benefit) of $1,855, $(139,754) and $(46,941), respectively | (3,014) | 161,829 | 75,647 |
Other comprehensive income (loss), net of tax | 4,155 | 1,019 | (9,874) |
Comprehensive Income | 19,383 | 160,523 | 33,517 |
Comprehensive income attributable to noncontrolling interests | 8,164 | ||
Comprehensive income attributable to Green Plains | $ 11,219 | $ 160,523 | $ 33,517 |
Consolidated Statements Of Com6
Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Consolidated Statements Of Comprehensive Income [Abstract] | |||
Income tax (expense) benefit on unrealized gains (losses) on derivatives | $ (4,413) | $ 138,874 | $ 53,068 |
Income tax expense (benefit) on reclassification of realized (gains) losses on derivatives | $ 1,855 | $ (139,754) | $ (46,941) |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders’ Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accum. Other Comp. Income (Loss) [Member] | Treasury Stock [Member] | Total Green Plains Stockholders' Equity [Member] | Non-controlling Interests [Member] | Total |
Beginning balance at Dec. 31, 2012 | $ 37 | $ 445,198 | $ 107,540 | $ 3,535 | $ (65,808) | $ 490,502 | $ 490,502 | |
Beginning balance, Shares at Dec. 31, 2012 | 36,904,000 | 7,200,000 | ||||||
Net income | 43,391 | 43,391 | 43,391 | |||||
Cash dividends declared | (2,426) | (2,426) | (2,426) | |||||
Other comprehensive loss before reclassification | (85,521) | |||||||
Amounts reclassified from accumulated other comprehensive loss | 75,647 | |||||||
Other comprehensive income (loss), net of tax | (9,874) | (9,874) | (9,874) | |||||
Stock-based compensation | $ 1 | 4,703 | 4,704 | 4,704 | ||||
Stock-based compensation, Shares | 419,000 | |||||||
Stock options and warrants exercised | 4,498 | 4,498 | 4,498 | |||||
Stock options and warrants exercised, Shares | 381,000 | |||||||
Issuance of 3.25% notes due 2018, net of tax | 14,563 | 14,563 | 14,563 | |||||
Ending balance at Dec. 31, 2013 | $ 38 | 468,962 | 148,505 | (6,339) | $ (65,808) | 545,358 | 545,358 | |
Ending balance, Shares at Dec. 31, 2013 | 37,704,000 | 7,200,000 | ||||||
Net income | 159,504 | 159,504 | 159,504 | |||||
Cash dividends declared | (8,908) | (8,908) | (8,908) | |||||
Other comprehensive loss before reclassification | (160,810) | |||||||
Amounts reclassified from accumulated other comprehensive loss | 161,829 | |||||||
Other comprehensive income (loss), net of tax | 1,019 | 1,019 | 1,019 | |||||
Stock-based compensation | 5,729 | 5,729 | 5,729 | |||||
Stock-based compensation, Shares | 302,000 | |||||||
Stock options and warrants exercised | 4,404 | 4,404 | 4,404 | |||||
Stock options and warrants exercised, Shares | 270,000 | |||||||
Conversion of 5.75% Notes | $ 7 | 90,336 | 90,343 | 90,343 | ||||
Conversion of 5.75% Notes, shares | 6,533,000 | |||||||
Ending balance at Dec. 31, 2014 | $ 45 | 569,431 | 299,101 | (5,320) | $ (65,808) | 797,449 | 797,449 | |
Ending balance, Shares at Dec. 31, 2014 | 44,809,000 | 7,200,000 | ||||||
Net income | 7,064 | 7,064 | $ 8,164 | 15,228 | ||||
Cash dividends declared | (15,191) | (15,191) | (4,604) | (19,795) | ||||
Other comprehensive loss before reclassification | 7,169 | |||||||
Amounts reclassified from accumulated other comprehensive loss | (3,014) | |||||||
Other comprehensive income (loss), net of tax | 4,155 | 4,155 | 4,155 | |||||
Repurchase of common stock | $ (4,003) | (4,003) | (4,003) | |||||
Repurchase of common stock, shares | 192,000 | |||||||
Net proceeds from issuance of common units - Green Plains Partners LP | 157,452 | 157,452 | ||||||
Stock-based compensation | 7,590 | 7,590 | 67 | 7,657 | ||||
Stock-based compensation, Shares | 432,000 | |||||||
Stock options and warrants exercised | 766 | 766 | $ 766 | |||||
Stock options and warrants exercised, Shares | 41,000 | 41,000 | ||||||
Ending balance at Dec. 31, 2015 | $ 45 | $ 577,787 | $ 290,974 | $ (1,165) | $ (69,811) | $ 797,830 | $ 161,079 | $ 958,909 |
Ending balance, Shares at Dec. 31, 2015 | 45,282,000 | 7,392,000 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net income | $ 15,228 | $ 159,504 | $ 43,391 |
Adjustments to reconcile net income to net cash provided (used) by operating activities: | |||
Depreciation and amortization | 65,950 | 62,139 | 50,854 |
Amortization of debt issuance costs and debt discount | 7,853 | 8,766 | 4,827 |
Gain on disposal of assets | (4,658) | ||
Deferred income taxes | (27,513) | 23,537 | 27,493 |
Stock-based compensation | 5,108 | 3,440 | 3,928 |
Undistributed equity in loss of affiliates | $ 1,519 | 4,129 | 2,507 |
Other | 923 | 89 | |
Changes in operating assets and liabilities before effects of business combinations and dispositions: | |||
Accounts receivable | $ 41,923 | (28,145) | (25,448) |
Inventories | (78,410) | (90,910) | 22,759 |
Derivative financial instruments | 15,148 | 14,184 | (44,746) |
Prepaid expenses and other assets | 7,851 | (5,391) | (445) |
Accounts payable and accrued liabilities | (33,212) | 72,606 | 22,243 |
Current income taxes | (9,586) | 4,417 | (1,497) |
Other | (1,633) | (2,991) | 1,381 |
Net cash provided (used) by operating activities | 10,226 | 221,550 | 107,336 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (63,418) | (59,547) | (19,764) |
Acquisition of businesses, net of cash acquired | (116,796) | (23,900) | (123,301) |
Proceeds on disposal of assets, net | 68 | 9,258 | 245 |
Investments in unconsolidated subsidiaries | (3,055) | (4,406) | (4,764) |
Net cash provided (used) by investing activities | (183,201) | (78,595) | (147,584) |
Cash flows from financing activities: | |||
Proceeds from the issuance of long-term debt | 178,400 | 542,692 | 343,799 |
Payments of principal on long-term debt | (195,810) | (557,850) | (303,495) |
Proceeds from short-term borrowings | 3,237,477 | 3,708,896 | 3,348,510 |
Payments on short-term borrowings | (3,219,566) | (3,670,529) | (3,321,556) |
Proceeds from issuance of Green Plains Partners common units, net | 157,452 | ||
Payments for repurchase of common stock | (4,003) | ||
Payment of cash dividends | (19,795) | (8,908) | (2,426) |
Change in restricted cash | 2,725 | (547) | (1,298) |
Payments of loan fees | (5,314) | (7,630) | (10,046) |
Proceeds from the exercise of stock options | 766 | 4,404 | 4,498 |
Net cash provided (used) by financing activities | 132,332 | 10,528 | 57,986 |
Net change in cash and cash equivalents | (40,643) | 153,483 | 17,738 |
Cash and cash equivalents, beginning of period | 425,510 | 272,027 | 254,289 |
Cash and cash equivalents, end of period | 384,867 | 425,510 | 272,027 |
Supplemental disclosures of cash flow: | |||
Cash paid for income taxes | 43,833 | 61,817 | 2,667 |
Cash paid for interest | 38,065 | 38,244 | 30,633 |
Supplemental noncash investing and financing activities: | |||
Assets acquired in acquisitions and mergers | 120,910 | 25,611 | 136,934 |
Less: liabilities assumed | (4,114) | (1,711) | (13,633) |
Net assets acquired | $ 116,796 | 23,900 | $ 123,301 |
Common stock issued for conversion of 5.75% Notes | $ 89,950 |
Basis Of Presentation And Descr
Basis Of Presentation And Description Of Business | 12 Months Ended |
Dec. 31, 2015 | |
Basis Of Presentation And Description Of Business [Abstract] | |
Basis Of Presentation And Description Of Business | GREEN PLAINS INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. BASIS OF PRESENTATION and DESCRIPTION OF BUSINESS References to the Company References to “Green Plains” or the “company” in the consolidated financial statements and in these notes to the consolidated financial statements refer to Green Plains Inc., an Iowa corporation, and its subsidiaries. Consolidated Financial Statements The consolidated financial statements include the company’s accounts and all significant intercompany balances and transactions are eliminated. Unconsolidated entities are included in the financial statements on an equity basis. Reclassifications Certain prior year amounts were reclassified to conform with the current year presentation. These reclassifications did not affect total revenues, costs and expenses, net income or stockholders’ equity. 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 The company operates within four business segments: (1) ethanol production, which includes the production of ethanol, distillers grains and corn oil, (2) agribusiness, which includes grain handling and stora ge and cattle feedlot operations , (3) marketing and distribution, which includes marketing and merchant trading for company-produced and third-party ethanol, distillers grains, corn oil and other commodities, and (4) partnership, which includes fuel storage and transportation services. The company is also a partner in a joint venture focused on developing technology to grow and harvest algae in commercially viable quantities. Ethanol Production Segment Green Plains is North America’s fourth largest ethanol producer. The company operates 14 ethanol plants in eight states through separate wholly owned operating subsidiaries. The company’s ethanol plants use a dry mill process to produce ethanol and co-products such as wet, modified wet or dried distillers grains, as well as corn oil. The corn oil systems are designed to extract non-edible corn oil from the whole stillage immediately prior to production of distillers grains. At capacity , the company expects to process approximately 430 million bushels of corn and produce approximately 1.2 billion gallons of ethanol , 3.4 million tons o f distillers grains and 275 million pounds of industrial grade corn oil annually . Agribusiness Segment The company owns and operates grain handling and storage assets through its agribusiness segment, which has grain storage capacity of approximately 58.6 million bushels, with 44.2 million bushels of storage capacity at the company’s ethanol plants, 11.6 million bushels of total storage capacity at its four separate grain elevators and 2.8 million bushels of storage capacity at its cattle feed lot operation. The company owns a feedlot with the capacity to support 70,000 head of cattle. The company’s agribusiness operations provide synergies with the ethanol production segment as it supplies a portion of the feedstock needed to produce ethanol and uses a portion of the distillers grains that are outputs from the company’s ethanol plants. Marketing and Distribution Segment The company has an in-house marketing business that is responsible for the sale, marketing and distribution of all ethanol, distillers grains and corn oil produced at its ethanol plants. The company also purchases and sells ethanol, distillers grains, corn oil, grain, natural gas and other commodities and participates in other merchant trading activities in various markets. Partnership Segment The company’s master limited partnership provides fuel storage and transportation services by owning, operating, developing and acquiring ethanol and fuel storage tanks, terminals, transportation assets and other related assets and businesses. As of January 1, 2016, subsequent to the acquisition of the storage and transportation assets of the Hereford, Texas and Hopewell, Virginia ethanol plants, the partnership owns (i) 30 ethanol storage facilities located at or near the company’s 14 ethanol production plants, which have the ability to efficiently and effectively store and load railcars and tanker trucks with all of the ethanol produced at the company’s ethanol production plants, (ii) eight fuel terminal facilities, located near major rail lines, which enable the partnership to receive, store and deliver fuels from and to markets that otherwise lack efficient access to renewable fuels, and (iii) transportation assets, including a leased railcar fleet of app roximately 2,500 railcars with an aggregate capacity of 76.3 mmg which is contracted to transport ethanol from the company’s ethanol production plants to refineries throughout the United States and international export terminals. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT accounting POLICIES Cash and Cash Equivalents and Restricted Cash The company considers short-term , highly liquid investments with original maturities of three months or less to be cash equivalents. Cash and cash equivalents include bank deposits. The company also has restricted cash which can only be used for payment towards a revolving credit agreement. Revenue Recognition The company recognizes revenue when the following criteria are satisfied: persuasive evidence that an arrangement exists, title of product and risk of loss are transferred to the customer, price is fixed and determinable and collectability is reasonably assured. Sales of ethanol, distillers grains, corn oil and other commodities by the company’s marketing business are recognized when title of product and risk of loss are transferred to an external customer. Revenues related to marketing for third parties are presented on a gross basis when the company takes title of the product and assumes risk of loss. Unearned revenue is recorded for goods in transit when the company has received payment but the title has not yet been transferred to the customer. Revenues for receiving, storing, transferring and transporting ethanol and other fuels are recognized when the product is delivered to the customer. The company routinely enters into fixed-price, physical-delivery energy commodity purchase and sale agreements. At times, the company settles these transactions by transferring its obligations to other counterparties rather than delivering the physical commodity. 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 or loss. Sales of agricultural commodities, including cattle, are recognized when title of product and risk of loss are transferred to the customer, which depends on the agreed upon terms. The sales terms provide passage of title when shipment is made or the commodity is delivered and the customer has agreed to final weights, grades and settlement prices. Revenues related to grain merchandising are presented gross and include shipping and handling, which is also a component of cost of goods sold. Revenues from grain storage are recognized when services are rendered. A substantial portion of the partnership revenues are derived from fixed-fee commercial agreements for storage, terminal or transportation services. The partnership recognizes revenue when there is evidence an arrangement exists; risk of loss and title transfer to the customer; the price is fixed or determinable; and collectability is reasonably ensured. Revenues from base storage, terminal or transportation services are recognized once these services are performed, which occurs when the product is delivered to the customer. Cost of Goods Sold Cost of goods sold includes direct labor, materials and plant overhead costs. Direct labor includes all compensation and related benefits of non-management personnel invo lved in ethanol plant and cattle feedlot operations . Grain purchasing and receiving costs, excluding labor costs for grain buyers and scale operators, are also included in cost of goods sold. Materials include the cost of corn feedstock, denaturant, process chemicals , cattle and veterinary supplies . 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 as well as 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 or loss. Plant overhead consists primari ly of plant and feedlot utilities, repairs and maintenance, yard expenses and outbound freight charges. Shipping costs incurred 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 effect of price changes on the 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 and settled predominantly in cash. The company is exposed to loss when counterparties default on forward purchase and sale contracts. Grain inventories held for sale and forward purchase and sale contracts are valued at market prices when available or other market quotes adjusted for differences, primarily in transportation, between the exchange-traded market and local markets where 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 are recognized as a component of cost of goods sold. Operations and Maintenance Expenses In the partnership segment, transportation expenses represent the primary components of operations and maintenance expenses. Transportation expense includes rail car lea ses, freight and shipping of the company’s ethanol and co-products, as well as costs incurred in storing ethanol at destination terminals. Derivative Financial Instruments The company uses various derivative financial instruments, including exchange-traded futures and exchange-traded and over-the-counter options contracts, to minimize risk and the effect of price changes related to corn, ethanol, cattle and natural gas. The company monitors and manages this exposure as part of its overall risk management policy to reduce the adverse effect market volatility may have on its operating results. The company may hedge these commodities as one way to mitigate risk, however, there may be situations when these hedging activities 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’s exposure to credit risk includes the counterparty’s failure 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 their financial condition. 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 parameters to monitor exposure within its risk management strategy which limits the types of derivative instruments and derivative strategies the company can use and the degree of market risk it can take by the use of derivative instruments. The company evaluates its physical delivery contracts to determine if they qualify for normal purchase or sale exemptions and are expected to be used or sold over a reasonable period in the normal course of business. Contracts that do not meet the normal purchase or sale criteria are recorded at fair value. Changes in fair value are recorded in operating income unless the contracts qualify for, and the company elects, hedge accounting treatment. Certain qualifying derivatives related to the ethanol production and agribusiness segments are designated as cash flow hedges. The company evaluates the derivative instrument to ascertain its effectiveness prior to entering into cash flow hedges. Ineffectiveness is recognized in current period results, while other unrealized gains and losses are reflected in accumulated other comprehensive income until the gain or loss from the underlying hedged transaction is realized. When it becomes probable a forecasted transaction will not occur, the cash flow hedge treatment is discontinued, which affects earnings. These derivative financial instruments are recognized in current assets or other current liabilities at fair value. At times, the company hedges its exposure to changes in the value of inventories and designates qualifying derivatives as fair value hedges. The carrying amount of the hedged inventory is adjusted in current period results for changes in fair value. Ineffectiveness is recognized in current period results to the extent the change in fair value of the inventory is not offset by the change in fair value of the derivative. Concentrations of Credit Risk T he company is exposed to credit risk resulting from the possibility that another party may fail to per form according to the terms of the company’s contract. The company sells ethanol , corn oil and distillers grains and markets produ cts for third parties, which can result in concentrations of credit risk from a variety of customers, including major integrated oil companies, large independent refiners, petroleum wholesalers and other marketers . The company also sells grain to large commercial buyers, including other ethanol plants , and sells cattle to meat processors . Although payments are typically received within fifteen days of the sale, the company continually monitors its exposure. T he company is also exposed to credit risk on prepayments of undelivered inventories with a few major suppliers of petroleum products and agricultural inputs. Inventories Corn held for ethanol production, ethanol , corn oil and distillers grains inventories are recorded at lower of average cost or market . F air value hedged inventories are recorded at market. Other grain inventories include readily ma rketable grain, forward contracts to buy and sell grain, and exchange traded futures and option contracts , which are all stated at market value. F utures and options contracts, which are used to hedge the value of owned grain and forward contracts, are considered derivatives. All grain inventories held for sale are marked to market . Changes are reflected in cost of goods sold. The forward contracts require performance in future periods. Contracts t o purchase grain generally relate to current or future crop years for delivery periods quoted by regulated commodity exchanges. Contracts for the sale of grain to processors or other consumers generally do not extend beyond one y ear. The terms of the purchase and sale agreements for grain are consistent with industry standards. Finished goods inventory consis ts of denatured ethanol and related co-products , which are valued at the lower of average cost or market. In addition to ethanol and related co-products in process, w ork-in-process inventory includes the cost of acquired cattle and related feed and veterinary supplies, as well as direct labor and feedlot overhead costs, all of which are valued at lower of average cost or market. Property and Equipment Property and equipment are stated at cost less accumulated depreciatio n. Depreciation is generally calculated using the straight-line method over the following estimated useful life of the assets: Years Plant, buildings and improvements 10 - 40 Ethanol production equipment 15 - 40 Other machinery and equipment 5 - 7 Land improvements 20 Railroad track and equipment 20 Computer and software 3 - 5 Office furniture and equipment 5 - 7 Property and equipment is capitalized at cost. Land improvements are capitalized and depreciated. Expenditures for property improvements are capitalized. Costs of repairs and maint enance are charged to expense when incurred. The company periodically evaluates whether events and circu mstances have occurred that warrant a revision of the estimated useful life of its fixed assets. Impairment of Long-Lived Assets The company’s long-lived assets consist of property and equipment. The company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. Recoverability is measured by compari ng the carrying amount of the asset to the estimated undiscounted future cash flows t he asset is expected to generate . Impairment is recorded when the asset’s carrying amount exceeds its estimated future cash flows. Significant man agement judgment is required to determine the fair value of long-lived assets, which includes discounted cash flows projections . No impairment charges were recorded for the periods reported. Goodwill Goodwill represents future economic benefits that are not individually recognized in an acquisition . The company records goodwill when the purchase price for an acquisition exceeds the fair value of its identified tangible and intangible assets . The company’s goodwill currently consists of amounts related to the acquisition of five ethanol plants and its fuel terminal and distribution business. Goodwill is reviewed for impairment at least annually. The qualitative factors of goodwill are assessed to determine whethe r it is necessary to perform a two-step goodwill impairment test. Under the first step, the estimated fair value of the reporting unit is compared with its carrying value , including goodwill. If the estimated fair value is less than the carrying value, the company completes a second step to determine the amount of goodwill impairment that should be recorded . In the second step, the reporting unit’s fair value is allocated to all of its assets and liabilities other than goodwill to determine the implied fair value. The result is compared with the carrying amount and an impairment charge is recorded for the difference. The company performs an annual impairment review on October 1 and when a triggering event occurs between annual impairment tests. No impairment losses were recorded for the periods reported. Financing Costs Fees and costs rel ated to securing debt are recorded as financing costs. Debt issuance costs are stated at cost and are amortized using the effective interes t method for term loans and the straight-line basis over the life of the agreements for revolving credit arrangements . D uring periods of construction, amortization is capitalized in construction-in-progress. Selling, General and Administrative Expenses Selling, general and administrative expenses consists of employee salaries, incentives and benefits; office expenses; director compensat ion; professional fees for accounting, legal, consulting, and investor relations activities; and non-plant depreciation and amortization costs. Environmental Expenditures Environmental expenditures that pertain to current operations and relate to future revenue are expensed or capitalized . Probable liabilities that can be reasonably estimated are expensed or capitalized and disclosed in the company’s quarterly and annual filings, if material. Expenditures result ing from the remediation of an existing condition caused by past operations which do not contribute to future revenue are expensed when incurred. Stock-Based Compensation The company recognizes compensation cost using a fair value based method whereby compensation cost is measured at the grant date based on the value of the award and is recognized over the service period, which is usually the vesting period. The company uses the Black-Scholes pricing model to calculate the fair value of options and warrants issued to both employees and non-employees. Stock issued for compensation is valued using the market price of the stock on the date of the related agreement. Income Taxes The provision for income taxes is computed using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences attributable to temporary differences between the financial reporting carrying amount of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operating results in the period of enactment. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The company recognizes uncertainties in income taxes within the financial statements under a process by which the likelihood of a tax position is gauged based upon the technical merits of the position, and then a subsequent measurement relates the maximum benefit and the degree of likelihood to determine the amount of benefit recognized in the financial statements. Recent Accounting Pronouncements Effective January 1, 2015, the company early adopted th e amended guidance in ASC 740, Income Taxes: Balance Sheet Classification of Deferred Taxes , which requires entities with a classified balance sheet to present all deferred tax assets and liabilities as noncurrent. The consolidated balance sheets reflect the retrospective adjustment for the amended guidance. Effective January 1, 2016, the company will adopt th e amended guidance in ASC 835-30, Interest - Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs , which requires debt issuance costs related to a recognized debt liability to 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, and the balance sheet of each individual period presented will be adjusted to reflect the period-specific effects of the new guidance. Effective January 1, 2016, the company will adopt th e amended guidance in ASC 810, Consolidation: Amendments to the Consolidation Analysis , which reduces the number of consolidation models and simplifies the guidance by placing more emphasis on risk of loss when determining a controlling financial interest, reducing the frequency of related-party guidance when determining a controlling financial interest in a variable interest entity, and changing consolidation conclusions for companies in industries that typically make use of limited partnerships or variable interest entities. The amended guidance will be applied prospectively. Effective January 1, 2017, the company will adopt th e amended guidance in ASC 330, Inventory: Simplifying the Measurement of Inventory , which requires inventory to be measured at 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. Effective January 1, 2018, the company will adopt th e amended guidance in ASC 606, Revenue from Contracts with Customers , which requires revenue recognition to reflect the transfer of promised goods or services to customers. The updated standard permits either the retrospective or cumulative effect transition method. Early application beginning January 1, 2017 is permitted. The company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements and related disclosures. |
