Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 14, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Period Focus | FY | ||
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 | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 38,181,626 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 694.7 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Trading Symbol | gpre |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets | ||
Cash and cash equivalents | $ 304,211 | $ 384,867 |
Restricted cash | 51,979 | 27,018 |
Accounts receivable, net of allowances of $266 and $285, respectively | 147,495 | 96,150 |
Income taxes receivable | 10,379 | 9,104 |
Inventories | 422,181 | 353,957 |
Prepaid expenses and other | 17,095 | 10,941 |
Derivative financial instruments | 47,236 | 30,540 |
Total current assets | 1,000,576 | 912,577 |
Property and equipment, net | 1,178,706 | 922,070 |
Goodwill | 183,696 | 40,877 |
Other assets | 143,514 | 42,396 |
Total assets | 2,506,492 | 1,917,920 |
Current liabilities | ||
Accounts payable | 192,275 | 166,963 |
Accrued and other liabilities | 67,473 | 32,026 |
Derivative financial instruments | 8,916 | 8,245 |
Short-term notes payable and other borrowings | 291,223 | 226,928 |
Current maturities of long-term debt | 35,059 | 4,507 |
Total current liabilities | 594,946 | 438,669 |
Long-term debt | 782,610 | 432,139 |
Deferred income taxes | 140,262 | 81,797 |
Other liabilities | 9,483 | 6,406 |
Total liabilities | 1,527,301 | 959,011 |
Commitments and contingencies (Note 16) | ||
Stockholders’ equity | ||
Common stock, $0.001 par value; 75,000,000 shares authorized; 46,079,108 and 45,281,571 shares issued, and 38,364,118 and 37,889,871 shares outstanding, respectively | 46 | 45 |
Additional paid-in capital | 659,200 | 577,787 |
Retained earnings | 283,214 | 290,974 |
Accumulated other comprehensive loss | (4,137) | (1,165) |
Treasury stock, 7,714,990 and 7,391,700 shares, respectively | (75,816) | (69,811) |
Total Green Plains stockholders' equity | 862,507 | 797,830 |
Noncontrolling interest | 116,684 | 161,079 |
Total stockholders’ equity | 979,191 | 958,909 |
Total liabilities and stockholders’ equity | $ 2,506,492 | $ 1,917,920 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Consolidated Balance Sheets [Abstract] | ||
Accounts receivable, allowances | $ 266 | $ 285 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 46,079,108 | 45,281,571 |
Common stock, shares outstanding | 38,364,118 | 37,889,871 |
Treasury stock, shares | 7,714,990 | 7,391,700 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues | |||
Product Revenues | $ 3,402,579 | $ 2,957,201 | $ 3,227,127 |
Service Revenues | 8,302 | 8,388 | 8,484 |
Total revenues | 3,410,881 | 2,965,589 | 3,235,611 |
Costs and Expenses | |||
Costs of goods sold | 3,096,079 | 2,729,367 | 2,783,045 |
Operations and maintenance expenses | 34,211 | 29,601 | 26,424 |
Selling, general and administrative expenses | 104,677 | 79,594 | 77,729 |
Depreciation and amortization expenses | 84,226 | 65,950 | 62,139 |
Total costs and expenses | 3,319,193 | 2,904,512 | 2,949,337 |
Operating income (loss) | 91,688 | 61,077 | 286,274 |
Other income (expense) | |||
Interest income | 1,541 | 1,211 | 635 |
Interest expense | (51,851) | (40,366) | (39,908) |
Other, net | (3,027) | (457) | 3,429 |
Total other expense | (53,337) | (39,612) | (35,844) |
Income (loss) before income taxes | 38,351 | 21,465 | 250,430 |
Income tax expense | 7,860 | 6,237 | 90,926 |
Net income | 30,491 | 15,228 | 159,504 |
Net income attributable to noncontrolling interests | 19,828 | 8,164 | |
Net income attributable to Green Plains | $ 10,663 | $ 7,064 | $ 159,504 |
Earnings per share: | |||
Net income attributable to Green Plains - basic | $ 0.28 | $ 0.19 | $ 4.37 |
Net income attributable to Green Plains - diluted | $ 0.28 | $ 0.18 | $ 3.96 |
Weighted average shares outstanding: | |||
Basic | 38,318 | 37,947 | 36,467 |
Diluted | 38,573 | 39,028 | 40,730 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Consolidated Statements Of Comprehensive Income [Abstract] | |||
Net income | $ 30,491 | $ 15,228 | $ 159,504 |
Other comprehensive income (loss), net of tax: | |||
Unrealized gains (losses) on derivatives arising during period, net of tax (expense) benefit of $10,494, $(4,413), and $138,874, respectively | (18,744) | 7,169 | (160,810) |
Reclassification of realized (gains) losses on derivatives, net of tax expense (benefit) of $(8,830), $1,855, and $(139,754), respectively | 15,772 | (3,014) | 161,829 |
Other comprehensive (loss) income, net of tax | (2,972) | 4,155 | 1,019 |
Comprehensive Income | 27,519 | 19,383 | 160,523 |
Comprehensive income attributable to noncontrolling interests | 19,828 | 8,164 | |
Comprehensive income attributable to Green Plains | $ 7,691 | $ 11,219 | $ 160,523 |
Consolidated Statements Of Com6
Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Consolidated Statements Of Comprehensive Income [Abstract] | |||
Income tax (expense) benefit on unrealized gains (losses) on derivatives | $ 10,494 | $ (4,413) | $ 138,874 |
Income tax expense (benefit) on reclassification of realized (gains) losses on derivatives | $ (8,830) | $ 1,855 | $ (139,754) |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders’ Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accum. Other Comp. Income (Loss) [Member] | Treasury Stock [Member] | Total Green Plains Stockholders' Equity [Member] | Non-controlling Interests [Member] | Total |
Beginning balance at Dec. 31, 2013 | $ 38 | $ 468,962 | $ 148,505 | $ (6,339) | $ (65,808) | $ 545,358 | $ 545,358 | |
Beginning balance, Shares at Dec. 31, 2013 | 37,704,000 | 7,200,000 | ||||||
Net income | 159,504 | 159,504 | 159,504 | |||||
Cash dividends and distributions declared | (8,908) | (8,908) | (8,908) | |||||
Other comprehensive (loss) income before reclassification | (160,810) | |||||||
Amounts reclassified from accumulated other comprehensive (loss) income | 161,829 | |||||||
Other comprehensive (loss) income, net of tax | 1,019 | 1,019 | 1,019 | |||||
Stock-based compensation | 5,729 | 5,729 | 5,729 | |||||
Stock-based compensation, Shares | 302,000 | |||||||
Stock options exercised | 4,404 | 4,404 | 4,404 | |||||
Stock options exercised, Shares | 270,000 | |||||||
Conversion of 5.75% Notes | $ 7 | 90,336 | 90,343 | 90,343 | ||||
Conversion of 5.75% Notes, shares | 6,533,000 | |||||||
Ending balance at Dec. 31, 2014 | $ 45 | 569,431 | 299,101 | (5,320) | $ (65,808) | 797,449 | 797,449 | |
Ending balance, Shares at Dec. 31, 2014 | 44,809,000 | 7,200,000 | ||||||
Net income | 7,064 | 7,064 | $ 8,164 | 15,228 | ||||
Cash dividends and distributions declared | (15,191) | (15,191) | (4,604) | (19,795) | ||||
Other comprehensive (loss) income before reclassification | 7,169 | |||||||
Amounts reclassified from accumulated other comprehensive (loss) income | (3,014) | |||||||
Other comprehensive (loss) income, net of tax | 4,155 | 4,155 | 4,155 | |||||
Repurchase of common stock | $ (4,003) | (4,003) | (4,003) | |||||
Repurchase of common stock, shares | 192,000 | |||||||
Net proceeds from issuance of common units - Green Plains Partners LP | 157,452 | 157,452 | ||||||
Stock-based compensation | 7,590 | 7,590 | 67 | 7,657 | ||||
Stock-based compensation, Shares | 432,000 | |||||||
Stock options exercised | 766 | 766 | 766 | |||||
Stock options exercised, Shares | 41,000 | |||||||
Ending balance at Dec. 31, 2015 | $ 45 | 577,787 | 290,974 | (1,165) | $ (69,811) | 797,830 | 161,079 | 958,909 |
Ending balance, Shares at Dec. 31, 2015 | 45,282,000 | 7,392,000 | ||||||
Net income | 10,663 | 10,663 | 19,828 | 30,491 | ||||
Cash dividends and distributions declared | (18,423) | (18,423) | (18,855) | (37,278) | ||||
Other comprehensive (loss) income before reclassification | (18,744) | |||||||
Amounts reclassified from accumulated other comprehensive (loss) income | 15,772 | |||||||
Other comprehensive (loss) income, net of tax | (2,972) | (2,972) | (2,972) | |||||
Transfer of assets to Green Plains Partners LP | 47,390 | 47,390 | (47,390) | |||||
Consolidation of BioProcess Algae | 2,807 | 2,807 | ||||||
Investment in BioProcess Algae | 928 | 928 | (928) | |||||
Repurchase of common stock | $ (6,005) | (6,005) | (6,005) | |||||
Repurchase of common stock, shares | 323,000 | |||||||
Issuance of 4.125% convertible notes due 2022, net of tax | 24,492 | 24,492 | 24,492 | |||||
Stock-based compensation | $ 1 | 6,846 | 6,847 | 143 | 6,990 | |||
Stock-based compensation, Shares | 647,000 | |||||||
Stock options exercised | 1,757 | 1,757 | $ 1,757 | |||||
Stock options exercised, Shares | 150,000 | 150,000 | ||||||
Ending balance at Dec. 31, 2016 | $ 46 | $ 659,200 | $ 283,214 | $ (4,137) | $ (75,816) | $ 862,507 | $ 116,684 | $ 979,191 |
Ending balance, Shares at Dec. 31, 2016 | 46,079,000 | 7,715,000 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Net income | $ 30,491 | $ 15,228 | $ 159,504 |
Adjustments to reconcile net income to net cash provided (used) by operating activities: | |||
Depreciation and amortization | 84,226 | 65,950 | 62,139 |
Amortization of debt issuance costs and debt discount | 11,488 | 7,853 | 8,766 |
Gain on disposal of assets | (4,658) | ||
Deferred income taxes | 4,910 | (27,513) | 23,537 |
Stock-based compensation | 7,285 | 5,108 | 3,440 |
Undistributed equity in loss of affiliates | 3,055 | 1,519 | 4,129 |
Other | 923 | ||
Changes in operating assets and liabilities before effects of business combinations: | |||
Accounts receivable | (36,888) | 41,923 | (28,145) |
Inventories | (42,012) | (78,410) | (90,910) |
Derivative financial instruments | (20,581) | 15,148 | 14,184 |
Prepaid expenses and other assets | (4,092) | 7,851 | (5,391) |
Accounts payable and accrued liabilities | 49,077 | (33,212) | 72,606 |
Current income taxes | (1,887) | (9,586) | 4,417 |
Other | (2,085) | (1,633) | (2,991) |
Net cash provided by operating activities | 82,987 | 10,226 | 221,550 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (58,171) | (63,418) | (59,547) |
Acquisition of businesses, net of cash acquired | (508,143) | (116,796) | (23,900) |
Proceeds on disposal of assets, net | 58 | 68 | 9,258 |
Investments in unconsolidated subsidiaries | (6,342) | (3,055) | (4,406) |
Net cash provided (used) by investing activities | (572,598) | (183,201) | (78,595) |
Cash flows from financing activities: | |||
Proceeds from the issuance of long-term debt | 524,000 | 178,400 | 542,692 |
Payments of principal on long-term debt | (106,803) | (195,810) | (557,850) |
Proceeds from short-term borrowings | 4,130,946 | 3,237,477 | 3,708,896 |
Payments on short-term borrowings | (4,066,968) | (3,219,566) | (3,670,529) |
Proceeds from issuance of Green Plains Partners common units, net | 157,452 | ||
Payments for repurchase of common stock | (6,005) | (4,003) | |
Payments of cash dividends and distributions | (37,278) | (19,795) | (8,908) |
Change in restricted cash | (18,641) | 2,725 | (547) |
Payments of loan fees | (12,053) | (5,314) | (7,630) |
Proceeds from the exercise of stock options | 1,757 | 766 | 4,404 |
Net cash provided (used) by financing activities | 408,955 | 132,332 | 10,528 |
Net change in cash and cash equivalents | (80,656) | (40,643) | 153,483 |
Cash and cash equivalents, beginning of period | 384,867 | 425,510 | 272,027 |
Cash and cash equivalents, end of period | 304,211 | 384,867 | 425,510 |
Supplemental disclosures of cash flow: | |||
Cash paid for income taxes | 4,692 | 43,833 | 61,817 |
Cash paid for interest | 38,245 | 32,753 | 34,756 |
Supplemental noncash investing and financing activities: | |||
Assets acquired in acquisitions and mergers, net of cash | 568,383 | 120,910 | 25,611 |
Less: liabilities assumed | (57,433) | (4,114) | (1,711) |
Less: allocation of noncontrolling interest in consolidation of BioProcess Algae | (2,807) | ||
Net assets acquired | $ 508,143 | $ 116,796 | 23,900 |
Common stock issued for conversion of 5.75% Notes | $ 89,950 |
Basis Of Presentation And Descr
Basis Of Presentation And Description Of Business | 12 Months Ended |
Dec. 31, 2016 | |
Basis Of Presentation And Description Of Business [Abstract] | |
Basis Of Presentation And Description Of Business | GRE EN PLAINS INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. BASIS OF PRESENTATION and DESCRIPTION OF BUSINESS References to the Company References to “Green Plains” or the “company” in the consolidated financial statements and in these notes to the consolidated financial statements refer to Green Plains Inc., an Iowa corporation, and its subsidiaries. Consolidated Financial Statements The consolidated financial statements include the company’s accounts and all significant intercompany balances and transactions are eliminated. Unconsolidated entities are included in the financial statements on an equity basis. Reclassifications Certain prior year amounts were reclassified to conform 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 preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The company bases its estimates on historical experience and assumptions that 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 The company operates within four business segments: (1) ethanol production, which includes the production of ethanol, distillers grains and corn oil, (2) agribusiness and energy services, which includes grain handling and storage and marketing and merchant trading for company-produced and third-party ethanol, distillers grains, corn oil , natural gas and other commodities, (3) food and food ingredients, which includes vinegar production and cattle feedlot operations, and (4) partnership, which includes fuel storage and transportation services. Ethanol Production Segment Green Plains is North America’s second largest consolidated owner of ethanol plants. The company operates 17 ethanol plants in nine states through separate wholly owned operating subsidiaries. The company’s ethanol plants use a dry mill process to produce ethanol and co-products such as wet, modified wet or dried distillers grains, as well as corn oil. The corn oil systems are designed to extract non-edible corn oil from the whole stillage immediately prior to production of distillers grains. At capacity, the company expects to process approximately 524 million bushels of corn and produce approximately 1.5 billion gallons of ethanol, 4.1 million tons o f distillers grains and 340 million pounds of industrial grade corn oil annually. Agribusiness and Energy Services Segment The company owns and operates grain handling and storage assets through its agribusiness and energy services segment, which has grain storage capacity of approximately 60.3 million bushels, with 48.7 million bushels of storage capacity at the company’s ethanol plants and 11.6 million bushels of total storage capacity at its five separate grain elevators. The company’s agribusiness operations provide synergies with the ethanol production segment as it supplies a portion of the feedstock needed to produce ethanol. The company has an in-house marketing business that is responsible for the sale, marketing and distribution of all ethanol, distillers grains and corn oil produced at its ethanol plants. The company also purchases and sells ethanol, distillers grains, corn oil, grain, natural gas and other commodities and participates in other merchant trading activities in various markets. Food and Food Ingredients Segment The company owns a cattle feedlot with the capacity to support 73,000 head of cattle and grain storage capacity of approximately 2.8 million bushels. The company also owns a vinegar operation, which is one of the world’s largest producers of food-grade industrial vinegar and includes seven production facilities and four distribution warehouses . Partnership Segment The company’s partnership segment provides fuel storage and transportation services by owning, operating, developing and acquiring ethanol and fuel storage tanks, terminals, transportation assets and other related assets and businesses. As of December 31, 2016, the partnership owns (i) 39 ethanol st orage facilities located at or near the company’s 17 ethanol production plants, which have the ability to efficiently and effectively store and load railcars and tanker trucks with all of the ethanol produced at the company’s ethanol production plants, (ii) eight fuel terminal facilities, located near major rail lines, which enable the partnership to receive, store and deliver fuels from and to markets that seek access to renewable fuels, and (iii) transportation assets, including a leased railcar fleet of approximately 3,100 railcars which is utilized to transport ethanol from the company’s ethanol production plants to refineries throughout the United States and international export terminals. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT accounting POLICIES Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents includes bank deposits, as well as, short-term, highly liquid investments with original maturities of three months or less. The company also has restricted cash, which can only be used for the funding of letters of credit or for payment towards a revolving credit agreement. Revenue Recognition The company recognizes revenue when the following criteria are satisfied: persuasive evidence that an arrangement exists, title of product and risk of loss are transferred to the customer, price is fixed and determinable and collectability is reasonably assured. Sales of ethanol, distillers grains, corn oil, 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 products, including agricultural commodities, cattle and vinegar, 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 ensured. Revenues from base storage, terminal or transportation services are recognized once these services are performed, which occurs when the product is delivered to the customer. Cost of Goods Sold Cost of goods sold includes direct labor, materials and plant overhead costs. Direct labor includes all compensation and related benefits of non-management personnel involved in ethanol plant, vinegar 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 and energy services and food and food ingredients segments’ 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 components of operations and maintenance expenses. Transportation expense includes rail car leases, freight and shipping of the company’s ethanol and co-products, as well as costs incurred in storing ethanol at destination terminals. Derivative Financial Instruments The company uses various derivative financial instruments, including exchange-traded futures and exchange-traded and over-the-counter options contracts, to minimize risk and the effect of price changes related to corn, ethanol, cattle and natural gas. The company monitors and manages this exposure as part of its overall risk management policy to reduce the adverse effect market volatility may have on its operating results. The company may hedge these commodities as one way to mitigate risk, however, there may be situations when these hedging activities themselves result in losses. By using derivatives to hedge exposures to changes in commodity prices, the company 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 its credit risk by entering into transactions with high quality counterparties, limiting the amount of financial exposure it has with each counterparty and monitoring their financial condition. Market risk is the risk that the value of the financial instrument might be adversely affected by a change in commodity prices or interest rates. The company manages market risk by incorporating parameters to monitor exposure within its risk management strategy, which limits the types of derivative instruments and 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, hedge accounting treatment. Certain qualifying derivatives related to the ethanol production and agribusiness and energy services 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 of the hedges is recognized in current period results to the extent the change in fair value of the inventory is not offset by the change in fair value of the derivative. Concentrations of Credit Risk The company is exposed to credit risk resulting from the possibility that another party may fail to perform according to the terms of the company’s contract. The company sells ethanol, corn oil and distillers grains and markets products for third parties, which can result in concentrations of credit risk from a variety of customers, including major integrated oil companies, large independent refiners, petroleum wholesalers and other marketers. The company also sells grain to large commercial buyers, including other ethanol plants, and sells cattle to meat processors. Although payments are typically received within fifteen days of the sale, the company continually monitors its exposure. The company is also exposed to credit risk on prepayments of undelivered inventories with a few major suppliers of petroleum products and agricultural inputs. Inventories Corn held for ethanol production, ethanol, corn oil and distillers grains inventories are recorded at lower of average cost or market. Fair value hedged inventories are recorded at market. Other grain inventories include readily marketable grain, forward contracts to buy and sell grain, and exchange traded futures and option contracts, which are all stated at market value. Futures and options contracts, which are used to hedge the value of owned grain and forward contracts, are considered derivatives. All grain inventories held for sale are marked to market. Changes are reflected in cost of goods sold. The forward contracts require performance in future periods. Contracts to purchase grain generally relate to current or future crop years for delivery periods quoted by regulated commodity exchanges. Contracts for the sale of grain to processors or other consumers generally do not extend beyond one year. The terms of the purchase and sale agreements for grain are consistent with industry standards. Raw materials and finished goods inventories are valued at the lower of average cost or market. In addition to ethanol and related co-products in process, work-in-process inventory includes the cost of acquired cattle and related feed and veterinary supplies, as well as direct labor and feedlot overhead costs, all of which are valued at lower of average cost or market. Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation is generally calculated using the straight-line method over the following estimated useful life of the assets: Years Plant, buildings and improvements 10 -40 Ethanol production equipment 15 -40 Other machinery and equipment 5 -7 Land improvements 20 Railroad track and equipment 20 Computer and software 3 -5 Office furniture and equipment 5 -7 Property and equipment is capitalized at cost. Land and other property improvements are capitalized and depreciated. Costs of repairs and maintenance are charged to expense when incurred. The company periodically evaluates whether events and circumstances have occurred that warrant a revision of the estimated useful life of its fixed assets. Intangible Assets Our intangible assets consist of trademarks, customer relationships, research and development technology and licenses acquired through acquisitions. These assets were capitalized at their fair value at the date of the acquisition and are being amortized over their estimated useful live s , with the exception of the vinegar trade name, which has an indefinite life . Impairment of Long-Lived Assets The company’s long-lived assets consist of property and equipment and intangible assets. The company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. Recoverability is measured by comparing the carrying amount of the asset to the estimated undiscounted future cash flows the asset is expected to generate. Impairment is recorded when the asset’s carrying amount exceeds its estimated future cash flows. Significant management judgment is required to determine the fair value of long-lived assets, which includes discounted cash flows projections. There were no material impairment charges recorded for the periods reported. Goodwill Goodwill represents future economic benefits that are not individually recognized in an acquisition. The company records goodwill when the purchase price for an acquisition exceeds the fair value of its identified net tangible and intangible assets . The company’s goodwill currently consists of amounts related to the acquisition of five ethanol plants, its fuel terminal and distribution business and Fleischmann’s Vinegar. Goodwill is reviewed for impairment at least annually. The qualitative factors of goodwill are assessed to determine whether it is necessary to perform a two-step goodwill impairment test. Under the first step, the estimated fair value of the reporting unit is compared with its carrying value, including goodwill. If the estimated fair value is less than the carrying value, the company completes a second step to determine the amount of goodwill impairment that should be recorded. In the second step, the reporting unit’s fair value is allocated to all of its assets and liabilities other than goodwill to determine the implied fair value. The result is compared with the carrying amount and an impairment charge is recorded for the difference. The company performs an annual impairment review on October 1 and when a triggering event occurs between annual impairment tests. No impairment losses were recorded for the periods reported. Financing Costs Fees and costs related to securing debt are recorded as financing costs. Debt issuance costs are stated at cost and are amortized using the effective interest method for term loans and the straight-line basis over the life of the agreements for revolving credit arrangements and convertible notes. During periods of construction, amortization is capitalized in construction-in-progress. Selling, General and Administrative Expenses Selling, general and administrative expenses consists of various expenses including employee salaries, incentives and benefits; office expenses; director compensation; professional fees for accounting, legal, consulting, and investor relations activities; and non-plant depreciation and amortization costs. Environmental Expenditures Environmental expenditures that pertain to current operations and relate to future revenue are expensed or capitalized. Probable liabilities that can be reasonably estimated are expensed or capitalized and disclosed in the company’s quarterly and annual filings, if material. Expenditures resulting from the remediation of an existing condition caused by past operations which do not contribute to future revenue are expensed when incurred. Stock-Based Compensation The company recognizes compensation cost using a fair value based method whereby compensation cost is measured at the grant date based on the value of the award and is recognized over the service period, which is usually the vesting period. The company uses the Black-Scholes pricing model to calculate the fair value of options and warrants issued to both employees and non-employees. Stock issued for compensation is valued using the market price of the stock on the date of the related agreement. Income Taxes The provision for income taxes is computed using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences attributable to temporary differences between the financial reporting carrying amount of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measure d using enacted tax rates expected to apply to taxable income in years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operating results in the period of enactment. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The company recognizes uncertainties in income taxes within the financial statements under a process by which the likelihood of a tax position is gauged based upon the technical merits of the position, and then a subsequent measurement relates the maximum benefit and the degree of likelihood to determine the amount of benefit recognized in the financial statements. Recent Accounting Pronouncements Effective January 1, 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 Topic 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, 2017, the company will adopt the amended guidance in ASC Topic 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 triggering liability accounting and make a policy election to account for forfeitures as they occur. The amended guidance related to the timing of when excess tax benefits are recognized, minimum statutory withholding requirements, forfeitures, and intrinsic value will be applied on a modified retrospective basis, with a cumulative-effect adjustment to retained earnings as of the beginning of the year of adoption. The amended guidance related to the presentation of employee taxes paid on the statement of cash flows will be applied retrospectively. The amended guidance requiring recognition of excess tax benefits and tax deficiencies in the income statement and practical expedient for estimating expected term will be applied prospectively. Effective January 1, 2018, the company will adopt the amended guidance in ASC Topic 230, Statement of Cash Flows: Restricted Cash , which requires amounts generally described as restricted cash and restricted cash equivalents to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amended guidance will be applied retrospectively. Effective January 1, 2018, the company will adopt the amended guidance in ASC Topic 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, 2018, the company will adopt the amended guidance in ASC Topic 740, Income Taxes: Intra-Entity Transfers of Assets other than Inventory , which requires the recognition of current and deferred income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The amended guidance will be applied on a modified retrospective basis, with a cumulative-effect adjustment to retained earnings as of the beginning of the year of adoption. Effective January 1, 2018, the company will adopt the amended guidance in ASC Topic 805, Business Combinations: Clarifying the Definition of a Business , which clarifies the definition of a business with the objective of adding guidance to assist companies and other reporting organizations with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The amended guidance will be applied prospectively. Effective January 1, 2019, the company will adopt the amended guidance in ASC Topic 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 | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Green Plains Partners LP | 3. GREEN PLAINS PARTNERS LP Initial Public Offering of Subsidiary On July 1, 2015, Green Plains Partners LP closed its initial public offering, or the IPO. In conjunction with the IPO, the company contributed its downstream ethanol transportation and storage assets to the partnership. A total of 11,500,000 common units, representing limited partner interests including 1,500,000 common units pursuant to the underwriters’ overallotment option, were sold to the public for $15.00 per common unit. The partnership received net proceeds of approximately $157.5 million, after deducting underwriting discounts, structuring fees and offering expenses. The partnership used the proceeds to make a distribution to the company of $155.3 million and to pay approximately $0.9 million in origination fees under its new $100.0 million revolving credit facility. The remaining $1.3 million was retained for general partnership purposes. The company now owns a 62.5% limited partner interest, consisting of 4,389,642 common units and 15,889,642 subordinated units, and a 2.0% general partner interest in the partnership. The public owns the remaining 35.5% limited partner interest in the partnership. As such, the partnership is consolidated in the company’s financial statements. During the subordination period, which is described in the partnership agreement for Green Plains Partners, holders of the subordinated units are not entitled to receive distributions until the common units have received the minimum quarterly distribution plus any arrearages of the minimum quarterly distribution from prior quarters. If the partnership does not pay distributions on the subordinated units, the subordinated units will not accrue arrearages for those unpaid distributions. Each subordinated unit will convert into one common unit at the end of the subordination period. The partnership is a fee-based master limited partnership formed by Green Plains to provide fuel storage and transportation services by owning, operating, developing and acquiring ethanol and fuel storage tanks, terminals, transportation assets and other related assets and businesses. The partnership’s assets currently include (i) 39 ethanol storage facilities, located at or near the company’s 17 ethanol production plants, which have the ability to efficiently and effectively store and load railcars and tanker trucks with all of the ethanol produced at the company’s ethanol production plants, (ii) eight fuel terminal facilities, located near major rail lines, which enable the partnership to receive, store and deliver fuels from and to markets that seek access to renewable fuels, and (iii) transportation assets, including a leased railcar fleet of approximately 3,100 railcars, which are contracted to transport ethanol from the company’s ethanol production plants to refineries throughout the United States and international export terminals. The partnership expects to be the company’s primary downstream logistics provider to support its approximately 1.5 bgy 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 is 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) an amended ten -year fee-based rail transportation services agreement; and (iii) a one -year fee-based trucking transportation agreement, and (2) assumed (i) an approximately 2.5 -year terminal services agreement for the partnership’s Birmingham, Alabama-unit train terminal; and (ii) various other terminal services agreements for its other fuel terminal facilities, each with Green Plains Trade. The partnership’s storage and throughput agreement, and certain terminal services agreements, including the terminal services agreement for the Birmingham facility, are supported by minimum volume commitments. The partnership’s rail transportation services agreement is supported by minimum take-or-pay capacity commitments. The company also has agreements which establish fees for general and administrative, and operational and maintenance services it provides. These transactions are eliminated when the company consolidates its financial results. The company consolidates the financial results of the partnership and records a noncontrolling interest in the partnership held by public common u nitholders. Noncontrolling interest on the consolidated statements of income includes the portion of net income attributable to the economic interest held by the partnership’s public common unitholders. Noncontrolling interest on the consolidated balance sheets includes the portion of net assets attributable to the partnership’s public common unitholders. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2016 | |
Acquisitions [Abstract] | |
Acquisitions | 4. ACQUISITIONS Acquisition of Fleischmann’s Vinegar Company On October 3, 2016, the company acquired all of the issued and outs tanding stock of SCI Ingredients , the holding company of Fleischmann’s Vinegar Company, Inc ., for $258.3 million in cash. Fleischmann’s Vinegar is one of the world’s la rgest producers of food-grade industrial vinegar. The company recorded $2.3 million of acquisition costs for Fleischmann’s Vinegar to selling, general and administrativ e expenses during the year ended December 31, 2016. The purchase price allocation is based o n the preliminary results of independent valuation s . The purchase price and purchase price allocation are preliminary until contractual post-closing working capital adjustments are finalized and the final independent valuation report s are issued. The following is a summary of the preliminary purchase price of assets acquired and liabilities assumed (in thousands): Amounts of Identifiable Assets Acquired and Liabilities Assumed Cash $ 4,148 Inventory 9,308 Accounts receivable, net 13,919 Prepaid expenses and other 1,054 Property and equipment 43,011 Intangible assets 94,500 Current liabilities (9,689) Income taxes payable (330) Deferred tax liabilities (40,421) Total identifiable net assets 115,500 Goodwill 142,819 Purchase price $ 258,319 As of December 31, 2016, based on t he preliminary valuations, the c ompany’s customer relationship intangible asset recognized in connection with the Fleischmann’s acquisition is $82.6 million, net of $1.4 million of accumulated amortization, and has a 15 year weighte d-average amortization period. As of December 31, 2016, the c ompany also has an indefinite-lived trade name intangib le asset of $10.5 million. The c ompany recognized $1.4 million of amortization expense associated with the amortizing customer relationship intangible asset during the year ended December 31 , 2016 and estimated amortization expense for the next five years is $5.6 million per annum. The excess of the purchase price over the intangibles fair values was allocated to goodwill, none of which is expected to be deductible for tax purposes. The goodwill is primarily attributable to the synergies expected to arise after the acquisition. Acquisition of Abengoa Ethanol Plants On September 23, 2016, the company acquired three ethanol plants located in Madison, Illinois, Mount Vernon, Indiana, and York, Nebraska from subsidiaries of Ab engoa S.A. for approximately $234.9 million for the ethanol plant assets, and $19.1 million for working capital acquired and liabilities assumed, subject to certain post-closing adjustments . These ethanol facilities have a combined annual production capacity of 230 mmgy. The company recorded $1.3 million of acquisition costs for the Abengoa ethanol plants to selling, general and administ rative expenses during the year ended December 31 , 2016. The purchase price allocation is based on the preliminary results of an independent valuation. The purchase price and purchase price allocation are preliminary until contractual post-closing working capital adjustments are finalized and the final independent valuation report is issued. The following is a summary of the preliminary purchase price of assets acquired and liabilities assumed (in thousands): Amounts of Identifiable Assets Acquired and Liabilities Assumed Inventory $ 16,904 Accounts receivable, net 1,826 Prepaid expenses and other 2,224 Property and equipment 234,947 Other assets 3,885 Current maturities of long-term debt (406) Current liabilities (2,580) Long-term debt (2,763) Total identifiable net assets $ 254,037 Concurrently with the company’s acquisition of the Abengoa ethanol plants, on September 23, 2016, the partnership acquired the storage assets of the Abengoa ethanol plants from the company for $90.0 million in a transfer between entities under common control and entered into amendments to the related commercial agreements with Green Plains Trade. The operating results of the Abengoa ethanol plant have been included in the company’s consolidated financial statements since September 23, 2016. The operating results of Fle is chmann’s Vinegar have been included in the company’s consolidated financial statements since October 4, 2016. Pro forma revenue and net loss, had the acquisitions occurred on January 1, 2016, would have been $3.8 billion and $9.1 million, respectively, for the year ended December 31, 2016. Diluted loss per share would have been $0.24 for the year ended December 31, 2016. This information is based on historical results of operations, and, in the company’s opinion, is not necessarily indicative of the results that would have been achieved had the company operated the ethanol plant acquired since such date. 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 78,786 Current liabilities (2,542) Other liabilities (1,128) Total identifiable net assets $ 98,228 Effective January 1, 2016, the partnership acquired the storage and transportation 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 operating results of the Hereford ethanol plant have been included in the company’s consolidated financial statements since November 12, 2015. Pro forma revenue and net income, had the acquisition occurred on January 1, 2015, would have been $3.1 billion and $10.8 million, respectively, for the year ended December 31, 2015. Diluted earnings per share would have been $0.28 for the year ended December 31, 2015. This information is based on historical results of operations, and, in the company’s opinion, is not necessarily indicative of the results that would have been achieved had the company operated the ethanol plant acquired since such da te. |
Fair Value Disclosures
Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | 5. FAIR VALUE DISCLOSURES The following methods, assumptions and valuation techniques were used in estimating the fair value of the company’s financial instruments: Level 1 – unadjusted quoted prices in active markets for identical assets or liabilities the company can access at the measurement date. Level 1 unrealized gains and losses on commodity derivatives relate to exchange-traded open trade equity and option values in the company’s brokerage accounts. Level 2 – directly or indirectly observable inputs such as quoted prices for similar assets or liabilities in active markets other than quoted prices included within Level 1, quoted prices for identical or similar assets in markets that are not active, and other inputs that are observable or can be substantially corroborated by observable market data through correlation or other means. Grain inventories held for sale in the agribusiness and energy services segment are valued at nearby futures values, plus or minus nearby basis. Level 3 – unobservable inputs that are supported by little or no market activity and comprise a significant component of the fair value of the assets or liabilities. The company currently does not have any recurring Level 3 financial instruments. There have been no changes in valuation techniques and inputs used in measuring fair value. The company’s assets and liabilities by level are as follows (in thousands): Fair Value Measurements at December 31, 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 $ 304,211 $ - $ - $ 304,211 Restricted cash 51,979 - - 51,979 Margin deposits 50,601 - (50,601) - Inventories carried at market - 77,043 - 77,043 Unrealized gains on derivatives 8,272 14,818 24,146 47,236 Other assets 116 - - 116 Total assets measured at fair value $ 415,179 $ 91,861 $ (26,455) $ 480,585 Liabilities: Accounts payable (1) $ - $ 35,288 $ - $ 35,288 Unrealized losses on derivatives 26,455 8,916 (26,455) 8,916 Other liabilities - 81 - 81 Total liabilities measured at fair value $ 26,455 $ 44,285 $ (26,455) $ 44,285 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: Accounts payable (1) $ - $ 25,935 $ - $ 25,935 Unrealized losses on derivatives 4,492 7,772 (4,019) 8,245 Total liabilities measured at fair value $ 4,492 $ 33,707 $ (4,019) $ 34,180 (1) Accounts payable is generally stated at historical amounts with the exception of $35.3 million and $25.9 million at December 31, 2016 and 2015, respectively , related to certain delivered inventory for which the payable fluctuates based on changes in commodity prices. These payables are hybrid financial instruments for which the company has elected the fair value option. The company believes the fair value of its debt was approximately $1.1 billion compared wit h a book value of $1.1 billion at December 31, 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 accoun ts receivable approximated book value, which was $ 147.5 million and $ 96.2 million, respectively, at December 31, 2016 , and 2015. Although the company currently does not have any recurring Level 3 financial measurements, the fair values of tangible assets and goodwill acquired and the equity component of convertible debt represent Level 3 measurements which were derived using a combination of the income approach, market approach and cost approach for the specific assets or liabilities being valued. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2016 | |
Segment Information [Abstract] | |
Segment Information | 6. SEGMENT INFORMATION As a result of acquisitions during the year, the company implemented organizational changes during the fourth quarter of 2016 , whereby the c ompany management now reports the financial and operating performance for the following four operating segments: (1) ethanol production, which includes the production of ethanol, distillers grains and corn oil, (2) agribusiness and energy services, which includes grain handling and storage and marketing and merchant trading for company-produced and third-party ethanol, distillers grains, corn oil and other commodities, (3) food and food ingredients, which includes the vinegar operations and cattle feedlot operations and (4) partnership, which includes fuel storage and transportation services. Prior periods have been reclassified to conform to the revised segment presentation. Under GAAP, w hen 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 transportation assets of the Hereford and Hopewell production facilities in a transfer between entities under common control and entered into amendments to the related commercial agreements with Green Plains Trade. The transferred assets and liabilities are recognized at the company’s historical cost and reflected retroactively in the segment information of the consolidated financial statements presented in this Form 10-K. The partnership’s assets were previously included in the ethanol production and agribusiness and energy services 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 were no revenues r elated to the operation of the ethanol storage and railcar assets in the partnership segment prior to their respective transfers to the partnership, when the 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 agribusiness and energy services segment procures grain and natural gas and sells products, including ethanol, d istillers grains and corn oil for the ethanol production segment. The partnership segment provides fuel storage and transportation services for the agribusiness and energy services segment. These intersegment activities are treated like third-party transactions with origination, marketing and storage fees charged at estimated 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. The following tables set forth certain financial data for the company’s operating segments (in thousands): Year Ended December 31, 2016 2015 2014 Revenues: Ethanol production: Revenues from external customers (1) $ 2,409,102 $ 2,063,172 $ 2,590,428 Intersegment revenues - - - Total segment revenues 2,409,102 2,063,172 2,590,428 Agribusiness and energy services: Revenues from external customers (1) 675,446 674,719 607,323 Intersegment revenues 34,461 24,114 24,535 Total segment revenues 709,907 698,833 631,858 Food and food ingredients: Revenues from external customers (1) 318,031 219,310 29,376 Intersegment revenues 150 75 - Total segment revenues 318,181 219,385 29,376 Partnership: Revenues from external customers 8,302 8,388 8,484 Intersegment revenues 95,470 42,549 4,359 Total segment revenues 103,772 50,937 12,843 Revenues including intersegment activity 3,540,962 3,032,327 3,264,505 Intersegment eliminations (130,081) (66,738) (28,894) Revenues as reported $ 3,410,881 $ 2,965,589 $ 3,235,611 (1) Revenues from external customers include realized gains and losses from derivative financial instruments. Year Ended December 31, 2016 2015 2014 Cost of goods sold: Ethanol production $ 2,280,906 $ 1,939,824 $ 2,230,141 Agribusiness and energy services 650,538 639,470 555,200 Food and food ingredients 294,396 216,661 26,538 Partnership - - - Intersegment eliminations (129,761) (66,588) (28,834) $ 3,096,079 $ 2,729,367 $ 2,783,045 Year Ended December 31, 2016 2015 2014 Operating income (loss): Ethanol production $ 28,125 $ 43,266 $ 285,579 Agribusiness and energy services 34,039 37,253 52,176 Food and food ingredients 16,436 (952) 1,200 Partnership 60,903 12,990 (19,975) Intersegment eliminations (170) - - Corporate activities (47,645) (31,480) (32,706) $ 91,688 $ 61,077 $ 286,274 Year Ended December 31, 2016 2015 2014 Income (loss) before income taxes: Ethanol production $ 5,862 $ 21,582 $ 269,604 Agribusiness and energy services 24,368 33,952 45,423 Food and food ingredients 10,950 (3,585) 847 Partnership 58,441 12,695 (20,038) Intersegment eliminations (170) - - Corporate activities (61,100) (43,179) (45,406) $ 38,351 $ 21,465 $ 250,430 Year Ended December 31, 2016 2015 2014 Depreciation and amortization: Ethanol production $ 68,746 $ 55,604 $ 53,465 Agribusiness and energy services 2,536 1,542 926 Food and food ingredients 3,705 1,004 528 Partnership 5,647 5,828 5,544 Corporate activities 3,592 1,972 1,676 $ 84,226 $ 65,950 $ 62,139 Year Ended December 31, 2016 2015 2014 Interest expense: Ethanol production $ 22,505 $ 22,816 $ 22,830 Agribusiness and energy services 7,305 5,161 7,196 Food and food ingredients 5,536 2,799 443 Partnership 2,545 381 138 Intersegment eliminations (562) (71) (238) Corporate activities 14,522 9,280 9,539 $ 51,851 $ 40,366 $ 39,908 Year Ended December 31, 2016 2015 2014 Capital expenditures: Ethanol production $ 39,555 $ 48,881 $ 40,991 Agribusiness and energy services 2,340 12,552 16,771 Food and food ingredients 2,479 1,049 395 Partnership 400 1,496 547 Corporate activities 11,638 1,589 2,829 $ 56,412 $ 65,567 $ 61,533 The following table sets forth total assets by operating segment (in thousands): Year Ended December 31, 2016 2015 Total assets (1) : Ethanol production $ 1,206,155 $ 1,004,342 Agribusiness and energy services 579,977 418,168 Food and food ingredients 406,429 110,775 Partnership 74,999 81,430 Corporate assets 257,652 314,068 Intersegment eliminations (18,720) (10,863) $ 2,506,492 $ 1,917,920 (1) Asset balances by segment exclude intercompany payable and receivable balances. The following table sets forth revenues by product line (in thousands): Year Ended December 31, 2016 2015 2014 Revenues: Ethanol $ 2,258,575 $ 1,868,043 $ 2,362,812 Distillers grains 488,297 474,699 531,696 Corn oil 152,075 101,126 99,167 Grain 174,525 240,466 174,997 Food and food ingredients 279,039 219,046 29,262 Service revenues 8,302 8,388 8,484 Other 50,068 53,821 29,193 $ 3,410,881 $ 2,965,589 $ 3,235,611 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2016 | |
