Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Aug. 02, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,016 | |
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 | 38,244,535 | |
Trading Symbol | gpre |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | |
Current assets | |||
Cash and cash equivalents | $ 386,920 | $ 384,867 | |
Restricted cash | 18,785 | 27,018 | |
Accounts receivable, net of allowances of $342 and $285, respectively | 140,597 | 96,150 | |
Income taxes receivable | 5,143 | 9,104 | |
Inventories | 280,700 | 353,957 | |
Prepaid expenses and other | 29,482 | 10,941 | |
Derivative financial instruments | 38,972 | 30,540 | |
Total current assets | 900,599 | 912,577 | |
Property and equipment, net of accumulated depreciation of $378,883 and $338,558, respectively | 915,726 | 922,070 | |
Goodwill | 40,877 | 40,877 | |
Other assets | 41,703 | 42,396 | |
Total assets | [1] | 1,898,905 | 1,917,920 |
Current liabilities | |||
Accounts payable | 111,465 | 166,963 | |
Accrued and other liabilities | 35,644 | 32,026 | |
Derivative financial instruments | 21,179 | 8,245 | |
Income taxes payable | 1,465 | ||
Short-term notes payable and other borrowings | 245,637 | 226,928 | |
Current maturities of long-term debt | 6,603 | 4,507 | |
Total current liabilities | 421,993 | 438,669 | |
Long-term debt | 478,489 | 432,139 | |
Deferred income taxes | 61,992 | 81,797 | |
Other liabilities | 6,511 | 6,406 | |
Total liabilities | 968,985 | 959,011 | |
Stockholders’ equity | |||
Common stock, $0.001 par value; 75,000,000 shares authorized; 45,969,732 and 45,281,571 shares issued, and 38,254,742 and 37,889,871 shares outstanding, respectively | 46 | 45 | |
Additional paid-in capital | 601,087 | 577,787 | |
Retained earnings | 265,800 | 290,974 | |
Accumulated other comprehensive loss | (4,123) | (1,165) | |
Treasury stock, 7,714,990 and 7,391,700 shares, respectively | (75,816) | (69,811) | |
Total Green Plains stockholders’ equity | 786,994 | 797,830 | |
Noncontrolling interests | 142,926 | 161,079 | |
Total stockholders’ equity | 929,920 | 958,909 | |
Total liabilities and stockholders’ equity | $ 1,898,905 | $ 1,917,920 | |
[1] | Asset balances by segment exclude intercompany payable and receivable balances |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Consolidated Balance Sheets [Abstract] | ||
Accounts receivable, allowances | $ 342 | $ 285 |
Property, plant and equipment, accumulated depreciation | $ 378,883 | $ 338,558 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 45,969,732 | 45,281,571 |
Common stock, shares outstanding | 38,254,742 | 37,889,871 |
Treasury stock, shares | 7,714,990 | 7,391,700 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Consolidated Statements Of Operations [Abstract] | ||||
Product revenues | $ 885,772 | $ 742,383 | $ 1,632,956 | $ 1,478,686 |
Service revenues | 1,955 | 2,107 | 3,975 | 4,192 |
Total revenues | 887,727 | 744,490 | 1,636,931 | 1,482,878 |
Costs of goods sold | 809,524 | 676,595 | 1,534,212 | 1,369,024 |
Operations and maintenance expenses | 8,504 | 7,102 | 17,149 | 14,135 |
Selling, general and administrative expenses | 23,589 | 20,226 | 43,961 | 39,201 |
Depreciation and amortization expenses | 18,701 | 16,165 | 36,846 | 32,012 |
Total costs and expenses | 860,318 | 720,088 | 1,632,168 | 1,454,372 |
Operating income | 27,409 | 24,402 | 4,763 | 28,506 |
Other income (expense) | ||||
Interest income | 368 | 210 | 778 | 430 |
Interest expense | (10,499) | (10,564) | (21,297) | (19,722) |
Other, net | 1,178 | (1,034) | (497) | (1,965) |
Total other expense | (8,953) | (11,388) | (21,016) | (21,257) |
Income (loss) before income taxes | 18,456 | 13,014 | (16,253) | 7,249 |
Income tax expense (benefit) | 5,471 | 5,222 | (9,422) | 2,775 |
Net income (loss) | 12,985 | 7,792 | (6,831) | 4,474 |
Net income attributable to noncontrolling interests | 4,794 | 9,116 | ||
Net income (loss) attributable to Green Plains | $ 8,191 | $ 7,792 | $ (15,947) | $ 4,474 |
Earnings per share: | ||||
Net income (loss) attributable to Green Plains - basic | $ 0.21 | $ 0.20 | $ (0.42) | $ 0.12 |
Net income (loss) attributable to Green Plains - diluted | $ 0.21 | $ 0.19 | $ (0.42) | $ 0.11 |
Weighted average shares outstanding: | ||||
Basic | 38,425 | 38,027 | 38,311 | 37,916 |
Diluted | 38,536 | 40,075 | 38,311 | 39,565 |
Cash dividend declared per share | $ 0.12 | $ 0.08 | $ 0.24 | $ 0.16 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Consolidated Statements Of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 12,985 | $ 7,792 | $ (6,831) | $ 4,474 |
Other comprehensive income (loss), net of tax: | ||||
Unrealized gains (losses) on derivatives arising during period, net of tax (expense) benefit of $2,849, $2,470, $2,093 and $(3,327), respectively | (4,840) | (4,108) | (3,314) | 5,558 |
Reclassification of realized losses on derivatives, net of tax benefit of $932, $6,031, $225 and $962, respectively | 1,783 | 10,030 | 356 | 1,608 |
Total other comprehensive income (loss), net of tax | (3,057) | 5,922 | (2,958) | 7,166 |
Comprehensive income (loss) | 9,928 | 13,714 | (9,789) | 11,640 |
Comprehensive income attributable to noncontrolling interests | 4,794 | 9,116 | ||
Comprehensive income (loss) attributable to Green Plains | $ 5,134 | $ 13,714 | $ (18,905) | $ 11,640 |
Consolidated Statements Of Com6
Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Consolidated Statements Of Comprehensive Income [Abstract] | ||||
Unrealized gains (losses) on derivatives arising during period, tax (expense) benefit | $ 2,849 | $ 2,470 | $ 2,093 | $ (3,327) |
Reclassification of realized (gains) losses on derivatives, tax expense (benefit) | $ 932 | $ 6,031 | $ 225 | $ 962 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (6,831) | $ 4,474 |
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities: | ||
Depreciation and amortization expenses | 36,846 | 32,012 |
Amortization of debt issuance costs and debt discount | 4,587 | 3,668 |
Deferred income taxes | (17,936) | 11,323 |
Stock-based compensation | 2,480 | 1,054 |
Undistributed equity in loss of affiliates | 508 | 2,159 |
Other | 58 | 104 |
Changes in operating assets and liabilities before effects of business combinations: | ||
Accounts receivable | (45,364) | 21,918 |
Inventories | 73,257 | 39,120 |
Derivative financial instruments | (160) | 10,033 |
Prepaid expenses and other assets | 668 | 5,220 |
Accounts payable and accrued liabilities | (50,981) | (95,600) |
Current income taxes | 5,067 | (13,021) |
Other | 567 | 740 |
Net cash provided by operating activities | 2,766 | 23,204 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (29,084) | (28,690) |
Acquisition of businesses, net of cash acquired | (19,935) | |
Distributions from (investments in) unconsolidated subsidiaries | 994 | (3,309) |
Net cash used by investing activities | (48,025) | (31,999) |
Cash flows from financing activities: | ||
Proceeds from the issuance of long-term debt | 66,000 | 178,400 |
Payments of principal on long-term debt | (21,223) | (188,744) |
Proceeds from short-term borrowings | 1,970,026 | 1,568,129 |
Payments on short-term borrowings | (1,951,610) | (1,577,555) |
Payments for repurchase of common stock | (6,005) | |
Payments of cash dividends and distributions | (18,520) | (6,077) |
Change in restricted cash | 8,234 | 12,275 |
Payments of loan fees | (4,289) | |
Proceeds from exercises of stock options | 410 | 634 |
Net cash provided (used) by financing activities | 47,312 | (17,227) |
Net change in cash and cash equivalents | 2,053 | (26,022) |
Cash and cash equivalents, beginning of period | 384,867 | 425,510 |
Cash and cash equivalents, end of period | 386,920 | 399,488 |
Supplemental disclosures of cash flow: | ||
Cash paid for income taxes | 3,304 | 4,552 |
Cash paid for interest | $ 20,564 | $ 19,114 |
Basis Of Presentation, Descript
Basis Of Presentation, Description Of Business And Summary Of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2016 | |
Basis Of Presentation, Description Of Business And Summary Of Significant Accounting Policies [Abstract] | |
Basis Of Presentation, Description Of Business And Summary Of Significant Accounting Policies | 1. BASIS OF PRESENTATION, DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES References to the Company References to “Green Plains” or the “company” in the consolidated financial statements and in these notes to the consolidated financial statements refer to Green Plains Inc., an Iowa corporation, and its subsidiaries. Consolidated Financial Statements The consolidated financial statements include the company’s accounts and all significant intercompany balances and transactions are eliminated. Unconsolidated entities are included in the financial statements on an equity basis. Interim period results are not necessarily indicative of the results to be expected for the entire year. Effective April 1, 2016, the company increased its ownership of BioProcess Algae, a joint venture formed in 2008, to 82.8% and consolidated BioProcess Algae in its consolidated financial statements beginning on that date. The accompanying unaudited consolidated financial statements are prepared in accordance with GAAP for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Because they do not include all of the information and footnotes required by GAAP, the consolidated financial statements should be read in conjunction with the company’s annual report on Form 10-K for the year ended December 31, 2015 . The unaudited financial information reflects adjustments which are, in the opinion of management, necessary for a fair presentation of results of operations, financial position and cash flows for the periods presented. The adjustments are normal and recurring in nature, unless otherwise noted. Reclassifications Certain prior year amounts were reclassified to conform to 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 p reparation of the 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 assumptions it believes are proper and reasonable under the circumstances and regularly evaluates the appropriateness of its estimates and assumptions. Actual results could differ from those estimates. Key accounting policies, including but not limited to those relating to revenue recognition, depreciation of property and equipment, impairment of long-lived assets and goodwill, derivative financial instruments, and accounting for income taxes, are impacted significantly by judgments, assumptions and estimates used in the preparation of the consolidated financial statements. Description of Business Green Plains is the fourth largest ethanol producer in North America. 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 storage 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 , natural gas 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. 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 , natural gas 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. 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 as sured. 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 involved 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 primarily of plant and feedlot utilities, repairs and maintenance, yard expenses and outbound freight charges. Shipping costs incurred by the company, including railcar 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 market where the terms of the contract is 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 component of operations and maintenance expenses. Transportation expenses includes rail car leases, freight and shipping of the company’s ethanol and co-products, as well as costs incurred storing ethanol at destination terminals. Derivative Financial Instruments T he 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 the hedging activities themselves result in losses. By using derivatives to hedge exposures to changes in commodity prices, the company is exposed 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 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 strategies the company can use and the degree of market risk it can take using derivative instruments. The company evaluates its physical delivery contracts to determine if they qualify for normal purchase or sale exemptions which 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 to use, 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. Recent Accounting Pronouncements Effective January 1, 2016, the company adopted the amended guidance in ASC Topic 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 deduction from the carrying amount of the debt, consistent with debt discounts. The amended guidance has been applied on a retrospective basis, and the balance sheet of each individual period presented has been adjusted to reflect the period-specific effects of the new guidance. Effective January 1, 2017, the company will adopt the amended guidance in ASC 718, Compensation – Stock Compensation , which requires all income tax effects of awards to be recognized in the income statement when the awards vest or settle. The amended guidance also will allow an employer to repurchase more of an employee’s shares than it can currently for tax withholding purposes without trigger ing liability accounting and make a policy election to account for forfeitures as they occur. Early application is permitted. The company is currently evaluating the impact the adoption of the amended guidance will have on the consolidated financial statements and related disclosures. Effective January 1, 2017, the company will adopt the 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 during 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 the 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. Effective January 1, 2019, the company will adopt the amended guidance in ASC 842, Leases , which aims to make leasing activities more transparent and comparable and requires substantially all leases to be recognized by lessees on their balance sheet as a right-of-use asset and corresponding lease liability, including leases currently accounted for as operating leases. Early application is permitted. The company is currently evaluating the impact the adoption of the amended guidance will have on the consolidated financial statements and related disclosures. |