Green Plains Partners LP
Green Plains Partners LP | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Green Plains Partners LP | 3. GREEN PLAINS PARTNERS LP Initial Public Offering of Subsidiary On July 1, 2015, Green Plains Partners LP, or the partnership, a newly formed subsidiary of the company, closed its initial public offering, or the IPO. In conjunction with the IPO, the company contributed its downstream ethanol transportation and storage assets to the partnership. A total of 11,500,000 common units, representing limited partner interests including 1,500,000 common units pursuant to the underwriters’ overallotment option, were sold to the public for $15.00 per common unit. The partnership received net proceeds of approximately $157.5 million, after deducting underwriting discounts, structuring fees and offering expenses. The partnership used the proceeds to make a distribution to the company of $155.3 million and to pay approximately $0.9 million in origination fees under its new $100.0 million revolving credit facility. The remaining $1.3 million was retained for general partnership purposes. The company now owns a 62.5% limited partner interest, consisting of 4,389,642 common units and 15,889,642 subordinated units, and a 2.0% general partner interest in the partnership. The public owns the remaining 35.5% limited partner interest in the partnership. As such, the partnership is consolidated in the company’s financial statements. During the subordination period, which is described in the partnership agreement for Green Plains Partners, holders of the subordinated units are not entitled to receive distributions until the common units have received the minimum quarterly distribution plus any arrearages of the minimum quarterly distribution from prior quarters. If the partnership does not pay distributions on the subordinated units, the subordinated units will not accrue arrearages for those unpaid distributions. Each subordinated unit will convert into one common unit at the end of the subordination period. The partnership is a fee-based master limited partnership formed by Green Plains to provide fuel storage and transportation services by owning, operating, developing and acquiring ethanol and fuel storage tanks, terminals, transportation assets and other related assets and businesses. The partnership’s initial assets include d (i) 27 ethanol storage facilities, located at or near the company’s 12 ethanol production plants, which have the ability to efficiently and effectively store and load railcars and tanker trucks with all of the ethanol produced at the company’s ethanol production plants, (ii) eight fuel terminal facilities, located near major rail lines, which enable the partnership to receive, store and deliver fuels from and to markets that seek access to renewable fuels, and (iii) transportation assets, including a leased railcar fleet of 2,210 railcars with an aggregate capacity of 66.3 mmg, which is contracted to transport ethanol from the company’s ethanol production plants to refineries throughout the United States and international export terminals. The partnership expects to be the company’s primary downstream logistics provider to support its over one billion gallons per year ethanol marketing and distribution business since the partnership’s assets are the principal method of storing and delivering the ethanol the company produces. The partnership’s assets, subsequent to the acquisition of storage tanks and transportation assets from the Hereford and Hopewell ethanol plants on January 1, 2016, include (i) 30 ethanol storage facilities, located at or near the company’s 14 ethanol production plants, (ii) eight fuel terminal facilities, and (iii) transportation assets, including a leased railcar fleet of approximately 2,500 railcars with an aggregate capacity of 76.3 mg. A substantial portion of the partnership’s revenues are derived from long-term, fee-based commercial agreements with Green Plains Trade, a subsidiary of the company. In connection with the IPO, the partnership (1) entered into (i) a ten -year fee-based storage and throughput agreement; (ii) a six -year fee-based rail transportation services agreement; and (iii) a one -year fee-based trucking transportation agreement, and (2) assumed (i) an approximately 2.5 -year terminal services agreement for the partnership’s Birmingham, Alabama-unit train terminal; and (ii) various other terminal services agreements for its other fuel terminal facilities, each with Green Plains Trade. The partnership’s storage and throughput agreement, and certain terminal services agreements, including the terminal services agreement for the Birmingham facility, are supported by minimum volume commitments. The partnership’s rail transportation services agreement is supported by minimum take-or-pay capacity commitments. The company also has agreements which establish fees for general and administrative, and operational and maintenance services it provides. These transactions are eliminated when the company consolidates its financial results. The company consolidates the financial results of the partnership and records a noncontrolling interest in the partnership held by public common unitholders. Noncontrolling interest on the consolidated statements of operations includes the portion of net income attributable to the economic interest held by the partnership’s public common unitholders. Noncontrolling interest on the consolidated balance sheets includes the portion of net assets attributable to the partnership’s public common unitholders. |
Acquisitions and Dispositions
Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2015 | |
Disposition Of Assets [Abstract] | |
Acquisitions and Dispositions | 4. ACQUISITIONS Acquisition of Hereford Ethanol Plant On November 12, 2015, the company acquired an ethanol production facility in Hereford, Texas, with an annual production capacity of approximately 100 million gallons for approximately $78.8 million for the ethanol plant assets, as well as working capital acquired or assumed of approximately $19.4 million . The following is a summary of assets acquired and liabilities assumed (in thousands): Amounts of Identifiable Assets Acquired and Liabilities Assumed Inventory $ 20,487 Derivative financial instruments 2,625 Property and equipment, net 78,786 Current liabilities (2,542) Other liabilities (1,128) Total identifiable net assets $ 98,228 The operating results of the Hereford ethanol plant have been included in the company’s consolidated financial statements since November 12, 2015. Pro forma revenue and net income, had the acquisition occurred on January 1, 2015, would have been $3.1 billion and $10.8 million, respectively , for the year ended December 31, 2015. This information is based on historical results of operations, a nd, in the company’s opinion, is not necessarily indicative of the results that would have been achieved had the company operated the ethanol plant acquired since such date . Acquisition of Fairmont and Wood River Ethanol Plants In November 2013, the company acquired ethanol plants located in Fairmont, Minnesota and Wood River, Nebraska, with a combined annual production capacity of 230 million gallons. Total consideration was $114.3 million and acquisition-related costs of $0.8 million were recorded in selling, general and administrative expenses. The company issued approximately $77.0 million of short-term notes payable and term debt shortly after the acquisition, with the acquired assets serving as collateral for these loans, and entered into capital leases totaling $10.0 million for grain facilities that were previously leased by the predecessor owner of the acquired assets. The following is a summary of assets acquired and liabilities assumed (in thousands): Amounts of Identifiable Assets Acquired and Liabilities Assumed Accounts receivable $ 119 Inventory 8,680 Prepaid expenses and other 2,696 Property and equipment, net 112,274 Other assets 4,193 Current liabilities (4,260) Long-term portion of capital leases and tax increment financing bond (7,895) Other liabilities (1,489) Total identifiable net assets $ 114,318 The operating results of the Wood River ethanol plant have been included in the company’s consolidated financial statements since November 22, 2013. At the time of acquisition, the Fairmont ethanol plant was not operational; however, upon completion of certain maintenance and enhancement projects, operations began at the plant in early January 2014. Pro forma revenue and net income, had the acquisition of these two plants occurred on January 1, 2013, would have been $3.3 billion and $47.7 million, respectively, for the year ended December 31, 2013. This information is based on historical re sults of operations, and, in the company’s opinion, is not necessarily indicative of the results that would have been achieved had the company operated the two ethanol plants acquired since such dates. There is ongoing litigation related to the consideration for this acquisition. To the extent that this litigation is resolved favorably for the company, it will result in a gain in a future period with no impact in the event of a negative outcome. |
Fair Value Disclosures
Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | 5. 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 the company can 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 through correlation or other means. Grain inventories held for sale in the agribusiness segment are valued at nearby futures values, plus or minus nearby basis. Level 3 – unobservable inputs that are supported by little or no market activity and comprise 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 company’s assets and liabilities by level are as follows (in thousands): Fair Value Measurements at December 31, 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 $ 384,867 $ - $ - $ 384,867 Restricted cash 27,018 - - 27,018 Margin deposits 7,658 - (7,658) - Inventories carried at market - 43,936 - 43,936 Unrealized gains on derivatives 19,756 7,145 3,639 30,540 Other assets 117 - - 117 Total assets measured at fair value $ 439,416 $ 51,081 $ (4,019) $ 486,478 Liabilities: Unrealized losses on derivatives $ 4,492 $ 7,772 $ (4,019) $ 8,245 Total liabilities measured at fair value $ 4,492 $ 7,772 $ (4,019) $ 8,245 Fair Value Measurements at December 31, 2014 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Reclassification for Balance Sheet (Level 1) (Level 2) Presentation Total Assets: Cash and cash equivalents $ 425,510 $ - $ - $ 425,510 Restricted cash 29,742 - - 29,742 Margin deposits 24,488 - (24,488) - Inventories carried at market - 36,411 - 36,411 Unrealized gains on derivatives 11,877 18,111 6,359 36,347 Other assets 118 3 - 121 Total assets measured at fair value $ 491,735 $ 54,525 $ (18,129) $ 528,131 Liabilities: Unrealized losses on derivatives $ 18,129 $ 28,082 $ (18,129) $ 28,082 Total liabilities measured at fair value $ 18,129 $ 28,082 $ (18,129) $ 28,082 The company believes the fa ir value of its debt was approximately $673.2 million compared with a book value of $675.0 million at December 31, 2015 , and the fair value of its debt was approximately $ 676.5 million compared with a book value of $672.8 million at December 31, 2014 . The company estimated 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 $ 96.2 million and $ 168.5 million, respectively , at December 31, 201 5 , and $ 138.1 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 tangible assets and goodwill acquired and equity component of convertible debt represent Level 3 measurements which were derived using a combination of the income approach, market approach and cost approach for the specific assets or liabilities being valued. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Information [Abstract] | |
Segment Information | 6. SEGMENT INFORMATION As a result of the IPO, the company implemented organizational changes during the third quarter of 2015 . Company management now reports the financ ial and operating performance in the following four operating segments: (1) ethanol production, which includes the production of ethanol, distillers grains and corn oil, (2) agribusiness, which includes grain handling and storage and cattle feedlot operation s , (3) marketing and distribution, which includes marketing and merchant trading for company-produced and third-party ethanol, distillers grains, corn oil and other commodities, and (4) partnership, which includes fuel storage and transportation services. Prior periods have been reclassified to conform to the revised segment presentation. When transferring assets between entities under common control under GAAP, the entity receiving the net assets initially recognizes the carrying amounts of the assets and liabilities at the date of transfer. The transferee’s prior period financial statements are restated for all periods its operations were part of the parent’s consolidated financial statements. On July 1, 2015, Green Plains Partners received ethanol storage and railcar assets and liabilities in a transfer between entities under common control. The transferred assets and liabilities are recognized at the company’s historical cost and reflected retroactively in the segment information of the consolidated financial statem ents presented in this Form 10-K . The assets of Green Plains Partners were previously included in the ethanol production and marketing and distribution segments. Expenses related to the ethanol storage and railcar assets, such as depreciation, amortization and railcar lease expenses, are also reflected retroactively in the following segment information. There are no revenues related to the operation of these ethanol storage and railcar assets in the partnership segment prior to July 1, 2015, the date the related commercial agreements with Green Plains Trade became effective. Corporate activities include selling, general and administrative expenses, consisting primarily of corporate employee compensation, professional fees and overhead costs not directly related to a specific operating segment. During the normal course of business, the operating segments do business with each other. For example, the ethanol production segment sells ethanol to the marketing and distribution segment, the agribusiness segment sells grain to the ethanol production segment and the partnership segment provides fuel storage and transportation services for the marketing and distribution segment. These intersegment activities are treated like third-party transactions and recorded at market values. Consequently, these transactions affect segment performance; however, they do not impact the company’s consolidated results since the revenues and corresponding costs are eliminated in consolidation. The following tables set forth certain financial data for the company’s operating segments (in thousands): Year Ended December 31, 2015 2014 2013 Revenues: Ethanol production: Revenues from external customers (1) $ 196,443 $ (51,424) $ 128,395 Intersegment revenues 1,549,884 2,286,452 1,972,550 Total segment revenues 1,746,327 2,235,028 2,100,945 Agribusiness: Revenues from external customers (1) 249,834 100,436 51,883 Intersegment revenues 1,131,466 1,208,120 761,835 Total segment revenues 1,381,300 1,308,556 813,718 Marketing and distribution: Revenues from external customers (1) 2,510,924 3,178,115 2,853,554 Intersegment revenues 120,687 171,372 33,932 Total segment revenues 2,631,611 3,349,487 2,887,486 Partnership: Revenues from external customers 8,388 8,484 7,179 Intersegment revenues 42,549 4,359 3,853 Total segment revenues 50,937 12,843 11,032 Revenues including intersegment activity 5,810,175 6,905,914 5,813,181 Intersegment eliminations (2,844,586) (3,670,303) (2,772,170) Revenues as reported $ 2,965,589 $ 3,235,611 $ 3,041,011 (1) Revenues from external customers include realized gains and losses from derivative financial instruments. Cost of goods sold: Ethanol production $ 1,626,327 $ 1,879,547 $ 1,926,098 Agribusiness 1,362,001 1,293,274 807,459 Marketing and distribution 2,588,738 3,281,191 2,840,840 Partnership - - - Intersegment eliminations (2,847,467) (3,670,967) (2,765,583) $ 2,729,599 $ 2,783,045 $ 2,808,814 Operating income (loss): Ethanol production $ 40,568 $ 281,332 $ 113,645 Agribusiness 10,206 8,497 3,324 Marketing and distribution 25,560 48,460 38,192 Partnership 13,263 (19,975) (11,285) Intersegment eliminations 2,960 666 (6,588) Corporate activities (31,480) (32,706) (29,437) $ 61,077 $ 286,274 $ 107,851 Income (loss) before income taxes: Ethanol production $ 18,973 $ 265,437 $ 94,695 Agribusiness 5,807 5,996 793 Marketing and distribution 23,937 43,775 35,037 Partnership 12,967 (20,038) (12,003) Intersegment eliminations 2,960 666 (6,588) Corporate activities (43,179) (45,406) (39,653) $ 21,465 $ 250,430 $ 72,281 Depreciation and amortization: Ethanol production $ 55,283 $ 53,141 $ 45,595 Agribusiness 2,532 1,441 362 Marketing and distribution 375 337 8 Partnership 5,787 5,544 3,572 Corporate activities 1,973 1,676 1,317 $ 65,950 $ 62,139 $ 50,854 Interest expense: Ethanol production $ 22,727 $ 22,749 $ 18,988 Agribusiness 4,565 2,591 2,531 Marketing and distribution 3,483 5,129 3,311 Partnership 381 138 768 Intersegment eliminations (70) (238) (982) Corporate activities 9,280 9,539 8,741 $ 40,366 $ 39,908 $ 33,357 Capital expenditures: Ethanol production $ 48,691 $ 40,203 $ 10,251 Agribusiness 13,601 17,166 6,514 Marketing and distribution 190 788 1,225 Partnership 1,496 547 1,122 Corporate activities 1,589 2,829 652 $ 65,567 $ 61,533 $ 19,764 The following table sets forth total assets by operating segment (in thousands): Year Ended December 31, 2015 2014 Total assets (1) : Ethanol production $ 1,017,584 $ 991,260 Agribusiness 300,364 234,626 Marketing and distribution 230,651 259,246 Partnership 75,203 76,762 Corporate assets 316,389 282,628 Intersegment eliminations (10,863) (23,460) $ 1,929,328 $ 1,821,062 (1) Asset balances by segment exclude intercompany payable and receivable balances. The following table sets forth revenues by product line (in thousands): Year Ended December 31, 2015 2014 2013 Revenues: Ethanol $ 1,868,043 $ 2,362,812 $ 2,330,884 Distillers grains 474,699 531,696 488,376 Corn oil 101,126 99,167 74,251 Grain 240,466 174,997 92,487 Cattle 219,046 29,262 - Service revenues 8,388 8,484 7,179 Other 53,821 29,193 47,834 $ 2,965,589 $ 3,235,611 $ 3,041,011 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2015 | |
Inventories [Abstract] | |
Inventories | 7. INVENTORIES Inventories are carried at lower of cost or market, except for grain held for sale and fair value hedged inventories, which are reported at market value. The components of inventories are as follows (in thousands): December 31, 2015 2014 Finished goods $ 71,595 $ 34,639 Grain held for sale 22,518 23,027 Raw materials 138,091 78,095 Work-in-process 96,950 100,221 Supplies and parts 24,803 18,985 $ 353,957 $ 254,967 |
Property And Equipment
Property And Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property And Equipment [Abstract] | |
Property And Equipment | 8. PROPERTY AND EQUIPMENT The components of property and equipment are as follows (in thousands): December 31, 2015 2014 Plant equipment $ 892,915 $ 777,987 Buildings and improvements 176,094 159,178 Land and improvements 84,257 73,819 Railroad track and equipment 41,732 40,882 Construction-in-progress 38,200 23,276 Computers and software 11,115 9,305 Office furniture and equipment 2,492 2,127 Leasehold improvements and other 13,823 13,179 Total property and equipment 1,260,628 1,099,753 Less: accumulated depreciation (338,558) (274,543) Property and equipment, net $ 922,070 $ 825,210 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill [Abstract] | |
Goodwill | 9. GOODWILL The company did not have any changes in the carrying amount of goodwill, which was $40.9 million during the years ended December 31, 2015 and 2014 . Goodwill of $30.3 million is attributable to the ethanol production segment and $10.6 million is attributable t o the partnership segment. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Financial Instruments [Abstract] | |
