Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 07, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Period Focus | FY | ||
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 | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 41,053,898 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 802.4 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Trading Symbol | gpre |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash and cash equivalents | $ 266,651 | $ 304,211 |
Restricted cash | 13,810 | 51,979 |
Accounts receivable, net of allowances of $217 and $266, respectively | 151,122 | 147,495 |
Income taxes receivable | 6,413 | 10,379 |
Inventories | 711,878 | 422,181 |
Prepaid expenses and other | 17,808 | 17,095 |
Derivative financial instruments | 38,789 | 47,236 |
Total current assets | 1,206,471 | 1,000,576 |
Property and equipment, net | 1,176,707 | 1,178,706 |
Goodwill | 182,879 | 183,696 |
Other assets | 218,593 | 143,514 |
Total assets | 2,784,650 | 2,506,492 |
Current liabilities | ||
Accounts payable | 205,479 | 192,275 |
Accrued and other liabilities | 63,886 | 67,473 |
Derivative financial instruments | 12,884 | 8,916 |
Income taxes payable | 9,909 | |
Short-term notes payable and other borrowings | 526,180 | 291,223 |
Current maturities of long-term debt | 67,923 | 35,059 |
Total current liabilities | 886,261 | 594,946 |
Long-term debt | 767,396 | 782,610 |
Deferred income taxes | 56,801 | 140,262 |
Other liabilities | 15,056 | 9,483 |
Total liabilities | 1,725,514 | 1,527,301 |
Commitments and contingencies (Note 16) | ||
Stockholders’ equity | ||
Common stock, $0.001 par value; 75,000,000 shares authorized; 46,410,405 and 46,079,108 shares issued, and 41,084,463 and 38,364,118 shares outstanding, respectively | 46 | 46 |
Additional paid-in capital | 685,019 | 659,200 |
Retained earnings | 325,411 | 283,214 |
Accumulated other comprehensive loss | (13,110) | (4,137) |
Treasury stock, 5,325,942 and 7,714,990 shares, respectively | (55,184) | (75,816) |
Total Green Plains stockholders' equity | 942,182 | 862,507 |
Noncontrolling interests | 116,954 | 116,684 |
Total stockholders’ equity | 1,059,136 | 979,191 |
Total liabilities and stockholders’ equity | $ 2,784,650 | $ 2,506,492 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Consolidated Balance Sheets [Abstract] | ||
Accounts receivable, allowances | $ 217 | $ 266 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 46,410,405 | 46,079,108 |
Common stock, shares outstanding | 41,084,463 | 38,364,118 |
Treasury stock, shares | 5,325,942 | 7,714,990 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues | |||
Product revenues | $ 3,589,981 | $ 3,402,579 | $ 2,957,201 |
Service revenues | 6,185 | 8,302 | 8,388 |
Total revenues | 3,596,166 | 3,410,881 | 2,965,589 |
Costs and Expenses | |||
Cost of goods sold (excluding depreciation and amortization expenses reflected below) | 3,301,587 | 3,096,079 | 2,729,367 |
Operations and maintenance expenses | 33,448 | 34,211 | 29,601 |
Selling, general and administrative expenses | 112,024 | 104,677 | 79,594 |
Depreciation and amortization expenses | 107,361 | 84,226 | 65,950 |
Total costs and expenses | 3,554,420 | 3,319,193 | 2,904,512 |
Operating income | 41,746 | 91,688 | 61,077 |
Other income (expense) | |||
Interest income | 1,597 | 1,541 | 1,211 |
Interest expense | (90,160) | (51,851) | (40,366) |
Other, net | 3,666 | (3,027) | (457) |
Total other expense | (84,897) | (53,337) | (39,612) |
Income (loss) before income taxes | (43,151) | 38,351 | 21,465 |
Income tax (expense) benefit | 124,782 | (7,860) | (6,237) |
Net income | 81,631 | 30,491 | 15,228 |
Net income attributable to noncontrolling interests | 20,570 | 19,828 | 8,164 |
Net income attributable to Green Plains | $ 61,061 | $ 10,663 | $ 7,064 |
Earnings per share: | |||
Net income attributable to Green Plains - basic | $ 1.56 | $ 0.28 | $ 0.19 |
Net income attributable to Green Plains - diluted | $ 1.47 | $ 0.28 | $ 0.18 |
Weighted average shares outstanding: | |||
Basic | 39,247 | 38,318 | 37,947 |
Diluted | 50,240 | 38,573 | 39,028 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Consolidated Statements Of Comprehensive Income [Abstract] | |||
Net income | $ 81,631 | $ 30,491 | $ 15,228 |
Other comprehensive income (loss), net of tax: | |||
Unrealized gains (losses) on derivatives arising during period, net of tax (expense) benefit of $2,967, $10,494, and $(4,413), respectively | (5,048) | (18,744) | 7,169 |
Reclassification of realized (gains) losses on derivatives, net of tax expense (benefit) of $2,306, $(8,830), and $1,855, respectively | (3,925) | 15,772 | (3,014) |
Total other comprehensive income (loss), net of tax | (8,973) | (2,972) | 4,155 |
Comprehensive income | 72,658 | 27,519 | 19,383 |
Comprehensive income attributable to noncontrolling interests | 20,570 | 19,828 | 8,164 |
Comprehensive income attributable to Green Plains | $ 52,088 | $ 7,691 | $ 11,219 |
Consolidated Statements Of Com6
Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Consolidated Statements Of Comprehensive Income [Abstract] | |||
Income tax (expense) benefit on unrealized gains (losses) on derivatives | $ 2,967 | $ 10,494 | $ (4,413) |
Income tax expense (benefit) on reclassification of realized (gains) losses on derivatives | $ 2,306 | $ (8,830) | $ 1,855 |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders’ Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accum. Other Comp. Income (Loss) [Member] | Treasury Stock [Member] | Total Green Plains Stockholders' Equity [Member] | Non-controlling Interests [Member] | Total |
Beginning balance at Dec. 31, 2014 | $ 45 | $ 569,431 | $ 299,101 | $ (5,320) | $ (65,808) | $ 797,449 | $ 797,449 | |
Balance, shares, Beginning Balance at Dec. 31, 2014 | 44,809,000 | 7,200,000 | ||||||
Net income | 7,064 | 7,064 | $ 8,164 | 15,228 | ||||
Cash dividends and distributions declared | (15,191) | (15,191) | (19,795) | |||||
Cash dividends and distributions declared | (4,604) | |||||||
Other comprehensive (loss) income before reclassification | 7,169 | |||||||
Amounts reclassified from accumulated other comprehensive (loss) income | (3,014) | |||||||
Total other comprehensive income (loss), net of tax | 4,155 | 4,155 | 4,155 | |||||
Repurchase of common stock | $ (4,003) | (4,003) | (4,003) | |||||
Repurchase of common stock, shares | 192,000 | |||||||
Net proceeds from issuance of common units - Green Plains Partners LP | 157,452 | 157,452 | ||||||
Stock-based compensation | 7,590 | 7,590 | 7,657 | |||||
Stock-based compensation | 67 | |||||||
Stock-based compensation, Shares | 432,000 | |||||||
Stock options exercised | 766 | 766 | 766 | |||||
Stock options exercised, Shares | 41,000 | |||||||
Ending balance at Dec. 31, 2015 | $ 45 | 577,787 | 290,974 | (1,165) | $ (69,811) | 797,830 | 161,079 | 958,909 |
Balance, shares, Ending Balance at Dec. 31, 2015 | 45,282,000 | 7,392,000 | ||||||
Net income | 10,663 | 10,663 | 19,828 | 30,491 | ||||
Cash dividends and distributions declared | (18,423) | (18,423) | (37,278) | |||||
Cash dividends and distributions declared | (18,855) | |||||||
Other comprehensive (loss) income before reclassification | (18,744) | |||||||
Amounts reclassified from accumulated other comprehensive (loss) income | 15,772 | |||||||
Total other comprehensive income (loss), net of tax | (2,972) | (2,972) | (2,972) | |||||
Transfer of assets to Green Plains Partners LP | 47,390 | 47,390 | (47,390) | |||||
Consolidation of BioProcess Algae | 2,807 | 2,807 | ||||||
Investment in BioProcess Algae | 928 | 928 | (928) | |||||
Repurchase of common stock | $ (6,005) | (6,005) | (6,005) | |||||
Repurchase of common stock, shares | 323,000 | |||||||
Issuance of 4.125% convertible notes due 2022, net of tax | 24,492 | 24,492 | 24,492 | |||||
Stock-based compensation | $ 1 | 6,846 | 6,847 | 6,990 | ||||
Stock-based compensation | 143 | |||||||
Stock-based compensation, Shares | 647,000 | |||||||
Stock options exercised | 1,757 | 1,757 | 1,757 | |||||
Stock options exercised, Shares | 150,000 | |||||||
Ending balance at Dec. 31, 2016 | $ 46 | 659,200 | 283,214 | (4,137) | $ (75,816) | 862,507 | 116,684 | $ 979,191 |
Balance, shares, Ending Balance at Dec. 31, 2016 | 46,079,000 | 7,715,000 | 38,364,118 | |||||
Net income | 61,061 | 61,061 | 20,570 | $ 81,631 | ||||
Cash dividends and distributions declared | (18,864) | (18,864) | (39,383) | |||||
Cash dividends and distributions declared | (20,519) | |||||||
Other comprehensive (loss) income before reclassification | (5,048) | |||||||
Amounts reclassified from accumulated other comprehensive (loss) income | (3,925) | |||||||
Total other comprehensive income (loss), net of tax | (8,973) | (8,973) | (8,973) | |||||
Repurchase of common stock | $ (6,724) | (6,724) | $ (6,724) | |||||
Repurchase of common stock, shares | 395,000 | 394,677 | ||||||
Exchange of 3.25% convertible notes due 2018 | 18,326 | $ 27,356 | 45,682 | $ 45,682 | ||||
Exchange of 3.25% convertible notes due 2018, shares | (2,784,000) | |||||||
Stock-based compensation | 7,443 | 7,443 | 7,662 | |||||
Stock-based compensation | 219 | |||||||
Stock-based compensation, Shares | 326,000 | |||||||
Stock options exercised | 50 | 50 | $ 50 | |||||
Stock options exercised, Shares | 5,000 | 5,000 | ||||||
Ending balance at Dec. 31, 2017 | $ 46 | $ 685,019 | $ 325,411 | $ (13,110) | $ (55,184) | $ 942,182 | $ 116,954 | $ 1,059,136 |
Balance, shares, Ending Balance at Dec. 31, 2017 | 46,410,000 | 5,326,000 | 41,084,463 |
Consolidated Statements Of Sto8
Consolidated Statements Of Stockholders’ Equity (Parenthetical) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | ||
Debt Conversion, Converted Instrument, Rate | 3.25% | 4.125% |
Debt Conversion, Converted Instrument, Expiration or Due Date, Year | 2,018 | 2,022 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net income | $ 81,631 | $ 30,491 | $ 15,228 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 107,361 | 84,226 | 65,950 |
Amortization of debt issuance costs and debt discount | 14,758 | 11,488 | 7,853 |
Loss on exchange of 3.25% convertible notes due 2018 | 1,291 | ||
Write-off of deferred financing fees related to extinguishment of debt | 9,460 | ||
Gain on disposal of assets | (3,250) | ||
Deferred income taxes | (81,077) | 4,910 | (27,513) |
Other noncurrent assets and liabilities | (7,869) | ||
Stock-based compensation | 12,161 | 9,491 | 8,752 |
Undistributed equity in loss of affiliates | 274 | 3,055 | 1,519 |
Changes in operating assets and liabilities before effects of business combinations: | |||
Accounts receivable | 3,624 | (36,888) | 41,923 |
Inventories | (268,219) | (42,012) | (78,410) |
Derivative financial instruments | (1,820) | (20,581) | 15,148 |
Prepaid expenses and other assets | (794) | (4,092) | 7,851 |
Accounts payable and accrued liabilities | 6,500 | 49,077 | (33,212) |
Current income taxes | (40,866) | (1,887) | (9,586) |
Change in restricted cash | 3,641 | ||
Other | 3,374 | (2,085) | (1,633) |
Net cash provided by (used in) operating activities | (159,820) | 85,193 | 13,870 |
Cash flows from investing activities: | |||
Purchases of property and equipment, net | (46,467) | (58,113) | (63,350) |
Acquisition of businesses, net of cash acquired | (61,727) | (508,143) | (116,796) |
Investments in unconsolidated subsidiaries | (20,286) | (6,342) | (3,055) |
Net cash used in investing activities | (128,480) | (572,598) | (183,201) |
Cash flows from financing activities: | |||
Proceeds from the issuance of long-term debt | 570,600 | 524,000 | 178,400 |
Payments of principal on long-term debt | (510,209) | (106,803) | (195,810) |
Proceeds from short-term borrowings | 4,385,446 | 4,130,946 | 3,237,477 |
Payments on short-term borrowings | (4,150,994) | (4,066,968) | (3,219,566) |
Cash payment for exchange of 3.25% convertible notes due 2018 | (8,523) | ||
Proceeds from issuance of Green Plains Partners common units, net | 157,452 | ||
Payments for repurchase of common stock | (6,724) | (6,005) | (4,003) |
Payments of cash dividends and distributions | (39,383) | (37,278) | (19,795) |
Payment penalty on early extinguishment of debt | (2,881) | ||
Change in restricted cash | 34,528 | (18,641) | 2,725 |
Payments of loan fees | (16,671) | (12,053) | (5,314) |
Payments related to tax withholdings for stock-based compensation | (4,499) | (2,206) | (3,644) |
Proceeds from exercises of stock options | 50 | 1,757 | 766 |
Net cash provided by financing activities | 250,740 | 406,749 | 128,688 |
Net change in cash and cash equivalents | (37,560) | (80,656) | (40,643) |
Cash and cash equivalents, beginning of period | 304,211 | 384,867 | 425,510 |
Cash and cash equivalents, end of period | 266,651 | 304,211 | 384,867 |
Non-cash financing activity: | |||
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 (refunded) for income taxes | (3,768) | 4,692 | 43,833 |
Cash paid for interest | 54,213 | 38,245 | 32,753 |
Supplemental investing and financing activities: | |||
Assets acquired in acquisitions and mergers, net of cash | 63,670 | 568,383 | 120,910 |
Less: liabilities assumed | (1,943) | (57,433) | (4,114) |
Less: allocation of noncontrolling interest in consolidation of BioProcess Algae | (2,807) | ||
Net assets acquired | $ 61,727 | $ 508,143 | $ 116,796 |
Consolidated Statements Of Ca10
Consolidated Statements Of Cash Flows (Parenthetical) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Consolidated Statements Of Cash Flows [Abstract] | ||
Debt Conversion, Converted Instrument, Rate | 3.25% | 4.125% |
Debt Conversion, Converted Instrument, Expiration or Due Date, Year | 2,018 | 2,022 |
Basis Of Presentation And Descr
Basis Of Presentation And Description Of Business | 12 Months Ended |
Dec. 31, 2017 | |
Basis Of Presentation And Description Of Business [Abstract] | |
Basis Of Presentation And Description Of Business | GRE EN PLAINS INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. BASIS OF PRESENTATION and DESCRIPTION OF BUSINESS References to the Company References to “Green Plains” or the “company” in the consolidated financial statements and in these notes to the consolidated financial statements refer to Green Plains Inc., an Iowa corporation, and its subsidiaries. Consolidated Financial Statements The consolidated financial statements include the company’s accounts and all significant intercompany balances and transactions are eliminated. Unconsolidated entities are included in the financial statements on an equity basis. 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 company determined that the limited partners in the partnership with equity at risk lack the power, through voting rights or similar rights, to direct the activities that most significantly impact partnership’s economic performance; therefore, the partnership is considered a VIE. The company, through its ownership of the general partner interest in the partnership, has the power to direct the activities that most significantly affect economic performance and the obligation to absorb losses or the right to receive benefits that could be potentially significant to the partnership; therefore, the company is considered the primary beneficiary and consolidates the partnership. The assets of the partnership cannot be used by the company for general corporate purposes. The partnership’s consolidated total assets as of December 31, 2017 and 2016 are $74.9 million and $75.0 million, respectively, and primarily consist of property and equipment and goodwill. The partnership’s consolidated total liabilities as of December 31, 2017 and 2016 are $153.0 million and $156.0 million, respectively, which primarily consist of long-term debt as discussed in Note 11 – Debt. The liabilities recognized as a result of consolidating the partnership do not represent additional claims on our general assets. 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. Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation. These reclassifications did not affect total revenues, costs and expenses, net income or stockholders’ equity. Use of Estimates in the Preparation of Consolidated Financial Statements The preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The company bases its estimates on historical experience and assumptions that it believes are proper and reasonable under the circumstances and regularly evaluates the appropriateness of its estimates and assumptions. Actual results could differ from those estimates. Key accounting policies, including but not limited to those relating to revenue recognition, depreciation of property and equipment, carrying value of intangible assets, impairment of long-lived assets and goodwill, derivative financial instruments, and accounting for income taxes, are impacted significantly by judgments, assumptions and estimates used in the preparation of the consolidated financial statements. Description of Business The company operates within four business segments: (1) ethanol production, which includes the production of ethanol, distillers grains and corn oil, (2) agribusiness and energy services, which includes grain handling and storage , commodity 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 feeding, vinegar production and food-grade corn oil operations and (4) partnership, which includes fuel storage and transportation services. Ethanol Production Segment Green Plains is North America’s second largest consolidated owner of ethanol plants. The company operates 17 ethanol plants in nine states through separate wholly owned operating subsidiaries. The company’s ethanol plants use a dry mill process to produce ethanol and co-products such as wet, modified wet or dried distillers grains, as well as corn oil. The corn oil systems are designed to extract non-edible corn oil from the whole stillage immediately prior to production of distillers grains. At capacity, the company expects to process approximately 518 million bushels of corn and produce approximately 1.5 billion gallons of ethanol, 4.1 million tons o f distillers grains and 359 million pounds of industrial grade corn oil annually. Agribusiness and Energy Services Segment The company owns and operates grain handling and storage assets through its agribusiness and energy services segment, which has grain storage capacity of approximately 59.6 million bushels , with 49.5 million bushels of storage capacity at the company’s ethanol plants and 10.1 million bushels of total storage capacity at its four grain elevators. The company’s agribusiness operations provide synergies with the ethanol production segment as it supplies a portion of the feedstock needed to produce ethanol. The company has an in-house marketing business that is responsible for the sale, marketing and distribution of all ethanol, distillers grains and corn oil produced at its ethanol plants. The company also purchases and sells ethanol, distillers grains, corn oil, grain, natural gas and other commodities and participates in other merchant trading activities in various markets. Food and Ingredients Segment The company owns four cattle feeding operations with the capacity to support approximately 258,000 head of cattle and grain storage capacity of approximately 9.6 million bushels . The company also owns a vinegar operation, which is one of the world’s largest producers of food-grade industrial vinegar and includes seven production facilities and three distribution warehouses. Partnership Segment The company’s partnership segment provides fuel storage and transportation services by owning, operating, developing and acquiring ethanol and fuel storage tanks, terminals, transportation assets and other related assets and businesses. As of December 31, 2017 , the partnership owns (i) 39 ethanol storage facilities located at or near the company’s 17 ethanol production plants, which have the ability to efficiently and effectively store and load railcars and tanker trucks with all of the ethanol produced at the company’s ethanol production plants, (ii) eight fuel terminal facilities, located near major rail lines, which enable the partnership to receive, store and deliver fuels from and to markets that seek access to renewable fuels, and (iii) transportation assets, including a leased railcar fleet of approximately 3,500 railcars which is utilized to transport ethanol from the company’s ethanol production plants to refineries throughout the United States and international export terminals. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT accounting POLICIES Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents includes bank deposits, as well as, short-term, highly liquid investments with original maturities of three months or less. The company also has restricted cash, which can only be used for the funding of letters of credit or for payment towards a revolving credit agreement. Revenue Recognition The company recognizes revenue when the following criteria are satisfied: persuasive evidence that an arrangement exists, title of product and risk of loss are transferred to the customer, price is fixed and determinable and collectability is reasonably assured. Sales of ethanol, distillers grains, corn oil, natural gas and other commodities by the company’s marketing business are recognized when title of product and risk of loss are transferred to an external customer. Revenues related to marketing for third parties are presented on a gross basis when the company takes title of the product and assumes risk of loss. Unearned revenue is recorded for goods in transit when 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. 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. The company routinely enters into fixed-price, physical-delivery 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. Energy trading transactions are reported net as a component of revenue. All other transactions are reported net as either a component of revenue or cost of goods sold, depending on their position as a gain or loss. Revenues also include realized gains and losses on related derivative financial instruments and reclassifications of realized gains and losses on cash flow hedges from accumulated other comprehensive income or loss. 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 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. Cost of Goods Sold Cost of goods sold includes direct labor, materials, shipping costs and plant overhead costs. Direct labor includes all compensation and related benefits of non-management personnel involved in ethanol plant, vinegar production and cattle feeding 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 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 reclassifications of gains and losses on 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 forward purchase 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 various commodities including but not limited 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 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. Unrealized gains and losses are reflected in accumulated other comprehensive income or loss 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. Concentrations of Credit Risk The company is exposed to credit risk resulting from the possibility that another party may fail to perform according to the terms of the company’s contract. The company sells ethanol, corn oil and distillers grains and markets products for third parties, which can result in concentrations of credit risk from a variety of customers, including major integrated oil companies, large independent refiners, petroleum wholesalers and other marketers. The company also sells grain to large commercial buyers, including other ethanol plants, and sells cattle to meat processors. Although payments are typically received within fifteen days of the sale, the company continually monitors its exposure. The company is also exposed to credit risk on prepayments of undelivered inventories with a few major suppliers of petroleum products and agricultural inputs. The company has master netting arrangements with various counterparties. On the consolidated balance sheets, the associated net amount for each counterparty is reflected as either an accounts receivable or accounts payable. If the amount for each counterparty were reflected on a gross basis, the company’s accounts receivable and accounts payable would increase by $23.4 million and $24.6 million at December 31, 2017 and 2016, respectively. Inventories Corn held for ethanol production, ethanol, corn oil and distillers grains inventories are recorded at lower of average cost or market. Other grain inventories include readily marketable grain, forward contracts to buy and sell grain, and exchange traded futures and option contracts, which are all stated at market value. All grain inventories held for sale are marked to market. Changes are reflected in cost of goods sold. The forward contracts require performance in future periods. Contracts to purchase grain generally relate to current or future crop years for delivery periods quoted by regulated commodity exchanges. Contracts for the sale of grain to processors or other consumers generally do not extend beyond one year. The terms of the purchase and sale agreements for grain are consistent with industry standards. Raw materials and finished goods inventories are valued at the lower of average cost or market. In addition to ethanol and related co-products in process, work-in-process inventory includes the cost of acquired cattle and related feed and veterinary supplies, as well as direct labor and feedlot overhead costs, all of which are valued at lower of average cost or market. Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation is generally calculated using the straight-line method over the following estimated useful life of the assets: Years Plant, buildings and improvements 10 -40 Production equipment 15 -50 Other machinery and equipment 5 -7 Land improvements 20 Railroad track and equipment 20 Computer hardware and software 3 -5 Office furniture and equipment 5 -7 Property and equipment is capitalized at cost. Land improvements and other property improvements are capitalized and depreciated. Costs of repairs and maintenance are charged to expense when incurred. The company periodically evaluates whether events and circumstances have occurred that warrant a revision of the estimated useful life of its fixed assets. Intangible Assets Intangible assets consist of trademarks, customer relationships, research and development technology and licenses acquired through acquisitions. These assets were capitalized at their fair value at the date of the acquisition and are being amortized over their estimated useful lives, with the exception of the vinegar trade name, which has an indefinite life. Impairment of Long-Lived Assets The company’s long-lived assets consist of property and equipment and intangible assets. The company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. Recoverability is measured by comparing the carrying amount of the asset to the estimated undiscounted future cash flows the asset is expected to generate. Impairment is recorded when the asset’s carrying amount exceeds its estimated future cash flows. Significant management judgment is required to determine the fair value of long-lived assets, which includes discounted cash flows projections. There were no material impairment charges recorded for the periods reported. Goodwill Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. The determination of goodwill takes into consideration the fair value of net tangible and intangible assets. The company’s goodwill currently consists of amounts related to the acquisition of five ethanol plants, its fuel terminal and distribution business and Fleischmann’s Vinegar. Goodwill is reviewed for impairment at the reporting unit level at least annually, as of October 1, or more frequently when events or changes in circumstances indicate that impairment may have occurred. The qualitative factors of goodwill are assessed to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. Under the first step, the fair value of the reporting unit is compared with its carrying value (including goodwill). If the fair value of the reporting unit is less than its carrying value, an indication of goodwill impairment exists for the reporting unit and the entity must perform step two of the impairment test. Under the second step, an impairment charge is recognized for any excess of the carrying amount of the reporting unit’s goodwill over the implied fair value of that goodwill. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation and the residual fair value after this allocation is the implied fair value of the reporting unit goodwill. Fair value of the reporting unit is determined using a discounted cash flow analysis. If the fair value of the reporting unit exceeds its carrying value, no further analysis is necessary. No impairment charges were recorded for the periods reported. For additional information, please refer to Note 9 - Goodwill. Financing Costs Fees and costs related to securing debt are recorded as financing costs. Debt issuance costs are stated at cost and are amortized using the effective interest method for term loans and the straight-line basis over the life of the agreements for revolving credit arrangements and convertible notes. During periods of construction, amortization is capitalized in construction-in-progress. Selling, General and Administrative Expenses Selling, general and administrative expenses consists of various expenses including employee salaries, incentives and benefits; office expenses; director compensation; professional fees for accounting, legal, consulting, and investor relations activities. Stock-Based Compensation The company recognizes compensation cost using a fair value based method whereby compensation cost is measured at the grant date based on the value of the award and is recognized over the service period, which is usually the vesting period. The company uses the Black-Scholes pricing model to calculate the fair value of options and warrants issued to both employees and non-employees. Stock issued for compensation is valued using the market price of the stock on the date of the related agreement. Income Taxes The provision for income taxes is computed using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences attributable to temporary differences between the financial reporting carrying amount of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operating results in the period of enactment. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The company recognizes uncertainties in income taxes within the financial statements under a process by which the likelihood of a tax position is gauged based upon the technical merits of the position, and then a subsequent measurement relates the maximum benefit and the degree of likelihood to determine the amount of benefit recognized in the financial statements. Recent Accounting Pronouncements Effective January 1, 2017, the company adopted the amended guidance in ASC Topic 330, Inventory: Simplifying the Measurement of Inventory , which requires inventory to be measured at the 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 related to 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 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 and $3.6 million increase in cash flows from operating activities and a decrease in cash flows from financing activities for the twelve months ended December 31, 2016 and 2015, respectively . The company has elected to account for forfeitures as they occur. This change did not have a material impact on the financial statements. During the fourth quarter of 2017, the company early adopted the amended guidance in ASC Topic 815, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities , which is designed to improve the alignment of risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedging results. The provisions of ASC Topic 815 expand and refine hedge accounting for both nonfinancial and financial risk components and align the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. The amended guidance was applied prospectively and 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. Upon adoption, the company will include restricted cash and restricted cash equivalents with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts on the statement of cash flows. 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 which reflect the payment an entity expects to be entitled to in exchange for 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. In addition, ASC Topic 606 requires certain disclosures about contracts with customers and provides 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 completed a comparison of the current revenue recognition policies to the ASC Topic 606 requirements for each of the company’s major revenue categories. Results indicate 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, a portion 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 also requires disclosure of significant changes in contract asset and contract liability balances between periods 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, when applicable. ASC Topic 606 may be adopted retrospectively to each prior reporting period presented or as a cumulative-effect adjustment as of the date of adoption. The company will adopt 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. The company does not expect adoption of the guidance to have a material impact to the financial statements. 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, 2018, the company will early 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 equal to 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, would be recognized. 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, requiring substantially all leases to be recognized by lessees on the balance sheet as a right-of-use asset and corresponding lease liability, including leases currently accounted for as operating leases. The new standard is effective for fiscal years beginning after December 15, 2018 and interim periods within those years, and allows for early adoption. The company has established an implementation team to evaluate the impact of the new standard. The new standard will significantly increase right-of-use assets and lease liabilities on the company’s consolidated balance sheet, primarily due to operating leases that are currently not recognized on the balance sheet. The company anticipates adopting the amended guidance using the modified retrospective transition method. |
Green Plains Partners LP
Green Plains Partners LP | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Green Plains Partners LP | 3. GREEN PLAINS PARTNERS LP Initial Public Offering of Subsidiary On July 1, 2015, Green Plains Partners LP closed its initial public offering, or the IPO. In conjunction with the IPO, the company contributed its downstream ethanol transportation and storage assets to the partnership. A total of 11,500,000 common units, representing limited partner interests including 1,500,000 common units pursuant to the underwriters’ overallotment option, were sold to the public for $15.00 per common unit. The partnership received net proceeds of approximately $157.5 million, after deducting underwriting discounts, structuring fees and offering expenses. The partnership used the proceeds to make a distribution to the company of $155.3 million and to pay approximately $0.9 million in origination fees under its new $100.0 million revolving credit facility. The remaining $1.3 million was retained for general partnership purposes. The company now owns a 62.5% limited partner interest, consisting of 4,389,642 common units and 15,889,642 subordinated units, and a 2.0% general partner interest in the partnership. The public owns the remaining 35.5% limited partner interest in the partnership. As such, the partnership is consolidated in the company’s financial statements. During the subordination period, which is described in the partnership agreement for Green Plains Partners, holders of the subordinated units are not entitled to receive distributions until the common units have received the minimum quarterly distribution plus any arrearages of the minimum quarterly distribution from prior quarters. If the partnership does not pay distributions on the subordinated units, the subordinated units will not accrue arrearages for those unpaid distributions. Each subordinated unit will convert into one common unit at the end of the subordination period. The partnership is a fee-based master limited partnership formed by Green Plains to provide fuel storage and transportation services by owning, operating, developing and acquiring ethanol and fuel storage tanks, terminals, transportation assets and other related assets and businesses. The partnership’s assets currently include (i) 39 ethanol storage facilities, located at or near the company’s 17 ethanol production plants, which have the ability to efficiently and effectively store and load railcars and tanker trucks with all of the ethanol produced at the company’s ethanol production plants, (ii) eight fuel terminal facilities, located near major rail lines, which enable the partnership to receive, store and deliver fuels from and to markets that seek access to renewable fuels, and (iii) transportation assets, including a leased railcar fleet of approximately 3,500 railcars, which are contracted to transport ethanol from the company’s ethanol production plants to refineries throughout the United States and international export terminals. The partnership is the company’s primary downstream logistics provider to support its approximately 1.5 bgy ethanol marketing and distribution business since the partnership’s assets are the principal method of storing and delivering the ethanol the company produces. A substantial portion of the partnership’s revenues are derived from long-term, fee-based commercial agreements with Green Plains Trade, a subsidiary of the company. In connection with the IPO, the partnership (1) entered into (i) a ten -year fee-based storage and throughput agreement; (ii) an amended ten -year fee-based rail transportation services agreement; and (iii) a one -year fee-based trucking transportation agreement, and (2) assumed (i) an approximately 2.5 -year terminal services agreement for the partnership’s Birmingham, Alabama-unit train terminal; and (ii) various other terminal services agreements for its other fuel terminal facilities, each with Green Plains Trade. The partnership’s storage and throughput agreement, and certain terminal services agreements, including the terminal services agreement for the Birmingham facility, are supported by minimum volume commitments. The partnership’s rail transportation services agreement is supported by minimum take-or-pay capacity commitments. The company also has agreements which establish fees for general and administrative, and operational and maintenance services it provides. These transactions are eliminated when the company consolidates its financial results. The company consolidates the financial results of the partnership and records a noncontrolling interest in the partnership held by public common unitholders. Noncontrolling interest on the consolidated statements of income includes the portion of net income attributable to the economic interest held by the partnership’s public common unitholders. Noncontrolling interest on the consolidated balance sheets includes the portion of net assets attributable to the partnership’s public common unitholders. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2017 | |
Acquisitions [Abstract] | |
Acquisitions | 4. ACQUISITIONS Acquisition of Cattle Feeding Operations 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 Eckley, 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, Eckley 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 an external valuation . 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 On October 3, 2016 , the company acquired all of the issued and outstanding stock of SCI Ingredients, the holding company of Fleischmann’s Vinegar Company, Inc., for $258.3 million in cash. Fleischmann’s Vinegar is one of the world’s largest producers of food-grade industrial vinegar. The company recorded $2.3 million of acquisition costs for Fleischmann’s Vinegar to selling, general and administrative expenses during the year ended December 31, 2016. The following is a summary of the 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 49,175 Intangible assets 90,500 Current liabilities (9,689) Income taxes payable (216) Deferred tax liabilities (41,882) Total identifiable net assets 116,317 Goodwill 142,002 Purchase price $ 258,319 The amounts above reflect the final purchase price allocation. As of September 30, 2017, based on the final valuations , assets acquired and liabilities assumed were adjusted from the prior quarter to reflect an increase in the fair value of property and equipment of $6.2 million, a decrease in accumulated depreciation of $0.5 million, a decrease in the fair value of intangible assets of $4.0 million, a decrease in accumulated amortization of $0.3 million, a decrease in the fair value of goodwill of $0.8 million, a decrease of $0.1 million in income taxes payable and an increase in deferred tax liabilities of $1.5 million. As of December 31, 2017 , based on the final valuations, the company’s customer relationship intangible asset recognized in connection with the Fleischmann’s acquisition is $73.3 million, net of $6.7 million of accumulated amortization, and has a remaining 14 year weighted-average amortization period. As of December 31, 2017 , the company also has an indefinite-lived trade name intangible asset of $10.5 million. The company recognized $5.3 million of amortization expense associated with the amortizing customer relationship intangible asset during the year ended December 31 , 2017 and estimated amortization expense for the next five years is $5.3 million per annum. The excess of the purchase price over the intangibles fair values was allocated to goodwill, none of which is expected to be deductible for tax purposes. The goodwill is primarily attributable to the synergies expected to arise after the acquisition. Acquisition of Abengoa Ethanol Plants On September 23, 2016 , the company acquired three ethanol plants located in Madison, Illinois, Mount Vernon, Indiana, and York, Nebraska from subsidiaries of Abengoa S.A. for approximately $234.9 million for the ethanol plant assets, and $19.1 million for working capital acquired and liabilities assumed, subject to certain post-closing adjustments. These ethanol facilities have a combined annual production capacity of 230 mmgy. The company recorded $1.3 million of acquisition costs for the Abengoa ethanol plants to selling, general and administrative expenses during the year ended December 31, 2016. The following is a summary of assets acquired and liabilities assumed (in thousands): Amounts of Identifiable Assets Acquired and Liabilities Assumed Inventory $ 16,904 Accounts receivable, net 1,826 Prepaid expenses and other 2,224 Property and equipment 234,947 Other assets 3,885 Current maturities of long-term debt (406) Current liabilities (2,580) Long-term debt (2,763) Total identifiable net assets $ 254,037 Concurrently with the company’s acquisition of the Abengoa ethanol plants, on September 23, 2016, the partnership acquired the storage assets of the Abengoa ethanol plants from the company for $90.0 million in a transfer between entities under common control and entered into amendments to the related commercial agreements with Green Plains Trade. The operating results of the Abengoa ethanol plant have been included in the company’s consolidated financial statements since September 23, 2016. The operating results of Fleischmann’s Vinegar have been included in the company’s consolidated financial statements since October 4, 2016. Pro forma revenue and net loss, had the acquisitions occurred on January 1, 2016, would have been $3.8 billion and $9.1 million, respectively, for the year ended December 31, 2016. Diluted loss per share would have been $0.24 for the year ended December 31, 2016. This information is based on historical results of operations, and, in the company’s opinion, is not necessarily indicative of the results that would have been achieved had the company operated the ethanol plant acquired since such date. Acquisition of Hereford Ethanol Plant On November 12, 2015 , the company acquired an ethanol production facility in Hereford, Texas, with an annual production capacity of approximately 100 mmgy for approximately $78.8 million for the ethanol plant assets, as well as working capital acquired or assumed of approximately $19.4 million The following is a summary assets acquired and liabilities assumed (in thousands): Amounts of Identifiable Assets Acquired and Liabilities Assumed Inventory $ 20,487 Derivative financial instruments 2,625 Property and equipment 78,786 Current liabilities (2,542) Other liabilities (1,128) Total identifiable net assets $ 98,228 Effective January 1, 2016, the partnership acquired the storage and transportation assets of the Hereford and Hopewell production facilities in a transfer between entities under common control for approximately $62.3 million and entered into amendments to the related commercial agreements with Green Plains Trade. The operating results of the Hereford ethanol plant have been included in the company’s consolidated financial statements since November 12, 2015. Pro forma revenue and net income, had the acquisition occurred on January 1, 2015, would have been $3.1 billion and $10.8 million, respectively, for the year ended December 31, 2015. Diluted earnings per share would have been $0.28 for the year ended December 31, 2015. This information is based on historical results of operations, and, in the company’s opinion, is not necessarily indicative of the results that would have been achieved had the company operated the ethanol plant acquired since such date. |
Fair Value Disclosures
Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | 5. FAIR VALUE DISCLOSURES The following methods, assumptions and valuation techniques were used in estimating the fair value of the company’s financial instruments: Level 1 – unadjusted quoted prices in active markets for identical assets or liabilities the company can access at the measurement date. Level 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. Derivative contracts include exchange-traded commodity futures and options contracts and forward commodity purchase and sale contracts. Exchange-traded futures and options contracts are valued based on unadjusted quoted prices in active markets and are classified in Level 1. The majority of the company’s exchange-traded futures and options contracts are cash-settled on a daily basis and, therefore, are not included in the 2017 table. There have been no changes in valuation techniques and inputs used in measuring fair value. The company’s assets and liabilities by level are as follows (in thousands): Fair Value Measurements at December 31, 2017 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs (Level 1) (Level 2) Total Assets: Cash and cash equivalents $ 266,651 $ - $ 266,651 Restricted cash 13,810 - 13,810 Inventories carried at market - 26,834 26,834 Unrealized gains on derivatives - 12,045 12,045 Other assets 115 - 115 Total assets measured at fair value $ 280,576 $ 38,879 $ 319,455 Liabilities: Accounts payable (1) $ - $ 37,401 $ 37,401 Unrealized losses on derivatives - 12,884 12,884 Other liabilities - 92 92 Total liabilities measured at fair value $ - $ 50,377 $ 50,377 Fair Value Measurements at December 31, 2016 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Reclassification for Balance Sheet (Level 1) (Level 2) Presentation Total Assets: Cash and cash equivalents $ 304,211 $ - $ - $ 304,211 Restricted cash 51,979 - - 51,979 Margin deposits 50,601 - (50,601) - Inventories carried at market - 77,043 - 77,043 Unrealized gains on derivatives 8,272 14,818 24,146 47,236 Other assets 116 - - 116 Total assets measured at fair value $ 415,179 $ 91,861 $ (26,455) $ 480,585 Liabilities: Accounts payable (1) $ - $ 35,288 $ - $ 35,288 Unrealized losses on derivatives 26,455 8,916 (26,455) 8,916 Other liabilities - 81 - 81 Total liabilities measured at fair value $ 26,455 $ 44,285 $ (26,455) $ 44,285 (1) Accounts payable is generally stated at historical amounts with the exception of $37.4 million and $ 35.3 million at December 31, 2017 and 2016 , respectively, related to certain delivered inventory for which the payable fluctuates based on changes in commodity prices. These payables are hybrid financial instruments for which the company has elected the fair value option. The company believes the fair value of its debt approximated book value, which was approximately $1.4 billion at December 31, 2017 , and $ 1.1 billion at December 31, 2016 . The company estimated the fair value of its outstanding debt using Level 2 inputs. The company believes the fair values of its accounts receivable approximated book value, which was $ 151.1 million and $ 147.5 million, respectively, at December 31, 2017 and 2016 . Although the company currently does not have any recurring Level 3 financial measurements, the fair values of tangible assets and goodwill acquired and the equity component of convertible debt represent Level 3 measurements which were derived using a combination of the income approach, market approach and cost approach for the specific assets or liabilities being valued. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2017 | |
Segment Information [Abstract] | |
Segment Information | 6. SEGMENT INFORMATION The company reports the financial and operating performance for the following four operating segments: (1) ethanol production, which includes the production of ethanol, distillers grains and corn oil, (2) agribusiness and energy services, which includes grain handling and storage , commodity marketing and merchant trading for company-produced and third-party ethanol, distillers grains, corn oil and other commodities, (3) food and ingredients, which includes cattle feeding, vinegar production and food-grade corn oil operations and (4) partnership, which includes fuel storage and transportation services. Under GAAP, when transferring assets between entities under common control, the entity receiving the net assets initially recognizes the carrying amounts of the assets and liabilities at the date of transfer. The transferee’s prior period financial statements are restated for all periods its operations were part of the parent’s consolidated financial statements. On July 1, 2015, Green Plains Partners received ethanol storage and railcar assets and liabilities in a transfer between entities under common control. Effective January 1, 2016, the partnership acquired the storage and transportation assets of the Hereford and Hopewell production facilities in a transfer between entities under common control and entered into amendments to the related commercial agreements with Green Plains Trade. The transferred assets and liabilities are recognized at the company’s historical cost and reflected retroactively in the segment information of the consolidated financial statements presented in this Form 10-K. The partnership’s assets were previously included in the ethanol production and agribusiness and energy services segments. Expenses related to the ethanol storage and railcar assets, such as depreciation, amortization and railcar lease expenses, are also reflected retroactively in the following segment information. There were no revenues related to the operation of the ethanol storage and railcar assets in the partnership segment prior to their respective transfers to the partnership, when the related commercial agreements with Green Plains Trade became effective. Corporate activities include selling , general and administrative expenses, consisting primarily of compensation, professional fees and overhead costs not directly related to a specific operating segment. During the normal course of business, the operating segments 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): Year Ended December 31, 2017 2016 2015 Revenues: Ethanol production: Revenues from external customers (1) $ 2,497,360 $ 2,409,102 $ 2,063,172 Intersegment revenues 10,313 - - Total segment revenues 2,507,673 2,409,102 2,063,172 Agribusiness and energy services: Revenues from external customers (1) 621,223 675,446 674,719 Intersegment revenues 47,538 34,461 24,114 Total segment revenues 668,761 709,907 698,833 Food and ingredients: Revenues from external customers (1) 471,398 318,031 219,310 Intersegment revenues 383 150 75 Total segment revenues 471,781 318,181 219,385 Partnership: Revenues from external customers 6,185 8,302 8,388 Intersegment revenues 100,808 95,470 42,549 Total segment revenues 106,993 103,772 50,937 Revenues including intersegment activity 3,755,208 3,540,962 3,032,327 Intersegment eliminations (159,042) (130,081) (66,738) Revenues as reported $ 3,596,166 $ 3,410,881 $ 2,965,589 (1) Revenues from external customers include realized gains and losses from derivative financial instruments. Year Ended December 31, 2017 2016 2015 Cost of goods sold: Ethanol production $ 2,434,001 $ 2,280,906 $ 1,939,824 Agribusiness and energy services 614,582 650,538 639,470 Food and ingredients 411,781 294,396 216,661 Partnership - - - Intersegment eliminations (158,777) (129,761) (66,588) $ 3,301,587 $ 3,096,079 $ 2,729,367 Year Ended December 31, 2017 2016 2015 Operating income (loss): Ethanol production $ (45,074) $ 28,125 $ 43,266 Agribusiness and energy services 30,443 34,039 37,253 Food and ingredients 35,961 16,436 (952) Partnership 65,709 60,903 12,990 Intersegment eliminations (61) (170) - Corporate activities (45,232) (47,645) (31,480) $ 41,746 $ 91,688 $ 61,077 Year Ended December 31, 2017 2016 2015 EBITDA: Ethanol production $ 40,069 $ 97,113 $ 100,002 Agribusiness and energy services 33,906 34,209 40,655 Food and ingredients 49,803 20,190 218 Partnership 71,041 66,633 18,903 Intersegment eliminations (61) (732) (71) Corporate activities (40,388) (42,985) (31,926) $ 154,370 $ 174,428 $ 127,781 Year Ended December 31, 2017 2016 2015 Income (loss) before income taxes: Ethanol production $ (63,569) $ 5,862 $ 21,582 Agribusiness and energy services 21,460 24,368 33,952 Food and ingredients 13,512 10,950 (3,585) Partnership 60,527 58,441 12,695 Intersegment eliminations (61) (170) - Corporate activities (75,020) (61,100) (43,179) $ (43,151) $ 38,351 $ 21,465 Year Ended December 31, 2017 2016 2015 Depreciation and amortization: Ethanol production $ 81,987 $ 68,746 $ 55,604 Agribusiness and energy services 3,462 2,536 1,542 Food and ingredients 13,103 3,705 1,004 Partnership 5,111 5,647 5,828 Corporate activities 3,698 3,592 1,972 $ 107,361 $ 84,226 $ 65,950 Year Ended December 31, 2017 2016 2015 Capital expenditures: Ethanol production $ 28,996 $ 39,555 $ 48,881 Agribusiness and energy services 397 2,340 12,552 Food and ingredients 17,772 2,479 1,049 Partnership 2,024 400 1,496 Corporate activities 3,115 11,638 1,589 $ 52,304 $ 56,412 $ 65,567 The following table reconciles net income to EBITDA (in thousands): Year Ended December 31, 2017 2016 2015 Net income: $ 81,631 $ 30,491 $ 15,228 Interest expense 90,160 51,851 40,366 Income tax expense (benefit) (124,782) 7,860 6,237 Depreciation and amortization 107,361 84,226 65,950 EBITDA $ 154,370 $ 174,428 $ 127,781 The following table sets forth revenues by product line (in thousands): Year Ended December 31, 2017 2016 2015 Revenues: Ethanol $ 2,409,073 $ 2,258,575 $ 1,868,043 Distillers grains 430,699 488,297 474,699 Corn oil 160,447 152,075 101,126 Grain 81,193 174,525 240,466 Food and ingredients 444,625 279,039 219,046 Service revenues 6,185 8,302 8,388 Other 63,944 50,068 53,821 $ 3,596,166 $ 3,410,881 $ 2,965,589 The following table sets forth total assets by operating segment (in thousands): Year Ended December 31, 2017 2016 Total assets (1) : Ethanol production $ 1,144,459 $ 1,206,155 Agribusiness and energy services 554,981 579,977 Food and ingredients 725,232 406,429 Partnership 74,935 74,999 Corporate assets 295,217 257,652 Intersegment eliminations (10,174) (18,720) $ 2,784,650 $ 2,506,492 (1) Asset balances by segment exclude intercompany payable and receivable balances. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2017 | |
Inventories [Abstract] | |
Inventories | 7. INVENTORIES Inventories are carried at lower of cost or market, except for grain held for sale, which are reported at net realizable value . The components of inventories are as follows (in thousands): December 31, 2017 2016 Finished goods $ 146,269 $ 99,009 Commodities held for sale 65,693 65,926 Raw materials 144,520 135,516 Work-in-process 320,664 91,093 Supplies and parts 34,732 30,637 $ 711,878 $ 422,181 |
Property And Equipment
Property And Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property And Equipment [Abstract] | |
Property And Equipment | 8. PROPERTY AND EQUIPMENT The components of property and equipment are as follows (in thousands): December 31, 2017 2016 Plant equipment $ 1,232,724 $ 1,167,914 Buildings and improvements 212,426 205,806 Land and improvements 136,274 126,088 Railroad track and equipment 42,149 42,234 Construction-in-progress 17,019 13,745 Computer hardware and software 19,653 15,000 Office furniture and equipment 3,854 3,503 Leasehold improvements and other 27,193 22,409 Total property and equipment 1,691,292 1,596,699 Less: accumulated depreciation and amortization (514,585) (417,993) Property and equipment, net $ 1,176,707 $ 1,178,706 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill [Abstract] | |