Green Plains Partners LP
Green Plains Partners LP | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Green Plains Partners LP | 2. 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. 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 assets include (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 seek a ccess to renewable fuels, and (iii) transportation assets, including a lease d railcar fleet of approximately 2,700 railcars , which is contracted to transport ethanol from the company’s ethanol p roduction 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. 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 in the presentation of consolidated financial results. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2016 | |
Acquisitions [Abstract] | |
Acquisitions | 3. ACQUISITION 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 mmgy 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 the final purchase price 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 |
Fair Value Disclosures
Fair Value Disclosures | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | 4 . FAIR VALUE DISCLOSURES The following methods, assumptions and valuation techniques were used to estimate 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 June 30, 2016 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 $ 386,920 $ - $ - $ 386,920 Restricted cash 18,785 - - 18,785 Margin deposits 24,740 - (24,740) - Inventories carried at market - 51,559 - 51,559 Unrealized gains on derivatives 10,616 24,529 3,827 38,972 Other assets 116 - - 116 Total assets measured at fair value $ 441,177 $ 76,088 $ (20,913) $ 496,352 Liabilities: Unrealized losses on derivatives $ 15,074 $ 27,018 $ (20,913) $ 21,179 Other - 165 - 165 Total liabilities measured at fair value $ 15,074 $ 27,183 $ (20,913) $ 21,344 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 The company believes the fair value of its debt was approximately $708.9 million compared with a book value of $730.7 million at June 30, 2016 , and the fair value of its debt was approximately $661.8 million compared with a book value of $663.6 million at December 31, 2015 . 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 $ 140.6 million and $ 111.5 million, respectively, at June 30, 2016 , and $ 96.2 million and $ 167.0 million , respectively, at December 31, 2015 . 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 | 6 Months Ended |
Jun. 30, 2016 | |
Segment Information [Abstract] | |
Segment Information | 5 . SEGMENT INFORMATION Company management r eports 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 operations, (3) marketing and distribution, which includes marketing and merchant trading for company-produced and third-party ethanol, distillers grains, corn oil , natural gas and other commodities, and (4) partnership, which includes fuel storage and transportation services. Under GAAP, when transferring assets between entities under common control, 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. Effective January 1, 2016, the partnership acquired the storage and transportati on assets of the Hereford and Hopewell production facilities in a transfer between entities under common control for approximately $62.3 million and entered into amendments to the related commercial agreements with Green Plains Trade . The transferred assets and liabilities are recognized at our historical cost and reflected retroactively in the segment information of the consolidated financial statements presented in this Form 10-Q. 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 the ethanol storage and railcar assets in the partnership segment prior to their respective transfers to the partnership, when th e related commercial agreements with Green Plains Trade became effective. Corporate activities include selling , general and administrative expenses, consisting primarily of 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): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Revenues (1) : Ethanol production: Revenues from external customers $ 65,049 $ 38,856 $ 147,532 $ 102,938 Intersegment revenues 450,677 426,023 791,784 793,663 Total segment revenues 515,726 464,879 939,316 896,601 Agribusiness: Revenues from external customers 93,383 78,642 158,434 136,976 Intersegment revenues 378,757 264,934 699,098 527,718 Total segment revenues 472,140 343,576 857,532 664,694 Marketing and distribution: Revenues from external customers 727,340 624,885 1,326,990 1,238,772 Intersegment revenues 44,313 31,883 110,854 71,258 Total segment revenues 771,653 656,768 1,437,844 1,310,030 Partnership: Revenues from external customers 1,955 2,107 3,975 4,192 Intersegment revenues 23,538 1,338 45,306 2,649 Total segment revenues 25,493 3,445 49,281 6,841 Revenues including intersegment activity 1,785,012 1,468,668 3,283,973 2,878,166 Intersegment eliminations (897,285) (724,178) (1,647,042) (1,395,288) Revenues as reported $ 887,727 $ 744,490 $ 1,636,931 $ 1,482,878 (1) Revenues from external customers include realized gains and losses from derivative financial instruments. Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Cost of goods sold: Ethanol production $ 483,031 $ 410,897 $ 916,495 $ 819,230 Agribusiness 463,748 339,320 843,629 654,985 Marketing and distribution 756,276 649,253 1,421,480 1,293,478 Intersegment eliminations (893,531) (722,875) (1,647,392) (1,398,669) $ 809,524 $ 676,595 $ 1,534,212 $ 1,369,024 Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Operating income (loss): Ethanol production $ 10,555 $ 34,192 $ (22,696) $ 37,612 Agribusiness 5,560 2,258 8,788 5,468 Marketing and distribution 10,626 3,453 8,656 7,858 Partnership 14,803 (5,284) 27,874 (10,432) Intersegment eliminations (3,754) (1,303) 350 3,381 Corporate activities (10,381) (8,914) (18,209) (15,381) $ 27,409 $ 24,402 $ 4,763 $ 28,506 The following table sets forth third-party r evenues by product line (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Revenues: Ethanol $ 572,394 $ 469,017 $ 1,071,445 $ 913,223 Distillers grains 115,507 130,334 227,724 241,166 Corn oil 41,009 19,617 61,883 38,698 Grain 64,742 53,716 115,797 152,638 Cattle 75,178 66,293 131,411 111,544 Service revenues 1,955 2,107 3,975 4,192 Other 16,942 3,406 24,696 21,417 $ 887,727 $ 744,490 $ 1,636,931 $ 1,482,878 The following table sets forth total assets by operating segment (in thousands): June 30, December 31, 2016 2015 Total assets (1) : Ethanol production $ 967,894 $ 1,002,270 Agribusiness 282,539 300,364 Marketing and distribution 267,025 230,651 Partnership 65,842 81,430 Corporate assets 324,548 314,068 Intersegment eliminations (8,943) (10,863) $ 1,898,905 $ 1,917,920 (1) Asset balances by segment exclude intercompany payable and receivable balances . |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2016 | |
Inventories [Abstract] | |
Inventories | 6 . INVENTORIES Inventories are carried at lower of cost or market, except f or commodities held for sale and fair- value hedged inventories, which are reported at market value. The components of inventories are as follows (in thousands): June 30, December 31, 2016 2015 Finished goods $ 59,278 $ 71,595 Commodities held for sale 40,092 43,936 Raw materials 54,094 116,673 Work-in-process 100,047 96,950 Supplies and parts 27,189 24,803 $ 280,700 $ 353,957 |
Goodwill
Goodwill | 6 Months Ended |
Jun. 30, 2016 | |
Goodwill [Abstract] | |
Goodwill | 7 . GOODWILL The company did not have any changes in the carrying amount of goodwill, which was $ 40.9 million at June 30, 2016 , and December 31, 2015 . Goodwill of $ 30.3 million is attributable to the ethanol production segment and $ 10.6 million is attributable to the partnership segment. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2016 | |
Derivative Financial Instruments [Abstract] | |
Derivative Financial Instruments | 8 . DERIVATIVE FINANCIAL INSTRUMENTS At June 30, 2016 , the company’s consolidated balance sheet reflected unrealized losses of $4.1 million, net of tax, in accumulated other comprehensive income (loss) . The company expects these losses will be reclassified in 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 Fair Value June 30, December 31, June 30, December 31, 2016 2015 2016 2015 Derivative financial instruments (1) $ 14,232 (2) $ 22,882 (3) $ - $ - Accrued and other liabilities - - 21,179 8,245 Other liabilities - - 165 - Total $ 14,232 $ 22,882 $ 21,344 $ 8,245 (1) Derivative financial instruments as reflected on the consolidated balance sheets are net of related margin deposit assets of $ 24.7 million and $ 7.7 million at June 30, 2016 and December 31, 2015 , respectively. (2) Balance at June 30, 2016 includes $ 18.1 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments. (3) Balance at December 31, 2015 includ es $ 2.3 million of net unrealized losses on deri vative financial instruments designated as cash flow hedging instruments. Refer to Note 4 - 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 Three Months Ended June 30, Six Months Ended June 30, Designated in a Hedging Relationship 2016 2015 2016 2015 Revenues $ 10,065 $ 3,617 $ 7,271 $ (166) Cost of goods sold (2,856) (11,233) (8,703) (18,209) Net increase (decrease) recognized in earnings before tax $ 7,209 $ (7,616) $ (1,432) $ (18,375) Gains (Losses) Due to Ineffectiveness Three Months Ended June 30, Six Months Ended June 30, of Cash Flow Hedges 2016 2015 2016 2015 Revenues $ (38) $ (28) $ (38) $ (59) Cost of goods sold (160) 494 (160) 23 Net increase (decrease) recognized in earnings before tax $ (198) $ 466 $ (198) $ (36) Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) Three Months Ended June 30, Six Months Ended June 30, into Net Income 2016 2015 2016 2015 Revenues $ (13,470) $ (8,141) $ (13,225) $ 3,708 Cost of goods sold 10,755 (7,920) 12,644 (6,278) Net decrease recognized in earnings before tax $ (2,715) $ (16,061) $ (581) $ (2,570) Effective Portion of Cash Flow Hedges Recognized in Three Months Ended June 30, Six Months Ended June 30, Other Comprehensive Income (Loss) 2016 2015 2016 2015 Commodity Contracts $ (7,689) $ (6,578) $ (5,407) $ 8,885 Gains (Losses) from Fair Value Three Months Ended June 30, Six Months Ended June 30, Hedges of Inventory 2016 2015 2016 2015 Revenues (effect of change in inventory value) $ (341) $ - $ 1,419 $ - Cost of goods sold (effect of change in inventory value) 13,080 (1,002) 8,182 (2,370) Revenues (effect of fair value hedge) 341 - (1,419) - Cost of goods sold (effect of fair value hedge) (14,373) 817 (8,564) 3,900 Ineffectiveness recognized in earnings before tax $ (1,293) $ (185) $ (382) $ 1,530 There were no gains or losses from discontinuing cash flow or fair value hedge treatment during the three and six months ended June 30, 2016 and 2015 . The open commodity derivative positions as of June 30, 2016 , are as follows (in thousands): June 30, 2016 Exchange Traded Non-Exchange Traded Derivative Instruments Net Long & (Short) (1) Long (2) (Short) (2) Unit of Measure Commodity Futures (22,400) Bushels Corn, Soybeans and Wheat Futures 37,105 (3) Bushels Corn Futures (2,970) (4) Bushels Corn Futures 61,236 Gallons Ethanol Futures (199,710) (3) Gallons Ethanol Futures (88,270) (3) Pounds Livestock Futures (7,273) mmBTU Natural Gas Futures (8,830) (4) mmBTU Natural Gas Futures (144) Barrels Crude Oil Futures 4,410 Gallons Denaturant Options 105 Bushels Corn, Soybeans and Wheat Options (6,436) Gallons Ethanol Options 1,446 Pounds Livestock Options 95 mmBTU Natural Gas Forwards 39,415 (4,969) Bushels Corn and Soybeans Forwards 10,777 (148,298) Gallons Ethanol Forwards 250 (418) Tons Distillers Grains Forwards 44,425 (105,391) Pounds Corn Oil Forwards (4) - (35,055) Pounds Corn Oil Forwards 11,048 (647) mmBTU Natural Gas Forwards 517 (295) 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 or non-exchange traded forwards used for fair value hedges. Energy trading contracts that do not involve physical delivery are presented net in revenues on the consolidated statements of operations. Included in revenues are net losses on energy trading contracts of $0.3 million and net gains of $3.0 million for the three and six months ended June 30, 2016 , respectively, an d net gains of $2.4 million and $7.7 million for the three and six months ended June 30, 2015 , respectively. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2016 | |