Derivative Financial Instruments | 10. DERIVATIVE FINANCIAL INSTRUMENTS At December 31, 2015 , the company’s consolidated balance sheet reflected unrealized losses of $ 1.2 million, net of tax, in accumulated other comprehensive loss. The company expects these losses will be reclassified as operating income over the next 12 months as a result of hedged transactions that are forecasted to occur. The amount realized in operating income will differ as commodity prices change. Fair Values of Derivative Instruments The fair values of the company’s derivative financial instruments and the line items on the consolidated balance sheets where they are reported are as follows (in thousands): Asset Derivatives' Liability Derivatives' Fair Value at December 31, Fair Value at December 31, 2015 2014 2015 2014 Derivative financial instruments (1) $ 22,882 (2) $ 11,859 (3) $ - $ - Other assets - 3 - - Accrued and other liabilities - - 8,245 28,082 Total $ 22,882 $ 11,862 $ 8,245 $ 28,082 (1) Derivative financial instruments as reflected on the balance sheet include a margin deposit assets of $ 7.7 million and $ 24.5 million at December 31, 2015 and 2014 , respectively. (2) Balance at December 31, 2015 , includes $ 2.3 million of net unrealized gains on derivative financial instruments designated as cash flow hedging instruments. (3) Balance at December 31, 2014 , includes $ 0.6 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments. Refer to Note 5 - Fair Value Disclosures , which 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 gains or losses recognized in income and other comprehensive income related to the company’s derivative financial instruments and the line items on the consolidated financial statements where they are reported are as follows (in thousands): Gains (Losses) on Derivative Instruments Not Year Ended December 31, Designated in a Hedging Relationship 2015 2014 2013 Revenues $ (12,952) $ 13,369 $ (10,855) Cost of goods sold 10,492 165 12,701 Net increase (decrease) recognized in earnings before tax $ (2,460) $ 13,534 $ 1,846 Gains (Losses) Due to Ineffectiveness Year Ended December 31, of Cash Flow Hedges 2015 2014 2013 Revenues $ (43) $ (326) $ (84) Cost of goods sold - 481 (490) Net increase (decrease) recognized in earnings before tax $ (43) $ 155 $ (574) Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) Year Ended December 31, into Net Income 2015 2014 2013 Revenues $ 8,420 $ (257,730) $ (96,736) Cost of goods sold (3,551) (43,853) (25,852) Net increase (decrease) recognized in earnings before tax $ 4,869 $ (301,583) $ (122,588) Effective Portion of Cash Flow Hedges Recognized in Year Ended December 31, Other Comprehensive Income (Loss) 2015 2014 2013 Commodity Contracts $ 11,582 $ (299,684) $ (138,589) Gains (Losses) from Fair Value Year Ended December 31, Hedges of Inventory 2015 2014 2013 Cost of goods sold (effect of change in inventory value) $ (7,819) $ 304 $ 102 Cost of goods sold (effect of fair value hedge) 12,045 2,612 674 Ineffectiveness recognized in earnings before tax $ 4,226 $ 2,916 $ 776 There were no gains or losses from discontinuing cash flow or fair value hedge treatment during the years ended December 31, 2015 , 2014 and 2013 . The open commodity derivative positions as of December 31, 2015 , are as follows (in thousands): December 31, 2015 Exchange Traded Non-Exchange Traded Derivative Instruments Net Long & (Short) (1) Long (2) (Short) (2) Unit of Measure Commodity Futures (16,795) Bushels Corn, Soybeans and Wheat Futures (5,710) (3) Bushels Corn Futures (19,890) (4) Bushels Corn Futures 48,300 Gallons Ethanol Futures (5,670) (3) Gallons Ethanol Futures (3,190) mmBTU Natural Gas Futures (8,528) (4) mmBTU Natural Gas Futures 490 Pounds Cattle Futures (55,330) (3) Pounds Cattle Futures (382) Barrels Crude Oil Futures (32,400) Pounds Soybean Oil Options (7,348) Bushels Corn, Soybeans and Wheat Options (1,956) Gallons Ethanol Options 837 mmBTU Natural Gas Options (9,936) Pounds Cattle Options (15) Barrels Crude Oil Options (1,422) Pounds Soybean Oil Forwards 27,044 (6,094) Bushels Corn and Soybeans Forwards 17,212 (188,127) Gallons Ethanol Forwards 90 (250) Tons Distillers Grains Forwards 18,028 (110,980) Pounds Corn Oil Forwards 6,817 (3,065) mmBTU Natural Gas Forwards 780 (62) Barrels Crude Oil (1) Exchange traded futures and options are presented on a net long and (short) position basis. Options are presented on a delta-adjusted basis. (2) Non-exchange traded forwards are presented on a gross long and (short) position basis including both fixed-price and basis contracts. (3) Futures used for cash flow hedges. (4) Futures used for fair value hedges Energy trading contracts that do not involve physical delivery are presented net in revenues on the consolidated statements of operations. Included in revenues are net gains of $9.6 million, net gains of $8.0 million, and net losses of $1.2 million for the years ended December 31, 2015 , 2014 and 2013 , respectively, on energy trading contracts. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt [Abstract] | |
Debt | 11. DEBT The principal balances of the components of long-term debt are as follows (in thousands): December 31, 2015 2014 Green Plains Fairmont and Green Plains Wood River: $62.5 million term loan $ - $ 40,000 Green Plains Holdings II: $46.8 million term loans - 29,510 $20.0 million revolving term loan - 6,000 Green Plains Obion: $37.4 million revolving term loan - 27,400 Green Plains Processing: $345.0 million term loan 315,305 213,775 Green Plains Superior: $15.6 million revolving term loan - 15,025 Corporate: $120.0 million convertible notes 105,393 100,845 Other 27,356 30,350 Total long-term debt 448,054 462,905 Less: current portion of long-term debt (4,507) (63,465) Long-term debt $ 443,547 $ 399,440 Scheduled long-term debt repayments, including full accretion of the $120.0 million convertible notes due 2018 at maturity but excluding the effects of any debt discounts , are as follows (in thousands): Year Ending December 31, Amount 2016 $ 4,507 2017 4,563 2018 124,548 2019 4,594 2020 302,382 Thereafter 22,067 Total $ 462,661 Short-term notes payable and other borrowings at December 31, 2015 include working capital revolvers at Green Plains Cattle, Green Plains Grain and Green P lains Trade with outstanding balances of $69.7 million, $77.0 million and $80.2 million, respectively. Short-term notes payable and other borrowings at D ecember 31, 2014 include working capital revolvers at Green Plains Cattle, Green Plains Grain and Green Pla ins Trade with outstanding bal ances of $77.0 million, $37.0 million and $95.9 million, respectively. Loan Terminology T he following definitions apply to the company’s loan covenant s , which are calculated in accordanc e with GAAP : · Working capital – current assets less current liabilities · Tangible n et worth – total assets less intangible assets less total liabilities plus subordinated debt · Fixed charge coverage ratio* – · For the ethanol production segment: adjusted EBITDA, less the sum of capital expenditures and permitted tax sharing payments, divided by fixed charges, which are general ly the sum of interest expense and scheduled principal pa yments · For the agribusiness segment: EBITDA less maintenance capital expenditures and interest expense of working ca pital financings divided by scheduled principal payments and interest expense on long-term debt · For the marketing and distribution segment: EBITDA less capital expenditures , distributions and cash taxes, divided by all debt payments for the previous four quarters · Leverage ratio – · For the ethanol production segment: total debt divided by the sum of the eight preceding fiscal quarters’ EBITDA divided by two · For the agribusiness segment: total debt divided by the sum of tangible net worth and subordinated debt · For the partnership segment: total debt less the lesser of unrestricted cash or $30.0 million divided by the sum of the trailing four quarters’ EBITDA · Interest coverage ratio – trailing four fiscal quarters EBITDA to trailing four fiscal quarters interest charges · Long-term capitalization ratio – long-term debt divided by the sum of long-term debt and tangible net worth *Cert ain credit agreements allow the inclusion of equity contributions from the parent company to calculate debt service and fixed charge coverage ratios. Ethanol Production Segment Green Plains Processing amended its senior secured credit facility during the second quarter of 2015 to increase the outstanding borrowings by $120.0 million, bringing its total commitment to $345.0 million . The proceeds were used to repay existing term loans and revolving term loans with maturity dates ranging from November 2015 to May 2020. The term loan is guaranteed by the company and subsidiaries of Green Plains Processing and secured by the stock and substantially all of the assets of Green Plains Processing. The interest rate is 5.50% plus LIBOR, subject to a 1.00% floor and matures on June 30, 2020. The terms of the credit facility require the borrower to maintain a maximum total leverage ratio of 4.00 to 1.00 at the end of each quarter, decreasing to 3.25 to 1.00 over the life of the credit facility and a minimum fixed charge coverage ratio of 1.25 to 1.00. The credit facility also has a provision requiring the company to make special quarterly payments of 50% to 75% of its available free cash flow, subject to certain limitations. At December 31, 2015 , the interest rate on this term debt was 6.50% . Commencing in the third quarter of 2015, scheduled principal payments are $0.9 million each quarter. Agribusiness Segment Green Plains Grain has a $125.0 m illion senior secured asset-based revolving credit facility, which matures on August 26, 2016, to finance working capital up to the maximum commitment based on eligible collateral equal to the sum of percentages of eligible cash, receivables and inventories, less miscellaneous adjustments. Advances are subject to an annual interest rate equal to LIBOR plus 2.25% or the base rate plus 3.25% . The credit facility also includes an accordion feature that enables the facility to be increased by up to $75.0 million with agent approval. The credit facility can also be increased by up to $50.0 million for seasonal borrowings. Total commitments outstanding cannot exceed $250.0 million. Lenders receive a first priority lien on certain cash, inventory, accounts receivable and other assets owned by subsidiaries in the agribusiness segment as security on the credit facility. The terms impose affirmative and negative covenants, including maintaining working capital of $23.0 million and tangible net worth of $26.3 million for 2015. Capital expenditures are limited to $15.0 million per year under the credit facility, plus equity contributions from the company and unused amounts from the previous year. In addition, the credit facility requires the company to maintain a fixed charge coverage ratio of 1.25 to 1.00 and an annual leverage ratio of 6.00 to 1.00 at the end of each quarter. The credit facility also contains restrictions on distributions related to capital stock, with exceptions for distributions up to 40% of net profit before tax, subject to certain conditions. Green Plains Cattle has a $100.0 million senior secured asset-based revolving credit facility, which matures on October 31, 2017, to finance working capital for the cattle feedlot operation up to the maximum commitment based on eligible collateral equal to the sum of percentages of eligible receivables, inventories and other current assets, less miscellaneous adjustments. Advances are subject to variable annual interest rates equal to LIBOR plus 3.00% , 2.50% , or 2.00% , depending upon availability. The credit facility also includes an accordion feature that enables the credit facility to be increased by up to $50.0 million with agent approval. Lenders receive a first priority lien on certain cash, inventory, accounts receivable, property and equipment and other assets owned by Green Plains Cattle as security on the credit facility. The terms impose affirmative and negative covenants, including maintaining working capital of $15.0 million and tangible net worth of $20.3 million for 2015 and maintain a total debt to tangible net worth ratio of 3.50 to 1.00. Capital expenditures are limited to $3.0 million per year under the credit facility, plus unused amounts from the previous year. Marketing and Distribution Segment Green Plains Trade has a $150.0 million senior secured asset-based revolving credit facility, which matures on November 26, 2019, to finance working capital for marketing and distribution activities up to $150.0 million based on eligible collateral equal to the sum of percentages of eligible receivables and inventories, less miscellaneous adjustments. The outstanding balance is subject to the lender’s floating base rate plus the applicable margin or LIBOR plus the applicable margin . The terms impose affirmative and negative covenants, including maintaining a fixed charge coverage ratio of 1.15 to 1.00. Capital expenditures are limited to $1.5 million per year under the credit facility. The credit facility also contains restrictions on distributions related to capital stock, with exceptions for distributions up to 50% of net income if on a pro forma basis, (a) availability has been greater than $10.0 million for the last 30 days and (b) the borrower would be in compliance with the fixed charge coverage ratio on the distribution date. At December 31, 2015 , Green Plains Trade had $16.4 million presented as restricted cash on the consolidated balance sheet, the use of which was restricted for repayment towards the outstanding loan balance. Partnership Segment On July 1, 2015, the partnership’s primary operating subsidiary, Green Plains Operating Company, entered into a five -year $100.0 million revolving credit facility to fund working capital, acquisitions, distributions, capital expenditures and other general partnership purposes, which matures in July 2020. The credit facility contains customary representations and warranties, affirmative and negative covenants and events of default. The negative covenants include restricting the partnership’s ability to incur additional debt, acquire and sell assets, create liens, invest capital, pay distributions and materially amend the partnership’s commercial agreements with Green Plains Trade. The credit facility may be increased up to $50.0 million without the consent of the lenders. The credit facility is available for revolving loans with sublimits of $15.0 million for swing line loans and $15.0 million for letters of credit. The partnership’s obligations under the credit facility are secured by a first priority lien on (i) the capital stock of the partnership’s present and future subsidiaries, (ii) all of the partnership’s present and future personal property, such as investment property, general intangibles and contract rights, including rights under agreements with Green Plains Trade, and (iii) all proceeds and products of the equity interests of the partnership’s present and future subsidiaries and its personal property. The partnership and its existing and future domestic subsidiaries also guarantee the credit facility. Loans under this credit facility are subject to a floating interest rate based on the partnership’s maximum consolidated net leverage ratio equal to (a) a base rate plus 75 to 175 basis points per year or (b) a LIBOR rate plus 175 to 275 basis points . The unused portion of the credit facility is subject to a commitment fee based on the maximum consolidated net leverage ratio ranging from 30 to 50 basis points per year. The credit facility requires the partnership to maintain a maximum consolidated net leverage ratio of no more than 3.50 to 1.00, and a minimum consolidated interest coverage ratio of no less than 2.75 to 1.00. In June 2013, the company issue d promissory notes payable of $10.0 million and a note receivable o f $8.1 million to execute a New Markets Tax Credit transaction related to the Birmingham, Alabama terminal. Beginning in March 2020, the promissory notes and note receivable each require quarterly principal and interest payments of approximately $0.2 million . The company retains the right to call $8.1 million of the promissory notes in 2020. The promissory notes payable and note receivable will be fully amortized upon maturity in September 2031 . I ncome tax credits were generated for the lender , which the c ompany has guaranteed over their statutory li fe of seven years in the event the credits are recaptured or reduced. At the time of the transaction, the income tax credits were value at $5.0 million. The company has not established a liability in connection with the guarantee because it believes the likelihood of recapture or reduction is remote. 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 are 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. At the 2014 annual meeting, shareholders approved flexible settlement, which gives the company the option to settle the 3.25% notes in cash, common stock or a combination of cash and common stock. The company intends to convert the 3.25% notes with cash for the principal and cash or common stock for the conversion premium. The 3.25% notes contain liability and equity components that are bifurcated and accounted for separately. The liability component, as of the issuance date, was calculated by estimating the fair value of a similar liability issued at an 8.21% effective interest rate. The equity component was calculated by deducting the fair value of the liability component from the principal, which resulted in debt discount costs of $24.5 million recorded as additional paid-in capital. The carrying amount of the 3.25% notes will accrete to the principal over the remaining term to maturity, and the company will record a corresponding noncash interest expense. Additionally, the company incurred $5.1 million of debt issuance costs and allocated $4.0 million to the liability component of the 3.25% notes. These costs will be amortized as noncash interest expense over the five -year term of the 3.25% notes. Prior to April 1, 2018, the 3.25% notes are not convertible unless certain conditions are satisfied. The conversion rate is subject to adjustment when the quarterly cash dividend exceeds $0.04 per share. The conversion rate was recently adjusted to 48.6097 shares of common stock per $1,000 of principal which is equal to a conversion price of approximately $20.57 per share. The company may be obligated to increase the conversion rate in certain events, including redemption of the 3.25% notes. The company may redeem all of the 3.25% notes at any time on or after October 1, 2016 if 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 plus any accrued and unpaid interest. Holders of the 3.25% notes have the option to require the company to repurchase the 3.25% notes in cash at a price equal to 100% of the principal plus accrued and unpaid interest when there is a fundamental change, such as change in control. Default on any loan in excess of $10.0 million constitutes an event of default, which could result in the 3.25% notes being declared due and payable. Covenant Compliance The company was in compliance with its debt covenants as of December 31, 2015 . Capitalized Interest The company had $1.1 million and $ 191 thousand in capitalized inter est during the year s ended December 31, 2015 and 2014, respectively, and no capitalized interest during the year ended December 31, 2013 . Restricted Net Assets At December 31, 2015 , there were approximately $ 751.0 million of net assets at the company’s subsidiaries that could not be transferred to the parent company in the form of dividends, lo ans or advances due to restrictions contained in the credit facilities of these subsidiaries. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 12. STOCK-BASED COMPENSATION The company has an equity incentive plan that reserves 3.5 million shares of common stock for issuance. The plan provides for shares, 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 be granted to eligible employees, non-employee directors and consultants. The company measures stock-based compensation 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 period on a straight-line basis. Substantially all of the existing stock-based compensation has been equity awards. Grants under the equity incentive plans may include options, stock awards or deferred stock units : · Options – Stock options may be granted that can be exercised immediately in installments or at a fixed future date. Certain options are exercisable regardless of e mployment status while other s expire following termination . Options issued to date m ay be exercised immediately or at future vesting dates, and expire five to eight years after the grant date. Compensation expense for stock options that vest over time is recognized on a straight-line basis over the requisite service period. · Stock Awards – Stock awards may be granted to directors and employees that vest immediately or over a period of time as determined by the c ompensation c ommittee. Stock awards granted to date vested immediately and over a period of time, and included sale restrictions. Compensation expense i s recognized on the grant date if fully vested or over the requisite vesting period. · Deferred Stock Units – Deferred stock units may be granted to directors and employees that vest immediately or over a period of time as determined by the c ompensation c ommittee. D eferred stock units granted to date vest over a period of time with underlying shares of common stock that are issuable after the vesti ng date. Compensation expense is recognized on the grant date if fully vested, or over the requisite vesting period. The fair value of the stock options is estimated on the date of the grant using the Black ‑Scholes option ‑pricing model, a pricing model acceptable under GAAP. The expected life of the options in the period of time the options are expected to be outstanding. The company did not grant any stock option awards during the years ended December 31, 2015 , 2014 and 2013 . The activity related to the exercisable stock option s for the year ended December 31, 2015 , is as follows: Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2014 339,750 $ 10.82 3.1 $ 4,763 Granted - - - - Exercised (41,000) 18.24 - 363 Forfeited - - - - Expired - - - - Outstanding at December 31, 2015 298,750 $ 9.81 2.4 $ 3,866 Exercisable at December 31, 2015 (1) 298,750 $ 9.81 2.4 $ 3,866 (1) Includes in-the-money options totaling 298,750 shares at a weighted-average exercise price of $ 9.81 . Option awards allow employees to exercise options through cash payment for the shares of common stock or simultaneous broker-assisted transactions in which the employee authorizes the exercise and immediate sale of the option in the open market. The company uses newly issued shares of common stock to satisfy its stock-based payment obligations. The non-vested stock award and deferred stock unit activity for the year ended December 31, 2015 , are as follows: Non-Vested Shares and Deferred Stock Units Weighted-Average Grant-Date Fair Value Weighted-Average Remaining Vesting Term (in years) Nonvested at December 31, 2014 678,504 $ 16.18 Granted 483,289 26.94 Forfeited (6,605) 22.24 Vested (418,460) 16.58 Nonvested at December 31, 2015 736,728 $ 22.96 1.8 Compensation costs for stock-based payment plans during the years ended December 31, 2015 , 2014 and 2013 , were approximately $ 8.7 million, $ 7.2 million and $ 5.5 million, respectively . At December 31, 2015 , there were $ 10.6 million of unrecognized compensation costs from stock-based compensation related to non-vested awards. This compensation is expected to be recognized over a weighted-average period of approximately 1.8 years. The potential tax benefit related to stock-based payment is approximately 38.0 % of these expenses. Green Plains Partners The board of directors of the general partner adopted Green Plains Partners’ 2015 LTIP upon completion of the IPO. The incentive plan is intended to promote the interests of the partnership, its general partner and affiliates by providing incentive compensation based on units to employees, consultants and directors to encourage superior performance. The incentive plan reserves 2.5 million common units for issuance in the form of options, restricted units, phantom units, distributable equivalent rights, substitute awards, unit appreciation rights, unit awards, profits interest units or other unit-based awards. The partnership measures unit-based compensation related to equity awards in its consolidated financial statements over the requisite service period on a straight-line basis. In August 2015, the partnership granted 10,089 restricted unit awards, vesting on July 1, 2016, with a weighted average price of $14.93 to certain directors of the general partner as compensation under the incentive plan. Compensation costs of approximately $67 thousand were expensed during the year ended December 31, 2015 . At December 31, 2015 , there were $83 thousand of unrecognized compensation costs from unit-based compensation. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 13. EARNINGS PER SHARE Basic earnings per share, or EPS, is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income on an if-converted basis for 2013 and the first quarter of 2014, associated with the 3.25% notes and 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, shareholders approved flexible settlement, which gives the company the option to settle the 3.25% notes in cash, common stock or a combination of cash and common stock. The company intends to convert the 3.25% notes with cash for the principal and cash or common stock the conversion premium. Accordingly, 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 basic and diluted EPS are calculated as follows (in thousands): Year Ended December 31, 2015 2014 2013 Basic EPS: Net income attributable to Green Plains $ 7,064 $ 159,504 $ 43,391 Weighted average shares outstanding - basic 37,947 36,467 30,183 EPS - basic $ 0.19 $ 4.37 $ 1.44 Diluted EPS: Net income attributable to Green Plains $ 7,064 $ 159,504 $ 43,391 Interest and amortization on convertible debt, net of tax effect: 5.75% notes - 576 3,578 3.25% notes - 1,379 1,473 Net income attributable to Green Plains - diluted $ 7,064 $ 161,459 $ 48,442 Weighted average shares outstanding - basic 37,947 36,467 30,183 Effect of dilutive convertible debt: 5.75% notes - 1,006 6,286 3.25% notes 939 3,040 1,624 Effect of dilutive stock-based compensation awards 142 217 211 Weighted average shares outstanding - diluted 39,028 40,730 38,304 EPS - diluted $ 0.18 $ 3.96 $ 1.26 Excluded from the computation of diluted EPS for the year ended December 31, 2013, was stock-based compensation awards totaling 14 thousand shares , because the exercise price or the grant-date fair value, as applicable, of the corresponding awa rds was greater than the average market price of the company’s com mon stock during the period. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders Equity Abstract | |