Inventories [Abstract] | |
Inventories | 7. INVENTORIES Inventories are carried at lower of cost or market, except for commodities held for sale and fair value hedged inventories, which are reported at market value. The components of inventories are as follows (in thousands): December 31, 2016 2015 Finished goods $ 99,009 $ 71,595 Commodities held for sale 65,926 43,936 Raw materials 135,516 116,673 Work-in-process 91,093 96,950 Supplies and parts 30,637 24,803 $ 422,181 $ 353,957 |
Property And Equipment
Property And Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property And Equipment [Abstract] | |
Property And Equipment | 8. PROPERTY AND EQUIPMENT The components of property and equipment are as follows (in thousands): December 31, 2016 2015 Plant equipment $ 1,167,914 $ 892,915 Buildings and improvements 205,806 176,094 Land and improvements 126,088 84,257 Railroad track and equipment 42,234 41,732 Construction-in-progress 13,745 38,200 Computers and software 15,000 11,115 Office furniture and equipment 3,503 2,492 Leasehold improvements and other 22,409 13,823 Total property and equipment 1,596,699 1,260,628 Less: accumulated depreciation (417,993) (338,558) Property and equipment, net $ 1,178,706 $ 922,070 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill [Abstract] | |
Goodwill | 9. GOODWILL Changes in the carrying amount of goodwill attributable to each business segment during the years ended December 31, 2016 and 2015 were as follows (in thousands): Ethanol Production Food and Food Production Ingredients Partnership Total Balance, December 31, 2014 and 2015 $ 30,279 $ - $ 10,598 $ 40,877 Acquisition of Fleischmann's Vinegar - 142,819 - 142,819 Balance, December 31, 2016 $ 30,279 $ 142,819 $ 10,598 $ 183,696 Goodwill re lated to the acquisition results largely from economies of scale expected to be realized in the Company’s operations. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Financial Instruments [Abstract] | |
Derivative Financial Instruments | 10. DERIVATIVE FINANCIAL INSTRUMENTS At December 31, 2016 , the company’s consolidated balance sheet reflected unre alized losses of $ 4.1 million, net of tax, in accumulated other comprehensive loss. The company expects these losses will be reclassified as operating income over the next 12 months as a result of hedged transactions that are forecasted to occur. The amount realized in operating income will differ as commodity prices change. Fair Values of Derivative Instruments The fair values of the company’s derivative financial instruments and the line items on the consolidated balance sheets where they are reported are as follows (in thousands): Asset Derivatives' Liability Derivatives' Fair Value at December 31, Fair Value at December 31, 2016 2015 2016 2015 Derivative financial instruments (1) $ 14,818 (2) $ 22,882 (3) $ - $ - Accrued and other liabilities - - 27,099 8,245 Other liabilities - - 81 - Total $ 14,818 $ 22,882 $ 27,180 $ 8,245 (1) Derivative financial instruments as reflected on the balance sheet include a margin deposit assets of $ 50.6 million and $ 7.7 million at December 31, 2016 and 2015 , respectively. (2) Balance at December 31, 2016 , includes $ 17.0 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments. (3) Balance at December 31, 2015 , includes $ 2.3 million of net unrealized gains on derivative financial instruments designated as cash flow hedging instruments. Refer to Note 5 - Fair Value Disclosures , which contains fair value information related to derivative financial instruments. Effect of Derivative Instruments on Conso lidated Statements of Income and Consolidated Statements of Stockholders’ Equity and Comprehensive Income The gains or losses recognized in income and other comprehensive income related to the company’s derivative financial instruments and the line items on the consolidated financial statements where they are reported are as follows (in thousands): Gains (Losses) on Derivative Instruments Not Year Ended December 31, Designated in a Hedging Relationship 2016 2015 2014 Revenues $ 6,112 $ (12,952) $ 13,369 Cost of goods sold 11 10,492 165 Net increase (decrease) recognized in earnings before tax $ 6,123 $ (2,460) $ 13,534 Gains (Losses) Due to Ineffectiveness Year Ended December 31, of Cash Flow Hedges 2016 2015 2014 Revenues $ (41) $ (43) $ (326) Cost of goods sold - - 481 Net increase (decrease) recognized in earnings before tax $ (41) $ (43) $ 155 Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) Year Ended December 31, into Net Income 2016 2015 2014 Revenues $ (8,094) $ 8,420 $ (257,730) Cost of goods sold (16,508) (3,551) (43,853) Net increase (decrease) recognized in earnings before tax $ (24,602) $ 4,869 $ (301,583) Effective Portion of Cash Flow Hedges Recognized in Year Ended December 31, Other Comprehensive Income (Loss) 2016 2015 2014 Commodity Contracts $ (29,238) $ 11,582 $ (299,684) Gains (Losses) from Fair Value Year Ended December 31, Hedges of Inventory 2016 2015 2014 Revenues (effect of change in inventory value) $ 1,388 $ - $ - Cost of goods sold (effect of change in inventory value) 21,430 (7,819) 304 Revenues (effect of fair value hedge) (1,388) - - Cost of goods sold (effect of fair value hedge) (16,219) 12,045 2,612 Ineffectiveness recognized in earnings before tax $ 5,211 $ 4,226 $ 2,916 There were no gains or losses from discontinuing cash flow or fair value hedge treatment during the years ended December 31, 2016 , 2015 and 2014 . The open commodity derivative positions as of December 31, 2016 , are as follows (in thousands): December 31, 2016 Exchange Traded Non-Exchange Traded Derivative Instruments Net Long & (Short) (1) Long (2) (Short) (2) Unit of Measure Commodity Futures (88,850) Bushels Corn, Soybeans and Wheat Futures 18,185 (3) Bushels Corn Futures 22,515 (4) Bushels Corn Futures 109,536 Gallons Ethanol Futures (213,570) (3) Gallons Ethanol Futures (4,778) mmBTU Natural Gas Futures 2,310 (3) Gallons Natural Gasoline Futures (8,320) (4) mmBTU Natural Gas Futures (1,250) Pounds Livestock Futures (85,480) (3) Pounds Livestock Futures (3,150) (4) Pounds Livestock Futures (483) Barrels Crude Oil Futures (43) (4) Barrels Crude Oil Futures (71,580) Pounds Soybean Oil Futures 14,896 Pounds Sugar Options 2,664 Bushels Corn, Soybeans and Wheat Options (38,767) Gallons Ethanol Options 41 mmBTU Natural Gas Options (3,086) Pounds Livestock Options 331 Barrels Crude Oil Options (14,224) Pounds Sugar Forwards 27,604 (1,146) Bushels Corn and Soybeans Forwards 36,410 (360,796) Gallons Ethanol Forwards 112 (322) Tons Distillers Grains Forwards (4) 35,465 (40,616) Pounds Corn Oil Forwards - (34,104) Pounds Corn Oil Forwards 15,932 (1,462) mmBTU Natural Gas Forwards 1,376 (1,146) Barrels Crude Oil (1) Exchange traded futures and options are presented on a net long and (short) position basis. Options are presented on a delta-adjusted basis. (2) Non-exchange traded forwards are presented on a gross long and (short) position basis including both fixed-price and basis contracts. (3) Futures used for cash flow hedges. (4) Futures used for fair value hedges Energy trading contracts that do not involve physical delivery are presented net in revenues on the conso lidated statements of income . Included in revenues are net gains of $11.6 million, $9.6 million , and $8.0 million for the years ended December 31, 2016 , 2015 and 2014 , respectively, on energy trading contracts . |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 12. 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. Grants under the equity incentive plans may include options, stock awards or deferred stock units: · Options – Stock options may be granted that can be exercised immediately in installments or at a fixed future date. Certain options are exercisable regardless of employment status while others expire following termination. Options issued to date may be exercised immediately or at future vesting dates, and expire five to eight years after the grant date. Compensation expense for stock options that vest over time is recognized on a straight-line basis over the requisite service period. · Stock Awards – Stock awards may be granted to directors and employees that vest immediately or over a period of time as determined by the compensation committee. Stock awards granted to date vested immediately and over a period of time, and included sale restrictions. Compensation expense is recognized on the grant date if fully vested or over the requisite vesting period. · Deferred Stock Units – Deferred stock units may be granted to directors and employees that vest immediately or over a period of time as determined by the compensation committee. Deferred stock units granted to date vest over a period of time with underlying shares of common stock that are issuable after the vesting date. Compensation expense is recognized on the grant date if fully vested, or over the requisite vesting period. The fair value of the stock options is estimated on the date of the grant using the Black ‑Scholes option ‑pricing model, a pricing model acceptable under GAAP. The expected life of the options in the period of time the options are expected to be outstanding. The company did no t grant any stock option awards during the years ended December 31, 2016 , 2015 and 2014 . The activity related to the exercisable stock options for the year ended December 31, 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 (150,000) 7.28 - 2,250 Forfeited - - - - Expired - - - - Outstanding at December 31, 2016 148,750 $ 12.36 2.8 $ 2,305 Exercisable at December 31, 2016 (1) 148,750 $ 12.36 2.8 $ 2,305 (1) Includes in-the-money options totaling 148,750 shares at a weighted-average exercise price of $ 12.36 . Option awards allow employees to exercise options through cash payment for the shares of common stock or simultaneous broker-assisted transactions in which the employee authorizes the exercise and immediate sale of the option in the open market. The company uses newly issued shares of common stock to satisfy its stock-based payment obligations. The non-vested stock award and deferred stock unit activity for the year ended December 31, 2016 , are as follows: Non-Vested Shares and Deferred Stock Units Weighted- Average Grant- Date Fair Value Weighted-Average Remaining Vesting Term (in years) Nonvested at December 31, 2015 736,728 $ 22.96 Granted 825,246 14.20 Forfeited (49,149) 18.59 Vested (373,265) 20.36 Nonvested at December 31, 2016 1,139,560 $ 17.65 1.7 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 stock award and deferred stock unit activity for the year ended December 31, 2016, are 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 16,260 15.82 Forfeited (5,333) 14.93 Vested (6,007) 14.69 Nonvested at December 31, 2016 15,009 $ 15.99 0.5 Compensation costs for stock-based and unit-based payment plans during the years ended December 31, 2016 , 2015 and 2014 , were approximately $ 9.5 million, $ 8.8 million and $ 7.2 million, respectively. At December 31, 2016 , there were $ 11.6 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 1.7 years. The potential tax benefit related to stock-based payment is approximately 37.7 % of these expenses. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 13. EARNINGS PER SHARE Basic earnings per share, or EPS, is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income on an if-converted basis for the first quarter of 2014, associated with the 3.25% notes and 5.75% convertible senior notes due 2015, or the 5.75% notes, by the weighted average number of common shares outstanding during the period, adjusted for the dilutive effect of any outstanding dilutive securities. All of the 5.75% notes were retired during the first quarter of 2014. During the second quarter of 2014, shareholders approved flexible settlement, which gives the company the option to settle the 3.25% notes and the 4.125% notes in cash, common stock or a combination of cash and common stock. The company intend s to settle the 3.25% notes and the 4.125% notes with cash for the principal and cash or common stock the conversion premium. Accordingly, diluted EPS is computed using the treasury stock method by dividing net income by the weighted average number of common shares outstanding during the period, adjusted for the dilutive effect of any outstanding dilutive securities . The basic and diluted EPS are calculated as follows (in thousands): Year Ended December 31, 2016 2015 2014 Basic EPS: Net income attributable to Green Plains $ 10,663 $ 7,064 $ 159,504 Weighted average shares outstanding - basic 38,318 37,947 36,467 EPS - basic $ 0.28 $ 0.19 $ 4.37 Diluted EPS: Net income attributable to Green Plains $ 10,663 $ 7,064 $ 159,504 Interest and amortization on convertible debt, net of tax effect: 5.75% notes - - 576 3.25% notes - - 1,379 Net income attributable to Green Plains - diluted $ 10,663 $ 7,064 $ 161,459 Weighted average shares outstanding - basic 38,318 37,947 36,467 Effect of dilutive convertible debt: 5.75% notes - - 1,006 3.25% notes 155 939 3,040 Effect of dilutive stock-based compensation awards 100 142 217 Weighted average shares outstanding - diluted 38,573 39,028 40,730 EPS - diluted $ 0.28 $ 0.18 $ 3.96 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders Equity Abstract | |
Stockholders’ Equity | 14. STOCKHOLDERS’ EQUITY Treasury Stock The company holds 7. 7 million shares of its common stock at a cost of $ 75.8 million. Treasury stock is recorded at cost and reduces stockholders’ equity in the consolidated balance sheets. When shares are reissued, the company will use the weighted average cost method for determining the cost basis. The difference between the cost and the issuance price is added or deducted from additional paid-in capital. Share Repurchase Program In August 2014, the company announced a share repurchase program of up to $100 million of its common stock. Under the program, the company may repurchase shares in open market transactions, privately negotiated transactions, accelerated share buyback programs, tender offers or by other means. The timing and amount of repurchase transactions are determined by its management based on market conditions, share price, legal requirements and other factors. The program may be suspended, modified or discontinued at any time without prior notice. The company repurchased 323,290 shares of common stock for approximately $6.0 million during the second quarter of 2016. Since inception , the company has repurchased 514,990 shares of common stock for approximately $10.0 million under the program. Dividends The company has paid a quarterly cash dividend since August 2013 and anticipates declaring a cash dividend in future quarters on a regular basis. Future declarations of dividends, however, are subject to board approval and may be adjusted as the company’s liquidity, business needs or market conditions change. On February 8, 2017, the company’s board of directors declared a quarterly cash dividend of $0.12 per share. The dividend is payable on March 17, 2017, to shareholders of record at the close of business on February 24, 2017. For each calendar quarter commencing with the quarter ended September 30, 2015, the partnership agreement requires the partnership to distribute all available cash, as defined, to its partners within 45 days after the end of each calendar quarter. Available cash generally means all cash and cash equivalents on hand at the end of that quarter less cash reserves established by the general partner of the partnership plus all or any portion of the cash on hand resulting from working capital borrowings made subsequent to the end of that quarter. On January 23, 2017, the board of directors of the general partner of the partnership declared a cash distribution of $0.43 per unit on outstanding common and subordinated units. The distribution is payable on February 14, 2017, to unitholders of record at the close of business on February 3, 2017. Accumulated Other Comprehensive Income Changes in accumulated other comprehensive income are associated primarily with gains and losses on derivative financial instruments. Amounts reclassified from accumulated other comprehensive income are as follows (in thousands): Year Ended December 31, Statements of Income 2016 2015 2014 Classification Gains (losses) on cash flow hedges: Commodity derivatives $ (8,094) $ 8,420 $ (257,730) Revenues Commodity derivatives (16,508) (3,551) (43,853) Cost of goods sold Total (24,602) 4,869 (301,583) Income (loss) before income taxes Income tax expense (benefit) (8,830) 1,855 (139,754) Income tax expense (benefit) Amounts reclassified from accumulated other comprehensive income (loss) $ (15,772) $ 3,014 $ (161,829) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | 15. INCOME TAXES Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the carrying amounts of existing assets and liabilities and their respective tax bases, and net operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted rates expected to be applicable to taxable income in the years those temporary differences are recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in income during the period that includes the enactment date. Green Plains Partners is a limited partnership, which is treated as a flow-through entity for federal income tax purposes and is not subject to federal income taxes. As a result, the consolidated financial statements do not reflect such income taxes on pre-tax income or loss attributable to the noncontrolling interest in the partnership. Income tax expense consists of the following (in thousands): Year Ended December 31, 2016 2015 2014 Current $ 2,950 $ 33,750 $ 67,389 Deferred 4,910 (27,513) 23,537 Total $ 7,860 $ 6,237 $ 90,926 Differences between income tax expense at the statutory federal income tax rate and as presented on the consolidated statements of income are summarized as follows (in thousands): Year Ended December 31, 2016 2015 2014 Tax expense at federal statutory rate of 35% $ 13,423 $ 7,513 $ 87,650 State income tax expense, net of federal benefit 323 1,397 6,810 Qualified production activities deduction - - (4,637) Nondeductible compensation 185 - 848 Noncontrolling interests (6,940) (2,857) - Other 869 184 255 Income tax expense $ 7,860 $ 6,237 $ 90,926 Significant components of deferred tax assets and liabilities are as follows (in thousands): December 31, 2016 2015 Deferred tax assets: Net operating loss carryforwards - Federal $ 2,112 $ - Net operating loss carryforwards - State 1,290 337 Tax credit carryforwards - State 3,701 4,348 Derivative financial instruments 1,218 - Investment in partnerships 91,951 46,519 Organizational and start-up costs - 26 Stock-based compensation 3,535 3,080 Accrued expenses 10,722 10,649 Capital leases 3,764 3,800 Other 3,001 1,858 Total deferred tax assets 121,294 70,617 Deferred tax liabilities: Convertible debt (17,593) (5,329) Fixed assets (205,189) (139,383) Derivative financial instruments - (4,542) Organizational and start-up costs (36,464) - Total deferred tax liabilities (259,246) (149,254) Valuation allowance (2,310) (3,160) Deferred income taxes $ (140,262) $ (81,797) The company maintains a valuation allowance for its net deferred tax assets due to uncertainty that it will realize these assets in the future. The deferred tax valuation allowance of $ 2.3 million as of December 31, 2016 , relates to Iowa tax credits that started expiring in 2013 and will continue to expire through 2018. M anagement considers whether it is more likely than not that some or all of the deferred tax assets will be realized, which is dependent on the generation of future taxable income and other tax attributes during the periods those temporary differences become deductible. Scheduled reversals of deferred tax liabilities, projected future taxable income, and tax planning strategies are considered to make this assessment. The company’s federal and state returns for the tax years ended December 31, 2013, and later are still subject to audit. A reconciliation of unrecognized tax benefits is as follows (in thousands): Unrecognized Tax Benefits Balance at January 1, 2016 $ 189 Additions for prior year tax positions 5 Reductions for prior year tax positions - Balance at December 31, 2016 $ 194 Recognition of these tax benefits would favorably impact the company’s effective tax rate. Interest and penalties associated with uncertain tax positions are accrued as part of income taxes payable . |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 16. 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 $38.0 million, $ 33 .2 million and $ 31.8 million during the years ended December 31, 2016 , 2015 and 2014 , respectively. Aggregate minimum lease payments under these agreements for future fiscal years are as follows (in thousands): Year Ending December 31, Amount 2017 $ 35,170 2018 25,959 2019 16,991 2020 11,442 2021 5,042 Thereafter 20,653 Total $ 115,257 Commodities As of December 31, 2016 , the company had contracted future purchases of grain, corn oil, natural gas, crude oil, ethanol, distillers grains and cattle, valued at approximately $ 504.4 million. Legal In November 2013, the company acquired two ethanol plants located in Fairmont, Minnesota and Wood River, Nebraska. There is ongoing litigation related to the consideration for this acquisition. On August 19, 2016, the Delaware Superior Court granted Green Plains’ motion for summary judgment in part and held that the seller’s attempt to disclaim liability for certain shortfall amounts through the use of a disclaimer provision was ineffective. Based on the court order, the company determined that previously accrued contingent liabilities of approximately $6.3 million no longer represent probable losses. These accruals were reversed as a reduction of cost of goods sold during the year ended December 31, 2016, because the adjustment relates to a reduction in the cost of inventory purchased in the acquisitions. The court has directed the company and the seller to work together to determine the precise total of the shortfall amount due to Green Plains. The company believes the remaining amount due to Green Plains is approximately $5.5 million; however, the seller has the right to dispute the details of the calculation and appeal the underlying Superior Court order. Accordingly, the total amount Green Plains may receive is yet to be determined. The remaining amount due to the company represents a gain contingency, which will not be recorded until all contingencies are resolved. In addition to the above-described proceeding, the company is currently involved in other litigation that has arisen in the ordinary course of business, but does not believe any pending litigation will have a material adverse effect on its financial position, results of operations or cash flows. Insurance Recoveries In March 2014, the Green Plains Otter Tail ethanol plant was damaged by a fire, which caused substantial property damage and business interruption costs. The company had property damage and business interruption insurance coverage and, as a result, the incident did not have a material adverse impact on the company’s financial results. As of December 31, 2014, the company had received $7.8 million for the property damage portion of the claim, representing reimbursement, net of deductible, for the replacement value of the damaged property and equipment. This recovery was in excess of the book value of the damaged assets, resulting in a gain of $4.2 million, which was recorded in other income during the year ended December 31, 2014. The company had also received insurance proceeds of $10.5 million as of December 31, 2014 related to the business interruption portion of the claim, reimbursing a substantial majority of lost profits, net of deductible, during the repair of this equipment. These proceeds were recorded as a reduction of cost of goods sold. The amounts above for both property damage and business interruption insurance claims are final . |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | 17. EMPLOYEE BENEFIT PLANS The company offers eligible employees a comprehensive employee benefits plan that includes health, dental, vision, life and accidental death, short-term disability and long-term disability insurance, and flexible spending accounts. The company also offers a 401(k) plan enabling eligible employees to save for retirement on a tax-deferred basis up to the limits allowed under the Internal Revenue Code and matches up to 4 % of eligible employee contributions. Employee and employer contributions are 100 % vested immediately. Employer contributions to the 401(k) plan for the years ended December 31, 2016 , 2015 and 2014 were $1.6 million, $ 1.4 million and $ 1.1 million, respectively. The company contributes to a defined benefit pension plan. Since January of 2009, the benefits under the plan were frozen; however, the c ompany remains obligated to ensure the plan is funded according to its requirements. As of December 31, 2016 , the plan’s assets were $ 5.5 million and liabilities were $ 6.6 million. At December 31, 2016 and 2015, net liabilities of $ 1.1 million were included in other liabilities on the consolidated balance sheet . |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 18. RELATED PARTY TRANSACTIONS Commercial Contracts Three subsidiaries of the company have executed separate financing agreements for equipment with Amur Equipment Finance. Gordon Glade, a director of Amur Equipment Finance, is a member of the company’s board of directors. In March 2014, a subsidiary of the company entered into $1.4 million of new equipment financing agreements with Amur Equipment Finance. Balances of $0.8 million and $ 1.0 million related to these financing arrangements were included in debt at December 31, 2016 and 2015 , respectively. Payments, including principal and interest, totaled $0.3 million for each of the years ended December 31, 2016 , 2015 and 2014 . The weighted average interest rate for the financing agreements with Amur Equipment Finance 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. These agreements replaced prior agreements with entities controlled by Mr. Hoovestol for the lease of two aircrafts for $15,834 per month for use of up to 125 hours per year, with flight time in excess of 125 hours per year incurring additional hourly charges. During the years ended December 31, 2016 , 2015 and 2014 , payments related to these leases totaled $ 190 thousand, $ 270 thousand and $ 187 thousand, respectively. The company had no outstanding payables related to these agreements at December 31, 2016 or 2015 . |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Data[Abstract] | |
