Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 03, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,018 | |
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 | 41,383,299 | |
Trading Symbol | gpre |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Current assets | |||
Cash and cash equivalents | $ 240,964 | $ 266,651 | |
Restricted cash | 24,271 | 45,709 | |
Accounts receivable, net of allowances of $212 and $217, respectively | 151,936 | 151,122 | |
Income taxes receivable | 32,753 | 6,413 | |
Inventories | 659,026 | 711,878 | |
Prepaid expenses and other | 17,129 | 17,808 | |
Derivative financial instruments | 19,991 | 6,890 | |
Total current assets | 1,146,070 | 1,206,471 | |
Property and equipment, net of accumulated depreciation and amortization of $539,496 and $514,585, respectively | 1,157,825 | 1,176,707 | |
Goodwill | 182,879 | 182,879 | |
Other assets | 173,095 | 218,593 | |
Total assets | [1] | 2,659,869 | 2,784,650 |
Current liabilities | |||
Accounts payable | 118,168 | 205,479 | |
Accrued and other liabilities | 46,617 | 63,886 | |
Derivative financial instruments | 12,086 | 12,884 | |
Income taxes payable | 9,909 | ||
Short-term notes payable and other borrowings | 533,685 | 526,180 | |
Current maturities of long-term debt | 68,925 | 67,923 | |
Total current liabilities | 779,481 | 886,261 | |
Long-term debt | 767,784 | 767,396 | |
Deferred income taxes | 52,962 | 56,801 | |
Other liabilities | 14,066 | 15,056 | |
Total liabilities | 1,614,293 | 1,725,514 | |
Commitments and contingencies (Note 14) | |||
Stockholders’ equity | |||
Common stock, $0.001 par value; 75,000,000 shares authorized; 46,701,912 and 46,410,405 shares issued, and 41,375,970 and 41,084,463 shares outstanding, respectively | 47 | 46 | |
Additional paid-in capital | 684,557 | 685,019 | |
Retained earnings | 299,250 | 325,411 | |
Accumulated other comprehensive income (loss) | 650 | (13,110) | |
Treasury stock, 5,325,942 shares | (55,184) | (55,184) | |
Total Green Plains stockholders’ equity | 929,320 | 942,182 | |
Noncontrolling interests | 116,256 | 116,954 | |
Total stockholders’ equity | 1,045,576 | 1,059,136 | |
Total liabilities and stockholders’ equity | $ 2,659,869 | $ 2,784,650 | |
[1] | Asset balances by segment exclude intercompany receivable balances |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Consolidated Balance Sheets [Abstract] | ||
Accounts receivable, allowances | $ 212 | $ 217 |
Property, plant and equipment, accumulated depreciation | $ 539,496 | $ 514,585 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 46,701,912 | 46,410,405 |
Common stock, shares outstanding | 41,375,970 | 41,084,463 |
Treasury stock, shares | 5,325,942 | 5,325,942 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Consolidated Statements Of Operations [Abstract] | ||
Product revenues | $ 1,043,659 | $ 886,212 |
Service revenues | 1,628 | 1,472 |
Total revenues | 1,045,287 | 887,684 |
Cost of goods sold (excluding depreciation and amortization expenses reflected below) | 988,335 | 811,896 |
Operations and maintenance expenses | 8,400 | 8,531 |
Selling, general and administrative expenses | 26,003 | 23,782 |
Depreciation and amortization expenses | 26,474 | 26,083 |
Total costs and expenses | 1,049,212 | 870,292 |
Operating income (loss) | (3,925) | 17,392 |
Other income (expense) | ||
Interest income | 637 | 364 |
Interest expense | (22,128) | (18,496) |
Other, net | (66) | 10 |
Total other expense | (21,557) | (18,122) |
Loss before income taxes | (25,482) | (730) |
Income tax benefit | 6,027 | 2,381 |
Net income (loss) | (19,455) | 1,651 |
Net income attributable to noncontrolling interests | 4,662 | 5,248 |
Net loss attributable to Green Plains | $ (24,117) | $ (3,597) |
Earnings per share: | ||
Net loss attributable to Green Plains - basic | $ (0.60) | $ (0.09) |
Net loss attributable to Green Plains - diluted | $ (0.60) | $ (0.09) |
Weighted average shares outstanding: | ||
Basic | 40,164 | 38,420 |
Diluted | 40,164 | 38,420 |
Cash dividend declared per share | $ 0.12 | $ 0.12 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Consolidated Statements Of Comprehensive Income [Abstract] | ||
Net income (loss) | $ (19,455) | $ 1,651 |
Other comprehensive income (loss), net of tax: | ||
Unrealized gains on derivatives arising during the period, net of tax expense of $5,116 and $968, respectively | 17,150 | 1,642 |
Reclassification of realized gains on derivatives, net of tax expense of $180 and $1,848, respectively | (603) | (3,134) |
Total other comprehensive income (loss), net of tax | 16,547 | (1,492) |
Comprehensive income (loss) | (2,908) | 159 |
Comprehensive income attributable to noncontrolling interests | 4,662 | 5,248 |
Comprehensive loss attributable to Green Plains | $ (7,570) | $ (5,089) |
Consolidated Statements Of Com6
Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Consolidated Statements Of Comprehensive Income [Abstract] | ||
Unrealized gains on derivatives arising during period, tax expense | $ 5,116 | $ 968 |
Reclassification of realized gains on derivatives, tax expense | $ 180 | $ 1,848 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (19,455) | $ 1,651 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation and amortization | 26,474 | 26,083 |
Amortization of debt issuance costs and debt discount | 3,604 | 4,020 |
Deferred income taxes | (12,020) | (2,934) |
Stock-based compensation | 2,439 | 2,511 |
Undistributed equity loss of affiliates | 137 | |
Other | 23 | |
Changes in operating assets and liabilities before effects of business combinations: | ||
Accounts receivable | (814) | 50,486 |
Inventories | 54,103 | (41,911) |
Derivative financial instruments | 7,472 | (12,584) |
Prepaid expenses and other assets | 618 | (1,228) |
Accounts payable and accrued liabilities | (114,709) | (86,420) |
Current income taxes | 11,678 | 178 |
Other | (618) | (26) |
Net cash provided (used) by operating activities | (41,091) | (60,151) |
Cash flows from investing activities: | ||
Purchases of property and equipment, net | (7,352) | (14,902) |
Acquisition of a business, net of cash acquired | (1,006) | (4,074) |
Investments in unconsolidated subsidiaries | (14) | (2,399) |
Other investing activities | 7,500 | |
Net cash used by investing activities | (872) | (21,375) |
Cash flows from financing activities: | ||
Proceeds from the issuance of long-term debt | 24,400 | 14,700 |
Payments of principal on long-term debt | (23,630) | (46,845) |
Proceeds from short-term borrowings | 1,010,077 | 1,100,076 |
Payments on short-term borrowings | (1,002,664) | (1,055,664) |
Payments of cash dividends and distributions | (10,251) | (9,461) |
Payments of loan fees | (254) | |
Payments related to tax withholdings for stock-based compensation | (2,890) | (3,801) |
Proceeds from exercise of stock options | 50 | 50 |
Net cash provided (used) by financing activities | (5,162) | (945) |
Net change in cash, cash equivalents and restricted cash | (47,125) | (82,471) |
Cash, cash equivalents and restricted cash, beginning of period | 312,360 | 406,791 |
Cash, cash equivalents and restricted cash, end of period | 265,235 | 324,320 |
Reconciliation of total cash, cash equivalents and restricted cash: | ||
Total cash, cash equivalents and restricted cash | 312,360 | 406,791 |
Supplemental disclosures of cash flow | ||
Cash paid (received) for income taxes | (4,592) | 336 |
Cash paid for interest | $ 19,499 | $ 15,804 |
Basis Of Presentation, Descript
Basis Of Presentation, Description Of Business And Summary Of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2018 | |
Basis Of Presentation, Description Of Business And Summary Of Significant Accounting Policies [Abstract] | |
Basis Of Presentation, Description Of Business And Summary Of Significant Accounting Policies | 1. BASIS OF PRESENTATION, DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES References to the Company References to “Green Plains” or the “company” in the consolidated financial statements and in these notes to the consolidated financial statements refer to Green Plains Inc., an Iowa corporation, and its subsidiaries. Consolidated Financial Statements The consolidated financial statements include the company’s accounts and all significant intercompany balances and transactions are eliminated. Unconsolidated entities are included in the financial statements on an equity basis. The company owns a 62.5% limited partner interest and a 2.0% general partner interest in Green Plains Partners LP. Public investors own the remaining 35.5% limited partner interest in the partnership. The 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 in the company’s financial statements. The assets of the partnership cannot be used by the company for general corporate purposes. The partnership’s consolidated total assets as of March 31, 2018 and December 31, 2017, excluding intercompany balances, are $75.6 million and $74.9 million, respectively, and primarily consist of property and equipment and goodwill. The partnership’s consolidated total liabilities as of March 31, 2018 and December 31, 2017, excluding intercompany balances, are $158.9 million and $153.0 million, respectively, which primarily consist of long-term debt as discussed in Note 9 – Debt . The liabilities recognized as a result of consolidating the partnership do not represent additional claims on our general assets. The company also owns a 90.0% interest in BioProcess Algae, a joint venture formed in 2008, and consolidates their results in its consolidated financial statements. The accompanying unaudited consolidated financial statements are prepared in accordance with GAAP for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Because they do not include all of the information and notes required by GAAP, the consolidated financial statements should be read in conjunction with the company’s annual report on Form 10-K for the year ended December 31, 2017 . The unaudited financial information reflects adjustments which are, in the opinion of management, necessary for a fair presentation of results of operations, financial position and cash flows for the periods presented. The adjustments are normal and recurring in nature, unless otherwise noted. Interim period results are not necessarily indicative of the results to be expected for the entire year. Reclassifications Certain prior year amounts were reclassified to conform to the current year presentation. These reclassifications did not affect total revenues, costs and expenses, net income (loss) 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 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 inc ludes the production of ethanol and distillers grains , and recovery of 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. Cash and Cash Equivalents Cash and cash equivalents includes bank deposits as well as short-term, highly liquid investments with original maturities of three months or less. Restricted Cash The company has restricted cash, which can only be used for the funding of letters of credit or for payment towards a revolving credit agreement. Restricted cash also includes cash margins and securities pledged to commodity exchange clearinghouses. To the degree these segregated balances are cash and cash equivalents, they are considered restricted cash on the consolidated statements of cash flows. Revenue Recognition The company recognizes revenue at the point in time when the product or service is transferred to the customer. Sales of ethanol, distillers grains, corn oil, natural gas and other commodities by the company’s marketing business are recognized when obligations under the terms of a contract with a customer are satisfied. Generally this occurs with the transfer of control of products or services. Revenues related to marketing for third parties are presented on a gross basis as the company controls the product prior to the sale to the end customer, takes title of the product and has inventory risk. Unearned revenue is recorded for goods in transit when the company has received payment but control has not yet been transferred to the customer. Revenues for receiving, storing, transferring and transporting ethanol and other fuels are recognized when the product is delivered to the customer. The company routinely enters into physical-delivery energy commodity purchase and sale agreements. At times, the company settles these transactions by transferring its obligations to other counterparties rather than delivering the physical commodity. 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. Sales of products, including agricultural commodities, cattle and vinegar, are recognized when control of the product is transferred to the customer, which depends on the agreed upon shipment or delivery terms. Revenues related to grain merchandising are presented gross and include shipping and handling, which is also a component of cost of goods sold. Revenues from grain storage are recognized when services are rendered. A substantial portion of the partnership revenues are derived from fixed-fee commercial agreements for storage, terminal or transportation services. The partnership recognizes revenue upon transfer of control of product from its storage tanks and fuel terminals, when railcar volumetric capacity is provided, and as truck transportation services are performed. Shipping and Handling Costs We account for shipping and handling activities related to contracts with customers as costs to fulfill our promise to transfer the associated products. Accordingly, we record customer payments associated with shipping and handling costs as a component of revenue, and classify such costs as a component of cost of goods sold. Cost of Goods Sold Cost of goods sold includes direct labor, materials, shipping and plant overhead costs. Direct labor includes all compensation and related benefits of non-management personnel involved in ethanol and 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 and forward purchase and sales contracts to attempt to minimize the effect of price changes on grain, natural gas and cattle inventories. 