Stockholders' Equity Note Disclosure [Text Block] | 14. STOCKHOLDERS’ EQUITY Treasury Stock The company holds 7.4 million shares of its common stock at a cost of $ 69.8 million. Treasury stock is recorded at cost and reduces stockholders’ equity in the consolidated balance sheets. When shares are reissued, the company will use the weighted average cost method for determining the cost basis. The difference between the cost and the issuance price is added or deducted from additional paid-in capital. Share Repurchase Program In August 2014, the company announced a share repurchase program of up to $100 million of its common stock. Under the program, the company may repurchase shares in open market transactions, privately negotiated transactions, accelerated share buyback programs, tender offers or by other means. The timing and amount of repurchase transactions are determined by its management based on market conditions, share price, legal requirements and other factors. The program may be suspended, modified or discontinued at a ny time without prior notice. The company repurchased 191,700 shares of common stock for approximately $4.0 million during the third quarter of 2015. Dividends In August 2013, the company’s board of directors initiated a quarterly cash dividend , which the c ompany has paid every quarter since. In August 2015, the board of directors declared a quarterly cash dividend of $0.12 per share , representing a 50% increase over the previous quarterly dividend and second annual increase paid to shareholders. Future dec larations of dividends are subject to board approval and may be adjusted as the company’s cash position, business needs or market conditions change . On February 10 , 201 6, the company’s board of directors declared a quarterly cash di vidend of $0.12 per share. The dividend is payable on March 18, 2016 , to shareholders of record at the close of business on February 26, 2016. For each calendar quarter commencing with the quarter ended September 30, 2015, the p artnership agreement requires the partnership to distribute all availab le cash, as defined, to its partners within 45 days after the end of each calendar quarter. Available cash generally means all cash and cash equivalents on hand at the end of that quarter less cash reserves established by the general partner of the partnership plus all or any portion of the cash on hand resulting from working capital borrowings made subsequ ent to the end of that quarter. On January 21 , 201 6 , the board of directors of the general partner of the partnership declared a cash distribution of $0.4025 per unit on outstanding common and subordinated units of the partnership, for the quarter ended December 31, 2015. The distribution is payable on February 12 , 201 6 to unitholders of record at the close of business on February 5 , 2016. Accumulated Other Comprehensive Income Changes in accumulated other comprehensive income are associated primarily with gains and losses on derivative financial instruments. Amounts reclassified from accumulated other comprehensive income are as follows (in thousands): Year Ended December 31, Statements of Operations 2015 2014 2013 Classification Gains (losses) on cash flow hedges: Ethanol commodity derivatives $ 8,420 $ (257,730) $ (96,736) Revenues Corn commodity derivatives (3,551) (43,853) (25,852) Cost of goods sold Total 4,869 (301,583) (122,588) Income (loss) before income taxes Income tax benefit 1,855 (139,754) (46,941) Income tax expense (benefit) Amounts reclassified from accumulated other comprehensive income (loss) $ 3,014 $ (161,829) $ (75,647) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | 15. INCOME TAXES Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the carrying amounts of existing assets and liabilities and thei r respective tax bases, and net operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted rates expected to be applicable to taxable income in the years those temporary differences are recovered or settled. The effect on deferr ed tax assets and liabilities from a change in tax rates is recognized in income during the period that includes the enactment date. Green Plains Partners is a m aster limited partnership, which is treated as a flow-through entity for federal income tax purposes and is not subject to income taxes. As a result, the company’s consolidated financial statements do not reflect any benefit or provision for income taxes on pre-tax income or loss attributable to the noncontrolling interest in the partnership. Income tax expense consists of the following (in thousands): Year Ended December 31, 2015 2014 2013 Current $ 33,750 $ 67,389 $ 1,397 Deferred (27,513) 23,537 27,493 Total $ 6,237 $ 90,926 $ 28,890 Differences between income tax expense at the statutory federal income tax rate and as presented on the consolidated statements of operations are summarized as follows (in thousands): Year Ended December 31, 2015 2014 2013 Tax expense at federal statutory rate of 35% $ 7,513 $ 87,650 $ 25,299 State income tax expense, net of federal benefit 1,397 6,810 2,002 Qualified production activities deduction - (4,637) - Increase (decrease) in valuation allowance against deferred tax assets - - (709) Nondeductible compensation - 848 1,491 Noncontrolling interests (2,857) - - Other 184 255 807 Income tax expense $ 6,237 $ 90,926 $ 28,890 Significant components of deferred tax assets and liabilities are as follows (in thousands): December 31, 2015 2014 Deferred tax assets: Net operating loss carryforwards - State $ 337 $ 471 Tax credit carryforwards - State 4,348 4,910 Derivative financial instruments - 975 Investment in partnerships 46,519 - Organizational and start-up costs 26 851 Stock-based compensation 3,080 2,868 Accrued expenses 10,649 7,196 Capital leases 3,800 3,743 Other 1,858 1,532 Total deferred tax assets 70,617 22,546 Deferred tax liabilities: Convertible debt (5,329) (6,878) Fixed assets (139,383) (118,132) Derivative financial instruments (4,542) Investment in partnerships - (1,534) Total deferred tax liabilities (149,254) (126,544) Valuation allowance (3,160) (3,742) Deferred income taxes $ (81,797) $ (107,740) The company maintain s a valuation allowance for its net deferred tax assets due to uncertainty that it will realize these assets in the future. The deferred tax valuation allowance of $ 3.2 million as of December 31, 2015 , relates to I owa tax credits that started expiring in 2014 and will continue to expire through 2016. M anagement considers whether it is more likely than not that some or all of the deferred tax assets will be realized , which is dependent on the generation of future taxable income and other tax attribu tes during the periods those temporary differences become deductible. S cheduled reversal s of deferred tax liabilities, projected future taxable income, and tax planning strategies are considered to make this assessment. The company’s federal and state returns for t he tax years ended November 30, 201 2 , and later are still subject to audit. A reconciliation of unrecognized tax benefits is as follows (in thousands): Unrecognized Tax Benefits Balance at January 1, 2015 $ 312 Additions for prior year tax positions 7 Reductions for prior year tax positions (130) Balance at December 31, 2015 $ 189 Recognition of these tax benefits would favorably impact the company’s effective tax rate. I nterest and penalties associated with uncertain tax positions are accrued as part of income taxes payable . |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 16. COMMITMENTS AND CONTINGENCIES Operating Leases The company leases certain facilities and parcels of land under agreements that expire at various dates. For accounting purposes, rent expense is based on a straight-line amortization of the total payments required over the lease. The company incurred lease expenses of $33.2 million, $ 31.8 million and $ 19.9 million during the years ended December 31, 2015 , 2014 and 2013 , respectively. Aggregate minimum lease payments under these agreements for future fiscal years are as follows (in thousands): Year Ending December 31, Amount 2016 $ 31,098 2017 20,997 2018 17,049 2019 12,802 2020 10,223 Thereafter 17,003 Total $ 109,172 Commodities As of December 31, 2015 , the company had contracted future purchases of grain, corn oil, natural gas, crude oil, ethanol, distillers grains and cattle, valued at approximately $ 322.3 million. Legal In November 2013, the company acquired ethanol plants located in Fairmont, Minnesota and Wood River, Nebraska. There is ongoing litigation related to the consideration for this acquisition. If the litigation is resolved favorably, the company will recognize a gain in a future period. In the event of a negative outcome, there will be no impact to the company. In addition to the above-described proceeding, the company is currently involved in other litigation that has arisen in the ordinary course of business, but does not believe any current or pending litigation will have a material adverse effect on its financial position, results of operations or cash flows. Insurance Recoveries In March 2014, the Green Plains Otter Tail ethanol plant was damaged by a fire, which caused substantial property damage and business interruption costs. The company had property damage and business interruption insurance coverage and, as a result, the incident did not have a material adverse impact on the company’s financial results. As of December 31, 2014, the company had received $7.8 million for the p roperty damage portion of the claim, representing reimbursement, net of deductible, for the replacement value of the damaged property and equipment. This recovery was in excess of the book value of the damaged assets, resulting in a gain of $4.2 million, wh ich was recorded in other income during the year ended December 31, 2014. The company had also received insurance pro ceeds of $10.5 million as of December 31, 2014 re lated to the business interruption portion of the claim, reimbursing a substantial majority of lost profits, net of deductible, during the repair of this equipment. These proceeds were recorded as a reduction of cost of goods sold. The amounts above for both property damage and business interruption insurance claims are final. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | 17. EMPLOYEE BENEFIT PLANS The company offers eligible employees a comprehensive employee benefits plan that includes health, dental, vision, life and accidental death, short-term disability and long-term disability insurance, and flexible spending accounts. T he company also offers a 401(k) plan enabling eligible employees to save for retirement on a tax-deferred basis up to the limits allowed under the Internal Revenue Code and matches up to 4 % of eligible employee contributions. Employee and employer contributions are 100 % vested immediately. Employer contributions to the 401(k) plan for the years ended December 31, 2015 , 2014 and 2013 were $1.4 million, $ 1.1 million and $ 0.9 million, respectively. The company contributes to a defined benefit pension plan. Since January of 2009, the benefits under the plan were frozen ; however, the company r emains obligated to ensure the plan is funded according to its requirements. As of December 31, 2015 , the plan’s assets were $ 5.7 million and liabilities were $ 6.8 million. At December 31, 2015 , net liabilities of $ 1.1 million were included in other liabilities on the consolidated balance sheet and at December 31, 2014 , net assets of $ 0.4 million were included in other assets on the consolidated balance sheet. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 18. RELATED PARTY TRANSACTIONS Commercial Contracts Three subsidiaries of the company have executed separate financing agreements for equipment with AXIS Capital Inc. Gordon Glade, president and chief executive officer of AXIS Capital, is a member of the company’s board of directors. In March 2014, a subsidiary of the company entered into $1.4 million of new equipment financing agreements with AXIS Capital with monthly payments beginning in April 2014. Balances of $1.0 million and $ 1.2 million related to these financing arrangements were included in debt at December 31, 2015 and 2014 , respectively. Payments, including principal and interest, totaled $0.3 million, $ 0.3 million and $ 0.1 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. The weighted average interest rate for the financing agreements with AXIS Capital was 6.8 %. Aircraft Lease s Effective January 1, 2015, the company entered into two agreements with an entity controlled by Wayne Hoovestol for the lease of two aircrafts. Mr. Hoovestol is chairman of the company’s board of directors. The company agreed to pay $9,766 per month for the combined use of up to 125 hours per year of the aircrafts. Flight time in excess of 125 hours per year will incur additional hourly 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 flight time in excess of 125 hours per year incurring additional hourly charges. During the years ended December 31, 2015 , 2014 and 2013 , payments related to these leases totaled $ 270 thousand, $ 187 thousand and $ 136 thousand, respectivel y. T he company had no outs tanding payables related to these agreement s at December 31, 2015 , and approximately $2 thousand in outstanding payables at December 31, 2014 . |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Data[Abstract] | |
Quarterly Financial Data | 19. QUARTERLY FINANCIAL DATA (Unaudited) The following table includes unaudited financial data for each of the quarters within the years ended December 31, 2015 , and 2014 (in thousands, except per share amounts) , which is derived from the company’s consolidated financial statements . In management’s opinion, the financial data reflects all of the adjustments necessary for a fair presentation of the quarters presented. The operating results for any quarter are not necessarily indicative of results for any future period. Three Months Ended December 31, 2015 September 30, 2015 June 30, 2015 March 31, 2015 Revenues $ 739,914 $ 742,797 $ 744,490 $ 738,388 Costs and expenses 727,176 722,964 720,088 734,284 Operating income 12,738 19,833 24,402 4,104 Other expense (7,959) (10,396) (11,388) (9,869) Income tax expense (benefit) 4,066 (604) 5,222 (2,447) Net income attributable to Green Plains (3,589) 6,179 7,792 (3,318) Basic earnings (loss) per share attributable to Green Plains (0.09) 0.16 0.20 (0.09) Diluted earnings per share attributable to Green Plains (0.09) 0.16 0.19 (0.09) Three Months Ended December 31, 2014 September 30, 2014 June 30, 2014 March 31, 2014 Revenues $ 829,939 $ 833,925 $ 837,858 $ 733,889 Costs and expenses 756,010 758,870 778,912 655,546 Operating income 73,929 75,055 58,946 78,343 Other expense (9,315) (9,056) (8,857) (8,615) Income tax expense 22,377 24,250 17,775 26,525 Net income attributable to Green Plains 42,237 41,749 32,314 43,203 Basic earnings per share attributable to Green Plains 1.12 1.11 0.86 1.30 Diluted earnings per share attributable to Green Plains 1.07 1.03 0.82 1.04 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 20. SUBSEQUENT EVENTS Drop Down of Assets O n October 23, 2015, the company acquired an ethanol production facility in Hopewell, Virginia, with production capacity of approximately 60 mmgy. Ethanol p roduction resumed on February 8, 2016, and corn oil extraction is expected to be operational during the second quarter of 2016. On November 12, 2015, the company acquired an ethanol production facility in Hereford, Texas. The facility includes an ethanol plant with approximately 100 mmgy of production capacity, a corn oil extraction system and other related assets. Effective January 1, 2016, the partnership acquired the storage and transportation assets of the Hereford, Texas and Hopewell, Virginia ethan ol production facilities from the company for an initial consideration of $62.5 mil lion. The partnership used its revolving credit facility and cash on hand to fund the purchase of the assets. The acquired assets include three ethanol storage tanks that support the plants’ combined expected production capacity of approximately 160 mmgy and 224 leased railcars with capacity of approximately 6.7 mmg. The partnership amended the storage and throughput agreement, increasing the minimum volume commitment to 246.5 mmg per calendar quarter. The partnership also amended the rail transportation services agreement, increasing the minimum railcar volumetric capacity commitment to 76.3 mmg. |
Schedule I - Condensed Financia
Schedule I - Condensed Financial Information Of The Registrant | 12 Months Ended |
Dec. 31, 2015 | |
Schedule I - Condensed Financial Information Of The Registrant [Abstract] | |
Schedule I - Condensed Financial Information Of The Registrant | Schedule I – Condensed Financial Information of the Registrant (Parent Company Only) GREEN PLAINS INC. CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT STATEMENTS OF BALANCE SHEET – PARENT COMPANY ONLY (in thousands) December 31, 2015 2014 ASSETS Current assets Cash and cash equivalents $ 273,294 $ 252,689 Restricted cash 10,130 6,309 Accounts receivable, including amounts from related parties of $1,080 and $196 , respectively 1,188 268 Income tax receivable 9,104 - Prepaid expenses and other 1,189 893 Due from subsidiaries 136 30,823 Total current assets 295,041 290,982 Property and equipment, net 3,811 4,147 Investment in consolidated subsidiaries 605,042 611,311 Other assets 17,167 18,323 Total assets $ 921,061 $ 924,763 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 1,889 $ 2,098 Accrued liabilities 12,511 17,150 Income tax payable - 2,907 Current maturities of long-term debt - - Total current liabilities 14,400 22,155 Long-term debt 105,393 100,845 Deferred income taxes 2,250 4,010 Other liabilities 23 304 Total liabilities 122,066 127,314 Stockholders' equity Common stock 45 45 Additional paid-in capital 577,787 569,431 Retained earnings 290,974 299,101 Accumulated other comprehensive loss - (5,320) Treasury stock (69,811) (65,808) Total stockholders' equity 798,995 797,449 Total liabilities and stockholders' equity $ 921,061 $ 924,763 See accompanying notes to the condensed financial statements. GREEN PLAINS INC. CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT STATEMENTS OF OPERATIONS – PARENT COMPANY ONLY (in thousands) Year Ended December 31, 2015 2014 2013 Selling, general and administrative expenses $ - $ - $ 88 Operating (loss) - - (88) Other income (expense) Interest income 838 462 192 Interest expense (9,280) (9,539) (8,742) Other, net (3,366) (3,860) (2,647) Total other expense (11,808) (12,937) (11,197) Loss before income taxes (11,808) (12,937) (11,285) Income tax benefit 4,106 4,361 5,018 Loss before equity in earnings of subsidiaries (7,702) (8,576) (6,267) Equity in earnings of consolidated subsidiaries 14,766 168,080 49,658 Net income $ 7,064 $ 159,504 $ 43,391 See accompanying notes to the condensed financial statements. GREEN PLAINS INC. CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT STATEMENTS OF CASH FLOWS – PARENT COMPANY ONLY (in thousands) Year Ended December 31, 2015 2014 2013 Cash flows from operating activities: $ 23,665 $ (7,653) $ (1,924) Net cash provided (used) by operating activities 23,665 (7,653) (1,924) Cash flows from investing activities: Purchases of property and equipment (1,191) (2,829) (652) Proceeds on disposal of assets, net - - 42 Investment in subsidiaries, net 26,355 125,179 (53,754) Issuance of notes receivable from subsidiaries, net of payments received (3,000) 9,500 15,356 Investments in unconsolidated subsidiaries (2,975) (4,309) (3,264) Net cash provided (used) by investing activities 19,189 127,541 (42,272) Cash flows from financing activities: Proceeds from the issuance of long-term debt - - 120,000 Payments of principal on long-term debt - (238) (1,841) Payments on short-term borrowings - - (27,162) Payments for repurchase of common stock (4,003) - - Change in restricted cash (3,821) (6,309) - Payment of cash dividends (15,191) (8,908) (2,426) Payment of loan fees - - (5,072) Proceeds from the exercise of stock options 766 4,404 4,498 Net cash provided (used) by financing activities (22,249) (11,051) 87,997 Net change in cash and equivalents 20,605 108,837 43,801 Cash and cash equivalents, beginning of period 252,689 143,852 100,051 Cash and cash equivalents, end of period $ 273,294 $ 252,689 $ 143,852 See accompanying notes to the condensed financial statements. GREEN PLAINS INC. CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT NOTES TO CONDENSED FINANCIAL STATEMENTS – PARENT COMPANY ONLY 1. BASIS OF PRESENTATION References to “parent company” refer to Green Plains Inc., a holding company that conducts substantially all of its business operations through its subsidiaries. T he parent company is restricted from obtaining funds from certain subsidiaries through dividends, loans or advances. See Note 11 – Debt in the notes to the consolidated financial s tatements for additional information. Accordingly, these condensed financial statements are presented o n a “parent-only” basis , in which the parent company’s investments in its consolidated subsidiaries are presented under the equity method of accounting. These financial statements should be read in conjunction with Green Plains Inc.’s audited consolidated financial statements included in this report . 2. COMMITMENTS AND CONTINGENCIES Operating Leases The parent company leases certain facilities under agreements that expire at various dates. For accounting purposes, rent expense is based on a straight-line amortization of the total payments required over the lease term. The parent company incurred le ase expenses of $ 1.1 million, $ 1.0 million and $ 0.9 million during the years ended December 31, 2015 , 2014 and 2013 , respectively. Aggregate minimum lease payments under these agreements for future fiscal years are as follows (in thousands): Year Ending December 31, Amount 2016 $ 1,118 2017 1,920 2018 1,887 2019 1,889 2020 1,372 Thereafter 16,015 Total $ 24,201 Parent Guarantees The various operating subsidiaries of the parent company enter into contracts as a routine part of their business activities , which are guaranteed by the parent company in certain instances. Examples of these contracts include financing and lease arrangements, commodity purchase and sale agreements, and agreements with vendors. As of December 31, 2015 , the parent company had $ 337.5 million in guarantees of subsidiary contracts and indebtedness. 3. DEBT Parent company debt as of December 31, 2015 , consists of the 3.25% convertible senior n otes due 2018. Scheduled long-term debt repayments, including full accretion at their maturity but excluding the effects of the debt discounts , are as follows (in thousands): Year Ending December 31, Amount 2016 $ - 2017 - 2018 120,000 2019 - 2020 - Thereafter - Total $ 120,000 |
Basis Of Presentation And Des30
Basis Of Presentation And Description Of Business (Policy) | 12 Months Ended |
Dec. 31, 2015 | |
Basis Of Presentation And Description Of Business [Abstract] | |
Consolidated Financial Statements | Consolidated Financial Statements The consolidated financial statements include the company’s accounts and all significant intercompany balances and transactions are eliminated. Unconsolidated entities are included in the financial statements on an equity basis. |
Use Of Estimates In The Preparation Of Consolidated Financial Statements | Use of Estimates in the Preparation of Consolidated Financial Statements The preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The company bases its estimates on historical experience and other assumptions that it believes are proper and reasonable under the circumstances. The company regularly evaluates the appropriateness of estimates and assumptions used in the preparation of its consolidated financial statements. Actual results could differ from those estimates. Key accounting policies, including but not limited to those relating to revenue recognition, depreciation of property and equipment, impairment of long-lived assets and goodwill, derivative financial instruments, and accounting for income taxes, are impacted significantly by judgments, assumptions and estimates used in the preparation of the consolidated financial statements. |
Summary Of Significant Accoun31
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |
Cash And Cash Equivalents And Restricted Cash | Cash and Cash Equivalents and Restricted Cash The company considers short-term , highly liquid investments with original maturities of three months or less to be cash equivalents. Cash and cash equivalents include bank deposits. The company also has restricted cash which can only be used for payment towards a revolving credit agreement. |