Quarterly Financial Data | 19. QUARTERLY FINANCIAL DATA (Unaudited) The following table includes unaudited financial data for each of the quarters within the years ended December 31, 2016 , and 2015 (in thousands, except per share amounts), which is derived from the company’s consolidated financial statements. In management’s opinion, the financial data reflects all of the adjustments necessary for a fair presentation of the quarters presented. The operating results for any quarter are not necessarily indicative of results for any future period. Three Months Ended December 31, 2016 September 30, 2016 June 30, 2016 March 31, 2016 Revenues $ 932,098 $ 841,852 $ 887,727 $ 749,204 Costs and expenses 876,028 810,997 860,318 771,850 Operating income (loss) 56,070 30,855 27,409 (22,646) Other expense (19,433) (12,888) (8,953) (12,063) Income tax expense (benefit) 12,199 5,083 5,471 (14,893) Net income (loss) attributable to Green Plains 18,682 7,928 8,191 (24,138) Basic earnings (loss) per share attributable to Green Plains 0.49 0.21 0.21 (0.63) Diluted earnings (loss) per share attributable to Green Plains 0.47 0.20 0.21 (0.63) Three Months Ended December 31, 2015 September 30, 2015 June 30, 2015 March 31, 2015 Revenues $ 739,914 $ 742,797 $ 744,490 $ 738,388 Costs and expenses 727,176 722,964 720,088 734,284 Operating income 12,738 19,833 24,402 4,104 Other expense (7,959) (10,396) (11,388) (9,869) Income tax expense (benefit) 4,066 (604) 5,222 (2,447) Net income (loss) attributable to Green Plains (3,589) 6,179 7,792 (3,318) Basic earnings (loss) per share attributable to Green Plains (0.09) 0.16 0.20 (0.09) Diluted earnings (loss) per share attributable to Green Plains (0.09) 0.16 0.19 (0.09) |
Schedule I - Condensed Financia
Schedule I - Condensed Financial Information Of The Registrant | 12 Months Ended |
Dec. 31, 2016 | |
Schedule I - Condensed Financial Information Of The Registrant [Abstract] | |
Schedule I - Condensed Financial Information Of The Registrant | Schedule I – Co ndensed Financial Information of the Registrant (Parent Company Only) GREEN PLAINS INC. CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT STATEMENTS OF BALANCE SHEET – PARENT COMPANY ONLY (in thousands) December 31, 2016 2015 ASSETS Current assets Cash and cash equivalents $ 188,953 $ 273,294 Restricted cash 16,947 10,130 Accounts receivable, including amounts from relate d parties of $0 and $1,080 , respectively 285 1,188 Income tax receivable 10,379 9,104 Prepaid expenses and other 1,199 1,189 Due from subsidiaries 48,785 26,109 Total current assets 266,548 321,014 Property and equipment, net 12,900 3,811 Investment in consolidated subsidiaries 916,138 549,642 Deferred income taxes 87,310 53,273 Other assets 9,642 14,846 Total assets $ 1,292,538 $ 942,586 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 6,916 $ 1,889 Due to subsidiaries 160,486 25,973 Accrued liabilities 20,488 12,511 Total current liabilities 187,890 40,373 Long-term debt 236,056 103,072 Other liabilities 2,890 146 Total liabilities 426,836 143,591 Stockholders' equity Common stock 46 45 Additional paid-in capital 658,258 577,787 Retained earnings 283,214 290,974 Treasury stock (75,816) (69,811) Total stockholders' equity 865,702 798,995 Total liabilities and stockholders' equity $ 1,292,538 $ 942,586 See accompanying notes to the condensed financial statements. GREEN PLAINS INC. CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT STATEMENTS OF INCOME – PARENT COMPANY ONLY (in thousands) Year Ended December 31, 2016 2015 2014 Selling, general and administrative expenses $ 3,174 $ - $ - Operating (loss) (3,174) - - Other income (expense) Interest income 1,193 838 462 Interest expense (14,511) (9,280) (9,539) Other, net (8,072) (3,366) (3,860) Total other expense (21,390) (11,808) (12,937) Loss before income taxes (24,564) (11,808) (12,937) Income tax benefit 12,381 4,106 4,361 Loss before equity in earnings of subsidiaries (12,183) (7,702) (8,576) Equity in earnings of consolidated subsidiaries 22,846 14,766 168,080 Net income $ 10,663 $ 7,064 $ 159,504 See accompanying notes to the condensed financial statements. GREEN PLAINS INC. CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT STATEMENTS OF CASH FLOWS – PARENT COMPANY ONLY (in thousands) Year Ended December 31, 2016 2015 2014 Cash flows from operating activities: $ 72,172 $ 19,844 $ (13,962) Net cash provided (used) by operating activities 72,172 19,844 (13,962) Cash flows from investing activities: Purchases of property and equipment (11,556) (1,191) (2,829) Acquisition of businesses (512,356) (116,796) - Transfer of assets to Green Plains Partners LP 152,312 - - Investment in consolidated subsidiaries, net 77,615 143,151 125,179 Issuance of notes receivable from subsidiaries, net of payments received 3,000 (3,000) 9,500 Investments in unconsolidated subsidiaries (7,206) (2,975) (4,309) Net cash provided (used) by investing activities (298,191) 19,189 127,541 Cash flows from financing activities: Proceeds from the issuance of long-term debt 170,000 - - Payments of principal on long-term debt - - (238) Payments for repurchase of common stock (6,005) (4,003) - Payment of cash dividends (18,423) (15,191) (8,908) Payment of loan fees (5,651) - - Proceeds from the exercise of stock options 1,757 766 4,404 Net cash provided (used) by financing activities 141,678 (18,428) (4,742) Net change in cash and equivalents (84,341) 20,605 108,837 Cash and cash equivalents, beginning of period 273,294 252,689 143,852 Cash and cash equivalents, end of period $ 188,953 $ 273,294 $ 252,689 See accompanying notes to the condensed financial statements. GREEN PLAINS INC. CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT NOTES TO CONDENSED FINANCIAL STATEMENTS – PARENT COMPANY ONLY 1. BASIS OF PRESENTATION References to “parent company” refer to Green Plains Inc., a holding company that conducts substantially all of its business operations through its subsidiaries. The parent company is restricted from obtaining funds from certain subsidiaries through dividends, loans or advances . See Note 11 – Debt in the notes to the consolidated financial statements for additional information. Accordingly, these condensed financial statements are presented on a “parent-only” basis, in which the parent company’s investments in its consolidated subsidiaries are presented under the equity method of accounting. These financial statements should be read in conjunction with Green Plains Inc.’s audited consolidated financial statements included in this report. 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. 2. COMMITMENTS AND CONTINGENCIES Operating Leases The parent company leases certain facilities under agreements that expire at various dates. For accounting purposes, rent expense is based on a straight-line amortization of the total payments required over the lease term. The parent company incurred lease expenses of $ 1.1 million, $ 1.1 million and $ 1.0 million during the years ended December 31, 2016 , 2015 and 2014 , respectively. Aggregate minimum lease payments under these agreements for future fiscal years are as follows (in thousands): Year Ending December 31, Amount 2017 $ 1,951 2018 1,919 2019 1,897 2020 1,372 2021 1,333 Thereafter 14,682 Total $ 23,154 Parent Guarantees The various operating subsidiaries of the parent company enter into contracts as a routine part of their business activities, which are guaranteed by the parent company in certain instances. Examples of these contracts include financing and lease arrangements, commodity purchase and sale agreements, and agreements with vendors. As of December 31, 2016 , the parent company had $ 275.9 million in guarantees of subsidiary contracts and indebtedness. 3. DEBT Parent company debt as of December 31, 2016 , consists of the 3.25% convertible senior notes due 2018 and 4.125% convertible senior notes due 2022. Scheduled long-term debt repayments, including full accretion at their maturity but excluding the effects of the debt discounts, are as follows (in thousands): Year Ending December 31, Amount 2017 $ - 2018 120,000 2019 - 2020 - 2021 - Thereafter 170,000 Total $ 290,000 |
Basis Of Presentation And Des28
Basis Of Presentation And Description Of Business (Policy) | 12 Months Ended |
Dec. 31, 2016 | |
Basis Of Presentation And Description Of Business [Abstract] | |
Consolidated Financial Statements | Consolidated Financial Statements The consolidated financial statements include the company’s accounts and all significant intercompany balances and transactions are eliminated. Unconsolidated entities are included in the financial statements on an equity basis. |
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 preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The company bases its estimates on historical experience and assumptions that 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. |
Summary Of Significant Accoun29
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2016 | |
Summary Of Significant Accounting Policies [Abstract] | |
Cash And Cash Equivalents And Restricted Cash | Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents includes bank deposits, as well as, short-term, highly liquid investments with original maturities of three months or less. The company also has restricted cash, which can only be used for the funding of letters of credit or for payment towards a revolving credit agreement. |
Revenue Recognition | Revenue Recognition The company recognizes revenue when the following criteria are satisfied: persuasive evidence that an arrangement exists, title of product and risk of loss are transferred to the customer, price is fixed and determinable and collectability is reasonably assured. Sales of ethanol, distillers grains, corn oil, 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 products, including agricultural commodities, cattle and vinegar, 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 ensured. Revenues from base storage, terminal or transportation services are recognized once these services are performed, which occurs when the product is delivered to the customer. |
Cost Of Goods Sold | Cost of Goods Sold Cost of goods sold includes direct labor, materials and plant overhead costs. Direct labor includes all compensation and related benefits of non-management personnel involved in ethanol plant, vinegar 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 and energy services and food and food ingredients segments’ 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 components of operations and maintenance expenses. Transportation expense includes rail car leases, freight and shipping of the company’s ethanol and co-products, as well as costs incurred in storing ethanol at destination terminals. |
Derivative Financial Instruments | Derivative Financial Instruments The company uses various derivative financial instruments, including exchange-traded futures and exchange-traded and over-the-counter options contracts, to minimize risk and the effect of price changes related to corn, ethanol, cattle and natural gas. The company monitors and manages this exposure as part of its overall risk management policy to reduce the adverse effect market volatility may have on its operating results. The company may hedge these commodities as one way to mitigate risk, however, there may be situations when these hedging activities themselves result in losses. By using derivatives to hedge exposures to changes in commodity prices, the company 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 its credit risk by entering into transactions with high quality counterparties, limiting the amount of financial exposure it has with each counterparty and monitoring their financial condition. Market risk is the risk that the value of the financial instrument might be adversely affected by a change in commodity prices or interest rates. The company manages market risk by incorporating parameters to monitor exposure within its risk management strategy, which limits the types of derivative instruments and 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, hedge accounting treatment. Certain qualifying derivatives related to the ethanol production and agribusiness and energy services 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 of the hedges is recognized in current period results to the extent the change in fair value of the inventory is not offset by the change in fair value of the derivative. |
Concentrations Of Credit Risk | Concentrations of Credit Risk The company is exposed to credit risk resulting from the possibility that another party may fail to perform according to the terms of the company’s contract. The company sells ethanol, corn oil and distillers grains and markets products for third parties, which can result in concentrations of credit risk from a variety of customers, including major integrated oil companies, large independent refiners, petroleum wholesalers and other marketers. The company also sells grain to large commercial buyers, including other ethanol plants, and sells cattle to meat processors. Although payments are typically received within fifteen days of the sale, the company continually monitors its exposure. The company is also exposed to credit risk on prepayments of undelivered inventories with a few major suppliers of petroleum products and agricultural inputs. |
Inventories | Inventories Corn held for ethanol production, ethanol, corn oil and distillers grains inventories are recorded at lower of average cost or market. Fair value hedged inventories are recorded at market. Other grain inventories include readily marketable grain, forward contracts to buy and sell grain, and exchange traded futures and option contracts, which are all stated at market value. Futures and options contracts, which are used to hedge the value of owned grain and forward contracts, are considered derivatives. All grain inventories held for sale are marked to market. Changes are reflected in cost of goods sold. The forward contracts require performance in future periods. Contracts to purchase grain generally relate to current or future crop years for delivery periods quoted by regulated commodity exchanges. Contracts for the sale of grain to processors or other consumers generally do not extend beyond one year. The terms of the purchase and sale agreements for grain are consistent with industry standards. Raw materials and finished goods inventories are valued at the lower of average cost or market. In addition to ethanol and related co-products in process, work-in-process inventory includes the cost of acquired cattle and related feed and veterinary supplies, as well as direct labor and feedlot overhead costs, all of which are valued at lower of average cost or market. |
Property And Equipment | Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation is generally calculated using the straight-line method over the following estimated useful life of the assets: Years Plant, buildings and improvements 10 -40 Ethanol production equipment 15 -40 Other machinery and equipment 5 -7 Land improvements 20 Railroad track and equipment 20 Computer and software 3 -5 Office furniture and equipment 5 -7 Property and equipment is capitalized at cost. Land and other property improvements are capitalized and depreciated. Costs of repairs and maintenance are charged to expense when incurred. The company periodically evaluates whether events and circumstances have occurred that warrant a revision of the estimated useful life of its fixed assets. |
Intangible Assets | Intangible Assets Our intangible assets consist of trademarks, customer relationships, research and development technology and licenses acquired through acquisitions. These assets were capitalized at their fair value at the date of the acquisition and are being amortized over their estimated useful live s , with the exception of the vinegar trade name, which has an indefinite life . |
Impairment Of Long-Lived Assets | Impairment of Long-Lived Assets The company’s long-lived assets consist of property and equipment and intangible assets. The company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. Recoverability is measured by comparing the carrying amount of the asset to the estimated undiscounted future cash flows the asset is expected to generate. Impairment is recorded when the asset’s carrying amount exceeds its estimated future cash flows. Significant management judgment is required to determine the fair value of long-lived assets, which includes discounted cash flows projections. There were no material impairment charges recorded for the periods reported. |
Goodwill | Goodwill Goodwill represents future economic benefits that are not individually recognized in an acquisition. The company records goodwill when the purchase price for an acquisition exceeds the fair value of its identified net tangible and intangible assets . The company’s goodwill currently consists of amounts related to the acquisition of five ethanol plants, its fuel terminal and distribution business and Fleischmann’s Vinegar. Goodwill is reviewed for impairment at least annually. The qualitative factors of goodwill are assessed to determine whether it is necessary to perform a two-step goodwill impairment test. Under the first step, the estimated fair value of the reporting unit is compared with its carrying value, including goodwill. If the estimated fair value is less than the carrying value, the company completes a second step to determine the amount of goodwill impairment that should be recorded. In the second step, the reporting unit’s fair value is allocated to all of its assets and liabilities other than goodwill to determine the implied fair value. The result is compared with the carrying amount and an impairment charge is recorded for the difference. The company performs an annual impairment review on October 1 and when a triggering event occurs between annual impairment tests. No impairment losses were recorded for the periods reported. |
Financing Costs | Financing Costs Fees and costs related to securing debt are recorded as financing costs. Debt issuance costs are stated at cost and are amortized using the effective interest method for term loans and the straight-line basis over the life of the agreements for revolving credit arrangements and convertible notes. During periods of construction, amortization is capitalized in construction-in-progress. |
Selling, General And Administrative Expenses | Selling, General and Administrative Expenses Selling, general and administrative expenses consists of various expenses including employee salaries, incentives and benefits; office expenses; director compensation; professional fees for accounting, legal, consulting, and investor relations activities; and non-plant depreciation and amortization costs. |
Environmental Expenditures | Environmental Expenditures Environmental expenditures that pertain to current operations and relate to future revenue are expensed or capitalized. Probable liabilities that can be reasonably estimated are expensed or capitalized and disclosed in the company’s quarterly and annual filings, if material. Expenditures resulting from the remediation of an existing condition caused by past operations which do not contribute to future revenue are expensed when incurred. |
Stock-Based Compensation | Stock-Based Compensation The company recognizes compensation cost using a fair value based method whereby compensation cost is measured at the grant date based on the value of the award and is recognized over the service period, which is usually the vesting period. The company uses the Black-Scholes pricing model to calculate the fair value of options and warrants issued to both employees and non-employees. Stock issued for compensation is valued using the market price of the stock on the date of the related agreement. |
