Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Aug. 01, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,017 | |
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 | 41,484,094 | |
Trading Symbol | gpre |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | |
Current assets | |||
Cash and cash equivalents | $ 195,442 | $ 304,211 | |
Restricted cash | 29,592 | 51,979 | |
Accounts receivable, net of allowances of $285 and $266, respectively | 134,885 | 147,495 | |
Income taxes receivable | 11,641 | 10,379 | |
Inventories | 444,738 | 422,181 | |
Prepaid expenses and other | 17,144 | 17,095 | |
Derivative financial instruments | 32,784 | 47,236 | |
Total current assets | 866,226 | 1,000,576 | |
Property and equipment, net of accumulated depreciation of $466,548 and $417,993, respectively | 1,199,080 | 1,178,706 | |
Goodwill | 183,696 | 183,696 | |
Other assets | 147,621 | 143,514 | |
Total assets | [1] | 2,396,623 | 2,506,492 |
Current liabilities | |||
Accounts payable | 139,732 | 192,275 | |
Accrued and other liabilities | 44,933 | 67,473 | |
Derivative financial instruments | 8,165 | 8,916 | |
Short-term notes payable and other borrowings | 341,463 | 291,223 | |
Current maturities of long-term debt | 6,178 | 35,059 | |
Total current liabilities | 540,471 | 594,946 | |
Long-term debt | 733,780 | 782,610 | |
Deferred income taxes | 122,810 | 140,262 | |
Other liabilities | 8,595 | 9,483 | |
Total liabilities | 1,405,656 | 1,527,301 | |
Commitments and contingencies (Note 13) | |||
Stockholders’ equity | |||
Common stock, $0.001 par value; 75,000,000 shares authorized; 46,415,977 and 46,079,108 shares issued, and 41,484,712 and 38,364,118 shares outstanding, respectively | 46 | 46 | |
Additional paid-in capital | 679,153 | 659,200 | |
Retained earnings | 254,030 | 283,214 | |
Accumulated other comprehensive loss | (10,400) | (4,137) | |
Treasury stock, 4,931,265 and 7,714,990 shares, respectively | (48,460) | (75,816) | |
Total Green Plains stockholders’ equity | 874,369 | 862,507 | |
Noncontrolling interests | 116,598 | 116,684 | |
Total stockholders’ equity | 990,967 | 979,191 | |
Total liabilities and stockholders’ equity | $ 2,396,623 | $ 2,506,492 | |
[1] | Asset balances by segment exclude intercompany receivable balances |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Consolidated Balance Sheets [Abstract] | ||
Accounts receivable, allowances | $ 285 | $ 266 |
Property, plant and equipment, accumulated depreciation | $ 466,548 | $ 417,993 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 46,415,977 | 46,079,108 |
Common stock, shares outstanding | 41,484,712 | 38,364,118 |
Treasury stock, shares | 4,931,265 | 7,714,990 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Consolidated Statements Of Operations [Abstract] | ||||
Product revenues | $ 884,712 | $ 885,772 | $ 1,770,924 | $ 1,632,956 |
Service revenues | 1,551 | 1,955 | 3,023 | 3,975 |
Total revenues | 886,263 | 887,727 | 1,773,947 | 1,636,931 |
Costs of goods sold | 830,019 | 809,524 | 1,641,915 | 1,534,211 |
Operations and maintenance expenses | 8,267 | 8,504 | 16,798 | 17,149 |
Selling, general and administrative expenses | 25,575 | 23,589 | 49,357 | 43,962 |
Depreciation and amortization expenses | 26,188 | 18,701 | 52,271 | 36,846 |
Total costs and expenses | 890,049 | 860,318 | 1,760,341 | 1,632,168 |
Operating income (loss) | (3,786) | 27,409 | 13,606 | 4,763 |
Other income (expense) | ||||
Interest income | 314 | 368 | 678 | 778 |
Interest expense | (19,430) | (10,499) | (37,926) | (21,297) |
Other, net | 1,357 | 1,178 | 1,367 | (497) |
Total other expense | (17,759) | (8,953) | (35,881) | (21,016) |
Income (loss) before income taxes | (21,545) | 18,456 | (22,275) | (16,253) |
Income tax expense (benefit) | (9,749) | 5,471 | (12,130) | (9,422) |
Net income (loss) | (11,796) | 12,985 | (10,145) | (6,831) |
Net income attributable to noncontrolling interests | 4,570 | 4,794 | 9,818 | 9,116 |
Net income (loss) attributable to Green Plains | $ (16,366) | $ 8,191 | $ (19,963) | $ (15,947) |
Earnings per share: | ||||
Net income (loss) attributable to Green Plains - basic | $ (0.41) | $ 0.21 | $ (0.51) | $ (0.42) |
Net income (loss) attributable to Green Plains - diluted | $ (0.41) | $ 0.21 | $ (0.51) | $ (0.42) |
Weighted average shares outstanding: | ||||
Basic | 40,220 | 38,425 | 39,326 | 38,311 |
Diluted | 40,220 | 38,536 | 39,326 | 38,311 |
Cash dividend declared per share | $ 0.12 | $ 0.12 | $ 0.24 | $ 0.24 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Consolidated Statements Of Comprehensive Income (Loss) [Abstract] | ||||
Net income (loss) | $ (11,796) | $ 12,985 | $ (10,145) | $ (6,831) |
Other comprehensive income (loss), net of tax: | ||||
Unrealized gains (losses) on derivatives arising during period, net of tax (expense) benefit of $2,026, $2,849, $1,058 and $2,093, respectively | (3,418) | (4,840) | (1,776) | (3,314) |
Reclassification of realized (gains) losses on derivatives, net of tax expense (benefit) of $824, $(932), $2,672 and $(225), respectively | (1,353) | 1,783 | (4,487) | 356 |
Total other comprehensive loss, net of tax | (4,771) | (3,057) | (6,263) | (2,958) |
Comprehensive income (loss) | (16,567) | 9,928 | (16,408) | (9,789) |
Comprehensive income attributable to noncontrolling interests | 4,570 | 4,794 | 9,818 | 9,116 |
Comprehensive (income) loss attributable to Green Plains | $ (21,137) | $ 5,134 | $ (26,226) | $ (18,905) |
Consolidated Statements Of Com6
Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Consolidated Statements Of Comprehensive Income (Loss) [Abstract] | ||||
Unrealized gains on derivatives arising during period, tax expense | $ 2,026 | $ 2,849 | $ 1,058 | $ 2,093 |
Reclassification of realized gains on derivatives, tax expense | $ 824 | $ (932) | $ 2,672 | $ (225) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows from operating activities: | ||
Net loss | $ (10,145) | $ (6,831) |
Adjustments to reconcile net loss to net cash provided (used) by operating activities: | ||
Depreciation and amortization | 60,196 | 41,433 |
Loss on exchange of 3.25% convertible notes due 2018 | 1,291 | |
Gain on disposal of assets | (1,422) | |
Deferred income taxes | (12,896) | (17,936) |
Stock-based compensation | 5,497 | 4,648 |
Undistributed equity in loss of affiliates | 75 | 508 |
Other | 19 | 58 |
Changes in operating assets and liabilities before effects of business combinations: | ||
Accounts receivable | 12,341 | (45,364) |
Inventories | (1,079) | 73,257 |
Derivative financial instruments | 3,622 | (160) |
Prepaid expenses and other assets | (9) | 668 |
Accounts payable and accrued liabilities | (74,435) | (50,981) |
Current income taxes | (1,262) | 5,067 |
Change in restricted cash | 4,299 | |
Other | 1,322 | 567 |
Net cash provided (used) by operating activities | (12,586) | 4,934 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (27,985) | (29,084) |
Acquisition of a business, net of cash acquired | (61,727) | (19,935) |
Distributions from (investments in) unconsolidated subsidiaries | (8,849) | 994 |
Net cash used by investing activities | (98,561) | (48,025) |
Cash flows from financing activities: | ||
Proceeds from the issuance of long-term debt | 33,800 | 66,000 |
Payments of principal on long-term debt | (66,339) | (21,223) |
Proceeds from short-term borrowings | 2,149,950 | 1,970,026 |
Payments on short-term borrowings | (2,099,929) | (1,951,610) |
Cash payment for exchange of 3.25% convertible notes due 2018 | (8,523) | |
Payments for repurchase of common stock | (6,005) | |
Payments of cash dividends and distributions | (19,244) | (18,520) |
Change in restricted cash | 18,089 | 8,234 |
Payments of loan fees | (1,675) | |
Payments related to tax withholdings for stock-based compensation | (3,801) | (2,168) |
Proceeds from exercise of stock options | 50 | 410 |
Net cash provided by financing activities | 2,378 | 45,144 |
Net change in cash and cash equivalents | (108,769) | 2,053 |
Cash and cash equivalents, beginning of period | 304,211 | 384,867 |
Cash and cash equivalents, end of period | 195,442 | 386,920 |
Exchange of 3.25% convertible notes due 2018 for shares of common stock | 47,743 | |
Exchange of common stock held in treasury stock for 3.25% convertible notes due 2018 | 27,356 | |
Supplemental disclosures of cash flow | ||
Cash paid for income taxes | 1,976 | 3,304 |
Cash paid for interest | 30,134 | 20,564 |
Supplemental investing and financing activities: | ||
Assets acquired in acquisitions and mergers | 62,209 | 23,986 |
Less: liabilities assumed | (482) | (1,244) |
Less: allocation of noncontrolling interest in consolidation of BioProcess Algae | (2,807) | |
Net assets acquired | $ 61,727 | $ 19,935 |
Consolidated Statements Of Cas8
Consolidated Statements Of Cash Flows (Parenthetical) | Jun. 30, 2017 |
3.25% Convertible Senior Notes [Member] | |
Interest rate, stated percentage | 3.25% |
Basis Of Presentation, Descript
Basis Of Presentation, Description Of Business And Summary Of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2017 | |
Basis Of Presentation, Description Of Business And Summary Of Significant Accounting Policies [Abstract] | |
Basis Of Presentation, Description Of Business And Summary Of Significant Accounting Policies | 1. BASIS OF PRESENTATION, DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES References to the Company References to “Green Plains” or the “company” in the consolidated financial statements and in these notes to the consolidated financial statements refer to Green Plains Inc., an Iowa corporation, and its subsidiaries. Consolidated Financial Statements The consolidated financial statements include the company’s accounts and all significant intercompany balances and transactions are eliminated. Unconsolidated entities are included in the financial statements on an equity basis. The company owns a 62.5% limited partner interest and a 2.0% general partner interest in Green Plains Partners LP. Public investors own the remaining 35.5% limited partner interest in the partnership. The partnership is consolidated in the company’s financial statements. Effective April 1, 2016, the company increased its ownership of BioProcess Algae, a joint venture formed in 2008, to 82.8% and consolidated BioProcess Algae in its consolidated financial statements beginning on that date. The accompanying unaudited consolidated financial statements are prepared in accordance with GAAP for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Because they do not include all of the information and footnotes required by GAAP, the consolidated financial statements should be read in conjunction with the company’s annual report on Form 10-K for the year ended December 31, 2016 . The unaudited financial information reflects adjustments which are, in the opinion of management, necessary for a fair presentation of results of operations, financial position and cash flows for the periods presented. The adjustments are normal and recurring in nature, unless otherwise noted. Interim period results are not necessarily indicative of the results to be expected for the entire year. Reclassifications Certain prior year amounts were reclassified to conform to the current year presentation. These reclassifications did not affect total revenues, costs and expenses, net income or stockholders’ equity. Use of Estimates in the Preparation of Consolidated Financial Statements The p reparation of the consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The company bases its estimates on historical experience and assumptions it believes are proper and reasonable under the circumstances and regularly evaluates the appropriateness of its estimates and assumptions. Actual results could differ from those estimates. Key accounting policies, including but not limited to those relating to revenue recognition, depreciation of property and equipment, impairment of long-lived assets and goodwill, derivative financial instruments, and accounting for income taxes, are impacted significantly by judgments, assumptions and estimates used in the preparation of the consolidated financial statements. Description of Business Green Plains is North America’s second largest consolidated owner of ethanol plants. 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 ingredients, which includes cattle feedlots, vinegar production and food-grade corn oil operations, and (4) partnership, which includes fuel storage and transportation services. 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 grain and cattle inventories and forward purchase and sales contracts. Exchange-traded futures and options contracts are valued at quoted market prices and settled predominantly in cash. The company is exposed to loss when counterparties default on forward purchase and sale contracts. Grain inventories held for sale and forward purchase and sale contracts are valued at market prices when available or other market quotes adjusted for differences, primarily in transportation, between the exchange-traded market and local market where the terms of the contract is based. Changes in the fair value of grain inventories held for sale, forward purchase and sale contracts and exchange-traded futures and options contracts are recognized as a component of cost of goods sold. Operations and Maintenance Expenses In the partnership segment, transportation expenses represent the primary component of operations and maintenance expenses. Transportation expenses includes railcar leases, freight and shipping of the company’s ethanol and co-products, as well as costs incurred storing ethanol at destination terminals. Derivative Financial Instruments 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, natural gas and crude oil. 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, agribusiness and energy services and food and ingredients 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. Recent Accounting Pronouncements Effective January 1, 2017, the company adopted 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 was applied prospectively. Effective January 1, 2017, the company adopted the amended guidance in ASC Topic 718, Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting , 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 allows 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 requiring recognition of excess tax benefits and tax deficiencies in the income statement was applied prospectively. The amended guidance related to the timing of when excess tax benefits are recognized, did not have an impact on the consolidated financial statements. The amended guidance related to the presentation of employee taxes paid on the statement of cash flows was applied retrospectively. This change resulted in a $2.2 million increase in cash flows from operating activities and a decrease in cash flows from financing activities for the six months ended June 30, 2016 . The company has elected to account for forfeitures as they occur. This change did not have a material impact on the financial statements. 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 . ASC Topic 606 is designed to create improved revenue recognition and disclosure comparability in financial statements. The provisions of ASC Topic 606 include a five-step process by which an entity will determine revenue recognition, depicting the transfer of goods or services to customers in amounts reflecting the payment to which an entity expects to be entitled in exchange for those goods or services. The new guidance requires the company to apply the following steps: (1) identify the contract with the customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when, or as, the company satisfies the performance obligation. ASC Topic 606 requires certain disclosures about contracts with customers and provides more comprehensive guidance for transactions such as service revenue, contract modifications, and multiple-element arrangements. The new standard is effective for fiscal years and interim periods within those years, beginning after December 15, 2017 and allows for early adoption. The company is in the process of completing a comparison of the company’s current revenue recognition policies to the requirements of ASC Topic 606 for each of the company’s major revenue categories. The company has established a cross-functional implementation team, consisting of representatives from various business segments. Initial assessment indicates that the amended guidance will not materially change the amount or timing of revenues recognized by the company and the majority of the company's contracts will continue to be recognized at a point in time and that the number of performance obligations and the accounting for variable consideration are not expected to be significantly different from current practice. In addition, many of the company's sales contracts are considered derivatives under ASC Topic 815, Derivatives and Hedging , and are therefore excluded from the scope of Topic 606. ASC Topic 606 will also require disclosure of significant changes in contract asset and contract liability balances period to period and the amount of the transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the reporting period, as applicable. ASC Topic 606 provides for adoption either retrospectively to each prior reporting period presented or as a cumulative-effect adjustment as of the date of adoption. The company anticipates finalizing its assessment of the financial impact of the new guidance on its consolidated financial statements during the third quarter of 2017. The company anticipates adopting the amended guidance using the modified retrospective transition method. 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, but expects the adoption will result in a significant increase in total assets and liabilities. The amended guidance will be applied on a modified retrospective basis. Effective January 1, 2020, the company will adopt the amended guidance in ASC Topic 350, Intangibles – Goodwill and Other: Simplifying the Test for Goodwill Impairment , which simplifies the measurement of goodwill by eliminating Step 2 from the goodwill impairment test. The annual goodwill impairment test will be performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge would be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to that reporting unit. The amended guidance will be applied prospectively. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2017 | |