Revenue Recognition | Revenue Recognition The company recognizes revenue when the following criteria are satisfied: persuasive evidence that an arrangement exists, title of product and risk of loss are transferred to the customer, price is fixed and determinable and collectability is reasonably assured. Sales of ethanol, distillers grains, corn oil and other commodities by the company’s marketing business are recognized when title of product and risk of loss are transferred to an external customer. Revenues related to marketing for third parties are presented on a gross basis when the company takes title of the product and assumes risk of loss. Unearned revenue is recorded for goods in transit when the company has received payment but the title has not yet been transferred to the customer. Revenues for receiving, storing, transferring and transporting ethanol and other fuels are recognized when the product is delivered to the customer. The company routinely enters into fixed-price, physical-delivery energy commodity purchase and sale agreements. At times, the company settles these transactions by transferring its obligations to other counterparties rather than delivering the physical commodity. 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 or loss. Sales of agricultural commodities, including cattle, are recognized when title of product and risk of loss are transferred to the customer, which depends on the agreed upon terms. The sales terms provide passage of title when shipment is made or the commodity is delivered and the customer has agreed to final weights, grades and settlement prices. Revenues related to grain merchandising are presented gross and include shipping and handling, which is also a component of cost of goods sold. Revenues from grain storage are recognized when services are rendered. A substantial portion of the partnership revenues are derived from fixed-fee commercial agreements for storage, terminal or transportation services. The partnership recognizes revenue when there is evidence an arrangement exists; risk of loss and title transfer to the customer; the price is fixed or determinable; and collectability is reasonably ensured. Revenues from base storage, terminal or transportation services are recognized once these services are performed, which occurs when the product is delivered to the customer. |
Cost Of Goods Sold | Cost of Goods Sold Cost of goods sold includes direct labor, materials and plant overhead costs. Direct labor includes all compensation and related benefits of non-management personnel invo lved in ethanol plant and cattle feedlot operations . Grain purchasing and receiving costs, excluding labor costs for grain buyers and scale operators, are also included in cost of goods sold. Materials include the cost of corn feedstock, denaturant, process chemicals , cattle and veterinary supplies . 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 as well as 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 or loss. Plant overhead consists primari ly of plant and feedlot utilities, repairs and maintenance, yard expenses and outbound freight charges. Shipping costs incurred 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 effect of price changes on the 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 and settled predominantly in cash. The company is exposed to loss when counterparties default on forward purchase and sale contracts. Grain inventories held for sale and forward purchase and sale contracts are valued at market prices when available or other market quotes adjusted for differences, primarily in transportation, between the exchange-traded market and local markets where 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 are recognized as a component of cost of goods sold. Operations and Maintenance Expenses In the partnership segment, transportation expenses represent the primary components of operations and maintenance expenses. Transportation expense includes rail car lea ses, freight and shipping of the company’s ethanol and co-products, as well as costs incurred in storing ethanol at destination terminals. |
Derivative Financial Instruments | Derivative Financial Instruments The company uses various derivative financial instruments, including exchange-traded futures and exchange-traded and over-the-counter options contracts, to minimize risk and the effect of price changes related to corn, ethanol, cattle and natural gas. The company monitors and manages this exposure as part of its overall risk management policy to reduce the adverse effect market volatility may have on its operating results. The company may hedge these commodities as one way to mitigate risk, however, there may be situations when these hedging activities 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’s exposure to credit risk includes the counterparty’s failure 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 their financial condition. 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 parameters to monitor exposure within its risk management strategy which limits the types of derivative instruments and derivative strategies the company can use and the degree of market risk it can take by the use of derivative instruments. The company evaluates its physical delivery contracts to determine if they qualify for normal purchase or sale exemptions and are expected to be used or sold over a reasonable period in the normal course of business. Contracts that do not meet the normal purchase or sale criteria are recorded at fair value. Changes in fair value are recorded in operating income unless the contracts qualify for, and the company elects, hedge accounting treatment. Certain qualifying derivatives related to the ethanol production and agribusiness segments are designated as cash flow hedges. The company evaluates the derivative instrument to ascertain its effectiveness prior to entering into cash flow hedges. Ineffectiveness is recognized in current period results, while other unrealized gains and losses are reflected in accumulated other comprehensive income until the gain or loss from the underlying hedged transaction is realized. When it becomes probable a forecasted transaction will not occur, the cash flow hedge treatment is discontinued, which affects earnings. These derivative financial instruments are recognized in current assets or other current liabilities at fair value. At times, the company hedges its exposure to changes in the value of inventories and designates qualifying derivatives as fair value hedges. The carrying amount of the hedged inventory is adjusted in current period results for changes in fair value. Ineffectiveness is recognized in current period results to the extent the change in fair value of the inventory is not offset by the change in fair value of the derivative. |
Concentrations Of Credit Risk | Concentrations of Credit Risk T he company is exposed to credit risk resulting from the possibility that another party may fail to per form according to the terms of the company’s contract. The company sells ethanol , corn oil and distillers grains and markets produ cts for third parties, which can result in concentrations of credit risk from a variety of customers, including major integrated oil companies, large independent refiners, petroleum wholesalers and other marketers . The company also sells grain to large commercial buyers, including other ethanol plants , and sells cattle to meat processors . Although payments are typically received within fifteen days of the sale, the company continually monitors its exposure. T he company is also exposed to credit risk on prepayments of undelivered inventories with a few major suppliers of petroleum products and agricultural inputs. |
Inventories | Inventories Corn held for ethanol production, ethanol , corn oil and distillers grains inventories are recorded at lower of average cost or market . F air value hedged inventories are recorded at market. Other grain inventories include readily ma rketable grain, forward contracts to buy and sell grain, and exchange traded futures and option contracts , which are all stated at market value. F utures and options contracts, which are used to hedge the value of owned grain and forward contracts, are considered derivatives. All grain inventories held for sale are marked to market . Changes are reflected in cost of goods sold. The forward contracts require performance in future periods. Contracts t o purchase grain generally relate to current or future crop years for delivery periods quoted by regulated commodity exchanges. Contracts for the sale of grain to processors or other consumers generally do not extend beyond one y ear. The terms of the purchase and sale agreements for grain are consistent with industry standards. Finished goods inventory consis ts of denatured ethanol and related co-products , which are valued at the lower of average cost or market. In addition to ethanol and related co-products in process, w ork-in-process inventory includes the cost of acquired cattle and related feed and veterinary supplies, as well as direct labor and feedlot overhead costs, all of which are valued at lower of average cost or market. |
Property And Equipment | Property and Equipment Property and equipment are stated at cost less accumulated depreciatio n. Depreciation is generally calculated using the straight-line method over the following estimated useful life of the assets: Years Plant, buildings and improvements 10 - 40 Ethanol production equipment 15 - 40 Other machinery and equipment 5 - 7 Land improvements 20 Railroad track and equipment 20 Computer and software 3 - 5 Office furniture and equipment 5 - 7 Property and equipment is capitalized at cost. Land improvements are capitalized and depreciated. Expenditures for property improvements are capitalized. Costs of repairs and maint enance are charged to expense when incurred. The company periodically evaluates whether events and circu mstances have occurred that warrant a revision of the estimated useful life of its fixed assets. |
Impairment Of Long-Lived Assets | Impairment of Long-Lived Assets The company’s long-lived assets consist of property and equipment. The company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. Recoverability is measured by compari ng the carrying amount of the asset to the estimated undiscounted future cash flows t he asset is expected to generate . Impairment is recorded when the asset’s carrying amount exceeds its estimated future cash flows. Significant man agement judgment is required to determine the fair value of long-lived assets, which includes discounted cash flows projections . No impairment charges were recorded for the periods reported. |
Goodwill | Goodwill Goodwill represents future economic benefits that are not individually recognized in an acquisition . The company records goodwill when the purchase price for an acquisition exceeds the fair value of its identified tangible and intangible assets . The company’s goodwill currently consists of amounts related to the acquisition of five ethanol plants and its fuel terminal and distribution business. Goodwill is reviewed for impairment at least annually. The qualitative factors of goodwill are assessed to determine whethe r it is necessary to perform a two-step goodwill impairment test. Under the first step, the estimated fair value of the reporting unit is compared with its carrying value , including goodwill. If the estimated fair value is less than the carrying value, the company completes a second step to determine the amount of goodwill impairment that should be recorded . In the second step, the reporting unit’s fair value is allocated to all of its assets and liabilities other than goodwill to determine the implied fair value. The result is compared with the carrying amount and an impairment charge is recorded for the difference. The company performs an annual impairment review on October 1 and when a triggering event occurs between annual impairment tests. No impairment losses were recorded for the periods reported. |
Financing Costs | Financing Costs Fees and costs rel ated to securing debt are recorded as financing costs. Debt issuance costs are stated at cost and are amortized using the effective interes t method for term loans and the straight-line basis over the life of the agreements for revolving credit arrangements . D uring periods of construction, amortization is capitalized in construction-in-progress. |
Selling, General And Administrative Expenses | Selling, General and Administrative Expenses Selling, general and administrative expenses consists of employee salaries, incentives and benefits; office expenses; director compensat ion; professional fees for accounting, legal, consulting, and investor relations activities; and non-plant depreciation and amortization costs. |
Environmental Expenditures | Environmental Expenditures Environmental expenditures that pertain to current operations and relate to future revenue are expensed or capitalized . Probable liabilities that can be reasonably estimated are expensed or capitalized and disclosed in the company’s quarterly and annual filings, if material. Expenditures result ing from the remediation of an existing condition caused by past operations which do not contribute to future revenue are expensed when incurred. |
Stock-Based Compensation | Stock-Based Compensation The company recognizes compensation cost using a fair value based method whereby compensation cost is measured at the grant date based on the value of the award and is recognized over the service period, which is usually the vesting period. The company uses the Black-Scholes pricing model to calculate the fair value of options and warrants issued to both employees and non-employees. Stock issued for compensation is valued using the market price of the stock on the date of the related agreement. |
Income Taxes | Income Taxes The provision for income taxes is computed using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences attributable to temporary differences between the financial reporting carrying amount of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operating results in the period of enactment. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The company recognizes uncertainties in income taxes within the financial statements under a process by which the likelihood of a tax position is gauged based upon the technical merits of the position, and then a subsequent measurement relates the maximum benefit and the degree of likelihood to determine the amount of benefit recognized in the financial statements. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Effective January 1, 2015, the company early adopted th e amended guidance in ASC 740, Income Taxes: Balance Sheet Classification of Deferred Taxes , which requires entities with a classified balance sheet to present all deferred tax assets and liabilities as noncurrent. The consolidated balance sheets reflect the retrospective adjustment for the amended guidance. Effective January 1, 2016, the company will adopt th e amended guidance in ASC 835-30, Interest - Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs , which requires debt issuance costs related to a recognized debt liability to 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, and the balance sheet of each individual period presented will be adjusted to reflect the period-specific effects of the new guidance. Effective January 1, 2016, the company will adopt th e amended guidance in ASC 810, Consolidation: Amendments to the Consolidation Analysis , which reduces the number of consolidation models and simplifies the guidance by placing more emphasis on risk of loss when determining a controlling financial interest, reducing the frequency of related-party guidance when determining a controlling financial interest in a variable interest entity, and changing consolidation conclusions for companies in industries that typically make use of limited partnerships or variable interest entities. The amended guidance will be applied prospectively. Effective January 1, 2017, the company will adopt th e amended guidance in ASC 330, Inventory: Simplifying the Measurement of Inventory , which requires inventory to be measured at 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. Effective January 1, 2018, the company will adopt th e amended guidance in ASC 606, Revenue from Contracts with Customers , which requires revenue recognition to reflect the transfer of promised goods or services to customers. The updated standard permits either the retrospective or cumulative effect transition method. Early application beginning January 1, 2017 is permitted. The company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements and related disclosures. |
Summary Of Significant Accoun32
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |
Schedule Of Estimated Useful Lives Of Assets | Depreciation is generally calculated using the straight-line method over the following estimated useful life of the assets: Years Plant, buildings and improvements 10 - 40 Ethanol production equipment 15 - 40 Other machinery and equipment 5 - 7 Land improvements 20 Railroad track and equipment 20 Computer and software 3 - 5 Office furniture and equipment 5 - 7 |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Green Plains Hereford [Member] | |
Business Acquisition [Line Items] | |
Schedule Of Identifiable Assets Acquired And Liabilities Assumed | Amounts of Identifiable Assets Acquired and Liabilities Assumed Inventory $ 20,487 Derivative financial instruments 2,625 Property and equipment, net 78,786 Current liabilities (2,542) Other liabilities (1,128) Total identifiable net assets $ 98,228 |
Green Plains Fairmont and Green Plains Wood River [Member] | |
Business Acquisition [Line Items] | |
Schedule Of Identifiable Assets Acquired And Liabilities Assumed | Amounts of Identifiable Assets Acquired and Liabilities Assumed Accounts receivable $ 119 Inventory 8,680 Prepaid expenses and other 2,696 Property and equipment, net 112,274 Other assets 4,193 Current liabilities (4,260) Long-term portion of capital leases and tax increment financing bond (7,895) Other liabilities (1,489) Total identifiable net assets $ 114,318 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Assets And Liabilities Fair Value | Fair Value Measurements at December 31, 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 $ 384,867 $ - $ - $ 384,867 Restricted cash 27,018 - - 27,018 Margin deposits 7,658 - (7,658) - Inventories carried at market - 43,936 - 43,936 Unrealized gains on derivatives 19,756 7,145 3,639 30,540 Other assets 117 - - 117 Total assets measured at fair value $ 439,416 $ 51,081 $ (4,019) $ 486,478 Liabilities: Unrealized losses on derivatives $ 4,492 $ 7,772 $ (4,019) $ 8,245 Total liabilities measured at fair value $ 4,492 $ 7,772 $ (4,019) $ 8,245 Fair Value Measurements at December 31, 2014 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Reclassification for Balance Sheet (Level 1) (Level 2) Presentation Total Assets: Cash and cash equivalents $ 425,510 $ - $ - $ 425,510 Restricted cash 29,742 - - 29,742 Margin deposits 24,488 - (24,488) - Inventories carried at market - 36,411 - 36,411 Unrealized gains on derivatives 11,877 18,111 6,359 36,347 Other assets 118 3 - 121 Total assets measured at fair value $ 491,735 $ 54,525 $ (18,129) $ 528,131 Liabilities: Unrealized losses on derivatives $ 18,129 $ 28,082 $ (18,129) $ 28,082 Total liabilities measured at fair value $ 18,129 $ 28,082 $ (18,129) $ 28,082 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Information [Abstract] | |
Summary Of Financial Data | Year Ended December 31, 2015 2014 2013 Revenues: Ethanol production: Revenues from external customers (1) $ 196,443 $ (51,424) $ 128,395 Intersegment revenues 1,549,884 2,286,452 1,972,550 Total segment revenues 1,746,327 2,235,028 2,100,945 Agribusiness: Revenues from external customers (1) 249,834 100,436 51,883 Intersegment revenues 1,131,466 1,208,120 761,835 Total segment revenues 1,381,300 1,308,556 813,718 Marketing and distribution: Revenues from external customers (1) 2,510,924 3,178,115 2,853,554 Intersegment revenues 120,687 171,372 33,932 Total segment revenues 2,631,611 3,349,487 2,887,486 Partnership: Revenues from external customers 8,388 8,484 7,179 Intersegment revenues 42,549 4,359 3,853 Total segment revenues 50,937 12,843 11,032 Revenues including intersegment activity 5,810,175 6,905,914 5,813,181 Intersegment eliminations (2,844,586) (3,670,303) (2,772,170) Revenues as reported $ 2,965,589 $ 3,235,611 $ 3,041,011 (1) Revenues from external customers include realized gains and losses from derivative financial instruments. Cost of goods sold: Ethanol production $ 1,626,327 $ 1,879,547 $ 1,926,098 Agribusiness 1,362,001 1,293,274 807,459 Marketing and distribution 2,588,738 3,281,191 2,840,840 Partnership - - - Intersegment eliminations (2,847,467) (3,670,967) (2,765,583) $ 2,729,599 $ 2,783,045 $ 2,808,814 Operating income (loss): Ethanol production $ 40,568 $ 281,332 $ 113,645 Agribusiness 10,206 8,497 3,324 Marketing and distribution 25,560 48,460 38,192 Partnership 13,263 (19,975) (11,285) Intersegment eliminations 2,960 666 (6,588) Corporate activities (31,480) (32,706) (29,437) $ 61,077 $ 286,274 $ 107,851 Income (loss) before income taxes: Ethanol production $ 18,973 $ 265,437 $ 94,695 Agribusiness 5,807 5,996 793 Marketing and distribution 23,937 43,775 35,037 Partnership 12,967 (20,038) (12,003) Intersegment eliminations 2,960 666 (6,588) Corporate activities (43,179) (45,406) (39,653) $ 21,465 $ 250,430 $ 72,281 Depreciation and amortization: Ethanol production $ 55,283 $ 53,141 $ 45,595 Agribusiness 2,532 1,441 362 Marketing and distribution 375 337 8 Partnership 5,787 5,544 3,572 Corporate activities 1,973 1,676 1,317 $ 65,950 $ 62,139 $ 50,854 Interest expense: Ethanol production $ 22,727 $ 22,749 $ 18,988 Agribusiness 4,565 2,591 2,531 Marketing and distribution 3,483 5,129 3,311 Partnership 381 138 768 Intersegment eliminations (70) (238) (982) Corporate activities 9,280 9,539 8,741 $ 40,366 $ 39,908 $ 33,357 Capital expenditures: Ethanol production $ 48,691 $ 40,203 $ 10,251 Agribusiness 13,601 17,166 6,514 Marketing and distribution 190 788 1,225 Partnership 1,496 547 1,122 Corporate activities 1,589 2,829 652 $ 65,567 $ 61,533 $ 19,764 |
Summary Of Total Assets For Operating Segments | The following table sets forth total assets by operating segment (in thousands): Year Ended December 31, 2015 2014 Total assets (1) : Ethanol production $ 1,017,584 $ 991,260 Agribusiness 300,364 234,626 Marketing and distribution 230,651 259,246 Partnership 75,203 76,762 Corporate assets 316,389 282,628 Intersegment eliminations (10,863) (23,460) $ 1,929,328 $ 1,821,062 (1) Asset balances by segment exclude intercompany payable and receivable balances. |
Schedule Of Revenues By Product | Year Ended December 31, 2015 2014 2013 Revenues: Ethanol $ 1,868,043 $ 2,362,812 $ 2,330,884 Distillers grains 474,699 531,696 488,376 Corn oil 101,126 99,167 74,251 Grain 240,466 174,997 92,487 Cattle 219,046 29,262 - Service revenues 8,388 8,484 7,179 Other 53,821 29,193 47,834 $ 2,965,589 $ 3,235,611 $ 3,041,011 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventories [Abstract] | |
Schedule Of Inventories | December 31, 2015 2014 Finished goods $ 71,595 $ 34,639 Grain held for sale 22,518 23,027 Raw materials 138,091 78,095 Work-in-process 96,950 100,221 Supplies and parts 24,803 18,985 $ 353,957 $ 254,967 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property And Equipment [Abstract] | |
Schedule Of Components Of Property And Equipment | December 31, 2015 2014 Plant equipment $ 892,915 $ 777,987 Buildings and improvements 176,094 159,178 Land and improvements 84,257 73,819 Railroad track and equipment 41,732 40,882 Construction-in-progress 38,200 23,276 Computers and software 11,115 9,305 Office furniture and equipment 2,492 2,127 Leasehold improvements and other 13,823 13,179 Total property and equipment 1,260,628 1,099,753 Less: accumulated depreciation (338,558) (274,543) Property and equipment, net $ 922,070 $ 825,210 |
Derivative Financial Instrume38
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule Of Fair Values Of Derivative Financial Instruments | Asset Derivatives' Liability Derivatives' Fair Value at December 31, Fair Value at December 31, 2015 2014 2015 2014 Derivative financial instruments (1) $ 22,882 (2) $ 11,859 (3) $ - $ - Other assets - 3 - - Accrued and other liabilities - - 8,245 28,082 Total $ 22,882 $ 11,862 $ 8,245 $ 28,082 (1) Derivative financial instruments as reflected on the balance sheet include a margin deposit assets of $ 7.7 million and $ 24.5 million at December 31, 2015 and 2014 , respectively. (2) Balance at December 31, 2015 , includes $ 2.3 million of net unrealized gains on derivative financial instruments designated as cash flow hedging instruments. Balance at December 31, 2014 , includes $ 0.6 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments. |
Schedule of Effective Portion of Cash Flow Hedges Recognized In Other Comprehensive Income (Loss) | Effective Portion of Cash Flow Hedges Recognized in Year Ended December 31, Other Comprehensive Income (Loss) 2015 2014 2013 Commodity Contracts $ 11,582 $ (299,684) $ (138,589) |
Schedule Of Gains (Losses) On Derivative Instruments Not Designated In Hedging Relationship [Member] | |
Schedule Of Gains (Losses) On Derivative Instruments Not Designated In Hedging Relationship | Gains (Losses) on Derivative Instruments Not Year Ended December 31, Designated in a Hedging Relationship 2015 2014 2013 Revenues $ (12,952) $ 13,369 $ (10,855) Cost of goods sold 10,492 165 12,701 Net increase (decrease) recognized in earnings before tax $ (2,460) $ 13,534 $ 1,846 |