Debt [Abstract] | |
Debt | 9 . DEBT The components of long-term debt are as follows (in thousands): June 30, December 31, 2016 2015 Green Plains Partners: $100.0 million revolving credit facility $ 47,000 $ - Green Plains Processing: $345.0 million term loan 305,587 306,439 Corporate: $120.0 million convertible notes 105,889 103,072 Other 26,616 27,135 Total long-term debt 485,092 436,646 Less: current portion of long-term debt (6,603) (4,507) Long-term debt $ 478,489 $ 432,139 Short-term notes payable and other borrowings at June 30, 2016 , include working capital revolvers at Green Plains Cattle, Green Plains Grain and Green Plains Trade with outstanding balances of $65.9 million, $ 84.5 million and $ 95.2 million, respectively. Short-term notes payable and other borrowings at December 31, 2015 , include working capital revolvers at Green Plains Cattle, Green Plains Grain and Green Plains Trade with outstanding balances of $69.7 million, $ 77.0 million and $ 80.2 million, respectively. Effective January 1, 2016, the company adopted ASC 835-30, Interest - Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs , which resulted in the reclassification of approximately $11.4 million from other assets to long-term debt within the balance sheet as of December 31, 2015. As of June 30 , 2016, there was $10.1 million of debt issuance costs recorded as a reduction of the carrying value of the company’s long-term debt. Ethanol Production Segment Green Plains Processing has a $345.0 million senior secured credit facility, which 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 . 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 June 30, 2016 , the interest rate on this term debt was 6.50% . Scheduled principal payments are $0.9 million each quarter. Agribusiness Segment Green Plains Grain has a $ 125.0 million senior secured asset-based revolving credit facility, which was set to mature 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 were subject to an interest rate equal to LIBOR plus 3.25% or the base rate plus 2.25% . 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. On July 27, 2016, Green Plains Grain amended its existing $125.0 million senior secured asset-ba sed revolving credit facility. The terms of the amended credit facil ity included extending the maturity date to July 26, 2019 and advances are now subject to an interest rate equal to LIBOR plus 3.00% or the base rate plus 2.00% . Lenders receive a first priority lien on certain cash, inventory, accounts receivable a nd 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 $20.3 million and tangible net worth of $26.3 million for 2016. Capital expenditures are limited to $8.0 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 50% of net profit bef ore tax, subject to certain conditions. Green Plains Cattle has a $100.0 million senior secured asset-based revolving credit facility, which matures on October 31, 2017, to finance working capital for the cattle feedlot operations 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 interest rates equal to LIBOR plus 2.00% to 3.00% , or the base rate plus 0.00% to 0.25% , 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 2016 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 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 June 30, 2016 , Green Plains T rade had $10.8 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 Green Plains Partners, through a wholly owned subsidiary, has a $100.0 million revolving credit facility, which matures in July 2020, to fund working capital, acquisitions, distributions, capital expenditures and other general partnership purposes. Advances 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 0.75% to 1.75% or ( b) a LIBOR rate plus 1.75% to 2.75% . The credit facility may be increased up to $50.0 million without the consent of the lenders. 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 terms impose affirmative and negative covenants including 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 also 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. 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. T he company may settle the 3.25% notes in cash, common stock or a combination of cash and common stock . The company intends to repay the 3.25% notes with cash for the principal and cash or common stock for the conversion premium. Prior to April 1, 2018, the 3.25% notes are not convertible unless certain cond itions 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 49.0976 shares of common stock per $1,000 of principal which is equal to a conversion price of approximately $20.37 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 June 30, 2016 . Capitalized Interest The company had $ 559 thousand and $917 thousand of capitalized interest during the three and six months ended June 30, 2016 , respectively , and $218 thousand and $393 thousand during the three and six months ended June 30, 2015 , respectively. Restricted Net Assets At June 30, 2016 , there were approximately $ 692.9 million of net assets at the company’s subsidiaries that could not be transferred to the parent company in the form of dividends, loans or advances due to restrictions contained in the credit facilities of these subsidiaries . |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2016 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 10 . STOCK-BASED COMPENSATION The company has an equity incentive plan that reserves 3,500,000 shares of common stock for issuance to its directors and employees . 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. The activity related to the exercisable stock option s for the six months ended June 30, 2016 , is as follows: Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2015 298,750 $ 9.81 2.4 $ 3,866 Granted - - - - Exercised (45,000) 5.99 - 525 Forfeited - - - - Expired - - - - Outstanding at June 30, 2016 253,750 $ 10.48 2.2 $ 2,236 Exercisable at June 30, 2016 (1) 253,750 $ 10.48 2.2 $ 2,236 (1) Includes in-the-money options totaling 253,750 shares at a weighted-average exercise price of $ 10.48 . 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 six months ended June 30, 2016 , is as follows: Non-Vested Shares and Deferred Stock Units Weighted-Average Grant-Date Fair Value Weighted-Average Remaining Vesting Term (in years) Non-Vested at December 31, 2015 736,728 $ 22.96 Granted 783,972 13.59 Forfeited (13,853) 21.59 Vested (368,296) 20.30 Non-Vested at June 30, 2016 1,138,551 $ 17.39 2.0 Green Plains Partners Green Plains Partners has adopted the LTIP , an incentive plan 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 2,500,000 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. The non-vested unit-based awards activity for the six months ended June 30, 2016 , is as follows: Non-Vested Shares and Deferred Stock Units Weighted-Average Grant-Date Fair Value Weighted-Average Remaining Vesting Term (in years) Non-Vested at December 31, 2015 10,089 $ 14.93 Granted 1,251 13.80 Forfeited (5,333) 14.93 Vested - - Non-Vested at June 30, 2016 (1) 6,007 $ 14.69 0.0 (1) Non-vested awards at June 30, 2016 vested on July 1, 2016 . Compensation costs for stock-based and unit- based payment plans during the three and six months ended June 30, 2016 , we re approximate ly $ 2.4 million and $4.6 million, respectively, and $ 2.6 million and $4.3 million during the three and six months ended June 30, 2015 . At June 30, 2016 , there were $ 15.3 million of unrecognized compensation costs from stock-based and unit-based compensation related to non-vested awards. This compensation is expected to be recognized over a weighted-average period of approximately 2.0 years. The potential tax benefit related to stock-based payment is approximately 38.0 % of these expenses . |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 11 . 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 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): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Basic EPS: Net income (loss) attributable to Green Plains $ 8,191 $ 7,792 $ (15,947) $ 4,474 Weighted average shares outstanding - basic 38,425 38,027 38,311 37,916 EPS - basic $ 0.21 $ 0.20 $ (0.42) $ 0.12 Diluted EPS: Net income (loss) attributable to Green Plains - diluted $ 8,191 $ 7,792 $ (15,947) $ 4,474 Weighted average shares outstanding - basic 38,425 38,027 38,311 37,916 Effect of dilutive convertible debt - 1,881 - 1,480 Effect of dilutive stock-based compensation awards 111 167 - 169 Weighted average shares outstanding - diluted 38,536 40,075 38,311 39,565 EPS - diluted $ 0.21 $ 0.19 (0.42) 0.11 For the six months ended June 30, 2016, 109 thousand shares related to stock-based compensation awards and convertible debt were excluded from the computation of diluted EPS as the inclusion of these shares would have been ant idilutive. Also excluded from the computations of diluted EPS for the three and six months ended June 30, 2016, were stock-based compensation awards totaling 265 thousand and 302 thousand shares, respectively, and 6 thousand shares for the six months ended June 30, 2015, because the exercise prices or the grant-date fair value, as applicable, of the corresponding awards were greater than the average market price of the company’s common stock during the respective periods. |
Stockholders Equity
Stockholders Equity | 6 Months Ended |
Jun. 30, 2016 | |
Stockholders Equity [Abstract] | |
Stockholders Equity | 12 . STOCKHOLDERS’ EQUITY Components of stockholders’ equity are as follows (in thousands): Accum. Other Total Additional Comp. Green Plains Non- Total Common Stock Paid-in Retained Income Treasury Stock Stockholders' Controlling Stockholders' Shares Amount Capital Earnings (Loss) Shares Amount Equity Interests Equity Balance, December 31, 2015 45,282 $ 45 $ 577,787 $ 290,974 $ (1,165) 7,392 $ (69,811) $ 797,830 $ 161,079 $ 958,909 Net income (loss) - - - (15,947) - - - (15,947) 9,116 (6,831) Cash dividends and distributions declared - - - (9,227) - - - (9,227) (9,293) (18,520) Other comprehensive loss, before reclassification - - - - (3,314) - - (3,314) - (3,314) Amounts reclassified from accum. other comprehensive income - - - - 356 - - 356 - 356 Other comprehensive loss, net of tax - - - - (2,958) - - (2,958) - (2,958) Transfer of assets to Green Plains Partners LP - - 19,877 - - - - 19,877 (19,877) - Consolidation of BioProcess Algae - - - - - - - - 2,807 2,807 Investment in BioProcess Algae - - 928 - - - - 928 (928) - Repurchase of common stock - - - - - 323 (6,005) (6,005) - (6,005) Stock-based compensation 643 1 2,085 - - - - 2,086 22 2,108 Stock options exercised 45 - 410 - - - - 410 - 410 Balance, June 30, 2016 45,970 $ 46 $ 601,087 $ 265,800 $ (4,123) 7,715 $ (75,816) $ 786,994 $ 142,926 $ 929,920 Amounts reclassified from accumulated other comprehensive income are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, Statements of Operations 2016 2015 2016 2015 Classification Gains (losses) on cash flow hedges: Ethanol commodity derivatives $ (13,470) $ (8,141) $ (13,225) $ 3,708 Revenues Corn commodity derivatives 10,755 (7,920) 12,644 (6,278) Cost of goods sold Total (2,715) (16,061) (581) (2,570) Loss before income taxes Income tax benefit (932) (6,031) (225) (962) Income tax benefit Amounts reclassified from accumulated other comprehensive income (loss) $ (1,783) $ (10,030) $ (356) $ (1,608) |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | 13. INCOME TAXES B eginn ing in 2016, the company records actual income tax expense or benefit during interim periods rather than on an annual effective tax rate method . Certain items are given discrete period treatment and the tax effect of those items are reported in full in the relevant interim period. Gr een Plains Partners is a limited partnership, which is treated as a flow-through entity for federal income tax purposes and is not subject to federal income taxes. The partnership is subject to state income taxes in certain states. As a result, the company’s consolidated financial statements reflect a benefit or provision for income taxes on pre-tax income or loss attributable to the noncontrolling interest in the partnership. Income tax expense was $ 5.5 million and income tax benefit was $9.4 million for the three and six months ended June 30, 2016 , respectively, compared with income tax expense of $ 5.2 million and $2.8 million for three and six months ended June 30, 2015 , respectively. The effective tax rate, calculated as the ratio of income tax expense to income before income taxes, was approximately 29.6% and 58.0% for the three and six months ended June 30, 2016 , respectively, and 40.1% and 38.3% for the three and six months ended June 30, 2015 , respectively. The amount of unrecognized tax benefits for uncertain tax positions was $0.2 million as of June 30 , 2016 , and December 31, 2015 . Recognition of these benefits would have a favorable impact on the company’ s effective tax rate. The 2016 effective tax rate can be affected by variances among the estimates and amounts of taxable income among the various states, entities and activity types, realization of tax credits, adjustments from resolution of tax matters under review, valuation allowances and the company’s assessment of its liability for uncertain tax positions. |