Acquisitions [Abstract] | |
Acquisitions | 2. ACQUISITIONS Acquisition of Cattle Feedlots On May 16, 2017, the company acquired two cattle-feeding operations from Cargill Cattle Feeders, LLC for $57.7 million , including certain working capital adjustments. The transaction included the feed yards located in Leoti, Kansas and Yuma, Colorado , which added combined feedlot capacity of 155,000 head of cattle to the company’s operations. The transaction was financed using cash on hand. There were no material acquisition costs recorded for the acquisition. As part of the transaction, the company also entered into a long-term cattle supply agreement with Cargill Meat Solutions Corporation. Under the cattle supply agreement, all cattle placed in the Leoti, Yuma and the company’s existing Kismet, Kansas feedlots will be sold exclusively to Cargill Meat Solutions under an agreed upon pricing arrangement. The purchase price allocation is based on the preliminary results of internal valuations. The purchase price and purchase price allocation are preliminary until contractual post-closing working capital adjustments and valuations are finalized. 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 $ 20,576 Prepaid expenses and other 52 Property and equipment, net 37,205 Current liabilities (180) Total identifiable net assets $ 57,653 Acquisition of Fleischmann’s Vinegar Company On October 3, 2016, the company acquired all of the issued and outstanding stock of SCI Ingredients Holdings, Inc. , the holding company of Fleischmann’s Vinegar Company, Inc., for $258.3 million in cash. A portion of the purchase price was used to repay existing debt. Fleischmann’s Vinegar is one of the world’s largest producers of food-grade industrial vinegar. The purchase price allocation is based on the preliminary results of independent valuations. The purchase price and purchase price allocation are preliminary until the fin al independent valuation reports 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 June 30, 2017 , based on the preliminary valuations , the company’s customer relationship intangible asset recognized in connection with the Fleischmann’s acquisition is $79.8 million, net of $4.2 million of accumulated amortization, and has a 15 -year weighted-average amortization period. As of June 30, 2017 , the company also has an indefinite-lived trade name intangible asset of $10.5 million. The company recognized $1.4 million and $2.8 million of amortization expense associated with the amortizing customer relationship intangible asset during the three and six months ended June 30, 2017 , respectively, and expects estimated amortization expense for the next five years of $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 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 Abengoa S.A. for approximately $234.9 million for the ethanol plant assets, and $19.1 million for working capital acquired and liabilities assumed. These ethanol facilities have a combined annual production capacity of approximately 230 mmgy. The purchase price allocation is based on the preliminary results of an independent valuation. The purchase price and purchase price allocation are preliminary until 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, net 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 . |
Fair Value Disclosures
Fair Value Disclosures | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | 3 . FAIR VALUE DISCLOSURES The following methods, assumptions and valuation techniques were used to estimate the fair value of the company’s financial instruments: Level 1 – unadjusted quoted prices in active markets for identical assets or liabilities the company can access at the measurement date. Level 1 unrealized gains and losses on commodity derivatives relate to exchange-traded open trade equity and option values in the company’s brokerage accounts. Level 2 – directly or indirectly observable inputs such as quoted prices for similar assets or liabilities in active markets other than quoted prices included within Level 1, quoted prices for identical or similar assets in markets that are not active, and other inputs that are observable or can be substantially corroborated by observable market data through correlation or other means. Grain inventories held for sale in the agribusiness segment are valued at nearby futures values, plus or minus nearby basis. Level 3 – unobservable inputs that are supported by little or no market activity and comprise a significant component of the fair value of the assets or liabilities. The company currently does not have any recurring Level 3 financial instruments. There have been no changes in valuation techniques and inputs used in measuring fair value. The company’s assets and liabilities by level are as follows (in thousands): Fair Value Measurements at June 30, 2017 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 $ 195,442 $ - $ - $ 195,442 Restricted cash 29,592 - - 29,592 Margin deposits 29,743 - (29,743) - Inventories carried at market - 86,441 - 86,441 Unrealized gains on derivatives 9,460 5,938 17,386 32,784 Other assets 115 12 - 127 Total assets measured at fair value $ 264,352 $ 92,391 $ (12,357) $ 344,386 Liabilities: Accounts payable (1) $ - $ 15,754 $ - $ 15,754 Unrealized losses on derivatives 12,357 8,165 (12,357) 8,165 Other - 6 - 6 Total liabilities measured at fair value $ 12,357 $ 23,925 $ (12,357) $ 23,925 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 (2) - 154,022 - 154,022 Unrealized gains on derivatives 8,272 14,818 24,146 47,236 Other assets 116 - - 116 Total assets measured at fair value $ 415,179 $ 168,840 $ (26,455) $ 557,564 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 (1) Accounts payable is generally stated at historical amounts with the exception of $15.8 million and $35.3 million at June 30, 2017 and December 31, 2016, respectively, related to certain delivered inventory subject to changes in commodity prices. These payables are hybrid financial instruments for which the company has elected the fair value option. (2) Inventories carried at market have been revised from previously reported results to include $77.0 million of inventories held under a fair value hedging relationship. There was no impact to the financial statements resulting from this revision. The company believes the fair value of its debt was approximately $1.1 billion compared with a book value of $1.1 billion at June 30, 2017 , and December 31, 2016 , respectively. The company estimated the fair value o f its outstanding debt using Level 2 inputs. Th e company believes the fair values of its accounts receivable approximated book value, which was $ 134.9 million and $ 147 .5 million at June 30, 2017 , and December 31, 2016 , respectively. 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 issued repr esent Level 3 measurements that were derived using a combination of the income approach, market approach and cost approach for the specific assets or liabilities being valued . |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2017 | |
Segment Information [Abstract] | |
Segment Information | 4. SEGMENT INFORMATION As a result of acquisitions during 2016, the company implemented organizational segment changes during the fourth quarter of 2016, whereby the company management now reports the financial and operating performance in the following four operating segments: (1) ethanol production, which includes the production of ethanol, distillers grains and corn oil, (2) agribusiness 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 ingredients, which includes cattle feedlots, vinegar production and food-grade corn oil operations and (4) partnership, which includes fuel storage and transportation services. Prior periods have been reclassified to conform to the revised segment presentation. T he company has re-evaluated the profitability measure of its reportable segments’ operating performance and has determined that segment EBITDA (earnings before interest, taxes, depreciation and amortization) is primarily used by the company’s management to evaluate segment operating activities, and therefore is a more meaningful profitability measure than the previously r eported segment operating income . In addition, EBITDA is a financial measure that is widely used by analysts and investors in the company’s industries. As a result, the company is now including segment EBITDA as a performance measure. 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 conduct business with each other. For example, the agribusiness and energy services segment procures grain and natural gas and sells products, including ethanol, distillers 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): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Revenues: Ethanol production: Revenues from external customers $ 617,297 $ 595,168 $ 1,237,176 $ 1,123,496 Intersegment revenues 1,549 - 3,045 - Total segment revenues 618,846 595,168 1,240,221 1,123,496 Agribusiness and energy services: Revenues from external customers 150,755 203,158 319,066 363,303 Intersegment revenues 9,781 8,589 19,273 15,998 Total segment revenues 160,536 211,747 338,339 379,301 Food and ingredients: Revenues from external customers 116,660 87,446 214,682 146,157 Intersegment revenues 37 38 75 75 Total segment revenues 116,697 87,484 214,757 146,232 Partnership: Revenues from external customers 1,551 1,955 3,023 3,975 Intersegment revenues 23,514 23,538 49,271 45,306 Total segment revenues 25,065 25,493 52,294 49,281 Revenues including intersegment activity 921,144 919,892 1,845,611 1,698,310 Intersegment eliminations (34,881) (32,165) (71,664) (61,379) Revenues as reported $ 886,263 $ 887,727 $ 1,773,947 $ 1,636,931 Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Cost of goods sold: Ethanol production $ 612,646 $ 565,438 $ 1,211,784 $ 1,099,936 Agribusiness and energy services 152,110 195,077 318,504 354,492 Food and ingredients 100,009 81,041 183,044 140,295 Partnership - - - - Intersegment eliminations (34,746) (32,032) (71,417) (60,512) $ 830,019 $ 809,524 $ 1,641,915 $ 1,534,211 Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 EBITDA: Ethanol production $ (873) $ 22,744 $ 12,951 $ 9,008 Agribusiness and energy services 3,747 11,881 10,760 14,936 Food and ingredients 13,955 6,042 26,469 4,965 Partnership 16,066 16,312 33,960 30,621 Intersegment eliminations (80) (314) (155) (1,135) Corporate activities (8,742) (9,009) (16,063) (16,505) $ 24,073 $ 47,656 $ 67,922 $ 41,890 Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Depreciation and amortization: Ethanol production $ 20,142 $ 15,150 $ 40,484 $ 30,930 Agribusiness and energy services 659 947 1,319 1,253 Food and ingredients 3,240 274 6,120 545 Partnership 1,247 1,488 2,501 2,705 Corporate activities 900 842 1,847 1,413 $ 26,188 $ 18,701 $ 52,271 $ 36,846 The following table reconciles net income (loss) to EBITDA for the periods indicated (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Net income (loss) $ (11,796) $ 12,985 $ (10,145) $ (6,831) Interest expense 19,430 10,499 37,926 21,297 Income tax expense (benefit) (9,749) 5,471 (12,130) (9,422) Depreciation and amortization 26,188 18,701 52,271 36,846 EBITDA $ 24,073 $ 47,656 $ 67,922 $ 41,890 The following table sets forth third-party revenues by product line (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Revenues: Ethanol $ 607,693 $ 572,394 $ 1,205,100 $ 1,071,445 Distillers grains 87,696 115,507 206,392 227,724 Corn oil 46,791 41,009 87,488 61,883 Grain 28,498 64,742 54,522 115,797 Food and ingredients 102,029 75,178 192,514 131,411 Service revenues 1,551 1,955 3,023 3,975 Other 12,005 16,942 24,908 24,696 $ 886,263 $ 887,727 $ 1,773,947 $ 1,636,931 The following table sets forth total assets by operating segment (in thousands): June 30, December 31, 2017 2016 Total assets (1) : Ethanol production $ 1,138,707 $ 1,206,155 Agribusiness and energy services 450,477 579,977 Food and ingredients 554,859 406,429 Partnership 75,123 74,999 Corporate assets 187,161 257,652 Intersegment eliminations (9,704) (18,720) $ 2,396,623 $ 2,506,492 (1) Asset balances by segment exclude intercompany receivable balances . |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2017 | |
Inventories [Abstract] | |
Inventories | 5. INVENTORIES Inventories are carried at lower of cost or net realizable value, except for commodities held for sale and fair-value hedged inventories. Commodities held for sale are reported at market value. The components of inventories are as follows (in thousands): June 30, December 31, 2017 2016 Finished goods $ 89,020 $ 99,009 Commodities held for sale 46,847 65,926 Raw materials 128,270 135,516 Work-in-process 147,589 91,093 Supplies and parts 33,012 30,637 $ 444,738 $ 422,181 |
Goodwill
Goodwill | 6 Months Ended |
Jun. 30, 2017 | |
Goodwill [Abstract] | |
Goodwill | 6. GOODWILL The company did not have any changes in the carrying amount of goodwill, which was $ 183.7 million at June 30, 2017 , and December 31, 2016 . Goodwill of $ 30.3 million, $142.8 million and $ 10.6 million is attributable to the ethanol production segment, food and ingredients segment and the partnership segment, respectively. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Financial Instruments [Abstract] | |
Derivative Financial Instruments | 7. DERIVATIVE FINANCIAL INSTRUMENTS At June 30, 2017 , the company’s consolidated balance sheet reflected unrealized losses of $10.4 million, net of tax, in accumulated other comprehensive income (loss). The company expects these losses will be reclassified in operating income over the next 12 months as a result of hedged transactions that are forecasted to occur. The amount realized in operating income will differ as commodity prices change. Fair Values of Derivative Instruments The fair values of the company’s derivative financial instruments and the line items on the consolidated balance sheets where they are reported are as follows (in thousands): Asset Derivatives' Liability Derivatives' Fair Value Fair Value June 30, December 31, June 30, December 31, 2017 2016 2017 2016 Derivative financial instruments (1) $ 3,041 (2) $ 14,818 (3) $ - $ - Other assets 12 - - - Accrued and other liabilities - - 8,165 27,099 Other liabilities - - 6 81 Total $ 3,053 $ 14,818 $ 8,171 $ 27,180 (1) Derivative financial instruments as reflected on the consolidated balance sheets are net of related margin deposit assets of $ 29.7 million and $ 50.6 million at June 30, 2017 and December 31, 2016 , respectively. (2) Balance at June 30, 2017 includes $ 7.9 million of net unrealized losses on derivative f inancial instruments designated as cash flow hedging instruments. (3) Balance at December 31, 2016 includ es $ 17.0 million of net unrealized losses on deri vative financial instruments designated as cash flow hedging instruments. Refer to Note 3 - Fair Value Disclosures , which contains fair value information related to derivative financial instruments. Effect of Derivative Instruments on Consolidated Statements of Operations and Consolidated Statements of Stockholders’ Equity and Comprehensive Income The gains or losses recognized in income and other comprehensive income related to the company’s derivative financial instruments and the line items on the consolidated financial statements where they are reported are as follows (in thousands): Gains (Losses) on Derivative Instruments Not Three Months Ended June 30, Six Months Ended June 30, Designated in a Hedging Relationship 2017 2016 2017 2016 Revenues $ (5,215) $ 10,065 $ (10,263) $ 7,271 Cost of goods sold 3,284 (2,856) 15,220 (8,703) Net increase (decrease) recognized in earnings before tax $ (1,931) $ 7,209 $ 4,957 $ (1,432) Gains (Losses) Due to Ineffectiveness Three Months Ended June 30, Six Months Ended June 30, of Cash Flow Hedges 2017 2016 2017 2016 Revenues $ (48) $ (38) $ (181) $ (38) Cost of goods sold - (160) - (160) Net decrease recognized in earnings before tax $ (48) $ (198) $ (181) $ (198) Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) Three Months Ended June 30, Six Months Ended June 30, into Net Income 2017 2016 2017 2016 Revenues $ 2,825 $ (13,470) $ 6,977 $ (13,225) Cost of goods sold (648) 10,755 182 12,644 Net increase (decrease) recognized in earnings before tax $ 2,177 $ (2,715) $ 7,159 $ (581) Effective Portion of Cash Flow Hedges Recognized in Three Months Ended June 30, Six Months Ended June 30, Other Comprehensive Income (Loss) 2017 2016 2017 2016 Commodity Contracts $ (5,444) $ (7,689) $ (2,834) $ (5,407) Gains (Losses) from Fair Value Three Months Ended June 30, Six Months Ended June 30, Hedges of Inventory 2017 2016 2017 2016 Revenues (effect of change in inventory value) $ (31) $ (341) $ 1,390 $ 1,419 Cost of goods sold (effect of change in inventory value) (2,526) 13,080 (4,454) 8,182 Revenues (effect of fair value hedge) (578) 341 (1,673) (1,419) Cost of goods sold (effect of fair value hedge) 2,406 (14,373) 5,445 (8,564) Ineffectiveness recognized in earnings before tax $ (729) $ (1,293) $ 708 $ (382) There were no gains or losses from discontinuing cash flow or fair value hedge treatment during the three and six months ended June 30, 2017 and 2016 . The open commodity derivative positions as of June 30, 2017 , are as follows (in thousands): June 30, 2017 Exchange Traded Non-Exchange Traded Derivative Instruments Net Long & (Short) (1) Long (2) (Short) (2) Unit of Measure Commodity Futures (82,215) Bushels Corn, Soybeans and Wheat Futures (7,150) (4) Bushels Corn Futures 166,916 Gallons Ethanol Futures (1,150) MmBTU Natural Gas Futures (12,143) (4) MmBTU Natural Gas Futures 3,140 Pounds Livestock Futures (183,960) (3) Pounds Livestock Futures (33) Barrels Crude Oil Futures (43) (4) Barrels Crude Oil Futures (1,380) Pounds Soybean Oil Futures 4,914 (3) Gallons Natural Gasoline Options 23,737 Bushels Corn, Soybeans and Wheat Options (3,333) Gallons Ethanol Options 347 MmBTU Natural Gas Options (7,160) Pounds Livestock Options 37 Barrels Crude Oil Options (2,596) Pounds Soybean Oil Forwards 26,713 (1,194) Bushels Corn and Soybeans Forwards 74,010 (367,236) Gallons Ethanol Forwards 158 (242) Tons Distillers Grains Forwards 24,925 (128,199) Pounds Corn Oil Forwards 14,438 (1,711) MmBTU Natural Gas Forwards 93 (93) Barrels Crude Oil (1) Exchange traded futures and options are presented on a net long and (short) position basis. Options are presented on a delta-adjusted basis. (2) Non-exchange traded forwards are presented on a gross long and (short) position basis including both fixed-price and basis contracts. (3) Futures used for cash flow hedges. (4) Futures or non-exchange traded forwards used for fair value hedges. Energy trading contracts that do not involve physical delivery are presented net in revenues on the consolidated statements of operations. Included in revenues are net gains on energy trading contracts of $6.8 million and $15.1 million for the three and six months ended June 30, 2017 , respectively, and net losses of $0.3 million and net gains of $3.0 million for the three and six months ended June 30, 2016 , respectively. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2017 | |