Goodwill | 9. GOODWILL The company currently has three reporting units, to which goodwill is assigned. For the year ended December 31, 2016, we qualitatively assessed whether it was more likely than not that the respective fair value of each reporting unit was less than its carrying amount, including goodwill. Based on that assessment, we determined that this condition did not exist. As such, performing the first step of the two-step impairment test was unnecessary. For the year ended December 31, 2017, the company determined a step one analysis was appropriate due to the passage of time since the last quantitative analysis was performed. A cash flow and valuation analysis was performed to estimate the fair value of each reporting unit. Significant assumptions inherent in the valuation methodologies for goodwill are employed and include, but are not limited to, prospective financial information, growth rates, discount rates, inflationary factors, and cost of capital. Based on this quantitative test, we determined that the fair value of each reporting unit exceeded its carrying amount and, therefore, step two of the two-step goodwill impairment test was unnecessary. The annual goodwill impairment reviews for the years ended December 31, 2017 and 2016, concluded that goodwill was not impaired in either of these years. Changes in the carrying amount of goodwill attributable to each business segment during the years ended December 31, 2017 and 2016 were as follows (in thousands): Ethanol Food and Production Ingredients Partnership Total Balance, December 31, 2015 $ 30,279 $ - $ 10,598 $ 40,877 Acquisition of Fleischmann's Vinegar - 142,819 - 142,819 Balance, December 31, 2016 30,279 142,819 10,598 183,696 Adjustment to preliminary Fleischmann's Vinegar Valuation - (817) - (817) Balance, December 31, 2017 $ 30,279 $ 142,002 $ 10,598 $ 182,879 As of December 31, 2017 , based on the final valuations in connection with the Fleischmann’s acquisition, the fair value of goodwill was reduced by $0.8 million. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Financial Instruments [Abstract] | |
Derivative Financial Instruments | 10. DERIVATIVE FINANCIAL INSTRUMENTS At December 31, 2017 , the company’s consolidated balance sheet reflected unrealized losses of $ 13.1 million, net of tax, in accumulated other comprehensive loss. The company expects these losses will be reclassified as operating income over the next 12 months as a result of hedged transactions that are forecasted to occur. The amount realized in operating income will differ as commodity prices change. Fair Values of Derivative Instruments The fair values of the company’s derivative financial instruments and the line items on the consolidated balance sheets where they are reported are as follows (in thousands): Asset Derivatives' Liability Derivatives' Fair Value at December 31, Fair Value at December 31, 2017 2016 2017 2016 Derivative financial instruments (1) $ 12,045 (2) $ 14,818 (3) $ 12,884 27,099 Other liabilities - - 92 81 Total $ 12,045 $ 14,818 $ 12,976 $ 27,180 (1) At December 31, 2017, derivative financial instruments, as reflected on the balance sheet, includes margin deposits of $18.2 million and net unrealized gains on exchange traded futures and options contracts of $8.5 million. At December 31, 2016, derivative financial instruments includes margin deposits of $50.6 million and net unrealized losses on exchange traded futures and options contracts of $18.2 million. (1) Balance at December 31, 2017 , includes $ 0.3 m illion of net unrealized gains on derivative financial instruments designated as cash flow hedging instruments. (2) Balance at December 31, 2016 , includes $ 17.0 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments. Refer to Note 5 - Fair Value Disclosures , which contains fair value information related to derivative financial instruments. Effect of Derivative Instruments on Conso lidated Statements of Income and Consolidated Statements of Stockholders’ Equity and Comprehensive Income The gains or losses recognized in income and other comprehensive income related to the company’s derivative financial instruments and the line items on the consolidated financial statements where they are reported are as follows (in thousands): Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Location of Gain or (Loss) Reclassified from Year Ended December 31, Accumulated Other Comprehensive Income into Income 2017 2016 2015 Revenues $ 18,167 $ (8,094) $ 8,420 Cost of goods sold (11,936) (16,508) (3,551) Net increase (decrease) recognized in earnings before tax $ 6,231 $ (24,602) $ 4,869 Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivatives Gain or (Loss) Recognized in Year Ended December 31, Other Comprehensive Income on Derivatives 2017 2016 2015 Commodity Contracts $ (8,015) $ (29,238) $ 11,582 Location of Gain or Amount of Gain or (Loss) Recognized in Income on Derivatives Derivatives Not Designated (Loss Recognized in Year Ended December 31, as Hedging Instruments Income on Derivatives 2017 2016 2015 Commodity Contracts Revenues $ (12,583) $ 6,071 $ (12,995) Commodity Contracts Costs of goods sold 27,078 11 10,492 $ 14,495 $ 6,082 $ (2,503) The Effect of Cash Flow and Fair Value Hedge Accounting on the Statement of Financial Performance For the Years Ended December 31, Location and Amount of Gain or (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships 2017 2016 2015 Revenue Cost of Goods Sold Revenue Cost of Goods Sold Revenue Cost of Goods Sold Gain or (loss) on cash flow hedging relationships: Commodity contracts: Amount of gain or loss reclassified from accumulated other comprehensive income into income $ 18,167 $ (11,936) $ (8,094) $ (16,508) $ 8,420 $ (3,551) Gain or (loss) on fair value hedging relationships: Commodity contracts: Hedged item 1,451 (6,229) 1,388 21,430 - (7,819) Derivatives designated as hedging instruments (1,734) 8,530 (1,388) (16,219) - 12,045 Total amounts of income and expense line items presented in the statement of financial performance in which the effects of cash flow or fair value hedges are recorded $ 17,884 $ (9,635) $ (8,094) $ (11,297) $ 8,420 $ 675 There were no gains or losses from discontinuing cash flow hedge treatment during the years ended December 31, 2017, 2016 and 2015. The open commodity derivative positions as of December 31, 2017 , are as follows (in thousands): December 31, 2017 Exchange Traded Non-Exchange Traded Derivative Instruments Net Long & (Short) (1) Long (2) (Short) (2) Unit of Measure Commodity Futures (43,340) Bushels Corn, Soybeans and Wheat Futures 5,880 (3) Bushels Corn Futures 10,826 Gallons Ethanol Futures (130,494) (3) Gallons Ethanol Futures (14,620) mmBTU Natural Gas Futures 100 Pounds Livestock Futures (300,480) (3) Pounds Livestock Futures (44) Barrels Crude Oil Futures 3,108 (3) Gallons Natural Gasoline Options 1,841 Gallons Ethanol Options (35) mmBTU Natural Gas Options 15,088 Pounds Livestock Options 19 Barrels Crude Oil Forwards 15,784 (460) Bushels Corn and Soybeans Forwards 61,635 (353,129) Gallons Ethanol Forwards 217 (306) Tons Distillers Grains Forwards 10,196 (86,729) Pounds Corn Oil Forwards 12,919 (1,861) mmBTU Natural Gas (1) Exchange traded futures and options are presented on a net long and (short) position basis. Options are presented on a delta-adjusted basis. (2) Non-exchange traded forwards are presented on a gross long and (short) position basis including both fixed-price and basis contracts. (3) Futures used for cash flow hedges. Energy trading contracts that do not involve physical delivery are presented net in revenues on the consolidated statements of income. Included in revenues are net gains of $35.4 million, $11.6 million, and $9.6 million for the years ended December 31, 2017 , 2016 , and 2015 respectively, on energy trading contracts. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt [Abstract] | |
Debt | 11. DEBT The components of long-term debt are as follows (in thousands): December 31, 2017 2016 Corporate: $500.0 million term loan $ 498,750 $ - $120.0 million convertible notes due 2018 61,442 110,328 $170.0 million convertible notes due 2022 136,739 131,300 Green Plains Partners: $195.0 million revolving credit facility 126,900 129,000 Green Plains Processing: $345.0 million term loan - 301,095 Fleischmann's Vinegar: $130.0 million term loan - 129,675 $15.0 million revolving credit facility - 4,000 Other 27,744 29,167 Total face value of long-term debt 851,575 834,565 Unamortized debt issuance costs (16,256) (16,896) Less: current portion of long-term debt (67,923) (35,059) Total long-term debt $ 767,396 $ 782,610 Scheduled long-term debt repayments, including full accretion of the $120.0 million convertible notes due 2018 and of the $170.0 million convertible notes due 2022 at maturity but excluding the effects of any debt discounts and debt issuance costs, are as follows (in thousands): Year Ending December 31, Amount 2018 $ 70,214 2019 6,582 2020 133,038 2021 6,007 2022 176,016 Thereafter 495,271 Total $ 887,128 Short-term notes payable and other borrowings at December 31, 2017 include working capital revolvers at Green Plains Cattle, Green Plains Grain and Green Plains Trade with outstanding balances of $270.9 million, $75.0 million, and $180.3 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. Corporate Activities In August 2016, the company issued $170.0 million of 4.125% convertible senior notes due in 2022, or the 4.125% notes. 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, or the 3.25% notes. The 3.25% notes are senior, unsecured obligations of the company, with interest payable on April 1 and October 1 of each year. 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 50.2408 shares of common stock per $1,000 of principal, which is equal to a conversion price of approximately $19.90 per share. The company may be obligated to increase the conversion rate in certain events, including redemption of the 3.25% notes. The company may redeem all of the 3.25% notes at any time on or after October 1, 2016, if the company's common stock equals or exceeds 140% of the applicable conversion price for a specified time period ending on the trading day immediately prior to the date the company delivers notice of the redemption. The redemption price will equal 100% of the principal plus any accrued and unpaid interest. Holders of the 3.25% notes have the option to require the company to repurchase the 3.25% notes in cash at a price equal to 100% of the principal plus accrued and unpaid interest when there is a fundamental change, such as change in control. 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 company 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 conversion 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 recorded in stockholders’ equity. Since the company did not exercise the embedded conversion option associated with the notes, pursuant to the guidance within ASC Topic 470, Debt , the company 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 statements of approximately $1.3 million during the three months ended June 30, 2017. This charge 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. On August 29, 2017, the company entered into a $500.0 million term loan agreement, which matures on August 29, 2023, to refinance approximately $405.0 million of total debt outstanding issued by Green Plains Processing and Fleischmann’s Vinegar, pay associated fees and expenses and for general corporate purposes. The term loan is guaranteed by the company and substantially all of its subsidiaries, but not Green Plains Partners and certain other entities, and secured by substantially all of the assets of the company, including 17 ethanol production facilities, vinegar production facilities and a second priority lien on the assets secured under the revolving credit facilities at Green Plains Trade, Green Plains Cattle and Green Plains Grain. 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. At the end of each fiscal quarter, the covenants of the credit agreement require the company to maintain a maximum term debt to total term capitalization of not more than 55% and a minimum interest coverage ratio of not less than 1.25x , as defined in the credit agreement. Beginning in 2018, the credit facility also has a provision requiring the company to make special annual payments of 50% or 75% of its available free cash flow, subject to certain limitations. Voluntary term loan prepayments are subject to prepayment fees of 1.0% if prepaid before the eighteen month anniversary of the credit agreement. Beginning in the fourth quarter of 2017, scheduled principal payments are $1.25 million until maturity. The term loan bears interest at a floating rate of a base rate plus a margin of 4.50% or LIBOR plus a margin of 5.50% . Ethanol Production Segment Green Plains Processing had a $345.0 million senior secured credit facility, which was guaranteed by the company and certain subsidiaries of Green Plains Processing and secured by the stock and substantially all of the assets of Green Plains Processing. The interest rate was LIBOR, subject to a 1.00% floor, plus 5.50% and was scheduled to mature on June 30, 2020 . The terms of the credit facility required 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 fixed charge coverage ratio of 1.25x . This senior secured credit facility was extinguished in full on August 29, 2017 with the proceeds from the new $500.0 million secured term loan facility. In connection with the extinguishment of the senior secured credit facility, the company wrote off deferred financing fees of $5.9 million which were recorded as interest expense in the consolidated statement of operations during the three months ended September 30, 2017. 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 Green Plains Grain has long-term indebtedness on the date of calculation. As of December 31, 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 senior secured asset-based revolving credit facility, which was amended on July 28, 2017, to increase the maximum commitment from $150 million to $300 million and extend the maturity date to July 28, 2022 . The revolving credit facility finances working capital for marketing and distribution activities based on eligible collateral equal to the sum of percentages of eligible receivables and inventories, less miscellaneous adjustments. The amended $300 million maximum commitment consists of a $285 million credit facility and a $15 million first-in-last-out (FILO) credit facility. The amended credit facility also includes an accordion feature that enables the credit facility to be increased by up to $70.0 million with agent approval. Advances are subject to variable interest rates equal to daily LIBOR plus 2.25% on the credit facility and daily LIBOR plus 3.25% on the FILO credit facility. The total unused portion of the $300 million revolving credit facility is also subject to a commitment fee of 0.375% 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. At December 31, 2017 , Green Plains Trade had $0.5 million presented as restricted cash 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 $425.0 million senior secured asset-based revolving credit facility, which matures on April 30, 2020, to finance working capital for the cattle feeding 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. 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 $75.0 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. On April 28, 2017, we amended the revolving credit facility to fund the additional working capital requirements related to the acquisition of two cattle feeding operations. The amendment increased 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. On November 16, 2017, we amended the revolving credit facility, to increase the maximum commitment from $300.0 million to $425.0 million , with an additional $75.0 m illion available to Green Plains Cattle under an accordion feature . Additionally, the amendment increased the swing-line sublimit from $15.0 million to $20.0 million. All ot her terms and conditions of the credit facility remain the same. Fleischmann’s Vinegar had a $130.0 million senior secured term loan and a $15.0 million senior secured revolving credit facility, which were used to finance the purchase of Fleischmann’s Vinegar and to fund working capital for its vinegar manufacturing operations, and were scheduled to mature on October 3, 2022. Beginning January 1, 2017, the term loan was subject to mandatory prepayments based on the preceding fiscal year’s excess cash flow. Term loan prepayments were 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 bore 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 credit facility was also subject to a commitment fee of 0.5% per annum. This senior secured credit term loan and senior secured revolving credit facility were extinguished in full on August 29, 2017 with the proceeds from the new $500.0 million secured term loan facility. In connection with the extinguishment of the senior secured credit facility, the company wrote off deferred financing fees of $3.5 million and paid a prepayment penalty of $2.9 million. These expenses were recorded as interest expense in the consolidated statement of operations during the three months ended September 30, 2017. Partnership Segment Green Plains Partners, through a wholly owned subsidiary, has a $195.0 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 leverage 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 $60.0 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. On October 27, 2017, the partnership upsized its revolving credit facility by $40.0 million, from $155.0 million to $195.0 million, by accessing a portion of the $100.0 million incremental commitment in place on the facility. In June 2013, the company issued promissory notes payable of $10.0 million and a note receivable of $8.1 million to execute a New Markets Tax Credit transaction related to the Birmingham, Alabama terminal. Beginning in March 2020, the promissory notes and note receivable each require quarterly principal and interest payments of approximately $0.2 million. The company retains the right to call $8.1 million of the promissory notes in 2020. The promissory notes payable and note receivable will be fully amortized upon maturity in September 2031. Income tax credits were generated for the lender, which the company has guaranteed over their statutory life of seven years in the event the credits are recaptured or reduced. At the time of the transaction, the income tax credits were valued at $5.0 million. The company has not established a liability in connection with the guarantee because it believes the likelihood of recapture or reduction is remote. Covenant Compliance The company was in compliance with its debt covenants as of December 31, 2017 . Capitalized Interest The company had $0.1 million, $ 0.8 million, and $1.1 million in capitalized interest during the years ended December 31, 2017, 2016 and 2015 , respectively. Restricted Net Assets At December 31, 2017 , there were approximately $ 142.8 million of net assets at the co mpany’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 | 12 Months Ended |
Dec. 31, 2017 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 12. 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. Grants under the equity incentive plans may include options, stock awards or deferred stock units: · Options – Stock options may be granted that can be exercised immediately in installments or at a fixed future date. Certain options are exercisable regardless of employment status while others expire following termination. Options issued to date may be exercised immediately or at future vesting dates, and expire five to eight years after the grant date. Compensation expense for stock options that vest over time is recognized on a straight-line basis over the requisite service period. · Stock Awards – Stock awards may be granted to directors and employees that vest immediately or over a period of time as determined by the compensation committee. Stock awards granted to date vested immediately and over a period of time, and included sale restrictions. Compensation expense is recognized on the grant date if fully vested or over the requisite vesting period. · Deferred Stock Units – Deferred stock units may be granted to directors and employees that vest immediately or over a period of time as determined by the compensation committee. Deferred stock units granted to date vest over a period of time with underlying shares of common stock that are issuable after the vesting date. Compensation expense is recognized on the grant date if fully vested, or over the requisite vesting period. The fair value of the stock options is estimated on the date of the grant using the Black ‑Scholes option ‑pricing model, a pricing model acceptable under GAAP. The expected life of the options is the period of time the options are expected to be outstanding. The company did no t grant any stock option awards during the years ended December 31, 2017 , 2016 and 2015 . The activity related to the exercisable stock options for the year ended December 31, 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 December 31, 2017 143,750 $ 12.44 1.8 $ 635 Exercisable at December 31, 2017 (1) 143,750 $ 12.44 1.8 $ 635 (1) Includes in-the-money options totaling 133,750 shares at a weighted-average exercise price of $ 12.10 . Option awards allow employees to exercise options through cash payment for the shares of common stock or simultaneous broker-assisted transactions in which the employee authorizes the exercise and immediate sale of the option in the open market. The company uses newly issued shares of common stock to satisfy its stock-based payment obligations. The non-vested stock award and deferred stock unit activity for the year ended December 31, 2017 , are as follows: Non-Vested Shares and Deferred Stock Units Weighted- Average Grant- Date Fair Value Weighted-Average Remaining Vesting Term (in years) Nonvested at December 31, 2016 1,139,560 $ 17.65 Granted 569,290 23.98 Forfeited (43,254) 19.18 Vested (596,649) 18.64 Nonvested at December 31, 2017 1,068,947 $ 20.41 1.8 Green Plains Partners Green Plains Partners has adopted the LTIP, an incentive plan intended to promote the interests of the partnership, its general partner and affiliates by providing incentive compensation based on units to employees, consultants and directors to encourage superior performance. The incentive plan reserves 2,500,000 common units for issuance in the form of options, restricted units, phantom units, distributable equivalent rights, substitute awards, unit appreciation rights, unit awards, profits interest units or other unit-based awards. The partnership measures unit-based compensation related to equity awards in its consolidated financial statements over the requisite service period on a straight-line basis. The non-vested stock award and deferred stock unit activity for the year ended December 31, 2017, are as follows: Non-Vested Shares and Deferred Stock Units Weighted- Average Grant-Date Fair Value Weighted-Average Remaining Vesting Term (in years) Non-Vested at December 31, 2016 15,009 $ 15.99 Granted 15,827 18.96 Forfeited (4,278) 18.70 Vested (15,009) 15.99 Nonvested at December 31, 2017 11,549 $ 19.06 0.5 Compensation costs for stock-based and unit-based payment plans during the years ended December 31, 2017 , 2016 and 2015 , were approximately $ 12.2 million, $ 9.5 million and $ 8.8 million, respectively. At December 31, 2017 , there w ere $ 13.0 million of unrecognized compensation costs from stock-based and unit-based compensation related to non-vested awards. This compensation is expected to be recognized over a weighted-average period of approximately 1.8 years. The potential tax benefit related to stock-based payment is approximately 24.3 % of these expenses. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 13. EARNINGS PER SHARE Basic earnings per share, or EPS, is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. During 2016, diluted EPS was computed using the treasury stock method for the convertible debt instruments, by 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, adjusted to add back net interest expense related to the convertible debt instruments, 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. The basic and diluted EPS are calculated as follows (in thousands): Year Ended December 31, 2017 2016 2015 Basic EPS: Net income attributable to Green Plains $ 61,061 $ 10,663 $ 7,064 Weighted average shares outstanding - basic 39,247 38,318 37,947 EPS - basic $ 1.56 $ 0.28 $ 0.19 Diluted EPS: Net income attributable to Green Plains $ 61,061 $ 10,663 $ 7,064 Interest and amortization on convertible debt, net of tax effect: 3.25% notes 4,433 - - 4.125% notes 8,159 - - Net income attributable to Green Plains - diluted $ 73,653 $ 10,663 $ 7,064 Weighted average shares outstanding - basic 39,247 38,318 37,947 Effect of dilutive convertible debt: 3.25% notes 4,209 155 939 4.125% notes 6,071 - - Effect of dilutive stock-based compensation awards 713 100 142 Weighted average shares outstanding - diluted 50,240 38,573 39,028 EPS - diluted $ 1.47 $ 0.28 $ 0.18 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders Equity Abstract | |
Stockholders’ Equity | 14. STOCKHOLDERS’ EQUITY Treasury Stock The company holds 5.3 million shares of its common stock at a cost of $ 55 .2 million. Treasury stock is recorded at cost and reduces stockholders’ equity in the consolidated balance sheets. When shares are reissued, the company will use the weighted average cost method for determining the cost basis. The difference between the cost and the issuance price is added or deducted from additional paid-in capital. Share Repurchase Program In August 2014, the company announced a share repurchase program of up to $100 million of its common stock. Under the program, the company may repurchase shares in open market transactions, privately negotiated transactions, accelerated share buyback programs, tender offers or by other means. The timing and amount of repurchase transactions are determined by its management based on market conditions, share price, legal requirements and other factors. The program may be suspended, modified or discontinued at any time without prior notice. The company repurchased 394,677 shares of common stock for approximately $6.7 million during 2017 . Since inception, the company has repurchased 909,667 shares of common stock for approximately $16.7 million under the program. Dividends The company has paid a quarterly cash dividend since August 2013 and anticipates declaring a cash dividend in future quarters on a regular basis. Future declarations of dividends, however, are subject to board approval and may be adjusted as the company’s liquidity, business needs or market conditions change. On February 7, 2018, the company’s board of directors declared a quarterly cash dividend of $0.12 per share. The dividend is payable on March 15, 2018, to shareholders of record at the close of business on February 23, 2018. For each calendar quarter commencing with the quarter ended September 30, 2015, the partnership agreement requires the partnership to distribute all available cash, as defined, to its partners within 45 days after the end of each calendar quarter. Available cash generally means all cash and cash equivalents on hand at the end of that quarter less cash reserves established by the general partner of the partnership plus all or any portion of the cash on hand resulting from working capital borrowings made subsequent to the end of that quarter. On January 18, 2018 , the board of directors of the general partner of the partnership declared a cash distribution of $0.4 7 per unit on outstanding common and subordinated units. The distribution is payable on February 9, 2018, to unitholders of record at the close of business on February 2, 2018. Accumulated Other Comprehensive Income Changes in accumulated other comprehensive income are associated primarily with gains and losses on derivative financial instruments. Amounts reclassified from accumulated other comprehensive income are as follows (in thousands): Year Ended December 31, Statements of Income 2017 2016 2015 Classification Gains (losses) on cash flow hedges: Commodity derivatives $ 18,167 $ (8,094) $ 8,420 Revenues Commodity derivatives (11,936) (16,508) (3,551) Cost of goods sold Total 6,231 (24,602) 4,869 Income (loss) before income taxes Income tax expense (benefit) 2,306 (8,830) 1,855 Income tax expense (benefit) Amounts reclassified from accumulated other comprehensive income (loss) $ 3,925 $ (15,772) $ 3,014 At December 31, 2017 and 2016 , the company’s consolidated balance sheet s reflected unrealized losses of $ 13.1 million and $4.1 million , net of tax, in accumulated other comprehensive loss , respectively . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Income Taxes | 15. INCOME TAXES Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the carrying amounts of existing assets and liabilities and their respective tax bases, and net operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted rates expected to be applicable to taxable income in the years those temporary differences are recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in income during the period that includes the enactment date. The Tax Cuts and Jobs Act was enacted on December 22 , 2017 and is effective January 1, 2018. The Act reduced the federal tax rate to 21% . The company revalued its deferred liabilities at the new rate, resu lting in a tax benefit of $52.8 million recorded during the fourth quarter of 2017. Due to the significance of the legislation, the SEC issued Staff Accounting Bulletin 118 (SAB 118), which provides for a measurement period to complete the accounting for certain elements of the tax reform. The company is still analyzing certain other provisions of the legislation and its impact to income taxes in the future, including interest expense deduction limitation to 30% of adjusted taxable income, use of AMT credit carryforwards, limitation of net operating loss carryforwards to 80% of taxable income, immediate expensing of capital assets acquired after September 27, 2017, and deducib ility of officer compensation. Any subsequent adjustments will be recorded as tax expense during the period in which the analysis is complete. Green Plains Partners is a limited partnership, which is treated as a flow-through entity for federal income tax purposes and is not subject to federal income taxes. As a result, the consolidated financial statements do not reflect such income taxes on pre-tax income or loss attributable to the noncontrolling interest in the partnership. Income tax expense (benefit) consists of the following (in thousands): Year Ended December 31, 2017 2016 2015 Current $ (43,705) $ 2,950 $ 33,750 Deferred (81,077) 4,910 (27,513) Total $ (124,782) $ 7,860 $ 6,237 The variation in tax expense was due primarily to the company’s recognition of tax benefits related to research and development credits, or R&D Credits , and revaluing deferred balances to reflect the reduced tax rate per the Tax Cuts and Jobs Act. A study was conducted to determine whether certain activities the compan y performs qualify for the R&D C redit allowed by the Internal Revenue Code Section 41. As a result of this study, the company concluded these activities do qualify for the credit and determined it was appropriate to claim the benefit of these credits for all open tax years. During the year ended December 31, 2017, the company recognized a net income tax benefit of $48.1 million for federal and state R&D Credits relating to tax years 2013 to 2016 as well as an estimated year-to-date tax benefit for federal and state R&D Credits for the 2017 tax year. Of this amount, a net benefit of $16.4 million is expected for previously filed tax returns, recorded as a $28.8 million non-current asset and a $12.4 million tax liability. The remaining $31.7 million is expected to offset future income tax and is recorded as a deferred tax asset . In addition, $9.2 million, net, in refundable credits not dependent upon taxable income was recorded as a reduction of cost of goods sold in the current year. Differences between income tax expense at the statutory federal income tax rate and as presented on the consolidated statements of income are summarized as follows (in thousands): Year Ended December 31, 2017 2016 2015 Tax expense at federal statutory rate of 35% $ (15,103) $ 13,423 $ 7,513 State income tax expense, net of federal benefit (915) 323 1,397 Nondeductible compensation 222 185 - Noncontrolling interests (7,199) (6,940) (2,857) Unrecognized tax benefits 25,720 - - R&D Credits (74,033) - - Tax Cuts and Jobs Act impact (54,485) - - Other 1,011 869 184 Income tax expense $ (124,782) $ 7,860 $ 6,237 Significant components of deferred tax assets and liabilities are as follows (in thousands): December 31, 2017 2016 Deferred tax assets: Net operating loss carryforwards - Federal $ 12,767 $ 2,112 Net operating loss carryforwards - State 5,291 1,290 Tax credit carryforwards - Federal 30,783 - Tax credit carryforwards - State 5,342 3,701 Derivative financial instruments 2,592 1,218 Investment in partnerships 55,956 91,951 Inventory valuation 1,941 1,042 Stock-based compensation 2,468 3,535 Accrued expenses 5,541 10,722 Capital leases 2,426 3,764 Other 969 1,959 Total deferred tax assets 126,076 121,294 Deferred tax liabilities: Convertible debt (8,350) (17,593) Fixed assets (149,746) (205,189) Organizational and start-up costs (20,947) (36,464) Total deferred tax liabilities (179,043) (259,246) Valuation allowance (3,834) (2,310) Deferred income taxes $ (56,801) $ (140,262) The company maintains a valuation allowance for its net deferred tax assets due to uncertainty that it will realize these assets in the future. The deferred tax valuation allowance of $ 3.8 million as of December 31, 2017 , relates to Iowa and Indian a tax credits that are not expected to be realized prior to expiration. M anagement considers whether it is more likely than not that some or all of the deferred tax assets will be realized, which is dependent on the generation of future taxable income and other tax attributes during the periods those temporary differences become deductible. Scheduled reversals of deferred tax liabilities, projected future taxable income, and tax planning strategies are considered to make this assessment. The company’s federal and state returns for the tax years ended December 31, 2014, and later are still subject to audit. A reconciliation of unrecognized tax benefits is as follows (in thousands): Unrecognized Tax Benefits Balance at January 1, 2017 $ 194 Additions for prior year tax positions 5 Additions for current year tax positions 25,777 Balance at December 31, 2017 $ 25,976 Recognition of these tax benefits would favorably impact the company’s effective tax rate. Unrecognized tax benefits of $26.0 million include $24.5 million recorded as a reduction of the deferred asset associated with the federal tax credit carryforwards. Interest and penalties associated with uncertain tax positions are accrued as part of income taxes payable. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 16. COMMITMENTS AND CONTINGENCIES Operating Leases The company leases certain facilities, equipment and parcels of land under agreements that expire at various dates. For accounting purposes, rent expense is based on a straight-line amortization of the total payments required over the lease. The company incurred lease expenses of $45.8 million, $ 38.0 million and $ 33.2 million during the years ended December 31, 2017 , 2016 and 2015 , respectively. Aggregate minimum lease payments under these agreements for future fiscal years are as follows (in thousands): Year Ending December 31, Amount 2018 $ 30,966 2019 23,549 2020 18,035 2021 10,097 2022 7,988 Thereafter 18,512 Total $ 109,147 Commodities As of December 31, 2017 , the company had contracted future purchases of grain, corn oil, natural gas, crude oil, ethanol, distillers grains and cattle, valued at appr oximately $303.5 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. Per the court’s direction, the company and the seller have retained an independent accounting firm to determine if a shortfall exists and the precise shortfall due to Green Plains. The accounting firm’s determination of the existence and amount of the shortfall will be submitted to the court for guidance in entering its order. 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. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | 17. EMPLOYEE BENEFIT PLANS The company offers eligible employees a comprehensive employee benefits plan that includes health, dental, vision, life and accidental death, short-term disability and long-term disability insurance, and flexible spending accounts. The company also offers a 401(k) plan enabling eligible employees to save for retirement on a tax-deferred basis up to the limits allowed under the Internal Revenue Code and matches up to 4 % of eligible employee contributions. Employee and employer contributions are 100 % vested immediately. Employer contributions to the 401(k) plan for the years ended December 31, 2017 , 2016 and 2015 were $2.1 million, $ 1.6 million and $ 1.4 million, respectively. The company contributes to a defined benefit pension plan. Since January of 2009, the benefits under the plan were frozen; however, the company remains obligated to ensure the plan is funded according to its requirements. As of December 31, 2017 , the plan’s assets were $ 5.8 million and liabilities were $ 6.4 million. At December 31, 2017 and 2016 , net liabilities of $ 0.6 million and $1.1 million were included in other liabilities on the consolidated balance sheet s , respectively. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 18. RELATED PARTY TRANSACTIONS Commercial Contracts Three subsidiaries of the company have executed separate financing agreements for equipment with Amur Equipment Finance. Gordon Glade, a member of the company’s board of directors , is a shareholder of Amur Equipment Finance. In March 2014, a subsidiary of the company entered into $1.4 million of new equipment financing agreements with Amur Equipment Finance. Balances of $0.6 million and $ 0.8 million related to these financing arrangements were included in debt at December 31, 2017 and 2016 , respectively. Payments, including principal and interest, totaled $0.3 million for each of the years ended December 31, 2017 , 2016 and 2015 . 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. During the years ended December 31, 2017 , 2016 and 2015 , payments related to these leases totaled $ 182 thousand, $ 190 thousand and $ 270 thousand, respectively. The company had $2 thousand in outstanding payables related to these agreements at December 31, 2017 , and no outstanding payable related to thes e agreements at December 31, 2016 . |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Data[Abstract] | |
Quarterly Financial Data | 19. QUARTERLY FINANCIAL DATA (Unaudited) The following table includes unaudited financial data for each of the quarters within the years ended December 31, 2017 and 2016 (in thousands, except per share amounts), which is derived from the company’s consolidated financial statements. In management’s opinion, the financial data reflects all of the adjustments necessary for a fair presentation of the quarters presented. The operating results for any quarter are not necessarily indicative of results for any future period. Three Months Ended December 31, 2017 September 30, 2017 June 30, 2017 March 31, 2017 Revenues $ 920,984 $ 901,235 $ 886,263 $ 887,684 Costs and expenses 913,560 880,519 890,049 870,292 Operating income (loss) 7,424 20,716 (3,786) 17,392 Other expense (18,954) (30,062) (17,759) (18,122) Income tax benefit (1) 63,877 48,775 9,749 2,381 Net income (loss) attributable to Green Plains 46,630 34,394 (16,366) (3,597) Basic earnings (loss) per share attributable to Green Plains 1.16 0.83 (0.41) (0.09) Diluted earnings (loss) per share attributable to Green Plains 0.99 0.74 (0.41) (0.09) Three Months Ended December 31, 2016 September 30, 2016 June 30, 2016 March 31, 2016 Revenues $ 932,098 $ 841,852 $ 887,727 $ 749,204 Costs and expenses 876,028 810,997 860,318 771,850 Operating income 56,070 30,855 27,409 (22,646) Other expense (19,433) (12,888) (8,953) (12,063) Income tax (expense) benefit (12,199) (5,083) (5,471) 14,893 Net income (loss) attributable to Green Plains 18,682 7,928 8,191 (24,138) Basic earnings (loss) per share attributable to Green Plains 0.49 0.21 0.21 (0.63) Diluted earnings (loss) per share attributable to Green Plains 0.47 0.20 0.21 (0.63) (1) The third and fourth quarters of 2017 reflect adjustments for R&D Credits and the reduced tax rate due to the Tax Cuts and Jobs Act. |
Schedule I - Condensed Financia
Schedule I - Condensed Financial Information Of The Registrant | 12 Months Ended |
Dec. 31, 2017 | |
Schedule I - Condensed Financial Information Of The Registrant [Abstract] | |
Schedule I - Condensed Financial Information Of The Registrant | Schedule I – Co ndensed Financial Information of the Registrant (Parent Company Only) GREEN PLAINS INC. CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT STATEMENTS OF BALANCE SHEET – PARENT COMPANY ONLY (in thousands) December 31, 2017 2016 ASSETS Current assets Cash and cash equivalents $ 147,928 $ 188,953 Restricted cash 13,306 16,947 Accounts receivable 7,962 285 Income tax receivable 6,413 10,379 Prepaid expenses and other 1,593 1,199 Due from subsidiaries 58,290 48,785 Total current assets 235,492 266,548 Property and equipment, net 13,869 12,900 Investment in consolidated subsidiaries 1,467,244 912,943 Deferred income taxes 69,998 87,310 Other assets 55,330 9,642 Total assets $ 1,841,933 $ 1,289,343 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 3,421 $ 6,916 Due to subsidiaries 178,982 160,486 Accrued liabilities 22,682 20,488 Income tax payable 9,909 - Current maturities of long-term debt 66,442 - Total current liabilities 281,436 187,890 Long-term debt 614,358 236,056 Other liabilities 3,957 2,890 Total liabilities 899,751 426,836 Stockholders' equity Common stock 46 46 Additional paid-in capital 685,019 659,200 Retained earnings 325,411 283,214 Accumulated other comprehensive loss (13,110) (4,137) Treasury stock (55,184) (75,816) Total stockholders' equity 942,182 862,507 Total liabilities and stockholders' equity $ 1,841,933 $ 1,289,343 See accompanying notes to the condensed financial statements. GREEN PLAINS INC. CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT STATEMENTS OF INCOME – PARENT COMPANY ONLY (in thousands) Year Ended December 31, 2017 2016 2015 Selling, general and administrative expenses $ 977 $ 3,174 $ - Operating (loss) (977) (3,174) - Other income (expense) Interest income 1,390 1,193 838 Interest expense (30,934) (14,511) (9,280) Other, net (244) (8,072) (3,366) Total other expense (29,788) (21,390) (11,808) Loss before income taxes (30,765) (24,564) (11,808) Income tax (expense) benefit (22,796) 12,381 4,106 Loss before equity in earnings of subsidiaries (53,561) (12,183) (7,702) Equity in earnings of consolidated subsidiaries 114,622 22,846 14,766 Net income $ 61,061 $ 10,663 $ 7,064 See accompanying notes to the condensed financial statements. GREEN PLAINS INC. CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT STATEMENTS OF COMPREHENSIVE INCOME – PARENT COMPANY ONLY (in thousands) Year Ended December 31, 2017 2016 2015 Net income $ 61,061 $ 10,663 $ 7,064 Other comprehensive income (loss), net of tax: Unrealized gains (losses) on derivatives arising during period, net of tax (expense) benefit of $2,967 , $10,494 , and $(4,413) , respectively (5,048) (18,744) 7,169 Reclassification of realized (gains) losses on derivatives, net of tax expense (benefit) of $2,306 , $(8,830) , and $1,855 , respectively (3,925) 15,772 (3,014) Total other comprehensive income (loss), net of tax (8,973) (2,972) 4,155 Comprehensive income $ 52,088 $ 7,691 $ 11,219 GREEN PLAINS INC. CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT STATEMENTS OF CASH FLOWS – PARENT COMPANY ONLY (in thousands) Year Ended December 31, 2017 2016 2015 Cash flows from operating activities: $ (27,619) $ 74,378 $ 23,488 Net cash provided (used) by operating activities (27,619) 74,378 23,488 Cash flows from investing activities: Purchases of property and equipment (2,905) (11,556) (1,191) Acquisition of businesses (61,727) (512,356) (116,796) Transfer of assets to Green Plains Partners LP - 152,312 - Investment in consolidated subsidiaries, net 26,133 77,615 143,151 Issuance of notes receivable from subsidiaries, net of payments received - 3,000 (3,000) Investments in unconsolidated subsidiaries (18,039) (7,206) (2,975) Net cash provided (used) by investing activities (56,538) (298,191) 19,189 Cash flows from financing activities: Proceeds from the issuance of long-term debt 500,000 170,000 - Payments of principal on long-term debt (405,335) - - Payments for repurchase of common stock (6,724) (6,005) (4,003) Payment of cash dividends (18,864) (18,423) (15,191) Payment of loan fees (12,978) (5,651) - Cash payment for exchange of 3.25% convertible notes due 2018 (8,523) - - Payments related to tax withholdings for stock-based compensation (4,494) (2,206) (3,644) Proceeds from the exercise of stock options 50 1,757 766 Net cash provided (used) by financing activities 43,132 139,472 (22,072) Net change in cash and equivalents (41,025) (84,341) 20,605 Cash and cash equivalents, beginning of period 188,953 273,294 252,689 Cash and cash equivalents, end of period $ 147,928 $ 188,953 $ 273,294 See accompanying notes to the condensed financial statements. GREEN PLAINS INC. CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT NOTES TO CONDENSED FINANCIAL STATEMENTS – PARENT COMPANY ONLY 1. BASIS OF PRESENTATION References to “parent company” refer to Green Plains Inc., a holding company that conducts substantially all of its business operations through its subsidiaries. The parent company is restricted from obtaining funds from certain subsidiaries through dividends, loans or advances. See Note 11 – Debt in the notes to the consolidated financial statements for additional information. Accordingly, these condensed financial statements are presented on a “parent-only” basis, in which the parent company’s investments in its consolidated subsidiaries are presented under the equity method of accounting. These financial statements should be read in conjunction with Green Plains Inc.’s audited consolidated financial statements included in this report. Reclassifications Certain prior year amounts were reclassified to conform to the current year presentation. These reclassifications did not affect total revenues, costs and expenses, net income or stockholders’ equity. 2. COMMITMENTS AND CONTINGENCIES Operating Leases The parent company leases certain facilities under agreements that expire at various dates. For accounting purposes, rent expense is based on a straight-line amortization of the total payments required over the lease term. The parent company incurred lease expenses of $ 2.0 million, $ 1.1 million and $ 1.1 million during the years ended December 31, 2017 , 2016 and 2015 , respectively. Aggregate minimum lease payments under these agreements for future fiscal years are as follows (in thousands): Year Ending December 31, Amount 2018 $ 2,069 2019 1,897 2020 1,372 2021 1,332 2022 1,388 Thereafter 13,295 Total $ 21,353 Parent Guarantees The various operating subsidiaries of the parent company enter into contracts as a routine part of their business activities, which are guaranteed by the parent company in certain instances. Examples of these contracts include financing and lease arrangements, commodity purchase and sale agreements, and agreements with vendors. As of December 31, 2017 , the parent company had $ 309.3 million in guarantees of subsidiary contracts and indebtedness. 3. DEBT Parent company debt as of December 31, 2017 , consists of a $500.0 million term loan agreement which matures in 2023, 3.25% convertible senior notes due 2018 and 4.125% convertible senior notes due 2022. Scheduled long-term debt repayments, including full accretion at their maturity but excluding the effects of the debt discounts, are as follows (in thousands): Year Ending December 31, Amount 2018 $ 68,734 2019 5,000 2020 5,000 2021 5,000 2022 175,000 Thereafter 473,750 Total $ 732,484 |
Basis Of Presentation And Des31
Basis Of Presentation And Description Of Business (Policy) | 12 Months Ended |
Dec. 31, 2017 | |
Basis Of Presentation And Description Of Business [Abstract] | |
Consolidated Financial Statements | Consolidated Financial Statements The consolidated financial statements include the company’s accounts and all significant intercompany balances and transactions are eliminated. Unconsolidated entities are included in the financial statements on an equity basis. 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 company determined that the limited partners in the partnership with equity at risk lack the power, through voting rights or similar rights, to direct the activities that most significantly impact partnership’s economic performance; therefore, the partnership is considered a VIE. The company, through its ownership of the general partner interest in the partnership, has the power to direct the activities that most significantly affect economic performance and the obligation to absorb losses or the right to receive benefits that could be potentially significant to the partnership; therefore, the company is considered the primary beneficiary and consolidates the partnership. The assets of the partnership cannot be used by the company for general corporate purposes. The partnership’s consolidated total assets as of December 31, 2017 and 2016 are $74.9 million and $75.0 million, respectively, and primarily consist of property and equipment and goodwill. The partnership’s consolidated total liabilities as of December 31, 2017 and 2016 are $153.0 million and $156.0 million, respectively, which primarily consist of long-term debt as discussed in Note 11 – Debt. The liabilities recognized as a result of consolidating the partnership do not represent additional claims on our general assets. 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. |
Reclassifications | Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation. These reclassifications did not affect total revenues, costs and expenses, net income or stockholders’ equity. |
Use Of Estimates In The Preparation Of Consolidated Financial Statements | Use of Estimates in the Preparation of Consolidated Financial Statements The preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The company bases its estimates on historical experience and assumptions that it believes are proper and reasonable under the circumstances and regularly evaluates the appropriateness of its estimates and assumptions. Actual results could differ from those estimates. Key accounting policies, including but not limited to those relating to revenue recognition, depreciation of property and equipment, carrying value of intangible assets, impairment of long-lived assets and goodwill, derivative financial instruments, and accounting for income taxes, are impacted significantly by judgments, assumptions and estimates used in the preparation of the consolidated financial statements. |
Summary Of Significant Accoun32
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2017 | |
Summary Of Significant Accounting Policies [Abstract] | |
Cash And Cash Equivalents And Restricted Cash | Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents includes bank deposits, as well as, short-term, highly liquid investments with original maturities of three months or less. The company also has restricted cash, which can only be used for the funding of letters of credit or for payment towards a revolving credit agreement. |
Revenue Recognition | Revenue Recognition The company recognizes revenue when the following criteria are satisfied: persuasive evidence that an arrangement exists, title of product and risk of loss are transferred to the customer, price is fixed and determinable and collectability is reasonably assured. Sales of ethanol, distillers grains, corn oil, natural gas and other commodities by the company’s marketing business are recognized when title of product and risk of loss are transferred to an external customer. Revenues related to marketing for third parties are presented on a gross basis when the company takes title of the product and assumes risk of loss. Unearned revenue is recorded for goods in transit when 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. 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. The company routinely enters into fixed-price, physical-delivery 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. Energy trading transactions are reported net as a component of revenue. All other transactions are reported net as either a component of revenue or cost of goods sold, depending on their position as a gain or loss. Revenues also include realized gains and losses on related derivative financial instruments and reclassifications of realized gains and losses on cash flow hedges from accumulated other comprehensive income or loss. 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 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. |
Cost Of Goods Sold | Cost of Goods Sold Cost of goods sold includes direct labor, materials, shipping costs and plant overhead costs. Direct labor includes all compensation and related benefits of non-management personnel involved in ethanol plant, vinegar production and cattle feeding 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 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 reclassifications of gains and losses on 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 forward purchase 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 various commodities including but not limited 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 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. Unrealized gains and losses are reflected in accumulated other comprehensive income or loss 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. |
Concentrations Of Credit Risk | Concentrations of Credit Risk The company is exposed to credit risk resulting from the possibility that another party may fail to perform according to the terms of the company’s contract. The company sells ethanol, corn oil and distillers grains and markets products for third parties, which can result in concentrations of credit risk from a variety of customers, including major integrated oil companies, large independent refiners, petroleum wholesalers and other marketers. The company also sells grain to large commercial buyers, including other ethanol plants, and sells cattle to meat processors. Although payments are typically received within fifteen days of the sale, the company continually monitors its exposure. The company is also exposed to credit risk on prepayments of undelivered inventories with a few major suppliers of petroleum products and agricultural inputs. The company has master netting arrangements with various counterparties. On the consolidated balance sheets, the associated net amount for each counterparty is reflected as either an accounts receivable or accounts payable. If the amount for each counterparty were reflected on a gross basis, the company’s accounts receivable and accounts payable would increase by $23.4 million and $24.6 million at December 31, 2017 and 2016, respectively. |
Inventories | Inventories Corn held for ethanol production, ethanol, corn oil and distillers grains inventories are recorded at lower of average cost or market. Other grain inventories include readily marketable grain, forward contracts to buy and sell grain, and exchange traded futures and option contracts, which are all stated at market value. All grain inventories held for sale are marked to market. Changes are reflected in cost of goods sold. The forward contracts require performance in future periods. Contracts to purchase grain generally relate to current or future crop years for delivery periods quoted by regulated commodity exchanges. Contracts for the sale of grain to processors or other consumers generally do not extend beyond one year. The terms of the purchase and sale agreements for grain are consistent with industry standards. Raw materials and finished goods inventories are valued at the lower of average cost or market. In addition to ethanol and related co-products in process, work-in-process inventory includes the cost of acquired cattle and related feed and veterinary supplies, as well as direct labor and feedlot overhead costs, all of which are valued at lower of average cost or market. |
Property And Equipment | Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation is generally calculated using the straight-line method over the following estimated useful life of the assets: Years Plant, buildings and improvements 10 -40 Production equipment 15 -50 Other machinery and equipment 5 -7 Land improvements 20 Railroad track and equipment 20 Computer hardware and software 3 -5 Office furniture and equipment 5 -7 Property and equipment is capitalized at cost. Land improvements and other property improvements are capitalized and depreciated. Costs of repairs and maintenance are charged to expense when incurred. The company periodically evaluates whether events and circumstances have occurred that warrant a revision of the estimated useful life of its fixed assets. |
Intangible Assets | Intangible Assets Intangible assets consist of trademarks, customer relationships, research and development technology and licenses acquired through acquisitions. These assets were capitalized at their fair value at the date of the acquisition and are being amortized over their estimated useful lives, with the exception of the vinegar trade name, which has an indefinite life. |
Impairment Of Long-Lived Assets | Impairment of Long-Lived Assets The company’s long-lived assets consist of property and equipment and intangible assets. The company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. Recoverability is measured by comparing the carrying amount of the asset to the estimated undiscounted future cash flows the asset is expected to generate. Impairment is recorded when the asset’s carrying amount exceeds its estimated future cash flows. Significant management judgment is required to determine the fair value of long-lived assets, which includes discounted cash flows projections. There were no material impairment charges recorded for the periods reported. |