Income Taxes | Income Taxes The provision for income taxes is computed using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences attributable to temporary differences between the financial reporting carrying amount of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measure d using enacted tax rates expected to apply to taxable income in years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operating results in the period of enactment. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The company recognizes uncertainties in income taxes within the financial statements under a process by which the likelihood of a tax position is gauged based upon the technical merits of the position, and then a subsequent measurement relates the maximum benefit and the degree of likelihood to determine the amount of benefit recognized in the financial statements. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Effective January 1, 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 Topic 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, 2017, the company will adopt the amended guidance in ASC Topic 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 triggering liability accounting and make a policy election to account for forfeitures as they occur. The amended guidance related to the timing of when excess tax benefits are recognized, minimum statutory withholding requirements, forfeitures, and intrinsic value will be applied on a modified retrospective basis, with a cumulative-effect adjustment to retained earnings as of the beginning of the year of adoption. The amended guidance related to the presentation of employee taxes paid on the statement of cash flows will be applied retrospectively. The amended guidance requiring recognition of excess tax benefits and tax deficiencies in the income statement and practical expedient for estimating expected term will be applied prospectively. Effective January 1, 2018, the company will adopt the amended guidance in ASC Topic 230, Statement of Cash Flows: Restricted Cash , which requires amounts generally described as restricted cash and restricted cash equivalents to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amended guidance will be applied retrospectively. Effective January 1, 2018, the company will adopt the amended guidance in ASC Topic 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, 2018, the company will adopt the amended guidance in ASC Topic 740, Income Taxes: Intra-Entity Transfers of Assets other than Inventory , which requires the recognition of current and deferred income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The amended guidance will be applied on a modified retrospective basis, with a cumulative-effect adjustment to retained earnings as of the beginning of the year of adoption. Effective January 1, 2018, the company will adopt the amended guidance in ASC Topic 805, Business Combinations: Clarifying the Definition of a Business , which clarifies the definition of a business with the objective of adding guidance to assist companies and other reporting organizations with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The amended guidance will be applied prospectively. Effective January 1, 2019, the company will adopt the amended guidance in ASC Topic 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. |
Summary Of Significant Accoun30
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Summary Of Significant Accounting Policies [Abstract] | |
Schedule Of Estimated Useful Lives Of Assets | Depreciation is generally calculated using the straight-line method over the following estimated useful life of the assets: Years Plant, buildings and improvements 10 -40 Ethanol production equipment 15 -40 Other machinery and equipment 5 -7 Land improvements 20 Railroad track and equipment 20 Computer and software 3 -5 Office furniture and equipment 5 -7 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fleischmann’s Vinegar [Member] | |
Business Acquisition [Line Items] | |
Schedule Of Identifiable Assets Acquired And Liabilities Assumed | The following is a summary of the preliminary purchase price of assets acquired and liabilities assumed (in thousands): Amounts of Identifiable Assets Acquired and Liabilities Assumed Cash $ 4,148 Inventory 9,308 Accounts receivable, net 13,919 Prepaid expenses and other 1,054 Property and equipment 43,011 Intangible assets 94,500 Current liabilities (9,689) Income taxes payable (330) Deferred tax liabilities (40,421) Total identifiable net assets 115,500 Goodwill 142,819 Purchase price $ 258,319 |
Acquisition of Abengoa Ethanol Plants [Member] | |
Business Acquisition [Line Items] | |
Schedule Of Identifiable Assets Acquired And Liabilities Assumed | The following is a summary of the preliminary purchase price of assets acquired and liabilities assumed (in thousands): Amounts of Identifiable Assets Acquired and Liabilities Assumed Inventory $ 16,904 Accounts receivable, net 1,826 Prepaid expenses and other 2,224 Property and equipment 234,947 Other assets 3,885 Current maturities of long-term debt (406) Current liabilities (2,580) Long-term debt (2,763) Total identifiable net assets $ 254,037 |
Acquisition of Green Plains Hereford [Member] | |
Business Acquisition [Line Items] | |
Schedule Of Identifiable Assets Acquired And Liabilities Assumed | 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 78,786 Current liabilities (2,542) Other liabilities (1,128) Total identifiable net assets $ 98,228 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Assets And Liabilities Fair Value | The company’s assets and liabilities by level are as follows (in thousands): Fair Value Measurements at December 31, 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 $ 304,211 $ - $ - $ 304,211 Restricted cash 51,979 - - 51,979 Margin deposits 50,601 - (50,601) - Inventories carried at market - 77,043 - 77,043 Unrealized gains on derivatives 8,272 14,818 24,146 47,236 Other assets 116 - - 116 Total assets measured at fair value $ 415,179 $ 91,861 $ (26,455) $ 480,585 Liabilities: Accounts payable (1) $ - $ 35,288 $ - $ 35,288 Unrealized losses on derivatives 26,455 8,916 (26,455) 8,916 Other liabilities - 81 - 81 Total liabilities measured at fair value $ 26,455 $ 44,285 $ (26,455) $ 44,285 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: Accounts payable (1) $ - $ 25,935 $ - $ 25,935 Unrealized losses on derivatives 4,492 7,772 (4,019) 8,245 Total liabilities measured at fair value $ 4,492 $ 33,707 $ (4,019) $ 34,180 (1) Accounts payable is generally stated at historical amounts with the exception of $35.3 million and $25.9 million at December 31, 2016 and 2015, respectively , related to certain delivered inventory for which the payable fluctuates based on changes in commodity prices. These payables are hybrid financial instruments for which the company has elected the fair value option. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Information [Abstract] | |
Summary Of Financial Data | The following tables set forth certain financial data for the company’s operating segments (in thousands): Year Ended December 31, 2016 2015 2014 Revenues: Ethanol production: Revenues from external customers (1) $ 2,409,102 $ 2,063,172 $ 2,590,428 Intersegment revenues - - - Total segment revenues 2,409,102 2,063,172 2,590,428 Agribusiness and energy services: Revenues from external customers (1) 675,446 674,719 607,323 Intersegment revenues 34,461 24,114 24,535 Total segment revenues 709,907 698,833 631,858 Food and food ingredients: Revenues from external customers (1) 318,031 219,310 29,376 Intersegment revenues 150 75 - Total segment revenues 318,181 219,385 29,376 Partnership: Revenues from external customers 8,302 8,388 8,484 Intersegment revenues 95,470 42,549 4,359 Total segment revenues 103,772 50,937 12,843 Revenues including intersegment activity 3,540,962 3,032,327 3,264,505 Intersegment eliminations (130,081) (66,738) (28,894) Revenues as reported $ 3,410,881 $ 2,965,589 $ 3,235,611 (1) Revenues from external customers include realized gains and losses from derivative financial instruments. Year Ended December 31, 2016 2015 2014 Cost of goods sold: Ethanol production $ 2,280,906 $ 1,939,824 $ 2,230,141 Agribusiness and energy services 650,538 639,470 555,200 Food and food ingredients 294,396 216,661 26,538 Partnership - - - Intersegment eliminations (129,761) (66,588) (28,834) $ 3,096,079 $ 2,729,367 $ 2,783,045 Year Ended December 31, 2016 2015 2014 Operating income (loss): Ethanol production $ 28,125 $ 43,266 $ 285,579 Agribusiness and energy services 34,039 37,253 52,176 Food and food ingredients 16,436 (952) 1,200 Partnership 60,903 12,990 (19,975) Intersegment eliminations (170) - - Corporate activities (47,645) (31,480) (32,706) $ 91,688 $ 61,077 $ 286,274 Year Ended December 31, 2016 2015 2014 Income (loss) before income taxes: Ethanol production $ 5,862 $ 21,582 $ 269,604 Agribusiness and energy services 24,368 33,952 45,423 Food and food ingredients 10,950 (3,585) 847 Partnership 58,441 12,695 (20,038) Intersegment eliminations (170) - - Corporate activities (61,100) (43,179) (45,406) $ 38,351 $ 21,465 $ 250,430 Year Ended December 31, 2016 2015 2014 Depreciation and amortization: Ethanol production $ 68,746 $ 55,604 $ 53,465 Agribusiness and energy services 2,536 1,542 926 Food and food ingredients 3,705 1,004 528 Partnership 5,647 5,828 5,544 Corporate activities 3,592 1,972 1,676 $ 84,226 $ 65,950 $ 62,139 Year Ended December 31, 2016 2015 2014 Interest expense: Ethanol production $ 22,505 $ 22,816 $ 22,830 Agribusiness and energy services 7,305 5,161 7,196 Food and food ingredients 5,536 2,799 443 Partnership 2,545 381 138 Intersegment eliminations (562) (71) (238) Corporate activities 14,522 9,280 9,539 $ 51,851 $ 40,366 $ 39,908 Year Ended December 31, 2016 2015 2014 Capital expenditures: Ethanol production $ 39,555 $ 48,881 $ 40,991 Agribusiness and energy services 2,340 12,552 16,771 Food and food ingredients 2,479 1,049 395 Partnership 400 1,496 547 Corporate activities 11,638 1,589 2,829 $ 56,412 $ 65,567 $ 61,533 |
Summary Of Total Assets For Operating Segments | The following table sets forth total assets by operating segment (in thousands): Year Ended December 31, 2016 2015 Total assets (1) : Ethanol production $ 1,206,155 $ 1,004,342 Agribusiness and energy services 579,977 418,168 Food and food ingredients 406,429 110,775 Partnership 74,999 81,430 Corporate assets 257,652 314,068 Intersegment eliminations (18,720) (10,863) $ 2,506,492 $ 1,917,920 (1) Asset balances by segment exclude intercompany payable and receivable balances. |
Schedule Of Revenues By Product | The following table sets forth revenues by product line (in thousands): Year Ended December 31, 2016 2015 2014 Revenues: Ethanol $ 2,258,575 $ 1,868,043 $ 2,362,812 Distillers grains 488,297 474,699 531,696 Corn oil 152,075 101,126 99,167 Grain 174,525 240,466 174,997 Food and food ingredients 279,039 219,046 29,262 Service revenues 8,302 8,388 8,484 Other 50,068 53,821 29,193 $ 3,410,881 $ 2,965,589 $ 3,235,611 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Inventories [Abstract] | |
Schedule Of Inventories | The components of inventories are as follows (in thousands): December 31, 2016 2015 Finished goods $ 99,009 $ 71,595 Commodities held for sale 65,926 43,936 Raw materials 135,516 116,673 Work-in-process 91,093 96,950 Supplies and parts 30,637 24,803 $ 422,181 $ 353,957 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property And Equipment [Abstract] | |
Schedule Of Components Of Property And Equipment | The components of property and equipment are as follows (in thousands): December 31, 2016 2015 Plant equipment $ 1,167,914 $ 892,915 Buildings and improvements 205,806 176,094 Land and improvements 126,088 84,257 Railroad track and equipment 42,234 41,732 Construction-in-progress 13,745 38,200 Computers and software 15,000 11,115 Office furniture and equipment 3,503 2,492 Leasehold improvements and other 22,409 13,823 Total property and equipment 1,596,699 1,260,628 Less: accumulated depreciation (417,993) (338,558) Property and equipment, net $ 1,178,706 $ 922,070 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill [Abstract] | |
Schedule Of Goodwill | Changes in the carrying amount of goodwill attributable to each business segment during the years ended December 31, 2016 and 2015 were as follows (in thousands): Ethanol Production Food and Food Production Ingredients Partnership Total Balance, December 31, 2014 and 2015 $ 30,279 $ - $ 10,598 $ 40,877 Acquisition of Fleischmann's Vinegar - 142,819 - 142,819 Balance, December 31, 2016 $ 30,279 $ 142,819 $ 10,598 $ 183,696 |
Derivative Financial Instrume37
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule Of Fair Values Of Derivative Financial Instruments | The fair values of the company’s derivative financial instruments and the line items on the consolidated balance sheets where they are reported are as follows (in thousands): Asset Derivatives' Liability Derivatives' Fair Value at December 31, Fair Value at December 31, 2016 2015 2016 2015 Derivative financial instruments (1) $ 14,818 (2) $ 22,882 (3) $ - $ - Accrued and other liabilities - - 27,099 8,245 Other liabilities - - 81 - Total $ 14,818 $ 22,882 $ 27,180 $ 8,245 (1) Derivative financial instruments as reflected on the balance sheet include a margin deposit assets of $ 50.6 million and $ 7.7 million at December 31, 2016 and 2015 , respectively. (2) Balance at December 31, 2016 , includes $ 17.0 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments. (3) Balance at December 31, 2015 , includes $ 2.3 million of net unrealized gains on derivative financial instruments designated as cash flow hedging instruments. |
Schedule of Effective Portion of Cash Flow Hedges Recognized In Other Comprehensive Income (Loss) | Effective Portion of Cash Flow Hedges Recognized in Year Ended December 31, Other Comprehensive Income (Loss) 2016 2015 2014 Commodity Contracts $ (29,238) $ 11,582 $ (299,684) |
Schedule Of Gains (Losses) On Derivative Instruments Not Designated In Hedging Relationship [Member] | |
Schedule Of Gains (Losses) On Derivative Instruments Not Designated In Hedging Relationship | Gains (Losses) on Derivative Instruments Not Year Ended December 31, Designated in a Hedging Relationship 2016 2015 2014 Revenues $ 6,112 $ (12,952) $ 13,369 Cost of goods sold 11 10,492 165 Net increase (decrease) recognized in earnings before tax $ 6,123 $ (2,460) $ 13,534 |
Schedule Of Gain (Loss) Due To Ineffectiveness Of Cash Flow Hedges [Member] | |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | Gains (Losses) Due to Ineffectiveness Year Ended December 31, of Cash Flow Hedges 2016 2015 2014 Revenues $ (41) $ (43) $ (326) Cost of goods sold - - 481 Net increase (decrease) recognized in earnings before tax $ (41) $ (43) $ 155 |
Schedule Of Gains (Losses) Reclassified From Accumulated Other Comprehensive Income (Loss) Into Net Income (Loss) [Member] | |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) Year Ended December 31, into Net Income 2016 2015 2014 Revenues $ (8,094) $ 8,420 $ (257,730) Cost of goods sold (16,508) (3,551) (43,853) Net increase (decrease) recognized in earnings before tax $ (24,602) $ 4,869 $ (301,583) |
Schedule Of Gain (Loss) From Fair Value Hedges Of Ethanol Inventory [Member] | |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | Gains (Losses) from Fair Value Year Ended December 31, Hedges of Inventory 2016 2015 2014 Revenues (effect of change in inventory value) $ 1,388 $ - $ - Cost of goods sold (effect of change in inventory value) 21,430 (7,819) 304 Revenues (effect of fair value hedge) (1,388) - - Cost of goods sold (effect of fair value hedge) (16,219) 12,045 2,612 Ineffectiveness recognized in earnings before tax $ 5,211 $ 4,226 $ 2,916 |
Schedule Of Volumes of Open Commodity Derivative Positions [Member] | |
Schedule Of Open Positition Derivative Financial Instruments | The open commodity derivative positions as of December 31, 2016 , are as follows (in thousands): December 31, 2016 Exchange Traded Non-Exchange Traded Derivative Instruments Net Long & (Short) (1) Long (2) (Short) (2) Unit of Measure Commodity Futures (88,850) Bushels Corn, Soybeans and Wheat Futures 18,185 (3) Bushels Corn Futures 22,515 (4) Bushels Corn Futures 109,536 Gallons Ethanol Futures (213,570) (3) Gallons Ethanol Futures (4,778) mmBTU Natural Gas Futures 2,310 (3) Gallons Natural Gasoline Futures (8,320) (4) mmBTU Natural Gas Futures (1,250) Pounds Livestock Futures (85,480) (3) Pounds Livestock Futures (3,150) (4) Pounds Livestock Futures (483) Barrels Crude Oil Futures (43) (4) Barrels Crude Oil Futures (71,580) Pounds Soybean Oil Futures 14,896 Pounds Sugar Options 2,664 Bushels Corn, Soybeans and Wheat Options (38,767) Gallons Ethanol Options 41 mmBTU Natural Gas Options (3,086) Pounds Livestock Options 331 Barrels Crude Oil Options (14,224) Pounds Sugar Forwards 27,604 (1,146) Bushels Corn and Soybeans Forwards 36,410 (360,796) Gallons Ethanol Forwards 112 (322) Tons Distillers Grains Forwards (4) 35,465 (40,616) Pounds Corn Oil Forwards - (34,104) Pounds Corn Oil Forwards 15,932 (1,462) mmBTU Natural Gas Forwards 1,376 (1,146) Barrels Crude Oil (1) Exchange traded futures and options are presented on a net long and (short) position basis. Options are presented on a delta-adjusted basis. (2) Non-exchange traded forwards are presented on a gross long and (short) position basis including both fixed-price and basis contracts. (3) Futures used for cash flow hedges. (4) Futures used for fair value hedges |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt [Abstract] | |
Schedule Of The Components Of Long-Term Debt | The components of long-term debt are as follows (in thousands): December 31, 2016 2015 Green Plains Partners: $155.0 million revolving credit facility $ 129,000 $ - Green Plains Processing: $345.0 million term loan 294,011 306,439 Fleischmann's Vinegar: $130.0 million term loan 125,609 - $15.0 million revolving credit facility 4,000 - Corporate: $120.0 million convertible notes due 2018 108,817 103,072 $170.0 million convertible notes due 2022 127,239 - Other 28,993 27,135 Total long-term debt 817,669 436,646 Less: current portion of long-term debt (35,059) (4,507) Long-term debt $ 782,610 $ 432,139 |
Schedule Of Maturities Of Long-Term Debt | Scheduled long-term debt repayments, including full accretion of the $120.0 million convertible notes due 2018 and of the $170.0 million convertible notes due 2022 at maturity but excluding the effects of any debt discounts and debt issuance costs, are as follows (in thousands): Year Ending December 31, Amount 2017 $ 39,058 2018 126,193 2019 6,215 2020 393,363 2021 2,307 Thereafter 315,801 Total $ 882,937 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule Of Stock Option Activity | The activity related to the exercisable stock options for the year ended December 31, 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 (150,000) 7.28 - 2,250 Forfeited - - - - Expired - - - - Outstanding at December 31, 2016 148,750 $ 12.36 2.8 $ 2,305 Exercisable at December 31, 2016 (1) 148,750 $ 12.36 2.8 $ 2,305 (1) Includes in-the-money options totaling 148,750 shares at a weighted-average exercise price of $ 12.36 . |
Schedule Of Non-Vested Stock Award And DSU Activity | The non-vested stock award and deferred stock unit activity for the year ended December 31, 2016 , are as follows: Non-Vested Shares and Deferred Stock Units Weighted- Average Grant- Date Fair Value Weighted-Average Remaining Vesting Term (in years) Nonvested at December 31, 2015 736,728 $ 22.96 Granted 825,246 14.20 Forfeited (49,149) 18.59 Vested (373,265) 20.36 Nonvested at December 31, 2016 1,139,560 $ 17.65 1.7 |
Green Plains Partners [Member] | |
Schedule Of Non-Vested Stock Award And DSU Activity | The non-vested stock award and deferred stock unit activity for the year ended December 31, 2016, are 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 16,260 15.82 Forfeited (5,333) 14.93 Vested (6,007) 14.69 Nonvested at December 31, 2016 15,009 $ 15.99 0.5 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings Per Share | The basic and diluted EPS are calculated as follows (in thousands): Year Ended December 31, 2016 2015 2014 Basic EPS: Net income attributable to Green Plains $ 10,663 $ 7,064 $ 159,504 Weighted average shares outstanding - basic 38,318 37,947 36,467 EPS - basic $ 0.28 $ 0.19 $ 4.37 Diluted EPS: Net income attributable to Green Plains $ 10,663 $ 7,064 $ 159,504 Interest and amortization on convertible debt, net of tax effect: 5.75% notes - - 576 3.25% notes - - 1,379 Net income attributable to Green Plains - diluted $ 10,663 $ 7,064 $ 161,459 Weighted average shares outstanding - basic 38,318 37,947 36,467 Effect of dilutive convertible debt: 5.75% notes - - 1,006 3.25% notes 155 939 3,040 Effect of dilutive stock-based compensation awards 100 142 217 Weighted average shares outstanding - diluted 38,573 39,028 40,730 EPS - diluted $ 0.28 $ 0.18 $ 3.96 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders’ Equity [Abstract] | |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Amounts reclassified from accumulated other comprehensive income are as follows (in thousands): Year Ended December 31, Statements of Income 2016 2015 2014 Classification Gains (losses) on cash flow hedges: Commodity derivatives $ (8,094) $ 8,420 $ (257,730) Revenues Commodity derivatives (16,508) (3,551) (43,853) Cost of goods sold Total (24,602) 4,869 (301,583) Income (loss) before income taxes Income tax expense (benefit) (8,830) 1,855 (139,754) Income tax expense (benefit) Amounts reclassified from accumulated other comprehensive income (loss) $ (15,772) $ 3,014 $ (161,829) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Schedule Of Income Tax Expense | Income tax expense consists of the following (in thousands): Year Ended December 31, 2016 2015 2014 Current $ 2,950 $ 33,750 $ 67,389 Deferred 4,910 (27,513) 23,537 Total $ 7,860 $ 6,237 $ 90,926 |
Schedule Of Differences Between The Income Tax Expense (Benefit)Computed At The Statutory Federal income Tax Rate And As Presented On The Consolidated Statements Of Operations | Differences between income tax expense at the statutory federal income tax rate and as presented on the consolidated statements of income are summarized as follows (in thousands): Year Ended December 31, 2016 2015 2014 Tax expense at federal statutory rate of 35% $ 13,423 $ 7,513 $ 87,650 State income tax expense, net of federal benefit 323 1,397 6,810 Qualified production activities deduction - - (4,637) Nondeductible compensation 185 - 848 Noncontrolling interests (6,940) (2,857) - Other 869 184 255 Income tax expense $ 7,860 $ 6,237 $ 90,926 |
Schedule Of Significant Components Of Deferred Tax Assets And Liabilities | Significant components of deferred tax assets and liabilities are as follows (in thousands): December 31, 2016 2015 Deferred tax assets: Net operating loss carryforwards - Federal $ 2,112 $ - Net operating loss carryforwards - State 1,290 337 Tax credit carryforwards - State 3,701 4,348 Derivative financial instruments 1,218 - Investment in partnerships 91,951 46,519 Organizational and start-up costs - 26 Stock-based compensation 3,535 3,080 Accrued expenses 10,722 10,649 Capital leases 3,764 3,800 Other 3,001 1,858 Total deferred tax assets 121,294 70,617 Deferred tax liabilities: Convertible debt (17,593) (5,329) Fixed assets (205,189) (139,383) Derivative financial instruments - (4,542) Organizational and start-up costs (36,464) - Total deferred tax liabilities (259,246) (149,254) Valuation allowance (2,310) (3,160) Deferred income taxes $ (140,262) $ (81,797) |
Reconciliation Of The Beginning And Ending Amounts Of Unrecognized Tax Benefits | A reconciliation of unrecognized tax benefits is as follows (in thousands): Unrecognized Tax Benefits Balance at January 1, 2016 $ 189 Additions for prior year tax positions 5 Reductions for prior year tax positions - Balance at December 31, 2016 $ 194 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments And Contingencies [Abstract] | |
Schedule Of Aggregate Minimum Lease Payments | Aggregate minimum lease payments under these agreements for future fiscal years are as follows (in thousands): Year Ending December 31, Amount 2017 $ 35,170 2018 25,959 2019 16,991 2020 11,442 2021 5,042 Thereafter 20,653 Total $ 115,257 |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Data[Abstract] | |
Schedule Of Quarterly Financial Information | The following table includes unaudited financial data for each of the quarters within the years ended December 31, 2016 , and 2015 (in thousands, except per share amounts), which is derived from the company’s consolidated financial statements. In management’s opinion, the financial data reflects all of the adjustments necessary for a fair presentation of the quarters presented. The operating results for any quarter are not necessarily indicative of results for any future period. Three Months Ended December 31, 2016 September 30, 2016 June 30, 2016 March 31, 2016 Revenues $ 932,098 $ 841,852 $ 887,727 $ 749,204 Costs and expenses 876,028 810,997 860,318 771,850 Operating income (loss) 56,070 30,855 27,409 (22,646) Other expense (19,433) (12,888) (8,953) (12,063) Income tax expense (benefit) 12,199 5,083 5,471 (14,893) Net income (loss) attributable to Green Plains 18,682 7,928 8,191 (24,138) Basic earnings (loss) per share attributable to Green Plains 0.49 0.21 0.21 (0.63) Diluted earnings (loss) per share attributable to Green Plains 0.47 0.20 0.21 (0.63) Three Months Ended December 31, 2015 September 30, 2015 June 30, 2015 March 31, 2015 Revenues $ 739,914 $ 742,797 $ 744,490 $ 738,388 Costs and expenses 727,176 722,964 720,088 734,284 Operating income 12,738 19,833 24,402 4,104 Other expense (7,959) (10,396) (11,388) (9,869) Income tax expense (benefit) 4,066 (604) 5,222 (2,447) Net income (loss) attributable to Green Plains (3,589) 6,179 7,792 (3,318) Basic earnings (loss) per share attributable to Green Plains (0.09) 0.16 0.20 (0.09) Diluted earnings (loss) per share attributable to Green Plains (0.09) 0.16 0.19 (0.09) |
Schedule I - Condensed Financ45