Debt [Abstract] | |
Debt | 8. DEBT The components of long-term debt are as follows (in thousands): June 30, December 31, 2017 2016 Green Plains Processing: $345.0 million term loan $ 264,401 $ 294,011 Fleischmann's Vinegar: $130.0 million term loan 125,312 125,609 $15.0 million revolving credit facility 4,500 4,000 Green Plains Partners: $155.0 million revolving credit facility 127,900 129,000 Corporate: $120.0 million convertible notes due 2018 59,410 108,817 $170.0 million convertible notes due 2022 130,215 127,239 Other 28,220 28,993 Total long-term debt 739,958 817,669 Less: current portion of long-term debt (6,178) (35,059) Long-term debt $ 733,780 $ 782,610 Short-term notes payable and other borrowings at June 30, 2017 , include working capital revolvers at Green Plains Cattle, Green Plai ns Grain and Green Plains Trade with outstanding balances of $145.0 million, $ 112.0 million and $ 84.5 million, respectively . Short-term notes payable and other borrowings at December 31, 2016 , include working capital revolvers at Green Plains Cattle, Green Plains Grain and Green Plains Trade with outstanding balances of $63.5 million, $ 102.0 million and $ 125.7 million, respectively. Ethanol Production Segment Green Plains Processing has a $345.0 million senior secured credit facility, which is guaranteed by the company and subsidiaries of Green Plains Processing and secured by the stock and substantially all of the assets of Green Plains Processing. The interest rate is LIBOR, subject to a 1.00% floor, plus 5.50% and matures on June 30, 2020. The terms of the credit facility require the borrower to maintain a maximum total leverage ratio of 4.00x at the end of each quarter, decreasing to 3.25x over the life of the credit facility, and a minimum fi xed charge coverage ratio of 1.25x . As of June 30, 2017 , the maximum total leverage ratio was 3.75x . The credit facility also has a provision requiring the company to make special quarterly payments of 50% to 75% of its available free cash flow, subject to certain limitations. At June 30, 2017 , the interest rate on this term debt was 6.72% . Scheduled principal payments are $0.9 million each quarter until maturity. Agribusiness and Energy Services Segment Green Plains Grain has a $ 125.0 million senior secured asset-based revolving credit facility, to finance working capital up to the maximum commitment based on eligible collateral equal to the sum of percentages of eligible cash, receivables and inventories, less miscellaneous adjustments. The credit facility matures on July 26, 2019. Advances are subject to an interest rate equal to LIBOR plus 3.00% or the lenders’ base rate plus 2.00% . The credit facility also includes an accordion feature that enables the facility to be increased by up to $ 75.0 million with agent approval. The credit facility can also be increased by up to $50.0 million for seasonal borrowings. Total commitments outstanding cannot exceed $250.0 million. Lenders receive a first priority lien on certain cash, inventory, accounts receivable and other assets owned by Green Plains Grain as security on the credit facility. The terms impose affirmative and negative covenants, including maintaining minimum working capital of $20.0 million and tangible net worth of $26.3 million for 2017 . Capital expenditures are limited to $8.0 million per year under the credit facility, plus equity contributions from the company and unused amounts of up to $8.0 million from the previous year. In addition, the credit facility requires the company to maintain a minimum fixed charge coverage ratio of 1.25 to 1.00 and a maximum annual leverage ratio of 6.00 to 1.00 at the end of each quarter. The fixed charge coverage ratio and long-term capitalization ratio apply only if the company has long-term indebtedness on the date of calculation. As of June 30, 2017 , Green Plains Grain had no long-term indebtedness. The credit facility also contains restrictions on distributions related to capital stock, with exceptions for distributions up to 50% of net profit before tax, subject to certain conditions. Green Plains Trade has a $ 150.0 million senior secured asset-based revolving credit facility, which matures on November 26, 2019, to finance working capital for marketing and distribution activities based on eligible collateral equal to the sum of percentages of eligible receivables and inventories, less miscellaneous adjustments. Advances are subject to variable interest rates equal to LIBOR plus 2.50% or the base rate plus 1.50% . The unused portion of the credit facility is also subject to a commitment fee of 0.5% per annum. The terms impose affirmative and negative covenants, including maintaining a fixed charge coverage ratio of 1.15x . Capital expenditures are limited to $1.5 million per year under the credit facility. The credit facility also restricts distributions related to capital stock, with an exception for distributions up to 50% of net income if, on a pro forma basis, (a) availability has been greater than $10.0 million for the last 30 days and (b) the borrower would be in compliance with the fixed charge coverage ratio on the distribution date. On July 28 , 2017 , the company amended the credit facility, to increase the maximum commitment from $150.0 million to $300.0 million and extend the maturity date to July 28 , 2022 . The amended credit facility increases advance rates and modifies the eligible inventory definitions to include additional commodities and locations. Advances are subject to variable interest rates equal to a daily LIBOR rate plus 2.25% or the base rate plus 1.25% . The unused portion of the credit facility is also subject to a commitment fee of 0.375% per annum. At June 30, 2017 , Green Plains T rade had restricted cash of $16.9 million on the consolidated balance sheet, the use of which was restricted for repayment towards the outstanding loan balance. Food and Ingredients Segment Green Plains Cattle has a senior secured asset-based revolving credit facility, to finance working capital for the cattle feedlot operations up to the maximum commitment based on eligible collateral equal to the sum of percentages of eligible receivabl es, inventories and other current assets, less miscellaneous adjustments. During the second quarter of 2017, the company amended its revolving credit facility to increase the maximum commitment from $100.0 million to $200.0 million until July 31, 2017, when it increased to $300.0 million. The maturity date was extended from October 31, 2017, to April 30, 2020. Advances, as amended, are subject to variable interest rates equal to LIBOR plus 2.00% to 3.00% , or the base rate plus 1.00% to 2.00% , depending upon the preceding three months’ excess borrowing availability . The amended credit facility also includes an accordion feature that enables the credit facility to be increased by up to $100.0 million with agent approval. The unused portion of the credit facility is also subject to a commitment fee of 0.20% to 0.30% per annum, depending on the preceding three months’ excess borrowing availability. Lenders receive a first priority lien on certain cash, inventory, accounts receivable, property and equipment and other assets owned by Green Plains Cattle as security on the credit facility. The amended terms impose affirmative and negative covenants, including maintaining working capital of 15% of the commitment amount, tangible net worth of 20% of the commitment amount, plus 50% of net profit from the previous year, and a total debt to tangible net worth ratio of 3.50x . Capital expenditures are limited to $10.0 million per year under the credit facility, plus $10.0 million per year if funded by a contribution from parent, plus any unused amounts from the previous year. Fleischmann’s Vinegar has a $130.0 million senior secured term loan and a $15.0 million senior secured revolving credit facility, which mature on October 3, 2022, to finance the purchase of Fleischmann’s Vinegar and to fund working capital for its vinegar manufacturing operations. Beginning January 1, 2017, the term loan is subject to mandatory prepayments based on the preceding fiscal year’s excess cash flow. Term loan prepayments are generally subject to prepayment fees of 1.0% to 2.0% if prepaid before the second anniversary of the credit agreement. The term loan and loans under the revolving credit facility each bear interest at a floating rate based on the consolidated total net leverage ratio, adjusted quarterly beginning September 30, 2017, to either a base rate plus an applicable margin of 5.0% to 6.0% or to LIBOR plus an applicable margin of 6.0% to 7.0% . The unused portion of the Revolving Loan Commitment is also subject to a commitment fee of 0.5% per annum. The credit agreement contains certain customary representations and warranties, affirmative covenants, negative covenants, financial covenants and events of default. The negative covenants include restrictions on the ability to incur additional indebtedness, acquire and sell assets, create liens, make investments, make distributions and enter into transactions with affiliates. The financial covenants include requirements to maintain a minimum consolidated fixed charge coverage ratio ranging from 1.00x to 1.10x and a maximum consolidated total net leverage ratio ranging from 5.00x to 7.00x . The consolidated fixed charge coverage ratio is calculated by summing the four preceding fiscal quarters’ EBITDA less capital expenditures and dividing that sum by the sum of the four preceding fiscal quarters’ cash interest and taxes, scheduled principal payments and parent management fees. The consolidated total net leverage ratio is calculated by dividing total net indebtedness by the sum of the four preceding fiscal quarters’ EBITDA. Beginning in 2017, the credit facility also has a provision requiring the company to make special annual payments of 0% to 50% of its available free cash flow, subject to certain limitations. Partnership Segment Green Plains Partners, through a wholly owned subsidiary, has a $155.0 million revolving credit facility, as amended, which matures on July 1, 2020, to fund working capital, acquisitions, distributions, capital expenditures and other general partnership purposes. Advances under the credit facility are subject to a floating interest rate based on the preceding fiscal quarter’s consolidated le verage ratio at a base rate plus 1.25% to 2.00% or LIBOR plus 2.25% to 3.00% . The credit facility may be increased up to $100.0 million without the consent of the lenders. The unused portion of the credit facility is also subject to a commitment fee of 0.35% to 0.50% , depending on the preceding fiscal quarter’s consolidated leverage ratio. The partnership’s obligations under the credit facility are secured by a first priority lien on (i) the capital stock of the partnership’s present and future subsidiaries, (ii) all of the partnership’s present and future personal property, such as investment property, general intangibles and contract rights, including rights under agreements with Green Plains Trade, and (iii) all proceeds and products of the equity interests of the partnership’s present and future subsidiaries and its personal property. The terms impose affirmative and negative covenants including restricting the partnership’s ability to incur additional debt, acquire and sell assets, create liens, invest capital, pay distributions and materially amend the partnership’s commercial agreements with Green Plains Trade. The credit facility also requires the partnership to maintain a maximum consolidated net leverage ratio of no more than 3.50x , and a minimum consolidated interest coverage ratio of no less than 2.75x , each of which is calculated on a pro forma basis with respect to acquisitions and divestitures occurring during the applicable period. Corporate Activities In August 2016, the company issued $170.0 million of 4.125% convertible senior notes due 2022. The 4.125% notes are senior, unsecured obligations of the company, with interest payable on March 1 and September 1 of each year. The company may settle the 4.125% notes in cash, common stock or a combination of cash and common stock. Prior to March 1, 2022, the 4.125% notes are not convertible unless certain conditions are satisfied. The conversion rate is subject to adjustment upon the occurrence of certain events, including when the quarterly cash dividend exceeds $0.12 per share and upon redemption of the 4.125% notes. The initial conversion rate is 35.7143 shares of common stock per $1,000 of principal, which is equal to a conversion price of approximately $28.00 per share. The company may redeem all, but not less than all, of the 4.125% notes at any time on or after September 1, 2020, if the company’s common stock equals or exceeds 140% of the applicable conversion price for a specified time period ending on the trading day immediately prior to the date the company delivers notice of the redemption. The redemption price will equal 100% of the principal plus any accrued and unpaid interest. Holders of the 4.125% notes have the option to require the company to repurchase the 4.125% notes in cash at a price equal to 100% of the principal plus accrued and unpaid interest when there is a fundamental change, such as change in control. If an event of default occurs, it could result in the 4.125% notes being declared due and payable. In September 2013, the company issued $120.0 million of 3.25% convertible senior notes due 2018. The 3.25% notes are senior, unsecured obligations of the company, with interest payable on April 1 and October 1 of each year. The company may settle the 3.25% notes in cash, common stock or a combination of cash and common stock. Prior to April 1, 2018, the 3.25% notes are not convertible unless certain conditions are satisfied. The conversion rate is subject to adjustment when the quarterly cash dividend exceeds $0.04 per share. The conversion rate was recently adjusted to 49.7602 shares of common stock per $1,000 of principal, which is equal to a conversion price of approximately $20.10 per share. The company may be obligated to increase the conversion rate in certain events, including redemption of the 3.25% notes. The company may redeem all of the 3.25% notes at any time, if the company’s common stock equals or exceeds 140% of the applicable conversion price for a specified time period ending on the trading day immediately prior to the date the company delivers notice of the redemption. The redemption price will equal 100% of the principal plus any accrued and unpaid interest. Holders of the 3.25% notes have the option to require the company to repurchase the 3.25% notes in cash at a price equal to 100% of the principal plus accrued and unpaid interest when there is a fundamental change, such as change in control. If an event of default occurs, it could result in the 3.25% notes being declared due and payable. During the second quarter of 2017, the company entered into several privately negotiated agreements with holders, on behalf of certain beneficial owners of the company’s 3.25% notes. Under these agreements, 2,783,725 shares of the company’s common stock and approximately $8.5 million in cash plus accrued but unpaid interest on the 3.25% notes, were exchanged for approximately $56.3 million in aggregate principal amount of the 3.25% notes. Common stock held as treasury shares were exchanged for the 3.25% notes. Following the closings of the agreements, $63.7 million aggregate principal amount of the 3.25% notes remain outstanding. At issuance, the c ompany separately accounted for the liability and equity components of the convertible notes by bifurcating the gross proceeds between the indebtedness, or liability component, and the embedded conversio n option, or equity component. This bifurcation was done by estimating an effective interest rate on the date of issuance for similar notes. The embedded conversion option was reco rded in stockholders’ equity. Since the c ompany did not exercise the embedded conversion option associated with the notes, pursuant to the guidance within ASC Topic 470, Debt , the c ompany recorded a loss upon extinguishment measured by the difference between the fair value and carrying value of the liability portion of the notes. As a result, the company recorded a charge to interest expense in the consolidated financial statemen ts of approximately $1.3 million during the th ree months ended June 30, 2017. This charge also included $0.6 million of unamortized debt issuance costs related to the principal balance extinguished. The remaining settlement consideration transferred was allocated to the reacquisition of the embedded conversion option and recognized as a reduction of additional paid-in capital. Covenant Compliance The company was in compliance with its debt covenants as of June 30, 2017 . Capitalized Interest The compa ny had $ 12 thousand and $23 thousand of capitalized interest during the three and six months ended June 30, 2017 , respectively, and $559 thousand and $917 thousand during the three and six months ended June 30, 2016 , respectively. Restricted Net Assets At June 30, 2017 , there were approximately $ 790.5 million of net asse ts at the company’s subsidiaries that could not be transferred to the parent company in the form of dividends, loans or advances due to restrictions contained in the credit facilities of these subsidiaries . |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2017 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 9. STOCK-BASED COMPENSATION The company has an equity incentive plan that reserves 4,110,000 shares of common stock for issuance to its directors and employees. The plan provides for shares, including options to purchase shares of common stock, stock appreciation rights tied to the value of common stock, restricted stock, and restricted and deferred stock unit awards, to be granted to eligible employees, non-employee directors and consultants. The company measures stock-based compensation at fair value on the grant date, adjusted for estimated forfeitures. The company records noncash compensation expense related to equity awards in its consolidated financial statements over the requisite period on a straight-line basis. Substantially all of the existing stock-based compensation has been equity awards. The activity related to the exercisable stock options for the six months ended June 30, 2017 , is as follows: Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2016 148,750 $ 12.36 2.8 $ 2,305 Granted - - - - Exercised (5,000) 10.00 - 78 Forfeited - - - - Expired - - - - Outstanding at June 30, 2017 143,750 $ 12.44 2.3 $ 1,166 Exercisable at June 30, 2017 (1) 143,750 $ 12.44 2.3 $ 1,166 (1) Includes in-the-money options totaling 143,750 shares at a weighted-average exercise price of $ 12.44 . 