Commitments And Contingencies
Commitments And Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 1 4 . COMMITMENTS AND CONTINGENCIES Operating Leases The company leases certain facilities , equipment 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 $ 8.7 million and $18.1 million during the three and six months ended June 30, 2016 , respectively and $8.6 million and $16.9 million during the three and six months ended June 30, 2015 , respectively . Aggregate minimum lease payments under these agreements for the remainder of 2016 and in future years are as follows (in thousands): Year Ending December 31, Amount 2016 $ 15,380 2017 24,822 2018 19,235 2019 13,376 2020 10,842 Thereafter 17,881 Total $ 101,536 Commodities As of June 30, 2016 , the company had contracted future purchases of grain, corn oil, natural gas, crude oil, ethanol, distillers grains and cattle, valued at approximately $ 445.0 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, t he company is currently involved in litigation that has arisen in the ordinary course of business, but does not believe any pending litigation will have a material adverse effect on its financial position, results of operations or cash flows . |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 15 . RELATED PARTY TRANSACTIONS Commercial Contracts Three subsidiaries of the company have executed separate financing ag reements for equipment with Axis Capital Inc. Gordon Glade, Vice Chairman/Founder of Axis Capital, is a member of the company’s board of directors. In March 2014, a subsidiary of the c ompany entered into $1.4 million of new equipmen t financing agreements with Axis Capital with monthly payments beginning in April 2014. Balances of approximately $ 0.9 million and $1.0 million related to these financing arrangements were included in debt at June 30, 2016 , and December 31, 2015 , respectively. Payments, including principal and interest, totaled $ 69 thousand and $138 thousand during the three and six months ended June 30, 2016 , respectively, and $69 thousand and $138 thousand during the three and six months ended June 30, 2015 , respectively . The weighted average interest rate for th e financing agreements with Axis Capital was 6.8 %. Aircraft Leases 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. P ayments related to these leases totaled $40 thousand and $88 thousand during the three and six months ended June 30, 2016 , respectively , and $47 thousand and $104 thousand during the three and six months ended June 30, 2015 , respectively. The company had no outstanding payables related to these agreements at June 30, 2016 or December 31, 2015 . |
Basis Of Presentation And Descr
Basis Of Presentation And Description Of Business And Summary Of Significant Accounting Policies (Policy) | 6 Months Ended |
Jun. 30, 2016 | |
Basis Of Presentation, Description Of Business And Summary Of Significant Accounting Policies [Abstract] | |
Consolidated Financial Statements | Consolidated Financial Statements The consolidated financial statements include the company’s accounts and all significant intercompany balances and transactions are eliminated. Unconsolidated entities are included in the financial statements on an equity basis. Interim period results are not necessarily indicative of the results to be expected for the entire year. Effective April 1, 2016, the company increased its ownership of BioProcess Algae, a joint venture formed in 2008, to 82.8% and consolidated BioProcess Algae in its consolidated financial statements beginning on that date. The accompanying unaudited consolidated financial statements are prepared in accordance with GAAP for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Because they do not include all of the information and footnotes required by GAAP, the consolidated financial statements should be read in conjunction with the company’s annual report on Form 10-K for the year ended December 31, 2015 . The unaudited financial information reflects adjustments which are, in the opinion of management, necessary for a fair presentation of results of operations, financial position and cash flows for the periods presented. The adjustments are normal and recurring in nature, unless otherwise noted. |
Reclassifications | Reclassifications Certain prior year amounts were reclassified to conform to 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 | Use of Estimates in the Preparation of Consolidated Financial Statements The p reparation of the 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 assumptions it believes are proper and reasonable under the circumstances and regularly evaluates the appropriateness of its estimates and assumptions. Actual results could differ from those estimates. Key accounting policies, including but not limited to those relating to revenue recognition, depreciation of property and equipment, impairment of long-lived assets and goodwill, derivative financial instruments, and accounting for income taxes, are impacted significantly by judgments, assumptions and estimates used in the preparation of the consolidated financial statements. |
Description Of Business | Description of Business Green Plains is the fourth largest ethanol producer in North America. 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 storage 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 , natural gas 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. |
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 , natural gas 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. 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 as sured. 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 involved 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 primarily of plant and feedlot utilities, repairs and maintenance, yard expenses and outbound freight charges. Shipping costs incurred by the company, including railcar 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 market where the terms of the contract is 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 | Operations and Maintenance Expenses In the partnership segment, transportation expenses represent the primary component of operations and maintenance expenses. Transportation expenses includes rail car leases, freight and shipping of the company’s ethanol and co-products, as well as costs incurred storing ethanol at destination terminals. |
Derivative Financial Instruments | Derivative Financial Instruments T he 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 the hedging activities themselves result in losses. By using derivatives to hedge exposures to changes in commodity prices, the company is exposed 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 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 strategies the company can use and the degree of market risk it can take using derivative instruments. The company evaluates its physical delivery contracts to determine if they qualify for normal purchase or sale exemptions which 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 to use, 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. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Effective January 1, 2016, the company adopted the amended guidance in ASC Topic 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 deduction from the carrying amount of the debt, consistent with debt discounts. The amended guidance has been applied on a retrospective basis, and the balance sheet of each individual period presented has been adjusted to reflect the period-specific effects of the new guidance. Effective January 1, 2017, the company will adopt the amended guidance in ASC 718, Compensation – Stock Compensation , which requires all income tax effects of awards to be recognized in the income statement when the awards vest or settle. The amended guidance also will allow an employer to repurchase more of an employee’s shares than it can currently for tax withholding purposes without trigger ing liability accounting and make a policy election to account for forfeitures as they occur. Early application is permitted. The company is currently evaluating the impact the adoption of the amended guidance will have on the consolidated financial statements and related disclosures. Effective January 1, 2017, the company will adopt the 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 during 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 the 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. Effective January 1, 2019, the company will adopt the amended guidance in ASC 842, Leases , which aims to make leasing activities more transparent and comparable and requires substantially all leases to be recognized by lessees on their balance sheet as a right-of-use asset and corresponding lease liability, including leases currently accounted for as operating leases. Early application is permitted. The company is currently evaluating the impact the adoption of the amended guidance will have on the consolidated financial statements and related disclosures. |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Acquisition of 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 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Assets And Liabilities Fair Value | Fair Value Measurements at June 30, 2016 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 $ 386,920 $ - $ - $ 386,920 Restricted cash 18,785 - - 18,785 Margin deposits 24,740 - (24,740) - Inventories carried at market - 51,559 - 51,559 Unrealized gains on derivatives 10,616 24,529 3,827 38,972 Other assets 116 - - 116 Total assets measured at fair value $ 441,177 $ 76,088 $ (20,913) $ 496,352 Liabilities: Unrealized losses on derivatives $ 15,074 $ 27,018 $ (20,913) $ 21,179 Other - 165 - 165 Total liabilities measured at fair value $ 15,074 $ 27,183 $ (20,913) $ 21,344 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 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Segment Information [Abstract] | |
Summary Of Financial Data | Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Revenues (1) : Ethanol production: Revenues from external customers $ 65,049 $ 38,856 $ 147,532 $ 102,938 Intersegment revenues 450,677 426,023 791,784 793,663 Total segment revenues 515,726 464,879 939,316 896,601 Agribusiness: Revenues from external customers 93,383 78,642 158,434 136,976 Intersegment revenues 378,757 264,934 699,098 527,718 Total segment revenues 472,140 343,576 857,532 664,694 Marketing and distribution: Revenues from external customers 727,340 624,885 1,326,990 1,238,772 Intersegment revenues 44,313 31,883 110,854 71,258 Total segment revenues 771,653 656,768 1,437,844 1,310,030 Partnership: Revenues from external customers 1,955 2,107 3,975 4,192 Intersegment revenues 23,538 1,338 45,306 2,649 Total segment revenues 25,493 3,445 49,281 6,841 Revenues including intersegment activity 1,785,012 1,468,668 3,283,973 2,878,166 Intersegment eliminations (897,285) (724,178) (1,647,042) (1,395,288) Revenues as reported $ 887,727 $ 744,490 $ 1,636,931 $ 1,482,878 (1) Revenues from external customers include realized gains and losses from derivative financial instruments. Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Cost of goods sold: Ethanol production $ 483,031 $ 410,897 $ 916,495 $ 819,230 Agribusiness 463,748 339,320 843,629 654,985 Marketing and distribution 756,276 649,253 1,421,480 1,293,478 Intersegment eliminations (893,531) (722,875) (1,647,392) (1,398,669) $ 809,524 $ 676,595 $ 1,534,212 $ 1,369,024 Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Operating income (loss): Ethanol production $ 10,555 $ 34,192 $ (22,696) $ 37,612 Agribusiness 5,560 2,258 8,788 5,468 Marketing and distribution 10,626 3,453 8,656 7,858 Partnership 14,803 (5,284) 27,874 (10,432) Intersegment eliminations (3,754) (1,303) 350 3,381 Corporate activities (10,381) (8,914) (18,209) (15,381) $ 27,409 $ 24,402 $ 4,763 $ 28,506 |
Schedule Of Revenues By Product | Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Revenues: Ethanol $ 572,394 $ 469,017 $ 1,071,445 $ 913,223 Distillers grains 115,507 130,334 227,724 241,166 Corn oil 41,009 19,617 61,883 38,698 Grain 64,742 53,716 115,797 152,638 Cattle 75,178 66,293 131,411 111,544 Service revenues 1,955 2,107 3,975 4,192 Other 16,942 3,406 24,696 21,417 $ 887,727 $ 744,490 $ 1,636,931 $ 1,482,878 |