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 include 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 attempt to minimize risk and the effect of commodity price changes 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, cash flow hedge accounting treatmen t. 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. At times, the company hedges its exposure to changes in inventory values and designates qualifying derivatives as fair value hedges. The carrying amount of the hedged inventory is adjusted in the current period for changes in fair value. Ineffectiveness of the hedges is recognized in the current period to the extent the change in fair value of the inventory is not offset by the change in fair value of the derivative. Recent Accounting Pronouncements Effective January 1, 2018, the company adopted the amended guidance in ASC Topic 606, Revenue from Contracts with Customers. Please refer to Note 2 – Revenue for further details. Effective January 1, 2018, the company adopted 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 was applied retrospectively. As a result, net cash used in operating activities for the three months ended March 31, 2017 was adjusted to exclude the change in restricted cash and decreased the previously reported balance by $21.7 million. Net cash provided by financing activities for the three months ended March 31, 2017 was adjusted to exclude the change in restricted cash and decreased the previously reported balance by $13.0 million. Effective January 1, 2018, the company adopted 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 is required on a modified retrospective basis, with a cumulative-effect adjustment to retained earnings as of the beginning of the year of adoption. The adoption of the guidance did not have an impact to the financial statements. Effective January 1, 2018, the company adopted the amended guidance in ASC Topic 805, Business Combinations: Clarifying the Definition of a Business , which clarifies the definition of a business and provides guidance to assist companies and other reporting organizations evaluate 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 early adopted 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, and used wh en the annual impairment test is performed in the current year. The company does not expect the impact of adopting the amended guidance to have a material impact on the consolidated financial statements. Effective January 1, 2018, the company early adopted the amended guidance in ASC Topic 220, Income Statement – Reporting Comprehensive Income: Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The amendment eliminates the stranded tax effects resulting from the Tax Cuts and Jobs Act and is intended to improve the usefulness of information reported. As a result, the company recorded a $2.8 million reclassification from accumulated other comprehensive income to retained earnings as o f the beginning of the period. It is the company’s policy to release income tax effects from accumulated other comprehensive income using the portfolio approach. 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 and interim periods within those years, beginning after December 15, 2018, 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. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2018 | |
Revenue [Abstract] | |
Revenue | 2 . REVENUE Adoption of ASC Topic 606 On January 1, 2018, the company adopted the amended guidance in ASC Topic 606, Revenue from Contracts with Customers , and all related amendments (“new revenue standard”) and applied it to all contracts using the modified retrospective transition method. There were no adjustments to the consolidated January 1, 2018 balance sheets for the adoption of the new revenue standard. As such, comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. In addition, there was no impact of adoption on the consolidated statements of operations or balance sheets for the three months ended March 31, 2018. The company expects the impact of the adopting the new revenue standard to be immaterial to net income on an ongoing basis. Revenue Recognition Revenue is recognized when obligations under the terms of a contract with a customer are satisfied. Generally this occurs with the transfer of control of products or services. Revenue is measured as the amount of consideration expected to be received in exchange for transferring goods or providing services. Sales, value add, and other taxes the company collects concurrent with revenue-producing activities are excluded from revenue. Revenue by Source The following table disaggregates revenue by major source for the three months ended March 31, 2018 (in thousands): Three Months Ended March 31, 2018 Ethanol Production Agribusiness & Energy Services Food & Ingredients Partnership Eliminations Total Revenues: Revenues from contracts with customers under ASC Topic 606: Distillers grains $ 29,997 $ - $ - $ - $ - $ 29,997 Cattle and vinegar - - 267,416 - - 267,416 Service revenues - - - 1,218 - 1,218 Other 131 677 - - - 808 Intersegment revenues 662 - 42 - (704) - Total revenues from contracts with customers 30,790 677 267,458 1,218 (704) 299,439 Revenues from contracts accounted for as derivatives under ASC Topic 815 (1) : Ethanol 445,039 122,541 - - - 567,580 Distillers grains 67,709 21,212 - - - 88,921 Corn oil 16,470 8,670 2,287 - - 27,427 Grain 133 14,286 - - - 14,419 Cattle and vinegar - - 8,406 - - 8,406 Other 4,284 34,401 - - - 38,685 Intersegment revenues 1,291 11,429 - 2,172 (14,892) - Total revenues from contracts accounted for as derivatives 534,926 212,539 10,693 2,172 (14,892) 745,438 Leasing revenues under ASC Topic 840 (2) - - - 22,495 (22,085) 410 Total Revenues $ 565,716 $ 213,216 $ 278,151 $ 25,885 $ (37,681) $ 1,045,287 (1) Revenues from contracts accounted for as derivatives represent physically settled derivative sales that are outside the scope of ASC Topic 606, Revenue from Contracts with Customers (ASC Topic 606), where the company recognizes revenue when control of the inventory is transferred within the meaning of ASC Topic 606 as required by ASC Topic 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets . (2) Leasing revenues do not represent revenues recognized from contracts with customers un der ASC Topic 606, and continue to be accounted for under ASC Topic 840, Leases . Payment Terms The company has standard payment terms, which vary depending upon the nature of the services provided, with the majority falling within 10 to 30 days after transfer of control or completion of services. In instances where the timing of revenue recognition differs from the timing of invoicing, the company has determined that contracts generally do not include a significant financing component. Contract Liabilities The company records unearned revenue, which represents a contract liability, when consideration is received, or such consideration is unconditionally due, from a customer prior to transferring goods or services to the customer under the terms of a sales contract. The following table reflects the changes in unearned revenue from contracts with customers for the three months ended March 31, 2018 (in thousands): March 31, 2018 December 31, 2017 Three Month Change Unearned revenue $ 228 $ 194 $ 34 During the three months ended March 31, 2018, the company recognized revenue of $194 thousand that was included in the corresponding contract liability balance at the beginning of the period. During the three months ended March 31, 2018, unearned revenue increased by $34 thousand, primarily as a result of fluctuations in customer inventory levels for the partnership’s tank storage. The company expects to recognize all of the unearned revenue associated as of March 31, 2018 in the subsequent quarter when the inventory is withdrawn from the partnership’s tank storage. Practical Expedients Under the new revenue standard, companies may elect various practical expedients upon adoption. As a result, t he company elected to recognize the cost for shipping and handling activities that occur after the customer obtains control of the promised goods as fulfillment activities and not when performance obligations are met. The company also elected to exclude sales taxes from transaction prices. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2018 | |
Acquisitions [Abstract] | |
Acquisitions | 3 . ACQUISITIONS Acquisition of Cattle Feeding Operations On May 16, 2017 , the company acquired two cattle-feeding operations from Car gill Cattle Feeders, LLC for $58.7 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 and Eckley feedlots are sold exclusively to Cargill Meat Solutions under an agreed upon pricing arrangement. 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 $ 21,827 Prepaid expenses and other 52 Property and equipment, net 36,960 Current liabilities (180) Total identifiable net assets $ 58,659 The amounts above reflect a working capital payment by the company of $1.0 million made during the first quarter of 2018. |
Fair Value Disclosures
Fair Value Disclosures | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | 4 . 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. 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 March 31, 2018 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs (Level 1) (Level 2) Total Assets: Cash and cash equivalents $ 240,964 $ - $ 240,964 Restricted cash 24,271 - 24,271 Inventories carried at market - 123,502 123,502 Unrealized gains on derivatives - 12,190 12,190 Other assets 114 25 139 Total assets measured at fair value $ 265,349 $ 135,717 $ 401,066 Liabilities: Accounts payable (1) $ - $ 10,826 $ 10,826 Unrealized losses on derivatives - 12,086 12,086 Other - 6 6 Total liabilities measured at fair value $ - $ 22,918 $ 22,918 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 45,709 - 45,709 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 $ 312,475 $ 38,879 $ 351,354 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 (1) Accounts payable is generally stated at historical amounts with the exception of $10.8 million and $ 37.4 million at Marc h 31, 2018 and December 31, 2017 , 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 $1.4 billion a t March 31, 2018 and December 31, 2017 . 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 $ 151.9 million and $ 1 51.1 million at March 31, 2018 and December 31, 2017 , respectively. Although the company currently does not have any recurring Level 3 financial measurements, the fair values of tangible assets and goodwill acquired and the equity component of convertible debt issued 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 | 3 Months Ended |
Mar. 31, 2018 | |
Segment Information [Abstract] | |