Schedule I - Condensed Financial Information Of The Registrant (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Scheduled Long-Term Debt Repayments | Scheduled long-term debt repayments, including full accretion of the $120.0 million convertible notes due 2018 and of the $170.0 million convertible notes due 2022 at maturity but excluding the effects of any debt discounts and debt issuance costs, are as follows (in thousands): Year Ending December 31, Amount 2017 $ 39,058 2018 126,193 2019 6,215 2020 393,363 2021 2,307 Thereafter 315,801 Total $ 882,937 |
Green Plains Inc. [Member] | |
Condensed Financial Information Of The Registrant Statements Of Balance Sheet - Parent Company Only | December 31, 2016 2015 ASSETS Current assets Cash and cash equivalents $ 188,953 $ 273,294 Restricted cash 16,947 10,130 Accounts receivable, including amounts from relate d parties of $0 and $1,080 , respectively 285 1,188 Income tax receivable 10,379 9,104 Prepaid expenses and other 1,199 1,189 Due from subsidiaries 48,785 26,109 Total current assets 266,548 321,014 Property and equipment, net 12,900 3,811 Investment in consolidated subsidiaries 916,138 549,642 Deferred income taxes 87,310 53,273 Other assets 9,642 14,846 Total assets $ 1,292,538 $ 942,586 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 6,916 $ 1,889 Due to subsidiaries 160,486 25,973 Accrued liabilities 20,488 12,511 Total current liabilities 187,890 40,373 Long-term debt 236,056 103,072 Other liabilities 2,890 146 Total liabilities 426,836 143,591 Stockholders' equity Common stock 46 45 Additional paid-in capital 658,258 577,787 Retained earnings 283,214 290,974 Treasury stock (75,816) (69,811) Total stockholders' equity 865,702 798,995 Total liabilities and stockholders' equity $ 1,292,538 $ 942,586 |
Condensed Financial Information Of The Registrant Statements Of Operations - Parent Company Only | Year Ended December 31, 2016 2015 2014 Selling, general and administrative expenses $ 3,174 $ - $ - Operating (loss) (3,174) - - Other income (expense) Interest income 1,193 838 462 Interest expense (14,511) (9,280) (9,539) Other, net (8,072) (3,366) (3,860) Total other expense (21,390) (11,808) (12,937) Loss before income taxes (24,564) (11,808) (12,937) Income tax benefit 12,381 4,106 4,361 Loss before equity in earnings of subsidiaries (12,183) (7,702) (8,576) Equity in earnings of consolidated subsidiaries 22,846 14,766 168,080 Net income $ 10,663 $ 7,064 $ 159,504 |
Condensed Financial Information Of The Registrant Statements Of Cash Flows - Parent Company Only | Year Ended December 31, 2016 2015 2014 Cash flows from operating activities: $ 72,172 $ 19,844 $ (13,962) Net cash provided (used) by operating activities 72,172 19,844 (13,962) Cash flows from investing activities: Purchases of property and equipment (11,556) (1,191) (2,829) Acquisition of businesses (512,356) (116,796) - Transfer of assets to Green Plains Partners LP 152,312 - - Investment in consolidated subsidiaries, net 77,615 143,151 125,179 Issuance of notes receivable from subsidiaries, net of payments received 3,000 (3,000) 9,500 Investments in unconsolidated subsidiaries (7,206) (2,975) (4,309) Net cash provided (used) by investing activities (298,191) 19,189 127,541 Cash flows from financing activities: Proceeds from the issuance of long-term debt 170,000 - - Payments of principal on long-term debt - - (238) Payments for repurchase of common stock (6,005) (4,003) - Payment of cash dividends (18,423) (15,191) (8,908) Payment of loan fees (5,651) - - Proceeds from the exercise of stock options 1,757 766 4,404 Net cash provided (used) by financing activities 141,678 (18,428) (4,742) Net change in cash and equivalents (84,341) 20,605 108,837 Cash and cash equivalents, beginning of period 273,294 252,689 143,852 Cash and cash equivalents, end of period $ 188,953 $ 273,294 $ 252,689 |
Schedule Of Aggregate Minimum Lease Payments | Aggregate minimum lease payments under these agreements for future fiscal years are as follows (in thousands): Year Ending December 31, Amount 2017 $ 1,951 2018 1,919 2019 1,897 2020 1,372 2021 1,333 Thereafter 14,682 Total $ 23,154 |
Scheduled Long-Term Debt Repayments | Scheduled long-term debt repayments, including full accretion at their maturity but excluding the effects of the debt discounts, are as follows (in thousands): Year Ending December 31, Amount 2017 $ - 2018 120,000 2019 - 2020 - 2021 - Thereafter 170,000 Total $ 290,000 |
Basis Of Presentation And Des46
Basis Of Presentation And Description Of Business (Narrative) (Details) lb in Millions, bu in Millions, T in Millions, gal in Billions | 12 Months Ended |
Dec. 31, 2016segmentitemTlbgalbu | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |
Number of reportable segments | segment | 4 |
Number of ethanol plants | 17 |
Number of ethanol storage facilities located at or near the company's ethanol production plants | 39 |
Number of fuel terminal facilities | 8 |
Number of leased railcars | 3,100 |
Ethanol Production [Member] | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |
Number of ethanol plants | 17 |
Annual corn consumption capacity, bushels | bu | 524 |
Annual ethanol production capacity, gallons | gal | 1.5 |
Annual distillers grains production capacity, tons | T | 4.1 |
Annual corn oil production, pounds | lb | 340 |
Agribusiness and Energy Services [Member] | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |
Grain storage capacity, total, bushels | bu | 60.3 |
Grain storage capacity, ethanol plants, bushels | bu | 48.7 |
Grain storage capacity, grain elevators, bushels | bu | 11.6 |
Number of grain elevators | 5 |
Food and Food Ingredients [Member] | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |
Cattle feedlot capacity, head of cattle | 73,000 |
Grain storage capacity, cattle-feeding operations, bushels | bu | 2.8 |
Number of food-grade industrial vinegar production facilities | 7 |
Partnership [Member] | Subsequent Event [Member] | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |
Number of ethanol storage facilities located at or near the company's ethanol production plants | 39 |
Number of fuel terminal facilities | 8 |
Number of leased railcars | 3,100 |
Summary Of Significant Accoun47
Summary Of Significant Accounting Policies (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2016USD ($)item | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Impairment of long-lived assets | $ | $ 0 | $ 0 | $ 0 |
Number of ethanol plants | item | 17 | ||
Goodwill impairment | $ | $ 0 | $ 0 | $ 0 |
Acquisition Of Ethanol Plant [Member] | |||
Number of ethanol plants | item | 5 |
Summary Of Significant Accoun48
Summary Of Significant Accounting Policies (Schedule Of Estimated Useful Lives Of Assets) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Plant, Buildings And Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 10 years |
Plant, Buildings And Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 40 years |
Ethanol Production Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 15 years |
Ethanol Production Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 40 years |
Other Machinery And Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Other Machinery And Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 7 years |
Land Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 20 years |
Railroad Track and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 20 years |
Computers and Software [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Computers and Software [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Office Furniture and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Office Furniture and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 7 years |
Green Plains Partners LP (Detai
Green Plains Partners LP (Details) $ / shares in Units, gal in Billions | Jul. 01, 2015USD ($)$ / sharesshares | Dec. 31, 2016itemgal | Dec. 31, 2015USD ($) |
Subsidiary, Sale of Stock [Line Items] | |||
Proceeds from issuance of Green Plains Partners common units, net | $ 157,452,000 | ||
Number of ethanol storage facilities located at or near the company's ethanol production plants | item | 39 | ||
Number of ethanol plants | item | 17 | ||
Number of fuel terminal facilities | item | 8 | ||
Number of leased railcars | item | 3,100 | ||
IPO [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Ethanol storage and throughput agreement | 10 years | ||
Rail transportation services agreement | 10 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 [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 [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 [Member] | Common Stock [Member] | IPO [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of units issued as part of the transaction | shares | 11,500,000 | ||
Offering price per unit sold to the public | $ / shares | $ 15 | ||
Green Plains Partners [Member] | Common Stock [Member] | Over-Allotment Option - Included as part of 11.5M common units [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of units issued as part of the transaction | shares | 1,500,000 | ||
Green Plains Inc. [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of gallons of ethanol produced per year | gal | 1.5 | ||
Green Plains Inc. [Member] | Limited Partner [Member] | IPO [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Ownership interest, percentage | 62.50% | ||
Green Plains Inc. [Member] | Limited Partner [Member] | Common Stock [Member] | IPO [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of units issued as part of the transaction | shares | 4,389,642 | ||
Green Plains Inc. [Member] | Limited Partner [Member] | Subordinated Units [Member] | IPO [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of units issued as part of the transaction | shares | 15,889,642 | ||
Green Plains Inc. [Member] | General Partner [Member] | IPO [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Ownership interest, percentage | 2.00% |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ / shares in Units, $ in Thousands, gal in Millions | Sep. 23, 2016USD ($)gal | Jan. 01, 2016USD ($) | Dec. 31, 2016USD ($)$ / sharesitem | Dec. 31, 2015USD ($)$ / shares | Oct. 03, 2016USD ($) | Nov. 12, 2015USD ($)gal | Dec. 31, 2014USD ($) |
Business Acquisition [Line Items] | |||||||
Purchase price of acquisition | $ 508,143 | $ 116,796 | $ 23,900 | ||||
Number of ethanol plants | item | 17 | ||||||
Acquisition of Fleischmann's Vinegar and Abengoa Ethanol Plants [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Consolidated pro forma revenue | $ 3,800,000 | ||||||
Consolidated pro forma net income (loss) | $ (9,100) | ||||||
Consolidated pro forma dluted earnings per share | $ / shares | $ 0.24 | ||||||
Fleischmann’s Vinegar [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Property and equipment | $ 43,011 | ||||||
Purchase price of acquisition | $ 258,319 | ||||||
Acquisition related costs | $ 2,300 | ||||||
Fleischmann’s Vinegar [Member] | Trade Names [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Indefinite-lived intangible assets | 10,500 | ||||||
Fleischmann’s Vinegar [Member] | Customer Relationships [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Finite-lived intangibles | 82,600 | ||||||
Accumulated amortization | $ 1,400 | ||||||
Weighted-average amortization period | 15 years | ||||||
Amortization expense | $ 1,400 | ||||||
Amortization expense, next twelve months | 5,600 | ||||||
Amortization expense, year two | 5,600 | ||||||
Amortization expense, year three | 5,600 | ||||||
Amortization expense, year four | 5,600 | ||||||
Amortization expense, year five | 5,600 | ||||||
Acquisition of Abengoa Ethanol Plants [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Property and equipment | $ 234,947 | ||||||
Working capital acquired or assumed | $ 19,100 | ||||||
Expected annual ethanol production capacity | gal | 230 | ||||||
Acquisition related costs | $ 1,300 | ||||||
Acquisition of Abengoa Ethanol Plants [Member] | Green Plains Partners [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Transfer between entities under control | $ 90,000 | ||||||
Acquisition of Green Plains Hereford [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Property and equipment | $ 78,786 | ||||||
Working capital acquired or assumed | $ 19,400 | ||||||
Expected annual ethanol production capacity | gal | 100 | ||||||
Consolidated pro forma revenue | 3,100,000 | ||||||
Consolidated pro forma net income (loss) | $ 10,800 | ||||||
Consolidated pro forma dluted earnings per share | $ / shares | $ 0.28 | ||||||
Acquisition of Green Plains Hereford [Member] | Green Plains Partners [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Transfer between entities under control | $ 62,300 |
Acquisitions (Schedule Of Ident
Acquisitions (Schedule Of Identifiable Assets Acquired And Liabilities Assumed) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Oct. 03, 2016 | Sep. 23, 2016 | Dec. 31, 2015 | Nov. 12, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | ||||||
Goodwill . | $ 183,696 | $ 40,877 | ||||
Net assets acquired | $ 508,143 | $ 116,796 | $ 23,900 | |||
Fleischmann’s Vinegar [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Cash | $ 4,148 | |||||
Inventory | 9,308 | |||||
Accounts receivable, net | 13,919 | |||||
Prepaid expenses and other | 1,054 | |||||
Property and equipment | 43,011 | |||||
Intangible assets | 94,500 | |||||
Current liabilities | (9,689) | |||||
Income taxes payable | (330) | |||||
Deferred tax liabilities | (40,421) | |||||
Total identifiable net assets | 115,500 | |||||
Goodwill . | 142,819 | |||||
Net assets acquired | $ 258,319 | |||||
Acquisition of Abengoa Ethanol Plants [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Inventory | $ 16,904 | |||||
Accounts receivable, net | 1,826 | |||||
Prepaid expenses and other | 2,224 | |||||
Property and equipment | 234,947 | |||||
Other assets | 3,885 | |||||
Current maturities of long-term debt | (406) | |||||
Current liabilities | (2,580) | |||||
Long-term debt | (2,763) | |||||
Total identifiable net assets | $ 254,037 | |||||
Acquisition of Green Plains Hereford [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Inventory | $ 20,487 | |||||
Derivative financial instruments | 2,625 | |||||
Property and equipment | 78,786 | |||||
Current liabilities | (2,542) | |||||
Other | (1,128) | |||||
Total identifiable net assets | $ 98,228 |
Fair Value Disclosures (Narrati
Fair Value Disclosures (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value Disclosures [Abstract] | ||
Fair value of debt | $ 1,100,000 | $ 661,800 |
Book value of debt | 1,100,000 | 663,600 |
Fair value of accounts receivable | 147,500 | 96,200 |
Fair value of accounts payable | $ 35,288 | $ 25,935 |
Fair Value Disclosures (Schedul
Fair Value Disclosures (Schedule Of Assets And Liabilities Fair Value) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and cash equivalents | $ 304,211 | $ 384,867 |
Restricted cash | 51,979 | 27,018 |
Margin deposits | ||
Inventories carried at market | 77,043 | 43,936 |
Unrealized gains on derivatives | 47,236 | 30,540 |
Other assets | 116 | 117 |
Total assets measured at fair value | 480,585 | 486,478 |
Liabilities | ||
Accounts payable | 35,288 | 25,935 |
Unrealized losses on derivatives | 8,916 | 8,245 |
Other liabilities | 81 | |
Total liabilities measured at fair value | 44,285 | 34,180 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Assets | ||
Cash and cash equivalents | 304,211 | 384,867 |
Restricted cash | 51,979 | 27,018 |
Margin deposits | 50,601 | 7,658 |
Inventories carried at market | ||
Unrealized gains on derivatives | 8,272 | 19,756 |
Other assets | 116 | 117 |
Total assets measured at fair value | 415,179 | 439,416 |
Liabilities | ||
Accounts payable | ||
Unrealized losses on derivatives | 26,455 | 4,492 |
Other liabilities | ||
Total liabilities measured at fair value | 26,455 | 4,492 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets | ||
Inventories carried at market | 77,043 | 43,936 |
Unrealized gains on derivatives | 14,818 | 7,145 |
Total assets measured at fair value | 91,861 | 51,081 |
Liabilities | ||
Accounts payable | 35,288 | 25,935 |
Unrealized losses on derivatives | 8,916 | 7,772 |
Other liabilities | 81 | |
Total liabilities measured at fair value | 44,285 | 33,707 |
Reclassification For Balance Sheet Presentation [Member] | ||
Assets | ||
Margin deposits | (50,601) | (7,658) |
Unrealized gains on derivatives | 24,146 | 3,639 |
Total assets measured at fair value | (26,455) | (4,019) |
Liabilities | ||
Unrealized losses on derivatives | (26,455) | (4,019) |
Total liabilities measured at fair value | $ (26,455) | $ (4,019) |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2016segment | |
Segment Information [Abstract] | |
Number of reportable segments | 4 |
Segment Information (Summary Of
Segment Information (Summary Of Financial Data) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 932,098 | $ 841,852 | $ 887,727 | $ 749,204 | $ 739,914 | $ 742,797 | $ 744,490 | $ 738,388 | $ 3,410,881 | $ 2,965,589 | $ 3,235,611 |
Costs of goods sold | 3,096,079 | 2,729,367 | 2,783,045 | ||||||||
Operating income (loss) | $ 56,070 | $ 30,855 | $ 27,409 | $ (22,646) | $ 12,738 | $ 19,833 | $ 24,402 | $ 4,104 | 91,688 | 61,077 | 286,274 |
Income (loss) before income taxes | 38,351 | 21,465 | 250,430 | ||||||||
Depreciation and amortization | 84,226 | 65,950 | 62,139 | ||||||||
Interest expense | 51,851 | 40,366 | 39,908 | ||||||||
Capital expenditures | 56,412 | 65,567 | 61,533 | ||||||||
Operating segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 3,540,962 | 3,032,327 | 3,264,505 | ||||||||
Intersegment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | (130,081) | (66,738) | (28,894) | ||||||||
Costs of goods sold | (129,761) | (66,588) | (28,834) | ||||||||
Operating income (loss) | (170) | ||||||||||
Income (loss) before income taxes | (170) | ||||||||||
Interest expense | (562) | (71) | (238) | ||||||||
Corporate Activities [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating income (loss) | (47,645) | (31,480) | (32,706) | ||||||||
Income (loss) before income taxes | (61,100) | (43,179) | (45,406) | ||||||||
Depreciation and amortization | 3,592 | 1,972 | 1,676 | ||||||||
Interest expense | 14,522 | 9,280 | 9,539 | ||||||||
Capital expenditures | 11,638 | 1,589 | 2,829 | ||||||||
Ethanol Production [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 2,409,102 | 2,063,172 | 2,590,428 | ||||||||
Ethanol Production [Member] | Operating segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 2,409,102 | 2,063,172 | 2,590,428 | ||||||||
Costs of goods sold | 2,280,906 | 1,939,824 | 2,230,141 | ||||||||
Operating income (loss) | 28,125 | 43,266 | 285,579 | ||||||||
Income (loss) before income taxes | 5,862 | 21,582 | 269,604 | ||||||||
Depreciation and amortization | 68,746 | 55,604 | 53,465 | ||||||||
Interest expense | 22,505 | 22,816 | 22,830 | ||||||||
Capital expenditures | 39,555 | 48,881 | 40,991 | ||||||||
Agribusiness and Energy Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 675,446 | 674,719 | 607,323 | ||||||||
Agribusiness and Energy Services [Member] | Operating segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 709,907 | 698,833 | 631,858 | ||||||||
Costs of goods sold | 650,538 | 639,470 | 555,200 | ||||||||
Operating income (loss) | 34,039 | 37,253 | 52,176 | ||||||||
Income (loss) before income taxes | 24,368 | 33,952 | 45,423 | ||||||||
Depreciation and amortization | 2,536 | 1,542 | 926 | ||||||||
Interest expense | 7,305 | 5,161 | 7,196 | ||||||||
Capital expenditures | 2,340 | 12,552 | 16,771 | ||||||||
Agribusiness and Energy Services [Member] | Intersegment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 34,461 | 24,114 | 24,535 | ||||||||
Food and Food Ingredients [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 318,031 | 219,310 | 29,376 | ||||||||
Food and Food Ingredients [Member] | Operating segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 318,181 | 219,385 | 29,376 | ||||||||
Costs of goods sold | 294,396 | 216,661 | 26,538 | ||||||||
Operating income (loss) | 16,436 | (952) | 1,200 | ||||||||
Income (loss) before income taxes | 10,950 | (3,585) | 847 | ||||||||
Depreciation and amortization | 3,705 | 1,004 | 528 | ||||||||
Interest expense | 5,536 | 2,799 | 443 | ||||||||
Capital expenditures | 2,479 | 1,049 | 395 | ||||||||
Food and Food Ingredients [Member] | Intersegment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 150 | 75 | |||||||||
Partnership [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 8,302 | 8,388 | 8,484 | ||||||||
Partnership [Member] | Operating segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 103,772 | 50,937 | 12,843 | ||||||||
Operating income (loss) | 60,903 | 12,990 | (19,975) | ||||||||
Income (loss) before income taxes | 58,441 | 12,695 | (20,038) | ||||||||
Depreciation and amortization | 5,647 | 5,828 | 5,544 | ||||||||
Interest expense | 2,545 | 381 | 138 | ||||||||
Capital expenditures | 400 | 1,496 | 547 | ||||||||
Partnership [Member] | Intersegment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 95,470 | $ 42,549 | $ 4,359 |
Segment Information (Summary 56
Segment Information (Summary Of Total Assets For Operating Segments) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 2,506,492 | $ 1,917,920 |
Corporate Activities [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 257,652 | 314,068 |
Intersegment [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | (18,720) | (10,863) |
Ethanol Production [Member] | Operating segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 1,206,155 | 1,004,342 |
Agribusiness and Energy Services [Member] | Operating segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 579,977 | 418,168 |
Food and Food Ingredients [Member] | Operating segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 406,429 | 110,775 |
Partnership [Member] | Operating segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 74,999 | $ 81,430 |
Segment Information (Schedule O
Segment Information (Schedule Of Revenues By Product) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 932,098 | $ 841,852 | $ 887,727 | $ 749,204 | $ 739,914 | $ 742,797 | $ 744,490 | $ 738,388 | $ 3,410,881 | $ 2,965,589 | $ 3,235,611 |
Ethanol [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 2,258,575 | 1,868,043 | 2,362,812 | ||||||||
Distillers grains [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 488,297 | 474,699 | 531,696 | ||||||||
Corn oil [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 152,075 | 101,126 | 99,167 | ||||||||
Grain [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 174,525 | 240,466 | 174,997 | ||||||||
Food and food ingredients [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 279,039 | 219,046 | 29,262 | ||||||||
Service revenues [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 8,302 | 8,388 | 8,484 | ||||||||
Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 50,068 | $ 53,821 | $ 29,193 |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Inventories [Abstract] | ||
Finished goods | $ 99,009 | $ 71,595 |
Commodities held for sale | 65,926 | 43,936 |
Raw materials | 135,516 | 116,673 |
Work-in-process | 91,093 | 96,950 |
Supplies and parts | 30,637 | 24,803 |
Inventories | $ 422,181 | $ 353,957 |
Property And Equipment (Schedul
Property And Equipment (Schedule Of Components Of Property And Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Total property and equipment | $ 1,596,699 | $ 1,260,628 |
Less: accumulated depreciation | (417,993) | (338,558) |
Property and equipment, net | 1,178,706 | 922,070 |
Plant Equipment [Member] | ||
Total property and equipment | 1,167,914 | 892,915 |
Building and Improvements [Member] | ||
Total property and equipment | 205,806 | 176,094 |
Land and Improvements [Member] | ||
Total property and equipment | 126,088 | 84,257 |
Railroad Track and Equipment [Member] | ||
Total property and equipment | 42,234 | 41,732 |
Construction-In-Progress [Member] | ||
Total property and equipment | 13,745 | 38,200 |
Computers and Software [Member] | ||
Total property and equipment | 15,000 | 11,115 |
Office Furniture and Equipment [Member] | ||
Total property and equipment | 3,503 | 2,492 |
Leasehold Improvements and Other [Member] | ||
Total property and equipment | $ 22,409 | $ 13,823 |
Goodwill (Schedule Of Goodwill)
Goodwill (Schedule Of Goodwill) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | $ 40,877 |
Acquisition of Fleischmann's Vinegar | 142,819 |
Goodwill, Ending Balance | 183,696 |
Ethanol Production [Member] | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | 30,279 |
Goodwill, Ending Balance | 30,279 |
Food and Food Ingredients [Member] | |