Summary Of Total Assets For Operating Segments | June 30, December 31, 2016 2015 Total assets (1) : Ethanol production $ 967,894 $ 1,002,270 Agribusiness 282,539 300,364 Marketing and distribution 267,025 230,651 Partnership 65,842 81,430 Corporate assets 324,548 314,068 Intersegment eliminations (8,943) (10,863) $ 1,898,905 $ 1,917,920 Asset balances by segment exclude intercompany payable and receivable balances . |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Inventories [Abstract] | |
Schedule of Inventories | June 30, December 31, 2016 2015 Finished goods $ 59,278 $ 71,595 Commodities held for sale 40,092 43,936 Raw materials 54,094 116,673 Work-in-process 100,047 96,950 Supplies and parts 27,189 24,803 $ 280,700 $ 353,957 |
Derivative Financial Instrume28
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Schedule Of Fair Values Of Derivative Financial Instruments | Asset Derivatives' Liability Derivatives' Fair Value Fair Value June 30, December 31, June 30, December 31, 2016 2015 2016 2015 Derivative financial instruments (1) $ 14,232 (2) $ 22,882 (3) $ - $ - Accrued and other liabilities - - 21,179 8,245 Other liabilities - - 165 - Total $ 14,232 $ 22,882 $ 21,344 $ 8,245 (1) Derivative financial instruments as reflected on the consolidated balance sheets are net of related margin deposit assets of $ 24.7 million and $ 7.7 million at June 30, 2016 and December 31, 2015 , respectively. (2) Balance at June 30, 2016 includes $ 18.1 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments. (3) Balance at December 31, 2015 includ es $ 2.3 million of net unrealized losses on deri vative financial instruments designated as cash flow hedging instruments. |
Schedule of Effective Portion of Cash Flow Hedges Recognized In Other Comprehensive Income (Loss) | Effective Portion of Cash Flow Hedges Recognized in Three Months Ended June 30, Six Months Ended June 30, Other Comprehensive Income (Loss) 2016 2015 2016 2015 Commodity Contracts $ (7,689) $ (6,578) $ (5,407) $ 8,885 |
Schedule Of Gains (Losses) On Derivative Instruments Not Designated In Hedging Relationship [Member] | |
Schedule Of Gains (Losses) On Derivative Instruments Not Designated In Hedging Relationship | Gains (Losses) on Derivative Instruments Not Three Months Ended June 30, Six Months Ended June 30, Designated in a Hedging Relationship 2016 2015 2016 2015 Revenues $ 10,065 $ 3,617 $ 7,271 $ (166) Cost of goods sold (2,856) (11,233) (8,703) (18,209) Net increase (decrease) recognized in earnings before tax $ 7,209 $ (7,616) $ (1,432) $ (18,375) |
Schedule Of Gain (Loss) Due To Ineffectiveness Of Cash Flow Hedges [Member] | |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | Gains (Losses) Due to Ineffectiveness Three Months Ended June 30, Six Months Ended June 30, of Cash Flow Hedges 2016 2015 2016 2015 Revenues $ (38) $ (28) $ (38) $ (59) Cost of goods sold (160) 494 (160) 23 Net increase (decrease) recognized in earnings before tax $ (198) $ 466 $ (198) $ (36) |
Schedule Of Gains (Losses) Reclassified From Accumulated Other Comprehensive Income (Loss) Into Net Income (Loss) [Member] | |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) Three Months Ended June 30, Six Months Ended June 30, into Net Income 2016 2015 2016 2015 Revenues $ (13,470) $ (8,141) $ (13,225) $ 3,708 Cost of goods sold 10,755 (7,920) 12,644 (6,278) Net decrease recognized in earnings before tax $ (2,715) $ (16,061) $ (581) $ (2,570) |
Schedule Of Gain (Loss) From Fair Value Hedges Of Inventory [Member] | |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | Gains (Losses) from Fair Value Three Months Ended June 30, Six Months Ended June 30, Hedges of Inventory 2016 2015 2016 2015 Revenues (effect of change in inventory value) $ (341) $ - $ 1,419 $ - Cost of goods sold (effect of change in inventory value) 13,080 (1,002) 8,182 (2,370) Revenues (effect of fair value hedge) 341 - (1,419) - Cost of goods sold (effect of fair value hedge) (14,373) 817 (8,564) 3,900 Ineffectiveness recognized in earnings before tax $ (1,293) $ (185) $ (382) $ 1,530 |
Schedule Of Volumes of Open Commodity Derivative Positions [Member] | |
Schedule Of Open Position Derivative Financial Instruments | June 30, 2016 Exchange Traded Non-Exchange Traded Derivative Instruments Net Long & (Short) (1) Long (2) (Short) (2) Unit of Measure Commodity Futures (22,400) Bushels Corn, Soybeans and Wheat Futures 37,105 (3) Bushels Corn Futures (2,970) (4) Bushels Corn Futures 61,236 Gallons Ethanol Futures (199,710) (3) Gallons Ethanol Futures (88,270) (3) Pounds Livestock Futures (7,273) mmBTU Natural Gas Futures (8,830) (4) mmBTU Natural Gas Futures (144) Barrels Crude Oil Futures 4,410 Gallons Denaturant Options 105 Bushels Corn, Soybeans and Wheat Options (6,436) Gallons Ethanol Options 1,446 Pounds Livestock Options 95 mmBTU Natural Gas Forwards 39,415 (4,969) Bushels Corn and Soybeans Forwards 10,777 (148,298) Gallons Ethanol Forwards 250 (418) Tons Distillers Grains Forwards 44,425 (105,391) Pounds Corn Oil Forwards (4) - (35,055) Pounds Corn Oil Forwards 11,048 (647) mmBTU Natural Gas Forwards 517 (295) 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 or non-exchange traded forwards used for fair value hedges. |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Debt [Abstract] | |
Schedule Of The Components Of Long-Term Debt | The components of long-term debt are as follows (in thousands): June 30, December 31, 2016 2015 Green Plains Partners: $100.0 million revolving credit facility $ 47,000 $ - Green Plains Processing: $345.0 million term loan 305,587 306,439 Corporate: $120.0 million convertible notes 105,889 103,072 Other 26,616 27,135 Total long-term debt 485,092 436,646 Less: current portion of long-term debt (6,603) (4,507) Long-term debt $ 478,489 $ 432,139 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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, 2015 298,750 $ 9.81 2.4 $ 3,866 Granted - - - - Exercised (45,000) 5.99 - 525 Forfeited - - - - Expired - - - - Outstanding at June 30, 2016 253,750 $ 10.48 2.2 $ 2,236 Exercisable at June 30, 2016 (1) 253,750 $ 10.48 2.2 $ 2,236 (1) Includes in-the-money options totaling 253,750 shares at a weighted-average exercise price of $ 10.48 . |
Schedule of Non-Vest Stock Award and Deferred Stock Unit Activity | Non-Vested Shares and Deferred Stock Units Weighted-Average Grant-Date Fair Value Weighted-Average Remaining Vesting Term (in years) Non-Vested at December 31, 2015 736,728 $ 22.96 Granted 783,972 13.59 Forfeited (13,853) 21.59 Vested (368,296) 20.30 Non-Vested at June 30, 2016 1,138,551 $ 17.39 2.0 |
Green Plains Partners LP [Member] | |
Schedule of Non-vested Unit-based Awards Activity | The non-vested unit-based awards activity for the six months ended June 30, 2016 , is as follows: Non-Vested Shares and Deferred Stock Units Weighted-Average Grant-Date Fair Value Weighted-Average Remaining Vesting Term (in years) Non-Vested at December 31, 2015 10,089 $ 14.93 Granted 1,251 13.80 Forfeited (5,333) 14.93 Vested - - Non-Vested at June 30, 2016 (1) 6,007 $ 14.69 0.0 (1) Non-vested awards at June 30, 2016 vested on July 1, 2016 . |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule Of Basic And Diluted Earnings Per Share | Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Basic EPS: Net income (loss) attributable to Green Plains $ 8,191 $ 7,792 $ (15,947) $ 4,474 Weighted average shares outstanding - basic 38,425 38,027 38,311 37,916 EPS - basic $ 0.21 $ 0.20 $ (0.42) $ 0.12 Diluted EPS: Net income (loss) attributable to Green Plains - diluted $ 8,191 $ 7,792 $ (15,947) $ 4,474 Weighted average shares outstanding - basic 38,425 38,027 38,311 37,916 Effect of dilutive convertible debt - 1,881 - 1,480 Effect of dilutive stock-based compensation awards 111 167 - 169 Weighted average shares outstanding - diluted 38,536 40,075 38,311 39,565 EPS - diluted $ 0.21 $ 0.19 (0.42) 0.11 |
Stockholders Equity (Tables)
Stockholders Equity (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Stockholders Equity [Abstract] | |
Stockholders Equity | Accum. Other Total Additional Comp. Green Plains Non- Total Common Stock Paid-in Retained Income Treasury Stock Stockholders' Controlling Stockholders' Shares Amount Capital Earnings (Loss) Shares Amount Equity Interests Equity Balance, December 31, 2015 45,282 $ 45 $ 577,787 $ 290,974 $ (1,165) 7,392 $ (69,811) $ 797,830 $ 161,079 $ 958,909 Net income (loss) - - - (15,947) - - - (15,947) 9,116 (6,831) Cash dividends and distributions declared - - - (9,227) - - - (9,227) (9,293) (18,520) Other comprehensive loss, before reclassification - - - - (3,314) - - (3,314) - (3,314) Amounts reclassified from accum. other comprehensive income - - - - 356 - - 356 - 356 Other comprehensive loss, net of tax - - - - (2,958) - - (2,958) - (2,958) Transfer of assets to Green Plains Partners LP - - 19,877 - - - - 19,877 (19,877) - Consolidation of BioProcess Algae - - - - - - - - 2,807 2,807 Investment in BioProcess Algae - - 928 - - - - 928 (928) - Repurchase of common stock - - - - - 323 (6,005) (6,005) - (6,005) Stock-based compensation 643 1 2,085 - - - - 2,086 22 2,108 Stock options exercised 45 - 410 - - - - 410 - 410 Balance, June 30, 2016 45,970 $ 46 $ 601,087 $ 265,800 $ (4,123) 7,715 $ (75,816) $ 786,994 $ 142,926 $ 929,920 |
Reclassification Accumulated Other Comprehensive Income | Three Months Ended June 30, Six Months Ended June 30, Statements of Operations 2016 2015 2016 2015 Classification Gains (losses) on cash flow hedges: Ethanol commodity derivatives $ (13,470) $ (8,141) $ (13,225) $ 3,708 Revenues Corn commodity derivatives 10,755 (7,920) 12,644 (6,278) Cost of goods sold Total (2,715) (16,061) (581) (2,570) Loss before income taxes Income tax benefit (932) (6,031) (225) (962) Income tax benefit Amounts reclassified from accumulated other comprehensive income (loss) $ (1,783) $ (10,030) $ (356) $ (1,608) |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Commitments And Contingencies [Abstract] | |
Schedule of Aggregate Minimum Lease Payments | Year Ending December 31, Amount 2016 $ 15,380 2017 24,822 2018 19,235 2019 13,376 2020 10,842 Thereafter 17,881 Total $ 101,536 |
Basis Of Presentation And Des34
Basis Of Presentation And Description Of Business And Summary Of Significant Accounting Policies (Narrative) (Details) - segment | Apr. 01, 2016 | Jun. 30, 2016 |
Number of operating segments | 4 | |
BioProcess Algae [Member] | ||
Less than wholy owned subsidiary, parent ownership perecentage | 82.80% |
Green Plains Partners LP (Detai
Green Plains Partners LP (Details) $ / shares in Units, gal in Billions | Jul. 01, 2015USD ($)$ / sharesshares | Jun. 30, 2016itemgal |
Subsidiary, Sale of Stock [Line Items] | ||
Number of ethanol storage facilities | item | 30 | |
Number of ethanol production plants associated with contributed ethanol storage facilities | item | 14 | |
Number of fuel terminal facilities | item | 8 | |
Number of leased railcars | item | 2,700 | |
Number of gallons of ethanol produced per year (over one billion gallons per year) | gal | 1 | |
IPO [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
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] | 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 Units [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 Partners LP [Member] | Limited Partner [Member] | Common Units [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 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 Units [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 (Narrative) (Detai
Acquisitions (Narrative) (Details) - Acquisition of Green Plains Hereford [Member] $ in Thousands, gal in Millions | Nov. 12, 2015USD ($)gal |
Amounts of Identifiable Assets Acquired and Liabilities Assumed [Line Items] | |
Expected annual ethanol production capacity | gal | 100 |
Property and equipment, net | $ 78,786 |
Working capital acquired or assumed | $ 19,400 |
Acquisitions (Schedule Of Ident
Acquisitions (Schedule Of Identifiable Assets Acquired And Liabilities Assumed) (Details) - Acquisition of Green Plains Hereford [Member] $ in Thousands | Nov. 12, 2015USD ($) |
Business Acquisition [Line Items] | |
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 |
Fair Value Disclosures (Narrati
Fair Value Disclosures (Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value Disclosures [Abstract] | ||
Fair value of debt | $ 708.9 | $ 661.8 |
Book value of debt | 730.7 | 663.6 |
Fair value of accounts receivable | 140.6 | 96.2 |
Fair value of accounts payable | $ 111.5 | $ 167 |
Fair Value Disclosures (Schedul
Fair Value Disclosures (Schedule Of Assets And Liabilities Fair Value) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Assets: | ||
Cash and cash equivalents | $ 386,920 | $ 384,867 |
Restricted cash | 18,785 | 27,018 |
Inventories carried at market | 51,559 | 43,936 |
Unrealized gains on derivatives | 38,972 | 30,540 |
Other assets | 116 | 117 |