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 options in the open market. The company uses newly issued shares of common stock to satisfy its stock-based payment obligations. The non-vested stock award and deferred stock unit activity for the six months ended June 30, 2017 , is as follows: Non-Vested Shares and Deferred Stock Units Weighted- Average Grant- Date Fair Value Weighted-Average Remaining Vesting Term (in years) Non-Vested at December 31, 2016 1,139,560 $ 17.65 Granted 531,103 24.38 Forfeited (41,317) 19.07 Vested (503,983) 18.42 Non-Vested at June 30, 2017 1,125,363 $ 20.43 2.1 Green Plains Partners Green Plains Partners has adopted the LTIP, an incentive plan intended to promote the interests of the partnership, its general partner and affiliates by providing incentive compensation based on units to employees, consultants and directors to encourage superior performance. The incentive plan reserves 2,500,000 common units for issuance in the form of options, restricted units, phantom units, distributable equivalent rights, substitute awards, unit appreciation rights, unit awards, profits interest units or other unit-based awards. The partnership measures unit-based compensation related to equity awards in its consolidated financial statements over the requisite service period on a straight-line basis. The non-vested unit-based awards activity for the six months ended June 30, 2017 , is as follows: Non-Vested Shares and Deferred Stock Units Weighted- Average Grant- Date Fair Value Weighted-Average Remaining Vesting Term (in years) Non-Vested at December 31, 2016 15,009 $ 15.99 Granted - - Forfeited - - Vested (15,009) 15.99 Non-Vested at June 30, 2017 - $ - 0.0 Compensation costs for stock-based and unit-based payment plans during the three and six months ended June 30, 2017 , were approximately $ 3.0 million and $5.5 million, respectively, and $ 2.4 million and $4.6 million during the three and six months ended June 30, 2016 , respectively. At June 30, 2017 , there was $ 18.8 million of unrecognized compensation costs from stock-based and unit-based compensation related to non-vested awards. This compensation is expected to be recognized over a weighted-average period of approximately 2.1 years. The potential tax benefit related to stock-based payment is approximately 37.7 % of these expe nses . |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 10. 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. During 2016, d iluted EPS was computed using the treasury stock method for the convertible debt instruments, b y dividing net income by the weighted average number of common shares outstanding during the period, adjusted for the dilutive effect of the convertible debt instruments and any other outstanding dilutive securities. During the first quarter of 2017, the company changed its method for calculating dilutive EPS related to its convertible debt instruments from the treasury stock method to the if-converted method, as the company changed its financial strategy with respect to cash settlement of these instruments. As such, the company computed diluted EPS for 2017 by dividing net income on an if-converted basis, by the weighted average number of common shares outstanding during the period, adjusted to include the shares that would be issued if the convertible debt instruments were converted to common shares and the effect of any outstanding dilutive securities. Under the if-converted method for 2017, excluded from the computation of diluted EPS were 10.6 million shares and 11.3 million shares for the three and six months ended June 30, 2017, respectively, and an adjustment to net income of $3.2 million and $6.8 million for interest expense , net of taxes, for the three and six months ended June 30, 2017, respectively, as the inclusion of these adjustments would have been antidilutive. Also excluded from the calculation were 65 thousand shares and 68 thousand shares for the three and six months ended June 30, 2017, respectively, and 119 thousand shares for the six months ended June 30, 2016 , related to the effect of stock-based compensation awards, as inclusion of these shares would have been antidilutive. The basic and diluted EPS are calculated as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Basic EPS: Net income (loss) attributable to Green Plains $ (16,366) $ 8,191 $ (19,963) $ (15,947) Weighted average shares outstanding - basic 40,220 38,425 39,326 38,311 EPS - basic $ (0.41) $ 0.21 $ (0.51) $ (0.42) Diluted EPS: Net income (loss) attributable to Green Plains - diluted $ (16,366) $ 8,191 $ (19,963) $ (15,947) Weighted average shares outstanding - basic 40,220 38,425 39,326 38,311 Effect of dilutive convertible debt: 3.25% notes - - - - 4.125% notes - - - - Effect of dilutive stock-based compensation awards - 111 - - Weighted average shares outstanding - diluted 40,220 38,536 39,326 38,311 EPS - diluted $ (0.41) $ 0.21 $ (0.51) $ (0.42) |
Stockholders Equity
Stockholders Equity | 6 Months Ended |
Jun. 30, 2017 | |
Stockholders Equity [Abstract] | |
Stockholders Equity | 11. STOCKHOLDERS’ EQUITY Components of stockholders’ equity are as follows (in thousands): Accum. Other Total Additional Comp. Green Plains Non- Total Common Stock Paid-in Retained Income Treasury Stock Stockholders' Controlling Stockholders' Shares Amount Capital Earnings (Loss) Shares Amount Equity Interests Equity Balance, December 31, 2016 46,079 $ 46 $ 659,200 $ 283,214 $ (4,137) 7,715 $ (75,816) $ 862,507 $ 116,684 $ 979,191 Net income (loss) - - - (19,963) - - - (19,963) 9,818 (10,145) Cash dividends and distributions declared - - - (9,221) - - - (9,221) (10,023) (19,244) Other comprehensive loss, before reclassification - - - - (1,776) - - (1,776) - (1,776) Amounts reclassified from accumulated other comprehensive loss - - - - (4,487) - - (4,487) - (4,487) Other comprehensive loss, net of tax - - - - (6,263) - - (6,263) - (6,263) Exchange of 3.25% convertible notes due 2018 - - 18,326 - - (2,784) 27,356 45,682 - 45,682 Stock-based compensation 332 - 1,577 - - - - 1,577 119 1,696 Stock options exercised 5 - 50 - - - - 50 - 50 Balance, June 30, 2017 46,416 $ 46 $ 679,153 $ 254,030 $ (10,400) 4,931 $ (48,460) $ 874,369 $ 116,598 $ 990,967 Amounts reclassified from accumulated other comprehensive income are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, Statements of Operations 2017 2016 2017 2016 Classification Gains on cash flow hedges: Commodity derivatives $ 2,825 $ (13,470) $ 6,977 $ (13,225) Revenues Commodity derivatives (648) 10,755 182 12,644 Cost of goods sold Total 2,177 (2,715) 7,159 (581) Income (loss) before income taxes Income tax expense (benefit) 824 (932) 2,672 (225) Income tax expense (benefit) Amounts reclassified from accumulated other comprehensive income (loss) $ 1,353 $ (1,783) $ 4,487 $ (356) |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2017 | |
Income Taxes [Abstract] | |
Income Taxes | 12. INCOME TAXES The company records actual income tax expense or benefit during interim periods rather than on an annual effective tax rate method. Certain items are given discrete period treatment and the tax effect of those items are reported in full in the relevant interim period. 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. The amount of unrecognized tax benefits for uncertain tax positions was $0.2 million as of June 30, 2017 , and December 31, 2016 . Recognition of these benefits would have a favorable impact on the company’ s effective tax rate. The 2017 effective tax rate can be affected by variances among the estimates and amounts of taxable income among the various states, entities and activity types, realization of tax credits, adjustments from resolution of tax matters under review, valuation allowances and the company’s assessment of its liability for uncertain tax positions . |
Commitments And Contingencies
Commitments And Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 13. 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 $ 11.9 million and $22.2 million during the th ree and six months ended June 30, 2017 , respectively, and $8.7 million and $18.1 million during the three and six months ended June 30, 2016 , respectively. Aggregate minimum lease payments under these agreements for the remainder of 2017 and in future years are as follows (in thousands): Year Ending December 31, Amount 2017 $ 19,266 2018 28,560 2019 19,209 2020 13,226 2021 6,464 Thereafter 21,950 Total $ 108,675 Commodities As of June 30, 2017 , the company had contracted future purchases of grain, corn oil, natural gas, crude oil, ethanol, distillers grains and cattle, valu ed at approximat ely $ 470.7 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 represented 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 litigation that has arisen in the ordinary course of business, but does not believe any pending litigation will have a material adverse effect on its financial position, results of operations or cash flows. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 14. RELATED PARTY TRANSACTIONS Commercial Contracts Three subsidiaries of the company have executed separate financing agreements for equipment with Amur Equipment Finance. Gordon Glade, a member of the company’s board of directors , is a shareholder of Amur Equipment Finance . Balances of approximately $ 696 thousand and $808 thousand related to these financing arrangements were included in debt at June 30, 2017 , and December 31, 2016 , respectively. Payments, including principal and interest, totaled $ 69 thousand and $138 thousand during each of the three and six months ended June 30, 2017 and 2016, respectively. 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 . Payments related to these leases totaled $41 thousand and $102 thousand during the three and six months ended June 30, 2017 , respectively, and $40 thousand and $88 thousand during the three and six months ended June 30, 2016 , respectively. The company had $3 thousand in outstanding payables related to these agreements at June 30, 2017 , and no outstanding payables related to these agreements at December 31, 2016 . |
Basis Of Presentation And Descr
Basis Of Presentation And Description Of Business And Summary Of Significant Accounting Policies (Policy) | 6 Months Ended |
Jun. 30, 2017 | |
Basis Of Presentation, Description Of Business And Summary Of Significant Accounting Policies [Abstract] | |
Consolidated Financial Statements | Consolidated Financial Statements The consolidated financial statements include the company’s accounts and all significant intercompany balances and transactions are eliminated. Unconsolidated entities are included in the financial statements on an equity basis. The company owns a 62.5% limited partner interest and a 2.0% general partner interest in Green Plains Partners LP. Public investors own the remaining 35.5% limited partner interest in the partnership. The partnership is consolidated in the company’s financial statements. Effective April 1, 2016, the company increased its ownership of BioProcess Algae, a joint venture formed in 2008, to 82.8% and consolidated BioProcess Algae in its consolidated financial statements beginning on that date. The accompanying unaudited consolidated financial statements are prepared in accordance with GAAP for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Because they do not include all of the information and footnotes required by GAAP, the consolidated financial statements should be read in conjunction with the company’s annual report on Form 10-K for the year ended December 31, 2016 . The unaudited financial information reflects adjustments which are, in the opinion of management, necessary for a fair presentation of results of operations, financial position and cash flows for the periods presented. The adjustments are normal and recurring in nature, unless otherwise noted. Interim period results are not necessarily indicative of the results to be expected for the entire year. |
Reclassifications | Reclassifications Certain prior year amounts were reclassified to conform to the current year presentation. These reclassifications did not affect total revenues, costs and expenses, net income or stockholders’ equity. |
Use Of Estimates In The Preparation Of Consolidated Financial Statements | Use of Estimates in the Preparation of Consolidated Financial Statements The p reparation of the consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The company bases its estimates on historical experience and assumptions it believes are proper and reasonable under the circumstances and regularly evaluates the appropriateness of its estimates and assumptions. Actual results could differ from those estimates. Key accounting policies, including but not limited to those relating to revenue recognition, depreciation of property and equipment, impairment of long-lived assets and goodwill, derivative financial instruments, and accounting for income taxes, are impacted significantly by judgments, assumptions and estimates used in the preparation of the consolidated financial statements. |
Description Of Business | Description of Business Green Plains is North America’s second largest consolidated owner of ethanol plants. 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 ingredients, which includes cattle feedlots, vinegar production and food-grade corn oil operations, and (4) partnership, which includes fuel storage and transportation services. |
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 grain and cattle inventories and forward purchase and sales contracts. Exchange-traded futures and options contracts are valued at quoted market prices and settled predominantly in cash. The company is exposed to loss when counterparties default on forward purchase and sale contracts. Grain inventories held for sale and forward purchase and sale contracts are valued at market prices when available or other market quotes adjusted for differences, primarily in transportation, between the exchange-traded market and local market where the terms of the contract is based. Changes in the fair value of grain inventories held for sale, forward purchase and sale contracts and exchange-traded futures and options contracts are recognized as a component of cost of goods sold. |
Operations and Maintenance Expenses | Operations and Maintenance Expenses In the partnership segment, transportation expenses represent the primary component of operations and maintenance expenses. Transportation expenses includes railcar leases, freight and shipping of the company’s ethanol and co-products, as well as costs incurred storing ethanol at destination terminals. |