Goodwill [Line Items] | |
Acquisition of Fleischmann's Vinegar | 142,819 |
Goodwill, Ending Balance | 142,819 |
Partnership [Member] | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | 10,598 |
Goodwill, Ending Balance | $ 10,598 |
Derivative Financial Instrume61
Derivative Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Financial Instruments [Abstract] | |||
Accumulated other comprehensive loss | $ (4,137) | $ (1,165) | |
Energy trading contracts, net in revenue | $ 11,600 | $ 9,600 | $ 8,000 |
Derivative Financial Instrume62
Derivative Financial Instruments (Schedule Of Fair Values Of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | ||||
Derivatives, Fair Value [Line Items] | |||||
Fair value of derivative asset | $ 14,818 | $ 22,882 | |||
Fair value of derivative liability | 27,180 | 8,245 | |||
Margin deposit asset | 50,600 | 7,700 | |||
Net unrealized gains or losses on cash flow hedges | (17,000) | 2,300 | |||
Derivative Financial Instruments [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Fair value of derivative asset | [2] | 14,818 | [1] | 22,882 | [3] |
Accrued and Other Liabilities [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Fair value of derivative asset | |||||
Fair value of derivative liability | 27,099 | $ 8,245 | |||
Other Liabilities [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Fair value of derivative asset | |||||
Fair value of derivative liability | $ 81 | ||||
[1] | Balance at December 31, 2016, includes $17.0 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments. | ||||
[2] | Derivative financial instruments as reflected on the balance sheet include a margin deposit assets of $50.6 million and $7.7 million at December 31, 2016 and 2015, respectively. | ||||
[3] | Balance at December 31, 2015, includes $2.3 million of net unrealized gains on derivative financial instruments designated as cash flow hedging instruments. |
Derivative Financial Instrume63
Derivative Financial Instruments (Schedule Of Gain Or Loss Recognized In Income And Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) on Derivative Instruments Not Designated in a Hedging Relationship | $ 6,123 | $ (2,460) | $ 13,534 |
Gains (Losses) Reclassified from Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) into Net Income | (24,602) | 4,869 | (301,583) |
Gains (Losses) from Fair Value Hedges of Inventory | 5,211 | 4,226 | 2,916 |
Revenue [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) on Derivative Instruments Not Designated in a Hedging Relationship | 6,112 | (12,952) | 13,369 |
Gains (Losses) Reclassified from Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) into Net Income | (8,094) | 8,420 | (257,730) |
Revenue (Effect of Change in Inventory Value) [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) from Fair Value Hedges of Inventory | 1,388 | ||
Revenue (Effect of Fair Value Hedge) [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) from Fair Value Hedges of Inventory | (1,388) | ||
Cost of Goods Sold [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) on Derivative Instruments Not Designated in a Hedging Relationship | 11 | 10,492 | 165 |
Gains (Losses) Reclassified from Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) into Net Income | (16,508) | (3,551) | (43,853) |
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 | 21,430 | (7,819) | 304 |
Cost of Goods Sold (Effect of Fair Value Hedge) [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) from Fair Value Hedges of Inventory | (16,219) | 12,045 | 2,612 |
Cash Flow Hedges [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Due to Ineffectiveness of Cash Flow Hedges | (41) | (43) | 155 |
Cash Flow Hedges [Member] | Revenue [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Due to Ineffectiveness of Cash Flow Hedges | $ (41) | $ (43) | (326) |
Cash Flow Hedges [Member] | Cost of Goods Sold [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Due to Ineffectiveness of Cash Flow Hedges | $ 481 |
Derivative Financial Instrume64
Derivative Financial Instruments (Commodity Contracts) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Commodity Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Effective Portion of Cash Flow Hedges Recognized in Other Comprehensive Income (Loss) | $ (29,238) | $ 11,582 | $ (299,684) |
Derivative Financial Instrume65
Derivative Financial Instruments (Schedule Of Volumes Of Open Commodity Derivative Positions) (Details) contract in Thousands | Dec. 31, 2016contract | |
Futures [Member] | Exchange Traded [Member] | Net Long & (Short) [Member] | Corn, Soybeans And Wheat In Bushels [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | (88,850) | [1] |
Futures [Member] | Exchange Traded [Member] | Net Long & (Short) [Member] | Corn In Bushels [Member] | Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 18,185 | [1],[2] |
Futures [Member] | Exchange Traded [Member] | Net Long & (Short) [Member] | Corn In Bushels [Member] | Fair Value Hedging [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 22,515 | [1],[3] |
Futures [Member] | Exchange Traded [Member] | Net Long & (Short) [Member] | Ethanol In Gallons [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 109,536 | [1] |
Futures [Member] | Exchange Traded [Member] | Net Long & (Short) [Member] | Ethanol In Gallons [Member] | Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | (213,570) | [1],[2] |
Futures [Member] | Exchange Traded [Member] | Net Long & (Short) [Member] | Natural Gas In mmBTU [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | (4,778) | [1] |
Futures [Member] | Exchange Traded [Member] | Net Long & (Short) [Member] | Natural Gas In mmBTU [Member] | Fair Value Hedging [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | (8,320) | [1],[3] |
Futures [Member] | Exchange Traded [Member] | Net Long & (Short) [Member] | Natural Gasoline In Gallons [Member] | Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 2,310 | [1],[2] |
Futures [Member] | Exchange Traded [Member] | Net Long & (Short) [Member] | Livestock In Pounds [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | (1,250) | [1] |
Futures [Member] | Exchange Traded [Member] | Net Long & (Short) [Member] | Livestock In Pounds [Member] | Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | (85,480) | [1],[2] |
Futures [Member] | Exchange Traded [Member] | Net Long & (Short) [Member] | Livestock In Pounds [Member] | Fair Value Hedging [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | (3,150) | [1],[3] |
Futures [Member] | Exchange Traded [Member] | Net Long & (Short) [Member] | Crude Oil in Barrels [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | (483) | [1] |
Futures [Member] | Exchange Traded [Member] | Net Long & (Short) [Member] | Crude Oil in Barrels [Member] | Fair Value Hedging [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | (43) | [1],[3] |
Futures [Member] | Exchange Traded [Member] | Net Long & (Short) [Member] | Soybean Oil in Pounds [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | (71,580) | [1] |
Futures [Member] | Exchange Traded [Member] | Net Long & (Short) [Member] | Sugar In Pounds [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 14,896 | [1] |
Options [Member] | Exchange Traded [Member] | Net Long & (Short) [Member] | Corn, Soybeans And Wheat In Bushels [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 2,664 | [1] |
Options [Member] | Exchange Traded [Member] | Net Long & (Short) [Member] | Ethanol In Gallons [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | (38,767) | [1] |
Options [Member] | Exchange Traded [Member] | Net Long & (Short) [Member] | Natural Gas In mmBTU [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 41 | [1] |
Options [Member] | Exchange Traded [Member] | Net Long & (Short) [Member] | Livestock In Pounds [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | (3,086) | [1] |
Options [Member] | Exchange Traded [Member] | Net Long & (Short) [Member] | Crude Oil in Barrels [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 331 | [1] |
Options [Member] | Exchange Traded [Member] | Net Long & (Short) [Member] | Sugar In Pounds [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | (14,224) | [1] |
Forwards [Member] | Non-Exchange Traded [Member] | Long [Member] | Ethanol In Gallons [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 36,410 | [4] |
Forwards [Member] | Non-Exchange Traded [Member] | Long [Member] | Natural Gas In mmBTU [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 15,932 | [4] |
Forwards [Member] | Non-Exchange Traded [Member] | Long [Member] | Crude Oil in Barrels [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 1,376 | [4] |
Forwards [Member] | Non-Exchange Traded [Member] | Long [Member] | Corn And Soybeans In Bushels [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 27,604 | [4] |
Forwards [Member] | Non-Exchange Traded [Member] | Long [Member] | Distillers Grains In Tons [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 112 | [4] |
Forwards [Member] | Non-Exchange Traded [Member] | Long [Member] | Corn Oil in Pounds [Member] | Fair Value Hedging [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 35,465 | [3],[4] |
Forwards [Member] | Non-Exchange Traded [Member] | Short [Member] | Ethanol In Gallons [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | (360,796) | [4] |
Forwards [Member] | Non-Exchange Traded [Member] | Short [Member] | Natural Gas In mmBTU [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | (1,462) | [4] |
Forwards [Member] | Non-Exchange Traded [Member] | Short [Member] | Crude Oil in Barrels [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | (1,146) | [4] |
Forwards [Member] | Non-Exchange Traded [Member] | Short [Member] | Corn And Soybeans In Bushels [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | (1,146) | [4] |
Forwards [Member] | Non-Exchange Traded [Member] | Short [Member] | Distillers Grains In Tons [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | (322) | [4] |
Forwards [Member] | Non-Exchange Traded [Member] | Short [Member] | Corn Oil in Pounds [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | (34,104) | [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 | (40,616) | [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 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 ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Total long-term debt | $ 817,669,000 | $ 436,646,000 |
Less: current portion of long-term debt | (35,059,000) | (4,507,000) |
Long-term debt | 782,610,000 | 432,139,000 |
Other Debt Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 28,993,000 | 27,135,000 |
Green Plains Partners [Member] | Revolving Credit Facility [Member] | $155.0 Million Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 129,000,000 | |
Debt instrument, face amount | 155,000,000 | 100,000,000 |
Green Plains Processing [Member] | Term Loan [Member] | $345.0 Million Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 294,011,000 | 306,439,000 |
Debt instrument, face amount | 345,000,000 | 345,000,000 |
Fleischmann’s Vinegar [Member] | Revolving Credit Facility [Member] | $15.0 Million Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 4,000,000 | |
Debt instrument, face amount | 15,000,000 | |
Fleischmann’s Vinegar [Member] | Term Loan [Member] | $130.0 Million Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 125,609,000 | |
Debt instrument, face amount | 130,000,000 | |
Corporate [Member] | Convertible Notes [Member] | $120.0 Million Convertible Notes due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 108,817,000 | 103,072,000 |
Debt instrument, face amount | 120,000,000 | $ 120,000,000 |
Corporate [Member] | Convertible Notes [Member] | $170.0 Million Convertible Notes due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 127,239,000 | |
Debt instrument, face amount | $ 170,000,000 |
Debt (Schedule Of Maturities Of
Debt (Schedule Of Maturities Of Long-Term Debt) (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
2,017 | $ 39,058,000 | |
2,018 | 126,193,000 | |
2,019 | 6,215,000 | |
2,020 | 393,363,000 | |
2,021 | 2,307,000 | |
Thereafter | 315,801,000 | |
Total | 882,937,000 | |
Corporate [Member] | Convertible Notes [Member] | $120.0 Million Convertible Notes due 2018 [Member] | ||
Debt instrument, face amount | 120,000,000 | $ 120,000,000 |
Corporate [Member] | Convertible Notes [Member] | $170.0 Million Convertible Notes due 2022 [Member] | ||
Debt instrument, face amount | $ 170,000,000 |
Debt (Narrative - Short-term No
Debt (Narrative - Short-term Notes Payable and Other Borrowings) (Details) - Revolvers [Member] - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Green Plains Cattle [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding note payable | $ 63.5 | $ 69.7 |
Green Plains Grain [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding note payable | 102 | 77 |
Green Plains Trade [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding note payable | $ 125.7 | $ 80.2 |
Debt (Narrative - Ethanol Produ
Debt (Narrative - Ethanol Production Segment) (Details) - Green Plains Processing [Member] - Term Loan [Member] - $345.0 Million Term Loan [Member] | 12 Months Ended | |
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 345,000,000 | $ 345,000,000 |
Ethanol Production [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 345,000,000 | |
Interest rate, basis for effective rate | 5.50% plus LIBOR, subject to a 1.00% floor | |
Total leverage ratio, ratio at period end | 3.75 | |
Interest rate, effective percentage | 6.50% | |
Scheduled principal payments, periodic | $ 900,000 | |
Ethanol Production [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Fixed charge coverage ratio | 1.25 | |
Percentage of available free cash flow from operations, subject to certain limitations, required to be used toward quarterly special payments | 50.00% | |
Ethanol Production [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Total leverage ratio, initial ratio | 4 | |
Total leverage ratio, decreased ratio over the life of the debt | 3.25 | |
Percentage of available free cash flow from operations, subject to certain limitations, required to be used toward quarterly special payments | 75.00% | |
Ethanol Production [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate, basis spread on variable rate, percentage | 5.50% | |
Ethanol Production [Member] | LIBOR [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate, basis spread on variable rate, percentage | 1.00% |
Debt (Narrative - Agribusiness
Debt (Narrative - Agribusiness & Energy Services, Food & Food Services, Partnership, Corporate Activities, Capitalized Interest, And Restricted Net Assets) (Details) | 12 Months Ended | |||
Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Jul. 01, 2016USD ($) | |
Debt Instrument [Line Items] | ||||
Debt issuance costs | $ 16,900,000 | |||
Capitalized interest | 800,000 | $ 1,100,000 | $ 191,000 | |
Restricted assets | 835,000,000 | |||
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 | $ 11,400,000 | |||
Fleischmann’s Vinegar [Member] | Revolving Credit Facility [Member] | $15.0 Million Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | 15,000,000 | |||
Fleischmann’s Vinegar [Member] | Term Loan [Member] | $130.0 Million Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | 130,000,000 | |||
Agribusiness and Energy Services [Member] | Green Plains Grain [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | 125,000,000 | |||
Line of credit, maximum borrowing capacity | 250,000,000 | |||
Additional amounts available under facility, accordian feature | 75,000,000 | |||
Additional amount available under credit facility without consent of the lenders | 50,000,000 | |||
Minimum working capital required for compliance | 20,300,000 | |||
Minimum net worth required for compliance | 26,300,000 | |||
Annual capital expenditures, maximum | 8,000,000 | |||
Annual capital expenditures, maximum, equity contributions and unused capital expenditure amounts from the prior year | $ 8,000,000 | |||
Fixed charge coverage ratio | 1.25 | |||
Annual leverage ratio | 6 | |||
Allowable dividends as percentage of net profit before taxes | 50.00% | |||
Agribusiness and Energy Services [Member] | Green Plains Grain [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate, basis spread on variable rate, percentage | 3.00% | |||
Interest rate, basis for effective rate | LIBOR plus 3.00% | |||
Agribusiness and Energy Services [Member] | Green Plains Grain [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate, basis spread on variable rate, percentage | 2.00% | |||
Interest rate, basis for effective rate | base rate plus 2.00% | |||
Agribusiness and Energy Services [Member] | Green Plains Trade [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 150,000,000 | |||
Unused portion of credit facility, commitment fee | 0.50% | |||
Annual capital expenditures, maximum | $ 1,500,000 | |||
Fixed charge coverage ratio | 1.15 | |||
Allowable dividends as percentage of net profit before taxes | 50.00% | |||
Undrawn availability of revolving credit facility on a pro forma basis | $ 10,000,000 | |||
Restricted cash | $ 35,000,000 | |||
Agribusiness and Energy Services [Member] | Green Plains Trade [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate, basis spread on variable rate, percentage | 2.50% | |||
Interest rate, basis for effective rate | LIBOR plus 2.50% | |||
Agribusiness and Energy Services [Member] | Green Plains Trade [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate, basis spread on variable rate, percentage | 1.50% | |||
Interest rate, basis for effective rate | base rate plus 1.50% | |||
Food and Food Ingredients [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 100,000,000 | |||
Additional amounts available under facility, accordian feature | 50,000,000 | |||
Minimum working capital required for compliance | 15,000,000 | |||
Minimum net worth required for compliance | 20,300,000 | |||
Annual capital expenditures, maximum | 3,000,000 | |||
Annual capital expenditures, maximum, funded by contribution from parent | $ 5,000,000 | |||
Annual leverage ratio | 3.50 | |||
Food and Food Ingredients [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% | |||
Food and Food Ingredients [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% | |||
Food and Food Ingredients [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Unused portion of credit facility, commitment fee | 0.20% | |||
Food and Food Ingredients [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | Minimum [Member] | LIBOR [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate, basis spread on variable rate, percentage | 2.00% | |||
Food and Food Ingredients [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Base Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate, basis spread on variable rate, percentage | 0.00% | |||
Food and Food Ingredients [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Unused portion of credit facility, commitment fee | 0.25% | |||
Food and Food Ingredients [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | Maximum [Member] | LIBOR [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate, basis spread on variable rate, percentage | 3.00% | |||
Food and Food Ingredients [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | Maximum [Member] | Base Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate, basis spread on variable rate, percentage | 0.25% | |||
Food and Food Ingredients [Member] | Fleischmann’s Vinegar [Member] | Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Unused portion of credit facility, commitment fee | 0.50% | |||
Food and Food Ingredients [Member] | Fleischmann’s Vinegar [Member] | Term Loan [Member] | LIBOR [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate, basis for effective rate | LIBOR plus an applicable margin of 6.0% to 7.0% | |||
Food and Food Ingredients [Member] | Fleischmann’s Vinegar [Member] | Term Loan [Member] | Base Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate, basis for effective rate | base rate plus an applicable margin of 5.0% to 6.0% | |||
Food and Food Ingredients [Member] | Fleischmann’s Vinegar [Member] | Term Loan [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Prepayment fees | 1.00% | |||
Fixed charge coverage ratio | 1 | |||
Net leverage ratio | 5 | |||
Food and Food Ingredients [Member] | Fleischmann’s Vinegar [Member] | Term Loan [Member] | Minimum [Member] | LIBOR [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate, basis spread on variable rate, percentage | 6.00% | |||
Food and Food Ingredients [Member] | Fleischmann’s Vinegar [Member] | Term Loan [Member] | Minimum [Member] | Base Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate, basis spread on variable rate, percentage | 5.00% | |||
Food and Food Ingredients [Member] | Fleischmann’s Vinegar [Member] | Term Loan [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Prepayment fees | 2.00% | |||
Fixed charge coverage ratio | 1.10 | |||
Net leverage ratio | 7 | |||
Food and Food Ingredients [Member] | Fleischmann’s Vinegar [Member] | Term Loan [Member] | Maximum [Member] | LIBOR [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate, basis spread on variable rate, percentage | 7.00% | |||
Food and Food Ingredients [Member] | Fleischmann’s Vinegar [Member] | Term Loan [Member] | Maximum [Member] | Base Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate, basis spread on variable rate, percentage | 6.00% | |||
Food and Food Ingredients [Member] | Fleischmann’s Vinegar [Member] | Term Loan [Member] | $130.0 Million Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 130,000,000 | |||
Food and Food Ingredients [Member] | Fleischmann’s Vinegar [Member] | Term Loan [Member] | $15.0 Million Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | 15,000,000 | |||
Partnership [Member] | Green Plains Operating Company [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | 155,000,000 | $ 100,000,000 | ||
Additional amounts available under facility, accordian feature | 100,000,000 | |||
Net leverage ratio, total funded indebtedness, cash in excess of minimum amount | 5,000,000 | |||
Net leverage ratio, total funded indebtedness, amount divided by the four preceding quarts' consolidated EBITDA | $ 30,000,000 | |||
Partnership [Member] | Green Plains Operating Company [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate, basis for effective rate | LIBOR plus 2.25% to 3.00% | |||
Partnership [Member] | Green Plains Operating Company [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate, basis for effective rate | base rate plus 1.25% to 2.00% | |||
Partnership [Member] | Green Plains Operating Company [Member] | Revolving Credit Facility [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Unused portion of credit facility, commitment fee | 0.35% | |||
Interest coverage ratio | 2.75 | |||
Partnership [Member] | Green Plains Operating Company [Member] | Revolving Credit Facility [Member] | Minimum [Member] | LIBOR [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate, basis spread on variable rate, percentage | 2.25% | |||
Partnership [Member] | Green Plains Operating Company [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Base Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate, basis spread on variable rate, percentage | 1.25% | |||
Partnership [Member] | Green Plains Operating Company [Member] | Revolving Credit Facility [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Unused portion of credit facility, commitment fee | 0.50% | |||
Net leverage ratio | 3.50 | |||
Partnership [Member] | Green Plains Operating Company [Member] | Revolving Credit Facility [Member] | Maximum [Member] | LIBOR [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate, basis spread on variable rate, percentage | 3.00% | |||
Partnership [Member] | Green Plains Operating Company [Member] | Revolving Credit Facility [Member] | Maximum [Member] | Base Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate, basis spread on variable rate, percentage | 2.00% | |||
Partnership [Member] | Birmingham BioEnergy Partners LLC [Member] | New Market Tax Credits [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 10,000,000 | |||
Note receivable | 8,100,000 | |||
Debt instrument, right to call | $ 8,100,000 | |||
Statutory life, in years | 7 years | |||
Principal payments (including interest) | $ 200,000 | |||
Anticipated tax credits | 5,000,000 | |||
Corporate Activities [Member] | Convertible Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt conversion amount | 1,000 | |||
Corporate Activities [Member] | Convertible Notes [Member] | $120.0 Million Convertible Notes due 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 120,000,000 | |||