Segment Information | 5 . SEGMENT INFORMATION The company reports the financial and operating performance for the following four operating segments: (1) ethanol production, which inc ludes the production of ethanol and distillers grains , and recovery of 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. Corporate activities include selling , general and administrative expenses, consisting primarily of compensation, professional fees and overhead costs not directly related to a specific operating segment. During the normal course of business, the operating segments conduct business with each other. For example, the agribusiness and energy services segment procures grain and natural gas and sells products, including ethanol, distillers grains and corn oil for the ethanol production segment. The partnership segment provides fuel storage and transportation services for the agribusiness and energy services segment. These intersegment activities are treated like third-party transactions with origination, marketing and storage fees charged at estimated market values. Consequently, these transactions affect segment performance; however, they do not impact the company’s consolidated results since the revenues and corresponding costs are eliminated. The following tables set forth certain financial data for the company’s operating segments (in thousands): Three Months Ended March 31, 2018 2017 Revenues: Ethanol production: Revenues from external customers $ 563,763 $ 619,879 Intersegment revenues 1,953 1,496 Total segment revenues 565,716 621,375 Agribusiness and energy services: Revenues from external customers 201,787 168,311 Intersegment revenues 11,429 9,492 Total segment revenues 213,216 177,803 Food and ingredients: Revenues from external customers 278,109 98,022 Intersegment revenues 42 38 Total segment revenues 278,151 98,060 Partnership: Revenues from external customers 1,628 1,472 Intersegment revenues 24,257 25,757 Total segment revenues 25,885 27,229 Revenues including intersegment activity 1,082,968 924,467 Intersegment eliminations (37,681) (36,783) Revenues as reported $ 1,045,287 $ 887,684 Refer to Note 2 - Revenue , for further disaggregation of revenue by operating segment. Three Months Ended March 31, 2018 2017 Cost of goods sold: Ethanol production $ 564,559 $ 599,138 Agribusiness and energy services 201,712 166,394 Food and ingredients 259,765 83,035 Partnership - - Intersegment eliminations (37,701) (36,671) $ 988,335 $ 811,896 Three Months Ended March 31, 2018 2017 Operating income (loss): Ethanol production $ (27,529) $ (6,598) Agribusiness and energy services 7,064 6,369 Food and ingredients 12,585 9,626 Partnership 15,360 16,619 Intersegment eliminations 68 (75) Corporate activities (11,473) (8,549) $ (3,925) $ 17,392 Three Months Ended March 31, 2018 2017 EBITDA: Ethanol production $ (7,095) $ 13,824 Agribusiness and energy services 7,702 7,013 Food and ingredients 15,997 12,514 Partnership 16,623 17,894 Intersegment eliminations 68 (75) Corporate activities (10,175) (7,321) $ 23,120 $ 43,849 Three Months Ended March 31, 2018 2017 Depreciation and amortization: Ethanol production $ 20,436 $ 20,342 Agribusiness and energy services 630 660 Food and ingredients 3,404 2,880 Partnership 1,181 1,254 Corporate activities 823 947 $ 26,474 $ 26,083 The following table reconciles net income (loss) to EBITDA (in thousands): Three Months Ended March 31, 2018 2017 Net income (loss) $ (19,455) $ 1,651 Interest expense 22,128 18,496 Income tax benefit (6,027) (2,381) Depreciation and amortization 26,474 26,083 EBITDA $ 23,120 $ 43,849 The following table sets forth total assets by operating segment (in thousands): March 31, 2018 December 31, 2017 Total assets (1) : Ethanol production $ 1,072,614 $ 1,144,459 Agribusiness and energy services 529,166 554,981 Food and ingredients 711,065 725,232 Partnership 75,649 74,935 Corporate assets 284,785 295,217 Intersegment eliminations (13,410) (10,174) $ 2,659,869 $ 2,784,650 (1) Asset balances by segment exclude intercompany receivable balances . |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2018 | |
Inventories [Abstract] | |
Inventories | 6 . INVENTORIES Inventories are carried at the lower of cost or net realizable value, except grain held for sale and fair-value hedged inventories. Commodities held for sale are reported at market value. During the qua rter ended March 31, 2018, the c ompany recorded a $19.2 million lower of cost or market adjustment and reclassified $19.2 million of net gains from accumulated other comprehensive income into earnings related to this inventory. Both amounts are reflected in cost of goods sold within the food and ingredients segment. The components of inventories are as follows (in thousands): March 31, 2018 December 31, 2017 Finished goods $ 128,476 $ 146,269 Commodities held for sale 45,328 65,693 Raw materials 157,390 144,520 Work-in-process 291,505 320,664 Supplies and parts 36,327 34,732 $ 659,026 $ 711,878 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill And Intangible Assets [Abstract] | |
Goodwill And Intangible Assets | 7 . GOODWILL AND INTANGIBLE ASSETS Goodwill The company did no t have any changes in the carrying amount of goodwill, which was $182.9 million at March 31, 2018 , and December 31, 2017 . Goodwill of $ 30.3 million, $142.0 million and $ 10.6 million are attributable to the ethanol production segment, food and ingredients segment and the partnership segment, respectively. Intangible Assets As of March 31, 2018, the company’s customer relationship intangible asset recognized in connection with the Fleischmann Vinegar’s acquisition is $72.0 million, net of $8.0 million of accumulated amortization, and has a remaining 13.5 -year weighted-average amortization period. As of March 31, 2018, the company also has an indefinite-lived trade name intangible asset of $10.5 million. The company recognized $1.3 million of amortization expense associated with the amortizing customer relationship intangible asset during both of the three months ended March 31, 2018 and 2017 , and expects estimated amortization expense for the next five years of $5.3 million per annum. The company’s intangible assets are recorded within other assets on the consolidated balance sheets. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Financial Instruments [Abstract] | |
Derivative Financial Instruments | 8 . DERIVATIVE FINANCIAL INSTRUMENTS At March 31, 2018 , the company’s consolidated balance sheet reflected unrealized gains of $0.7 million, net of tax, in accumulated other comprehensive income . The company expects these gains 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 Fair Value March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 Derivative financial instruments (1) $ 12,190 $ 12,045 $ - $ 12,884 Other assets 25 - - - Accrued and other liabilities - - 12,086 - Other liabilities - - 6 92 Total $ 12,215 $ 12,045 $ 12,092 $ 12,976 (1) At March 31, 2018 , derivative financial instruments, as reflecte d on the balance sheet, include net unrealized gains on exchange traded futures and options contracts of $7.8 million , which included $24.7 million of net unrealized gains on derivative financial instruments designated a s cash flow hedging instruments . At December 31, 2017 , derivative financial instruments, as reflected on the balance sheet, includes net unrealized gains on exchange traded futures and options contracts of $8.5 million , which included $0.3 million of net unrealized gains on derivative financial instruments designated a s cash flow hedging instruments . . Refer to Note 4 - Fair Value Disclosures , which contains fair value information related to derivative financial instruments. Effect of Derivative Instruments on Consolidated Balance Sheets, Consolida ted Statements of Operations and Consolidated Statements of 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 Three Months Ended March 31, Accumulated Other Comprehensive Income into Income 2018 2017 Revenues $ 1,761 $ 4,152 Cost of goods sold (978) 830 Net increase recognized in earnings before tax $ 783 $ 4,982 Amount of Gain Recognized in Other Comprehensive Income on Derivatives Gain Recognized in Three Months Ended March 31, Other Comprehensive Income on Derivatives 2018 2017 Commodity contracts $ 22,266 $ 2,610 Location of Gain or Amount of Gain or (Loss) Recognized in Income on Derivatives Derivatives Not Designated (Loss) Recognized in Three Months Ended March 31, as Hedging Instruments Income on Derivatives 2018 2017 Commodity contracts Revenues $ 936 $ (5,048) Commodity contracts Costs of goods sold (6,998) 11,936 $ (6,062) $ 6,888 As of March 31, 2018, the following amounts were recorded on the consolidated balance sheets related to cumulative basis adjustments for the fair value hedged items (in thousands): Line Item in the Consolidated Balance Sheet in Which the Hedged Item is Included Carrying Amount of the Hedged Assets Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets Inventories $ 95,064 $ 8,336 As of December 31, 2017, no amounts were recorded on the consolidated balance sheets related to cumulative basis adjustments for the fair value hedged items. Effect of Cash Flow and Fair Value Hedge Accounting on the Statement of Financial Performance The effect of cash flow and fair value hedges and the line items on the consolidated statements of operations where they are reported are as follows (in thousands): Location and Amount of Gain or (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships for the Three Months Ended March 31, 2018 2017 Revenue Cost of Goods Sold Revenue Cost of Goods Sold Gain (loss) on cash flow hedging relationships: Commodity contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income $ 1,761 $ (978) $ 4,152 $ 830 Gain (loss) on fair value hedging relationships: Commodity contracts: Hedged item - 9,393 1,421 (1,928) Derivatives designated as hedging instruments - (8,432) (1,095) 3,039 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 $ 1,761 $ (17) $ 4,478 $ 1,941 There were no gains or losses from discontinuing cash flow or fair value hedge treatment during the three months ended March 31, 2018 and 2017 . The open commodity derivative positions as of March 31, 2018 , are as follows (in thousands): March 31, 2018 Exchange Traded Non-Exchange Traded Derivative Instruments Net Long & (Short) (1) Long (2) (Short) (2) Unit of Measure Commodity Futures (32,565) Bushels Corn, Soybeans and Wheat Futures 500 (3) Bushels Corn Futures (20,915) (4) Bushels Corn Futures 16,031 Gallons Ethanol Futures (45,360) (3) Gallons Ethanol Futures 1,033 MmBTU Natural Gas Futures (6,250) (4) MmBTU Natural Gas Futures (18,810) Pounds Livestock Futures (220,680) (3) Pounds Livestock Futures 120 Barrels Crude Oil Futures (43) (4) Barrels Crude Oil Futures 2,184 (3) Gallons Natural Gasoline Options 12,269 Bushels Corn, Soybeans and Wheat Options 1,943 Gallons Ethanol Options 624 MmBTU Natural Gas Options (15,067) Pounds Livestock Options (103) Barrels Crude Oil Forwards 52,262 (580) Bushels Corn and Soybeans Forwards 47,196 (269,766) Gallons Ethanol Forwards 223 (328) Tons Distillers Grains Forwards 27,370 (107,012) Pounds Corn Oil Forwards 23,268 (2,587) 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. (4) Futures or non-exchange traded forwards used for fair value hedges. Energy trading contracts that do not involve physical delivery are presented net in revenues on the consolidated statements of operations. Included in revenues are net gains on energy trading contracts of $6.7 million and $8.2 million for the three months ended March 31, 2018 , and 2017 , respectively. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2018 | |
Debt [Abstract] | |
Debt | 9 . DEBT The components of long-term debt are as follows (in thousands): March 31, 2018 December 31, 2017 Corporate: $500.0 million term loan $ 497,500 $ 498,750 $120.0 million convertible notes due 2018 62,191 61,442 $170.0 million convertible notes due 2022 138,180 136,739 Green Plains Partners: $235.0 million revolving credit facility 129,000 126,900 Other 27,642 27,744 Total face value of long-term debt 854,513 851,575 Unamortized debt issuance costs (17,804) (16,256) Less: current portion of long-term debt (68,925) (67,923) Total long-term debt $ 767,784 $ 767,396 The components of s hort-term notes payable and other borrowings are as follows: March 31, 2018 December 31, 2017 Green Plains Cattle: $425.0 million revolver $ 245,000 $ 270,860 Green Plains Grain: $125.0 million revolver 95,000 75,000 $50.0 million inventory financing 49,466 - Green Plains Trade: $300.0 million revolver 144,219 180,320 $ 533,685 $ 526,180 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 combin ation 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 upon the occurrence of certain events, including when the quarterly cash dividend exceeds $0.04 per share. The conversion rate was recently adjusted as of March 31, 2018 to 50.4543 shares of common stock per $1,000 of principal, which is equal to a conversion price of approximately $19.82 per share. For all conversions of notes which occur on or after April 1, 2018, the company has elected to convert for whole shares of common stock with any fractional share being settled with cash in lieu. 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. 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, except for 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. S cheduled principal payments are $1.25 million each quarter 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 We have small equipment financing loans, capital leases on equipment or facilities, and other forms of debt financing. 