Goodwill | Goodwill Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. The determination of goodwill takes into consideration the fair value of net tangible and intangible assets. The company’s goodwill currently consists of amounts related to the acquisition of five ethanol plants, its fuel terminal and distribution business and Fleischmann’s Vinegar. Goodwill is reviewed for impairment at the reporting unit level at least annually, as of October 1, or more frequently when events or changes in circumstances indicate that impairment may have occurred. The qualitative factors of goodwill are assessed to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. Under the first step, the fair value of the reporting unit is compared with its carrying value (including goodwill). If the fair value of the reporting unit is less than its carrying value, an indication of goodwill impairment exists for the reporting unit and the entity must perform step two of the impairment test. Under the second step, an impairment charge is recognized for any excess of the carrying amount of the reporting unit’s goodwill over the implied fair value of that goodwill. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation and the residual fair value after this allocation is the implied fair value of the reporting unit goodwill. Fair value of the reporting unit is determined using a discounted cash flow analysis. If the fair value of the reporting unit exceeds its carrying value, no further analysis is necessary. No impairment charges were recorded for the periods reported. For additional information, please refer to Note 9 - Goodwill. |
Financing Costs | Financing Costs Fees and costs related to securing debt are recorded as financing costs. Debt issuance costs are stated at cost and are amortized using the effective interest method for term loans and the straight-line basis over the life of the agreements for revolving credit arrangements and convertible notes. During periods of construction, amortization is capitalized in construction-in-progress. |
Selling, General And Administrative Expenses | Selling, General and Administrative Expenses Selling, general and administrative expenses consists of various expenses including employee salaries, incentives and benefits; office expenses; director compensation; professional fees for accounting, legal, consulting, and investor relations activities. |
Stock-Based Compensation | Stock-Based Compensation The company recognizes compensation cost using a fair value based method whereby compensation cost is measured at the grant date based on the value of the award and is recognized over the service period, which is usually the vesting period. The company uses the Black-Scholes pricing model to calculate the fair value of options and warrants issued to both employees and non-employees. Stock issued for compensation is valued using the market price of the stock on the date of the related agreement. |
Income Taxes | Income Taxes The provision for income taxes is computed using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences attributable to temporary differences between the financial reporting carrying amount of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operating results in the period of enactment. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The company recognizes uncertainties in income taxes within the financial statements under a process by which the likelihood of a tax position is gauged based upon the technical merits of the position, and then a subsequent measurement relates the maximum benefit and the degree of likelihood to determine the amount of benefit recognized in the financial statements. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Effective January 1, 2017, the company adopted the amended guidance in ASC Topic 330, Inventory: Simplifying the Measurement of Inventory , which requires inventory to be measured at the 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 related to 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 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 and $3.6 million increase in cash flows from operating activities and a decrease in cash flows from financing activities for the twelve months ended December 31, 2016 and 2015, respectively . The company has elected to account for forfeitures as they occur. This change did not have a material impact on the financial statements. During the fourth quarter of 2017, the company early adopted the amended guidance in ASC Topic 815, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities , which is designed to improve the alignment of risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedging results. The provisions of ASC Topic 815 expand and refine hedge accounting for both nonfinancial and financial risk components and align the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. The amended guidance was applied prospectively and 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. Upon adoption, the company will include restricted cash and restricted cash equivalents with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts on the statement of cash flows. 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 which reflect the payment an entity expects to be entitled to in exchange for 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. In addition, ASC Topic 606 requires certain disclosures about contracts with customers and provides 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 completed a comparison of the current revenue recognition policies to the ASC Topic 606 requirements for each of the company’s major revenue categories. Results indicate 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, a portion 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 also requires disclosure of significant changes in contract asset and contract liability balances between periods 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, when applicable. ASC Topic 606 may be adopted retrospectively to each prior reporting period presented or as a cumulative-effect adjustment as of the date of adoption. The company will adopt 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. The company does not expect adoption of the guidance to have a material impact to the financial statements. 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, 2018, the company will early 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 equal to 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, would be recognized. 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, requiring substantially all leases to be recognized by lessees on the balance sheet as a right-of-use asset and corresponding lease liability, including leases currently accounted for as operating leases. The new standard is effective for fiscal years beginning after December 15, 2018 and interim periods within those years, and allows for early adoption. The company has established an implementation team to evaluate the impact of the new standard. The new standard will significantly increase right-of-use assets and lease liabilities on the company’s consolidated balance sheet, primarily due to operating leases that are currently not recognized on the balance sheet. The company anticipates adopting the amended guidance using the modified retrospective transition method. |
Summary Of Significant Accoun33
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary Of Significant Accounting Policies [Abstract] | |
Schedule Of Estimated Useful Lives Of Assets | Depreciation is generally calculated using the straight-line method over the following estimated useful life of the assets: Years Plant, buildings and improvements 10 -40 Production equipment 15 -50 Other machinery and equipment 5 -7 Land improvements 20 Railroad track and equipment 20 Computer hardware and software 3 -5 Office furniture and equipment 5 -7 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Asset Purchase Agreement With Cargill Cattle Feeders LLC [Member] | |
Business Acquisition [Line Items] | |
Schedule Of Identifiable Assets Acquired And Liabilities Assumed | The following is a summary of the preliminary purchase price of assets acquired and liabilities assumed (in thousands): Amounts of Identifiable Assets Acquired and Liabilities Assumed Inventory $ 20,576 Prepaid expenses and other 52 Property and equipment, net 37,205 Current liabilities (180) Total identifiable net assets $ 57,653 |
Fleischmann’s Vinegar [Member] | |
Business Acquisition [Line Items] | |
Schedule Of Identifiable Assets Acquired And Liabilities Assumed | The following is a summary of the 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 49,175 Intangible assets 90,500 Current liabilities (9,689) Income taxes payable (216) Deferred tax liabilities (41,882) Total identifiable net assets 116,317 Goodwill 142,002 Purchase price $ 258,319 |
Acquisition of Abengoa Ethanol Plants [Member] | |
Business Acquisition [Line Items] | |
Schedule Of Identifiable Assets Acquired And Liabilities Assumed | The following is a summary of assets acquired and liabilities assumed (in thousands): Amounts of Identifiable Assets Acquired and Liabilities Assumed Inventory $ 16,904 Accounts receivable, net 1,826 Prepaid expenses and other 2,224 Property and equipment 234,947 Other assets 3,885 Current maturities of long-term debt (406) Current liabilities (2,580) Long-term debt (2,763) Total identifiable net assets $ 254,037 |
Acquisition of Green Plains Hereford [Member] | |
Business Acquisition [Line Items] | |
Schedule Of Identifiable Assets Acquired And Liabilities Assumed | The following is a summary assets acquired and liabilities assumed (in thousands): Amounts of Identifiable Assets Acquired and Liabilities Assumed Inventory $ 20,487 Derivative financial instruments 2,625 Property and equipment 78,786 Current liabilities (2,542) Other liabilities (1,128) Total identifiable net assets $ 98,228 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2017 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs (Level 1) (Level 2) Total Assets: Cash and cash equivalents $ 266,651 $ - $ 266,651 Restricted cash 13,810 - 13,810 Inventories carried at market - 26,834 26,834 Unrealized gains on derivatives - 12,045 12,045 Other assets 115 - 115 Total assets measured at fair value $ 280,576 $ 38,879 $ 319,455 Liabilities: Accounts payable (1) $ - $ 37,401 $ 37,401 Unrealized losses on derivatives - 12,884 12,884 Other liabilities - 92 92 Total liabilities measured at fair value $ - $ 50,377 $ 50,377 Fair Value Measurements at December 31, 2016 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Reclassification for Balance Sheet (Level 1) (Level 2) Presentation Total Assets: Cash and cash equivalents $ 304,211 $ - $ - $ 304,211 Restricted cash 51,979 - - 51,979 Margin deposits 50,601 - (50,601) - Inventories carried at market - 77,043 - 77,043 Unrealized gains on derivatives 8,272 14,818 24,146 47,236 Other assets 116 - - 116 Total assets measured at fair value $ 415,179 $ 91,861 $ (26,455) $ 480,585 Liabilities: Accounts payable (1) $ - $ 35,288 $ - $ 35,288 Unrealized losses on derivatives 26,455 8,916 (26,455) 8,916 Other liabilities - 81 - 81 Total liabilities measured at fair value $ 26,455 $ 44,285 $ (26,455) $ 44,285 (1) Accounts payable is generally stated at historical amounts with the exception of $37.4 million and $ 35.3 million at December 31, 2017 and 2016 , respectively, related to certain delivered inventory for which the payable fluctuates based on changes in commodity prices. These payables are hybrid financial instruments for which the company has elected the fair value option. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Information [Abstract] | |
Summary Of Financial Data | The following tables set forth certain financial data for the company’s operating segments (in thousands): Year Ended December 31, 2017 2016 2015 Revenues: Ethanol production: Revenues from external customers (1) $ 2,497,360 $ 2,409,102 $ 2,063,172 Intersegment revenues 10,313 - - Total segment revenues 2,507,673 2,409,102 2,063,172 Agribusiness and energy services: Revenues from external customers (1) 621,223 675,446 674,719 Intersegment revenues 47,538 34,461 24,114 Total segment revenues 668,761 709,907 698,833 Food and ingredients: Revenues from external customers (1) 471,398 318,031 219,310 Intersegment revenues 383 150 75 Total segment revenues 471,781 318,181 219,385 Partnership: Revenues from external customers 6,185 8,302 8,388 Intersegment revenues 100,808 95,470 42,549 Total segment revenues 106,993 103,772 50,937 Revenues including intersegment activity 3,755,208 3,540,962 3,032,327 Intersegment eliminations (159,042) (130,081) (66,738) Revenues as reported $ 3,596,166 $ 3,410,881 $ 2,965,589 (1) Revenues from external customers include realized gains and losses from derivative financial instruments. Year Ended December 31, 2017 2016 2015 Cost of goods sold: Ethanol production $ 2,434,001 $ 2,280,906 $ 1,939,824 Agribusiness and energy services 614,582 650,538 639,470 Food and ingredients 411,781 294,396 216,661 Partnership - - - Intersegment eliminations (158,777) (129,761) (66,588) $ 3,301,587 $ 3,096,079 $ 2,729,367 Year Ended December 31, 2017 2016 2015 Operating income (loss): Ethanol production $ (45,074) $ 28,125 $ 43,266 Agribusiness and energy services 30,443 34,039 37,253 Food and ingredients 35,961 16,436 (952) Partnership 65,709 60,903 12,990 Intersegment eliminations (61) (170) - Corporate activities (45,232) (47,645) (31,480) $ 41,746 $ 91,688 $ 61,077 Year Ended December 31, 2017 2016 2015 EBITDA: Ethanol production $ 40,069 $ 97,113 $ 100,002 Agribusiness and energy services 33,906 34,209 40,655 Food and ingredients 49,803 20,190 218 Partnership 71,041 66,633 18,903 Intersegment eliminations (61) (732) (71) Corporate activities (40,388) (42,985) (31,926) $ 154,370 $ 174,428 $ 127,781 Year Ended December 31, 2017 2016 2015 Income (loss) before income taxes: Ethanol production $ (63,569) $ 5,862 $ 21,582 Agribusiness and energy services 21,460 24,368 33,952 Food and ingredients 13,512 10,950 (3,585) Partnership 60,527 58,441 12,695 Intersegment eliminations (61) (170) - Corporate activities (75,020) (61,100) (43,179) $ (43,151) $ 38,351 $ 21,465 Year Ended December 31, 2017 2016 2015 Depreciation and amortization: Ethanol production $ 81,987 $ 68,746 $ 55,604 Agribusiness and energy services 3,462 2,536 1,542 Food and ingredients 13,103 3,705 1,004 Partnership 5,111 5,647 5,828 Corporate activities 3,698 3,592 1,972 $ 107,361 $ 84,226 $ 65,950 Year Ended December 31, 2017 2016 2015 Capital expenditures: Ethanol production $ 28,996 $ 39,555 $ 48,881 Agribusiness and energy services 397 2,340 12,552 Food and ingredients 17,772 2,479 1,049 Partnership 2,024 400 1,496 Corporate activities 3,115 11,638 1,589 $ 52,304 $ 56,412 $ 65,567 |
Schedule Of Reconciliation Of Net Income To EBITDA | The following table reconciles net income to EBITDA (in thousands): Year Ended December 31, 2017 2016 2015 Net income: $ 81,631 $ 30,491 $ 15,228 Interest expense 90,160 51,851 40,366 Income tax expense (benefit) (124,782) 7,860 6,237 Depreciation and amortization 107,361 84,226 65,950 EBITDA $ 154,370 $ 174,428 $ 127,781 |
Summary Of Total Assets For Operating Segments | The following table sets forth revenues by product line (in thousands): Year Ended December 31, 2017 2016 2015 Revenues: Ethanol $ 2,409,073 $ 2,258,575 $ 1,868,043 Distillers grains 430,699 488,297 474,699 Corn oil 160,447 152,075 101,126 Grain 81,193 174,525 240,466 Food and ingredients 444,625 279,039 219,046 Service revenues 6,185 8,302 8,388 Other 63,944 50,068 53,821 $ 3,596,166 $ 3,410,881 $ 2,965,589 |
Schedule Of Revenues By Product | The following table sets forth total assets by operating segment (in thousands): Year Ended December 31, 2017 2016 Total assets (1) : Ethanol production $ 1,144,459 $ 1,206,155 Agribusiness and energy services 554,981 579,977 Food and ingredients 725,232 406,429 Partnership 74,935 74,999 Corporate assets 295,217 257,652 Intersegment eliminations (10,174) (18,720) $ 2,784,650 $ 2,506,492 Asset balances by segment exclude intercompany payable and receivable balances. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Inventories [Abstract] | |
Schedule Of Inventories | The components of inventories are as follows (in thousands): December 31, 2017 2016 Finished goods $ 146,269 $ 99,009 Commodities held for sale 65,693 65,926 Raw materials 144,520 135,516 Work-in-process 320,664 91,093 Supplies and parts 34,732 30,637 $ 711,878 $ 422,181 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property And Equipment [Abstract] | |
Schedule Of Components Of Property And Equipment | The components of property and equipment are as follows (in thousands): December 31, 2017 2016 Plant equipment $ 1,232,724 $ 1,167,914 Buildings and improvements 212,426 205,806 Land and improvements 136,274 126,088 Railroad track and equipment 42,149 42,234 Construction-in-progress 17,019 13,745 Computer hardware and software 19,653 15,000 Office furniture and equipment 3,854 3,503 Leasehold improvements and other 27,193 22,409 Total property and equipment 1,691,292 1,596,699 Less: accumulated depreciation and amortization (514,585) (417,993) Property and equipment, net $ 1,176,707 $ 1,178,706 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill [Abstract] | |
Schedule Of Goodwill | Changes in the carrying amount of goodwill attributable to each business segment during the years ended December 31, 2017 and 2016 were as follows (in thousands): Ethanol Food and Production Ingredients Partnership Total Balance, December 31, 2015 $ 30,279 $ - $ 10,598 $ 40,877 Acquisition of Fleischmann's Vinegar - 142,819 - 142,819 Balance, December 31, 2016 30,279 142,819 10,598 183,696 Adjustment to preliminary Fleischmann's Vinegar Valuation - (817) - (817) Balance, December 31, 2017 $ 30,279 $ 142,002 $ 10,598 $ 182,879 |
Derivative Financial Instrume40
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Schedule Of Fair Values Of Derivative Financial Instruments | The fair values of the company’s derivative financial instruments and the line items on the consolidated balance sheets where they are reported are as follows (in thousands): Asset Derivatives' Liability Derivatives' Fair Value at December 31, Fair Value at December 31, 2017 2016 2017 2016 Derivative financial instruments (1) $ 12,045 (2) $ 14,818 (3) $ 12,884 27,099 Other liabilities - - 92 81 Total $ 12,045 $ 14,818 $ 12,976 $ 27,180 (1) At December 31, 2017, derivative financial instruments, as reflected on the balance sheet, includes margin deposits of $18.2 million and net unrealized gains on exchange traded futures and options contracts of $8.5 million. At December 31, 2016, derivative financial instruments includes margin deposits of $50.6 million and net unrealized losses on exchange traded futures and options contracts of $18.2 million. (1) Balance at December 31, 2017 , includes $ 0.3 m illion of net unrealized gains on derivative financial instruments designated as cash flow hedging instruments. (2) Balance at December 31, 2016 , includes $ 17.0 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments. |
Schedule Of The Effect Of Derivative Instruments On Consolidated Statements Of Income And Consolidated Statements Of Stockholders’ Equity And Comprehensive Income | The gains or losses recognized in income and other comprehensive income related to the company’s derivative financial instruments and the line items on the consolidated financial statements where they are reported are as follows (in thousands): Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Location of Gain or (Loss) Reclassified from Year Ended December 31, Accumulated Other Comprehensive Income into Income 2017 2016 2015 Revenues $ 18,167 $ (8,094) $ 8,420 Cost of goods sold (11,936) (16,508) (3,551) Net increase (decrease) recognized in earnings before tax $ 6,231 $ (24,602) $ 4,869 Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivatives Gain or (Loss) Recognized in Year Ended December 31, Other Comprehensive Income on Derivatives 2017 2016 2015 Commodity Contracts $ (8,015) $ (29,238) $ 11,582 Location of Gain or Amount of Gain or (Loss) Recognized in Income on Derivatives Derivatives Not Designated (Loss Recognized in Year Ended December 31, as Hedging Instruments Income on Derivatives 2017 2016 2015 Commodity Contracts Revenues $ (12,583) $ 6,071 $ (12,995) Commodity Contracts Costs of goods sold 27,078 11 10,492 $ 14,495 $ 6,082 $ (2,503) The Effect of Cash Flow and Fair Value Hedge Accounting on the Statement of Financial Performance For the Years Ended December 31, Location and Amount of Gain or (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships 2017 2016 2015 Revenue Cost of Goods Sold Revenue Cost of Goods Sold Revenue Cost of Goods Sold Gain or (loss) on cash flow hedging relationships: Commodity contracts: Amount of gain or loss reclassified from accumulated other comprehensive income into income $ 18,167 $ (11,936) $ (8,094) $ (16,508) $ 8,420 $ (3,551) Gain or (loss) on fair value hedging relationships: Commodity contracts: Hedged item 1,451 (6,229) 1,388 21,430 - (7,819) Derivatives designated as hedging instruments (1,734) 8,530 (1,388) (16,219) - 12,045 Total amounts of income and expense line items presented in the statement of financial performance in which the effects of cash flow or fair value hedges are recorded $ 17,884 $ (9,635) $ (8,094) $ (11,297) $ 8,420 $ 675 |
Schedule Of Volumes of Open Commodity Derivative Positions [Member] | |
Schedule Of Open Commodity Derivative Positions | The open commodity derivative positions as of December 31, 2017 , are as follows (in thousands): December 31, 2017 Exchange Traded Non-Exchange Traded Derivative Instruments Net Long & (Short) (1) Long (2) (Short) (2) Unit of Measure Commodity Futures (43,340) Bushels Corn, Soybeans and Wheat Futures 5,880 (3) Bushels Corn Futures 10,826 Gallons Ethanol Futures (130,494) (3) Gallons Ethanol Futures (14,620) mmBTU Natural Gas Futures 100 Pounds Livestock Futures (300,480) (3) Pounds Livestock Futures (44) Barrels Crude Oil Futures 3,108 (3) Gallons Natural Gasoline Options 1,841 Gallons Ethanol Options (35) mmBTU Natural Gas Options 15,088 Pounds Livestock Options 19 Barrels Crude Oil Forwards 15,784 (460) Bushels Corn and Soybeans Forwards 61,635 (353,129) Gallons Ethanol Forwards 217 (306) Tons Distillers Grains Forwards 10,196 (86,729) Pounds Corn Oil Forwards 12,919 (1,861) mmBTU Natural Gas (1) Exchange traded futures and options are presented on a net long and (short) position basis. Options are presented on a delta-adjusted basis. (2) Non-exchange traded forwards are presented on a gross long and (short) position basis including both fixed-price and basis contracts. (3) Futures used for cash flow hedges. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt [Abstract] | |
Schedule Of The Components Of Long-Term Debt | The components of long-term debt are as follows (in thousands): December 31, 2017 2016 Corporate: $500.0 million term loan $ 498,750 $ - $120.0 million convertible notes due 2018 61,442 110,328 $170.0 million convertible notes due 2022 136,739 131,300 Green Plains Partners: $195.0 million revolving credit facility 126,900 129,000 Green Plains Processing: $345.0 million term loan - 301,095 Fleischmann's Vinegar: $130.0 million term loan - 129,675 $15.0 million revolving credit facility - 4,000 Other 27,744 29,167 Total face value of long-term debt 851,575 834,565 Unamortized debt issuance costs (16,256) (16,896) Less: current portion of long-term debt (67,923) (35,059) Total long-term debt $ 767,396 $ 782,610 |
Schedule Of Maturities Of Long-Term Debt | Scheduled long-term debt repayments, including full accretion of the $120.0 million convertible notes due 2018 and of the $170.0 million convertible notes due 2022 at maturity but excluding the effects of any debt discounts and debt issuance costs, are as follows (in thousands): Year Ending December 31, Amount 2018 $ 70,214 2019 6,582 2020 133,038 2021 6,007 2022 176,016 Thereafter 495,271 Total $ 887,128 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Schedule Of Stock Option Activity | The activity related to the exercisable stock options for the year ended December 31, 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 December 31, 2017 143,750 $ 12.44 1.8 $ 635 Exercisable at December 31, 2017 (1) 143,750 $ 12.44 1.8 $ 635 (1) Includes in-the-money options totaling 133,750 shares at a weighted-average exercise price of $ 12.10 . |
Schedule Of Non-Vested Stock Award And DSU Activity | The non-vested stock award and deferred stock unit activity for the year ended December 31, 2017 , are as follows: Non-Vested Shares and Deferred Stock Units Weighted- Average Grant- Date Fair Value Weighted-Average Remaining Vesting Term (in years) Nonvested at December 31, 2016 1,139,560 $ 17.65 Granted 569,290 23.98 Forfeited (43,254) 19.18 Vested (596,649) 18.64 Nonvested at December 31, 2017 1,068,947 $ 20.41 1.8 |
Green Plains Partners LP [Member] | |
Schedule Of Non-Vested Stock Award And DSU Activity | The non-vested stock award and deferred stock unit activity for the year ended December 31, 2017, are as follows: Non-Vested Shares and Deferred Stock Units Weighted- Average Grant-Date Fair Value Weighted-Average Remaining Vesting Term (in years) Non-Vested at December 31, 2016 15,009 $ 15.99 Granted 15,827 18.96 Forfeited (4,278) 18.70 Vested (15,009) 15.99 Nonvested at December 31, 2017 11,549 $ 19.06 0.5 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings Per Share | The basic and diluted EPS are calculated as follows (in thousands): Year Ended December 31, 2017 2016 2015 Basic EPS: Net income attributable to Green Plains $ 61,061 $ 10,663 $ 7,064 Weighted average shares outstanding - basic 39,247 38,318 37,947 EPS - basic $ 1.56 $ 0.28 $ 0.19 Diluted EPS: Net income attributable to Green Plains $ 61,061 $ 10,663 $ 7,064 Interest and amortization on convertible debt, net of tax effect: 3.25% notes 4,433 - - 4.125% notes 8,159 - - Net income attributable to Green Plains - diluted $ 73,653 $ 10,663 $ 7,064 Weighted average shares outstanding - basic 39,247 38,318 37,947 Effect of dilutive convertible debt: 3.25% notes 4,209 155 939 4.125% notes 6,071 - - Effect of dilutive stock-based compensation awards 713 100 142 Weighted average shares outstanding - diluted 50,240 38,573 39,028 EPS - diluted $ 1.47 $ 0.28 $ 0.18 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders’ Equity [Abstract] | |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Amounts reclassified from accumulated other comprehensive income are as follows (in thousands): Year Ended December 31, Statements of Income 2017 2016 2015 Classification Gains (losses) on cash flow hedges: Commodity derivatives $ 18,167 $ (8,094) $ 8,420 Revenues Commodity derivatives (11,936) (16,508) (3,551) Cost of goods sold Total 6,231 (24,602) 4,869 Income (loss) before income taxes Income tax expense (benefit) 2,306 (8,830) 1,855 Income tax expense (benefit) Amounts reclassified from accumulated other comprehensive income (loss) $ 3,925 $ (15,772) $ 3,014 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Schedule Of Income Tax Expense | Income tax expense (benefit) consists of the following (in thousands): Year Ended December 31, 2017 2016 2015 Current $ (43,705) $ 2,950 $ 33,750 Deferred (81,077) 4,910 (27,513) Total $ (124,782) $ 7,860 $ 6,237 |
Schedule Of Differences Between The Income Tax Expense (Benefit)Computed At The Statutory Federal income Tax Rate And As Presented On The Consolidated Statements Of Operations | Differences between income tax expense at the statutory federal income tax rate and as presented on the consolidated statements of income are summarized as follows (in thousands): Year Ended December 31, 2017 2016 2015 Tax expense at federal statutory rate of 35% $ (15,103) $ 13,423 $ 7,513 State income tax expense, net of federal benefit (915) 323 1,397 Nondeductible compensation 222 185 - Noncontrolling interests (7,199) (6,940) (2,857) Unrecognized tax benefits 25,720 - - R&D Credits (74,033) - - Tax Cuts and Jobs Act impact (54,485) - - Other 1,011 869 184 Income tax expense $ (124,782) $ 7,860 $ 6,237 |
Schedule Of Significant Components Of Deferred Tax Assets And Liabilities | Significant components of deferred tax assets and liabilities are as follows (in thousands): December 31, 2017 2016 Deferred tax assets: Net operating loss carryforwards - Federal $ 12,767 $ 2,112 Net operating loss carryforwards - State 5,291 1,290 Tax credit carryforwards - Federal 30,783 - Tax credit carryforwards - State 5,342 3,701 Derivative financial instruments 2,592 1,218 Investment in partnerships 55,956 91,951 Inventory valuation 1,941 1,042 Stock-based compensation 2,468 3,535 Accrued expenses 5,541 10,722 Capital leases 2,426 3,764 Other 969 1,959 Total deferred tax assets 126,076 121,294 Deferred tax liabilities: Convertible debt (8,350) (17,593) Fixed assets (149,746) (205,189) Organizational and start-up costs (20,947) (36,464) Total deferred tax liabilities (179,043) (259,246) Valuation allowance (3,834) (2,310) Deferred income taxes $ (56,801) $ (140,262) |