Interest rate, stated percentage | 3.25% | |||
Common stock, dividends per share, cash paid per share | $ / shares | $ 0.04 | |||
Common stock for conversion, shares | shares | 49.4123 | |||
Debt conversion price | $ / shares | $ 20.24 | |||
Conversion price percentage | 140.00% | |||
Principal amount of notes, percentage | 100.00% | |||
Corporate Activities [Member] | Convertible Notes [Member] | $170.0 Million Convertible Notes due 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 170,000,000 | |||
Debt issuance costs | $ 5,700,000 | |||
Interest rate, stated percentage | 4.125% | |||
Convertible debt, liability component, estimated comparable effective interest rate | 9.31% | |||
Convertible debt, equity component, debt discount recorded to APIC | $ 40,600,000 | |||
Debt issuance costs, amount allocated to convertible debt liability component | $ 4,300,000 | |||
Common stock, dividends per share, cash paid per share | $ / shares | $ 0.12 | |||
Common stock for conversion, shares | shares | 35.7143 | |||
Debt conversion amount | $ 1,000 | |||
Debt conversion price | $ / shares | $ 28 | |||
Conversion price percentage | 140.00% | |||
Principal amount of notes, percentage | 100.00% |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares or units authorized | 3,500,000 | ||
Number of units granted during period | 0 | 0 | 0 |
Compensation costs expensed | $ 9.5 | $ 8.8 | $ 7.2 |
Unrecognized compensation costs | $ 11.6 | ||
Compensation expected to be recognized, weighted-average period in years | 1 year 8 months 12 days | ||
Potential tax benefit, percentage | 37.70% | ||
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 | ||
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercisable options, expiration period | 5 years | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercisable options, expiration period | 8 years |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule Of Stock Option Activity) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 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 (in years) | 2 years 9 months 18 days | 2 years 4 months 24 days |
Outstanding at December 31, 2015, Aggregate Intrinsic Value | $ | $ 3,866 | |
Exercised, Shares | shares | (150,000) | |
Exercised, Weighted Average Exercise Price | $ / shares | $ 7.28 | |
Exercised, Aggregate Intrinsic Value | $ | $ 2,250 | |
Outstanding at December 31, 2016, Shares | shares | 148,750 | 298,750 |
Outstanding at December 31, 2016, Weighted Average Exercise Price | $ / shares | $ 12.36 | $ 9.81 |
Outstanding at December 31, 2016, Weighted-Average Remaining Contractual Term (in years) | 2 years 9 months 18 days | 2 years 4 months 24 days |
Outstanding at December 31, 2016, Aggregate Intrinsic Value | $ | $ 2,305 | $ 3,866 |
Exercisable at December 31, 2016, Shares | shares | 148,750 | |
Exercisable at December 31, 2016, Weighted Average Exercise Price | $ / shares | $ 12.36 | |
Exercisable at December 31, 2016, Weighted Average Remaining Contractual | 2 years 9 months 18 days | |
Exercisable at December 31, 2016, Aggregate Intrinsic Value | $ | $ 2,305 | |
In-the-money options, shares | shares | 148,750 | |
In-the-money options, weighted-average exercise price | $ / shares | 12.36 |
Stock-Based Compensation (Sch73
Stock-Based Compensation (Schedule Of Non-Vested Stock Award And DSU Activity) (Details) | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Nonvested at December 31, 2015, Non-Vested Shares and Deferred Stock Units | shares | 736,728 |
Nonvested at December 31, 2015, Weighted-Average Grant-Date Fair Value | $ / shares | $ 22.96 |
Granted, Non-Vested Shares and Deferred Stock Units | shares | 825,246 |
Granted, Weighted-Average Grant-Date Fair Value | $ / shares | $ 14.20 |
Forfeited, Non-Vested Shares and Deferred Stock Units | shares | (49,149) |
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares | $ 18.59 |
Vested, Non-Vested Shares and Deferred Stock Units | shares | (373,265) |
Vested, Weighted-Average Grant-Date Fair Value | $ / shares | $ 20.36 |
Nonvested at December 31, 2016, Non-Vested Shares and Deferred Stock Units | shares | 1,139,560 |
Nonvested at December 31, 2016, Weighted-Average Grant-Date Fair Value | $ / shares | $ 17.65 |
Nonvested at December 31, 2016, Weighted-Average Remaining Vesting Term (in years) | 1 year 8 months 12 days |
Green Plains Partners [Member] | |
Nonvested at December 31, 2015, Non-Vested Shares and Deferred Stock Units | shares | 10,089 |
Nonvested at December 31, 2015, Weighted-Average Grant-Date Fair Value | $ / shares | $ 14.93 |
Granted, Non-Vested Shares and Deferred Stock Units | shares | 16,260 |
Granted, Weighted-Average Grant-Date Fair Value | $ / shares | $ 15.82 |
Forfeited, Non-Vested Shares and Deferred Stock Units | shares | (5,333) |
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares | $ 14.93 |
Vested, Non-Vested Shares and Deferred Stock Units | shares | (6,007) |
Vested, Weighted-Average Grant-Date Fair Value | $ / shares | $ 14.69 |
Nonvested at December 31, 2016, Non-Vested Shares and Deferred Stock Units | shares | 15,009 |
Nonvested at December 31, 2016, Weighted-Average Grant-Date Fair Value | $ / shares | $ 15.99 |
Nonvested at December 31, 2016, Weighted-Average Remaining Vesting Term (in years) | 6 months |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income (loss) attributable to Green Plains | $ 18,682 | $ 7,928 | $ 8,191 | $ (24,138) | $ (3,589) | $ 6,179 | $ 7,792 | $ (3,318) | $ 10,663 | $ 7,064 | $ 159,504 |
Weighted average shares outstanding - basic | 38,318 | 37,947 | 36,467 | ||||||||
Income (loss) attributable to Green Plains stockholders - basic | $ 0.49 | $ 0.21 | $ 0.21 | $ (0.63) | $ (0.09) | $ 0.16 | $ 0.20 | $ (0.09) | $ 0.28 | $ 0.19 | $ 4.37 |
Net income (loss) attributable to Green Plains on an as-if-converted basis | $ 10,663 | $ 7,064 | $ 161,459 | ||||||||
Effect of dilutive stock-based compensation awards | 100 | 142 | 217 | ||||||||
Total potential shares outstanding | 38,573 | 39,028 | 40,730 | ||||||||
Income (loss) attributable to Green Plains stockholders - diluted | $ 0.47 | $ 0.20 | $ 0.21 | $ (0.63) | $ (0.09) | $ 0.16 | $ 0.19 | $ (0.09) | $ 0.28 | $ 0.18 | $ 3.96 |
5.75% Convertible Senior Notes due 2015 [Member] | Senior Notes [Member] | |||||||||||
Interest and amortization on convertible debt, net of tax effect | $ 576 | ||||||||||
Effect of dilutive convertible debt | 1,006 | ||||||||||
Interest rate, stated percentage | 5.75% | 5.75% | |||||||||
3.25% Convertible Senior Notes due 2018 [Member] | Senior Notes [Member] | |||||||||||
Interest and amortization on convertible debt, net of tax effect | $ 1,379 | ||||||||||
Effect of dilutive convertible debt | 155 | 939 | 3,040 | ||||||||
Interest rate, stated percentage | 3.25% | 3.25% | |||||||||
4.125% Convertible Senior Notes Due 2022 [Member] | |||||||||||
Interest rate, stated percentage | 4.125% | 4.125% |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) | Feb. 08, 2017 | Jan. 23, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Aug. 31, 2014 |
Treasury stock, shares | 7,714,990 | 7,391,700 | ||||
Treasury stock | $ 75,816,000 | $ 69,811,000 | ||||
Authorized amount of share repurchase program | $ 100,000,000 | |||||
Repurchase of common stock, shares | 323,290 | 514,990 | ||||
Repurchase of common stock | $ 6,000,000 | $ 10,000,000 | ||||
Subsequent Event [Member] | ||||||
Quarterly cash dividend declared, in dollars per share | $ 0.12 | |||||
Green Plains Partners [Member] | Subsequent Event [Member] | ||||||
Quarterly cash distribution per unit declared | $ 0.43 |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule of Reclassification From AOCI) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Gains (losses) on cash flow hedges | $ (24,602) | $ 4,869 | $ (301,583) |
Income tax expense (benefit) | (8,830) | 1,855 | (139,754) |
Amounts reclassified from accumulated other comprehensive income (loss) | (15,772) | 3,014 | (161,829) |
Revenue [Member] | Ethanol Commodity Derivatives [Member] | |||
Gains (losses) on cash flow hedges | (8,094) | 8,420 | (257,730) |
Cost of goods sold [Member] | Corn Commodity Derivatives [Member] | |||
Gains (losses) on cash flow hedges | (16,508) | (3,551) | (43,853) |
Income (loss) before income taxes [Member] | |||
Gains (losses) on cash flow hedges | (24,602) | 4,869 | (301,583) |
Income tax expense (benefit) [Member] | |||
Income tax expense (benefit) | $ (8,830) | $ 1,855 | $ (139,754) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) $ in Millions | Dec. 31, 2016USD ($) |
Income Taxes [Abstract] | |
Deferred tax valuation allowance, state | $ 2.3 |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Tax Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Abstract] | |||||||||||
Current | $ 2,950 | $ 33,750 | $ 67,389 | ||||||||
Deferred | 4,910 | (27,513) | 23,537 | ||||||||
Income tax expense | $ 12,199 | $ 5,083 | $ 5,471 | $ (14,893) | $ 4,066 | $ (604) | $ 5,222 | $ (2,447) | $ 7,860 | $ 6,237 | $ 90,926 |
Income Taxes (Schedule Of Diffe
Income Taxes (Schedule Of Differences Between The Income Tax Expense (Benefit)Computed At The Statutory Federal income Tax Rate And As Presented On The Consolidated Statements Of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Federal statutory rate | 35.00% | 35.00% | 35.00% | ||||||||
Tax expense at federal statutory rate of 35% | $ 13,423 | $ 7,513 | $ 87,650 | ||||||||
State income tax expense, net of federal benefit | 323 | 1,397 | 6,810 | ||||||||
Qualified production activities deduction | (4,637) | ||||||||||
Nondeductible compensation | 185 | 848 | |||||||||
Noncontrolling interests | (6,940) | (2,857) | |||||||||
Other | 869 | 184 | 255 | ||||||||
Income tax expense | $ 12,199 | $ 5,083 | $ 5,471 | $ (14,893) | $ 4,066 | $ (604) | $ 5,222 | $ (2,447) | 7,860 | 6,237 | 90,926 |
Green Plains Inc. [Member] | |||||||||||
Income tax expense | $ (12,381) | $ (4,106) | $ (4,361) |
Income Taxes (Schedule Of Signi
Income Taxes (Schedule Of Significant Components Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets: | ||
Net operating loss carryforwards - Federal | $ 2,112 | |
Net operating loss carryforwards - State | 1,290 | $ 337 |
Tax credit carryforwards - State | 3,701 | 4,348 |
Derivative financial instruments | 1,218 | |
Investment in partnerships | 91,951 | 46,519 |
Organizational and start-up costs | 26 | |
Stock-based compensation | 3,535 | 3,080 |
Accrued Expenses | 10,722 | 10,649 |
Capital leases | 3,764 | 3,800 |
Other | 3,001 | 1,858 |
Total deferred tax assets | 121,294 | 70,617 |
Deferred tax liabilities: | ||
Convertible debt | (17,593) | (5,329) |
Fixed assets | (205,189) | (139,383) |
Derivative financial instruments | (4,542) | |
Organizational and start-up costs | (36,464) | |
Total deferred tax liabilities | (259,246) | (149,254) |
Valuation allowance | (2,310) | (3,160) |
Deferred income taxes | $ (140,262) | $ (81,797) |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of The Beginning And Ending Amounts Of Unrecognized Tax Benefits) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Income Taxes [Abstract] | |
Balance at January 1, 2016 | $ 189 |
Additions for prior year tax positions | 5 |
Reductions for prior year tax positions | |
Balance at December 31, 2016 | $ 194 |
Commitments And Contingencies82
Commitments And Contingencies (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)propertyitem | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Trading Activity, Gains and Losses, Net [Line Items] | |||
Lease expenses | $ 38 | $ 33.2 | $ 31.8 |
Contracted future deliveries | $ 504.4 | ||
Number of ethanol plants | item | 17 | ||
Acquisition Of Fairmont Minnesota And Wood River Nebraska Ethanol Plants [Member] | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Number of ethanol plants | property | 2 | ||
Previously accrued contingent liabilities that no longer represent probable losses | $ 6.3 | ||
Gain contingency | $ 5.5 | ||
Green Plains Otter Tail [Member] | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Insurance recoveries received for property damage portion of claim | 7.8 | ||
Gain on property damage insurance recovery | 4.2 | ||
Insurance proceeds received related to business interruption portion of claim | $ 10.5 |
Commitments And Contingencies83
Commitments And Contingencies (Future Minimum Lease Payments) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Commitments And Contingencies [Abstract] | |
2,017 | $ 35,170 |
2,018 | 25,959 |
2,019 | 16,991 |
2,020 | 11,442 |
2,021 | 5,042 |
Thereafter | 20,653 |
Total | $ 115,257 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Benefit Plans [Abstract] | |||
Defined contribution plan, employer matching contribution, percent | 4.00% | ||
Defined contribution plan, vesting percentage | 100.00% | ||
Employer contributions to 401(k) plan | $ 1.6 | $ 1.4 | $ 1.1 |
Defined benefit pension plan, assets | 5.5 | ||
Defined benefit pension plan, liabilities | 6.6 | ||
Funded status of plan on balance sheet | $ (1.1) |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) | 12 Months Ended | |||
Dec. 31, 2016USD ($)h / yritem | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Mar. 31, 2014USD ($) | |
Related Party Transaction [Line Items] | ||||
Outstanding accounts payable | $ 192,275,000 | $ 166,963,000 | ||
Amur Equipment Finance [Member] | ||||
Related Party Transaction [Line Items] | ||||
Outstanding note payable | $ 1,400,000 | |||
Due to related parties, current | 800,000 | 1,000,000 | ||
Principal payments (including interest) | $ 300,000 | 300,000 | $ 300,000 | |
Weighted average interest rate | 6.80% | |||
Board of Directors Chairman [Member] | Aircraft Lease [Member] | ||||
Related Party Transaction [Line Items] | ||||
Number of related party transaction agreements | item | 2 | |||
Number of leased aircrafts | item | 2 | |||
Aircraft lease amount payable, per month | $ 9,766 | 15,834 | ||
Aircraft hours available each month under lease | h / yr | 125 | |||
Cash payments | $ 190,000 | 270,000 | $ 187,000 | |
Outstanding accounts payable | $ 0 | $ 0 |
Quarterly Financial Data (Detai
Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Data[Abstract] | |||||||||||
Revenues | $ 932,098 | $ 841,852 | $ 887,727 | $ 749,204 | $ 739,914 | $ 742,797 | $ 744,490 | $ 738,388 | $ 3,410,881 | $ 2,965,589 | $ 3,235,611 |
Cost and expenses | 876,028 | 810,997 | 860,318 | 771,850 | 727,176 | 722,964 | 720,088 | 734,284 | |||
Operating income (loss) | 56,070 | 30,855 | 27,409 | (22,646) | 12,738 | 19,833 | 24,402 | 4,104 | 91,688 | 61,077 | 286,274 |
Other expense | (19,433) | (12,888) | (8,953) | (12,063) | (7,959) | (10,396) | (11,388) | (9,869) | (53,337) | (39,612) | (35,844) |
Income tax expense (benefit) | 12,199 | 5,083 | 5,471 | (14,893) | 4,066 | (604) | 5,222 | (2,447) | 7,860 | 6,237 | 90,926 |
Net income (loss) attributable to Green Plains | $ 18,682 | $ 7,928 | $ 8,191 | $ (24,138) | $ (3,589) | $ 6,179 | $ 7,792 | $ (3,318) | $ 10,663 | $ 7,064 | $ 159,504 |
Basic earnings (loss) per share attributable to Green Plains | $ 0.49 | $ 0.21 | $ 0.21 | $ (0.63) | $ (0.09) | $ 0.16 | $ 0.20 | $ (0.09) | $ 0.28 | $ 0.19 | $ 4.37 |
Diluted earnings (loss) per share attributable to Green Plains | $ 0.47 | $ 0.20 | $ 0.21 | $ (0.63) | $ (0.09) | $ 0.16 | $ 0.19 | $ (0.09) | $ 0.28 | $ 0.18 | $ 3.96 |
Schedule I - Condensed Financ87
Schedule I - Condensed Financial Information Of The Registrant (Condensed Financial Information Of The Registrant Statements Of Balance Sheet - Parent Company Only) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Current assets | ||||
Cash and cash equivalents | $ 304,211 | $ 384,867 | $ 425,510 | $ 272,027 |
Restricted cash | 51,979 | 27,018 | ||
Accounts receivable, including amounts from related parties of $0 and $1,080, respectively | 147,495 | 96,150 | ||
Income taxes receivable | 10,379 | 9,104 | ||
Prepaid expenses and other | 17,095 | 10,941 | ||
Total current assets | 1,000,576 | 912,577 | ||
Property and equipment, net | 1,178,706 | 922,070 | ||
Other assets | 143,514 | 42,396 | ||
Total assets | 2,506,492 | 1,917,920 | ||
Current liabilities | ||||
Accounts payable | 192,275 | 166,963 | ||
Accrued liabilities | 67,473 | 32,026 | ||
Total current liabilities | 594,946 | 438,669 | ||
Long-term debt | 782,610 | 432,139 | ||
Deferred income taxes | 140,262 | 81,797 | ||
Other liabilities | 9,483 | 6,406 | ||
Total liabilities | 1,527,301 | 959,011 | ||
Stockholders’ equity | ||||
Common stock | 46 | 45 | ||
Additional paid-in capital | 659,200 | 577,787 | ||
Retained earnings | 283,214 | 290,974 | ||
Treasury stock | (75,816) | (69,811) | ||
Total Green Plains stockholders' equity | 862,507 | 797,830 | ||
Total liabilities and stockholders’ equity | 2,506,492 | 1,917,920 | ||
Green Plains Inc. [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 188,953 | 273,294 | $ 252,689 | $ 143,852 |
Restricted cash | 16,947 | 10,130 | ||
Accounts receivable, including amounts from related parties of $0 and $1,080, respectively | 285 | 1,188 | ||
Income taxes receivable | 10,379 | 9,104 | ||
Prepaid expenses and other | 1,199 | 1,189 | ||
Due from subsidiaries | 48,785 | 26,109 | ||
Total current assets | 266,548 | 321,014 | ||
Property and equipment, net | 12,900 | 3,811 | ||
Investment in consolidated subsidiaries | 916,138 | 549,642 | ||
Deferred income taxes | 87,310 | 53,273 | ||
Other assets | 9,642 | 14,846 | ||
Total assets | 1,292,538 | 942,586 | ||
Current liabilities | ||||
Accounts payable | 6,916 | 1,889 | ||
Due to subsidiaries | 160,486 | 25,973 | ||
Accrued liabilities | 20,488 | 12,511 | ||
Total current liabilities | 187,890 | 40,373 | ||
Long-term debt | 236,056 | 103,072 | ||
Other liabilities | 2,890 | 146 | ||
Total liabilities | 426,836 | 143,591 | ||
Stockholders’ equity | ||||
Common stock | 46 | 45 | ||
Additional paid-in capital | 658,258 | 577,787 | ||
Retained earnings | 283,214 | 290,974 | ||
Treasury stock | (75,816) | (69,811) | ||
Total Green Plains stockholders' equity | 865,702 | 798,995 | ||
Total liabilities and stockholders’ equity | 1,292,538 | 942,586 | ||
Accounts receivable, amounts from related parties | $ 0 | $ 1,080 |
Schedule I - Condensed Financ88
Schedule I - Condensed Financial Information Of The Registrant (Condensed Financial Information Of The Registrant Statements Of Income - Parent Company Only) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Selling, general and administrative expenses | $ 104,677 | $ 79,594 | $ 77,729 | ||||||||
Operating income (loss) | $ 56,070 | $ 30,855 | $ 27,409 | $ (22,646) | $ 12,738 | $ 19,833 | $ 24,402 | $ 4,104 | 91,688 | 61,077 | 286,274 |
Other income (expense) | |||||||||||
Interest income | 1,541 | 1,211 | 635 | ||||||||
Interest expense | (51,851) | (40,366) | (39,908) | ||||||||
Other, net | (3,027) | (457) | 3,429 | ||||||||
Total other expense | (19,433) | (12,888) | (8,953) | (12,063) | (7,959) | (10,396) | (11,388) | (9,869) | (53,337) | (39,612) | (35,844) |
Income (loss) before income taxes | 38,351 | 21,465 | 250,430 | ||||||||
Income tax benefit | $ (12,199) | $ (5,083) | $ (5,471) | $ 14,893 | $ (4,066) | $ 604 | $ (5,222) | $ 2,447 | (7,860) | (6,237) | (90,926) |
Net income | 30,491 | 15,228 | 159,504 | ||||||||
Green Plains Inc. [Member] | |||||||||||
Selling, general and administrative expenses | 3,174 | ||||||||||
Operating income (loss) | (3,174) | ||||||||||
Other income (expense) | |||||||||||
Interest income | 1,193 | 838 | 462 | ||||||||
Interest expense | (14,511) | (9,280) | (9,539) | ||||||||
Other, net | (8,072) | (3,366) | (3,860) | ||||||||
Total other expense | (21,390) | (11,808) | (12,937) | ||||||||
Income (loss) before income taxes | (24,564) | (11,808) | (12,937) | ||||||||
Income tax benefit | 12,381 | 4,106 | 4,361 | ||||||||
Loss before equity in earnings of subsidiaries | (12,183) | (7,702) | (8,576) | ||||||||
Equity in earnings of consolidated subsidiaries | 22,846 | 14,766 | 168,080 | ||||||||
Net income | $ 10,663 | $ 7,064 | $ 159,504 |
Schedule I - Condensed Financ89
Schedule I - Condensed Financial Information Of The Registrant (Condensed Financial Information Of The Registrant Statements Of Cash Flows - Parent Company Only) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net Cash Provided by (Used in) Operating Activities [Abstract] | |||
Net cash provided (used) by operating activities | $ 82,987 | $ 10,226 | $ 221,550 |
Cash flows from investing activities: | |||
Purchases of property and equipment | (58,171) | (63,418) | (59,547) |
Acquisition of businesses | (508,143) | (116,796) | (23,900) |
Investments in unconsolidated subsidiaries | (6,342) | (3,055) | (4,406) |
Net cash provided (used) by investing activities | (572,598) | (183,201) | (78,595) |
Cash flows from financing activities: | |||
Proceeds from the issuance of long-term debt | 524,000 | 178,400 | 542,692 |
Payments of principal on long-term debt | (106,803) | (195,810) | (557,850) |
Payments for repurchase of common stock | (6,005) | (4,003) | |
Payment of cash dividends | (37,278) | (19,795) | (8,908) |
Payments of loan fees | (12,053) | (5,314) | (7,630) |
Proceeds from the exercise of stock options | 1,757 | 766 | 4,404 |
Net cash provided (used) by financing activities | 408,955 | 132,332 | 10,528 |
Net change in cash and cash equivalents | (80,656) | (40,643) | 153,483 |
Cash and cash equivalents, beginning of period | 384,867 | 425,510 | 272,027 |
Cash and cash equivalents, end of period | 304,211 | 384,867 | 425,510 |
Green Plains Inc. [Member] | |||
Net Cash Provided by (Used in) Operating Activities [Abstract] | |||
Net cash provided (used) by operating activities | 72,172 | 19,844 | (13,962) |
Cash flows from investing activities: | |||
Purchases of property and equipment | (11,556) | (1,191) | (2,829) |
Acquisition of businesses | (512,356) | (116,796) | |
Transfer of assets to Green Plains Partners LP | 152,312 | ||
Investment in consolidated subsidiaries, net | 77,615 | 143,151 | 125,179 |
Issuance of notes receivable from subsidiaries, net of payments received | 3,000 | (3,000) | 9,500 |
Investments in unconsolidated subsidiaries | (7,206) | (2,975) | (4,309) |
Net cash provided (used) by investing activities | (298,191) | 19,189 | 127,541 |
Cash flows from financing activities: | |||
Proceeds from the issuance of long-term debt | 170,000 | ||
Payments of principal on long-term debt | (238) | ||
Payments for repurchase of common stock | (6,005) | (4,003) | |
Payment of cash dividends | (18,423) | (15,191) | (8,908) |
Payments of loan fees | (5,651) | ||
Proceeds from the exercise of stock options | 1,757 | 766 | 4,404 |
Net cash provided (used) by financing activities | 141,678 | (18,428) | (4,742) |
Net change in cash and cash equivalents | (84,341) | 20,605 | 108,837 |
Cash and cash equivalents, beginning of period | 273,294 | 252,689 | 143,852 |
Cash and cash equivalents, end of period | $ 188,953 | $ 273,294 | $ 252,689 |
Schedule I - Condensed Financ90
Schedule I - Condensed Financial Information Of The Registrant (Commitments And Contingencies) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Aggregate minimum lease payments under agreements for future fiscal years: | |||
Total | $ 115,257 | ||
Green Plains Inc. [Member] | |||
Lease expense | 1,100 | $ 1,100 | $ 1,000 |
Aggregate minimum lease payments under agreements for future fiscal years: | |||
2,017 | 1,951 | ||
2,018 | 1,919 | ||
2,019 | 1,897 | ||
2,020 | 1,372 | ||
2,021 | 1,333 | ||
Thereafter | 14,682 | ||
Total | 23,154 | ||
Guarantees of subsidiary contracts and indebtedness | $ 275,900 |
Schedule I - Condensed Financ91
Schedule I - Condensed Financial Information Of The Registrant (Debt) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Scheduled long-term debt repayments, excluding effects of any debt discounts and including full accretion of 3.25% Notes at their maturity: | |
2,017 | $ 39,058 |
2,018 | 126,193 |
2,019 | 6,215 |
2,020 | 393,363 |
2,021 | 2,307 |
Thereafter | $ 315,801 |
3.25% Convertible Senior Notes due 2018 [Member] | Senior Notes [Member] | |
Interest rate, stated percentage | 3.25% |
4.125% Convertible Senior Notes Due 2022 [Member] | |
Interest rate, stated percentage | 4.125% |
Green Plains Inc. [Member] | |
Scheduled long-term debt repayments, excluding effects of any debt discounts and including full accretion of 3.25% Notes at their maturity: | |
2,017 | |
2,018 | 120,000 |
2,019 | |
2,020 | |
2,021 | |
Thereafter | 170,000 |
Total | $ 290,000 |
Green Plains Inc. [Member] | 3.25% Convertible Senior Notes due 2018 [Member] | Senior Notes [Member] | |
Interest rate, stated percentage | 3.25% |
Green Plains Inc. [Member] | 4.125% Convertible Senior Notes Due 2022 [Member] | Senior Notes [Member] | |
Interest rate, stated percentage | 4.125% |