Schedule Of Gain (Loss) Due To Ineffectiveness Of Cash Flow Hedges [Member] | |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | Gains (Losses) Due to Ineffectiveness Year Ended December 31, of Cash Flow Hedges 2015 2014 2013 Revenues $ (43) $ (326) $ (84) Cost of goods sold - 481 (490) Net increase (decrease) recognized in earnings before tax $ (43) $ 155 $ (574) |
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) Year Ended December 31, into Net Income 2015 2014 2013 Revenues $ 8,420 $ (257,730) $ (96,736) Cost of goods sold (3,551) (43,853) (25,852) Net increase (decrease) recognized in earnings before tax $ 4,869 $ (301,583) $ (122,588) |
Schedule Of Gain (Loss) From Fair Value Hedges Of Ethanol Inventory [Member] | |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | Gains (Losses) from Fair Value Year Ended December 31, Hedges of Inventory 2015 2014 2013 Cost of goods sold (effect of change in inventory value) $ (7,819) $ 304 $ 102 Cost of goods sold (effect of fair value hedge) 12,045 2,612 674 Ineffectiveness recognized in earnings before tax $ 4,226 $ 2,916 $ 776 |
Schedule Of Volumes of Open Commodity Derivative Positions [Member] | |
Schedule Of Open Positition Derivative Financial Instruments | December 31, 2015 Exchange Traded Non-Exchange Traded Derivative Instruments Net Long & (Short) (1) Long (2) (Short) (2) Unit of Measure Commodity Futures (16,795) Bushels Corn, Soybeans and Wheat Futures (5,710) (3) Bushels Corn Futures (19,890) (4) Bushels Corn Futures 48,300 Gallons Ethanol Futures (5,670) (3) Gallons Ethanol Futures (3,190) mmBTU Natural Gas Futures (8,528) (4) mmBTU Natural Gas Futures 490 Pounds Cattle Futures (55,330) (3) Pounds Cattle Futures (382) Barrels Crude Oil Futures (32,400) Pounds Soybean Oil Options (7,348) Bushels Corn, Soybeans and Wheat Options (1,956) Gallons Ethanol Options 837 mmBTU Natural Gas Options (9,936) Pounds Cattle Options (15) Barrels Crude Oil Options (1,422) Pounds Soybean Oil Forwards 27,044 (6,094) Bushels Corn and Soybeans Forwards 17,212 (188,127) Gallons Ethanol Forwards 90 (250) Tons Distillers Grains Forwards 18,028 (110,980) Pounds Corn Oil Forwards 6,817 (3,065) mmBTU Natural Gas Forwards 780 (62) Barrels Crude Oil (1) Exchange traded futures and options are presented on a net long and (short) position basis. Options are presented on a delta-adjusted basis. (2) Non-exchange traded forwards are presented on a gross long and (short) position basis including both fixed-price and basis contracts. (3) Futures used for cash flow hedges. (4) Futures used for fair value hedges |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt [Abstract] | |
Schedule Of The Components Of Long-Term Debt | December 31, 2015 2014 Green Plains Fairmont and Green Plains Wood River: $62.5 million term loan $ - $ 40,000 Green Plains Holdings II: $46.8 million term loans - 29,510 $20.0 million revolving term loan - 6,000 Green Plains Obion: $37.4 million revolving term loan - 27,400 Green Plains Processing: $345.0 million term loan 315,305 213,775 Green Plains Superior: $15.6 million revolving term loan - 15,025 Corporate: $120.0 million convertible notes 105,393 100,845 Other 27,356 30,350 Total long-term debt 448,054 462,905 Less: current portion of long-term debt (4,507) (63,465) Long-term debt $ 443,547 $ 399,440 |
Schedule Of Maturities Of Long-Term Debt | Scheduled long-term debt repayments, including full accretion of the $120.0 million convertible notes due 2018 at maturity but excluding the effects of any debt discounts , are as follows (in thousands): Year Ending December 31, Amount 2016 $ 4,507 2017 4,563 2018 124,548 2019 4,594 2020 302,382 Thereafter 22,067 Total $ 462,661 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 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 339,750 $ 10.82 3.1 $ 4,763 Granted - - - - Exercised (41,000) 18.24 - 363 Forfeited - - - - Expired - - - - Outstanding at December 31, 2015 298,750 $ 9.81 2.4 $ 3,866 Exercisable at December 31, 2015 (1) 298,750 $ 9.81 2.4 $ 3,866 Includes in-the-money options totaling 298,750 shares at a weighted-average exercise price of $ 9.81 . |
Schedule Of Non-Vested Stock Award And DSU Activity | Non-Vested Shares and Deferred Stock Units Weighted-Average Grant-Date Fair Value Weighted-Average Remaining Vesting Term (in years) Nonvested at December 31, 2014 678,504 $ 16.18 Granted 483,289 26.94 Forfeited (6,605) 22.24 Vested (418,460) 16.58 Nonvested at December 31, 2015 736,728 $ 22.96 1.8 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule Of Basic And Diluted Earnings Per Share | Year Ended December 31, 2015 2014 2013 Basic EPS: Net income attributable to Green Plains $ 7,064 $ 159,504 $ 43,391 Weighted average shares outstanding - basic 37,947 36,467 30,183 EPS - basic $ 0.19 $ 4.37 $ 1.44 Diluted EPS: Net income attributable to Green Plains $ 7,064 $ 159,504 $ 43,391 Interest and amortization on convertible debt, net of tax effect: 5.75% notes - 576 3,578 3.25% notes - 1,379 1,473 Net income attributable to Green Plains - diluted $ 7,064 $ 161,459 $ 48,442 Weighted average shares outstanding - basic 37,947 36,467 30,183 Effect of dilutive convertible debt: 5.75% notes - 1,006 6,286 3.25% notes 939 3,040 1,624 Effect of dilutive stock-based compensation awards 142 217 211 Weighted average shares outstanding - diluted 39,028 40,730 38,304 EPS - diluted $ 0.18 $ 3.96 $ 1.26 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders’ Equity [Abstract] | |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Year Ended December 31, Statements of Operations 2015 2014 2013 Classification Gains (losses) on cash flow hedges: Ethanol commodity derivatives $ 8,420 $ (257,730) $ (96,736) Revenues Corn commodity derivatives (3,551) (43,853) (25,852) Cost of goods sold Total 4,869 (301,583) (122,588) Income (loss) before income taxes Income tax benefit 1,855 (139,754) (46,941) Income tax expense (benefit) Amounts reclassified from accumulated other comprehensive income (loss) $ 3,014 $ (161,829) $ (75,647) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Schedule Of Income Tax Expense | Year Ended December 31, 2015 2014 2013 Current $ 33,750 $ 67,389 $ 1,397 Deferred (27,513) 23,537 27,493 Total $ 6,237 $ 90,926 $ 28,890 |
Schedule Of Differences Between The Income Tax Expense (Benefit)Computed At The Statutory Federal income Tax Rate And As Presented On The Consolidated Statements Of Operations | Differences between income tax expense at the statutory federal income tax rate and as presented on the consolidated statements of operations are summarized as follows (in thousands): Year Ended December 31, 2015 2014 2013 Tax expense at federal statutory rate of 35% $ 7,513 $ 87,650 $ 25,299 State income tax expense, net of federal benefit 1,397 6,810 2,002 Qualified production activities deduction - (4,637) - Increase (decrease) in valuation allowance against deferred tax assets - - (709) Nondeductible compensation - 848 1,491 Noncontrolling interests (2,857) - - Other 184 255 807 Income tax expense $ 6,237 $ 90,926 $ 28,890 |
Schedule Of Significant Components Of Deferred Tax Assets And Liabilities | December 31, 2015 2014 Deferred tax assets: Net operating loss carryforwards - State $ 337 $ 471 Tax credit carryforwards - State 4,348 4,910 Derivative financial instruments - 975 Investment in partnerships 46,519 - Organizational and start-up costs 26 851 Stock-based compensation 3,080 2,868 Accrued expenses 10,649 7,196 Capital leases 3,800 3,743 Other 1,858 1,532 Total deferred tax assets 70,617 22,546 Deferred tax liabilities: Convertible debt (5,329) (6,878) Fixed assets (139,383) (118,132) Derivative financial instruments (4,542) Investment in partnerships - (1,534) Total deferred tax liabilities (149,254) (126,544) Valuation allowance (3,160) (3,742) Deferred income taxes $ (81,797) $ (107,740) |
Reconciliation Of The Beginning And Ending Amounts Of Unrecognized Tax Benefits | Unrecognized Tax Benefits Balance at January 1, 2015 $ 312 Additions for prior year tax positions 7 Reductions for prior year tax positions (130) Balance at December 31, 2015 $ 189 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies [Abstract] | |
Schedule Of Aggregate Minimum Lease Payments | Year Ending December 31, Amount 2016 $ 31,098 2017 20,997 2018 17,049 2019 12,802 2020 10,223 Thereafter 17,003 Total $ 109,172 |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Data[Abstract] | |
Schedule Of Quarterly Financial Information | Three Months Ended December 31, 2015 September 30, 2015 June 30, 2015 March 31, 2015 Revenues $ 739,914 $ 742,797 $ 744,490 $ 738,388 Costs and expenses 727,176 722,964 720,088 734,284 Operating income 12,738 19,833 24,402 4,104 Other expense (7,959) (10,396) (11,388) (9,869) Income tax expense (benefit) 4,066 (604) 5,222 (2,447) Net income attributable to Green Plains (3,589) 6,179 7,792 (3,318) Basic earnings (loss) per share attributable to Green Plains (0.09) 0.16 0.20 (0.09) Diluted earnings per share attributable to Green Plains (0.09) 0.16 0.19 (0.09) Three Months Ended December 31, 2014 September 30, 2014 June 30, 2014 March 31, 2014 Revenues $ 829,939 $ 833,925 $ 837,858 $ 733,889 Costs and expenses 756,010 758,870 778,912 655,546 Operating income 73,929 75,055 58,946 78,343 Other expense (9,315) (9,056) (8,857) (8,615) Income tax expense 22,377 24,250 17,775 26,525 Net income attributable to Green Plains 42,237 41,749 32,314 43,203 Basic earnings per share attributable to Green Plains 1.12 1.11 0.86 1.30 Diluted earnings per share attributable to Green Plains 1.07 1.03 0.82 1.04 |
Schedule I - Condensed Financ46
Schedule I - Condensed Financial Information Of The Registrant (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Scheduled Long-Term Debt Repayments | Scheduled long-term debt repayments, including full accretion of the $120.0 million convertible notes due 2018 at maturity but excluding the effects of any debt discounts , are as follows (in thousands): Year Ending December 31, Amount 2016 $ 4,507 2017 4,563 2018 124,548 2019 4,594 2020 302,382 Thereafter 22,067 Total $ 462,661 |
Green Plains Inc. [Member] | |
Condensed Financial Information Of The Registrant Statements Of Balance Sheet - Parent Company Only | December 31, 2015 2014 ASSETS Current assets Cash and cash equivalents $ 273,294 $ 252,689 Restricted cash 10,130 6,309 Accounts receivable, including amounts from related parties of $1,080 and $196 , respectively 1,188 268 Income tax receivable 9,104 - Prepaid expenses and other 1,189 893 Due from subsidiaries 136 30,823 Total current assets 295,041 290,982 Property and equipment, net 3,811 4,147 Investment in consolidated subsidiaries 605,042 611,311 Other assets 17,167 18,323 Total assets $ 921,061 $ 924,763 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 1,889 $ 2,098 Accrued liabilities 12,511 17,150 Income tax payable - 2,907 Current maturities of long-term debt - - Total current liabilities 14,400 22,155 Long-term debt 105,393 100,845 Deferred income taxes 2,250 4,010 Other liabilities 23 304 Total liabilities 122,066 127,314 Stockholders' equity Common stock 45 45 Additional paid-in capital 577,787 569,431 Retained earnings 290,974 299,101 Accumulated other comprehensive loss - (5,320) Treasury stock (69,811) (65,808) Total stockholders' equity 798,995 797,449 Total liabilities and stockholders' equity $ 921,061 $ 924,763 |
Condensed Financial Information Of The Registrant Statements Of Operations - Parent Company Only | Year Ended December 31, 2015 2014 2013 Selling, general and administrative expenses $ - $ - $ 88 Operating (loss) - - (88) Other income (expense) Interest income 838 462 192 Interest expense (9,280) (9,539) (8,742) Other, net (3,366) (3,860) (2,647) Total other expense (11,808) (12,937) (11,197) Loss before income taxes (11,808) (12,937) (11,285) Income tax benefit 4,106 4,361 5,018 Loss before equity in earnings of subsidiaries (7,702) (8,576) (6,267) Equity in earnings of consolidated subsidiaries 14,766 168,080 49,658 Net income $ 7,064 $ 159,504 $ 43,391 |
Condensed Financial Information Of The Registrant Statements Of Cash Flows - Parent Company Only | Year Ended December 31, 2015 2014 2013 Cash flows from operating activities: $ 23,665 $ (7,653) $ (1,924) Net cash provided (used) by operating activities 23,665 (7,653) (1,924) Cash flows from investing activities: Purchases of property and equipment (1,191) (2,829) (652) Proceeds on disposal of assets, net - - 42 Investment in subsidiaries, net 26,355 125,179 (53,754) Issuance of notes receivable from subsidiaries, net of payments received (3,000) 9,500 15,356 Investments in unconsolidated subsidiaries (2,975) (4,309) (3,264) Net cash provided (used) by investing activities 19,189 127,541 (42,272) Cash flows from financing activities: Proceeds from the issuance of long-term debt - - 120,000 Payments of principal on long-term debt - (238) (1,841) Payments on short-term borrowings - - (27,162) Payments for repurchase of common stock (4,003) - - Change in restricted cash (3,821) (6,309) - Payment of cash dividends (15,191) (8,908) (2,426) Payment of loan fees - - (5,072) Proceeds from the exercise of stock options 766 4,404 4,498 Net cash provided (used) by financing activities (22,249) (11,051) 87,997 Net change in cash and equivalents 20,605 108,837 43,801 Cash and cash equivalents, beginning of period 252,689 143,852 100,051 Cash and cash equivalents, end of period $ 273,294 $ 252,689 $ 143,852 |
Schedule Of Aggregate Minimum Lease Payments | Year Ending December 31, Amount 2016 $ 1,118 2017 1,920 2018 1,887 2019 1,889 2020 1,372 Thereafter 16,015 Total $ 24,201 |
Scheduled Long-Term Debt Repayments | Year Ending December 31, Amount 2016 $ - 2017 - 2018 120,000 2019 - 2020 - Thereafter - Total $ 120,000 |
Basis Of Presentation And Des47
Basis Of Presentation And Description Of Business (Narrative) (Details) lb in Millions, gal in Millions, bu in Millions, T in Millions | 12 Months Ended | ||
Dec. 31, 2015segmentTlbitemgalbu | Jan. 01, 2016itemgal | Jul. 01, 2015item | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Number of reportable segments | segment | 4 | ||
Number of ethanol plants | 14 | 12 | |
Subsequent Event [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Number of ethanol storage facilities located at or near the company's ethanol production plants | 30 | ||
Number of fuel terminal facilities | 8 | ||
Number of leased railcars | 2,500 | ||
Aggregate capacity of leased railcars, gallons | gal | 76.3 | ||
Ethanol Production Segment [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Number of ethanol plants | 14 | ||
Annual corn consumption capacity, bushels | bu | 430 | ||
Annual ethanol production capacity, gallons | gal | 1,200 | ||
Annual distillers grains production capacity, tons | T | 3.4 | ||
Annual corn oil production, pounds | lb | 275 | ||
Agribusiness Segment [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Grain storage capacity, total, bushels | bu | 58.6 | ||
Grain storage capacity, ethanol plants, bushels | bu | 44.2 | ||
Grain storage capacity, grain elevators, bushels | bu | 11.6 | ||
Number of grain elevators | 4 | ||
Grain storage capacity, cattle-feeding operations, bushels | bu | 2.8 | ||
Cattle feedlot capacity, head of cattle | 70,000 | ||
Partnership [Member] | Subsequent Event [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Number of ethanol storage facilities located at or near the company's ethanol production plants | 30 | ||
Number of fuel terminal facilities | 8 | ||
Number of leased railcars | 2,500 | ||
Aggregate capacity of leased railcars, gallons | gal | 76.3 |
Summary Of Significant Accoun48
Summary Of Significant Accounting Policies (Schedule Of Estimated Useful Lives Of Assets) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Plant, Buildings And Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 10 years |
Plant, Buildings And Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 40 years |
Ethanol Production Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 15 years |
Ethanol Production Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 40 years |
Other Machinery And Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Other Machinery And Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 7 years |
Land Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 20 years |
Railroad Track and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 20 years |
Computers and Software [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Computers and Software [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Office Furniture and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Office Furniture and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 7 years |
Green Plains Partners LP (Detai
Green Plains Partners LP (Details) $ / shares in Units, gal in Millions | Jul. 01, 2015USD ($)item$ / sharessharesgal | Dec. 31, 2015USD ($)itemgal | Jan. 01, 2016itemgal |
Subsidiary, Sale of Stock [Line Items] | |||
Proceeds from issuance of Green Plains Partners common units, net | $ | $ 157,452,000 | ||
Number of ethanol plants | 12 | 14 | |
Subsequent Event [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of ethanol storage facilities located at or near the company's ethanol production plants | 30 | ||
Number of fuel terminal facilities | 8 | ||
Number of leased railcars | 2,500 | ||
Aggregate capacity of leased railcars, gallons | gal | 76.3 | ||
IPO [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of ethanol storage facilities located at or near the company's ethanol production plants | 27 | ||
Number of fuel terminal facilities | 8 | ||
Number of leased railcars | 2,210 | ||
Aggregate capacity of leased railcars, gallons | gal | 66.3 | ||
Ethanol storage and throughput agreement | 10 years | ||
Rail transportation services agreement | 6 years | ||
Trucking transportation agreement | 1 year | ||
Terminaling agreement | 2 years 6 months | ||
Limited Partner [Member] | IPO [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Ownership interest, public, percentage | 35.50% | ||
Green Plains Partners LP [Member] | Subsequent Event [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Aggregate capacity of leased railcars, gallons | gal | 76.3 | ||
Green Plains Partners LP [Member] | IPO [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Proceeds from issuance of Green Plains Partners common units, net | $ | $ 157,500,000 | ||
Proceeds from issuance of Green Plains Partners common units, retained for general partnership purposes | $ | 1,300,000 | ||
Distribution to Green Plains Inc. | $ | 155,300,000 | ||
Green Plains Partners LP [Member] | IPO [Member] | Revolving Credit Facility [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Line of credit, current borrowing capacity | $ | 100,000,000 | ||
Origination fees | $ | $ 900,000 | ||
Green Plains Partners LP [Member] | Common Stock [Member] | IPO [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of units issued as part of the transaction | shares | 11,500,000 | ||
Offering price per unit sold to the public | $ / shares | $ 15 | ||
Green Plains Partners LP [Member] | Common Stock [Member] | Over-Allotment Option - Included as part of 11.5M common units [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of units issued as part of the transaction | shares | 1,500,000 | ||
Green Plains Inc. [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of gallons of ethanol produced per year | gal | 1,000 | ||
Green Plains Inc. [Member] | Limited Partner [Member] | IPO [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Ownership interest, percentage | 62.50% | ||
Green Plains Inc. [Member] | Limited Partner [Member] | Common Stock [Member] | IPO [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of units issued as part of the transaction | shares | 4,389,642 | ||
Green Plains Inc. [Member] | Limited Partner [Member] | Subordinated Units [Member] | IPO [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of units issued as part of the transaction | shares | 15,889,642 | ||
Green Plains Inc. [Member] | General Partner [Member] | IPO [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Ownership interest, percentage | 2.00% |
Acquisitions and Dispositions50
Acquisitions and Dispositions (Narrative) (Details) $ in Thousands, gal in Millions | 1 Months Ended | 12 Months Ended | |||
Nov. 30, 2013USD ($)gal | Dec. 31, 2015USD ($)item | Dec. 31, 2013USD ($)item | Nov. 12, 2015USD ($)gal | Jul. 01, 2015item | |
Business Acquisition [Line Items] | |||||
Number of ethanol plants | item | 14 | 12 | |||
Acquisition of Green Plains Hereford [Member] | |||||
Business Acquisition [Line Items] | |||||
Expected annual ethanol production capacity | gal | 100 | ||||
Property and equipment, net | $ 78,786 | ||||
Working capital acquired or assumed | $ 19,400 | ||||
Consolidated pro forma revenue | $ 3,100 | ||||
Consolidated pro forma net income | $ 10,800 | ||||
Acquisition Of Green Plains Fairmont and Green Plains Wood River [Member] | |||||
Business Acquisition [Line Items] | |||||
Expected annual ethanol production capacity | gal | 230 | ||||
Consideration paid for business acquisition | $ 114,300 | ||||
Property and equipment, net | 112,274 | ||||
Acquisition related costs | 800 | ||||
Notes payable | 77,000 | ||||
Capital lease obligations incurred | $ 10,000 | ||||
Number of ethanol plants | item | 2 | ||||
Consolidated pro forma revenue | $ 3,300,000 | ||||
Consolidated pro forma net income | $ 47,700 |
Acquisitions and Dispositions51
Acquisitions and Dispositions (Schedule Of Identifiable Assets Acquired And Liabilities Assumed) (Details) - USD ($) $ in Thousands | Nov. 12, 2015 | Nov. 30, 2013 |
Acquisition of Green Plains Hereford [Member] | ||
Business Acquisition [Line Items] | ||
Inventory | $ 20,487 | |
Derivative financial instruments | 2,625 | |
Property and equipment, net | 78,786 | |
Current liabilities | (2,542) | |
Other | (1,128) | |
Total identifiable net assets | $ 98,228 | |
Acquisition Of Green Plains Fairmont and Green Plains Wood River [Member] | ||
Business Acquisition [Line Items] | ||
Accounts receivable | $ 119 | |
Inventory | 8,680 | |
Prepaid expenses and other | 2,696 | |
Property and equipment, net | 112,274 | |
Other assets | 4,193 | |
Current liabilities | (4,260) | |
Long-term portion of capital lease and tax increment financing bond | (7,895) | |
Other | (1,489) | |
Total identifiable net assets | $ 114,318 |
Fair Value Disclosures (Narrati
Fair Value Disclosures (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value Disclosures [Abstract] | ||
Fair value of debt | $ 673.2 | $ 676.5 |
Book value of debt | 675 | 672.8 |
Fair value of accounts receivable | 96.2 | 138.1 |
Fair value of accounts payable | $ 168.5 | $ 170.2 |
Fair Value Disclosures (Schedul
Fair Value Disclosures (Schedule Of Assets And Liabilities Fair Value) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and cash equivalents | $ 384,867 | $ 425,510 |
Restricted cash | $ 27,018 | 29,742 |
Margin deposits | ||
Inventories carried at market | $ 43,936 | 36,411 |
Unrealized gains on derivatives | 30,540 | 36,347 |
Other assets | 117 | 121 |
Total assets measured at fair value | 486,478 | 528,131 |
Liabilities | ||
Unrealized losses on derivatives | 8,245 | 28,082 |
Total liabilities measured at fair value | 8,245 | 28,082 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Assets | ||
Cash and cash equivalents | 384,867 | 425,510 |
Restricted cash | 27,018 | 29,742 |
Margin deposits | $ 7,658 | 24,488 |
Inventories carried at market | ||
Unrealized gains on derivatives | $ 19,756 | 11,877 |
Other assets | 117 | 118 |
Total assets measured at fair value | 439,416 | 491,735 |
Liabilities | ||
Unrealized losses on derivatives | 4,492 | 18,129 |
Total liabilities measured at fair value | 4,492 | 18,129 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets | ||
Inventories carried at market | 43,936 | 36,411 |
Unrealized gains on derivatives | 7,145 | 18,111 |
Other assets | 3 | |
Total assets measured at fair value | 51,081 | 54,525 |
Liabilities | ||
Unrealized losses on derivatives | 7,772 | 28,082 |
Total liabilities measured at fair value | 7,772 | 28,082 |
Reclassification For Balance Sheet Presentation [Member] | ||
Assets | ||
Margin deposits | (7,658) | (24,488) |
Unrealized gains on derivatives | 3,639 | 6,359 |
Total assets measured at fair value | (4,019) | (18,129) |
Liabilities | ||
Unrealized losses on derivatives | (4,019) | (18,129) |
Total liabilities measured at fair value | $ (4,019) | $ (18,129) |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015segment | |
Segment Information [Abstract] | |
Number of reportable segments | 4 |
Segment Information (Summary Of
Segment Information (Summary Of Financial Data) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 739,914 | $ 742,797 | $ 744,490 | $ 738,388 | $ 829,939 | $ 833,925 | $ 837,858 | $ 733,889 | $ 2,965,589 | $ 3,235,611 | $ 3,041,011 |
Costs of goods sold | 2,729,599 | 2,783,045 | 2,808,814 | ||||||||
Operating income (loss) | $ 12,738 | $ 19,833 | $ 24,402 | $ 4,104 | $ 73,929 | $ 75,055 | $ 58,946 | $ 78,343 | 61,077 | 286,274 | 107,851 |
Income (loss) before income taxes | 21,465 | 250,430 | 72,281 | ||||||||
Depreciation and amortization | 65,950 | 62,139 | 50,854 | ||||||||
Interest expense | 40,366 | 39,908 | 33,357 | ||||||||
Capital expenditures | 65,567 | 61,533 | 19,764 | ||||||||
Operating segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 5,810,175 | 6,905,914 | 5,813,181 | ||||||||
Intersegment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | (2,844,586) | (3,670,303) | (2,772,170) | ||||||||