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. The total unused portion of the $125.0 million revolving credit facility is also subject to a commitment fee ranging from 0.375% to 0.50% per annum depending on utilization. Lenders receive a first priority lien on certain cash, inventory, accounts receivable and other assets owned by Green Plains Grain and a second priority lien on substantially all of the assets of the company, including 17 ethanol production facilities and vinegar production facilities as security on the credit facility. The terms impose affirmative and negative covenants, including maintaining minimum working capital of $22.0 million and tangible net worth of $27.0 million . Capital expenditures are limited to $8.0 million per year under the credit facility, plus equity contributions from the company and unused amounts of up to $8.0 million from the previous year. In addition, the credit facility requires the company to maintain a minimum fixed charge coverage ratio of 1.25 to 1.00 and a maximum annual leverage ratio of 6.00 to 1.00 at the end of each quarter. The fixed charge coverage ratio and long-term capitalization ratio apply only if the company has long-term indebtedness on the date of calculation. As of March 31, 2018, 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 Grain has entered into short-term inventory financing agreements with a financial institution. At March 31, 2018, 13.3 million bushels of corn had been designated as collateral under these agreements at initial values totaling $48.7 million. The company has accounted for the agreements as short-term notes, rather than sales, and has elected the fair value option to offset fluctuations in market prices of the inventory. At March 31, 2018, the short-term notes payable were valued at $49.5 million and were measured using Level 2 inputs. Green Plains Trade has a $300.0 million senior secured asset-based revolving credit facility to finance working capital for marketing and distribution activities based on eligible collateral equal to the sum of percentages of eligible receivables and inventories, less miscellaneous adjustments. The amended credit facility consists of a $285 million credit facility and a $15 million first-in-last-out (FILO) credit facility , and 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 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 minimum 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 March 31, 2018 , Green Plains T rade had restricted cash of $0.7 million on the consolidated balance sheet, the use of which was re stricted 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 and a second priority lien on substantially all of the assets of the company, including 17 ethanol production facilities and vinegar production facilities as security on the credit facility . The amended terms impose affirmative and negative covenants, including maintaining a minimum working capital of 15% of the commitment amount, minimum tangible net worth of 20% of the commitment amount, plus 50% of net profit from the previous year, and a maximum 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. Partnership Segment Green Plains Partners, through a wholly owned subsidiary, has a $235.0 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. On February 20, 2018, the partnership accessed an additional $40.0 million to increase the revolving credit facility from $195.0 million to $235.0 million. The credit facility can be increased by an additional $20.0 million without the consent of the lenders. 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 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 3.50x , and a minimum consolidated interest coverage ratio of 2.75x , each of which is calculated on a pro forma basis with respect to acquisitions and divestitures occurring during the applicable period. Covenant Compliance The company was in compliance with its debt covenants as of March 31, 2018 . Capitalized Interest The compa ny had $ 24 thousand and $11 thousand of capitalized interest during the three months ended March 31, 2018 , and 2017 , respectively. Restricted Net Assets At March 31, 2018 , there were approximately $ 167.4 million of net assets at the company’s subsidiaries that could not be transferred to the parent company in the form of dividends, loans or advances due to restrictions contained in the credit facilities of these subsidiaries. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2018 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 10 . 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, performance shares, 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, with no adjustments for estimated forfeitures. The company records noncash compensation expense related to equity awards in its consolidated financial statements over the requisite p eriod on a straight-line basis. Stock Options The activity related to the exercisable stock options for the three months ended March 31, 2018 , is as follows: Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2017 143,750 $ 12.44 1.8 $ 635 Granted - - - - Exercised (5,000) 10.00 - 40 Forfeited - - - - Expired - - - - Outstanding at March 31, 2018 138,750 $ 12.52 1.6 $ 595 Exercisable at March 31, 2018 (1) 138,750 $ 12.52 1.6 $ 595 (1) Includes in-the-money options totaling 128,750 shares at a weighted-average exercise price of $ 12.18 . 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 shares in the open market. The company uses newly issued shares of common stock to satisfy its stock-based payment obligations. Restricted Stock The non-vested stock award and deferred stock unit activity for the three months ended March 31, 2018 , is as follows: Non-Vested Shares and Deferred Stock Units Weighted- Average Grant- Date Fair Value Weighted-Average Remaining Vesting Term (in years) Non-Vested at December 31, 2017 1,068,947 $ 20.41 Granted 446,440 18.15 Forfeited (1,926) 20.50 Vested (457,161) 20.17 Non-Vested at March 31, 2018 1,056,300 $ 19.56 2.2 Performance Shares On March 19, 2018, the board of directors granted 153,030 performance shares to be awarded in the form of common stock to certain participants of the plan. Performance shares vest based on the company's average return on net assets (RONA) and the company’s total shareholder return (TSR) , as further described herein. The performance shares vest on March 19, 2021, if the RONA and TSR criteria are achieved and the participant is then employed by the company. Fifty percent of the performance shares vest based upon the company’s ability to achieve a predetermined RONA during the three year performance period. The remaining fifty percent of the performance shares vest based upon the company’s total TSR during the three year performance period relative to that of the company’s performance peer group. The performance shares were granted at a target of 100% , but each performance share will reduce or increase depending on results for the performance period for the company's RONA, and the company’s TSR relative to that of the performance peer group. If the company’s RONA and TSR achieve the maximum goals, the maximum amount of shares available to be issued pursuant to this award is 229,545 performance shares or 150% of the 153,030 performance shares granted on March 19, 2018. The actual number of performance shares that will ultimately vest is based on the actual percentile ranking of the company’s RONA, and the company’s TSR compared to the peer performance at the end of the performance period. The company used the Monte Carlo valuation model to estimate the fair value of the performance shares on the date of the grant. The weighted average assumptions used by the company in applying the Monte Carlo valuation model for performance share grants during the three months ended March 31, 2018 are illustrated in the following table: Three Months Ended March 31, 2018 Risk-free interest rate 2.44 % Dividend yield 2.64 % Expected volatility 45.11 % The Monte Carlo valuation also estimated the number of performance shares that would be awarded which is reflected in the fair value on the grant date. The Monte Carlo valuation assumed 97.39% of the performance shares granted on March 19, 2018 would be awarded on March 19, 2021 based upon the estimated c ompany’s total shareholder return rel ative to peer performance. The c ompany’s closing stock price was $18.15 on the date of the grant. At March 31, 2018 unrecognized stock compensation expense of $2.7 million, excluding any potential forfeitures, will be recognized over the vesting period of these performance share awards on a straight-line basis. Green Plains Partners Green Plains Partners 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. There was no change in the number of non-vested unit-based awards during the three months ended March 31, 2018 . Compensation costs for stock-based and unit-based payment plans were approximately $ 2.4 million and $ 2.5 million for the three months ended March 31, 2018 and 2017 , respectively. At March 31, 2018 , there was $ 18.6 million of unrecognized compensation costs from stock-based and unit-based compensation related to non-vested awards , excluding performance shares noted above . This compensation is expected to be recognized over a weighted-average period of approximately 2.2 years. The pote ntial tax benefit related to stock-based payment is approximately 24.3 % of these expe nses . |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 1 1 . 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. 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): Three Months Ended March 31, 2018 2017 Basic EPS: Net loss attributable to Green Plains $ (24,117) $ (3,597) Weighted average shares outstanding - basic 40,164 38,420 EPS - basic $ (0.60) $ (0.09) EPS - diluted $ (0.60) $ (0.09) Ten thousand shares of stock options were excluded from the computation of diluted EPS for the three months ended March 31, 2018, because the exercise price of the corresponding awards were greater than the market price of the company’s common stock at the end of the period. Also, e xcluded from the computation of diluted EPS were 9.9 million shares and 12.1 million shares related to the effect of the convertible debt and stock-based compensation awards for the three months ended March 31, 201 8 and 201 7 , respectively, as the inclusion of these shares would have been antidilutive. |
Stockholders Equity
Stockholders Equity | 3 Months Ended |
Mar. 31, 2018 | |
Stockholders Equity [Abstract] | |
Stockholders Equity | 1 2 . STOCKHOLDERS’ EQUITY Components of stockholders’ equity are as follows (in thousands): Accum. Total Additional Other Green Plains Non- Total Common Stock Paid-in Retained Comp. Treasury Stock Stockholders' Controlling Stockholders' Shares Amount Capital Earnings Income Shares Amount Equity Interests Equity Balance, December 31, 2017 46,410 $ 46 $ 685,019 $ 325,411 $ (13,110) 5,326 $ (55,184) $ 942,182 $ 116,954 $ 1,059,136 Reclassification of certain tax effects from other comprehensive loss (Note 1) - - - 2,787 (2,787) - - - - - Balance, January 1, 2018 46,410 46 685,019 328,198 (15,897) 5,326 (55,184) 942,182 116,954 1,059,136 Net income (loss) - - - (24,117) - - - (24,117) 4,662 (19,455) Cash dividends and distributions declared - - - (4,831) - - - (4,831) (5,420) (10,251) Other comprehensive income before reclassification - - - - 17,150 - - 17,150 - 17,150 Amounts reclassified from accumulated other comprehensive income - - - - (603) - - (603) - (603) Other comprehensive income, net of tax - - - - 16,547 - - 16,547 - 16,547 Stock-based compensation 284 1 (512) - - - - (511) 60 (451) Stock options exercised 5 - 50 - - - - 50 - 50 Balance, March 31, 2018 46,699 $ 47 $ 684,557 $ 299,250 $ 650 5,326 $ (55,184) $ 929,320 $ 116,256 $ 1,045,576 Amounts reclassified from accumulated other comprehensive income are as follows (in thousands): Three Months Ended March 31, Statements of Operations 2018 2017 Classification Gains on cash flow hedges: Commodity derivatives $ 1,761 $ 4,152 Revenues Commodity derivatives (978) 830 Cost of goods sold Total 783 4,982 Income before income taxes Income tax expense 180 1,848 Income tax expense Amounts reclassified from accumulated other comprehensive income $ 603 $ 3,134 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2018 | |
Income Taxes [Abstract] | |
Income Taxes | 13. INCOME TAXES The company records actual income tax expense or benefit during interim periods rather than on an annual effective tax rate method. Certain items are given discrete period treatment and the tax effect of those items are reported in full in the relevant interim period. Green Plains Partners is a limited partnership, which is treated as a flow-through entity for federal income tax purposes and is not subject to federal income taxes. As a result, the consolidated financial statements do not reflect income taxes on pre-tax income or loss attributable to the noncontrolling interest in the partnership. 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% . Due to the significance of the legislation, the SEC issued Staff Accounting Bulletin 118 (SAB 118), which provides a measurement period to complete the accounting for certa in elements of the tax reform. The company is still analyzing certain other provisions of the legislation and its impact to future income taxes, including interest expense limitation to 30% of adjusted taxable income, use of AMT credit carryforwards, limitation of net operating loss carryforwards to 80% of taxable income, and deducib ility of officer compensation. Any subsequent adjustments will be recorded as tax expense during the period in which the analysis is complete. The company recorded income tax benefit of $6.0 million for the three months ended March 31, 2018, compared with $2.4 million for the same period in 2017. The increase in income tax benefit was due to a higher loss before income taxes for the three months ended March 31, 2018. The amount of unrecognized tax benefits for uncertain tax positions was $35.6 million as of March 31, 2018 , and $26.0 million as of December 31, 2017 . Recognition of these benefits would have a favorable impact on the company’ s effective tax rate. The 2018 effective tax rate can be affected by variances in the estimates and amounts of taxable income among the various states, entities and activity types, realization of tax credits, adjustments from resolution of tax matters under review, valuation allowances and the company’s assessment of its liability for uncertain tax positions. |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 1 4 . COMMITMENTS AND CONTINGENCIES Operating Leases The company leases certain facilities, equipment and parcels of land under agreements that expire at various dates. For accounting purposes, rent expense is based on a straight-line amortization of the total payments required over the lease. The company incurred lease expenses of $ 10.7 million and $10.3 million during the three months ended March 31, 2018 and 2017, respectively. Aggregate minimum lease payments under these agreements for the remainder of 2018 and in future years are as follows (in thousands): Year Ending December 31, Amount 2018 $ 23,195 2019 23,505 2020 17,478 2021 9,726 2022 7,636 Thereafter 24,443 Total $ 105,983 Commodities As of March 31, 2018 , the company had contracted future purchases of grain, corn oil, natural gas, crude oil, ethanol, distillers grains and cattle, valu ed at approximately $ 594.3 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. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 1 5 . RELATED PARTY TRANSACTIONS Commercial Contracts In March 2014, a subsidiary of the company entered into $1.4 million of new equipment financing agreements with Amur Equipment Finance. Gordon Glade, a member of the company’s board of directors, is a shareholder of Amur Equipment Finance. Balances of $ 0.5 million and $0.6 million related to these financing arrangements were included in debt at March 31, 2018 , and December 31, 2017 , respectively. Payments, including principal and interest, totaled $ 69 thousand during each of the three months ended March 31, 2018 and 2017 . The weighted average interest rate for the financing agreements with Amur Equipment Finance was 6.8 %. Aircraft Leases Effective January 1, 2015, the company entered into two agreements with an entity controlled by Wayne Hoovestol for the lease of two aircrafts. Mr. Hoovestol is chairman of the company’s board of directors. The company agreed to pay $ 9,766 per month for the combined use of up to 125 hours per year of the aircrafts. Flight time in excess of 125 hours per year will incur additional hourly charges. Payments related to these leases totaled $57 thousand and $60 thousand during the three months ended March 31, 2018 and 2017 , respectively. The company had no outstanding payables related to these agreements as of March 31, 2018 and $2 thousand in outstanding payables related to these agreements as of December 31, 2017. |
Basis Of Presentation And Descr
Basis Of Presentation And Description Of Business And Summary Of Significant Accounting Policies (Policy) | 3 Months Ended |
Mar. 31, 2018 | |
Basis Of Presentation, Description Of Business And Summary Of Significant Accounting Policies [Abstract] | |
Consolidated Financial Statements | Consolidated Financial Statements The consolidated financial statements include the company’s accounts and all significant intercompany balances and transactions are eliminated. Unconsolidated entities are included in the financial statements on an equity basis. The company owns a 62.5% limited partner interest and a 2.0% general partner interest in Green Plains Partners LP. Public investors own the remaining 35.5% limited partner interest in the partnership. The 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 in the company’s financial statements. The assets of the partnership cannot be used by the company for general corporate purposes. The partnership’s consolidated total assets as of March 31, 2018 and December 31, 2017, excluding intercompany balances, are $75.6 million and $74.9 million, respectively, and primarily consist of property and equipment and goodwill. The partnership’s consolidated total liabilities as of March 31, 2018 and December 31, 2017, excluding intercompany balances, are $158.9 million and $153.0 million, respectively, which primarily consist of long-term debt as discussed in Note 9 – Debt . The liabilities recognized as a result of consolidating the partnership do not represent additional claims on our general assets. The company also owns a 90.0% interest in BioProcess Algae, a joint venture formed in 2008, and consolidates their results in its consolidated financial statements. The accompanying unaudited consolidated financial statements are prepared in accordance with GAAP for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Because they do not include all of the information and notes required by GAAP, the consolidated financial statements should be read in conjunction with the company’s annual report on Form 10-K for the year ended December 31, 2017 . The unaudited financial information reflects adjustments which are, in the opinion of management, necessary for a fair presentation of results of operations, financial position and cash flows for the periods presented. The adjustments are normal and recurring in nature, unless otherwise noted. Interim period results are not necessarily indicative of the results to be expected for the entire year. |
Reclassifications | Reclassifications Certain prior year amounts were reclassified to conform to the current year presentation. These reclassifications did not affect total revenues, costs and expenses, net income (loss) 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 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 | Description of Business The company operates within four business segments: (1) ethanol production, which inc ludes the production of ethanol and distillers grains , and recovery of 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. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents includes bank deposits as well as short-term, highly liquid investments with original maturities of three months or less. |
Restricted Cash | Restricted Cash The company has restricted cash, which can only be used for the funding of letters of credit or for payment towards a revolving credit agreement. Restricted cash also includes cash margins and securities pledged to commodity exchange clearinghouses. To the degree these segregated balances are cash and cash equivalents, they are considered restricted cash on the consolidated statements of cash flows. |
Revenue Recognition | Revenue Recognition The company recognizes revenue at the point in time when the product or service is transferred to the customer. Sales of ethanol, distillers grains, corn oil, natural gas and other commodities by the company’s marketing business are recognized when obligations under the terms of a contract with a customer are satisfied. Generally this occurs with the transfer of control of products or services. Revenues related to marketing for third parties are presented on a gross basis as the company controls the product prior to the sale to the end customer, takes title of the product and has inventory risk. Unearned revenue is recorded for goods in transit when the company has received payment but control has not yet been transferred to the customer. Revenues for receiving, storing, transferring and transporting ethanol and other fuels are recognized when the product is delivered to the customer. The company routinely enters into physical-delivery energy commodity purchase and sale agreements. At times, the company settles these transactions by transferring its obligations to other counterparties rather than delivering the physical commodity. 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. Sales of products, including agricultural commodities, cattle and vinegar, are recognized when control of the product is transferred to the customer, which depends on the agreed upon shipment or delivery terms. Revenues related to grain merchandising are presented gross and include shipping and handling, which is also a component of cost of goods sold. Revenues from grain storage are recognized when services are rendered. A substantial portion of the partnership revenues are derived from fixed-fee commercial agreements for storage, terminal or transportation services. The partnership recognizes revenue upon transfer of control of product from its storage tanks and fuel terminals, when railcar volumetric capacity is provided, and as truck transportation services are performed. |
Shipping and Handling Costs | Shipping and Handling Costs We account for shipping and handling activities related to contracts with customers as costs to fulfill our promise to transfer the associated products. Accordingly, we record customer payments associated with shipping and handling costs as a component of revenue, and classify such costs as a component of cost of goods sold. |
Cost Of Goods Sold | Cost of Goods Sold Cost of goods sold includes direct labor, materials, shipping and plant overhead costs. Direct labor includes all compensation and related benefits of non-management personnel involved in ethanol and 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 and forward purchase and sales contracts to attempt to minimize the effect of price changes on grain, natural gas and cattle inventories. 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 include 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 attempt to minimize risk and the effect of commodity price changes 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, cash flow hedge accounting treatmen t. 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. At times, the company hedges its exposure to changes in inventory values and designates qualifying derivatives as fair value hedges. The carrying amount of the hedged inventory is adjusted in the current period for changes in fair value. Ineffectiveness of the hedges is recognized in the current period to the extent the change in fair value of the inventory is not offset by the change in fair value of the derivative. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Effective January 1, 2018, the company adopted the amended guidance in ASC Topic 606, Revenue from Contracts with Customers. Please refer to Note 2 – Revenue for further details. Effective January 1, 2018, the company adopted 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 was applied retrospectively. As a result, net cash used in operating activities for the three months ended March 31, 2017 was adjusted to exclude the change in restricted cash and decreased the previously reported balance by $21.7 million. Net cash provided by financing activities for the three months ended March 31, 2017 was adjusted to exclude the change in restricted cash and decreased the previously reported balance by $13.0 million. Effective January 1, 2018, the company adopted 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 is required on a modified retrospective basis, with a cumulative-effect adjustment to retained earnings as of the beginning of the year of adoption. The adoption of the guidance did not have an impact to the financial statements. Effective January 1, 2018, the company adopted the amended guidance in ASC Topic 805, Business Combinations: Clarifying the Definition of a Business , which clarifies the definition of a business and provides guidance to assist companies and other reporting organizations evaluate 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 early adopted 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, and used wh en the annual impairment test is performed in the current year. The company does not expect the impact of adopting the amended guidance to have a material impact on the consolidated financial statements. Effective January 1, 2018, the company early adopted the amended guidance in ASC Topic 220, Income Statement – Reporting Comprehensive Income: Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The amendment eliminates the stranded tax effects resulting from the Tax Cuts and Jobs Act and is intended to improve the usefulness of information reported. As a result, the company recorded a $2.8 million reclassification from accumulated other comprehensive income to retained earnings as o f the beginning of the period. It is the company’s policy to release income tax effects from accumulated other comprehensive income using the portfolio approach. 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 and interim periods within those years, beginning after December 15, 2018, 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. |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Revenue [Abstract] | |
Disaggregatation Of Revenue By Major Source | The following table disaggregates revenue by major source for the three months ended March 31, 2018 (in thousands): Three Months Ended March 31, 2018 Ethanol Production Agribusiness & Energy Services Food & Ingredients Partnership Eliminations Total Revenues: Revenues from contracts with customers under ASC Topic 606: Distillers grains $ 29,997 $ - $ - $ - $ - $ 29,997 Cattle and vinegar - - 267,416 - - 267,416 Service revenues - - - 1,218 - 1,218 Other 131 677 - - - 808 Intersegment revenues 662 - 42 - (704) - Total revenues from contracts with customers 30,790 677 267,458 1,218 (704) 299,439 Revenues from contracts accounted for as derivatives under ASC Topic 815 (1) : Ethanol 445,039 122,541 - - - 567,580 Distillers grains 67,709 21,212 - - - 88,921 Corn oil 16,470 8,670 2,287 - - 27,427 Grain 133 14,286 - - - 14,419 Cattle and vinegar - - 8,406 - - 8,406 Other 4,284 34,401 - - - 38,685 Intersegment revenues 1,291 11,429 - 2,172 (14,892) - Total revenues from contracts accounted for as derivatives 534,926 212,539 10,693 2,172 (14,892) 745,438 Leasing revenues under ASC Topic 840 (2) - - - 22,495 (22,085) 410 Total Revenues $ 565,716 $ 213,216 $ 278,151 $ 25,885 $ (37,681) $ 1,045,287 (1) Revenues from contracts accounted for as derivatives represent physically settled derivative sales that are outside the scope of ASC Topic 606, Revenue from Contracts with Customers (ASC Topic 606), where the company recognizes revenue when control of the inventory is transferred within the meaning of ASC Topic 606 as required by ASC Topic 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets . (2) Leasing revenues do not represent revenues recognized from contracts with customers un der ASC Topic 606, and continue to be accounted for under ASC Topic 840, Leases . |