Reconciliation Of The Beginning And Ending Amounts Of Unrecognized Tax Benefits | A reconciliation of unrecognized tax benefits is as follows (in thousands): Unrecognized Tax Benefits Balance at January 1, 2017 $ 194 Additions for prior year tax positions 5 Additions for current year tax positions 25,777 Balance at December 31, 2017 $ 25,976 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments And Contingencies [Abstract] | |
Schedule Of Aggregate Minimum Lease Payments | Aggregate minimum lease payments under these agreements for future fiscal years are as follows (in thousands): Year Ending December 31, Amount 2018 $ 30,966 2019 23,549 2020 18,035 2021 10,097 2022 7,988 Thereafter 18,512 Total $ 109,147 |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Data[Abstract] | |
Schedule Of Quarterly Financial Information | The following table includes unaudited financial data for each of the quarters within the years ended December 31, 2017 and 2016 (in thousands, except per share amounts), which is derived from the company’s consolidated financial statements. In management’s opinion, the financial data reflects all of the adjustments necessary for a fair presentation of the quarters presented. The operating results for any quarter are not necessarily indicative of results for any future period. Three Months Ended December 31, 2017 September 30, 2017 June 30, 2017 March 31, 2017 Revenues $ 920,984 $ 901,235 $ 886,263 $ 887,684 Costs and expenses 913,560 880,519 890,049 870,292 Operating income (loss) 7,424 20,716 (3,786) 17,392 Other expense (18,954) (30,062) (17,759) (18,122) Income tax benefit (1) 63,877 48,775 9,749 2,381 Net income (loss) attributable to Green Plains 46,630 34,394 (16,366) (3,597) Basic earnings (loss) per share attributable to Green Plains 1.16 0.83 (0.41) (0.09) Diluted earnings (loss) per share attributable to Green Plains 0.99 0.74 (0.41) (0.09) Three Months Ended December 31, 2016 September 30, 2016 June 30, 2016 March 31, 2016 Revenues $ 932,098 $ 841,852 $ 887,727 $ 749,204 Costs and expenses 876,028 810,997 860,318 771,850 Operating income 56,070 30,855 27,409 (22,646) Other expense (19,433) (12,888) (8,953) (12,063) Income tax (expense) benefit (12,199) (5,083) (5,471) 14,893 Net income (loss) attributable to Green Plains 18,682 7,928 8,191 (24,138) Basic earnings (loss) per share attributable to Green Plains 0.49 0.21 0.21 (0.63) Diluted earnings (loss) per share attributable to Green Plains 0.47 0.20 0.21 (0.63) The third and fourth quarters of 2017 reflect adjustments for R&D Credits and the reduced tax rate due to the Tax Cuts and Jobs Act. |
Schedule I - Condensed Financ48
Schedule I - Condensed Financial Information Of The Registrant (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Scheduled Long-Term Debt Repayments | Scheduled long-term debt repayments, including full accretion of the $120.0 million convertible notes due 2018 and of the $170.0 million convertible notes due 2022 at maturity but excluding the effects of any debt discounts and debt issuance costs, are as follows (in thousands): Year Ending December 31, Amount 2018 $ 70,214 2019 6,582 2020 133,038 2021 6,007 2022 176,016 Thereafter 495,271 Total $ 887,128 |
Parent Company [Member] | |
Condensed Financial Information Of The Registrant Statements Of Balance Sheet - Parent Company Only | December 31, 2017 2016 ASSETS Current assets Cash and cash equivalents $ 147,928 $ 188,953 Restricted cash 13,306 16,947 Accounts receivable 7,962 285 Income tax receivable 6,413 10,379 Prepaid expenses and other 1,593 1,199 Due from subsidiaries 58,290 48,785 Total current assets 235,492 266,548 Property and equipment, net 13,869 12,900 Investment in consolidated subsidiaries 1,467,244 912,943 Deferred income taxes 69,998 87,310 Other assets 55,330 9,642 Total assets $ 1,841,933 $ 1,289,343 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 3,421 $ 6,916 Due to subsidiaries 178,982 160,486 Accrued liabilities 22,682 20,488 Income tax payable 9,909 - Current maturities of long-term debt 66,442 - Total current liabilities 281,436 187,890 Long-term debt 614,358 236,056 Other liabilities 3,957 2,890 Total liabilities 899,751 426,836 Stockholders' equity Common stock 46 46 Additional paid-in capital 685,019 659,200 Retained earnings 325,411 283,214 Accumulated other comprehensive loss (13,110) (4,137) Treasury stock (55,184) (75,816) Total stockholders' equity 942,182 862,507 Total liabilities and stockholders' equity $ 1,841,933 $ 1,289,343 |
Condensed Financial Information Of The Registrant Statements Of Operations - Parent Company Only | Year Ended December 31, 2017 2016 2015 Selling, general and administrative expenses $ 977 $ 3,174 $ - Operating (loss) (977) (3,174) - Other income (expense) Interest income 1,390 1,193 838 Interest expense (30,934) (14,511) (9,280) Other, net (244) (8,072) (3,366) Total other expense (29,788) (21,390) (11,808) Loss before income taxes (30,765) (24,564) (11,808) Income tax (expense) benefit (22,796) 12,381 4,106 Loss before equity in earnings of subsidiaries (53,561) (12,183) (7,702) Equity in earnings of consolidated subsidiaries 114,622 22,846 14,766 Net income $ 61,061 $ 10,663 $ 7,064 |
Condensed Financial Information Of The Registrant Statements Of Cash Flows - Parent Company Only | Year Ended December 31, 2017 2016 2015 Cash flows from operating activities: $ (27,619) $ 74,378 $ 23,488 Net cash provided (used) by operating activities (27,619) 74,378 23,488 Cash flows from investing activities: Purchases of property and equipment (2,905) (11,556) (1,191) Acquisition of businesses (61,727) (512,356) (116,796) Transfer of assets to Green Plains Partners LP - 152,312 - Investment in consolidated subsidiaries, net 26,133 77,615 143,151 Issuance of notes receivable from subsidiaries, net of payments received - 3,000 (3,000) Investments in unconsolidated subsidiaries (18,039) (7,206) (2,975) Net cash provided (used) by investing activities (56,538) (298,191) 19,189 Cash flows from financing activities: Proceeds from the issuance of long-term debt 500,000 170,000 - Payments of principal on long-term debt (405,335) - - Payments for repurchase of common stock (6,724) (6,005) (4,003) Payment of cash dividends (18,864) (18,423) (15,191) Payment of loan fees (12,978) (5,651) - Cash payment for exchange of 3.25% convertible notes due 2018 (8,523) - - Payments related to tax withholdings for stock-based compensation (4,494) (2,206) (3,644) Proceeds from the exercise of stock options 50 1,757 766 Net cash provided (used) by financing activities 43,132 139,472 (22,072) Net change in cash and equivalents (41,025) (84,341) 20,605 Cash and cash equivalents, beginning of period 188,953 273,294 252,689 Cash and cash equivalents, end of period $ 147,928 $ 188,953 $ 273,294 |
Schedule Of Aggregate Minimum Lease Payments | Aggregate minimum lease payments under these agreements for future fiscal years are as follows (in thousands): Year Ending December 31, Amount 2018 $ 2,069 2019 1,897 2020 1,372 2021 1,332 2022 1,388 Thereafter 13,295 Total $ 21,353 |
Scheduled Long-Term Debt Repayments | Scheduled long-term debt repayments, including full accretion at their maturity but excluding the effects of the debt discounts, are as follows (in thousands): Year Ending December 31, Amount 2018 $ 68,734 2019 5,000 2020 5,000 2021 5,000 2022 175,000 Thereafter 473,750 Total $ 732,484 |
Basis Of Presentation And Des49
Basis Of Presentation And Description Of Business (Narrative) (Details) $ in Thousands, lb in Millions, bu in Millions, T in Millions, gal in Billions | Apr. 01, 2016 | Jul. 01, 2015 | Dec. 31, 2017USD ($)statesegmentitemTlbgalbu | Dec. 31, 2016USD ($) |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Asset | $ | $ 2,784,650 | $ 2,506,492 | ||
Liabilities | $ | $ 1,725,514 | 1,527,301 | ||
Number of reportable segments | segment | 4 | |||
Number of ethanol plants | 17 | |||
Number of States in which Entity Operates | state | 9 | |||
Number of ethanol storage facilities located at or near the company's ethanol production plants | 39 | |||
Number of fuel terminal facilities | 8 | |||
Number of leased railcars | 3,500 | |||
Green Plains Partners LP [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Asset | $ | $ 74,900 | 75,000 | ||
Liabilities | $ | $ 153,000 | $ 156,000 | ||
BioProcess Algae [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Less than wholy owned subsidiary, parent ownership perecentage | 82.80% | |||
Limited Partner [Member] | IPO [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Ownership interest, public, percentage | 35.50% | |||
Limited Partner [Member] | Green Plains Partners LP [Member] | IPO [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Ownership interest, percentage | 62.50% | |||
General Partner [Member] | Green Plains Partners LP [Member] | IPO [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Ownership interest, percentage | 2.00% | |||
Ethanol Production [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Number of ethanol plants | 17 | |||
Annual corn consumption capacity, bushels | bu | 518 | |||
Annual ethanol production capacity, gallons | gal | 1.5 | |||
Annual distillers grains production capacity, tons | T | 4.1 | |||
Annual corn oil production, pounds | lb | 359 | |||
Agribusiness and Energy Services [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Grain storage capacity, total, bushels | bu | 59.6 | |||
Grain storage capacity, ethanol plants, bushels | bu | 49.5 | |||
Grain storage capacity, grain elevators, bushels | bu | 10.1 | |||
Number of grain elevators | 4 | |||
Food and Ingredients [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Cattle feedlot capacity, head of cattle | 258,000 | |||
Number of cattle feeding operations | 4 | |||
Grain storage capacity, cattle-feeding operations, bushels | bu | 9.6 | |||
Number of food-grade industrial vinegar production facilities | 7 | |||
Number of food grade industrial vinegar distribution warehouses | 3 | |||
Partnership [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Number of ethanol storage facilities located at or near the company's ethanol production plants | 39 | |||
Number of fuel terminal facilities | 8 | |||
Number of leased railcars | 3,500 |
Summary Of Significant Accoun50
Summary Of Significant Accounting Policies (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2017USD ($)item | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Impairment of long-lived assets | $ 0 | $ 0 | $ 0 |
Number of ethanol plants | item | 17 | ||
Goodwill impairment | $ 0 | 0 | 0 |
Increase in cashflows from operating activities, Share-based compensation | 12,161,000 | 9,491,000 | 8,752,000 |
Decrease in cash flows from financing activities, Payments related to tax withholdings for stock-based compensation | 4,499,000 | 2,206,000 | 3,644,000 |
Fair Value, Concentration of Credit Risk, Master Netting Arrangements [Member] | |||
Fair Value, Concentration of Risk, Accounts Receivable | 23,400,000 | 23,400,000 | |
Fair Value, Concentration of Risk, Accounts Payable | $ 24,600,000 | 24,600,000 | |
Accounting Standards Update 2016-09 [Member] | |||
Increase in cashflows from operating activities, Share-based compensation | 2,200,000 | 3,600,000 | |
Decrease in cash flows from financing activities, Payments related to tax withholdings for stock-based compensation | $ 2,200,000 | $ 3,600,000 | |
Acquisition Of Ethanol Plant [Member] | |||
Number of ethanol plants | item | 5 |
Summary Of Significant Accoun51
Summary Of Significant Accounting Policies (Schedule Of Estimated Useful Lives Of Assets) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Plant, Buildings And Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 10 years |
Plant, Buildings And Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 40 years |
Ethanol Production Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 15 years |
Ethanol Production Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 50 years |
Other Machinery And Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Other Machinery And Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 7 years |
Land Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 20 years |
Railroad Track and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 20 years |
Computer Hardware and Software [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Computer Hardware and Software [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Office Furniture and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Office Furniture and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 7 years |
Green Plains Partners LP (Detai
Green Plains Partners LP (Details) $ / shares in Units, gal in Billions | Jul. 01, 2015USD ($)$ / sharesshares | Dec. 31, 2017itemsharesgal | Dec. 31, 2015USD ($) |
Subsidiary, Sale of Stock [Line Items] | |||
Proceeds from issuance of Green Plains Partners common units, net | $ 157,452,000 | ||
Common Units Issued Per Converted Subordinated Unit | shares | 1 | ||
Number of ethanol storage facilities located at or near the company's ethanol production plants | item | 39 | ||
Number of ethanol plants | item | 17 | ||
Number of fuel terminal facilities | item | 8 | ||
Number of leased railcars | item | 3,500 | ||
Parent Company [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of gallons of ethanol produced per year | gal | 1.5 | ||
IPO [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Ethanol storage and throughput agreement | 10 years | ||
Rail transportation services agreement | 10 years | ||
Trucking transportation agreement | 1 year | ||
Terminaling agreement | 2 years 6 months | ||
Limited Partner [Member] | IPO [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Ownership interest, public, percentage | 35.50% | ||
Limited Partner [Member] | IPO [Member] | Parent Company [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Ownership interest, percentage | 62.50% | ||
Limited Partner [Member] | Common Stock [Member] | IPO [Member] | Parent Company [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of units issued as part of the transaction | shares | 4,389,642 | ||
Limited Partner [Member] | Subordinated Units [Member] | IPO [Member] | Parent Company [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of units issued as part of the transaction | shares | 15,889,642 | ||
General Partner [Member] | IPO [Member] | Parent Company [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Ownership interest, percentage | 2.00% | ||
Green Plains Partners LP [Member] | IPO [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Proceeds from issuance of Green Plains Partners common units, net | $ 157,500,000 | ||
Proceeds from issuance of Green Plains Partners common units, retained for general partnership purposes | 1,300,000 | ||
Distribution to Green Plains Inc. | 155,300,000 | ||
Green Plains Partners LP [Member] | IPO [Member] | Revolving Credit Facility [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Line of credit, maximum borrowing capacity | 100,000,000 | ||
Origination fees | $ 900,000 | ||
Green Plains Partners LP [Member] | Common Stock [Member] | IPO [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of units issued as part of the transaction | shares | 11,500,000 | ||
Offering price per unit sold to the public | $ / shares | $ 15 | ||
Green Plains Partners LP [Member] | Common Stock [Member] | Over-Allotment Option - Included as part of 11.5M common units [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of units issued as part of the transaction | shares | 1,500,000 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ / shares in Units, $ in Thousands, gal in Millions | May 16, 2017USD ($)item | Oct. 03, 2016USD ($) | Sep. 23, 2016USD ($)propertygal | Jan. 01, 2016USD ($) | Nov. 12, 2015USD ($)gal | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($)item | Dec. 31, 2016USD ($)$ / shares | Dec. 31, 2015USD ($)$ / shares |
Business Acquisition [Line Items] | |||||||||
Purchase price of acquisition | $ 61,727 | $ 508,143 | $ 116,796 | ||||||
Decrease in fair value of goodwill | $ 817 | ||||||||
Number of ethanol plants | item | 17 | ||||||||
Asset Purchase Agreement With Cargill Cattle Feeders LLC [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquisition date | May 16, 2017 | ||||||||
Number of cattle feeding operations | item | 2 | ||||||||
Feedlot capacity head of cattle | item | 155,000 | ||||||||
Property and equipment, net | $ 37,205 | ||||||||
Acquisition of Fleischmann's Vinegar and Abengoa Ethanol Plants [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Consolidated pro forma revenue | 3,800,000 | ||||||||
Consolidated pro forma net income (loss) | $ (9,100) | ||||||||
Consolidated pro forma dluted earnings per share | $ / shares | $ 0.24 | ||||||||
Fleischmann’s Vinegar [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquisition date | Oct. 3, 2016 | ||||||||
Property and equipment, net | $ 49,175 | ||||||||
Purchase price of acquisition | $ 258,319 | ||||||||
Increase in the fair value of property and equipment | $ 6,200 | ||||||||
Decrease in accumulated depreciation | 500 | ||||||||
Decrease in fair value intangible assets | 4,000 | ||||||||
Decrease in accumulated amortization | 300 | ||||||||
Decrease in fair value of goodwill | 800 | ||||||||
Decrease in income taxes payable | 100 | ||||||||
Increase in deferred tax liabilities | $ 1,500 | ||||||||
Acquisition related costs | $ 2,300 | ||||||||
Fleischmann’s Vinegar [Member] | Trade Names [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Indefinite-lived intangible assets | $ 10,500 | ||||||||
Fleischmann’s Vinegar [Member] | Customer Relationships [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Finite-lived intangibles | 73,300 | ||||||||
Accumulated amortization | $ 6,700 | ||||||||
Weighted-average amortization period | 14 years | ||||||||
Amortization expense | $ 5,300 | ||||||||
Amortization expense, next twelve months | 5,300 | ||||||||
Amortization expense, year two | 5,300 | ||||||||
Amortization expense, year three | 5,300 | ||||||||
Amortization expense, year four | 5,300 | ||||||||
Amortization expense, year five | $ 5,300 | ||||||||
Acquisition of Abengoa Ethanol Plants [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquisition date | Sep. 23, 2016 | ||||||||
Property and equipment, net | $ 234,947 | ||||||||
Working capital acquired or assumed | $ 19,100 | ||||||||
Expected annual ethanol production capacity | gal | 230 | ||||||||
Acquisition related costs | $ 1,300 | ||||||||
Number of ethanol plants | property | 3 | ||||||||
Acquisition of Abengoa Ethanol Plants [Member] | Green Plains Partners LP [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Transfer between entities under control | $ 90,000 | ||||||||
Acquisition of Green Plains Hereford [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquisition date | Nov. 12, 2015 | ||||||||
Property and equipment, net | $ 78,786 | ||||||||
Working capital acquired or assumed | $ 19,400 | ||||||||
Expected annual ethanol production capacity | gal | 100 | ||||||||
Consolidated pro forma revenue | 3,100,000 | ||||||||
Consolidated pro forma net income (loss) | $ 10,800 | ||||||||
Consolidated pro forma dluted earnings per share | $ / shares | $ 0.28 | ||||||||
Acquisition of Green Plains Hereford [Member] | Green Plains Partners LP [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Transfer between entities under control | $ 62,300 |
Acquisitions (Schedule Of Ident
Acquisitions (Schedule Of Identifiable Assets Acquired And Liabilities Assumed) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | May 16, 2017 | Dec. 31, 2016 | Oct. 03, 2016 | Sep. 23, 2016 | Dec. 31, 2015 | Nov. 12, 2015 |
Business Acquisition [Line Items] | |||||||
Goodwill . | $ 182,879 | $ 183,696 | $ 40,877 | ||||
Net assets acquired | $ 61,727 | $ 508,143 | $ 116,796 | ||||
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 | ||||||
Fleischmann’s Vinegar [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Cash | $ 4,148 | ||||||
Inventory | 9,308 | ||||||
Accounts receivable, net | 13,919 | ||||||
Prepaid expenses and other | 1,054 | ||||||
Property and equipment, net | 49,175 | ||||||
Intangible assets | 90,500 | ||||||
Current liabilities | (9,689) | ||||||
Income taxes payable | (216) | ||||||
Deferred tax liabilities | (41,882) | ||||||
Total identifiable net assets | 116,317 | ||||||
Goodwill . | 142,002 | ||||||
Net assets acquired | $ 258,319 | ||||||
Acquisition of Abengoa Ethanol Plants [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Inventory | $ 16,904 | ||||||
Accounts receivable, net | 1,826 | ||||||
Prepaid expenses and other | 2,224 | ||||||
Property and equipment, 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 | ||||||
Acquisition of Green Plains Hereford [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Inventory | $ 20,487 | ||||||
Derivative financial instruments | 2,625 | ||||||
Property and equipment, net | 78,786 | ||||||
Current liabilities | (2,542) | ||||||
Other | (1,128) | ||||||
Total identifiable net assets | $ 98,228 |
Fair Value Disclosures (Narrati
Fair Value Disclosures (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value Disclosures [Abstract] | ||
Fair value of debt | $ 1,400,000 | $ 1,100,000 |
Fair value of accounts receivable | 151,100 | 147,500 |
Fair value of accounts payable | $ 37,401 | $ 35,288 |
Fair Value Disclosures (Schedul
Fair Value Disclosures (Schedule Of Assets And Liabilities Fair Value) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and cash equivalents | $ 266,651 | $ 304,211 |
Restricted cash | 13,810 | 51,979 |
Margin Deposit Assets | 18,200 | |
Inventories carried at market | 26,834 | 77,043 |
Unrealized gains on derivatives | 12,045 | 47,236 |
Other assets | 115 | 116 |
Total assets measured at fair value | 319,455 | 480,585 |
Liabilities | ||
Accounts payable | 37,401 | 35,288 |
Unrealized losses on derivatives | 12,884 | 8,916 |
Other liabilities | 92 | 81 |
Total liabilities measured at fair value | 50,377 | 44,285 |
Reclassification For Balance Sheet Presentation [Member] | ||
Assets | ||
Margin Deposit Assets | (50,601) | |
Unrealized gains on derivatives | 24,146 | |
Total assets measured at fair value | (26,455) | |
Liabilities | ||
Unrealized losses on derivatives | (26,455) | |
Total liabilities measured at fair value | (26,455) | |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Assets | ||
Cash and cash equivalents | 266,651 | 304,211 |
Restricted cash | 13,810 | 51,979 |
Margin Deposit Assets | 50,601 | |
Inventories carried at market | ||
Unrealized gains on derivatives | 8,272 | |
Other assets | 115 | 116 |
Total assets measured at fair value | 280,576 | 415,179 |
Liabilities | ||
Accounts payable | ||
Unrealized losses on derivatives | 26,455 | |
Other liabilities | ||
Total liabilities measured at fair value | 26,455 | |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets | ||
Inventories carried at market | 26,834 | 77,043 |
Unrealized gains on derivatives | 12,045 | 14,818 |
Total assets measured at fair value | 38,879 | 91,861 |
Liabilities | ||
Accounts payable | 37,401 | 35,288 |
Unrealized losses on derivatives | 12,884 | 8,916 |
Other liabilities | 92 | 81 |
Total liabilities measured at fair value | $ 50,377 | $ 44,285 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2017segment | |
Segment Information [Abstract] | |
Number of reportable segments | 4 |
Segment Information (Summary Of
Segment Information (Summary Of Financial Data) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 920,984 | $ 901,235 | $ 886,263 | $ 887,684 | $ 932,098 | $ 841,852 | $ 887,727 | $ 749,204 | $ 3,596,166 | $ 3,410,881 | $ 2,965,589 |
Cost of goods sold | 3,301,587 | 3,096,079 | 2,729,367 | ||||||||
Operating income (loss) | $ 7,424 | $ 20,716 | $ (3,786) | $ 17,392 | $ 56,070 | $ 30,855 | $ 27,409 | $ (22,646) | 41,746 | 91,688 | 61,077 |
EBITDA | 154,370 | 174,428 | 127,781 | ||||||||
Income (loss) before income taxes | (43,151) | 38,351 | 21,465 | ||||||||
Depreciation and amortization | 107,361 | 84,226 | 65,950 | ||||||||
Capital expenditures | 52,304 | 56,412 | 65,567 | ||||||||
Operating segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 3,755,208 | 3,540,962 | 3,032,327 | ||||||||
Intersegment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | (159,042) | (130,081) | (66,738) | ||||||||
Cost of goods sold | (158,777) | (129,761) | (66,588) | ||||||||
Operating income (loss) | (61) | (170) | |||||||||
EBITDA | (61) | (732) | (71) | ||||||||
Income (loss) before income taxes | (61) | (170) | |||||||||
Corporate Activities [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating income (loss) | (45,232) | (47,645) | (31,480) | ||||||||
EBITDA | (40,388) | (42,985) | (31,926) | ||||||||
Income (loss) before income taxes | (75,020) | (61,100) | (43,179) | ||||||||
Depreciation and amortization | 3,698 | 3,592 | 1,972 | ||||||||
Capital expenditures | 3,115 | 11,638 | 1,589 | ||||||||
Ethanol Production [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 2,497,360 | 2,409,102 | 2,063,172 | ||||||||
Ethanol Production [Member] | Operating segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 2,507,673 | 2,409,102 | 2,063,172 | ||||||||
Cost of goods sold | 2,434,001 | 2,280,906 | 1,939,824 | ||||||||
Operating income (loss) | (45,074) | 28,125 | 43,266 | ||||||||
EBITDA | 40,069 | 97,113 | 100,002 | ||||||||
Income (loss) before income taxes | (63,569) | 5,862 | 21,582 | ||||||||
Depreciation and amortization | 81,987 | 68,746 | 55,604 | ||||||||
Capital expenditures | 28,996 | 39,555 | 48,881 | ||||||||
Ethanol Production [Member] | Intersegment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | (10,313) | ||||||||||
Agribusiness and Energy Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 621,223 | 675,446 | 674,719 | ||||||||
Agribusiness and Energy Services [Member] | Operating segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 668,761 | 709,907 | 698,833 | ||||||||
Cost of goods sold | 614,582 | 650,538 | 639,470 | ||||||||
Operating income (loss) | 30,443 | 34,039 | 37,253 | ||||||||
EBITDA | 33,906 | 34,209 | 40,655 | ||||||||
Income (loss) before income taxes | 21,460 | 24,368 | 33,952 | ||||||||
Depreciation and amortization | 3,462 | 2,536 | 1,542 | ||||||||
Capital expenditures | 397 | 2,340 | 12,552 | ||||||||
Agribusiness and Energy Services [Member] | Intersegment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | (47,538) | (34,461) | (24,114) | ||||||||
Food and Ingredients [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 471,398 | 318,031 | 219,310 | ||||||||
Food and Ingredients [Member] | Operating segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 471,781 | 318,181 | 219,385 | ||||||||
Cost of goods sold | 411,781 | 294,396 | 216,661 | ||||||||
Operating income (loss) | 35,961 | 16,436 | (952) | ||||||||
EBITDA | 49,803 | 20,190 | 218 | ||||||||
Income (loss) before income taxes | 13,512 | 10,950 | (3,585) | ||||||||
Depreciation and amortization | 13,103 | 3,705 | 1,004 | ||||||||
Capital expenditures | 17,772 | 2,479 | 1,049 | ||||||||
Food and Ingredients [Member] | Intersegment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | (383) | (150) | (75) | ||||||||
Partnership [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 6,185 | 8,302 | 8,388 | ||||||||
Partnership [Member] | Operating segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 106,993 | 103,772 | 50,937 | ||||||||
Operating income (loss) | 65,709 | 60,903 | 12,990 | ||||||||
EBITDA | 71,041 | 66,633 | 18,903 | ||||||||
Income (loss) before income taxes | 60,527 | 58,441 | 12,695 | ||||||||
Depreciation and amortization | 5,111 | 5,647 | 5,828 | ||||||||
Capital expenditures | 2,024 | 400 | 1,496 | ||||||||
Partnership [Member] | Intersegment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ (100,808) | $ (95,470) | $ (42,549) |
Segment Information (Schedule)
Segment Information (Schedule) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Information [Abstract] | |||||||||||
Net income | $ 81,631 | $ 30,491 | $ 15,228 | ||||||||
Interest expense | 90,160 | 51,851 | 40,366 | ||||||||
Income tax expense (benefit) | $ (63,877) | $ (48,775) | $ (9,749) | $ (2,381) | $ 12,199 | $ 5,083 | $ 5,471 | $ (14,893) | (124,782) | 7,860 | 6,237 |
Depreciation and amortization | 107,361 | 84,226 | 65,950 | ||||||||
EBITDA | $ 154,370 | $ 174,428 | $ 127,781 |
Segment Information (Summary 60
Segment Information (Summary Of Total Assets For Operating Segments) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 2,784,650 | $ 2,506,492 |
Corporate Activities [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 295,217 | 257,652 |
Intersegment [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | (10,174) | (18,720) |
Ethanol Production [Member] | Operating segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 1,144,459 | 1,206,155 |
Agribusiness and Energy Services [Member] | Operating segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 554,981 | 579,977 |
Food and Ingredients [Member] | Operating segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 725,232 | 406,429 |
Partnership [Member] | Operating segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 74,935 | $ 74,999 |