Derivative Financial Instruments | Derivative Financial Instruments 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, natural gas and crude oil. 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, agribusiness and energy services and food and ingredients 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. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Effective January 1, 2017, the company adopted 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 was applied prospectively. Effective January 1, 2017, the company adopted the amended guidance in ASC Topic 718, Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting , 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 allows 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 requiring recognition of excess tax benefits and tax deficiencies in the income statement was applied prospectively. The amended guidance related to the timing of when excess tax benefits are recognized, did not have an impact on the consolidated financial statements. The amended guidance related to the presentation of employee taxes paid on the statement of cash flows was applied retrospectively. This change resulted in a $2.2 million increase in cash flows from operating activities and a decrease in cash flows from financing activities for the six months ended June 30, 2016 . The company has elected to account for forfeitures as they occur. This change did not have a material impact on the financial statements. 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 . ASC Topic 606 is designed to create improved revenue recognition and disclosure comparability in financial statements. The provisions of ASC Topic 606 include a five-step process by which an entity will determine revenue recognition, depicting the transfer of goods or services to customers in amounts reflecting the payment to which an entity expects to be entitled in exchange for those goods or services. The new guidance requires the company to apply the following steps: (1) identify the contract with the customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when, or as, the company satisfies the performance obligation. ASC Topic 606 requires certain disclosures about contracts with customers and provides more comprehensive guidance for transactions such as service revenue, contract modifications, and multiple-element arrangements. The new standard is effective for fiscal years and interim periods within those years, beginning after December 15, 2017 and allows for early adoption. The company is in the process of completing a comparison of the company’s current revenue recognition policies to the requirements of ASC Topic 606 for each of the company’s major revenue categories. The company has established a cross-functional implementation team, consisting of representatives from various business segments. Initial assessment indicates that the amended guidance will not materially change the amount or timing of revenues recognized by the company and the majority of the company's contracts will continue to be recognized at a point in time and that the number of performance obligations and the accounting for variable consideration are not expected to be significantly different from current practice. In addition, many of the company's sales contracts are considered derivatives under ASC Topic 815, Derivatives and Hedging , and are therefore excluded from the scope of Topic 606. ASC Topic 606 will also require disclosure of significant changes in contract asset and contract liability balances period to period and the amount of the transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the reporting period, as applicable. ASC Topic 606 provides for adoption either retrospectively to each prior reporting period presented or as a cumulative-effect adjustment as of the date of adoption. The company anticipates finalizing its assessment of the financial impact of the new guidance on its consolidated financial statements during the third quarter of 2017. The company anticipates adopting the amended guidance using the modified retrospective transition method. 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, but expects the adoption will result in a significant increase in total assets and liabilities. The amended guidance will be applied on a modified retrospective basis. Effective January 1, 2020, the company will adopt the amended guidance in ASC Topic 350, Intangibles – Goodwill and Other: Simplifying the Test for Goodwill Impairment , which simplifies the measurement of goodwill by eliminating Step 2 from the goodwill impairment test. The annual goodwill impairment test will be performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge would be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to that reporting unit. The amended guidance will be applied prospectively. |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Asset Purchase Agreement With Cargill Cattle Feeders, LLC [Member] | |
Business Acquisition [Line Items] | |
Schedule Of Identifiable Assets Acquired And Liabilities Assumed | Amounts of Identifiable Assets Acquired and Liabilities Assumed Inventory $ 20,576 Prepaid expenses and other 52 Property and equipment, net 37,205 Current liabilities (180) Total identifiable net assets $ 57,653 |
Acquisition of Fleischmann’s Vinegar Company, Inc. [Member} | |
Business Acquisition [Line Items] | |
Schedule Of Identifiable Assets Acquired And Liabilities Assumed | 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 | 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, net 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 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 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 $ 195,442 $ - $ - $ 195,442 Restricted cash 29,592 - - 29,592 Margin deposits 29,743 - (29,743) - Inventories carried at market - 86,441 - 86,441 Unrealized gains on derivatives 9,460 5,938 17,386 32,784 Other assets 115 12 - 127 Total assets measured at fair value $ 264,352 $ 92,391 $ (12,357) $ 344,386 Liabilities: Accounts payable (1) $ - $ 15,754 $ - $ 15,754 Unrealized losses on derivatives 12,357 8,165 (12,357) 8,165 Other - 6 - 6 Total liabilities measured at fair value $ 12,357 $ 23,925 $ (12,357) $ 23,925 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 (2) - 154,022 - 154,022 Unrealized gains on derivatives 8,272 14,818 24,146 47,236 Other assets 116 - - 116 Total assets measured at fair value $ 415,179 $ 168,840 $ (26,455) $ 557,564 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 (1) Accounts payable is generally stated at historical amounts with the exception of $15.8 million and $35.3 million at June 30, 2017 and December 31, 2016, respectively, related to certain delivered inventory subject to changes in commodity prices. These payables are hybrid financial instruments for which the company has elected the fair value option. (2) Inventories carried at market have been revised from previously reported results to include $77.0 million of inventories held under a fair value hedging relationship. There was no impact to the financial statements resulting from this revision. |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Information [Abstract] | |
Summary Of Financial Data | The following tables set forth certain financial data for the company’s operating segments (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Revenues: Ethanol production: Revenues from external customers $ 617,297 $ 595,168 $ 1,237,176 $ 1,123,496 Intersegment revenues 1,549 - 3,045 - Total segment revenues 618,846 595,168 1,240,221 1,123,496 Agribusiness and energy services: Revenues from external customers 150,755 203,158 319,066 363,303 Intersegment revenues 9,781 8,589 19,273 15,998 Total segment revenues 160,536 211,747 338,339 379,301 Food and ingredients: Revenues from external customers 116,660 87,446 214,682 146,157 Intersegment revenues 37 38 75 75 Total segment revenues 116,697 87,484 214,757 146,232 Partnership: Revenues from external customers 1,551 1,955 3,023 3,975 Intersegment revenues 23,514 23,538 49,271 45,306 Total segment revenues 25,065 25,493 52,294 49,281 Revenues including intersegment activity 921,144 919,892 1,845,611 1,698,310 Intersegment eliminations (34,881) (32,165) (71,664) (61,379) Revenues as reported $ 886,263 $ 887,727 $ 1,773,947 $ 1,636,931 Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Cost of goods sold: Ethanol production $ 612,646 $ 565,438 $ 1,211,784 $ 1,099,936 Agribusiness and energy services 152,110 195,077 318,504 354,492 Food and ingredients 100,009 81,041 183,044 140,295 Partnership - - - - Intersegment eliminations (34,746) (32,032) (71,417) (60,512) $ 830,019 $ 809,524 $ 1,641,915 $ 1,534,211 Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 EBITDA: Ethanol production $ (873) $ 22,744 $ 12,951 $ 9,008 Agribusiness and energy services 3,747 11,881 10,760 14,936 Food and ingredients 13,955 6,042 26,469 4,965 Partnership 16,066 16,312 33,960 30,621 Intersegment eliminations (80) (314) (155) (1,135) Corporate activities (8,742) (9,009) (16,063) (16,505) $ 24,073 $ 47,656 $ 67,922 $ 41,890 Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Depreciation and amortization: Ethanol production $ 20,142 $ 15,150 $ 40,484 $ 30,930 Agribusiness and energy services 659 947 1,319 1,253 Food and ingredients 3,240 274 6,120 545 Partnership 1,247 1,488 2,501 2,705 Corporate activities 900 842 1,847 1,413 $ 26,188 $ 18,701 $ 52,271 $ 36,846 |
Schedule Of Reconciliation Of Net Income (Loss) To EBITDA | Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Net income (loss) $ (11,796) $ 12,985 $ (10,145) $ (6,831) Interest expense 19,430 10,499 37,926 21,297 Income tax expense (benefit) (9,749) 5,471 (12,130) (9,422) Depreciation and amortization 26,188 18,701 52,271 36,846 EBITDA $ 24,073 $ 47,656 $ 67,922 $ 41,890 |
Schedule Of Revenues By Product | Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Revenues: Ethanol $ 607,693 $ 572,394 $ 1,205,100 $ 1,071,445 Distillers grains 87,696 115,507 206,392 227,724 Corn oil 46,791 41,009 87,488 61,883 Grain 28,498 64,742 54,522 115,797 Food and ingredients 102,029 75,178 192,514 131,411 Service revenues 1,551 1,955 3,023 3,975 Other 12,005 16,942 24,908 24,696 $ 886,263 $ 887,727 $ 1,773,947 $ 1,636,931 |
Summary Of Total Assets For Operating Segments | The following table sets forth total assets by operating segment (in thousands): June 30, December 31, 2017 2016 Total assets (1) : Ethanol production $ 1,138,707 $ 1,206,155 Agribusiness and energy services 450,477 579,977 Food and ingredients 554,859 406,429 Partnership 75,123 74,999 Corporate assets 187,161 257,652 Intersegment eliminations (9,704) (18,720) $ 2,396,623 $ 2,506,492 Asset balances by segment exclude intercompany receivable balances . |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Inventories [Abstract] | |
Schedule of Inventories | June 30, December 31, 2017 2016 Finished goods $ 89,020 $ 99,009 Commodities held for sale 46,847 65,926 Raw materials 128,270 135,516 Work-in-process 147,589 91,093 Supplies and parts 33,012 30,637 $ 444,738 $ 422,181 |
Derivative Financial Instrume28
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Schedule Of Fair Values Of Derivative Financial Instruments | Asset Derivatives' Liability Derivatives' Fair Value Fair Value June 30, December 31, June 30, December 31, 2017 2016 2017 2016 Derivative financial instruments (1) $ 3,041 (2) $ 14,818 (3) $ - $ - Other assets 12 - - - Accrued and other liabilities - - 8,165 27,099 Other liabilities - - 6 81 Total $ 3,053 $ 14,818 $ 8,171 $ 27,180 (1) Derivative financial instruments as reflected on the consolidated balance sheets are net of related margin deposit assets of $ 29.7 million and $ 50.6 million at June 30, 2017 and December 31, 2016 , respectively. (2) Balance at June 30, 2017 includes $ 7.9 million of net unrealized losses on derivative f inancial instruments designated as cash flow hedging instruments. (3) Balance at December 31, 2016 includ es $ 17.0 million of net unrealized losses on deri vative financial instruments designated as cash flow hedging instruments. |
Schedule of Effective Portion of Cash Flow Hedges Recognized In Other Comprehensive Income (Loss) | Effective Portion of Cash Flow Hedges Recognized in Three Months Ended June 30, Six Months Ended June 30, Other Comprehensive Income (Loss) 2017 2016 2017 2016 Commodity Contracts $ (5,444) $ (7,689) $ (2,834) $ (5,407) |
Schedule Of Gains (Losses) On Derivative Instruments Not Designated In Hedging Relationship [Member] | |
Schedule Of Gains (Losses) On Derivative Instruments Not Designated In Hedging Relationship | Gains (Losses) on Derivative Instruments Not Three Months Ended June 30, Six Months Ended June 30, Designated in a Hedging Relationship 2017 2016 2017 2016 Revenues $ (5,215) $ 10,065 $ (10,263) $ 7,271 Cost of goods sold 3,284 (2,856) 15,220 (8,703) Net increase (decrease) recognized in earnings before tax $ (1,931) $ 7,209 $ 4,957 $ (1,432) |
Schedule Of Gain (Loss) Due To Ineffectiveness Of Cash Flow Hedges [Member] | |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | Gains (Losses) Due to Ineffectiveness Three Months Ended June 30, Six Months Ended June 30, of Cash Flow Hedges 2017 2016 2017 2016 Revenues $ (48) $ (38) $ (181) $ (38) Cost of goods sold - (160) - (160) Net decrease recognized in earnings before tax $ (48) $ (198) $ (181) $ (198) |
Schedule Of Gains (Losses) Reclassified From Accumulated Other Comprehensive Income (Loss) Into Net Income (Loss) [Member] | |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) Three Months Ended June 30, Six Months Ended June 30, into Net Income 2017 2016 2017 2016 Revenues $ 2,825 $ (13,470) $ 6,977 $ (13,225) Cost of goods sold (648) 10,755 182 12,644 Net increase (decrease) recognized in earnings before tax $ 2,177 $ (2,715) $ 7,159 $ (581) |
Schedule Of Gain (Loss) From Fair Value Hedges Of Inventory [Member] | |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | Gains (Losses) from Fair Value Three Months Ended June 30, Six Months Ended June 30, Hedges of Inventory 2017 2016 2017 2016 Revenues (effect of change in inventory value) $ (31) $ (341) $ 1,390 $ 1,419 Cost of goods sold (effect of change in inventory value) (2,526) 13,080 (4,454) 8,182 Revenues (effect of fair value hedge) (578) 341 (1,673) (1,419) Cost of goods sold (effect of fair value hedge) 2,406 (14,373) 5,445 (8,564) Ineffectiveness recognized in earnings before tax $ (729) $ (1,293) $ 708 $ (382) |
Schedule Of Volumes of Open Commodity Derivative Positions [Member] | |
Schedule Of Open Position Derivative Financial Instruments | June 30, 2017 Exchange Traded Non-Exchange Traded Derivative Instruments Net Long & (Short) (1) Long (2) (Short) (2) Unit of Measure Commodity Futures (82,215) Bushels Corn, Soybeans and Wheat Futures (7,150) (4) Bushels Corn Futures 166,916 Gallons Ethanol Futures (1,150) MmBTU Natural Gas Futures (12,143) (4) MmBTU Natural Gas Futures 3,140 Pounds Livestock Futures (183,960) (3) Pounds Livestock Futures (33) Barrels Crude Oil Futures (43) (4) Barrels Crude Oil Futures (1,380) Pounds Soybean Oil Futures 4,914 (3) Gallons Natural Gasoline Options 23,737 Bushels Corn, Soybeans and Wheat Options (3,333) Gallons Ethanol Options 347 MmBTU Natural Gas Options (7,160) Pounds Livestock Options 37 Barrels Crude Oil Options (2,596) Pounds Soybean Oil Forwards 26,713 (1,194) Bushels Corn and Soybeans Forwards 74,010 (367,236) Gallons Ethanol Forwards 158 (242) Tons Distillers Grains Forwards 24,925 (128,199) Pounds Corn Oil Forwards 14,438 (1,711) MmBTU Natural Gas Forwards 93 (93) Barrels Crude Oil (1) Exchange traded futures and options are presented on a net long and (short) position basis. Options are presented on a delta-adjusted basis. (2) Non-exchange traded forwards are presented on a gross long and (short) position basis including both fixed-price and basis contracts. (3) Futures used for cash flow hedges. (4) Futures or non-exchange traded forwards used for fair value hedges. |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Debt [Abstract] | |
Schedule Of The Components Of Long-Term Debt | The components of long-term debt are as follows (in thousands): June 30, December 31, 2017 2016 Green Plains Processing: $345.0 million term loan $ 264,401 $ 294,011 Fleischmann's Vinegar: $130.0 million term loan 125,312 125,609 $15.0 million revolving credit facility 4,500 4,000 Green Plains Partners: $155.0 million revolving credit facility 127,900 129,000 Corporate: $120.0 million convertible notes due 2018 59,410 108,817 $170.0 million convertible notes due 2022 130,215 127,239 Other 28,220 28,993 Total long-term debt 739,958 817,669 Less: current portion of long-term debt (6,178) (35,059) Long-term debt $ 733,780 $ 782,610 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Schedule of Stock Option Valuation Assumptions | The activity related to the exercisable stock options for the six months ended June 30, 2017 , is as follows: Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2016 148,750 $ 12.36 2.8 $ 2,305 Granted - - - - Exercised (5,000) 10.00 - 78 Forfeited - - - - Expired - - - - Outstanding at June 30, 2017 143,750 $ 12.44 2.3 $ 1,166 Exercisable at June 30, 2017 (1) 143,750 $ 12.44 2.3 $ 1,166 (1) Includes in-the-money options totaling 143,750 shares at a weighted-average exercise price of $ 12.44 . |
Schedule of Non-Vest Stock Award and Deferred Stock Unit Activity | Non-Vested Shares and Deferred Stock Units Weighted- Average Grant- Date Fair Value Weighted-Average Remaining Vesting Term (in years) Non-Vested at December 31, 2016 1,139,560 $ 17.65 Granted 531,103 24.38 Forfeited (41,317) 19.07 Vested (503,983) 18.42 Non-Vested at June 30, 2017 1,125,363 $ 20.43 2.1 |
Green Plains Partners LP [Member] | |
Schedule of Non-vested Unit-based Awards Activity | The non-vested unit-based awards activity for the six months ended June 30, 2017 , is as follows: Non-Vested Shares and Deferred Stock Units Weighted- Average Grant- Date Fair Value Weighted-Average Remaining Vesting Term (in years) Non-Vested at December 31, 2016 15,009 $ 15.99 Granted - - Forfeited - - Vested (15,009) 15.99 Non-Vested at June 30, 2017 - $ - 0.0 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule Of Basic And Diluted Earnings Per Share | Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Basic EPS: Net income (loss) attributable to Green Plains $ (16,366) $ 8,191 $ (19,963) $ (15,947) Weighted average shares outstanding - basic 40,220 38,425 39,326 38,311 EPS - basic $ (0.41) $ 0.21 $ (0.51) $ (0.42) Diluted EPS: Net income (loss) attributable to Green Plains - diluted $ (16,366) $ 8,191 $ (19,963) $ (15,947) Weighted average shares outstanding - basic 40,220 38,425 39,326 38,311 Effect of dilutive convertible debt: 3.25% notes - - - - 4.125% notes - - - - Effect of dilutive stock-based compensation awards - 111 - - Weighted average shares outstanding - diluted 40,220 38,536 39,326 38,311 EPS - diluted $ (0.41) $ 0.21 $ (0.51) $ (0.42) |