Costs of goods sold | (2,847,467) | (3,670,967) | (2,765,583) | ||||||||
Operating income (loss) | 2,960 | 666 | (6,588) | ||||||||
Income (loss) before income taxes | 2,960 | 666 | (6,588) | ||||||||
Interest expense | (70) | (238) | (982) | ||||||||
Corporate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating income (loss) | (31,480) | (32,706) | (29,437) | ||||||||
Income (loss) before income taxes | (43,179) | (45,406) | (39,653) | ||||||||
Depreciation and amortization | 1,973 | 1,676 | 1,317 | ||||||||
Interest expense | 9,280 | 9,539 | 8,741 | ||||||||
Capital expenditures | 1,589 | 2,829 | 652 | ||||||||
Ethanol Production [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 196,443 | (51,424) | 128,395 | ||||||||
Ethanol Production [Member] | Operating segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,746,327 | 2,235,028 | 2,100,945 | ||||||||
Costs of goods sold | 1,626,327 | 1,879,547 | 1,926,098 | ||||||||
Operating income (loss) | 40,568 | 281,332 | 113,645 | ||||||||
Income (loss) before income taxes | 18,973 | 265,437 | 94,695 | ||||||||
Depreciation and amortization | 55,283 | 53,141 | 45,595 | ||||||||
Interest expense | 22,727 | 22,749 | 18,988 | ||||||||
Capital expenditures | 48,691 | 40,203 | 10,251 | ||||||||
Ethanol Production [Member] | Intersegment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,549,884 | 2,286,452 | 1,972,550 | ||||||||
Agribusiness [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 249,834 | 100,436 | 51,883 | ||||||||
Agribusiness [Member] | Operating segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,381,300 | 1,308,556 | 813,718 | ||||||||
Costs of goods sold | 1,362,001 | 1,293,274 | 807,459 | ||||||||
Operating income (loss) | 10,206 | 8,497 | 3,324 | ||||||||
Income (loss) before income taxes | 5,807 | 5,996 | 793 | ||||||||
Depreciation and amortization | 2,532 | 1,441 | 362 | ||||||||
Interest expense | 4,565 | 2,591 | 2,531 | ||||||||
Capital expenditures | 13,601 | 17,166 | 6,514 | ||||||||
Agribusiness [Member] | Intersegment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,131,466 | 1,208,120 | 761,835 | ||||||||
Marketing and Distribution [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 2,510,924 | 3,178,115 | 2,853,554 | ||||||||
Marketing and Distribution [Member] | Operating segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 2,631,611 | 3,349,487 | 2,887,486 | ||||||||
Costs of goods sold | 2,588,738 | 3,281,191 | 2,840,840 | ||||||||
Operating income (loss) | 25,560 | 48,460 | 38,192 | ||||||||
Income (loss) before income taxes | 23,937 | 43,775 | 35,037 | ||||||||
Depreciation and amortization | 375 | 337 | 8 | ||||||||
Interest expense | 3,483 | 5,129 | 3,311 | ||||||||
Capital expenditures | 190 | 788 | 1,225 | ||||||||
Marketing and Distribution [Member] | Intersegment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 120,687 | 171,372 | 33,932 | ||||||||
Partnership [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 8,388 | 8,484 | 7,179 | ||||||||
Partnership [Member] | Operating segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 50,937 | 12,843 | 11,032 | ||||||||
Operating income (loss) | 13,263 | (19,975) | (11,285) | ||||||||
Income (loss) before income taxes | 12,967 | (20,038) | (12,003) | ||||||||
Depreciation and amortization | 5,787 | 5,544 | 3,572 | ||||||||
Interest expense | 381 | 138 | 768 | ||||||||
Capital expenditures | 1,496 | 547 | 1,122 | ||||||||
Partnership [Member] | Intersegment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 42,549 | $ 4,359 | $ 3,853 |
Segment Information (Summary 56
Segment Information (Summary Of Total Assets For Operating Segments) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 1,929,328 | $ 1,821,062 |
Corporate [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 316,389 | 282,628 |
Intersegment [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | (10,863) | (23,460) |
Ethanol Production [Member] | Operating segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 1,017,584 | 991,260 |
Agribusiness [Member] | Operating segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 300,364 | 234,626 |
Marketing and Distribution [Member] | Operating segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 230,651 | 259,246 |
Partnership [Member] | Operating segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 75,203 | $ 76,762 |
Segment Information (Schedule O
Segment Information (Schedule Of Revenues By Product) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 739,914 | $ 742,797 | $ 744,490 | $ 738,388 | $ 829,939 | $ 833,925 | $ 837,858 | $ 733,889 | $ 2,965,589 | $ 3,235,611 | $ 3,041,011 |
Ethanol [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,868,043 | 2,362,812 | 2,330,884 | ||||||||
Distillers grains [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 474,699 | 531,696 | 488,376 | ||||||||
Corn oil [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 101,126 | 99,167 | 74,251 | ||||||||
Grain [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 240,466 | 174,997 | 92,487 | ||||||||
Cattle [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 219,046 | 29,262 | |||||||||
Service revenues [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 8,388 | 8,484 | 7,179 | ||||||||
Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 53,821 | $ 29,193 | $ 47,834 |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Inventories [Abstract] | ||
Finished goods | $ 71,595 | $ 34,639 |
Grain held for sale | 22,518 | 23,027 |
Raw materials | 138,091 | 78,095 |
Work-in-process | 96,950 | 100,221 |
Supplies and parts | 24,803 | 18,985 |
Inventories | $ 353,957 | $ 254,967 |
Property And Equipment (Schedul
Property And Equipment (Schedule Of Components Of Property And Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Total property and equipment | $ 1,260,628 | $ 1,099,753 |
Less: accumulated depreciation | (338,558) | (274,543) |
Property and equipment, net | 922,070 | 825,210 |
Plant Equipment [Member] | ||
Total property and equipment | 892,915 | 777,987 |
Building and Improvements [Member] | ||
Total property and equipment | 176,094 | 159,178 |
Land and Improvements [Member] | ||
Total property and equipment | 84,257 | 73,819 |
Railroad Track and Equipment [Member] | ||
Total property and equipment | 41,732 | 40,882 |
Construction-In-Progress [Member] | ||
Total property and equipment | 38,200 | 23,276 |
Computers and Software [Member] | ||
Total property and equipment | 11,115 | 9,305 |
Office Furniture and Equipment [Member] | ||
Total property and equipment | 2,492 | 2,127 |
Leasehold Improvements and Other [Member] | ||
Total property and equipment | $ 13,823 | $ 13,179 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Goodwill [Line Items] | ||
Goodwill | $ 40,877 | $ 40,877 |
Ethanol Production [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 30,300 | |
Partnership [Member] | ||
Goodwill [Line Items] | ||
Goodwill | $ 10,600 |
Derivative Financial Instrume61
Derivative Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Financial Instruments [Abstract] | |||
Accumulated other comprehensive income (loss) | $ (1,165) | $ (5,320) | |
Energy trading contracts, net in revenue | $ 9,600 | $ 8,000 | $ (1,200) |
Derivative Financial Instrume62
Derivative Financial Instruments (Schedule Of Fair Values Of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | ||||
Derivatives, Fair Value [Line Items] | |||||
Fair value of derivative asset | $ 22,882 | [1] | $ 11,862 | [2] | |
Fair value of derivative liability | 8,245 | 28,082 | |||
Margin deposit asset | 7,700 | 24,500 | |||
Net unrealized gains or losses on cash flow hedges | 2,300 | (600) | |||
Derivative Financial Instruments [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Fair value of derivative asset | [3] | $ 22,882 | [1] | 11,859 | [2] |
Other Assets [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Fair value of derivative asset | [3] | [1] | 3 | [2] | |
Accrued and Other Liabilities [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Fair value of derivative asset | [1] | ||||
Fair value of derivative liability | $ 8,245 | $ 28,082 | |||
[1] | Balance at December 31, 2015, includes $2.3 million of net unrealized gains on derivative financial instruments designated as cash flow hedging instruments. | ||||
[2] | Balance at December 31, 2014, includes $0.6 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments. | ||||
[3] | Derivative financial instruments as reflected on the balance sheet include a margin deposit assets of $7.7 million and $24.5 million at December 31, 2015 and 2014, respectively. |
Derivative Financial Instrume63
Derivative Financial Instruments (Schedule Of Gain Or Loss Recognized In Income And Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) on Derivative Instruments Not Designated in a Hedging Relationship | $ (2,460) | $ 13,534 | $ 1,846 |
Gains (Losses) Reclassified from Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) into Net Income | 4,869 | (301,583) | (122,588) |
Gains (Losses) from Fair Value Hedges of Inventory | 4,226 | 2,916 | 776 |
Revenue [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) on Derivative Instruments Not Designated in a Hedging Relationship | (12,952) | 13,369 | (10,855) |
Gains (Losses) Reclassified from Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) into Net Income | 8,420 | (257,730) | (96,736) |
Cost of Goods Sold [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) on Derivative Instruments Not Designated in a Hedging Relationship | 10,492 | 165 | 12,701 |
Gains (Losses) Reclassified from Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) into Net Income | (3,551) | (43,853) | (25,852) |
Cost of Goods Sold (Effect of Change in Inventory Value) [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) from Fair Value Hedges of Inventory | (7,819) | 304 | 102 |
Cost of Goods Sold (Effective Fair Value Hedge) [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) from Fair Value Hedges of Inventory | 12,045 | 2,612 | 674 |
Cash Flow Hedges [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Due to Ineffectiveness of Cash Flow Hedges | (43) | 155 | (574) |
Cash Flow Hedges [Member] | Revenue [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Due to Ineffectiveness of Cash Flow Hedges | $ (43) | (326) | (84) |
Cash Flow Hedges [Member] | Cost of Goods Sold [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Due to Ineffectiveness of Cash Flow Hedges | $ 481 | $ (490) |
Derivative Financial Instrume64
Derivative Financial Instruments (Commodity Contracts) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Commodity Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Effective Portion of Cash Flow Hedges Recognized in Other Comprehensive Income (Loss) | $ 11,582 | $ (299,684) | $ (138,589) |
Derivative Financial Instrume65
Derivative Financial Instruments (Schedule Of Volumes Of Open Commodity Derivative Positions) (Details) contract in Thousands | Dec. 31, 2015contract | |
Futures [Member] | Exchange Traded Net Long & Short [Member] | Corn, Soybeans And Wheat In Bushels [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | (16,795) | |
Futures [Member] | Exchange Traded Net Long & Short [Member] | Corn In Bushels [Member] | Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | (5,710) | [1] |
Futures [Member] | Exchange Traded Net Long & Short [Member] | Corn In Bushels [Member] | Fair Value Hedging [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | (19,890) | [2] |
Futures [Member] | Exchange Traded Net Long & Short [Member] | Ethanol In Gallons [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 48,300 | |
Futures [Member] | Exchange Traded Net Long & Short [Member] | Ethanol In Gallons [Member] | Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | (5,670) | [1] |
Futures [Member] | Exchange Traded Net Long & Short [Member] | Natural Gas In mmBTU [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | (3,190) | |
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 | (8,528) | [2] |
Futures [Member] | Exchange Traded Net Long & Short [Member] | Cattle In Pounds [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 490 | |
Futures [Member] | Exchange Traded Net Long & Short [Member] | Cattle In Pounds [Member] | Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | (55,330) | [1] |
Futures [Member] | Exchange Traded Net Long & Short [Member] | Crude Oil in Barrels [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | (382) | |
Futures [Member] | Exchange Traded Net Long & Short [Member] | Soybean Oil in Pounds [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | (32,400) | |
Options [Member] | Exchange Traded Net Long & Short [Member] | Corn, Soybeans And Wheat In Bushels [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | (7,348) | |
Options [Member] | Exchange Traded Net Long & Short [Member] | Ethanol In Gallons [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | (1,956) | |
Options [Member] | Exchange Traded Net Long & Short [Member] | Natural Gas In mmBTU [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 837 | |
Options [Member] | Exchange Traded Net Long & Short [Member] | Cattle In Pounds [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | (9,936) | |
Options [Member] | Exchange Traded Net Long & Short [Member] | Crude Oil in Barrels [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | (15) | |
Options [Member] | Exchange Traded Net Long & Short [Member] | Soybean Oil in Pounds [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | (1,422) | |
Forwards [Member] | Non-Exchange Traded Long [Member] | Ethanol In Gallons [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 17,212 | [3] |
Forwards [Member] | Non-Exchange Traded Long [Member] | Natural Gas In mmBTU [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 6,817 | [3] |
Forwards [Member] | Non-Exchange Traded Long [Member] | Crude Oil in Barrels [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 780 | [3] |
Forwards [Member] | Non-Exchange Traded Long [Member] | Corn And Soybeans In Bushels [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 27,044 | [3] |
Forwards [Member] | Non-Exchange Traded Long [Member] | Distillers Grains In Tons [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 90 | [3] |
Forwards [Member] | Non-Exchange Traded Long [Member] | Corn Oil in Pounds [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 18,028 | [3] |
Forwards [Member] | Non-Exchange Traded Short [Member] | Ethanol In Gallons [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | (188,127) | [3] |
Forwards [Member] | Non-Exchange Traded Short [Member] | Natural Gas In mmBTU [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | (3,065) | [3] |
Forwards [Member] | Non-Exchange Traded Short [Member] | Crude Oil in Barrels [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | (62) | [3] |
Forwards [Member] | Non-Exchange Traded Short [Member] | Corn And Soybeans In Bushels [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | (6,094) | [3] |
Forwards [Member] | Non-Exchange Traded Short [Member] | Distillers Grains In Tons [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | (250) | [3] |
Forwards [Member] | Non-Exchange Traded Short [Member] | Corn Oil in Pounds [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | (110,980) | [3] |
[1] | Futures used for cash flow hedges. | |
[2] | Futures used for fair value hedges | |
[3] | Non-exchange traded forwards are presented on a gross long and (short) position basis including both fixed-price and basis contracts. |
Debt (Schedule Of The Component
Debt (Schedule Of The Components Of Long-Term Debt) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Total long-term debt | $ 448,054,000 | $ 462,905,000 |
Less: current portion of long-term debt | (4,507,000) | (63,465,000) |
Long-term debt | 443,547,000 | 399,440,000 |
Other Debt Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 27,356,000 | 30,350,000 |
Green Plains Fairmont and Green Plains Wood River [Member] | Term Loan [Member] | $62.5 Million Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 40,000,000 | |
Debt instrument, face amount | 62,500,000 | 62,500,000 |
Green Plains Holdings II [Member] | Term Loan [Member] | $46.8 Million Term Loans [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 29,510,000 | |
Debt instrument, face amount | 46,800,000 | 46,800,000 |
Green Plains Holdings II [Member] | Revolving Term Loans [Member] | $20.0 Million Revolving Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 6,000,000 | |
Debt instrument, face amount | 20,000,000 | 20,000,000 |
Green Plains Obion [Member] | Revolving Term Loans [Member] | $37.4 Million Revolving Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 27,400,000 | |
Debt instrument, face amount | 37,400,000 | 37,400,000 |
Green Plains Processing [Member] | Term Loan [Member] | $345.0 Million Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 315,305,000 | 213,775,000 |
Debt instrument, face amount | 345,000,000 | 345,000,000 |
Green Plains Superior [Member] | Revolving Term Loans [Member] | $15.6 Million Revovling Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 15,025,000 | |
Debt instrument, face amount | 15,600,000 | 15,600,000 |
Corporate Debt [Member] | Convertible Notes [Member] | $120.0 Million Convertible Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 105,393,000 | 100,845,000 |
Debt instrument, face amount | $ 120,000,000 | $ 120,000,000 |
Debt (Schedule Of Maturities Of
Debt (Schedule Of Maturities Of Long-Term Debt) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
2,016 | $ 4,507,000 | |
2,017 | 4,563,000 | |
2,018 | 124,548,000 | |
2,019 | 4,594,000 | |
2,020 | 302,382,000 | |
Thereafter | 22,067,000 | |
Total | 462,661,000 | |
Corporate Debt [Member] | Convertible Notes [Member] | $120.0 Million Convertible Notes [Member] | ||
Debt instrument, face amount | $ 120,000,000 | $ 120,000,000 |
Debt (Narrative - Short-term No
Debt (Narrative - Short-term Notes Payable and Other Borrowings) (Details) - Revolvers [Member] - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Green Plains Cattle [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding note payable | $ 69.7 | $ 77 |
Green Plains Grain [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding note payable | 77 | 37 |
Green Plains Trade [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding note payable | $ 80.2 | $ 95.9 |
Debt (Narrative - Ethanol Produ
Debt (Narrative - Ethanol Production Segment) (Details) - Green Plains Processing [Member] - Term Loan [Member] - $345.0 Million Term Loan [Member] | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
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 during period | $ 120,000,000 | ||
Debt instrument, face amount | $ 345,000,000 | ||
Interest rate, basis for effective rate | 5.50% plus LIBOR, subject to a 1.00% floor | ||
Interest rate, effective percentage | 6.50% | ||
Scheduled principal payments, periodic | $ 900,000 | ||
Ethanol Production Segment [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate, basis spread on variable rate, percentage | 1.00% | ||
Fixed charge coverage ratio | 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] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Total leverage ratio, initial ratio | 4 | ||
Total leverage ratio, decreased ratio over the life of the debt | 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] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate, basis spread on variable rate, percentage | 5.50% |
Debt (Narrative - Agribusiness
Debt (Narrative - Agribusiness Segment, Marketing And Distribution Segment, Corporate Activities, Capitalized Interest, And Restricted Net Assets) (Details) | 12 Months Ended | |
Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($) | |
Debt Instrument [Line Items] | ||
Capitalized interest | $ 1,100,000 | $ 191,000 |
Restricted assets | 751,000,000 | |
Agribusiness Segment [Member] | Green Plains Grain [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | 125,000,000 | |
Line of credit, maximum borrowing capacity | 250,000,000 | |
Additional amounts available under facility, accordian feature | 75,000,000 | |
Minimum working capital required for compliance | 23,000,000 | |
Minimum net worth required for compliance | 26,300,000 | |
Annual capital expenditures, maximum | $ 15,000,000 | |
Fixed charge coverage ratio | 1.25 | |
Annual leverage ratio | 6 | |
Allowable dividends as percentage of net profit before taxes | 40.00% | |
Agribusiness Segment [Member] | Green Plains Grain [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate, basis spread on variable rate, percentage | 2.25% | |
Interest rate, basis for effective rate | LIBOR plus 2.25% | |
Agribusiness Segment [Member] | Green Plains Grain [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate, basis spread on variable rate, percentage | 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 | |
Agribusiness Segment [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | 100,000,000 | |
Additional amounts available under facility, accordian feature | 50,000,000 | |
Minimum working capital required for compliance | 15,000,000 | |
Minimum net worth required for compliance | 20,300,000 | |
Annual capital expenditures, maximum | $ 3,000,000 | |
Annual leverage ratio | 3.50 | |
Agribusiness Segment [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate, basis spread on variable rate, percentage | 2.50% | |
Interest rate, basis for effective rate | LIBOR plus 3.00%, 2.50%, or 2.00% | |
Agribusiness Segment [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | Minimum [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate, basis spread on variable rate, percentage | 2.00% | |
Agribusiness Segment [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | Maximum [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate, basis spread on variable rate, percentage | 3.00% | |
Marketing and Distribution Segment [Member] | Green Plains Trade [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 150,000,000 | |
Annual capital expenditures, maximum | $ 1,500,000 | |
Fixed charge coverage ratio | 1.15 | |
Allowable dividends as percentage of net profit before taxes | 50.00% | |
Undrawn availability of revolving credit facility on a pro forma basis | $ 10,000,000 | |
Restricted cash | $ 16,400,000 | |
Marketing and Distribution Segment [Member] | Green Plains Trade [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate, basis for effective rate | LIBOR plus the applicable margin | |
Marketing and Distribution Segment [Member] | Green Plains Trade [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate, basis for effective rate | floating base rate plus the applicable margin | |
Partnership [Member] | Green Plains Operating Company [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 100,000,000 | |
Additional amount available under credit facility without consent of the lenders | 50,000,000 | |
Sublimit available for swing line loans under credit facility | 15,000,000 | |
Sublimit available for letters of credit under credit facility | $ 15,000,000 | |
Debt instrument, term | 5 years | |
Partnership [Member] | Green Plains Operating Company [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate, basis for effective rate | LIBOR rate plus 175 to 275 basis points | |
Partnership [Member] | Green Plains Operating Company [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate, basis for effective rate | base rate plus 75 to 175 basis points per year | |
Partnership [Member] | Green Plains Operating Company [Member] | Revolving Credit Facility [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Net leverage ratio, basis points per annum | 30 | |
Interest coverage ratio | 2.75 | |
Partnership [Member] | Green Plains Operating Company [Member] | Revolving Credit Facility [Member] | Minimum [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate, basis spread on variable rate, basis points | 175 | |
Partnership [Member] | Green Plains Operating Company [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Base Rate [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate, basis spread on variable rate, basis points | 75 | |
Partnership [Member] | Green Plains Operating Company [Member] | Revolving Credit Facility [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Net leverage ratio, basis points per annum | 50 | |
Net leverage ratio | 3.50 | |
Partnership [Member] | Green Plains Operating Company [Member] | Revolving Credit Facility [Member] | Maximum [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate, basis spread on variable rate, basis points | 275 | |
Partnership [Member] | Green Plains Operating Company [Member] | Revolving Credit Facility [Member] | Maximum [Member] | Base Rate [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate, basis spread on variable rate, basis points | 175 | |
Partnership [Member] | Birmingham BioEnergy Partners LLC [Member] | New Market Tax Credits [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 10,000,000 | |
Note receivable | 8,100,000 | |
Debt instrument, right to call | $ 8,100,000 | |
Statutory life, in years | 7 years | |
Principal payments (including interest) | $ 200,000 | |
Anticipated tax credits | 5,000,000 | |
Corporate Activities [Member] | Convertible Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 120,000,000 | |