Total assets measured at fair value | 496,352 | 486,478 |
Liabilities: | ||
Unrealized losses on derivatives | 21,179 | 8,245 |
Other | 165 | |
Total liabilities measured at fair value | 21,344 | 8,245 |
Reclassification for Balance Sheet Presentation [Member] | ||
Assets: | ||
Margin deposits | (24,740) | (7,658) |
Unrealized gains on derivatives | 3,827 | 3,639 |
Total assets measured at fair value | (20,913) | (4,019) |
Liabilities: | ||
Unrealized losses on derivatives | (20,913) | (4,019) |
Total liabilities measured at fair value | (20,913) | (4,019) |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets: | ||
Cash and cash equivalents | 386,920 | 384,867 |
Restricted cash | 18,785 | 27,018 |
Margin deposits | 24,740 | 7,658 |
Unrealized gains on derivatives | 10,616 | 19,756 |
Other assets | 116 | 117 |
Total assets measured at fair value | 441,177 | 439,416 |
Liabilities: | ||
Unrealized losses on derivatives | 15,074 | 4,492 |
Total liabilities measured at fair value | 15,074 | 4,492 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Inventories carried at market | 51,559 | 43,936 |
Unrealized gains on derivatives | 24,529 | 7,145 |
Total assets measured at fair value | 76,088 | 51,081 |
Liabilities: | ||
Unrealized losses on derivatives | 27,018 | 7,772 |
Other | 165 | |
Total liabilities measured at fair value | $ 27,183 | $ 7,772 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2016USD ($)segment | |
Number of operating segments | segment | 4 |
Green Plains Partners LP [Member] | |
Acquisition of storage and railcar assets | $ | $ 62.3 |
Segment Information (Summary Of
Segment Information (Summary Of Financial Data) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Segment Reporting Information [Line Items] | |||||
Revenues | $ 887,727 | $ 744,490 | $ 1,636,931 | $ 1,482,878 | |
Costs of goods sold | 809,524 | 676,595 | 1,534,212 | 1,369,024 | |
Operating income (loss) | 27,409 | 24,402 | 4,763 | 28,506 | |
Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Costs of goods sold | (893,531) | (722,875) | (1,647,392) | (1,398,669) | |
Operating income (loss) | (3,754) | (1,303) | 350 | 3,381 | |
Revenue From External Customers [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | [1] | 887,727 | 744,490 | 1,636,931 | 1,482,878 |
Intersegment Revenue [Member] | Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | [1] | (897,285) | (724,178) | (1,647,042) | (1,395,288) |
Revenue Including Intersegment Activity [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | [1] | 1,785,012 | 1,468,668 | 3,283,973 | 2,878,166 |
Ethanol Production [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Costs of goods sold | 483,031 | 410,897 | 916,495 | 819,230 | |
Operating income (loss) | 10,555 | 34,192 | (22,696) | 37,612 | |
Ethanol Production [Member] | Revenue From External Customers [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | [1] | 65,049 | 38,856 | 147,532 | 102,938 |
Ethanol Production [Member] | Intersegment Revenue [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | [1] | 450,677 | 426,023 | 791,784 | 793,663 |
Ethanol Production [Member] | Revenue Including Intersegment Activity [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | [1] | 515,726 | 464,879 | 939,316 | 896,601 |
Agribusiness [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Costs of goods sold | 463,748 | 339,320 | 843,629 | 654,985 | |
Operating income (loss) | 5,560 | 2,258 | 8,788 | 5,468 | |
Agribusiness [Member] | Revenue From External Customers [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | [1] | 93,383 | 78,642 | 158,434 | 136,976 |
Agribusiness [Member] | Intersegment Revenue [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | [1] | 378,757 | 264,934 | 699,098 | 527,718 |
Agribusiness [Member] | Revenue Including Intersegment Activity [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | [1] | 472,140 | 343,576 | 857,532 | 664,694 |
Marketing And Distribution [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Costs of goods sold | 756,276 | 649,253 | 1,421,480 | 1,293,478 | |
Operating income (loss) | 10,626 | 3,453 | 8,656 | 7,858 | |
Marketing And Distribution [Member] | Revenue From External Customers [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | [1] | 727,340 | 624,885 | 1,326,990 | 1,238,772 |
Marketing And Distribution [Member] | Intersegment Revenue [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | [1] | 44,313 | 31,883 | 110,854 | 71,258 |
Marketing And Distribution [Member] | Revenue Including Intersegment Activity [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | [1] | 771,653 | 656,768 | 1,437,844 | 1,310,030 |
Partnership [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating income (loss) | 14,803 | (5,284) | 27,874 | (10,432) | |
Partnership [Member] | Revenue From External Customers [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | [1] | 1,955 | 2,107 | 3,975 | 4,192 |
Partnership [Member] | Intersegment Revenue [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | [1] | 23,538 | 1,338 | 45,306 | 2,649 |
Partnership [Member] | Revenue Including Intersegment Activity [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | [1] | 25,493 | 3,445 | 49,281 | 6,841 |
Corporate Activities [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating income (loss) | $ (10,381) | $ (8,914) | $ (18,209) | $ (15,381) | |
[1] | Revenues from external customers include realized gains and losses from derivative financial instruments. |
Segment Information (Schedule O
Segment Information (Schedule Of Revenues By Product) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 887,727 | $ 744,490 | $ 1,636,931 | $ 1,482,878 |
Ethanol [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 572,394 | 469,017 | 1,071,445 | 913,223 |
Distillers Grains [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 115,507 | 130,334 | 227,724 | 241,166 |
Corn Oil [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 41,009 | 19,617 | 61,883 | 38,698 |
Grain [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 64,742 | 53,716 | 115,797 | 152,638 |
Cattle [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 75,178 | 66,293 | 131,411 | 111,544 |
Service Revenues [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,955 | 2,107 | 3,975 | 4,192 |
Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 16,942 | $ 3,406 | $ 24,696 | $ 21,417 |
Segment Information (Summary 43
Segment Information (Summary Of Total Assets For Operating Segments) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Total assets | [1] | $ 1,898,905 | $ 1,917,920 |
Ethanol Production [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | [1] | 967,894 | 1,002,270 |
Agribusiness [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | [1] | 282,539 | 300,364 |
Marketing And Distribution [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | [1] | 267,025 | 230,651 |
Partnership [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | [1] | 65,842 | 81,430 |
Corporate Assets [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | [1] | 324,548 | 314,068 |
Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | [1] | $ (8,943) | $ (10,863) |
[1] | Asset balances by segment exclude intercompany payable and receivable balances |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Inventories [Abstract] | ||
Finished goods | $ 59,278 | $ 71,595 |
Commodities held for sale | 40,092 | 43,936 |
Raw materials | 54,094 | 116,673 |
Work-in-process | 100,047 | 96,950 |
Supplies and parts | 27,189 | 24,803 |
Inventories | $ 280,700 | $ 353,957 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Goodwill [Line Items] | ||
Goodwill | $ 40,877 | $ 40,877 |
Ethanol Production [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 30,300 | 30,300 |
Partnership [Member] | ||
Goodwill [Line Items] | ||
Goodwill | $ 10,600 | $ 10,600 |
Derivative Financial Instrume46
Derivative Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Derivative Financial Instruments [Abstract] | |||||
Accumulated other comprehensive loss | $ (4,123) | $ (4,123) | $ (1,165) | ||
Energy trading contracts, gain (loss) | $ (300) | $ 2,400 | $ 3,000 | $ 7,700 |
Derivative Financial Instrume47
Derivative Financial Instruments (Schedule Of Fair Values Of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2016 | Dec. 31, 2015 | ||||
Derivatives, Fair Value [Line Items] | |||||
Asset Derivatives, Fair Value | $ 14,232 | $ 22,882 | |||
Liability Derivatives, Fair Value | 21,344 | 8,245 | |||
Margin deposit asset | 24,700 | 7,700 | |||
Net unrealized gains (losses) on cash flow hedges | (18,100) | (2,300) | |||
Derivative Financial Instruments [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Asset Derivatives, Fair Value | [2] | 14,232 | [1] | 22,882 | [3] |
Accrued and Other Liabilities [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Liability Derivatives, Fair Value | 21,179 | $ 8,245 | |||
Other Liabilities [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Liability Derivatives, Fair Value | $ 165 | ||||
[1] | Balance at June 30, 2016 includes $18.1 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments. | ||||
[2] | Derivative financial instruments as reflected on the consolidated balance sheets are net of related margin deposit assets of $24.7 million and $7.7 million at June 30, 2016 and December 31, 2015, respectively. | ||||
[3] | Balance at December 31, 2015 includes $2.3 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments. |
Derivative Financial Instrume48
Derivative Financial Instruments (Schedule Of Gain Or Loss Recognized In Income And Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (Losses) on Derivative Instruments Not Designated in a Hedging Relationship | $ 7,209 | $ (7,616) | $ (1,432) | $ (18,375) |
Gains (Losses) Due to Ineffectiveness of Cash Flow Hedges | (198) | 466 | (198) | (36) |
Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Net Income | (2,715) | (16,061) | (581) | (2,570) |
Gains (Losses) from Fair Value Hedges of Inventory | (1,293) | (185) | (382) | 1,530 |
Revenue [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (Losses) on Derivative Instruments Not Designated in a Hedging Relationship | 10,065 | 3,617 | 7,271 | (166) |
Gains (Losses) Due to Ineffectiveness of Cash Flow Hedges | (38) | (28) | (38) | (59) |
Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Net Income | (13,470) | (8,141) | (13,225) | 3,708 |
Revenue (Effect of Change In Inventory Value) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (Losses) from Fair Value Hedges of Inventory | (341) | 1,419 | ||
Revenue (Effect of Fair Value Hedge) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (Losses) from Fair Value Hedges of Inventory | 341 | (1,419) | ||
Cost of Goods Sold [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (Losses) on Derivative Instruments Not Designated in a Hedging Relationship | (2,856) | (11,233) | (8,703) | (18,209) |
Gains (Losses) Due to Ineffectiveness of Cash Flow Hedges | (160) | 494 | (160) | 23 |
Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Net Income | 10,755 | (7,920) | 12,644 | (6,278) |
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 | 13,080 | (1,002) | 8,182 | (2,370) |
Cost of Goods Sold (Effect of Fair Value Hedge) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (Losses) from Fair Value Hedges of Inventory | $ (14,373) | $ 817 | $ (8,564) | $ 3,900 |
Derivative Financial Instrume49
Derivative Financial Instruments (Commodity Contracts) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Commodity Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective Portion of Cash Flow Hedges Recognized in Other Comprehensive Income (Loss) | $ (7,689) | $ (6,578) | $ (5,407) | $ 8,885 |
Derivative Financial Instrume50
Derivative Financial Instruments (Schedule Of Volumes Of Open Commodity Derivative Positions) (Details) contract in Thousands | Jun. 30, 2016contract | |
Futures [Member] | Exchange Traded [Member] | Net Long [Member] | Corn In Bushels [Member] | Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 37,105 | [1],[2] |
Futures [Member] | Exchange Traded [Member] | Net Long [Member] | Ethanol In Gallons [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 61,236 | [1] |
Futures [Member] | Exchange Traded [Member] | Net Long [Member] | Denaturant In Gallons [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 4,410 | [1] |
Futures [Member] | Exchange Traded [Member] | Net (Short) [Member] | Corn, Soybeans And Wheat In Bushels [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 22,400 | [1] |
Futures [Member] | Exchange Traded [Member] | Net (Short) [Member] | Corn In Bushels [Member] | Fair Value Hedging [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 2,970 | [1],[3] |
Futures [Member] | Exchange Traded [Member] | Net (Short) [Member] | Ethanol In Gallons [Member] | Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 199,710 | [1],[2] |
Futures [Member] | Exchange Traded [Member] | Net (Short) [Member] | Crude Oil In Barrels [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 144 | [1] |