Stockholders Equity (Tables)
Stockholders Equity (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Stockholders Equity [Abstract] | |
Stockholders Equity | Accum. Other Total Additional Comp. Green Plains Non- Total Common Stock Paid-in Retained Income Treasury Stock Stockholders' Controlling Stockholders' Shares Amount Capital Earnings (Loss) Shares Amount Equity Interests Equity Balance, December 31, 2016 46,079 $ 46 $ 659,200 $ 283,214 $ (4,137) 7,715 $ (75,816) $ 862,507 $ 116,684 $ 979,191 Net income (loss) - - - (19,963) - - - (19,963) 9,818 (10,145) Cash dividends and distributions declared - - - (9,221) - - - (9,221) (10,023) (19,244) Other comprehensive loss, before reclassification - - - - (1,776) - - (1,776) - (1,776) Amounts reclassified from accumulated other comprehensive loss - - - - (4,487) - - (4,487) - (4,487) Other comprehensive loss, net of tax - - - - (6,263) - - (6,263) - (6,263) Exchange of 3.25% convertible notes due 2018 - - 18,326 - - (2,784) 27,356 45,682 - 45,682 Stock-based compensation 332 - 1,577 - - - - 1,577 119 1,696 Stock options exercised 5 - 50 - - - - 50 - 50 Balance, June 30, 2017 46,416 $ 46 $ 679,153 $ 254,030 $ (10,400) 4,931 $ (48,460) $ 874,369 $ 116,598 $ 990,967 |
Reclassification Accumulated Other Comprehensive Income | Three Months Ended June 30, Six Months Ended June 30, Statements of Operations 2017 2016 2017 2016 Classification Gains on cash flow hedges: Commodity derivatives $ 2,825 $ (13,470) $ 6,977 $ (13,225) Revenues Commodity derivatives (648) 10,755 182 12,644 Cost of goods sold Total 2,177 (2,715) 7,159 (581) Income (loss) before income taxes Income tax expense (benefit) 824 (932) 2,672 (225) Income tax expense (benefit) Amounts reclassified from accumulated other comprehensive income (loss) $ 1,353 $ (1,783) $ 4,487 $ (356) |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Commitments And Contingencies [Abstract] | |
Schedule of Aggregate Minimum Lease Payments | Year Ending December 31, Amount 2017 $ 19,266 2018 28,560 2019 19,209 2020 13,226 2021 6,464 Thereafter 21,950 Total $ 108,675 |
Basis Of Presentation And Des34
Basis Of Presentation And Description Of Business And Summary Of Significant Accounting Policies (Narrative) (Details) $ in Thousands | Apr. 01, 2016 | Jul. 01, 2015 | Jun. 30, 2017USD ($)segment | Jun. 30, 2016USD ($) |
Number of operating segments | segment | 4 | |||
Increase in cash flows from operating activities, Share-based compensation | $ 5,497 | $ 4,648 | ||
Decrease in cash flows from financing activities, Payments related to tax withholdings for stock-based compensation | $ 3,801 | 2,168 | ||
Accounting Standards Update 2016-09 [Member] | ||||
Increase in cash flows from operating activities, Share-based compensation | 2,168 | |||
Decrease in cash flows from financing activities, Payments related to tax withholdings for stock-based compensation | $ 2,168 | |||
BioProcess Algae [Member] | ||||
Less than wholy owned subsidiary, parent ownership perecentage | 82.80% | |||
IPO [Member] | Limited Partner [Member] | ||||
Ownership interest, public, percentage | 35.50% | |||
IPO [Member] | Limited Partner [Member] | Green Plains Inc. [Member] | ||||
Ownership interest, percentage | 62.50% | |||
IPO [Member] | General Partner [Member] | Green Plains Inc. [Member] | ||||
Ownership interest, percentage | 2.00% |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Thousands, gal in Millions | May 16, 2017USD ($)item | Oct. 03, 2016USD ($) | Sep. 23, 2016USD ($)propertygal | Jun. 30, 2017USD ($) | Jun. 30, 2017USD ($) |
Asset Purchase Agreement With Cargill Cattle Feeders, LLC [Member] | |||||
Business Acquisition [Line Items] | |||||
Number of cattle-feeding operations | item | 2 | ||||
Feedlot capacity, head of cattle | item | 155,000 | ||||
Purchase price | $ 57,653 | ||||
Acquisition of Fleischmann’s Vinegar Company, Inc. [Member} | |||||
Business Acquisition [Line Items] | |||||
Purchase price | $ 258,319 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 79,800 | $ 79,800 | |||
Finite-Lived Intangible Assets, Accumulated Amortization | 4,200 | $ 4,200 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | ||||
Amortization expense | 1,400 | $ 2,800 | |||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 5,600 | 5,600 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 5,600 | 5,600 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 5,600 | 5,600 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 5,600 | 5,600 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 5,600 | 5,600 | |||
Acquisition of Fleischmann’s Vinegar Company, Inc. [Member} | Trade Names [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | $ 10,500 | $ 10,500 | |||
Acquisition of Abengoa Ethanol Plants [Member] | |||||
Business Acquisition [Line Items] | |||||
Number of ethanol plants | property | 3 | ||||
Expected annual ethanol production capacity | gal | 230 | ||||
Working capital acquired or assumed | $ 19,100 | ||||
Green Plains Partners LP [Member] | Acquisition of Abengoa Ethanol Plants [Member] | |||||
Business Acquisition [Line Items] | |||||
Transfer between entities under control | $ 90,000 |
Acquisitions (Schedule Of Ident
Acquisitions (Schedule Of Identifiable Assets Acquired And Liabilities Assumed) (Details) - USD ($) $ in Thousands | May 16, 2017 | Oct. 03, 2016 | Jun. 30, 2017 | Dec. 31, 2016 | Sep. 23, 2016 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 183,696 | $ 183,696 | |||
Asset Purchase Agreement With Cargill Cattle Feeders, LLC [Member] | |||||
Business Acquisition [Line Items] | |||||
Inventory | $ 20,576 | ||||
Prepaid expenses and other | 52 | ||||
Property and equipment, net | 37,205 | ||||
Current liabilities | (180) | ||||
Total identifiable net assets | 57,653 | ||||
Purchase price | $ 57,653 | ||||
Acquisition of Fleischmann’s Vinegar Company, Inc. [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, net | 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] | |||||
Inventory | $ 16,904 | ||||
Accounts receivable, net | 1,826 | ||||
Prepaid expenses and other | 2,224 | ||||
Property and equipment, net | 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 |
Fair Value Disclosures (Narrati
Fair Value Disclosures (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |||
Fair value of debt | $ 1,100,000 | $ 1,100,000 | |
Book value of debt | 1,100,000 | 1,100,000 | |
Accounts receivable, book value | 134,885 | 147,495 | |
Fair value of accounts payable | [1] | $ 15,754 | $ 35,288 |
[1] | Accounts payable is generally stated at historical amounts with the exception of $15.8 million and $35.3 million at June 30, 2017 and December 31, 2016, respectively, related to certain delivered inventory subject to changes in commodity prices. These payables are hybrid financial instruments for which the company has elected the fair value option. |
Fair Value Disclosures (Schedul
Fair Value Disclosures (Schedule Of Assets And Liabilities Fair Value) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | ||
Assets: | ||||
Cash and cash equivalents | $ 195,442 | $ 304,211 | ||
Restricted cash | 29,592 | 51,979 | ||
Inventories carried at market | 86,441 | 154,022 | [1] | |
Unrealized gains on derivatives | 32,784 | 47,236 | ||
Other assets | 127 | 116 | ||
Total assets measured at fair value | 344,386 | 557,564 | ||
Liabilities: | ||||
Accounts payable | [2] | 15,754 | 35,288 | |
Unrealized losses on derivatives | 8,165 | 8,916 | ||
Other | 6 | 81 | ||
Total liabilities measured at fair value | 23,925 | 44,285 | ||
Fair Value Hedging [Member] | ||||
Assets: | ||||
Inventories carried at market | 77,000 | |||
Reclassification for Balance Sheet Presentation [Member] | ||||
Assets: | ||||
Margin deposits | (29,743) | (50,601) | ||
Unrealized gains on derivatives | 17,386 | 24,146 | ||
Total assets measured at fair value | (12,357) | (26,455) | ||
Liabilities: | ||||
Unrealized losses on derivatives | (12,357) | (26,455) | ||
Total liabilities measured at fair value | (12,357) | (26,455) | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Assets: | ||||
Cash and cash equivalents | 195,442 | 304,211 | ||
Restricted cash | 29,592 | 51,979 | ||
Margin deposits | 29,743 | 50,601 | ||
Unrealized gains on derivatives | 9,460 | 8,272 | ||
Other assets | 115 | 116 | ||
Total assets measured at fair value | 264,352 | 415,179 | ||
Liabilities: | ||||
Unrealized losses on derivatives | 12,357 | 26,455 | ||
Total liabilities measured at fair value | 12,357 | 26,455 | ||
Significant Other Observable Inputs (Level 2) [Member] | ||||
Assets: | ||||
Inventories carried at market | 86,441 | 154,022 | [1] | |
Unrealized gains on derivatives | 5,938 | 14,818 | ||
Other assets | 12 | |||
Total assets measured at fair value | 92,391 | 168,840 | ||
Liabilities: | ||||
Accounts payable | [2] | 15,754 | 35,288 | |
Unrealized losses on derivatives | 8,165 | 8,916 | ||
Other | 6 | 81 | ||
Total liabilities measured at fair value | $ 23,925 | $ 44,285 | ||
[1] | Inventories carried at market have been revised from previously reported results to include $77.0 million of inventories held under a fair value hedging relationship. There was no impact to the financial statements resulting from this revision. | |||
[2] | Accounts payable is generally stated at historical amounts with the exception of $15.8 million and $35.3 million at June 30, 2017 and December 31, 2016, respectively, related to certain delivered inventory subject to changes in commodity prices. These payables are hybrid financial instruments for which the company has elected the fair value option. |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2017segment | |
Segment Information [Abstract] | |
Number of operating segments | 4 |
Segment Information (Summary Of
Segment Information (Summary Of Financial Data) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 886,263 | $ 887,727 | $ 1,773,947 | $ 1,636,931 |
Costs of goods sold | 830,019 | 809,524 | 1,641,915 | 1,534,211 |
EBITDA | 24,073 | 47,656 | 67,922 | 41,890 |
Depreciation and amortization | 26,188 | 18,701 | 52,271 | 36,846 |
Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Costs of goods sold | (34,746) | (32,032) | (71,417) | (60,512) |
EBITDA | (80) | (314) | (155) | (1,135) |
Revenue From External Customers [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 886,263 | 887,727 | 1,773,947 | 1,636,931 |
Intersegment Revenue [Member] | Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | (34,881) | (32,165) | (71,664) | (61,379) |
Revenue Including Intersegment Activity [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 921,144 | 919,892 | 1,845,611 | 1,698,310 |
Ethanol Production [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Costs of goods sold | 612,646 | 565,438 | 1,211,784 | 1,099,936 |
EBITDA | (873) | 22,744 | 12,951 | 9,008 |
Depreciation and amortization | 20,142 | 15,150 | 40,484 | 30,930 |
Ethanol Production [Member] | Revenue From External Customers [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 617,297 | 595,168 | 1,237,176 | 1,123,496 |
Ethanol Production [Member] | Intersegment Revenue [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,549 | 3,045 | ||
Ethanol Production [Member] | Revenue Including Intersegment Activity [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 618,846 | 595,168 | 1,240,221 | 1,123,496 |
Agribusiness And Energy Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Costs of goods sold | 152,110 | 195,077 | 318,504 | 354,492 |
EBITDA | 3,747 | 11,881 | 10,760 | 14,936 |
Depreciation and amortization | 659 | 947 | 1,319 | 1,253 |
Agribusiness And Energy Services [Member] | Revenue From External Customers [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 150,755 | 203,158 | 319,066 | 363,303 |
Agribusiness And Energy Services [Member] | Intersegment Revenue [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 9,781 | 8,589 | 19,273 | 15,998 |
Agribusiness And Energy Services [Member] | Revenue Including Intersegment Activity [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 160,536 | 211,747 | 338,339 | 379,301 |
Food And Ingredients [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Costs of goods sold | 100,009 | 81,041 | 183,044 | 140,295 |
EBITDA | 13,955 | 6,042 | 26,469 | 4,965 |
Depreciation and amortization | 3,240 | 274 | 6,120 | 545 |
Food And Ingredients [Member] | Revenue From External Customers [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 116,660 | 87,446 | 214,682 | 146,157 |
Food And Ingredients [Member] | Intersegment Revenue [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 37 | 38 | 75 | 75 |
Food And Ingredients [Member] | Revenue Including Intersegment Activity [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 116,697 | 87,484 | 214,757 | 146,232 |
Partnership [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Costs of goods sold | ||||
EBITDA | 16,066 | 16,312 | 33,960 | 30,621 |
Depreciation and amortization | 1,247 | 1,488 | 2,501 | 2,705 |
Partnership [Member] | Revenue From External Customers [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,551 | 1,955 | 3,023 | 3,975 |
Partnership [Member] | Intersegment Revenue [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 23,514 | 23,538 | 49,271 | 45,306 |
Partnership [Member] | Revenue Including Intersegment Activity [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 25,065 | 25,493 | 52,294 | 49,281 |
Corporate Activities [Member] | ||||
Segment Reporting Information [Line Items] | ||||
EBITDA | (8,742) | (9,009) | (16,063) | (16,505) |
Depreciation and amortization | $ 900 | $ 842 | $ 1,847 | $ 1,413 |
Segment Information (Schedule O
Segment Information (Schedule Of Reconciliation Of Net Income (Loss) To EBITDA) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Segment Information [Abstract] | ||||
Net income (loss) | $ (11,796) | $ 12,985 | $ (10,145) | $ (6,831) |
Interest expense | 19,430 | 10,499 | 37,926 | 21,297 |
Income tax expense (benefit) | (9,749) | 5,471 | (12,130) | (9,422) |
Depreciation and amortization | 26,188 | 18,701 | 52,271 | 36,846 |
EBITDA | $ 24,073 | $ 47,656 | $ 67,922 | $ 41,890 |
Segment Information (Schedule42
Segment Information (Schedule Of Revenues By Product) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 886,263 | $ 887,727 | $ 1,773,947 | $ 1,636,931 |
Ethanol [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 607,693 | 572,394 | 1,205,100 | 1,071,445 |
Distillers Grains [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 87,696 | 115,507 | 206,392 | 227,724 |
Corn Oil [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 46,791 | 41,009 | 87,488 | 61,883 |
Grain [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 28,498 | 64,742 | 54,522 | 115,797 |
Food And Ingredients [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 102,029 | 75,178 | 192,514 | 131,411 |
Service Revenues [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,551 | 1,955 | 3,023 | 3,975 |
Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 12,005 | $ 16,942 | $ 24,908 | $ 24,696 |
Segment Information (Summary 43
Segment Information (Summary Of Total Assets For Operating Segments) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Total assets | [1] | $ 2,396,623 | $ 2,506,492 |
Ethanol Production [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | [1] | 1,138,707 | 1,206,155 |
Agribusiness And Energy Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | [1] | 450,477 | 579,977 |
Food And Ingredients [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | [1] | 554,859 | 406,429 |
Partnership [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | [1] | 75,123 | 74,999 |
Corporate Assets [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | [1] | 187,161 | 257,652 |
Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | [1] | $ (9,704) | $ (18,720) |
[1] | Asset balances by segment exclude intercompany receivable balances |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Inventories [Abstract] | ||
Finished goods | $ 89,020 | $ 99,009 |
Commodities held for sale | 46,847 | 65,926 |
Raw materials | 128,270 | 135,516 |
Work-in-process | 147,589 | 91,093 |
Supplies and parts | 33,012 | 30,637 |
Inventories | $ 444,738 | $ 422,181 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Goodwill [Line Items] | ||
Goodwill | $ 183,696 | $ 183,696 |
Ethanol Production [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 30,300 | 30,300 |
Food And Ingredients [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 142,800 | 142,800 |
Partnership [Member] | ||
Goodwill [Line Items] | ||
Goodwill | $ 10,600 | $ 10,600 |
Derivative Financial Instrume46
Derivative Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Derivative Financial Instruments [Abstract] | |||||
Accumulated other comprehensive loss | $ (10,400) | $ (10,400) | $ (4,137) | ||
Energy trading contracts, gain (loss) | $ 6,800 | $ (300) | $ 15,100 | $ 3,000 |
Derivative Financial Instrume47
Derivative Financial Instruments (Schedule Of Fair Values Of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2017 | Dec. 31, 2016 | ||||
Derivatives, Fair Value [Line Items] | |||||
Asset Derivatives, Fair Value | $ 3,053 | $ 14,818 | |||
Liability Derivatives, Fair Value | 8,171 | 27,180 | |||
Margin deposit asset | 29,700 | 50,600 | |||
Net unrealized gains (losses) on cash flow hedges | (7,900) | (17,000) | |||
Derivative Financial Instruments [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Asset Derivatives, Fair Value | [2] | 3,041 | [1] | 14,818 | [3] |
Other Assets [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Asset Derivatives, Fair Value | 12 | ||||
Accrued and Other Liabilities [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Liability Derivatives, Fair Value | 8,165 | 27,099 | |||
Other Liabilities [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Liability Derivatives, Fair Value | $ 6 | $ 81 | |||