Segment Information (Schedule O
Segment Information (Schedule Of Revenues By Product) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 920,984 | $ 901,235 | $ 886,263 | $ 887,684 | $ 932,098 | $ 841,852 | $ 887,727 | $ 749,204 | $ 3,596,166 | $ 3,410,881 | $ 2,965,589 |
Ethanol [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 2,409,073 | 2,258,575 | 1,868,043 | ||||||||
Distillers Grains [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 430,699 | 488,297 | 474,699 | ||||||||
Corn Oil [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 160,447 | 152,075 | 101,126 | ||||||||
Grain [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 81,193 | 174,525 | 240,466 | ||||||||
Food And Ingredients [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 444,625 | 279,039 | 219,046 | ||||||||
Service Revenues [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 6,185 | 8,302 | 8,388 | ||||||||
Product Line, Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 63,944 | $ 50,068 | $ 53,821 |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Inventories [Abstract] | ||
Finished goods | $ 146,269 | $ 99,009 |
Commodities held for sale | 65,693 | 65,926 |
Raw materials | 144,520 | 135,516 |
Work-in-process | 320,664 | 91,093 |
Supplies and parts | 34,732 | 30,637 |
Inventories | $ 711,878 | $ 422,181 |
Property And Equipment (Schedul
Property And Equipment (Schedule Of Components Of Property And Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Total property and equipment | $ 1,691,292 | $ 1,596,699 |
Less: accumulated depreciation and amortization | (514,585) | (417,993) |
Property and equipment, net | 1,176,707 | 1,178,706 |
Plant Equipment [Member] | ||
Total property and equipment | 1,232,724 | 1,167,914 |
Building and Improvements [Member] | ||
Total property and equipment | 212,426 | 205,806 |
Land and Improvements [Member] | ||
Total property and equipment | 136,274 | 126,088 |
Railroad Track and Equipment [Member] | ||
Total property and equipment | 42,149 | 42,234 |
Construction-In-Progress [Member] | ||
Total property and equipment | 17,019 | 13,745 |
Computer Hardware and Software [Member] | ||
Total property and equipment | 19,653 | 15,000 |
Office Furniture and Equipment [Member] | ||
Total property and equipment | 3,854 | 3,503 |
Leasehold Improvements and Other [Member] | ||
Total property and equipment | $ 27,193 | $ 22,409 |
Goodwill (Narrative) (Details)
Goodwill (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2017segment | |
Goodwill [Abstract] | |
Number of Reporting Units | 3 |
Goodwill (Schedule Of Goodwill)
Goodwill (Schedule Of Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | $ 183,696 | $ 40,877 |
Acquisition of Fleischmann's Vinegar | 142,819 | |
Adjustment to preliminary Fleischmann's Vinegar Valuation | (817) | |
Goodwill, Ending Balance | 182,879 | 183,696 |
Ethanol Production [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 30,279 | 30,279 |
Goodwill, Ending Balance | 30,279 | 30,279 |
Food and Ingredients [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 142,819 | |
Acquisition of Fleischmann's Vinegar | 142,819 | |
Adjustment to preliminary Fleischmann's Vinegar Valuation | (817) | |
Goodwill, Ending Balance | 142,002 | 142,819 |
Partnership [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 10,598 | 10,598 |
Goodwill, Ending Balance | $ 10,598 | $ 10,598 |
Derivative Financial Instrume66
Derivative Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative Financial Instruments [Abstract] | |||
Accumulated other comprehensive loss | $ (13,110) | $ (4,137) | |
Energy trading contracts, net in revenue | $ 35,400 | $ 11,600 | $ 9,600 |
Derivative Financial Instrume67
Derivative Financial Instruments (Schedule Of Fair Values Of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative asset | $ 12,045 | $ 14,818 |
Fair value of derivative liability | 12,976 | 27,180 |
Margin deposit asset | 18,200 | |
net unrealized gains (losses) on exchange traded futures and options contracts | 8,500 | (18,200) |
Net unrealized gains or losses on cash flow hedges | 300 | (17,000) |
Derivative Financial Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative asset | 12,045 | 14,818 |
Fair value of derivative liability | 12,884 | 27,099 |
Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative asset | ||
Fair value of derivative liability | $ 92 | $ 81 |
Derivative Financial Instrume68
Derivative Financial Instruments (Schedule Of The Effect Of Derivative Instruments On Consolidated Statements Of Income And Consolidated Statements Of Stockholders’ Equity And Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income: Net increase (decrease) recognized in earnings before tax | $ 6,231 | $ (24,602) | $ 4,869 |
Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Recognized in Income on Derivatives: Derivatives Not Designated as Hedging Instruments | 14,495 | 6,082 | (2,503) |
Revenue [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income: Net increase (decrease) recognized in earnings before tax | 18,167 | (8,094) | 8,420 |
Gain (Loss) Due to Ineffectiveness of Cash Flow Hedges | 17,884 | (8,094) | 8,420 |
Cost of Goods Sold [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income: Net increase (decrease) recognized in earnings before tax | (11,936) | (16,508) | (3,551) |
Gain (Loss) Due to Ineffectiveness of Cash Flow Hedges | (9,635) | (11,297) | 675 |
Commodity Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivatives | (8,015) | (29,238) | 11,582 |
Commodity Contracts [Member] | Revenue [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Recognized in Income on Derivatives: Derivatives Not Designated as Hedging Instruments | (12,583) | 6,071 | (12,995) |
Commodity Contracts [Member] | Cost of Goods Sold [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Recognized in Income on Derivatives: Derivatives Not Designated as Hedging Instruments | 27,078 | 11 | 10,492 |
Commodity Contracts [Member] | Cash Flow Hedges [Member] | Revenue [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Due to Ineffectiveness of Cash Flow Hedges | 1,451 | 1,388 | |
Commodity Contracts [Member] | Cash Flow Hedges [Member] | Revenue [Member] | Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Due to Ineffectiveness of Cash Flow Hedges | (1,734) | (1,388) | |
Commodity Contracts [Member] | Cash Flow Hedges [Member] | Cost of Goods Sold [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Due to Ineffectiveness of Cash Flow Hedges | (6,229) | 21,430 | (7,819) |
Commodity Contracts [Member] | Cash Flow Hedges [Member] | Cost of Goods Sold [Member] | Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Due to Ineffectiveness of Cash Flow Hedges | $ 8,530 | $ (16,219) | $ 12,045 |
Derivative Financial Instrume69
Derivative Financial Instruments (Schedule Of Volumes Of Open Commodity Derivative Positions) (Details) contract in Thousands | Dec. 31, 2017contract |
Exchange Traded [Member] | Long [Member] | Corn In Bushels [Member] | Cash Flow Hedges [Member] | Futures [Member] | |
Derivative [Line Items] | |
Volumes of open commodity derivatives | 5,880 |
Exchange Traded [Member] | Long [Member] | Ethanol In Gallons [Member] | Futures [Member] | |
Derivative [Line Items] | |
Volumes of open commodity derivatives | 10,826 |
Exchange Traded [Member] | Long [Member] | Ethanol In Gallons [Member] | Options [Member] | |
Derivative [Line Items] | |
Volumes of open commodity derivatives | 1,841 |
Exchange Traded [Member] | Long [Member] | Natural Gasoline In Gallons [Member] | Cash Flow Hedges [Member] | Futures [Member] | |
Derivative [Line Items] | |
Volumes of open commodity derivatives | 3,108 |
Exchange Traded [Member] | Long [Member] | Livestock In Pounds [Member] | Futures [Member] | |
Derivative [Line Items] | |
Volumes of open commodity derivatives | 100 |
Exchange Traded [Member] | Long [Member] | Livestock In Pounds [Member] | Options [Member] | |
Derivative [Line Items] | |
Volumes of open commodity derivatives | 15,088 |
Exchange Traded [Member] | Long [Member] | Crude Oil in Barrels [Member] | Options [Member] | |
Derivative [Line Items] | |
Volumes of open commodity derivatives | 19 |
Exchange Traded [Member] | Short [Member] | Corn, Soybeans And Wheat In Bushels [Member] | Futures [Member] | |
Derivative [Line Items] | |
Volumes of open commodity derivatives | 43,340 |
Exchange Traded [Member] | Short [Member] | Ethanol In Gallons [Member] | Cash Flow Hedges [Member] | Futures [Member] | |
Derivative [Line Items] | |
Volumes of open commodity derivatives | 130,494 |
Exchange Traded [Member] | Short [Member] | Natural Gas In mmBTU [Member] | Futures [Member] | |
Derivative [Line Items] | |
Volumes of open commodity derivatives | 14,620 |
Exchange Traded [Member] | Short [Member] | Natural Gas In mmBTU [Member] | Options [Member] | |
Derivative [Line Items] | |
Volumes of open commodity derivatives | 35 |
Exchange Traded [Member] | Short [Member] | Livestock In Pounds [Member] | Cash Flow Hedges [Member] | Futures [Member] | |
Derivative [Line Items] | |
Volumes of open commodity derivatives | 300,480 |
Exchange Traded [Member] | Short [Member] | Crude Oil in Barrels [Member] | Futures [Member] | |
Derivative [Line Items] | |
Volumes of open commodity derivatives | 44 |
Non-Exchange Traded [Member] | Long [Member] | Ethanol In Gallons [Member] | Forwards [Member] | |
Derivative [Line Items] | |
Volumes of open commodity derivatives | 61,635 |
Non-Exchange Traded [Member] | Long [Member] | Natural Gas In mmBTU [Member] | Forwards [Member] | |
Derivative [Line Items] | |
Volumes of open commodity derivatives | 12,919 |
Non-Exchange Traded [Member] | Long [Member] | Corn And Soybeans In Bushels [Member] | Forwards [Member] | |
Derivative [Line Items] | |
Volumes of open commodity derivatives | 15,784 |
Non-Exchange Traded [Member] | Long [Member] | Distillers Grains In Tons [Member] | Forwards [Member] | |
Derivative [Line Items] | |
Volumes of open commodity derivatives | 217 |
Non-Exchange Traded [Member] | Long [Member] | Corn Oil in Pounds [Member] | Forwards [Member] | |
Derivative [Line Items] | |
Volumes of open commodity derivatives | 10,196 |
Non-Exchange Traded [Member] | Short [Member] | Ethanol In Gallons [Member] | Forwards [Member] | |
Derivative [Line Items] | |
Volumes of open commodity derivatives | 353,129 |
Non-Exchange Traded [Member] | Short [Member] | Natural Gas In mmBTU [Member] | Forwards [Member] | |
Derivative [Line Items] | |
Volumes of open commodity derivatives | 1,861 |
Non-Exchange Traded [Member] | Short [Member] | Corn And Soybeans In Bushels [Member] | Forwards [Member] | |
Derivative [Line Items] | |
Volumes of open commodity derivatives | 460 |
Non-Exchange Traded [Member] | Short [Member] | Distillers Grains In Tons [Member] | Forwards [Member] | |
Derivative [Line Items] | |
Volumes of open commodity derivatives | 306 |
Non-Exchange Traded [Member] | Short [Member] | Corn Oil in Pounds [Member] | Forwards [Member] | |
Derivative [Line Items] | |
Volumes of open commodity derivatives | 86,729 |
Debt (Narrative - Short-term De
Debt (Narrative - Short-term Debt) (Details) - Revolvers [Member] - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Green Plains Cattle [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding note payable | $ 270.9 | $ 63.5 |
Green Plains Grain [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding note payable | 75 | 102 |
Green Plains Trade [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding note payable | $ 180.3 | $ 125.7 |
Debt (Narrative - Corporate Act
Debt (Narrative - Corporate Activities) (Details) | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2017USD ($)shares | Dec. 31, 2017USD ($)$ / sharespropertyitemshares | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Aug. 29, 2017USD ($) | |
Debt Instrument [Line Items] | |||||
Cash payment for conversion of 3.25% convertible notes due 2018 | $ 8,523,000 | ||||
Interest expense | 90,160,000 | $ 51,851,000 | $ 40,366,000 | ||
Long-term Debt, Gross | $ 851,575,000 | $ 834,565,000 | |||
Number of ethanol plants | item | 17 | ||||
Corporate Activities [Member] | 3.25% Convertible Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Outstanding note payable | $ 63,700,000 | ||||
Common stock for conversion, shares | shares | 2,783,725 | ||||
Debt instrument, exchange amount | $ 56,300,000 | ||||
Interest expense | 1,300,000 | ||||
Unamortized debt issuance costs | $ 600,000 | ||||
Corporate Activities [Member] | Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Prepayment fees | 1.00% | ||||
Prepayment fee required in paid within term | 18 months | ||||
Debt Instrument, Periodic Payment, Principal | $ 1,250,000 | ||||
Corporate Activities [Member] | Term Loan [Member] | LIBOR [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate, basis spread on variable rate, percentage | 5.50% | ||||
Interest rate, basis for effective rate | LIBOR plus a margin of 5.50% | ||||
Corporate Activities [Member] | Term Loan [Member] | Base Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate, basis spread on variable rate, percentage | 4.50% | ||||
Interest rate, basis for effective rate | base rate plus a margin of 4.50% | ||||
Corporate Activities [Member] | Term Loan [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest coverage ratio | 1.25 | ||||
Special annual payments from available free cash flow, percentage | 50.00% | ||||
Corporate Activities [Member] | Term Loan [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Term debt to total term capitalization | 55.00% | ||||
Special annual payments from available free cash flow, percentage | 75.00% | ||||
Corporate Activities [Member] | Convertible Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt conversion amount | $ 1,000 | ||||
Corporate Activities [Member] | Green Plains Processing & Fleischmanns Vinegar Company [Member] | Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 500,000,000 | ||||
Long-term Debt, Gross | $ 405,000,000 | ||||
Corporate Activities [Member] | Green Plains Processing & Fleischmanns Vinegar Company [Member] | Term Loan [Member] | Collateral Pledged [Member] | |||||
Debt Instrument [Line Items] | |||||
Number of ethanol plants | property | 17 | ||||
$120.0 Million Convertible Notes due 2018 [Member] | Corporate Activities [Member] | Convertible Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 120,000,000 | ||||
Interest rate, stated percentage | 3.25% | ||||
Common stock, dividends per share, cash paid per share | $ / shares | $ 0.04 | ||||
Common stock for conversion, shares | shares | 50.2408 | ||||
Debt conversion price | $ / shares | $ 19.90 | ||||
Conversion price percentage | 140.00% | ||||
Principal amount of notes, percentage | 100.00% | ||||
$170.0 Million Convertible Notes due 2022 [Member] | Corporate Activities [Member] | Convertible Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 170,000,000 | ||||
Interest rate, stated percentage | 4.125% | ||||
Common stock, dividends per share, cash paid per share | $ / shares | $ 0.12 | ||||
Common stock for conversion, shares | shares | 35.7143 | ||||
Debt conversion amount | $ 1,000 | ||||
Debt conversion price | $ / shares | $ 28 | ||||
Conversion price percentage | 140.00% | ||||
Principal amount of notes, percentage | 100.00% |
Debt (Narrative - Ethanol Produ
Debt (Narrative - Ethanol Production Segment) (Details) | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Term Loan [Member] | $500 Million Term Loan [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, face amount | $ 500,000,000 |
Green Plains Processing [Member] | Term Loan [Member] | $345.0 Million Term Loan [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, face amount | $ 345,000,000 |
Ethanol Production [Member] | Green Plains Processing [Member] | $345.0 Million Term Loan [Member] | LIBOR [Member] | |
Debt Instrument [Line Items] | |
Interest rate, basis for effective rate | LIBOR, subject to a 1.00% floor, plus 5.50% |
Ethanol Production [Member] | Green Plains Processing [Member] | Term Loan [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, face amount | $ 345,000,000 |
Write off deferred financing fees | $ 5,900,000 |
Ethanol Production [Member] | Green Plains Processing [Member] | Term Loan [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Fixed charge coverage ratio | 1.25 |
Ethanol Production [Member] | Green Plains Processing [Member] | Term Loan [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Total leverage ratio, initial ratio | 4 |
Total leverage ratio, decreased ratio over the life of the debt | 3.25 |
Ethanol Production [Member] | Green Plains Processing [Member] | Term Loan [Member] | LIBOR [Member] | |
Debt Instrument [Line Items] | |
Interest rate, basis spread on variable rate, percentage | 5.50% |
Ethanol Production [Member] | Green Plains Processing [Member] | Term Loan [Member] | LIBOR [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Interest rate, basis spread on variable rate, percentage | 1.00% |
Debt (Narrative - Agribusiness
Debt (Narrative - Agribusiness And Energy Services Segment) (Details) - Agribusiness and Energy Services [Member] | 12 Months Ended | |
Dec. 31, 2017USD ($) | Jun. 30, 2017USD ($) | |
Green Plains Grain [Member] | ||
Debt Instrument [Line Items] | ||
long-term indebtedness | $ 0 | |
Green Plains Grain [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 125,000,000 | |
Debt Instrument, Maturity Date | Jul. 26, 2019 | |
Additional amounts available under facility, accordian feature | $ 75,000,000 | |
Line of credit, maximum borrowing capacity | 250,000,000 | |
Minimum working capital required for compliance | 20,000,000 | |
Minimum net worth required for compliance | 26,300,000 | |
Annual capital expenditures, maximum | $ 8,000,000 | |
Allowable dividends as percentage of net profit before taxes | 50.00% | |
Green Plains Grain [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate, basis for effective rate | LIBOR plus 3.00% | |
Interest rate, basis spread on variable rate, percentage | 3.00% | |
Green Plains Grain [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate, basis for effective rate | base rate plus 2.00% | |
Interest rate, basis spread on variable rate, percentage | 2.00% | |
Green Plains Grain [Member] | Revolving Credit Facility [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Fixed charge coverage ratio | 1 | |
Annual leverage ratio | 1 | |
Green Plains Grain [Member] | Revolving Credit Facility [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Fixed charge coverage ratio | 1.25 | |
Annual leverage ratio | 6 | |
Green Plains Grain [Member] | Seasonal Borrowings [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit, maximum borrowing capacity | $ 50,000,000 | |
Green Plains Trade [Member] | ||
Debt Instrument [Line Items] | ||
Additional amounts available under facility, accordian feature | 70,000,000 | |
Line of credit, maximum borrowing capacity | $ 300,000,000 | $ 150,000,000 |
Unused portion of credit facility, commitment fee | 0.375% | |
Green Plains Trade [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Annual capital expenditures, maximum | $ 1,500,000 | |
Fixed charge coverage ratio | 1.15 | |
Allowable dividends as percentage of net profit before taxes | 50.00% | |
Undrawn availability of revolving credit facility on a pro forma basis | $ 10,000,000 | |
Restricted cash | 500,000 | |
Green Plains Trade [Member] | Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit, maximum borrowing capacity | $ 285,000,000 | |
Green Plains Trade [Member] | Credit Facility [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate, basis for effective rate | LIBOR plus 2.25% | |
Interest rate, basis spread on variable rate, percentage | 2.25% | |
Green Plains Trade [Member] | First-in-last-out (FILO) Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit, maximum borrowing capacity | $ 15,000,000 | |
Green Plains Trade [Member] | First-in-last-out (FILO) Credit Facility [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate, basis for effective rate | LIBOR plus 3.25% | |
Interest rate, basis spread on variable rate, percentage | 3.25% |
Debt (Narrative - Food And Ingr
Debt (Narrative - Food And Ingredients Segment, Partnership Segment, Capitalized Interest, And Restricted Net Assets) (Details) | 12 Months Ended | ||||||
Dec. 31, 2017USD ($)item | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Nov. 15, 2017USD ($) | Oct. 26, 2017USD ($) | Jul. 30, 2017USD ($) | Apr. 27, 2017USD ($) | |
Debt Instrument [Line Items] | |||||||
Payment for Debt Extinguishment or Debt Prepayment Cost | $ 2,881,000 | ||||||
Cash payment for conversion of 3.25% convertible notes due 2018 | 8,523,000 | ||||||
Interest expense | 90,160,000 | $ 51,851,000 | $ 40,366,000 | ||||
Capitalized interest | 100,000 | $ 800,000 | $ 1,100,000 | ||||
Restricted assets | 142,800,000 | ||||||
Fleischmann’s Vinegar [Member] | Revolving Credit Facility [Member] | $15.0 Million Revoling Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | 15,000,000 | ||||||
Fleischmann’s Vinegar [Member] | Term Loan [Member] | $130.0 Million Term Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ 130,000,000 | ||||||
Food and Ingredients [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of cattle feeding operations | item | 4 | ||||||
Food and Ingredients [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Write off deferred financing fees | $ 3,500,000 | ||||||
Payment for Debt Extinguishment or Debt Prepayment Cost | 2,900,000 | ||||||
Food and Ingredients [Member] | Term Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ 500,000,000 | ||||||
Food and Ingredients [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of cattle feeding operations | item | 2 | ||||||
Line of credit, maximum borrowing capacity | $ 425,000,000 | $ 300,000,000 | $ 200,000,000 | $ 100,000,000 | |||
Additional amounts available under facility, accordian feature | $ 75,000,000 | ||||||
Minimum working capital required for compliance, percentage | 15.00% | ||||||
Minimum net worth required for compliance, percentage | 20.00% | ||||||
Allowable dividends as percentage of net profit before taxes | 50.00% | ||||||
Annual leverage ratio | 3.50 | ||||||
Annual capital expenditures, maximum | $ 10,000,000 | ||||||
Annual capital expenditures, maximum, funded by contribution from parent | $ 10,000,000 | ||||||
Food and Ingredients [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, basis for effective rate | LIBOR plus 2.00% to 3.00% | ||||||
Food and Ingredients [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, basis for effective rate | base rate plus 1.00% to 2.00% | ||||||
Food and Ingredients [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Unused portion of credit facility, commitment fee | 0.20% | ||||||
Food and Ingredients [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | Minimum [Member] | LIBOR [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, basis spread on variable rate, percentage | 2.00% | ||||||
Food and Ingredients [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Base Rate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, basis spread on variable rate, percentage | 1.00% | ||||||
Food and Ingredients [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Unused portion of credit facility, commitment fee | 0.30% | ||||||
Food and Ingredients [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | Maximum [Member] | LIBOR [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, basis spread on variable rate, percentage | 3.00% | ||||||
Food and Ingredients [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | Maximum [Member] | Base Rate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, basis spread on variable rate, percentage | 2.00% | ||||||
Food and Ingredients [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | Additional Incremental Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit, maximum borrowing capacity | $ 75,000,000 | ||||||
Food and Ingredients [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | Swing-line Sublimit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit, maximum borrowing capacity | $ 20,000,000 | $ 15,000,000 | |||||
Food and Ingredients [Member] | Fleischmann’s Vinegar [Member] | Term Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Unused portion of credit facility, commitment fee | 0.50% | ||||||
Food and Ingredients [Member] | Fleischmann’s Vinegar [Member] | Term Loan [Member] | LIBOR [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, basis for effective rate | LIBOR plus an applicable margin of 6.0% to 7.0% | ||||||
Food and Ingredients [Member] | Fleischmann’s Vinegar [Member] | Term Loan [Member] | Base Rate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, basis for effective rate | base rate plus an applicable margin of 5.0% to 6.0% | ||||||
Food and Ingredients [Member] | Fleischmann’s Vinegar [Member] | Term Loan [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Prepayment fees | 1.00% | ||||||
Food and Ingredients [Member] | Fleischmann’s Vinegar [Member] | Term Loan [Member] | Minimum [Member] | LIBOR [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, basis spread on variable rate, percentage | 6.00% | ||||||
Food and Ingredients [Member] | Fleischmann’s Vinegar [Member] | Term Loan [Member] | Minimum [Member] | Base Rate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, basis spread on variable rate, percentage | 5.00% | ||||||
Food and Ingredients [Member] | Fleischmann’s Vinegar [Member] | Term Loan [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Prepayment fees | 2.00% | ||||||
Food and Ingredients [Member] | Fleischmann’s Vinegar [Member] | Term Loan [Member] | Maximum [Member] | LIBOR [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, basis spread on variable rate, percentage | 7.00% | ||||||
Food and Ingredients [Member] | Fleischmann’s Vinegar [Member] | Term Loan [Member] | Maximum [Member] | Base Rate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, basis spread on variable rate, percentage | 6.00% | ||||||
Partnership [Member] | Green Plains Operating Company [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit, maximum borrowing capacity | $ 195,000,000 | $ 155,000,000 | |||||
Line Of Credit Facility, Upsize | 40,000,000 | ||||||
Additional amounts available under facility, accordian feature | 100,000,000 | ||||||
Additional amount available under credit facility without consent of the lenders | $ 60,000,000 | ||||||
Partnership [Member] | Green Plains Operating Company [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, basis for effective rate | LIBOR plus 2.25% to 3.00% | ||||||
Partnership [Member] | Green Plains Operating Company [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, basis for effective rate | base rate plus 1.25% to 2.00% | ||||||
Partnership [Member] | Green Plains Operating Company [Member] | Revolving Credit Facility [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Unused portion of credit facility, commitment fee | 0.35% | ||||||
Interest coverage ratio | 2.75 | ||||||
Partnership [Member] | Green Plains Operating Company [Member] | Revolving Credit Facility [Member] | Minimum [Member] | LIBOR [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, basis spread on variable rate, percentage | 2.25% | ||||||
Partnership [Member] | Green Plains Operating Company [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Base Rate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, basis spread on variable rate, percentage | 1.25% | ||||||
Partnership [Member] | Green Plains Operating Company [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Unused portion of credit facility, commitment fee | 0.50% | ||||||
Net leverage ratio | 3.50 | ||||||
Partnership [Member] | Green Plains Operating Company [Member] | Revolving Credit Facility [Member] | Maximum [Member] | LIBOR [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, basis spread on variable rate, percentage | 3.00% | ||||||
Partnership [Member] | Green Plains Operating Company [Member] | Revolving Credit Facility [Member] | Maximum [Member] | Base Rate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, basis spread on variable rate, percentage | 2.00% | ||||||
Partnership [Member] | Birmingham BioEnergy Partners LLC [Member] | New Market Tax Credits [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ 10,000,000 | ||||||
Note receivable | 8,100,000 | ||||||
Principal payments (including interest) | 200,000 | ||||||
Debt instrument, right to call | $ 8,100,000 | ||||||
Statutory life, in years | 7 years | ||||||
Anticipated tax credits | $ 5,000,000 |
Debt (Schedule Of The Component
Debt (Schedule Of The Components Of Long-Term Debt) (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Total face value of long-term debt | $ 851,575,000 | $ 834,565,000 |
Unamortized debt issuance costs | (16,256,000) | (16,896,000) |
Less: current portion of long-term debt | (67,923,000) | (35,059,000) |
Total long-term debt | 767,396,000 | 782,610,000 |
Term Loan [Member] | $500 Million Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | 500,000,000 | |
Term Loan [Member] | $500 Million Term Loan [Member] | Corporate [Member] | ||
Debt Instrument [Line Items] | ||