Changes in Unearned Revenue From Contracts With Customers | The following table reflects the changes in unearned revenue from contracts with customers for the three months ended March 31, 2018 (in thousands): March 31, 2018 December 31, 2017 Three Month Change Unearned revenue $ 228 $ 194 $ 34 |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 $ 21,827 Prepaid expenses and other 52 Property and equipment, net 36,960 Current liabilities (180) Total identifiable net assets $ 58,659 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs (Level 1) (Level 2) Total Assets: Cash and cash equivalents $ 240,964 $ - $ 240,964 Restricted cash 24,271 - 24,271 Inventories carried at market - 123,502 123,502 Unrealized gains on derivatives - 12,190 12,190 Other assets 114 25 139 Total assets measured at fair value $ 265,349 $ 135,717 $ 401,066 Liabilities: Accounts payable (1) $ - $ 10,826 $ 10,826 Unrealized losses on derivatives - 12,086 12,086 Other - 6 6 Total liabilities measured at fair value $ - $ 22,918 $ 22,918 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 45,709 - 45,709 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 $ 312,475 $ 38,879 $ 351,354 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 (1) Accounts payable is generally stated at historical amounts with the exception of $10.8 million and $ 37.4 million at Marc h 31, 2018 and December 31, 2017 , 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) | 3 Months Ended |
Mar. 31, 2018 | |
Segment Information [Abstract] | |
Summary Of Financial Data | The following tables set forth certain financial data for the company’s operating segments (in thousands): Three Months Ended March 31, 2018 2017 Revenues: Ethanol production: Revenues from external customers $ 563,763 $ 619,879 Intersegment revenues 1,953 1,496 Total segment revenues 565,716 621,375 Agribusiness and energy services: Revenues from external customers 201,787 168,311 Intersegment revenues 11,429 9,492 Total segment revenues 213,216 177,803 Food and ingredients: Revenues from external customers 278,109 98,022 Intersegment revenues 42 38 Total segment revenues 278,151 98,060 Partnership: Revenues from external customers 1,628 1,472 Intersegment revenues 24,257 25,757 Total segment revenues 25,885 27,229 Revenues including intersegment activity 1,082,968 924,467 Intersegment eliminations (37,681) (36,783) Revenues as reported $ 1,045,287 $ 887,684 Refer to Note 2 - Revenue , for further disaggregation of revenue by operating segment. Three Months Ended March 31, 2018 2017 Cost of goods sold: Ethanol production $ 564,559 $ 599,138 Agribusiness and energy services 201,712 166,394 Food and ingredients 259,765 83,035 Partnership - - Intersegment eliminations (37,701) (36,671) $ 988,335 $ 811,896 Three Months Ended March 31, 2018 2017 Operating income (loss): Ethanol production $ (27,529) $ (6,598) Agribusiness and energy services 7,064 6,369 Food and ingredients 12,585 9,626 Partnership 15,360 16,619 Intersegment eliminations 68 (75) Corporate activities (11,473) (8,549) $ (3,925) $ 17,392 Three Months Ended March 31, 2018 2017 EBITDA: Ethanol production $ (7,095) $ 13,824 Agribusiness and energy services 7,702 7,013 Food and ingredients 15,997 12,514 Partnership 16,623 17,894 Intersegment eliminations 68 (75) Corporate activities (10,175) (7,321) $ 23,120 $ 43,849 Three Months Ended March 31, 2018 2017 Depreciation and amortization: Ethanol production $ 20,436 $ 20,342 Agribusiness and energy services 630 660 Food and ingredients 3,404 2,880 Partnership 1,181 1,254 Corporate activities 823 947 $ 26,474 $ 26,083 |
Schedule Of Reconciliation Of Net Income (Loss) To EBITDA | Three Months Ended March 31, 2018 2017 Net income (loss) $ (19,455) $ 1,651 Interest expense 22,128 18,496 Income tax benefit (6,027) (2,381) Depreciation and amortization 26,474 26,083 EBITDA $ 23,120 $ 43,849 |
Summary Of Total Assets For Operating Segments | Three Months Ended March 31, 2018 2017 Depreciation and amortization: Ethanol production $ 20,436 $ 20,342 Agribusiness and energy services 630 660 Food and ingredients 3,404 2,880 Partnership 1,181 1,254 Corporate activities 823 947 $ 26,474 $ 26,083 The following table reconciles net income (loss) to EBITDA (in thousands): Three Months Ended March 31, 2018 2017 Net income (loss) $ (19,455) $ 1,651 Interest expense 22,128 18,496 Income tax benefit (6,027) (2,381) Depreciation and amortization 26,474 26,083 EBITDA $ 23,120 $ 43,849 The following table sets forth total assets by operating segment (in thousands): March 31, 2018 December 31, 2017 Total assets (1) : Ethanol production $ 1,072,614 $ 1,144,459 Agribusiness and energy services 529,166 554,981 Food and ingredients 711,065 725,232 Partnership 75,649 74,935 Corporate assets 284,785 295,217 Intersegment eliminations (13,410) (10,174) $ 2,659,869 $ 2,784,650 Asset balances by segment exclude intercompany receivable balances . |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Inventories [Abstract] | |
Schedule of Inventories | March 31, 2018 December 31, 2017 Finished goods $ 128,476 $ 146,269 Commodities held for sale 45,328 65,693 Raw materials 157,390 144,520 Work-in-process 291,505 320,664 Supplies and parts 36,327 34,732 $ 659,026 $ 711,878 |
Derivative Financial Instrume29
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Schedule Of Fair Values Of Derivative Financial Instruments | Asset Derivatives' Liability Derivatives' Fair Value Fair Value March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 Derivative financial instruments (1) $ 12,190 $ 12,045 $ - $ 12,884 Other assets 25 - - - Accrued and other liabilities - - 12,086 - Other liabilities - - 6 92 Total $ 12,215 $ 12,045 $ 12,092 $ 12,976 (1) At March 31, 2018 , derivative financial instruments, as reflecte d on the balance sheet, include net unrealized gains on exchange traded futures and options contracts of $7.8 million , which included $24.7 million of net unrealized gains on derivative financial instruments designated a s cash flow hedging instruments . At December 31, 2017 , derivative financial instruments, as reflected on the balance sheet, includes net unrealized gains on exchange traded futures and options contracts of $8.5 million , which included $0.3 million of net unrealized gains on derivative financial instruments designated a s cash flow hedging instruments . . |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | 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 Three Months Ended March 31, Accumulated Other Comprehensive Income into Income 2018 2017 Revenues $ 1,761 $ 4,152 Cost of goods sold (978) 830 Net increase recognized in earnings before tax $ 783 $ 4,982 Amount of Gain Recognized in Other Comprehensive Income on Derivatives Gain Recognized in Three Months Ended March 31, Other Comprehensive Income on Derivatives 2018 2017 Commodity contracts $ 22,266 $ 2,610 Location of Gain or Amount of Gain or (Loss) Recognized in Income on Derivatives Derivatives Not Designated (Loss) Recognized in Three Months Ended March 31, as Hedging Instruments Income on Derivatives 2018 2017 Commodity contracts Revenues $ 936 $ (5,048) Commodity contracts Costs of goods sold (6,998) 11,936 $ (6,062) $ 6,888 As of March 31, 2018, the following amounts were recorded on the consolidated balance sheets related to cumulative basis adjustments for the fair value hedged items (in thousands): Line Item in the Consolidated Balance Sheet in Which the Hedged Item is Included Carrying Amount of the Hedged Assets Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets Inventories $ 95,064 $ 8,336 As of December 31, 2017, no amounts were recorded on the consolidated balance sheets related to cumulative basis adjustments for the fair value hedged items. Effect of Cash Flow and Fair Value Hedge Accounting on the Statement of Financial Performance The effect of cash flow and fair value hedges and the line items on the consolidated statements of operations where they are reported are as follows (in thousands): Location and Amount of Gain or (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships for the Three Months Ended March 31, 2018 2017 Revenue Cost of Goods Sold Revenue Cost of Goods Sold Gain (loss) on cash flow hedging relationships: Commodity contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income $ 1,761 $ (978) $ 4,152 $ 830 Gain (loss) on fair value hedging relationships: Commodity contracts: Hedged item - 9,393 1,421 (1,928) Derivatives designated as hedging instruments - (8,432) (1,095) 3,039 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 $ 1,761 $ (17) $ 4,478 $ 1,941 |
Schedule Of Volumes of Open Commodity Derivative Positions [Member] | |
Schedule Of Open Position Derivative Financial Instruments | March 31, 2018 Exchange Traded Non-Exchange Traded Derivative Instruments Net Long & (Short) (1) Long (2) (Short) (2) Unit of Measure Commodity Futures (32,565) Bushels Corn, Soybeans and Wheat Futures 500 (3) Bushels Corn Futures (20,915) (4) Bushels Corn Futures 16,031 Gallons Ethanol Futures (45,360) (3) Gallons Ethanol Futures 1,033 MmBTU Natural Gas Futures (6,250) (4) MmBTU Natural Gas Futures (18,810) Pounds Livestock Futures (220,680) (3) Pounds Livestock Futures 120 Barrels Crude Oil Futures (43) (4) Barrels Crude Oil Futures 2,184 (3) Gallons Natural Gasoline Options 12,269 Bushels Corn, Soybeans and Wheat Options 1,943 Gallons Ethanol Options 624 MmBTU Natural Gas Options (15,067) Pounds Livestock Options (103) Barrels Crude Oil Forwards 52,262 (580) Bushels Corn and Soybeans Forwards 47,196 (269,766) Gallons Ethanol Forwards 223 (328) Tons Distillers Grains Forwards 27,370 (107,012) Pounds Corn Oil Forwards 23,268 (2,587) 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. (4) Futures or non-exchange traded forwards used for fair value hedges. |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Debt [Abstract] | |
Schedule Of The Components Of Long-Term Debt | The components of long-term debt are as follows (in thousands): March 31, 2018 December 31, 2017 Corporate: $500.0 million term loan $ 497,500 $ 498,750 $120.0 million convertible notes due 2018 62,191 61,442 $170.0 million convertible notes due 2022 138,180 136,739 Green Plains Partners: $235.0 million revolving credit facility 129,000 126,900 Other 27,642 27,744 Total face value of long-term debt 854,513 851,575 Unamortized debt issuance costs (17,804) (16,256) Less: current portion of long-term debt (68,925) (67,923) Total long-term debt $ 767,784 $ 767,396 |
Schedule Of Short-term Notes Payable And Other Borrowings | March 31, 2018 December 31, 2017 Green Plains Cattle: $425.0 million revolver $ 245,000 $ 270,860 Green Plains Grain: $125.0 million revolver 95,000 75,000 $50.0 million inventory financing 49,466 - Green Plains Trade: $300.0 million revolver 144,219 180,320 $ 533,685 $ 526,180 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Stock-Based Compensation [Abstract] | |
Schedule Of Stock Option Activity | The activity related to the exercisable stock options for the three months ended March 31, 2018 , is as follows: Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2017 143,750 $ 12.44 1.8 $ 635 Granted - - - - Exercised (5,000) 10.00 - 40 Forfeited - - - - Expired - - - - Outstanding at March 31, 2018 138,750 $ 12.52 1.6 $ 595 Exercisable at March 31, 2018 (1) 138,750 $ 12.52 1.6 $ 595 (1) Includes in-the-money options totaling 128,750 shares at a weighted-average exercise price of $ 12.18 . |
Schedule of Non-Vest Stock Award and Deferred Stock Unit Activity | Non-Vested Shares and Deferred Stock Units Weighted- Average Grant- Date Fair Value Weighted-Average Remaining Vesting Term (in years) Non-Vested at December 31, 2017 1,068,947 $ 20.41 Granted 446,440 18.15 Forfeited (1,926) 20.50 Vested (457,161) 20.17 Non-Vested at March 31, 2018 1,056,300 $ 19.56 2.2 |
The Weighted Average Assumptions Used by the Company in Applying the Monte Carlo Valuation Model for Performance Share Grants | Three Months Ended March 31, 2018 Risk-free interest rate 2.44 % Dividend yield 2.64 % Expected volatility 45.11 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule Of Basic And Diluted Earnings Per Share | Three Months Ended March 31, 2018 2017 Basic EPS: Net loss attributable to Green Plains $ (24,117) $ (3,597) Weighted average shares outstanding - basic 40,164 38,420 EPS - basic $ (0.60) $ (0.09) EPS - diluted $ (0.60) $ (0.09) |
Stockholders Equity (Tables)
Stockholders Equity (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Stockholders Equity [Abstract] | |