[1] | Balance at June 30, 2017 includes $7.9 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments. | ||||
[2] | Derivative financial instruments as reflected on the consolidated balance sheets are net of related margin deposit assets of $29.7 million and $50.6 million at June 30, 2017 and December 31, 2016, respectively. | ||||
[3] | Balance at December 31, 2016 includes $17.0 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments. |
Derivative Financial Instrume48
Derivative Financial Instruments (Schedule Of Gain Or Loss Recognized In Income And Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (Losses) on Derivative Instruments Not Designated in a Hedging Relationship | $ (1,931) | $ 7,209 | $ 4,957 | $ (1,432) |
Gains (Losses) Due to Ineffectiveness of Cash Flow Hedges | (48) | (198) | (181) | (198) |
Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Net Income | 2,177 | (2,715) | 7,159 | (581) |
Gains (Losses) from Fair Value Hedges of Inventory | (729) | (1,293) | 708 | (382) |
Revenue [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (Losses) on Derivative Instruments Not Designated in a Hedging Relationship | (5,215) | 10,065 | (10,263) | 7,271 |
Gains (Losses) Due to Ineffectiveness of Cash Flow Hedges | (48) | (38) | (181) | (38) |
Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Net Income | 2,825 | (13,470) | 6,977 | (13,225) |
Revenue (Effect of Change In Inventory Value) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (Losses) from Fair Value Hedges of Inventory | (31) | (341) | 1,390 | 1,419 |
Revenue (Effect of Fair Value Hedge) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (Losses) from Fair Value Hedges of Inventory | (578) | 341 | (1,673) | (1,419) |
Cost of Goods Sold [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (Losses) on Derivative Instruments Not Designated in a Hedging Relationship | 3,284 | (2,856) | 15,220 | (8,703) |
Gains (Losses) Due to Ineffectiveness of Cash Flow Hedges | (160) | (160) | ||
Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Net Income | (648) | 10,755 | 182 | 12,644 |
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 | (2,526) | 13,080 | (4,454) | 8,182 |
Cost of Goods Sold (Effect of Fair Value Hedge) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (Losses) from Fair Value Hedges of Inventory | $ 2,406 | $ (14,373) | $ 5,445 | $ (8,564) |
Derivative Financial Instrume49
Derivative Financial Instruments (Commodity Contracts) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Commodity Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective Portion of Cash Flow Hedges Recognized in Other Comprehensive Income (Loss) | $ (5,444) | $ (7,689) | $ (2,834) | $ (5,407) |
Derivative Financial Instrume50
Derivative Financial Instruments (Schedule Of Volumes Of Open Commodity Derivative Positions) (Details) contract in Thousands | Jun. 30, 2017contract | |
Corn, Soybeans And Wheat In Bushels [Member] | Exchange Traded [Member] | Long [Member] | Options [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 23,737 | [1] |
Corn, Soybeans And Wheat In Bushels [Member] | Exchange Traded [Member] | Short [Member] | Futures [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 82,215 | [1] |
Corn In Bushels [Member] | Exchange Traded [Member] | Short [Member] | Fair Value Hedging [Member] | Futures [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 7,150 | [1],[2] |
Ethanol In Gallons [Member] | Exchange Traded [Member] | Long [Member] | Futures [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 166,916 | [1] |
Ethanol In Gallons [Member] | Exchange Traded [Member] | Short [Member] | Options [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 3,333 | [1] |
Ethanol In Gallons [Member] | Non-Exchange Traded [Member] | Long [Member] | Forwards [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 74,010 | [3] |
Ethanol In Gallons [Member] | Non-Exchange Traded [Member] | Short [Member] | Forwards [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 367,236 | [3] |
Natural Gas In mmBTU [Member] | Exchange Traded [Member] | Long [Member] | Options [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 347 | [1] |
Natural Gas In mmBTU [Member] | Exchange Traded [Member] | Short [Member] | Futures [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 1,150 | [1] |
Natural Gas In mmBTU [Member] | Exchange Traded [Member] | Short [Member] | Fair Value Hedging [Member] | Futures [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 12,143 | [1],[2] |
Natural Gas In mmBTU [Member] | Non-Exchange Traded [Member] | Long [Member] | Forwards [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 14,438 | [3] |
Natural Gas In mmBTU [Member] | Non-Exchange Traded [Member] | Short [Member] | Forwards [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 1,711 | [3] |
Livestock in Pounds [Member] | Exchange Traded [Member] | Long [Member] | Futures [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 3,140 | [1] |
Livestock in Pounds [Member] | Exchange Traded [Member] | Short [Member] | Options [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 7,160 | [1] |
Livestock in Pounds [Member] | Exchange Traded [Member] | Short [Member] | Cash Flow Hedges [Member] | Futures [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 183,960 | [1],[4] |
Crude Oil In Barrels [Member] | Exchange Traded [Member] | Long [Member] | Options [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 37 | [1] |
Crude Oil In Barrels [Member] | Exchange Traded [Member] | Short [Member] | Futures [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 33 | [1] |
Crude Oil In Barrels [Member] | Exchange Traded [Member] | Short [Member] | Fair Value Hedging [Member] | Futures [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 43 | [1],[2] |
Crude Oil In Barrels [Member] | Non-Exchange Traded [Member] | Long [Member] | Forwards [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 93 | [3] |
Crude Oil In Barrels [Member] | Non-Exchange Traded [Member] | Short [Member] | Forwards [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 93 | [3] |
Soybean Oil in Pounds [Member] | Exchange Traded [Member] | Short [Member] | Futures [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 1,380 | [1] |
Soybean Oil in Pounds [Member] | Exchange Traded [Member] | Short [Member] | Options [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 2,596 | [1] |
Denaturant In Gallons [Member] | Exchange Traded [Member] | Long [Member] | Cash Flow Hedges [Member] | Futures [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 4,914 | [1],[4] |
Corn And Soybeans In Bushels [Member] | Non-Exchange Traded [Member] | Long [Member] | Forwards [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 26,713 | [3] |
Corn And Soybeans In Bushels [Member] | Non-Exchange Traded [Member] | Short [Member] | Forwards [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 1,194 | [3] |
Distillers Grains In Tons [Member] | Non-Exchange Traded [Member] | Long [Member] | Forwards [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 158 | [3] |
Distillers Grains In Tons [Member] | Non-Exchange Traded [Member] | Short [Member] | Forwards [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 242 | [3] |
Corn Oil in Pounds [Member] | Non-Exchange Traded [Member] | Long [Member] | Forwards [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 24,925 | [3] |
Corn Oil in Pounds [Member] | Non-Exchange Traded [Member] | Short [Member] | Forwards [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 128,199 | [3] |
[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 or non-exchange traded forwards used for fair value hedges. | |
[3] | Non-exchange traded forwards are presented on a gross long and (short) position basis including both fixed-price and basis contracts. | |
[4] | Futures used for cash flow hedges. |
Debt (Schedule Of The Component
Debt (Schedule Of The Components Of Long-Term Debt) (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Total long-term debt | $ 739,958,000 | $ 817,669,000 |
Less: current portion of long-term debt | (6,178,000) | (35,059,000) |
Long-term debt | 733,780,000 | 782,610,000 |
Convertible Notes [Member] | $120.0 Million Convertible Notes [Member] | Corporate [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 59,410,000 | 108,817,000 |
Debt instrument, face amount | 120,000,000 | 120,000,000 |
Convertible Notes [Member] | $170.0 Million Convertible Notes [Member] | Corporate [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 130,215,000 | 127,239,000 |
Debt instrument, face amount | 170,000,000 | 170,000,000 |
Other Debt Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 28,220,000 | 28,993,000 |
Green Plains Processing [Member] | Term Loan [Member] | $345.0 Million Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 264,401,000 | 294,011,000 |
Debt instrument, face amount | 345,000,000 | 345,000,000 |
Fleischmanns Vinegar Company [Member] | Term Loan [Member] | $130.0 Million Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 125,312,000 | 125,609,000 |
Debt instrument, face amount | 130,000,000 | 130,000,000 |
Fleischmanns Vinegar Company [Member] | Revolving Credit Facility [Member] | $15.0 Million Revoling Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 4,500,000 | 4,000,000 |
Debt instrument, face amount | 15,000,000 | 15,000,000 |
Partnership [Member] | Revolving Credit Facility [Member] | $155.0 Million Revoling Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 127,900,000 | 129,000,000 |
Debt instrument, face amount | $ 155,000,000 | $ 155,000,000 |
Debt (Narrative - Ethanol Produ
Debt (Narrative - Ethanol Production Segment) (Details) - Ethanol Production Segment [Member] - Green Plains Processing [Member] - Term Loan [Member] | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Debt Instrument [Line Items] | |
Debt instrument, face amount | $ 345,000,000 |
Interest rate, effective percentage | 6.72% |
Interest rate, basis for effective rate | LIBOR, subject to a 1.00% floor, plus |
Scheduled periodic principal payments | $ 900,000 |
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 |
Total leverage ratio, period end | 3.75 |
Percentage of available free cash flow from operations, subject to certain limitations, required to be used toward quarterly special payments | 75.00% |
Minimum [Member] | |
Debt Instrument [Line Items] | |
Interest rate, basis spread on variable rate, percentage | 1.00% |
Fixed charge coverage ratio | 1.25 |
Percentage of available free cash flow from operations, subject to certain limitations, required to be used toward quarterly special payments | 50.00% |
LIBOR [Member] | |
Debt Instrument [Line Items] | |
Interest rate, basis spread on variable rate, percentage | 5.50% |
Debt (Narrative - Agribusiness
Debt (Narrative - Agribusiness And Energy Services Segment, Food And Ingredients Segment, Partnership Segment, Corporate Activities, Covenant Compliance, Capitalized Interest, And Restricted Net Assets) (Details) - USD ($) | Jul. 28, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Aug. 01, 2017 | Jul. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||||||||
Cash payment for conversion of 3.25% convertible notes due 2018 | $ 8,523,000 | |||||||
Interest expense | $ 19,430,000 | $ 10,499,000 | 37,926,000 | $ 21,297,000 | ||||
Capitalized interest | 12,000 | $ 559,000 | 23,000 | $ 917,000 | ||||
Restricted assets | $ 790,500,000 | $ 790,500,000 | ||||||
3.25% Convertible Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, stated percentage | 3.25% | 3.25% | ||||||
Green Plains Grain [Member] | Revolvers [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Outstanding note payable | $ 112,000,000 | $ 112,000,000 | $ 102,000,000 | |||||
Green Plains Cattle [Member] | Revolvers [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Outstanding note payable | 145,000,000 | 145,000,000 | 63,500,000 | |||||
Green Plains Trade [Member] | Revolvers [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Outstanding note payable | 84,500,000 | 84,500,000 | 125,700,000 | |||||
Agribusiness And Energy Services Segment [Member] | Green Plains Grain [Member] | Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | 125,000,000 | $ 125,000,000 | ||||||
Debt maturity dates | Jul. 26, 2019 | |||||||
Line of credit, maximum borrowing capacity | $ 250,000,000 | $ 250,000,000 | ||||||
Allowable dividends as percentage of net profit before taxes | 50.00% | 50.00% | ||||||
Additional amounts available under facility, accordion feature | $ 75,000,000 | |||||||
Minimum working capital required for compliance | 20,000,000 | |||||||
Minimum net worth required for compliance | $ 26,300,000 | 26,300,000 | ||||||
Annual capital expenditures, maximum | $ 8,000,000 | |||||||
Agribusiness And Energy Services Segment [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 Segment [Member] | Green Plains Grain [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, basis spread on variable rate, percentage | 2.00% | |||||||
Interest rate, basis for effective rate | base rate plus 2.00% | |||||||
Agribusiness And Energy Services Segment [Member] | Green Plains Grain [Member] | Revolving Credit Facility [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Fixed charge coverage ratio | 1.25 | 1.25 | ||||||
Agribusiness And Energy Services Segment [Member] | Green Plains Grain [Member] | Revolving Credit Facility [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Annual leverage ratio | 6 | 6 | ||||||
Agribusiness And Energy Services Segment [Member] | Green Plains Grain [Member] | Seasonal Borrowings [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit, maximum borrowing capacity | $ 50,000,000 | $ 50,000,000 | ||||||
Agribusiness And Energy Services Segment [Member] | Green Plains Trade [Member] | Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Unused capacity fee, percentage | 0.50% | |||||||
Line of credit, maximum borrowing capacity | $ 150,000,000 | $ 150,000,000 | ||||||
Revolving credit facility expiration date | Nov. 26, 2019 | |||||||
Allowable dividends as percentage of net profit before taxes | 50.00% | 50.00% | ||||||
Undrawn availability of revolving credit facility on a pro forma basis | $ 10,000,000 | $ 10,000,000 | ||||||
Fixed charge coverage ratio | 1.15 | 1.15 | ||||||
Annual capital expenditures, maximum | $ 1,500,000 | |||||||
Restricted cash | $ 16,900,000 | $ 16,900,000 | ||||||
Agribusiness And Energy Services Segment [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 Segment [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 Ingredients Segment [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Allowable dividends as percentage of net profit before taxes | 50.00% | 50.00% | ||||||
Additional amounts available under facility, accordion feature | $ 100,000,000 | |||||||
Minimum working capital required for compliance, percentage | 15.00% | |||||||
Minimum net worth required for compliance, percentage | 20.00% | |||||||
Annual leverage ratio | 3.50 | 3.50 | ||||||
Annual capital expenditures, maximum | $ 10,000,000 | |||||||
Annual capital expenditures, maximum, funded by parent | $ 10,000,000 | |||||||
Food And Ingredients Segment [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, basis for effective rate | LIBOR plus 2.00% to 3.00% | |||||||
Food And Ingredients Segment [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, basis for effective rate | base rate plus 1.00% to 2.00% | |||||||
Food And Ingredients Segment [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Unused capacity fee, percentage | 0.20% | |||||||
Food And Ingredients Segment [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | Minimum [Member] | LIBOR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, basis spread on variable rate, percentage | 2.00% | |||||||
Food And Ingredients Segment [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 | 1.00% | |||||||
Food And Ingredients Segment [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Unused capacity fee, percentage | 0.30% | |||||||
Food And Ingredients Segment [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | Maximum [Member] | LIBOR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, basis spread on variable rate, percentage | 3.00% | |||||||
Food And Ingredients Segment [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 | 2.00% | |||||||
Food And Ingredients Segment [Member] | Fleischmanns Vinegar Company [Member] | Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Unused capacity fee, percentage | 0.50% | |||||||
Food And Ingredients Segment [Member] | Fleischmanns Vinegar Company [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 Ingredients Segment [Member] | Fleischmanns Vinegar Company [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 Ingredients Segment [Member] | Fleischmanns Vinegar Company [Member] | Term Loan [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Prepayment fees | 1.00% | |||||||
Net leverage ratio | 5 | 5 | ||||||
Interest coverage ratio | 1 | 1 | ||||||
Percentage of available free cash flow from operations, subject to certain limitations, required to be used toward annual special payments | 0.00% | |||||||
Food And Ingredients Segment [Member] | Fleischmanns Vinegar Company [Member] | Term Loan [Member] | Minimum [Member] | LIBOR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, basis spread on variable rate, percentage | 6.00% | |||||||
Food And Ingredients Segment [Member] | Fleischmanns Vinegar Company [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 Ingredients Segment [Member] | Fleischmanns Vinegar Company [Member] | Term Loan [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Prepayment fees | 2.00% | |||||||
Net leverage ratio | 7 | 7 | ||||||
Interest coverage ratio | 1.10 | 1.10 | ||||||
Percentage of available free cash flow from operations, subject to certain limitations, required to be used toward annual special payments | 50.00% | |||||||