Futures [Member] | Exchange Traded [Member] | Net (Short) [Member] | Natural Gas In mmBTU [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 7,273 | [1] |
Futures [Member] | Exchange Traded [Member] | Net (Short) [Member] | Natural Gas In mmBTU [Member] | Fair Value Hedging [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 8,830 | [1],[3] |
Futures [Member] | Exchange Traded [Member] | Net (Short) [Member] | Livestock in Pounds [Member] | Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 88,270 | [1],[2] |
Options [Member] | Exchange Traded [Member] | Net Long [Member] | Corn, Soybeans And Wheat In Bushels [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 105 | [1] |
Options [Member] | Exchange Traded [Member] | Net Long [Member] | Natural Gas In mmBTU [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 95 | [1] |
Options [Member] | Exchange Traded [Member] | Net Long [Member] | Livestock in Pounds [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 1,446 | [1] |
Options [Member] | Exchange Traded [Member] | Net (Short) [Member] | Ethanol In Gallons [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 6,436 | [1] |
Forwards [Member] | Non-Exchange Traded [Member] | Long [Member] | Ethanol In Gallons [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 10,777 | [4] |
Forwards [Member] | Non-Exchange Traded [Member] | Long [Member] | Crude Oil In Barrels [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 517 | [4] |
Forwards [Member] | Non-Exchange Traded [Member] | Long [Member] | Natural Gas In mmBTU [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 11,048 | [4] |
Forwards [Member] | Non-Exchange Traded [Member] | Long [Member] | Corn And Soybeans In Bushels [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 39,415 | [4] |
Forwards [Member] | Non-Exchange Traded [Member] | Long [Member] | Distillers Grains In Tons [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 250 | [4] |
Forwards [Member] | Non-Exchange Traded [Member] | Long [Member] | Corn Oil in Pounds [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 44,425 | [4] |
Forwards [Member] | Non-Exchange Traded [Member] | Short [Member] | Ethanol In Gallons [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 148,298 | [4] |
Forwards [Member] | Non-Exchange Traded [Member] | Short [Member] | Crude Oil In Barrels [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 295 | [4] |
Forwards [Member] | Non-Exchange Traded [Member] | Short [Member] | Natural Gas In mmBTU [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 647 | [4] |
Forwards [Member] | Non-Exchange Traded [Member] | Short [Member] | Corn And Soybeans In Bushels [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 4,969 | [4] |
Forwards [Member] | Non-Exchange Traded [Member] | Short [Member] | Distillers Grains In Tons [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 418 | [4] |
Forwards [Member] | Non-Exchange Traded [Member] | Short [Member] | Corn Oil in Pounds [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 105,391 | [4] |
Forwards [Member] | Non-Exchange Traded [Member] | Short [Member] | Corn Oil in Pounds [Member] | Fair Value Hedging [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 35,055 | [3],[4] |
[1] | Exchange traded futures and options are presented on a net long and (short) position basis. Options are presented on a delta-adjusted basis. | |
[2] | Futures used for cash flow hedges. | |
[3] | Futures or non-exchange traded forwards used for fair value hedges. | |
[4] | Non-exchange traded forwards are presented on a gross long and (short) position basis including both fixed-price and basis contracts. |
Debt (Schedule Of The Component
Debt (Schedule Of The Components Of Long-Term Debt) (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Total long-term debt | $ 485,092,000 | $ 436,646,000 |
Less: current portion of long-term debt | (6,603,000) | (4,507,000) |
Long-term debt | 478,489,000 | 432,139,000 |
Convertible Notes [Member] | $120.0 Million Convertible Notes [Member] | Corporate [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 105,889,000 | 103,072,000 |
Debt instrument, face amount | 120,000,000 | 120,000,000 |
Other Debt Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 26,616,000 | 27,135,000 |
Partnership [Member] | Revolving Credit Facility [Member] | $100.0 Million Revoling Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 47,000,000 | |
Debt instrument, face amount | 100,000,000 | 100,000,000 |
Green Plains Processing [Member] | Term Loan [Member] | $345.0 Million Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 305,587,000 | 306,439,000 |
Debt instrument, face amount | $ 345,000,000 | $ 345,000,000 |
Debt (Narrative - Ethanol Produ
Debt (Narrative - Ethanol Production Segment) (Details) - Ethanol Production Segment [Member] - Green Plains Processing [Member] - Term Loan [Member] | 3 Months Ended | 6 Months Ended |
Jun. 30, 2016USD ($) | Jun. 30, 2016USD ($) | |
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 345,000,000 | $ 345,000,000 |
Interest rate, effective percentage | 6.50% | 6.50% |
Interest rate, basis for effective rate | 5.50% plus LIBOR, subject to a 1.00% floor | |
Scheduled periodic principal payments | $ 900,000 | |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Total leverage ratio, initial ratio | 4 | 4 |
Total leverage ratio, decreased ratio over the life of the debt | 3.25 | 3.25 |
Percentage of available free cash flow from operations, subject to certain limitations, required to be used toward quarterly special payments | 75.00% | |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate, percentage | 1.00% | |
Fixed charge coverage ratio | 1.25 | 1.25 |
Percentage of available free cash flow from operations, subject to certain limitations, required to be used toward quarterly special payments | 50.00% | |
LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, 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) - USD ($) | Jul. 27, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||||||
Capitalized interest | $ 559,000 | $ 218,000 | $ 917,000 | $ 393,000 | ||
Restricted assets | 692,900,000 | 692,900,000 | ||||
Accounting Standards Update 2015-03 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
New accounting pronouncement, reclassification of debt issuance costs from other assets to long-term debt | 10,100,000 | 10,100,000 | $ 11,400,000 | |||
Green Plains Grain [Member] | Revolvers [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Outstanding note payable | 84,500,000 | 84,500,000 | 77,000,000 | |||
Green Plains Cattle [Member] | Revolvers [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Outstanding note payable | 65,900,000 | 65,900,000 | 69,700,000 | |||
Green Plains Trade [Member] | Revolvers [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Outstanding note payable | 95,200,000 | 95,200,000 | $ 80,200,000 | |||
Agribusiness Segment [Member] | Green Plains Grain [Member] | Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 125,000,000 | 125,000,000 | ||||
Debt maturity dates | Aug. 26, 2016 | |||||
Line of credit, maximum borrowing capacity | $ 250,000,000 | $ 250,000,000 | ||||
Allowable dividends as percentage of net profit before taxes | 50.00% | 50.00% | ||||
Additional amounts available under facility, accordion feature | $ 75,000,000 | |||||
Minimum working capital required for compliance | 20,300,000 | |||||
Minimum net worth required for compliance | $ 26,300,000 | $ 26,300,000 | ||||
Annual leverage ratio | 6 | |||||
Fixed charge coverage ratio | 1.25 | 1.25 | ||||
Annual capital expenditures, maximum | $ 8,000,000 | |||||
Agribusiness Segment [Member] | Green Plains Grain [Member] | Revolving Credit Facility [Member] | Subsequent Event [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 125,000,000 | |||||
Debt maturity dates | Jul. 26, 2019 | |||||
Agribusiness Segment [Member] | Green Plains Grain [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate, percentage | 3.25% | |||||
Interest rate, basis for effective rate | LIBOR plus 3.25% | |||||
Agribusiness Segment [Member] | Green Plains Grain [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | Subsequent Event [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate, percentage | 3.00% | |||||
Interest rate, basis for effective rate | LIBOR plus 3.00% | |||||
Agribusiness Segment [Member] | Green Plains Grain [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate, percentage | 2.25% | |||||
Interest rate, basis for effective rate | base rate plus 2.25% | |||||
Agribusiness Segment [Member] | Green Plains Grain [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | Subsequent Event [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate, percentage | 2.00% | |||||
Interest rate, basis for effective rate | base rate plus 2.00% | |||||
Agribusiness Segment [Member] | Green Plains Grain [Member] | Seasonal Borrowings [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit, maximum borrowing capacity | $ 50,000,000 | $ 50,000,000 | ||||
Agribusiness Segment [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | 100,000,000 | 100,000,000 | ||||
Additional amounts available under facility, accordion feature | 50,000,000 | |||||
Minimum working capital required for compliance | 15,000,000 | |||||
Minimum net worth required for compliance | 20,300,000 | $ 20,300,000 | ||||
Annual leverage ratio | 3.50 | |||||
Annual capital expenditures, maximum | $ 3,000,000 | |||||
Agribusiness Segment [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, basis for effective rate | LIBOR plus 2.00% to 3.00% | |||||
Agribusiness Segment [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, basis for effective rate | base rate plus 0.00% to 0.25% | |||||
Agribusiness Segment [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | Minimum [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate, percentage | 2.00% | |||||
Agribusiness Segment [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Base Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate, percentage | 0.00% | |||||
Agribusiness Segment [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | Maximum [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate, percentage | 3.00% | |||||
Agribusiness Segment [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | Maximum [Member] | Base Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate, percentage | 0.25% | |||||
Marketing and Distribution Segment [Member] | Green Plains Trade [Member] | Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit, maximum borrowing capacity | $ 150,000,000 | $ 150,000,000 | ||||
Revolving credit facility expiration date | Nov. 26, 2019 | |||||
Allowable dividends as percentage of net profit before taxes | 50.00% | 50.00% | ||||
Undrawn availability of revolving credit facility on a pro forma basis | $ 10,000,000 | $ 10,000,000 | ||||
Fixed charge coverage ratio | 1.15 | 1.15 | ||||
Annual capital expenditures, maximum | $ 1,500,000 | |||||
Restricted cash | $ 10,800,000 | 10,800,000 | ||||
Partnership [Member] | Green Plains Operating Company LLC [Member] | Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | 100,000,000 | 100,000,000 | ||||
Additional amount available under credit facility without consent of the lenders | $ 50,000,000 | $ 50,000,000 | ||||
Partnership [Member] | Green Plains Operating Company LLC [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, basis for effective rate | LIBOR rate plus 1.75% to 2.75% | |||||
Partnership [Member] | Green Plains Operating Company LLC [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, basis for effective rate | base rate plus 0.75% to 1.75% | |||||
Partnership [Member] | Green Plains Operating Company LLC [Member] | Revolving Credit Facility [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest coverage ratio | 2.75 | 2.75 | ||||
Partnership [Member] | Green Plains Operating Company LLC [Member] | Revolving Credit Facility [Member] | Minimum [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate, basis points | 1.75 | |||||
Partnership [Member] | Green Plains Operating Company LLC [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Base Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate, basis points | 0.75 | |||||
Partnership [Member] | Green Plains Operating Company LLC [Member] | Revolving Credit Facility [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Net leverage ratio | 3.50 | 3.50 | ||||
Partnership [Member] | Green Plains Operating Company LLC [Member] | Revolving Credit Facility [Member] | Maximum [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate, basis points | 2.75 | |||||
Partnership [Member] | Green Plains Operating Company LLC [Member] | Revolving Credit Facility [Member] | Maximum [Member] | Base Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate, basis points | 1.75 | |||||
Corporate Activities [Member] | 3.25% Convertible Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 120,000,000 | $ 120,000,000 | ||||