Schedule Of Stockholders Equity | Accum. Total Additional Other Green Plains Non- Total Common Stock Paid-in Retained Comp. Treasury Stock Stockholders' Controlling Stockholders' Shares Amount Capital Earnings Income Shares Amount Equity Interests Equity Balance, December 31, 2017 46,410 $ 46 $ 685,019 $ 325,411 $ (13,110) 5,326 $ (55,184) $ 942,182 $ 116,954 $ 1,059,136 Reclassification of certain tax effects from other comprehensive loss (Note 1) - - - 2,787 (2,787) - - - - - Balance, January 1, 2018 46,410 46 685,019 328,198 (15,897) 5,326 (55,184) 942,182 116,954 1,059,136 Net income (loss) - - - (24,117) - - - (24,117) 4,662 (19,455) Cash dividends and distributions declared - - - (4,831) - - - (4,831) (5,420) (10,251) Other comprehensive income before reclassification - - - - 17,150 - - 17,150 - 17,150 Amounts reclassified from accumulated other comprehensive income - - - - (603) - - (603) - (603) Other comprehensive income, net of tax - - - - 16,547 - - 16,547 - 16,547 Stock-based compensation 284 1 (512) - - - - (511) 60 (451) Stock options exercised 5 - 50 - - - - 50 - 50 Balance, March 31, 2018 46,699 $ 47 $ 684,557 $ 299,250 $ 650 5,326 $ (55,184) $ 929,320 $ 116,256 $ 1,045,576 |
Reclassification Accumulated Other Comprehensive Income (Loss) | Three Months Ended March 31, Statements of Operations 2018 2017 Classification Gains on cash flow hedges: Commodity derivatives $ 1,761 $ 4,152 Revenues Commodity derivatives (978) 830 Cost of goods sold Total 783 4,982 Income before income taxes Income tax expense 180 1,848 Income tax expense Amounts reclassified from accumulated other comprehensive income $ 603 $ 3,134 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Commitments And Contingencies [Abstract] | |
Schedule of Aggregate Minimum Lease Payments | Year Ending December 31, Amount 2018 $ 23,195 2019 23,505 2020 17,478 2021 9,726 2022 7,636 Thereafter 24,443 Total $ 105,983 |
Basis Of Presentation And Des35
Basis Of Presentation And Description Of Business And Summary Of Significant Accounting Policies (Narrative) (Details) $ in Thousands | Jul. 01, 2015 | Mar. 31, 2018USD ($)segment | Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($) | |
Asset | [1] | $ 2,659,869 | $ 2,784,650 | ||
Total liabilities | 1,614,293 | 1,725,514 | |||
Reclassification from accumulated other comprehensive income to retained earnings | $ 2,800 | ||||
Number of operating segments | segment | 4 | ||||
Increase in cash flows from operating activities, Share-based compensation | $ 2,439 | $ 2,511 | |||
Green Plains Partners L.P. [Member] | |||||
Asset | 75,600 | 74,900 | |||
Total liabilities | $ 158,900 | $ 153,000 | |||
Accounting Standards Update 2016-18 [Member] | |||||
Increase (Decrease) in Restricted Cash for Operating Activities | 21,700 | ||||
Proceeds from (Repayments of) Restricted Cash, Financing Activities | $ 13,000 | ||||
BioProcess Algae [Member] | |||||
Less than wholy owned subsidiary, parent ownership perecentage | 90.00% | ||||
IPO [Member] | Limited Partner [Member] | |||||
Ownership interest, public, percentage | 35.50% | ||||
IPO [Member] | Limited Partner [Member] | Green Plains Inc. [Member] | |||||
Ownership interest, percentage | 62.50% | ||||
IPO [Member] | General Partner [Member] | Green Plains Inc. [Member] | |||||
Ownership interest, percentage | 2.00% | ||||
[1] | Asset balances by segment exclude intercompany receivable balances |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Contract with Customer, Liability, Revenue Recognized | $ 194 |
Unearned revenue, Change | $ 34 |
Minimum [Member] | |
Revenue, Performance Obligation, Payment Terms | 10 days |
Maximum [Member] | |
Revenue, Performance Obligation, Payment Terms | 30 days |
Revenue (Disaggregatation Of Re
Revenue (Disaggregatation Of Revenue By Major Source) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Total revenues from contracts accounted for as derivatives under ASC 815 | [1] | $ 745,438 | |
Leasing revenues under ASC Topic 840 | [2] | 410 | |
Total revenues | 1,045,287 | $ 887,684 | |
Ethanol [Member] | |||
Total revenues from contracts accounted for as derivatives under ASC 815 | [1] | 567,580 | |
Distiller Grains [Member] | |||
Total revenues from contracts with customers | 29,997 | ||
Total revenues from contracts accounted for as derivatives under ASC 815 | [1] | 88,921 | |
Corn Oil [Member] | |||
Total revenues from contracts with customers | 299,439 | ||
Total revenues from contracts accounted for as derivatives under ASC 815 | [1] | 27,427 | |
Grain [Member] | |||
Total revenues from contracts accounted for as derivatives under ASC 815 | [1] | 14,419 | |
Cattle And Vinegar [Member] | |||
Total revenues from contracts with customers | 267,416 | ||
Total revenues from contracts accounted for as derivatives under ASC 815 | [1] | 8,406 | |
Service Revenues [Member] | |||
Total revenues from contracts with customers | 1,218 | ||
Other [Member] | |||
Total revenues from contracts with customers | 808 | ||
Total revenues from contracts accounted for as derivatives under ASC 815 | [1] | 38,685 | |
Ethanol Production [Member] | |||
Total revenues from contracts accounted for as derivatives under ASC 815 | [1] | 534,926 | |
Total revenues | 565,716 | 621,375 | |
Ethanol Production [Member] | Ethanol [Member] | |||
Total revenues from contracts accounted for as derivatives under ASC 815 | [1] | 445,039 | |
Ethanol Production [Member] | Distiller Grains [Member] | |||
Total revenues from contracts with customers | 29,997 | ||
Total revenues from contracts accounted for as derivatives under ASC 815 | [1] | 67,709 | |
Ethanol Production [Member] | Corn Oil [Member] | |||
Total revenues from contracts with customers | 30,790 | ||
Total revenues from contracts accounted for as derivatives under ASC 815 | [1] | 16,470 | |
Ethanol Production [Member] | Grain [Member] | |||
Total revenues from contracts accounted for as derivatives under ASC 815 | [1] | 133 | |
Ethanol Production [Member] | Other [Member] | |||
Total revenues from contracts with customers | 131 | ||
Total revenues from contracts accounted for as derivatives under ASC 815 | [1] | 4,284 | |
Ethanol Production [Member] | Intersegment Revenues [Member] | |||
Total revenues from contracts with customers | 662 | ||
Total revenues from contracts accounted for as derivatives under ASC 815 | [1] | 1,291 | |
Total revenues | 1,953 | 1,496 | |
Agribusiness And Energy Services [Member] | |||
Total revenues from contracts accounted for as derivatives under ASC 815 | [1] | 212,539 | |
Total revenues | 213,216 | 177,803 | |
Agribusiness And Energy Services [Member] | Ethanol [Member] | |||
Total revenues from contracts accounted for as derivatives under ASC 815 | [1] | 122,541 | |
Agribusiness And Energy Services [Member] | Distiller Grains [Member] | |||
Total revenues from contracts accounted for as derivatives under ASC 815 | [1] | 21,212 | |
Agribusiness And Energy Services [Member] | Corn Oil [Member] | |||
Total revenues from contracts with customers | 677 | ||
Total revenues from contracts accounted for as derivatives under ASC 815 | [1] | 8,670 | |
Agribusiness And Energy Services [Member] | Grain [Member] | |||
Total revenues from contracts accounted for as derivatives under ASC 815 | [1] | 14,286 | |
Agribusiness And Energy Services [Member] | Other [Member] | |||
Total revenues from contracts with customers | 677 | ||
Total revenues from contracts accounted for as derivatives under ASC 815 | [1] | 34,401 | |
Agribusiness And Energy Services [Member] | Intersegment Revenues [Member] | |||
Total revenues from contracts accounted for as derivatives under ASC 815 | [1] | 11,429 | |
Total revenues | 11,429 | 9,492 | |
Food And Ingredients [Member] | |||
Total revenues from contracts accounted for as derivatives under ASC 815 | [1] | 10,693 | |
Total revenues | 278,151 | 98,060 | |
Food And Ingredients [Member] | Corn Oil [Member] | |||
Total revenues from contracts with customers | 267,458 | ||
Total revenues from contracts accounted for as derivatives under ASC 815 | [1] | 2,287 | |
Food And Ingredients [Member] | Cattle And Vinegar [Member] | |||
Total revenues from contracts with customers | 267,416 | ||
Total revenues from contracts accounted for as derivatives under ASC 815 | [1] | 8,406 | |
Food And Ingredients [Member] | Intersegment Revenues [Member] | |||
Total revenues from contracts with customers | 42 | ||
Total revenues | 42 | 38 | |
Partnership [Member] | |||
Total revenues from contracts accounted for as derivatives under ASC 815 | [1] | 2,172 | |
Leasing revenues under ASC Topic 840 | [2] | 22,495 | |
Total revenues | 25,885 | 27,229 | |
Partnership [Member] | Corn Oil [Member] | |||
Total revenues from contracts with customers | 1,218 | ||
Partnership [Member] | Service Revenues [Member] | |||
Total revenues from contracts with customers | 1,218 | ||
Partnership [Member] | Intersegment Revenues [Member] | |||
Total revenues from contracts accounted for as derivatives under ASC 815 | [1] | 2,172 | |
Total revenues | 24,257 | 25,757 | |
Intersegment Eliminations [Member] | |||
Total revenues from contracts accounted for as derivatives under ASC 815 | [1] | (14,892) | |
Leasing revenues under ASC Topic 840 | [2] | (22,085) | |
Total revenues | (37,681) | $ (36,783) | |
Intersegment Eliminations [Member] | Corn Oil [Member] | |||
Total revenues from contracts with customers | (704) | ||
Intersegment Eliminations [Member] | Intersegment Revenues [Member] | |||
Total revenues from contracts with customers | (704) | ||
Total revenues from contracts accounted for as derivatives under ASC 815 | [1] | $ (14,892) | |
[1] | Revenues from contracts accounted for as derivatives represent physically settled derivative sales that are outside the scope of ASC Topic 606, Revenue from Contracts with Customers (ASC Topic 606), where the company recognizes revenue when control of the inventory is transferred within the meaning of ASC Topic 606 as required by ASC Topic 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets. | ||
[2] | Leasing revenues do not represent revenues recognized from contracts with customers under ASC Topic 606, and continue to be accounted for under ASC Topic 840, Leases. |
Revenue (Changes in Unearned Re
Revenue (Changes in Unearned Revenue From Contracts With Customers) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Revenue [Abstract] | ||
Unearned revenue | $ 228 | $ 194 |
Unearned revenue, Change | $ 34 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - Asset Purchase Agreement With Cargill Cattle Feeders, LLC [Member] $ in Millions | May 16, 2017USD ($)item |
Business Acquisition [Line Items] | |
Acquisition date | May 16, 2017 |
Number of cattle-feeding operations | item | 2 |
Feedlot capacity, head of cattle | item | 155,000 |
Purchase price | $ | $ 58.7 |
Working capital payment | $ | $ 1 |
Acquisitions (Schedule Of Ident
Acquisitions (Schedule Of Identifiable Assets Acquired And Liabilities Assumed) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | May 16, 2017 |
Business Acquisition [Line Items] | |||
Goodwill | $ 182,879 | $ 182,879 | |
Asset Purchase Agreement With Cargill Cattle Feeders, LLC [Member] | |||
Business Acquisition [Line Items] | |||
Inventory | $ 21,827 | ||
Prepaid expenses and other | 52 | ||
Property and equipment, net | 36,960 | ||
Current liabilities | (180) | ||
Total identifiable net assets | $ 58,659 |
Fair Value Disclosures (Narrati
Fair Value Disclosures (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value Disclosures [Abstract] | ||
Fair value of debt | $ 1,400,000 | $ 1,400,000 |
Accounts receivable, book value | $ 151,936 | $ 151,122 |
Fair Value Disclosures (Schedul
Fair Value Disclosures (Schedule Of Assets And Liabilities Fair Value) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Assets: | |||
Cash and cash equivalents | $ 240,964 | $ 266,651 | |
Restricted cash | 24,271 | 45,709 | |
Inventories carried at market | 123,502 | 26,834 | |
Unrealized gains on derivatives | 12,190 | 12,045 | |
Other assets | 139 | 115 | |
Total assets measured at fair value | 401,066 | 351,354 | |
Liabilities: | |||
Accounts payable | [1] | 10,826 | 37,401 |
Unrealized losses on derivatives | 12,086 | 12,884 | |
Other | 6 | 92 | |
Total liabilities measured at fair value | 22,918 | 50,377 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Assets: | |||
Cash and cash equivalents | 240,964 | 266,651 | |
Restricted cash | 24,271 | 45,709 | |
Other assets | 114 | 115 | |
Total assets measured at fair value | 265,349 | 312,475 | |
Significant Other Observable Inputs (Level 2) [Member] | |||
Assets: | |||
Inventories carried at market | 123,502 | 26,834 | |
Unrealized gains on derivatives | 12,190 | 12,045 | |
Other assets | 25 | ||
Total assets measured at fair value | 135,717 | 38,879 | |
Liabilities: | |||
Accounts payable | [1] | 10,826 | 37,401 |
Unrealized losses on derivatives | 12,086 | 12,884 | |
Other | 6 | 92 | |
Total liabilities measured at fair value | $ 22,918 | $ 50,377 | |
[1] | Accounts payable is generally stated at historical amounts with the exception of $10.8 million and $37.4 million at March 31, 2018 and December 31, 2017, respectively, related to certain delivered inventory for which the payable fluctuates based on changes in commodity prices. These payables are hybrid financial instruments for which the company has elected the fair value option. |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2018segment | |
Segment Information [Abstract] | |
Number of operating segments | 4 |
Segment Information (Summary Of
Segment Information (Summary Of Financial Data) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Segment Reporting Information [Line Items] | |||