Interest rate, stated percentage | 3.25% | |
Interest rate, effective percentage | 8.21% | |
Debt instrument, unamortized discount | $ 24,500,000 | |
Debt issuance costs | 5,100,000 | |
Debt issuance costs assigned to liability | $ 4,000,000 | |
Debt instrument, term | 5 years | |
Common stock, dividends per share, cash paid per share | $ / shares | $ 0.04 | |
Common stock for conversion, shares | shares | 48.6097 | |
Debt conversion amount | $ 1,000 | |
Debt conversion price | $ / shares | $ 20.57 | |
Conversion price percentage | 140.00% | |
Principal amount of notes, percentage | 100.00% | |
Convertible debt, cross default threshold | $ 10,000,000 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares or units authorized | 3,500,000 | |||
Compensation costs expensed | $ 8,700 | $ 7,200 | $ 5,500 | |
Unrecognized compensation costs | $ 10,600 | |||
Compensation expected to be recognized, weighted-average period in years | 1 year 9 months 18 days | |||
Potential tax benefit, percentage | 38.00% | |||
Green Plains Partners LP 2015 Long-Term Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares or units authorized | 2,500,000 | |||
Restricted unit awards [Member] | Green Plains Partners LP 2015 Long-Term Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of units granted during period | 10,089 | |||
Units granted during period, weighted average price per unit | $ 14.93 | |||
Compensation costs expensed | $ 67 | |||
Unrecognized compensation costs | $ 83 | |||
Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercisable options, expiration period | 5 years | |||
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercisable options, expiration period | 8 years |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule Of Stock Option Activity) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | |
Stock-Based Compensation [Abstract] | ||
Outstanding at December 31, 2014, Shares | shares | 339,750 | |
Outstanding at December 31, 2014, Weighted Average Exercise Price | $ / shares | $ 10.82 | |
Outstanding at December 31, 2014, Weighted-Average Remaining Contractual Term (in years) | 2 years 4 months 24 days | 3 years 1 month 6 days |
Outstanding at December 31, 2014, Aggregate Intrinsic Value | $ | $ 4,763 | |
Exercised, Shares | shares | (41,000) | |
Exercised, Weighted Average Exercise Price | $ / shares | $ 18.24 | |
Exercised, Aggregate Intrinsic Value | $ | $ 363 | |
Outstanding at December 31, 2015, Shares | shares | 298,750 | 339,750 |
Outstanding at December 31, 2015, Weighted Average Exercise Price | $ / shares | $ 9.81 | $ 10.82 |
Outstanding at December 31, 2015, Weighted-Average Remaining Contractual Term (in years) | 2 years 4 months 24 days | 3 years 1 month 6 days |
Outstanding at December 31, 2015, Aggregate Intrinsic Value | $ | $ 3,866 | $ 4,763 |
Exercisable at December 31, 2015, Shares | shares | 298,750 | |
Exercisable at December 31, 2015, Weighted Average Exercise Price | $ / shares | $ 9.81 | |
Exercisable at December 31, 2015, Weighted Average Remaining Contractual | 2 years 4 months 24 days | |
Exercisable at December 31, 2015, Aggregate Intrinsic Value | $ | $ 3,866 | |
In-the-money options, shares | shares | 298,750 | |
In-the-money options, weighted-average exercise price | $ / shares | 9.81 |
Stock-Based Compensation (Sch73
Stock-Based Compensation (Schedule Of Non-Vested Stock Award And DSU Activity) (Details) | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Stock-Based Compensation [Abstract] | |
Nonvested at December 31, 2014, Non-Vested Shares and Deferred Stock Units | shares | 678,504 |
Nonvested at December 31, 2014, Weighted-Average Grant-Date Fair Value | $ / shares | $ 16.18 |
Granted, Non-Vested Shares and Deferred Stock Units | shares | 483,289 |
Granted, Weighted-Average Grant-Date Fair Value | $ / shares | $ 26.94 |
Forfeited, Non-Vested Shares and Deferred Stock Units | shares | (6,605) |
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares | $ 22.24 |
Vested, Non-Vested Shares and Deferred Stock Units | shares | (418,460) |
Vested, Weighted-Average Grant-Date Fair Value | $ / shares | $ 16.58 |
Nonvested at December 31, 2015, Non-Vested Shares and Deferred Stock Units | shares | 736,728 |
Nonvested at December 31, 2015, Weighted-Average Grant-Date Fair Value | $ / shares | $ 22.96 |
Nonvested at December 31, 2015, Weighted-Average Remaining Vesting Term (in years) | 1 year 9 months 18 days |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2013shares | |
Earnings Per Share [Abstract] | |
Stock-based compensation awards excluded from computations of diluted EPS | 14 |
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 | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net income attributable to Green Plains | $ (3,589) | $ 6,179 | $ 7,792 | $ (3,318) | $ 42,237 | $ 41,749 | $ 32,314 | $ 43,203 | $ 7,064 | $ 159,504 | $ 43,391 |
Weighted average shares outstanding - basic | 37,947 | 36,467 | 30,183 | ||||||||
Income (loss) attributable to Green Plains stockholders - basic | $ (0.09) | $ 0.16 | $ 0.20 | $ (0.09) | $ 1.12 | $ 1.11 | $ 0.86 | $ 1.30 | $ 0.19 | $ 4.37 | $ 1.44 |
Net income (loss) attributable to Green Plains on an as-if-converted basis | $ 7,064 | $ 161,459 | $ 48,442 | ||||||||
Effect of dilutive stock-based compensation awards | 142 | 217 | 211 | ||||||||
Total potential shares outstanding | 39,028 | 40,730 | 38,304 | ||||||||
Income (loss) attributable to Green Plains stockholders - diluted | $ (0.09) | $ 0.16 | $ 0.19 | $ (0.09) | $ 1.07 | $ 1.03 | $ 0.82 | $ 1.04 | $ 0.18 | $ 3.96 | $ 1.26 |
5.75% Convertible Senior Notes due 2015 [Member] | Senior Notes [Member] | |||||||||||
Interest and amortization on convertible debt, net of tax effect | $ 576 | $ 3,578 | |||||||||
Effect of dilutive convertible debt | 1,006 | 6,286 | |||||||||
Interest rate, effective percentage | 5.75% | 5.75% | |||||||||
3.25% Convertible Senior Notes due 2018 [Member] | Senior Notes [Member] | |||||||||||
Interest and amortization on convertible debt, net of tax effect | $ 1,379 | $ 1,473 | |||||||||
Effect of dilutive convertible debt | 939 | 3,040 | 1,624 | ||||||||
Interest rate, effective percentage | 3.25% | 3.25% |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) | Feb. 10, 2016 | Jan. 21, 2016 | Aug. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Aug. 31, 2014 |
Treasury stock, shares | 7,391,700 | 7,200,000 | |||||
Treasury stock | $ 69,811,000 | $ 65,808,000 | |||||
Authorized amount of share repurchase program | $ 100,000,000 | ||||||
Repurchase of common stock, shares | 191,700 | ||||||
Repurchase of common stock | $ 4,000,000 | ||||||
Quarterly cash dividend declared, in dollars per share | $ 0.12 | ||||||
Quarterly cash dividend declared, percentage increase since previous dividend | 50.00% | ||||||
Subsequent Event [Member] | |||||||
Quarterly cash dividend declared, in dollars per share | $ 0.12 | ||||||
Green Plains Partners LP [Member] | Subsequent Event [Member] | |||||||
Quarterly cash distribution per unit declared | $ 0.4025 |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule of Reclassification From AOCI) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Gains (losses) on cash flow hedges | $ 4,869 | $ (301,583) | $ (122,588) |
Income tax expense (benefit) | 1,855 | (139,754) | (46,941) |
Amounts reclassified from accumulated other comprehensive income (loss) | 3,014 | (161,829) | (75,647) |
Revenue [Member] | Ethanol Commodity Derivatives [Member] | |||
Gains (losses) on cash flow hedges | 8,420 | (257,730) | (96,736) |
Cost of goods sold [Member] | Corn Commodity Derivatives [Member] | |||
Gains (losses) on cash flow hedges | (3,551) | (43,853) | (25,852) |
Income (loss) before income taxes [Member] | |||
Gains (losses) on cash flow hedges | 4,869 | (301,583) | (122,588) |
Income tax expense (benefit) [Member] | |||
Income tax expense (benefit) | $ 1,855 | $ (139,754) | $ (46,941) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) $ in Millions | Dec. 31, 2015USD ($) |
Income Taxes [Abstract] | |
Deferred tax valuation allowance, state | $ 3.2 |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Tax Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||||||||||
Current | $ 33,750 | $ 67,389 | $ 1,397 | ||||||||
Deferred | (27,513) | 23,537 | 27,493 | ||||||||
Income tax expense | $ 4,066 | $ (604) | $ 5,222 | $ (2,447) | $ 22,377 | $ 24,250 | $ 17,775 | $ 26,525 | $ 6,237 | $ 90,926 | $ 28,890 |
Income Taxes (Schedule Of Diffe
Income Taxes (Schedule Of Differences Between The Income Tax Expense (Benefit)Computed At The Statutory Federal income Tax Rate And As Presented On The Consolidated Statements Of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Federal statutory rate | 35.00% | 35.00% | 35.00% | ||||||||
Tax expense at federal statutory rate of 35% | $ 7,513 | $ 87,650 | $ 25,299 | ||||||||
State income tax expense, net of federal benefit | 1,397 | 6,810 | 2,002 | ||||||||
Qualified production activities deduction | (4,637) | ||||||||||
Increase (decrease) in valuation allowance against deferred tax assets | (709) | ||||||||||
Nondeductible compensation | 848 | 1,491 | |||||||||
Noncontrolling interests | (2,857) | ||||||||||
Other | 184 | 255 | 807 | ||||||||
Income tax expense | $ 4,066 | $ (604) | $ 5,222 | $ (2,447) | $ 22,377 | $ 24,250 | $ 17,775 | $ 26,525 | 6,237 | 90,926 | 28,890 |
Green Plains Inc. [Member] | |||||||||||
Income tax expense | $ (4,106) | $ (4,361) | $ (5,018) |
Income Taxes (Schedule Of Signi
Income Taxes (Schedule Of Significant Components Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Net operating loss carryforwards - State | $ 337 | $ 471 |
Tax credit carryforwards - Federal | 4,348 | 4,910 |
Tax credit carryforwards - State | 975 | |
Derivative financial instruments | 46,519 | |
Organizational and start-up costs | 26 | 851 |
Stock-based compensation | 3,080 | 2,868 |
Accrued Expenses | 10,649 | 7,196 |
Capital leases | 3,800 | 3,743 |
Other | 1,858 | 1,532 |
Total deferred tax assets | 70,617 | 22,546 |
Deferred tax liabilities: | ||
Convertible debt | (5,329) | (6,878) |
Fixed assets | (139,383) | (118,132) |
Derivative financial instruments | (4,542) | |
Investment in partnerships | (1,534) | |
Total deferred tax liabilities | (149,254) | (126,544) |
Valuation allowance | (3,160) | (3,742) |
Deferred income taxes | $ (81,797) | $ (107,740) |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of The Beginning And Ending Amounts Of Unrecognized Tax Benefits) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Income Taxes [Abstract] | |
Balance at January 1, 2015 | $ 312 |
Additions for prior year tax positions | 7 |
Reductions for prior year tax positions | (130) |
Balance at December 31, 2015 | $ 189 |
Commitments And Contingencies83
Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Trading Activity, Gains and Losses, Net [Line Items] | |||
Lease expenses | $ 33.2 | $ 31.8 | $ 19.9 |
Contracted future deliveries | $ 322.3 | ||
Green Plains Otter Tail [Member] | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Insurance recoveries received for property damage portion of claim | 7.8 | ||
Gain on property damage insurance recovery | 4.2 | ||
Insurance proceeds received related to business interruption portion of claim | $ 10.5 |
Commitments And Contingencies84
Commitments And Contingencies (Future Minimum Lease Payments) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Commitments And Contingencies [Abstract] | |
2,016 | $ 31,098 |
2,017 | 20,997 |
2,018 | 17,049 |
2,019 | 12,802 |
2,020 | 10,223 |
Thereafter | 17,003 |
Total | $ 109,172 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Benefit Plans [Abstract] | |||
Defined contribution plan, employer matching contribution, percent | 4.00% | ||
Defined contribution plan, vesting percentage | 100.00% | ||
Employer contributions to 401(k) plan | $ 1.4 | $ 1.1 | $ 0.9 |
Defined benefit pension plan, assets | 5.7 | ||
Defined benefit pension plan, liabilities | 6.8 | ||
Funded status of plan on balance sheet | $ (1.1) | $ 0.4 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) | 12 Months Ended | |||
Dec. 31, 2015USD ($)h / yritem | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Mar. 31, 2014USD ($) | |
Related Party Transaction [Line Items] | ||||
Outstanding accounts payable | $ 168,528,000 | $ 170,199,000 | ||
AXIS Capital [Member] | ||||
Related Party Transaction [Line Items] | ||||
Outstanding note payable | $ 1,400,000 | |||
Due to related parties, current | 1,000,000 | 1,200,000 | ||
Principal payments (including interest) | $ 300,000 | 300,000 | $ 100,000 | |
Weighted average interest rate | 6.80% | |||
Board of Directors Chairman [Member] | Aircraft Lease [Member] | ||||
Related Party Transaction [Line Items] | ||||
Number of related party transaction agreements | item | 2 | |||
Number of leased aircrafts | item | 2 | |||
Aircraft lease amount payable, per month | $ 9,766 | 15,834 | ||
Aircraft hours available each month under lease | h / yr | 125 | |||
Cash payments | $ 270,000 | 187,000 | $ 136,000 | |
Outstanding accounts payable | $ 2,000 |
Quarterly Financial Data (Detai
Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Data[Abstract] | |||||||||||
Revenues | $ 739,914 | $ 742,797 | $ 744,490 | $ 738,388 | $ 829,939 | $ 833,925 | $ 837,858 | $ 733,889 | $ 2,965,589 | $ 3,235,611 | $ 3,041,011 |
Cost and expenses | 727,176 | 722,964 | 720,088 | 734,284 | 756,010 | 758,870 | 778,912 | 655,546 | |||
Operating income (loss) | 12,738 | 19,833 | 24,402 | 4,104 | 73,929 | 75,055 | 58,946 | 78,343 | 61,077 | 286,274 | 107,851 |
Other expense | (7,959) | (10,396) | (11,388) | (9,869) | (9,315) | (9,056) | (8,857) | (8,615) | (39,612) | (35,844) | (35,570) |
Income tax expense (benefit) | 4,066 | (604) | 5,222 | (2,447) | 22,377 | 24,250 | 17,775 | 26,525 | 6,237 | 90,926 | 28,890 |
Net income attributable to Green Plains | $ (3,589) | $ 6,179 | $ 7,792 | $ (3,318) | $ 42,237 | $ 41,749 | $ 32,314 | $ 43,203 | $ 7,064 | $ 159,504 | $ 43,391 |
Basic earnings (loss) per share attributable to Green Plains | $ (0.09) | $ 0.16 | $ 0.20 | $ (0.09) | $ 1.12 | $ 1.11 | $ 0.86 | $ 1.30 | $ 0.19 | $ 4.37 | $ 1.44 |
Diluted earnings per share attributable to Green Plains | $ (0.09) | $ 0.16 | $ 0.19 | $ (0.09) | $ 1.07 | $ 1.03 | $ 0.82 | $ 1.04 | $ 0.18 | $ 3.96 | $ 1.26 |
Subsequent Events (Details)
Subsequent Events (Details) | Jan. 01, 2016USD ($)itemgal | Nov. 12, 2015gal | Oct. 23, 2015gal |
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Number of ethanol storage tanks | item | 30 | ||
Number of leased railcars | item | 2,500 | ||
Aggregate capacity of leased railcars, gallons | 76,300,000 | ||
Green Plains Hopewell [Member] | |||
Subsequent Event [Line Items] | |||
Expected annual ethanol production, gallons | 60,000,000 | ||
Green Plains Hereford [Member] | |||
Subsequent Event [Line Items] | |||
Expected annual ethanol production, gallons | 100,000,000 | ||
Green Plains Partners LP [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Aggregate capacity of leased railcars, gallons | 76,300,000 | ||
Green Plains Partners LP [Member] | Fee-based Storage and Throughput Agreement [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Minimum volume commitment per calendar quarter, gallons | 246,500,000 | ||
Green Plains Partners LP [Member] | Green Plains Hereford and Green Plains Hopewell Storage and Transportation Assets [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Consideration paid for business acquisition | $ | $ 62,500,000 | ||
Expected annual ethanol production, gallons | 160,000,000 | ||
Number of ethanol storage tanks | item | 3 | ||
Green Plains Partners LP [Member] | Green Plains Hereford and Green Plains Hopewell Storage and Transportation Assets [Member] | Fee-based Rail Transportation Services Agreement [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Number of leased railcars | item | 224 | ||
Aggregate capacity of leased railcars, gallons | 6,700,000 |
Schedule I - Condensed Financ89
Schedule I - Condensed Financial Information Of The Registrant (Condensed Financial Information Of The Registrant Statements Of Balance Sheet - Parent Company Only) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current assets | ||||
Cash and cash equivalents | $ 384,867 | $ 425,510 | $ 272,027 | $ 254,289 |
Restricted cash | 27,018 | 29,742 | ||
Accounts receivable, including amounts from related parties of $1,080 and $196, respectively | 96,150 | 138,073 | ||
Income taxes receivable | 9,104 | |||
Prepaid expenses and other | 10,941 | 18,776 | ||
Total current assets | 912,577 | 903,415 | ||
Property and equipment, net | 922,070 | 825,210 | ||
Other assets | 53,804 | 51,560 | ||
Total assets | 1,929,328 | 1,821,062 | ||
Current liabilities | ||||
Accounts payable | 168,528 | 170,199 | ||
Accrued liabilities | $ 38,706 | 65,083 | ||
Income taxes payable | 2,907 | |||
Current maturities of long-term debt | $ 4,507 | 63,465 | ||
Total current liabilities | 438,669 | 511,540 | ||
Long-term debt | 443,547 | 399,440 | ||
Deferred income taxes | 81,797 | 107,740 | ||
Other liabilities | 6,406 | 4,893 | ||
Total liabilities | 970,419 | 1,023,613 | ||
Stockholders’ equity | ||||
Common stock | 45 | 45 | ||
Additional paid-in capital | 577,787 | 569,431 | ||
Retained earnings | 290,974 | 299,101 | ||
Accumulated other comprehensive income (loss) | (1,165) | (5,320) | ||
Treasury stock | (69,811) | (65,808) | ||
Total Green Plains stockholders' equity | 797,830 | 797,449 | ||
Total liabilities and stockholders’ equity | 1,929,328 | 1,821,062 | ||
Green Plains Inc. [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 273,294 | 252,689 | $ 143,852 | $ 100,051 |
Restricted cash | 10,130 | 6,309 | ||
Accounts receivable, including amounts from related parties of $1,080 and $196, respectively | 1,188 | 268 | ||
Income taxes receivable | 9,104 | |||
Prepaid expenses and other | 1,189 | 893 | ||
Due from subsidiaries | 136 | 30,823 | ||
Total current assets | 295,041 | 290,982 | ||
Property and equipment, net | 3,811 | 4,147 | ||
Investment in consolidated subsidiaries | 605,042 | 611,311 | ||
Other assets | 17,167 | 18,323 | ||
Total assets | 921,061 | 924,763 | ||
Current liabilities | ||||
Accounts payable | 1,889 | 2,098 | ||
Accrued liabilities | 12,511 | 17,150 | ||
Income taxes payable | 2,907 | |||
Total current liabilities | 14,400 | 22,155 | ||
Long-term debt | 105,393 | 100,845 | ||
Deferred income taxes | 2,250 | 4,010 | ||
Other liabilities | 23 | 304 | ||
Total liabilities | 122,066 | 127,314 | ||
Stockholders’ equity | ||||
Common stock | 45 | 45 | ||
Additional paid-in capital | 577,787 | 569,431 | ||
Retained earnings | 290,974 | 299,101 | ||
Accumulated other comprehensive income (loss) | (5,320) | |||
Treasury stock | (69,811) | (65,808) | ||
Total Green Plains stockholders' equity | 798,995 | 797,449 | ||
Total liabilities and stockholders’ equity | 921,061 | 924,763 | ||
Accounts receivable, amounts from related parties | $ 1,080 | $ 196 |
Schedule I - Condensed Financ90
Schedule I - Condensed Financial Information Of The Registrant (Condensed Financial Information Of The Registrant Statements Of Operations - Parent Company Only) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Selling, general and administrative expenses | $ 79,594 | $ 77,729 | $ 55,638 | ||||||||
Operating income (loss) | $ 12,738 | $ 19,833 | $ 24,402 | $ 4,104 | $ 73,929 | $ 75,055 | $ 58,946 | $ 78,343 | 61,077 | 286,274 | 107,851 |
Other income (expense) | |||||||||||
Interest income | 1,211 | 635 | 294 | ||||||||
Interest expense | (40,366) | (39,908) | (33,357) | ||||||||
Other, net | (457) | 3,429 | (2,507) | ||||||||
Total other income (expense) | (7,959) | (10,396) | (11,388) | (9,869) | (9,315) | (9,056) | (8,857) | (8,615) | (39,612) | (35,844) | (35,570) |
Income (loss) before income taxes | 21,465 | 250,430 | 72,281 | ||||||||
Income tax benefit | $ (4,066) | $ 604 | $ (5,222) | $ 2,447 | $ (22,377) | $ (24,250) | $ (17,775) | $ (26,525) | (6,237) | (90,926) | (28,890) |
Net income | 15,228 | 159,504 | 43,391 | ||||||||
Green Plains Inc. [Member] | |||||||||||
Selling, general and administrative expenses | 88 | ||||||||||
Operating income (loss) | (88) | ||||||||||
Other income (expense) | |||||||||||
Interest income | 838 | 462 | 192 | ||||||||
Interest expense | (9,280) | (9,539) | (8,742) | ||||||||
Other, net | (3,366) | (3,860) | (2,647) | ||||||||
Total other income (expense) | (11,808) | (12,937) | (11,197) | ||||||||
Income (loss) before income taxes | (11,808) | (12,937) | (11,285) | ||||||||
Income tax benefit | 4,106 | 4,361 | 5,018 | ||||||||
Loss before equity in earnings of subsidiaries | (7,702) | (8,576) | (6,267) | ||||||||
Equity in earnings of consolidated subsidiaries | 14,766 | 168,080 | 49,658 | ||||||||
Net income | $ 7,064 | $ 159,504 | $ 43,391 |
Schedule I - Condensed Financ91
Schedule I - Condensed Financial Information Of The Registrant (Condensed Financial Information Of The Registrant Statements Of Cash Flows - Parent Company Only) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net Cash Provided by (Used in) Operating Activities [Abstract] | |||
Net cash provided (used) by operating activities | $ 10,226 | $ 221,550 | $ 107,336 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (63,418) | (59,547) | (19,764) |
Proceeds on disposal of assets, net | 68 | 9,258 | 245 |
Investments in unconsolidated subsidiaries | (3,055) | (4,406) | (4,764) |
Net cash provided (used) by investing activities | (183,201) | (78,595) | (147,584) |
Cash flows from financing activities: | |||
Proceeds from the issuance of long-term debt | 178,400 | 542,692 | 343,799 |
Payments of principal on long-term debt | (195,810) | (557,850) | (303,495) |
Payments on short-term borrowings | (3,219,566) | (3,670,529) | (3,321,556) |
Payments for repurchase of common stock | (4,003) | ||
Change in restricted cash | 2,725 | (547) | (1,298) |
Payment of cash dividends | (19,795) | (8,908) | (2,426) |
Payments of loan fees | (5,314) | (7,630) | (10,046) |
Proceeds from the exercise of stock options | 766 | 4,404 | 4,498 |
Net cash provided (used) by financing activities | 132,332 | 10,528 | 57,986 |
Net change in cash and cash equivalents | (40,643) | 153,483 | 17,738 |
Cash and cash equivalents, beginning of period | 425,510 | 272,027 | 254,289 |
Cash and cash equivalents, end of period | 384,867 | 425,510 | 272,027 |
Green Plains Inc. [Member] | |||
Net Cash Provided by (Used in) Operating Activities [Abstract] | |||
Net cash provided (used) by operating activities | 23,665 | (7,653) | (1,924) |
Cash flows from investing activities: | |||
Purchases of property and equipment | (1,191) | (2,829) | (652) |
Proceeds on disposal of assets, net | 42 | ||
Investment in subsidiaries, net | 26,355 | 125,179 | (53,754) |
Issuance of notes receivable from subsidiaries, net of payments received | (3,000) | 9,500 | 15,356 |
Investments in unconsolidated subsidiaries | (2,975) | (4,309) | (3,264) |
Net cash provided (used) by investing activities | 19,189 | 127,541 | (42,272) |
Cash flows from financing activities: | |||
Proceeds from the issuance of long-term debt | 120,000 | ||
Payments of principal on long-term debt | (238) | (1,841) | |
Payments on short-term borrowings | (27,162) | ||
Payments for repurchase of common stock | (4,003) | ||
Change in restricted cash | (3,821) | (6,309) | |
Payment of cash dividends | (15,191) | (8,908) | (2,426) |
Payments of loan fees | (5,072) | ||
Proceeds from the exercise of stock options | 766 | 4,404 | 4,498 |
Net cash provided (used) by financing activities | (22,249) | (11,051) | 87,997 |
Net change in cash and cash equivalents | 20,605 | 108,837 | 43,801 |
Cash and cash equivalents, beginning of period | 252,689 | 143,852 | 100,051 |
Cash and cash equivalents, end of period | $ 273,294 | $ 252,689 | $ 143,852 |
Schedule I - Condensed Financ92
Schedule I - Condensed Financial Information Of The Registrant (Commitments And Contingencies) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Aggregate minimum lease payments under agreements for future fiscal years: | |||
Total | $ 109,172 | ||
Green Plains Inc. [Member] | |||
Lease expense | 1,100 | $ 1,000 | $ 900 |
Aggregate minimum lease payments under agreements for future fiscal years: | |||
2,016 | 1,118 | ||
2,017 | 1,920 | ||
2,018 | 1,887 | ||
2,019 | 1,889 | ||
2,020 | 1,372 | ||
Thereafter | 16,015 | ||
Total | 24,201 | ||
Guarantees of subsidiary contracts and indebtedness | $ 337,500 |
Schedule I - Condensed Financ93
Schedule I - Condensed Financial Information Of The Registrant (Debt) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Scheduled long-term debt repayments, excluding effects of any debt discounts and including full accretion of 3.25% Notes at their maturity: | |
2,016 | $ 4,507 |
2,017 | 4,563 |
2,018 | 124,548 |
2,019 | 4,594 |
2,020 | 302,382 |
Thereafter | $ 22,067 |
3.25% Convertible Senior Notes due 2018 [Member] | Senior Notes [Member] | |
Interest rate, effective percentage | 3.25% |
Green Plains Inc. [Member] | |
Scheduled long-term debt repayments, excluding effects of any debt discounts and including full accretion of 3.25% Notes at their maturity: | |
2,016 | |
2,017 | |
2,018 | $ 120,000 |
2,019 | |
2,020 | |
Thereafter | |
Total | $ 120,000 |
Green Plains Inc. [Member] | 3.25% Convertible Senior Notes due 2018 [Member] | Senior Notes [Member] | |
Interest rate, effective percentage | 3.25% |