Interest rate, stated percentage | 3.25% | 3.25% | ||||
Common stock, dividends per share, cash paid per share | $ 0.04 | |||||
Common stock for conversion, shares | 49.0976 | |||||
Debt conversion amount | $ 1,000 | |||||
Debt conversion price | $ 20.37 | $ 20.37 | ||||
Conversion price percentage | 140.00% | |||||
Principal amount of notes, percentage | 100.00% | |||||
Convertible debt, cross default threshold | $ 10,000,000 | $ 10,000,000 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares or units authorized | 3,500,000 | 3,500,000 | ||
Compensation costs expensed | $ 2.4 | $ 2.6 | $ 4.6 | $ 4.3 |
Unrecognized compensation costs | $ 15.3 | $ 15.3 | ||
Compensation expected to be recognized, weighted-average period in years | 2 years | |||
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 | 2,500,000 |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule Of Stock Option Activity) (Details) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | ||
Stock-Based Compensation [Abstract] | |||
Outstanding at December 31, 2015, Shares | shares | 298,750 | ||
Outstanding at December 31, 2015, Weighted Average Exercise Price | $ / shares | $ 9.81 | ||
Outstanding at December 31, 2015, Weighted Average Remaining Contractual Term | 2 years 2 months 12 days | 2 years 4 months 24 days | |
Outstanding at December 31, 2015, Aggregate Intrinsic Value | $ | $ 3,866 | ||
Exercised, Shares | shares | (45,000) | ||
Exercised, Weighted Average Exercise price | $ / shares | $ 5.99 | ||
Exercised, Aggregate Intrinsic Value | $ | $ 525 | ||
Outstanding at June 30, 2016, Shares | shares | 253,750 | 298,750 | |
Outstanding at June 30, 2016, Weighted Average Exercise Price | $ / shares | $ 10.48 | $ 9.81 | |
Outstanding at June 30, 2016, Weighted Average Remaining Contractual Term | 2 years 2 months 12 days | 2 years 4 months 24 days | |
Outstanding at June 30, 2016, Aggregate Intrinsic Value | $ | $ 2,236 | $ 3,866 | |
Exercisable at June 30, 2016, Shares | shares | [1] | 253,750 | |
Exercisable at June 30, 2016, Weighted Average Exercise Price | $ / shares | [1] | $ 10.48 | |
Exercisable at June 30, 2016, Weighted Average Remaining Contractual | [1] | 2 years 2 months 12 days | |
Exercisable at June 30, 2016, Aggregate Intrinsic Value | $ | [1] | $ 2,236 | |
In-the-money options, shares | shares | 253,750 | ||
In-the-money options, weighted-average exercise price | $ / shares | 10.48 | ||
[1] | Includes in-the-money options totaling 253,750 shares at a weighted-average exercise price of $10.48. |
Stock-Based Compensation (Sch56
Stock-Based Compensation (Schedule Of Non-Vested Stock Award And DSU Activity) (Details) | 6 Months Ended |
Jun. 30, 2016$ / sharesshares | |
Stock-Based Compensation [Abstract] | |
Non-vested at December 31, 2015, shares or units | shares | 736,728 |
Non-vested at December 31, 2015, Weighted-Average Grant-Date Fair Value | $ / shares | $ 22.96 |
Granted, shares or units | shares | 783,972 |
Granted, Weighted-Average Grant-Date Fair Value | $ / shares | $ 13.59 |
Forfeited, shares or units | shares | (13,853) |
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares | $ 21.59 |
Vested, shares or units | shares | (368,296) |
Vested, Weighted-Average Grant-Date Fair Value | $ / shares | $ 20.30 |
Non-vested at June 30, 2016, shares or units | shares | 1,138,551 |
Non-vested at June 30, 2016, Weighted-Average Grant-Date Fair Value | $ / shares | $ 17.39 |
Non-vested at June 30, 2016, Weighted-Average Remaining Vesting Term (in years) | 2 years |
Stock-Based Compensation (Sch57
Stock-Based Compensation (Schedule Of Non-Vested Unit-Based Award Activity) (Details) | 6 Months Ended | |
Jun. 30, 2016$ / sharesshares | ||
Non-vested at December 31, 2015, shares or units | shares | 736,728 | |
Non-vested at December 31, 2015, Weighted-Average Grant-Date Fair Value | $ / shares | $ 22.96 | |
Granted, shares or units | shares | 783,972 | |
Granted, Weighted-Average Grant-Date Fair Value | $ / shares | $ 13.59 | |
Forfeited, shares or units | shares | (13,853) | |
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares | $ 21.59 | |
Vested, shares or units | shares | (368,296) | |
Vested, Weighted-Average Grant-Date Fair Value | $ / shares | $ 20.30 | |
Non-vested at June 30, 2016, shares or units | shares | 1,138,551 | |
Non-vested at June 30, 2016, Weighted-Average Grant-Date Fair Value | $ / shares | $ 17.39 | |
Non-vested at June 30, 2016, Weighted-Average Remaining Vesting Term (in years) | 2 years | |
Green Plains Partners LP [Member] | Green Plains Partners LP 2015 Long-Term Incentive Plan [Member] | Restricted unit awards [Member] | ||
Non-vested at December 31, 2015, shares or units | shares | 10,089 | |
Non-vested at December 31, 2015, Weighted-Average Grant-Date Fair Value | $ / shares | $ 14.93 | |
Granted, shares or units | shares | 1,251 | |
Granted, Weighted-Average Grant-Date Fair Value | $ / shares | $ 13.80 | |
Forfeited, shares or units | shares | (5,333) | |
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares | $ 14.93 | |
Non-vested at June 30, 2016, shares or units | shares | 6,007 | [1] |
Non-vested at June 30, 2016, Weighted-Average Grant-Date Fair Value | $ / shares | $ 14.69 | [1] |
Non-vested at June 30, 2016, Weighted-Average Remaining Vesting Term (in years) | 0 years | [1] |
[1] | Non-vested awards at June 30, 2016 vested on July 1, 2016. |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | |
Antidilutive Securities Out of Money Stock Based Compensation Awards [Member] | |||
Stock-based compensation awards excluded from computations of diluted EPS | 265 | 302 | 6 |
Antidilutive Securities Net Loss Position Stock Based Compensation Awards [Member] | |||
Stock-based compensation awards excluded from computations of diluted EPS | 109 |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) attributable to Green Plains | $ 8,191 | $ 7,792 | $ (15,947) | $ 4,474 |
Weighted average shares outstanding - basic | 38,425 | 38,027 | 38,311 | 37,916 |
EPS - basic | $ 0.21 | $ 0.20 | $ (0.42) | $ 0.12 |
Net income (loss) attributable to Green Plains - diluted | $ 8,191 | $ 7,792 | $ (15,947) | $ 4,474 |
Effect of dilutive convertible debt | 1,881 | 1,480 | ||
Effect of dilutive stock-based compensation awards | 111 | 167 | 169 | |
Weighted average shares outstanding - diluted | 38,536 | 40,075 | 38,311 | 39,565 |
EPS - diluted | $ 0.21 | $ 0.19 | $ (0.42) | $ 0.11 |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule Of Stockholders' Equity) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Stockholders' Equity [Line Items] | ||||
Beginning balance | $ 958,909 | |||
Net income (loss) | $ 12,985 | $ 7,792 | (6,831) | $ 4,474 |
Cash dividends and distributions declared | (18,520) | |||
Other comprehensive loss before reclassifications | (3,314) | |||
Amounts reclassified from accumulated other comprehensive income (loss) | 356 | |||
Total other comprehensive income (loss), net of tax | (3,057) | $ 5,922 | (2,958) | $ 7,166 |
Consolidation of BioProcess Algae | 2,807 | |||
Repurchase of common stock | (6,005) | |||
Stock-based compensation | $ 2,108 | |||
Stock options exercised, Shares | 45,000 | |||
Stock options exercised | $ 410 | |||
Ending balance | $ 929,920 | $ 929,920 | ||
Common Units [Member] | ||||
Stockholders' Equity [Line Items] | ||||
Beginning balance, Shares | 45,282,000 | |||
Beginning balance | $ 45 | |||
Stock-based compensation, Shares | 643,000 | |||
Stock-based compensation | $ 1 | |||
Stock options exercised, Shares | 45,000 | |||
Ending balance, Shares | 45,970,000 | 45,970,000 | ||
Ending balance | $ 46 | $ 46 | ||
Additional Paid-In Capital [Member] | ||||
Stockholders' Equity [Line Items] | ||||
Beginning balance | 577,787 | |||
Transfer of assets to Green Plains Partners LP | 19,877 | |||
Investment in BioProcess Algae | 928 | |||
Stock-based compensation | 2,085 | |||
Stock options exercised | 410 | |||
Ending balance | 601,087 | 601,087 | ||
Retained Earnings [Member] | ||||
Stockholders' Equity [Line Items] | ||||
Beginning balance | 290,974 | |||
Net income (loss) | (15,947) | |||
Cash dividends and distributions declared | (9,227) | |||
Ending balance | 265,800 | 265,800 | ||
Accum. Other Comp. Income (Loss) [Member] | ||||
Stockholders' Equity [Line Items] | ||||
Beginning balance | (1,165) | |||
Other comprehensive loss before reclassifications | (3,314) | |||
Amounts reclassified from accumulated other comprehensive income (loss) | 356 | |||
Total other comprehensive income (loss), net of tax | (2,958) | |||
Ending balance | $ (4,123) | $ (4,123) | ||
Treasury Stock [Member] | ||||
Stockholders' Equity [Line Items] | ||||
Beginning balance, Shares | 7,392,000 | |||
Beginning balance | $ (69,811) | |||
Repurchase of common stock, Shares | 323,000 | |||
Repurchase of common stock | $ (6,005) | |||
Ending balance, Shares | 7,715,000 | 7,715,000 | ||
Ending balance | $ (75,816) | $ (75,816) | ||
Total Green Plains Stockholders' Equity [Member] | ||||
Stockholders' Equity [Line Items] | ||||
Beginning balance | 797,830 | |||
Net income (loss) | (15,947) | |||
Cash dividends and distributions declared | (9,227) | |||
Other comprehensive loss before reclassifications | (3,314) | |||
Amounts reclassified from accumulated other comprehensive income (loss) | 356 | |||
Total other comprehensive income (loss), net of tax | (2,958) | |||
Transfer of assets to Green Plains Partners LP | 19,877 | |||
Investment in BioProcess Algae | 928 | |||
Repurchase of common stock | (6,005) | |||
Stock-based compensation | 2,086 | |||
Stock options exercised | 410 | |||
Ending balance | 786,994 | 786,994 | ||
Noncontrolling Interests [Member] | ||||
Stockholders' Equity [Line Items] | ||||
Beginning balance | 161,079 | |||
Net income (loss) | 9,116 | |||
Cash dividends and distributions declared | (9,293) | |||
Transfer of assets to Green Plains Partners LP | (19,877) | |||
Consolidation of BioProcess Algae | 2,807 | |||
Investment in BioProcess Algae | (928) | |||
Stock-based compensation | 22 | |||
Ending balance | $ 142,926 | $ 142,926 |
Stockholders Equity (Reclassifi
Stockholders Equity (Reclassification From Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Gains (losses) on cash flow hedges | $ (2,715) | $ (16,061) | $ (581) | $ (2,570) |
Income tax expense (benefit) | 932 | 6,031 | 225 | 962 |
Amounts reclassified from accumulated other comprehensive income (loss) | (1,783) | (10,030) | (356) | (1,608) |
Revenue [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Gains (losses) on cash flow hedges | (13,470) | (8,141) | (13,225) | 3,708 |
Revenue [Member] | Ethanol Commodity Derivatives [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Gains (losses) on cash flow hedges | (13,470) | (8,141) | (13,225) | 3,708 |
Cost of Goods Sold [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Gains (losses) on cash flow hedges | 10,755 | (7,920) | 12,644 | (6,278) |
Cost of Goods Sold [Member] | Corn Commodity Derivatives [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Gains (losses) on cash flow hedges | 10,755 | (7,920) | 12,644 | (6,278) |
Income (loss) before income taxes [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Gains (losses) on cash flow hedges | (2,715) | (16,061) | (581) | (2,570) |
Income tax expense (benefit) [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income tax expense (benefit) | $ (932) | $ (6,031) | $ (225) | $ (962) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Income Taxes [Abstract] | |||||
Income tax expense (benefit) | $ 5,471 | $ 5,222 | $ (9,422) | $ 2,775 | |
Effective tax rate | 29.60% | 40.10% | 58.00% | 38.30% | |
Uncategorized tax benefits | $ 200 | $ 200 | $ 200 |
Commitments And Contingencies63
Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Commitments And Contingencies [Abstract] | ||||
Lease expenses | $ 8.7 | $ 8.6 | $ 18.1 | $ 16.9 |
Contracted future purchases | $ 445 | $ 445 |
Commitments And Contingencies64
Commitments And Contingencies (Future Minimum Lease Payments) (Details) $ in Thousands | Jun. 30, 2016USD ($) |
Commitments And Contingencies [Abstract] | |
2,016 | $ 15,380 |
2,017 | 24,822 |
2,018 | 19,235 |
2,019 | 13,376 |
2,020 | 10,842 |
Thereafter | 17,881 |
Total | $ 101,536 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($)h / yritem | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($) | Mar. 31, 2014USD ($) | |
Related Party Transaction [Line Items] | ||||||
Outstanding accounts payable | $ 111,465,000 | $ 111,465,000 | $ 166,963,000 | |||
AXIS Capital [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
New equipment financing agreement | $ 1,400,000 | |||||
Due to related parties, current | 900,000 | 900,000 | 1,000,000 | |||
Principal payments (including interest) | $ 69,000 | $ 69,000 | $ 138,000 | $ 138,000 | ||
Weighted average interest rate | 6.80% | 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 | |||||
Aircraft hours available each year under lease | h / yr | 125 | |||||
Cash payments | $ 40,000 | $ 47,000 | $ 88,000 | $ 104,000 | ||
Outstanding accounts payable | $ 0 | $ 0 | $ 0 |