Food And Ingredients Segment [Member] | Fleischmanns Vinegar Company [Member] | Term Loan [Member] | Maximum [Member] | LIBOR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, basis spread on variable rate, percentage | 7.00% | |||||||
Food And Ingredients Segment [Member] | Fleischmanns Vinegar Company [Member] | Term Loan [Member] | Maximum [Member] | Base Rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, basis spread on variable rate, percentage | 6.00% | |||||||
Partnership [Member] | Green Plains Operating Company LLC [Member] | Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 155,000,000 | $ 155,000,000 | ||||||
Additional amount available under credit facility without consent of the lenders | $ 100,000,000 | $ 100,000,000 | ||||||
Partnership [Member] | Green Plains Operating Company LLC [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, basis for effective rate | LIBOR plus 2.25% to 3.00% | |||||||
Partnership [Member] | Green Plains Operating Company LLC [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, basis for effective rate | base rate plus 1.25% to 2.00% | |||||||
Partnership [Member] | Green Plains Operating Company LLC [Member] | Revolving Credit Facility [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Unused capacity fee, percentage | 0.35% | |||||||
Interest coverage ratio | 2.75 | 2.75 | ||||||
Partnership [Member] | Green Plains Operating Company LLC [Member] | Revolving Credit Facility [Member] | Minimum [Member] | LIBOR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread on variable rate, basis points | 2.25 | |||||||
Partnership [Member] | Green Plains Operating Company LLC [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Base Rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread on variable rate, basis points | 1.25 | |||||||
Partnership [Member] | Green Plains Operating Company LLC [Member] | Revolving Credit Facility [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Unused capacity fee, percentage | 0.50% | |||||||
Net leverage ratio | 3.50 | 3.50 | ||||||
Partnership [Member] | Green Plains Operating Company LLC [Member] | Revolving Credit Facility [Member] | Maximum [Member] | LIBOR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread on variable rate, basis points | 3 | |||||||
Partnership [Member] | Green Plains Operating Company LLC [Member] | Revolving Credit Facility [Member] | Maximum [Member] | Base Rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread on variable rate, basis points | 2 | |||||||
Corporate Activities [Member] | 3.25% Convertible Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Outstanding note payable | $ 63,700,000 | $ 63,700,000 | ||||||
Debt instrument, face amount | $ 120,000,000 | $ 120,000,000 | ||||||
Interest rate, stated percentage | 3.25% | 3.25% | ||||||
Cash payment for conversion of 3.25% convertible notes due 2018 | $ 8,523,000 | |||||||
Interest expense | $ 1,300,000 | 1,300,000 | ||||||
Unamortized debt issuance costs | $ 600,000 | $ 600,000 | ||||||
Common stock, dividends per share, cash paid per share | $ 0.04 | |||||||
Common stock for conversion, shares | 2,783,725 | |||||||
Conversion rate | 49.7602 | |||||||
Debt conversion amount | $ 1,000 | |||||||
Debt instrument, exchange amount | $ 56,300,000 | |||||||
Debt conversion price | $ 20.10 | $ 20.10 | ||||||
Conversion price percentage | 140.00% | |||||||
Principal amount of notes, percentage | 100.00% | |||||||
Corporate Activities [Member] | 4.125% Convertible Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 170,000,000 | $ 170,000,000 | ||||||
Interest rate, stated percentage | 4.125% | 4.125% | ||||||
Common stock, dividends per share, cash paid per share | $ 0.12 | |||||||
Common stock for conversion, shares | 35.7143 | |||||||
Debt conversion amount | $ 1,000 | |||||||
Debt conversion price | $ 28 | $ 28 | ||||||
Conversion price percentage | 140.00% | |||||||
Principal amount of notes, percentage | 100.00% | |||||||
Credit Agreement [Member] | Food And Ingredients Segment [Member] | Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 100,000,000 | $ 100,000,000 | ||||||
$130.0 Million Term Loan [Member] | Fleischmanns Vinegar Company [Member] | Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | 130,000,000 | 130,000,000 | 130,000,000 | |||||
$15.0 Million Revoling Credit Facility [Member] | Fleischmanns Vinegar Company [Member] | Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 15,000,000 | $ 15,000,000 | $ 15,000,000 | |||||
Subsequent Event [Member] | Agribusiness And Energy Services Segment [Member] | Green Plains Trade [Member] | Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Unused capacity fee, percentage | 0.375% | |||||||
Line of credit, maximum borrowing capacity | $ 300,000,000 | |||||||
Revolving credit facility expiration date | Jul. 28, 2022 | |||||||
Subsequent Event [Member] | Agribusiness And Energy Services Segment [Member] | Green Plains Trade [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, basis spread on variable rate, percentage | 2.25% | |||||||
Interest rate, basis for effective rate | LIBOR rate plus 2.25% | |||||||
Subsequent Event [Member] | Agribusiness And Energy Services Segment [Member] | Green Plains Trade [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, basis spread on variable rate, percentage | 1.25% | |||||||
Interest rate, basis for effective rate | base rate plus 1.25% | |||||||
Subsequent Event [Member] | Credit Agreement [Member] | Food And Ingredients Segment [Member] | Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 300,000,000 | $ 200,000,000 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares or units authorized | 4,110,000 | 4,110,000 | ||
Units granted during period, weighted average price per unit | ||||
Compensation costs expensed | $ 3 | $ 2.4 | $ 5.5 | $ 4.6 |
Unrecognized compensation costs | $ 18.8 | $ 18.8 | ||
Compensation expected to be recognized, weighted-average period in years | 2 years 1 month 6 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 | 2,500,000 |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule Of Stock Option Activity) (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | ||
Stock-Based Compensation [Abstract] | |||
Outstanding, Shares | shares | 148,750 | ||
Outstanding, Weighted Average Exercise Price | $ / shares | $ 12.36 | ||
Outstanding, Weighted Average Remaining Contractual Term | 2 years 3 months 18 days | 2 years 9 months 18 days | |
Outstanding, Aggregate Intrinsic Value | $ | $ 2,305 | ||
Granted, Shares | shares | |||
Granted, Weighted Average Exercise price | $ / shares | |||
Exercised, Shares | shares | (5,000) | ||
Exercised, Weighted Average Exercise price | $ / shares | $ 10 | ||
Exercised, Aggregate Intrinsic Value | $ | $ 78 | ||
Forfeited, Shares | shares | |||
Forfeited, Weighted Average Exercise Price | $ / shares | |||
Expired, Shares | shares | |||
Expired, Weighted Average Exercise Price | $ / shares | |||
Outstanding, Shares | shares | 143,750 | 148,750 | |
Outstanding, Weighted Average Exercise Price | $ / shares | $ 12.44 | $ 12.36 | |
Outstanding, Weighted Average Remaining Contractual Term | 2 years 3 months 18 days | 2 years 9 months 18 days | |
Outstanding, Aggregate Intrinsic Value | $ | $ 1,166 | $ 2,305 | |
Exercisable, Shares | shares | [1] | 143,750 | |
Exercisable, Weighted Average Exercise Price | $ / shares | [1] | $ 12.44 | |
Exercisable, Weighted Average Remaining Contractual | [1] | 2 years 3 months 18 days | |
Exercisable, Aggregate Intrinsic Value | $ | [1] | $ 1,166 | |
In-the-money options, shares | shares | 143,750 | ||
In-the-money options, weighted-average exercise price | $ / shares | 12.44 | ||
[1] | Includes in-the-money options totaling 143,750 shares at a weighted-average exercise price of $12.44. |
Stock-Based Compensation (Sch56
Stock-Based Compensation (Schedule Of Non-Vested Stock Award And DSU Activity) (Details) | 6 Months Ended |
Jun. 30, 2017$ / sharesshares | |
Stock-Based Compensation [Abstract] | |
Non-vested, shares or units | shares | 1,139,560 |
Non-vested, Weighted-Average Grant-Date Fair Value | $ / shares | $ 17.65 |
Granted, shares or units | shares | 531,103 |
Granted, Weighted-Average Grant-Date Fair Value | $ / shares | $ 24.38 |
Forfeited, shares or units | shares | (41,317) |
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares | $ 19.07 |
Vested, shares or units | shares | (503,983) |
Vested, Weighted-Average Grant-Date Fair Value | $ / shares | $ 18.42 |
Non-vested, shares or units | shares | 1,125,363 |
Non-vested, Weighted-Average Grant-Date Fair Value | $ / shares | $ 20.43 |
Non-vested, Weighted-Average Remaining Vesting Term (in years) | 2 years 1 month 6 days |
Stock-Based Compensation (Sch57
Stock-Based Compensation (Schedule Of Non-Vested Unit-Based Award Activity) (Details) | 6 Months Ended |
Jun. 30, 2017$ / sharesshares | |
Non-vested, shares or units | shares | 1,139,560 |
Non-vested, Weighted-Average Grant-Date Fair Value | $ / shares | $ 17.65 |
Granted, shares or units | shares | 531,103 |
Granted, Weighted-Average Grant-Date Fair Value | $ / shares | $ 24.38 |
Forfeited, shares or units | shares | (41,317) |
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares | $ 19.07 |
Vested, shares or units | shares | (503,983) |
Vested, Weighted-Average Grant-Date Fair Value | $ / shares | $ 18.42 |
Non-vested, shares or units | shares | 1,125,363 |
Non-vested, Weighted-Average Grant-Date Fair Value | $ / shares | $ 20.43 |
Non-vested, Weighted-Average Remaining Vesting Term (in years) | 2 years 1 month 6 days |
Green Plains Partners LP [Member] | Green Plains Partners LP 2015 Long-Term Incentive Plan [Member] | Restricted unit awards [Member] | |
Non-vested, shares or units | shares | 15,009 |
Non-vested, Weighted-Average Grant-Date Fair Value | $ / shares | $ 15.99 |
Granted, shares or units | shares | |
Granted, Weighted-Average Grant-Date Fair Value | $ / shares | |
Forfeited, shares or units | shares | |
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares | |
Vested, shares or units | shares | (15,009) |
Vested, Weighted-Average Grant-Date Fair Value | $ / shares | $ 15.99 |
Non-vested, Weighted-Average Remaining Vesting Term (in years) | 0 years |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | |
Stock Compensation Plan [Member] | |||
Stock-based compensation awards excluded from computations of diluted EPS | 65 | 68 | 119 |
Convertible Debt Securities [Member] | |||
Stock-based compensation awards excluded from computations of diluted EPS | 10,600 | 11,300 | |
Interest expense, net of taxes, related to convertible debt | $ 3.2 | $ 6.8 |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) attributable to Green Plains | $ (16,366) | $ 8,191 | $ (19,963) | $ (15,947) |
Weighted average shares outstanding - basic | 40,220 | 38,425 | 39,326 | 38,311 |
EPS - basic | $ (0.41) | $ 0.21 | $ (0.51) | $ (0.42) |
Net income (loss) attributable to Green Plains - diluted | $ (16,366) | $ 8,191 | $ (19,963) | $ (15,947) |
Effect of dilutive stock-based compensation awards | 111 | |||
Weighted average shares outstanding - diluted | 40,220 | 38,536 | 39,326 | 38,311 |
EPS - diluted | $ (0.41) | $ 0.21 | $ (0.51) | $ (0.42) |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule Of Stockholders' Equity) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Stockholders' Equity [Line Items] | ||||
Beginning balance | $ 979,191 | |||
Net income (loss) | $ (11,796) | $ 12,985 | (10,145) | $ (6,831) |
Cash dividends and distributions declared | (19,244) | |||
Other comprehensive loss before reclassifications | (1,776) | |||
Amounts reclassified from accumulated other comprehensive income (loss) | (4,487) | |||
Total other comprehensive loss, net of tax | (4,771) | $ (3,057) | (6,263) | $ (2,958) |
Exchange of 3.25% convertible notes due 2018 | 45,682 | |||
Stock-based compensation | $ 1,696 | |||
Stock options exercised, Shares | 5,000 | |||
Stock options exercised | $ 50 | |||
Ending balance | $ 990,967 | $ 990,967 | ||
Common Units [Member] | ||||
Stockholders' Equity [Line Items] | ||||
Beginning balance, Shares | 46,079,000 | |||
Beginning balance | $ 46 | |||
Stock-based compensation, Shares | 332,000 | |||
Stock options exercised, Shares | 5,000 | |||
Ending balance, Shares | 46,416,000 | 46,416,000 | ||
Ending balance | $ 46 | $ 46 | ||
Additional Paid-In Capital [Member] | ||||
Stockholders' Equity [Line Items] | ||||
Beginning balance | 659,200 | |||
Exchange of 3.25% convertible notes due 2018 | 18,326 | |||
Stock-based compensation | 1,577 | |||
Stock options exercised | 50 | |||
Ending balance | 679,153 | 679,153 | ||
Retained Earnings [Member] | ||||
Stockholders' Equity [Line Items] | ||||
Beginning balance | 283,214 | |||
Net income (loss) | (19,963) | |||
Cash dividends and distributions declared | (9,221) | |||
Ending balance | 254,030 | 254,030 | ||
Accum. Other Comp. Income (Loss) [Member] | ||||
Stockholders' Equity [Line Items] | ||||
Beginning balance | (4,137) | |||
Other comprehensive loss before reclassifications | (1,776) | |||
Amounts reclassified from accumulated other comprehensive income (loss) | (4,487) | |||
Total other comprehensive loss, net of tax | (6,263) | |||
Ending balance | $ (10,400) | $ (10,400) | ||
Treasury Stock [Member] | ||||
Stockholders' Equity [Line Items] | ||||
Beginning balance, Shares | 7,715,000 | |||
Beginning balance | $ (75,816) | |||
Exchange of 3.25% convertible notes due 2018 | $ 27,356 | |||
Exchange of 3.25% convertible notes due 2018, Shares | (2,784,000) | |||
Ending balance, Shares | 4,931,000 | 4,931,000 | ||
Ending balance | $ (48,460) | $ (48,460) | ||
Total Green Plains Stockholders' Equity [Member] | ||||
Stockholders' Equity [Line Items] | ||||
Beginning balance | 862,507 | |||
Net income (loss) | (19,963) | |||
Cash dividends and distributions declared | (9,221) | |||
Other comprehensive loss before reclassifications | (1,776) | |||
Amounts reclassified from accumulated other comprehensive income (loss) | (4,487) | |||
Total other comprehensive loss, net of tax | (6,263) | |||
Exchange of 3.25% convertible notes due 2018 | 45,682 | |||
Stock-based compensation | 1,577 | |||
Stock options exercised | 50 | |||
Ending balance | 874,369 | 874,369 | ||
Noncontrolling Interests [Member] | ||||
Stockholders' Equity [Line Items] | ||||
Beginning balance | 116,684 | |||
Net income (loss) | 9,818 | |||
Cash dividends and distributions declared | (10,023) | |||
Stock-based compensation | 119 | |||
Ending balance | $ 116,598 | $ 116,598 |
Stockholders Equity (Reclassifi
Stockholders Equity (Reclassification From Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Gains (losses) on cash flow hedges | $ 2,177 | $ (2,715) | $ 7,159 | $ (581) |
Income tax expense (benefit) | 824 | (932) | 2,672 | (225) |
Net income (loss) | (11,796) | 12,985 | (10,145) | (6,831) |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net income (loss) | 1,353 | (1,783) | 4,487 | (356) |
Revenue [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Gains (losses) on cash flow hedges | 2,825 | (13,470) | 6,977 | (13,225) |
Revenue [Member] | Ethanol Commodity Derivatives [Member] | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Gains (losses) on cash flow hedges | 2,825 | (13,470) | 6,977 | (13,225) |
Cost of Goods Sold [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Gains (losses) on cash flow hedges | (648) | 10,755 | 182 | 12,644 |
Cost of Goods Sold [Member] | Corn Commodity Derivatives [Member] | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Gains (losses) on cash flow hedges | (648) | 10,755 | 182 | 12,644 |
Income (loss) before income taxes [Member] | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Gains (losses) on cash flow hedges | 2,177 | (2,715) | 7,159 | (581) |
Income tax expense (benefit) [Member] | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income tax expense (benefit) | $ 824 | $ (932) | $ 2,672 | $ (225) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Income Taxes [Abstract] | |||||
Income tax expense (benefit) | $ (9,749) | $ 5,471 | $ (12,130) | $ (9,422) | |
Uncategorized tax benefits | $ 200 | $ 200 | $ 200 |
Commitments And Contingencies63
Commitments And Contingencies (Narrative) (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017USD ($)property | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)property | Jun. 30, 2016USD ($) | |
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Lease expenses | $ 11.9 | $ 8.7 | $ 22.2 | $ 18.1 |
Contracted future purchases | $ 470.7 | $ 470.7 | ||
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 | 2 | ||
Previously accrued contingent liabilities that no longer represent probable losses | $ 6.3 | $ 6.3 | ||
Gain contingency | $ 5.5 | $ 5.5 |
Commitments And Contingencies64
Commitments And Contingencies (Future Minimum Lease Payments) (Details) $ in Thousands | Jun. 30, 2017USD ($) |
Commitments And Contingencies [Abstract] | |
2,017 | $ 19,266 |
2,018 | 28,560 |
2,019 | 19,209 |
2,020 | 13,226 |
2,021 | 6,464 |
Thereafter | 21,950 |
Total | $ 108,675 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)item | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |
Related Party Transaction [Line Items] | |||||
Outstanding accounts payable | $ 139,732,000 | $ 139,732,000 | $ 192,275,000 | ||
AXIS Capital [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to related parties, current | 696,000 | 696,000 | 808,000 | ||
Principal payments (including interest) | $ 69,000 | $ 69,000 | $ 138,000 | $ 138,000 | |
Weighted average interest rate | 6.80% | 6.80% | |||
Board of Directors Chairman [Member] | Aircraft Lease [Member] | |||||
Related Party Transaction [Line Items] | |||||
Number of related party transaction agreements | item | 2 | ||||
Number of leased aircrafts | item | 2 | ||||
Aircraft lease amount payable, per month | $ 9,766 | ||||
Aircraft hours available each year under lease | 125 years | ||||
Cash payments | $ 41,000 | $ 40,000 | $ 102,000 | $ 88,000 | |
Outstanding accounts payable | $ 3,000 | $ 3,000 | $ 0 |