Total face value of long-term debt | 498,750,000 | |
Debt instrument, face amount | 500,000,000 | |
Convertible Notes [Member] | $120.0 Million Convertible Notes due 2018 [Member] | Corporate [Member] | ||
Debt Instrument [Line Items] | ||
Total face value of long-term debt | 61,442,000 | 110,328,000 |
Debt instrument, face amount | 120,000,000 | |
Convertible Notes [Member] | $170.0 Million Convertible Notes due 2022 [Member] | Corporate [Member] | ||
Debt Instrument [Line Items] | ||
Total face value of long-term debt | 136,739,000 | 131,300,000 |
Debt instrument, face amount | 170,000,000 | |
Other Debt Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Total face value of long-term debt | 27,744,000 | 29,167,000 |
Partnership [Member] | Revolving Credit Facility [Member] | $195.0 Million Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total face value of long-term debt | 126,900,000 | 129,000,000 |
Debt instrument, face amount | 195,000,000 | |
Green Plains Processing [Member] | Term Loan [Member] | $345.0 Million Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Total face value of long-term debt | 301,095,000 | |
Debt instrument, face amount | 345,000,000 | |
Fleischmann’s Vinegar [Member] | Term Loan [Member] | $130.0 Million Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Total face value of long-term debt | 129,675,000 | |
Debt instrument, face amount | 130,000,000 | |
Fleischmann’s Vinegar [Member] | Revolving Credit Facility [Member] | $15.0 Million Revoling Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total face value of long-term debt | $ 4,000,000 | |
Debt instrument, face amount | $ 15,000,000 |
Debt (Schedule Of Maturities Of
Debt (Schedule Of Maturities Of Long-Term Debt) (Details) | Dec. 31, 2017USD ($) |
2,018 | $ 70,214,000 |
2,019 | 6,582,000 |
2,020 | 133,038,000 |
2,021 | 6,007,000 |
2,022 | 176,016,000 |
Thereafter | 495,271,000 |
Total | 887,128,000 |
Corporate [Member] | Convertible Notes [Member] | $120.0 Million Convertible Notes due 2018 [Member] | |
Debt instrument, face amount | 120,000,000 |
Corporate [Member] | Convertible Notes [Member] | $170.0 Million Convertible Notes due 2022 [Member] | |
Debt instrument, face amount | $ 170,000,000 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares or units authorized | 4,110,000 | ||
Number of units granted during period | 0 | 0 | 0 |
Compensation costs expensed | $ 12.2 | $ 9.5 | $ 8.8 |
Unrecognized compensation costs | $ 13 | ||
Compensation expected to be recognized, weighted-average period in years | 1 year 9 months 18 days | ||
Potential tax benefit, percentage | 24.30% | ||
Green Plains Partners LP 2015 Long-Term Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares or units authorized | 2,500,000 | ||
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercisable options, expiration period | 5 years | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercisable options, expiration period | 8 years |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule Of Stock Option Activity) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | |
Stock-Based Compensation [Abstract] | ||
Outstanding at beginning of year, Shares | shares | 148,750 | |
Outstanding at beginning of year, Weighted Average Exercise Price | $ / shares | $ 12.36 | |
Outstanding at beginning of year, Weighted-Average Remaining Contractual Term (in years) | 1 year 9 months 18 days | 2 years 9 months 18 days |
Outstanding at beginning of year, Aggregate Intrinsic Value | $ | $ 2,305 | |
Exercised, Shares | shares | (5,000) | |
Exercised, Weighted Average Exercise Price | $ / shares | $ 10 | |
Exercised, Aggregate Intrinsic Value | $ | $ 78 | |
Outstanding at end of year, Shares | shares | 143,750 | 148,750 |
Outstanding at end of year, Weighted Average Exercise Price | $ / shares | $ 12.44 | $ 12.36 |
Outstanding at end of year, Weighted-Average Remaining Contractual Term (in years) | 1 year 9 months 18 days | 2 years 9 months 18 days |
Outstanding at end of year, Aggregate Intrinsic Value | $ | $ 635 | $ 2,305 |
Exercisable at end of year, Shares | shares | 143,750 | |
Exercisable at end of year, Weighted Average Exercise Price | $ / shares | $ 12.44 | |
Exercisable at end of year, Weighted Average Remaining Contractual | 1 year 9 months 18 days | |
Exercisable at end of year, Aggregate Intrinsic Value | $ | $ 635 | |
In-the-money options, shares | shares | 133,750 | |
In-the-money options, weighted-average exercise price | $ / shares | 12.10 |
Stock-Based Compensation (Sch79
Stock-Based Compensation (Schedule Of Non-Vested Stock Award And DSU Activity) (Details) | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Nonvested at beginning of year, Non-Vested Shares and Deferred Stock Units | shares | 1,139,560 |
Nonvested at beginning of year, Weighted-Average Grant-Date Fair Value | $ / shares | $ 17.65 |
Granted, Non-Vested Shares and Deferred Stock Units | shares | 569,290 |
Granted, Weighted-Average Grant-Date Fair Value | $ / shares | $ 23.98 |
Forfeited, Non-Vested Shares and Deferred Stock Units | shares | (43,254) |
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares | $ 19.18 |
Vested, Non-Vested Shares and Deferred Stock Units | shares | (596,649) |
Vested, Weighted-Average Grant-Date Fair Value | $ / shares | $ 18.64 |
Nonvested at end of year, Non-Vested Shares and Deferred Stock Units | shares | 1,068,947 |
Nonvested at end of year, Weighted-Average Grant-Date Fair Value | $ / shares | $ 20.41 |
Nonvested at end of year, Weighted-Average Remaining Vesting Term (in years) | 1 year 9 months 18 days |
Green Plains Partners LP [Member] | |
Nonvested at beginning of year, Non-Vested Shares and Deferred Stock Units | shares | 15,009 |
Nonvested at beginning of year, Weighted-Average Grant-Date Fair Value | $ / shares | $ 15.99 |
Granted, Non-Vested Shares and Deferred Stock Units | shares | 15,827 |
Granted, Weighted-Average Grant-Date Fair Value | $ / shares | $ 18.96 |
Forfeited, Non-Vested Shares and Deferred Stock Units | shares | (4,278) |
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares | $ 18.70 |
Vested, Non-Vested Shares and Deferred Stock Units | shares | (15,009) |
Vested, Weighted-Average Grant-Date Fair Value | $ / shares | $ 15.99 |
Nonvested at end of year, Non-Vested Shares and Deferred Stock Units | shares | 11,549 |
Nonvested at end of year, Weighted-Average Grant-Date Fair Value | $ / shares | $ 19.06 |
Nonvested at end of year, Weighted-Average Remaining Vesting Term (in years) | 6 months |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net income (loss) attributable to Green Plains | $ 46,630 | $ 34,394 | $ (16,366) | $ (3,597) | $ 18,682 | $ 7,928 | $ 8,191 | $ (24,138) | $ 61,061 | $ 10,663 | $ 7,064 |
Weighted average shares outstanding - basic | 39,247 | 38,318 | 37,947 | ||||||||
Income (loss) attributable to Green Plains stockholders - basic | $ 1.16 | $ 0.83 | $ (0.41) | $ (0.09) | $ 0.49 | $ 0.21 | $ 0.21 | $ (0.63) | $ 1.56 | $ 0.28 | $ 0.19 |
Net income (loss) attributable to Green Plains on an as-if-converted basis | $ 73,653 | $ 10,663 | $ 7,064 | ||||||||
Effect of dilutive stock-based compensation awards | 713 | 100 | 142 | ||||||||
Total potential shares outstanding | 50,240 | 38,573 | 39,028 | ||||||||
Income (loss) attributable to Green Plains stockholders - diluted | $ 0.99 | $ 0.74 | $ (0.41) | $ (0.09) | $ 0.47 | $ 0.20 | $ 0.21 | $ (0.63) | $ 1.47 | $ 0.28 | $ 0.18 |
3.25% Convertible Senior Notes due 2018 [Member] | Senior Notes [Member] | |||||||||||
Interest and amortization on convertible debt, net of tax effect | $ 4,433 | ||||||||||
Effect of dilutive convertible debt | 4,209 | 155 | 939 | ||||||||
4.125% Convertible Senior Notes Due 2022 [Member] | Senior Notes [Member] | |||||||||||
Interest and amortization on convertible debt, net of tax effect | $ 8,159 | ||||||||||
Effect of dilutive convertible debt | 6,071 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) | Feb. 07, 2018 | Jan. 18, 2018 | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Aug. 31, 2014 |
Treasury stock, shares | 5,325,942 | 5,325,942 | 7,714,990 | |||
Treasury stock | $ 55,184,000 | $ 55,184,000 | $ 75,816,000 | |||
Authorized amount of share repurchase program | $ 100,000,000 | |||||
Repurchase of common stock, shares | 394,677 | 909,667 | ||||
Repurchase of common stock | $ 6,700,000 | $ 16,700,000 | ||||
Quarterly cash dividend declared, in dollars per share | $ 0.12 | |||||
Unrealized losses, net of tax | $ (13,110,000) | $ (13,110,000) | $ (4,137,000) | |||
Green Plains Partners LP [Member] | ||||||
Quarterly cash distribution per unit declared | $ 0.47 |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule of Reclassification From AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues | $ 920,984 | $ 901,235 | $ 886,263 | $ 887,684 | $ 932,098 | $ 841,852 | $ 887,727 | $ 749,204 | $ 3,596,166 | $ 3,410,881 | $ 2,965,589 |
Cost of goods sold | (3,301,587) | (3,096,079) | (2,729,367) | ||||||||
Income (loss) before income taxes | (43,151) | 38,351 | 21,465 | ||||||||
Income tax expense (benefit) | $ (63,877) | $ (48,775) | $ (9,749) | $ (2,381) | $ 12,199 | $ 5,083 | $ 5,471 | $ (14,893) | (124,782) | 7,860 | 6,237 |
Net income | 81,631 | 30,491 | 15,228 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Revenues | 18,167 | (8,094) | 8,420 | ||||||||
Cost of goods sold | (11,936) | (16,508) | (3,551) | ||||||||
Income (loss) before income taxes | 6,231 | (24,602) | 4,869 | ||||||||
Income tax expense (benefit) | 2,306 | (8,830) | 1,855 | ||||||||
Net income | $ 3,925 | $ (15,772) | $ 3,014 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Line Items] | ||||||||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 35.00% | 35.00% | 35.00% | |||||||||
Income tax benefit | $ (63,877) | $ (48,775) | $ (9,749) | $ (2,381) | $ 12,199 | $ 5,083 | $ 5,471 | $ (14,893) | $ (124,782) | $ 7,860 | $ 6,237 | |
Deferred tax valuation allowance, state | 3,800 | 3,800 | ||||||||||
R&D Credits | 74,033 | |||||||||||
Revalued deferred liabilities at new tax rate | 52,800 | |||||||||||
Unrecognized tax benefits | 25,976 | $ 194 | 25,976 | $ 194 | ||||||||
Reduction of the deferred asset associated with the federal tax credit carryforwards | 24,500 | 24,500 | ||||||||||
Tax Year 2013 to 2016 [Member] | ||||||||||||
Income Taxes [Line Items] | ||||||||||||
R&D Credits | 48,100 | |||||||||||
Net benefit | 16,400 | 16,400 | ||||||||||
Non-current income tax asset | 28,800 | 28,800 | ||||||||||
Tax liability | $ 12,400 | 12,400 | ||||||||||
Cost of Goods Sold | $ 9,200 | |||||||||||
Scenario, Forecast [Member] | ||||||||||||
Income Taxes [Line Items] | ||||||||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 21.00% | |||||||||||
Scenario, Forecast [Member] | Tax Year 2013 to 2016 [Member] | ||||||||||||
Income Taxes [Line Items] | ||||||||||||
Net benefit | $ 31,700 |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Tax Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Abstract] | |||||||||||
Current | $ (43,705) | $ 2,950 | $ 33,750 | ||||||||
Deferred | (81,077) | 4,910 | (27,513) | ||||||||
Income tax expense | $ (63,877) | $ (48,775) | $ (9,749) | $ (2,381) | $ 12,199 | $ 5,083 | $ 5,471 | $ (14,893) | $ (124,782) | $ 7,860 | $ 6,237 |
Income Taxes (Schedule Of Diffe
Income Taxes (Schedule Of Differences Between The Income Tax Expense (Benefit)Computed At The Statutory Federal income Tax Rate And As Presented On The Consolidated Statements Of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Abstract] | |||||||||||
Federal statutory rate | 35.00% | 35.00% | 35.00% | ||||||||
Tax expense at federal statutory rate of 35% | $ (15,103) | $ 13,423 | $ 7,513 | ||||||||
State income tax expense, net of federal benefit | (915) | 323 | 1,397 | ||||||||
Nondeductible compensation | 222 | 185 | |||||||||
Noncontrolling interests | (7,199) | (6,940) | (2,857) | ||||||||
Unrecognized tax benefit | 25,720 | ||||||||||
R&D Credits | (74,033) | ||||||||||
Tax Cuts and Jobs Act impact | (54,485) | ||||||||||
Other | 1,011 | 869 | 184 | ||||||||
Income tax expense | $ (63,877) | $ (48,775) | $ (9,749) | $ (2,381) | $ 12,199 | $ 5,083 | $ 5,471 | $ (14,893) | $ (124,782) | $ 7,860 | $ 6,237 |
Income Taxes (Schedule Of Signi
Income Taxes (Schedule Of Significant Components Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets: | ||
Net operating loss carryforwards - Federal | $ 12,767 | $ 2,112 |
Net operating loss carryforwards - State | 5,291 | 1,290 |
Tax credit carryforwards - Federal | 30,783 | |
Tax credit carryforwards - State | 5,342 | 3,701 |
Derivative financial instruments | 2,592 | 1,218 |
Investment in partnerships | 55,956 | 91,951 |
Inventory valuation | 1,941 | 1,042 |
Stock-based compensation | 2,468 | 3,535 |
Accrued Expenses | 5,541 | 10,722 |
Capital leases | 2,426 | 3,764 |
Other | 969 | 1,959 |
Total deferred tax assets | 126,076 | 121,294 |
Deferred tax liabilities: | ||
Convertible debt | (8,350) | (17,593) |
Fixed assets | (149,746) | (205,189) |
Organizational and start-up costs | (20,947) | (36,464) |
Total deferred tax liabilities | (179,043) | (259,246) |
Valuation allowance | (3,834) | (2,310) |
Deferred income taxes | $ (56,801) | $ (140,262) |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of The Beginning And Ending Amounts Of Unrecognized Tax Benefits) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Income Taxes [Abstract] | |
Balance at January 1, 2016 | $ 194 |
Additions for prior year tax positions | 5 |
Additions for current year tax positions | 25,777 |
Balance at December 31, 2017 | $ 25,976 |
Commitments And Contingencies88
Commitments And Contingencies (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)item | Dec. 31, 2016USD ($)property | Dec. 31, 2015USD ($) | |
Trading Activity, Gains and Losses, Net [Line Items] | |||
Lease expenses | $ 45.8 | $ 38 | $ 33.2 |
Contracted future deliveries | $ 303.5 | ||
Number of ethanol plants | item | 17 | ||
Acquisition Of Fairmont Minnesota And Wood River Nebraska Ethanol Plants [Member] | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Number of ethanol plants | property | 2 | ||
Previously accrued contingent liabilities that no longer represent probable losses | $ 6.3 | ||
Gain contingency | $ 5.5 |
Commitments And Contingencies89
Commitments And Contingencies (Future Minimum Lease Payments) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Commitments And Contingencies [Abstract] | |
2,018 | $ 30,966 |
2,019 | 23,549 |
2,020 | 18,035 |
2,021 | 10,097 |
2,022 | 7,988 |
Thereafter | 18,512 |
Total | $ 109,147 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Employee Benefit Plans [Abstract] | |||
Defined contribution plan, employer matching contribution, percent | 4.00% | ||
Defined contribution plan, vesting percentage | 100.00% | ||
Employer contributions to 401(k) plan | $ 2.1 | $ 1.6 | $ 1.4 |
Defined benefit pension plan, assets | 5.8 | ||
Defined benefit pension plan, liabilities | 6.4 | ||
Funded status of plan on balance sheet | $ 0.6 | $ 1.1 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) | 12 Months Ended | |||
Dec. 31, 2017USD ($)hentityitem | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Mar. 31, 2014USD ($) | |
Related Party Transaction [Line Items] | ||||
Number of subsidiaries | entity | 3 | |||
Outstanding accounts payable | $ 205,479,000 | $ 192,275,000 | ||
Amur Equipment Finance [Member] | ||||
Related Party Transaction [Line Items] | ||||
Outstanding note payable | $ 1,400,000 | |||
Due to related parties, current | 600,000 | 800,000 | ||
Principal payments (including interest) | $ 300,000 | 300,000 | $ 300,000 | |
Weighted average interest rate | 6.80% | |||
Board of Directors Chairman [Member] | Aircraft Lease [Member] | ||||
Related Party Transaction [Line Items] | ||||
Number of related party transaction agreements | item | 2 | |||
Number of leased aircrafts | item | 2 | |||
Aircraft hours available each month under lease | h | 125 | |||
Cash payments | $ 182,000 | 190,000 | $ 270,000 | |
Outstanding accounts payable | $ 2,000 | $ 0 |
Quarterly Financial Data (Detai
Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Data[Abstract] | |||||||||||
Revenues | $ 920,984 | $ 901,235 | $ 886,263 | $ 887,684 | $ 932,098 | $ 841,852 | $ 887,727 | $ 749,204 | $ 3,596,166 | $ 3,410,881 | $ 2,965,589 |
Cost and expenses | 913,560 | 880,519 | 890,049 | 870,292 | 876,028 | 810,997 | 860,318 | 771,850 | |||
Operating income (loss) | 7,424 | 20,716 | (3,786) | 17,392 | 56,070 | 30,855 | 27,409 | (22,646) | 41,746 | 91,688 | 61,077 |
Other expense | (18,954) | (30,062) | (17,759) | (18,122) | (19,433) | (12,888) | (8,953) | (12,063) | (84,897) | (53,337) | (39,612) |
Income tax (expense) benefit | 63,877 | 48,775 | 9,749 | 2,381 | (12,199) | (5,083) | (5,471) | 14,893 | 124,782 | (7,860) | (6,237) |
Net income (loss) attributable to Green Plains | $ 46,630 | $ 34,394 | $ (16,366) | $ (3,597) | $ 18,682 | $ 7,928 | $ 8,191 | $ (24,138) | $ 61,061 | $ 10,663 | $ 7,064 |
Basic earnings (loss) per share attributable to Green Plains | $ 1.16 | $ 0.83 | $ (0.41) | $ (0.09) | $ 0.49 | $ 0.21 | $ 0.21 | $ (0.63) | $ 1.56 | $ 0.28 | $ 0.19 |
Diluted earnings (loss) per share attributable to Green Plains | $ 0.99 | $ 0.74 | $ (0.41) | $ (0.09) | $ 0.47 | $ 0.20 | $ 0.21 | $ (0.63) | $ 1.47 | $ 0.28 | $ 0.18 |
Schedule I - Condensed Financ93
Schedule I - Condensed Financial Information Of The Registrant (Condensed Financial Information Of The Registrant Statements Of Balance Sheet - Parent Company Only) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets | ||||
Cash and cash equivalents | $ 266,651 | $ 304,211 | $ 384,867 | $ 425,510 |
Restricted cash | 13,810 | 51,979 | ||
Accounts receivable, including amounts from related parties of $0 and $0, respectively | 151,122 | 147,495 | ||
Income taxes receivable | 6,413 | 10,379 | ||
Prepaid expenses and other | 17,808 | 17,095 | ||
Total current assets | 1,206,471 | 1,000,576 | ||
Property and equipment, net | 1,176,707 | 1,178,706 | ||
Other assets | 218,593 | 143,514 | ||
Total assets | 2,784,650 | 2,506,492 | ||
Current liabilities | ||||
Accounts payable | 205,479 | 192,275 | ||
Accrued liabilities | 63,886 | 67,473 | ||
Income taxes payable | 9,909 | |||
Current maturities of long-term debt | 67,923 | 35,059 | ||
Total current liabilities | 886,261 | 594,946 | ||
Long-term debt | 767,396 | 782,610 | ||
Unrecognized tax liability | 56,801 | 140,262 | ||
Other liabilities | 15,056 | 9,483 | ||
Total liabilities | 1,725,514 | 1,527,301 | ||
Stockholders’ equity | ||||
Common stock | 46 | 46 | ||
Additional paid-in capital | 685,019 | 659,200 | ||
Retained earnings | 325,411 | 283,214 | ||
Accumulated other comprehensive loss | (13,110) | (4,137) | ||
Treasury stock | (55,184) | (75,816) | ||
Total Green Plains stockholders' equity | 942,182 | 862,507 | ||
Total liabilities and stockholders’ equity | 2,784,650 | 2,506,492 | ||
Parent Company [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 147,928 | 188,953 | $ 273,294 | $ 252,689 |
Restricted cash | 13,306 | 16,947 | ||
Accounts receivable, including amounts from related parties of $0 and $0, respectively | 7,962 | 285 | ||
Income taxes receivable | 6,413 | 10,379 | ||
Prepaid expenses and other | 1,593 | 1,199 | ||
Due from subsidiaries | 58,290 | 48,785 | ||
Total current assets | 235,492 | 266,548 | ||
Property and equipment, net | 13,869 | 12,900 | ||
Investment in consolidated subsidiaries | 1,467,244 | 912,943 | ||
Deferred income taxes | 69,998 | 87,310 | ||
Other assets | 55,330 | 9,642 | ||
Total assets | 1,841,933 | 1,289,343 | ||
Current liabilities | ||||
Accounts payable | 3,421 | 6,916 | ||
Due to subsidiaries | 178,982 | 160,486 | ||
Accrued liabilities | 22,682 | 20,488 | ||
Income taxes payable | 9,909 | |||
Current maturities of long-term debt | 66,442 | |||
Total current liabilities | 281,436 | 187,890 | ||
Long-term debt | 614,358 | 236,056 | ||
Other liabilities | 3,957 | 2,890 | ||
Total liabilities | 899,751 | 426,836 | ||
Stockholders’ equity | ||||
Common stock | 46 | 46 | ||
Additional paid-in capital | 685,019 | 659,200 | ||
Retained earnings | 325,411 | 283,214 | ||
Accumulated other comprehensive loss | (13,110) | (4,137) | ||
Treasury stock | (55,184) | (75,816) | ||
Total Green Plains stockholders' equity | 942,182 | 862,507 | ||
Total liabilities and stockholders’ equity | $ 1,841,933 | $ 1,289,343 |
Schedule I - Condensed Financ94
Schedule I - Condensed Financial Information Of The Registrant (Condensed Financial Information Of The Registrant Statements Of Income - Parent Company Only) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Selling, general and administrative expenses | $ 112,024 | $ 104,677 | $ 79,594 | ||||||||
Operating income | $ 7,424 | $ 20,716 | $ (3,786) | $ 17,392 | $ 56,070 | $ 30,855 | $ 27,409 | $ (22,646) | 41,746 | 91,688 | 61,077 |
Other income (expense) | |||||||||||
Interest income | 1,597 | 1,541 | 1,211 | ||||||||
Interest expense | (90,160) | (51,851) | (40,366) | ||||||||
Other, net | 3,666 | (3,027) | (457) | ||||||||
Total other expense | (18,954) | (30,062) | (17,759) | (18,122) | (19,433) | (12,888) | (8,953) | (12,063) | (84,897) | (53,337) | (39,612) |
Income (loss) before income taxes | (43,151) | 38,351 | 21,465 | ||||||||
Income tax (expense) benefit | $ 63,877 | $ 48,775 | $ 9,749 | $ 2,381 | $ (12,199) | $ (5,083) | $ (5,471) | $ 14,893 | 124,782 | (7,860) | (6,237) |
Net income | 81,631 | 30,491 | 15,228 | ||||||||
Parent Company [Member] | |||||||||||
Selling, general and administrative expenses | 977 | 3,174 | |||||||||
Operating income | (977) | (3,174) | |||||||||
Other income (expense) | |||||||||||
Interest income | 1,390 | 1,193 | 838 | ||||||||
Interest expense | (30,934) | (14,511) | (9,280) | ||||||||
Other, net | (244) | (8,072) | (3,366) | ||||||||
Total other expense | (29,788) | (21,390) | (11,808) | ||||||||
Income (loss) before income taxes | (30,765) | (24,564) | (11,808) | ||||||||
Income tax (expense) benefit | (22,796) | 12,381 | 4,106 | ||||||||
Loss before equity in earnings of subsidiaries | (53,561) | (12,183) | (7,702) | ||||||||
Equity in earnings of consolidated subsidiaries | 114,622 | 22,846 | 14,766 | ||||||||
Net income | $ 61,061 | $ 10,663 | $ 7,064 |
Schedule I - Condensed Financ95
Schedule I - Condensed Financial Information Of The Registrant (Condensed Financial Information Of The Registrant Statements Of Comprehensive Income - Parent Company Only) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net income | $ 81,631 | $ 30,491 | $ 15,228 |
Other comprehensive income (loss), net of tax: | |||
Unrealized gains (losses) on derivatives arising during period, net of tax (expense) benefit of $2,967, $10,494, and $(4,413), respectively | (5,048) | (18,744) | 7,169 |
Reclassification of realized (gains) losses on derivatives, net of tax expense (benefit) of $2,306, $(8,830), and $1,855, respectively | (3,925) | 15,772 | (3,014) |
Total other comprehensive income (loss), net of tax | (8,973) | (2,972) | 4,155 |
Comprehensive income | 72,658 | 27,519 | 19,383 |
Income tax (expense) benefit on unrealized gains (losses) on derivatives | 2,967 | 10,494 | (4,413) |
Income tax expense (benefit) on reclassification of realized (gains) losses on derivatives | 2,306 | (8,830) | 1,855 |
Parent Company [Member] | |||
Net income | 61,061 | 10,663 | 7,064 |
Other comprehensive income (loss), net of tax: | |||
Unrealized gains (losses) on derivatives arising during period, net of tax (expense) benefit of $2,967, $10,494, and $(4,413), respectively | (5,048) | (18,744) | 7,169 |
Reclassification of realized (gains) losses on derivatives, net of tax expense (benefit) of $2,306, $(8,830), and $1,855, respectively | (3,925) | 15,772 | (3,014) |
Total other comprehensive income (loss), net of tax | (8,973) | (2,972) | 4,155 |
Comprehensive income | 52,088 | 7,691 | 11,219 |
Income tax (expense) benefit on unrealized gains (losses) on derivatives | 2,967 | 10,494 | (4,413) |
Income tax expense (benefit) on reclassification of realized (gains) losses on derivatives | $ 2,306 | $ (8,830) | $ 1,855 |
Schedule I - Condensed Financ96
Schedule I - Condensed Financial Information Of The Registrant (Condensed Financial Information Of The Registrant Statements Of Cash Flows - Parent Company Only) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net Cash Provided by (Used in) Operating Activities [Abstract] | |||
Net cash provided (used) by operating activities | $ (159,820) | $ 85,193 | $ 13,870 |
Cash flows from investing activities: | |||
Purchases of property and equipment, net | (46,467) | (58,113) | (63,350) |
Acquisition of businesses | (61,727) | (508,143) | (116,796) |
Investments in unconsolidated subsidiaries | (20,286) | (6,342) | (3,055) |
Net cash used in investing activities | (128,480) | (572,598) | (183,201) |
Cash flows from financing activities: | |||
Proceeds from the issuance of long-term debt | 570,600 | 524,000 | 178,400 |
Payments of principal on long-term debt | (510,209) | (106,803) | (195,810) |
Payments for repurchase of common stock | (6,724) | (6,005) | (4,003) |
Payment of cash dividends | (39,383) | (37,278) | (19,795) |
Payments of loan fees | (16,671) | (12,053) | (5,314) |
Cash payment for exchange of 3.25% convertible notes due 2018 | (8,523) | ||
Payments related to tax withholdings for stock-based compensation | (4,499) | (2,206) | (3,644) |
Proceeds from exercises of stock options | 50 | 1,757 | 766 |
Net cash provided by financing activities | 250,740 | 406,749 | 128,688 |
Net change in cash and cash equivalents | (37,560) | (80,656) | (40,643) |
Cash and cash equivalents, beginning of period | 304,211 | 384,867 | 425,510 |
Cash and cash equivalents, end of period | 266,651 | 304,211 | 384,867 |
Parent Company [Member] | |||
Net Cash Provided by (Used in) Operating Activities [Abstract] | |||
Net cash provided (used) by operating activities | (27,619) | 74,378 | 23,488 |
Cash flows from investing activities: | |||
Purchases of property and equipment, net | (2,905) | (11,556) | (1,191) |
Acquisition of businesses | (61,727) | (512,356) | (116,796) |
Transfer of assets to Green Plains Partners LP | 152,312 | ||
Investment in consolidated subsidiaries, net | 26,133 | 77,615 | 143,151 |
Issuance of notes receivable from subsidiaries, net of payments received | 3,000 | (3,000) | |
Investments in unconsolidated subsidiaries | (18,039) | (7,206) | (2,975) |
Net cash used in investing activities | (56,538) | (298,191) | 19,189 |
Cash flows from financing activities: | |||
Proceeds from the issuance of long-term debt | 500,000 | 170,000 | |
Payments of principal on long-term debt | (405,335) | ||
Payments for repurchase of common stock | (6,724) | (6,005) | (4,003) |
Payment of cash dividends | (18,864) | (18,423) | (15,191) |
Payments of loan fees | (12,978) | (5,651) | |
Cash payment for exchange of 3.25% convertible notes due 2018 | (8,523) | ||
Payments related to tax withholdings for stock-based compensation | (4,494) | (2,206) | (3,644) |
Proceeds from exercises of stock options | 50 | 1,757 | 766 |
Net cash provided by financing activities | 43,132 | 139,472 | (22,072) |
Net change in cash and cash equivalents | (41,025) | (84,341) | 20,605 |
Cash and cash equivalents, beginning of period | 188,953 | 273,294 | 252,689 |
Cash and cash equivalents, end of period | $ 147,928 | $ 188,953 | $ 273,294 |
Schedule I - Condensed Financ97
Schedule I - Condensed Financial Information Of The Registrant (Commitments And Contingencies) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Aggregate minimum lease payments under agreements for future fiscal years: | |||
Total | $ 109,147 | ||
Parent Company [Member] | |||
Lease expense | 2,000 | $ 1,100 | $ 1,100 |
Aggregate minimum lease payments under agreements for future fiscal years: | |||
2,018 | 2,069 | ||
2,019 | 1,897 | ||
2,020 | 1,372 | ||
2,021 | 1,332 | ||
2,022 | 1,388 | ||
Thereafter | 13,295 | ||
Total | 21,353 | ||
Guarantees of subsidiary contracts and indebtedness | $ 309,300 |
Schedule I - Condensed Financ98
Schedule I - Condensed Financial Information Of The Registrant (Debt) (Details) | Dec. 31, 2017USD ($) |
Scheduled long-term debt repayments, excluding effects of any debt discounts and including full accretion of 3.25% Notes at their maturity: | |
2,018 | $ 70,214,000 |
2,019 | 6,582,000 |
2,020 | 133,038,000 |
2,021 | 6,007,000 |
2,022 | 176,016,000 |
Thereafter | 495,271,000 |
$500 Million Term Loan [Member] | Term Loan [Member] | |
Debt Instrument, Face Amount | 500,000,000 |
Parent Company [Member] | |
Scheduled long-term debt repayments, excluding effects of any debt discounts and including full accretion of 3.25% Notes at their maturity: | |
2,018 | 68,734,000 |
2,019 | 5,000,000 |
2,020 | 5,000,000 |
2,021 | 5,000,000 |
2,022 | 175,000,000 |
Thereafter | 473,750,000 |
Total | 732,484,000 |
Parent Company [Member] | $500 Million Term Loan [Member] | Term Loan [Member] | |
Debt Instrument, Face Amount | $ 500,000,000 |
Parent Company [Member] | 3.25% Convertible Senior Notes due 2018 [Member] | Senior Notes [Member] | |
Interest rate, stated percentage | 3.25% |
Parent Company [Member] | 4.125% Convertible Senior Notes Due 2022 [Member] | Senior Notes [Member] | |
Interest rate, stated percentage | 4.125% |