Revenues | $ 1,045,287 | $ 887,684 | |
Leasing revenues under ASC Topic 840 | [1] | 410 | |
Cost of goods sold (excluding depreciation and amortization expenses reflected below) | 988,335 | 811,896 | |
Operating income (loss) | (3,925) | 17,392 | |
EBITDA | 23,120 | 43,849 | |
Depreciation and amortization | 26,474 | 26,083 | |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,082,968 | 924,467 | |
Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | (37,681) | (36,783) | |
Leasing revenues under ASC Topic 840 | [1] | (22,085) | |
Cost of goods sold (excluding depreciation and amortization expenses reflected below) | (37,701) | (36,671) | |
Operating income (loss) | 68 | (75) | |
EBITDA | 68 | (75) | |
Ethanol Production [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 565,716 | 621,375 | |
Cost of goods sold (excluding depreciation and amortization expenses reflected below) | 564,559 | 599,138 | |
Operating income (loss) | (27,529) | (6,598) | |
EBITDA | (7,095) | 13,824 | |
Depreciation and amortization | 20,436 | 20,342 | |
Ethanol Production [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 563,763 | 619,879 | |
Agribusiness And Energy Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 213,216 | 177,803 | |
Cost of goods sold (excluding depreciation and amortization expenses reflected below) | 201,712 | 166,394 | |
Operating income (loss) | 7,064 | 6,369 | |
EBITDA | 7,702 | 7,013 | |
Depreciation and amortization | 630 | 660 | |
Agribusiness And Energy Services [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 201,787 | 168,311 | |
Food And Ingredients [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 278,151 | 98,060 | |
Cost of goods sold (excluding depreciation and amortization expenses reflected below) | 259,765 | 83,035 | |
Operating income (loss) | 12,585 | 9,626 | |
EBITDA | 15,997 | 12,514 | |
Depreciation and amortization | 3,404 | 2,880 | |
Food And Ingredients [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 278,109 | 98,022 | |
Partnership [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 25,885 | 27,229 | |
Leasing revenues under ASC Topic 840 | [1] | 22,495 | |
Cost of goods sold (excluding depreciation and amortization expenses reflected below) | |||
Operating income (loss) | 15,360 | 16,619 | |
EBITDA | 16,623 | 17,894 | |
Depreciation and amortization | 1,181 | 1,254 | |
Partnership [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,628 | 1,472 | |
Corporate Activities [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating income (loss) | (11,473) | (8,549) | |
EBITDA | (10,175) | (7,321) | |
Depreciation and amortization | $ 823 | $ 947 | |
[1] | Leasing revenues do not represent revenues recognized from contracts with customers under ASC Topic 606, and continue to be accounted for under ASC Topic 840, Leases. |
Segment Information (Schedule O
Segment Information (Schedule Of Reconciliation Of Net Income (Loss) To EBITDA) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Segment Information [Abstract] | ||
Net income (loss) | $ (19,455) | $ 1,651 |
Interest expense | 22,128 | 18,496 |
Income tax benefit | (6,027) | (2,381) |
Depreciation and amortization | 26,474 | 26,083 |
EBITDA | $ 23,120 | $ 43,849 |
Segment Information (Summary 46
Segment Information (Summary Of Total Assets For Operating Segments) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Total assets | [1] | $ 2,659,869 | $ 2,784,650 |
Ethanol Production [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | [1] | 1,072,614 | 1,144,459 |
Agribusiness And Energy Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | [1] | 529,166 | 554,981 |
Food And Ingredients [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | [1] | 711,065 | 725,232 |
Partnership [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | [1] | 75,649 | 74,935 |
Corporate Assets [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | [1] | 284,785 | 295,217 |
Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | [1] | $ (13,410) | $ (10,174) |
[1] | Asset balances by segment exclude intercompany receivable balances |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Inventories [Abstract] | |
Lower of cost or market adjustment | $ 19.2 |
Impairment of inventory | $ 19.2 |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Inventories [Abstract] | ||
Finished goods | $ 128,476 | $ 146,269 |
Commodities held for sale | 45,328 | 65,693 |
Raw materials | 157,390 | 144,520 |
Work-in-process | 291,505 | 320,664 |
Supplies and parts | 36,327 | 34,732 |
Inventories | $ 659,026 | $ 711,878 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Goodwill | $ 182,879,000 | $ 182,879,000 | |
Changes in the carrying amount of goodwill | 0 | 0 | |
Trade Names [Member] | |||
Indefinite-Lived Intangible Assets | 10,500,000 | ||
Acquisition of Fleischmann’s Vinegar Company, Inc. [Member} | Customer Relationships [Member] | |||
Finite-lived Intangible Assets Acquired | 72,000,000 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 8,000,000 | ||
Finite-Lived Intangible Assets, Remaining Amortization Period | 13 years 6 months | ||
Amortization of Intangible Assets | $ 1,300,000 | $ 1,300,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 5,300,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 5,300,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 5,300,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 5,300,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 5,300,000 | ||
Ethanol Production [Member] | |||
Goodwill | 30,300,000 | 30,300,000 | |
Food And Ingredients [Member] | |||
Goodwill | 142,000,000 | 142,000,000 | |
Partnership [Member] | |||
Goodwill | $ 10,600,000 | $ 10,600,000 |
Derivative Financial Instrume50
Derivative Financial Instruments (Narrative) (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Derivative Financial Instruments [Abstract] | |||
Accumulated other comprehensive income (loss) | $ 650,000 | $ (13,110,000) | |
Gain or loss from discontinuing cash flow hedge treatment | 0 | $ 0 | |
Gain or loss from discontinuing fair value hedge treatment | 0 | 0 | |
Energy trading contracts, gain (loss) | $ 6,700,000 | $ 8,200,000 |
Derivative Financial Instrume51
Derivative Financial Instruments (Schedule Of Fair Values Of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | ||
Derivatives, Fair Value [Line Items] | |||
Asset Derivatives, Fair Value | $ 12,215 | $ 12,045 | |
Liability Derivatives, Fair Value | 12,092 | 12,976 | |
Net unrealized gains on exchange traded futures and options contracts | 7,800 | 8,500 | |
Net unrealized gains (losses) on cash flow hedges | 24,700 | 300 | |
Derivative Financial Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Asset Derivatives, Fair Value | [1] | 12,190 | 12,045 |
Liability Derivatives, Fair Value | [1] | 12,884 | |
Other Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Asset Derivatives, Fair Value | 25 | ||
Accrued and Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Liability Derivatives, Fair Value | 12,086 | ||
Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Liability Derivatives, Fair Value | $ 6 | $ 92 | |
[1] | At March 31, 2018, derivative financial instruments, as reflected on the balance sheet, include net unrealized gains on exchange traded futures and options contracts of $7.8 million, which included $24.7 million of net unrealized gains on derivative financial instruments designated as cash flow hedging instruments. At December 31, 2017, derivative financial instruments, as reflected on the balance sheet, includes net unrealized gains on exchange traded futures and options contracts of $8.5 million, which included $0.3 million of net unrealized gains on derivative financial instruments designated as cash flow hedging instruments.. |
Derivative Financial Instrume52
Derivative Financial Instruments (Schedule Of The Effect Of Derivative Instruments On Consolidated Statements Of Income And Consolidated Statements Of Stockholders' Equity And Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Designated As Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | $ 783 | $ 4,982 |
Nondesignated [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Recognized in Income on Derivatives | (6,062) | 6,888 |
Revenue [Member] | Designated As Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | 1,761 | 4,152 |
Cost of Goods Sold [Member] | Designated As Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | (978) | 830 |
Cash Flow Hedges [Member] | Revenue [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (Losses) Due to Ineffectiveness of Cash Flow Hedges | 1,761 | 4,478 |
Cash Flow Hedges [Member] | Cost of Goods Sold [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (Losses) Due to Ineffectiveness of Cash Flow Hedges | (17) | 1,941 |
Fair Value Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Carrying Amount of the Hedged Assets, Inventories | 95,064 | |
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets | 8,336 | |
Commodity Contracts [Member] | Designated As Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain Recognized in Other Comprehensive Income on Derivatives | 22,266 | 2,610 |
Commodity Contracts [Member] | Revenue [Member] | Nondesignated [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Recognized in Income on Derivatives | 936 | (5,048) |
Commodity Contracts [Member] | Cost of Goods Sold [Member] | Nondesignated [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Recognized in Income on Derivatives | (6,998) | 11,936 |
Commodity Contracts [Member] | Cash Flow Hedges [Member] | Revenue [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | 1,761 | 4,152 |
Commodity Contracts [Member] | Cash Flow Hedges [Member] | Cost of Goods Sold [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | (978) | 830 |
Commodity Contracts [Member] | Fair Value Hedging [Member] | Revenue [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (Losses) Due to Ineffectiveness of Cash Flow Hedges | 1,421 | |
Commodity Contracts [Member] | Fair Value Hedging [Member] | Revenue [Member] | Designated As Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (Losses) Due to Ineffectiveness of Cash Flow Hedges | (1,095) | |
Commodity Contracts [Member] | Fair Value Hedging [Member] | Cost of Goods Sold [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (Losses) Due to Ineffectiveness of Cash Flow Hedges | 9,393 | (1,928) |
Commodity Contracts [Member] | Fair Value Hedging [Member] | Cost of Goods Sold [Member] | Designated As Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gains (Losses) Due to Ineffectiveness of Cash Flow Hedges | $ (8,432) | $ 3,039 |
Derivative Financial Instrume53
Derivative Financial Instruments (Schedule Of Volumes Of Open Commodity Derivative Positions) (Details) contract in Thousands | Mar. 31, 2018contract | [2] |
Corn, Soybeans And Wheat In Bushels [Member] | Exchange Traded [Member] | Long [Member] | Options [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 12,269 | [1],[3] |
Corn, Soybeans And Wheat In Bushels [Member] | Exchange Traded [Member] | Short [Member] | Futures [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 32,565 | [1],[3] |
Corn In Bushels [Member] | Exchange Traded [Member] | Long [Member] | Cash Flow Hedges [Member] | Futures [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 500 | [1],[3] |
Corn In Bushels [Member] | Exchange Traded [Member] | Short [Member] | Fair Value Hedging [Member] | Futures [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 20,915 | [1],[3] |
Ethanol In Gallons [Member] | Exchange Traded [Member] | Long [Member] | Futures [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 16,031 | [1],[3] |
Ethanol In Gallons [Member] | Exchange Traded [Member] | Long [Member] | Options [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 1,943 | [1],[3] |
Ethanol In Gallons [Member] | Exchange Traded [Member] | Short [Member] | Cash Flow Hedges [Member] | Futures [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 45,360 | [1],[3] |
Ethanol In Gallons [Member] | Non-Exchange Traded [Member] | Long [Member] | Forwards [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 47,196 | [4] |
Ethanol In Gallons [Member] | Non-Exchange Traded [Member] | Short [Member] | Forwards [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 269,766 | [4] |
Natural Gas In mmBTU [Member] | Exchange Traded [Member] | Long [Member] | Futures [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 1,033 | [1],[3] |
Natural Gas In mmBTU [Member] | Exchange Traded [Member] | Long [Member] | Options [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 624 | [1],[3] |
Natural Gas In mmBTU [Member] | Exchange Traded [Member] | Short [Member] | Fair Value Hedging [Member] | Futures [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 6,250 | [1],[3] |
Natural Gas In mmBTU [Member] | Non-Exchange Traded [Member] | Long [Member] | Forwards [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 23,268 | [4] |
Natural Gas In mmBTU [Member] | Non-Exchange Traded [Member] | Short [Member] | Forwards [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 2,587 | [4] |
Livestock in Pounds [Member] | Exchange Traded [Member] | Short [Member] | Futures [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 18,810 | [1],[3] |
Livestock in Pounds [Member] | Exchange Traded [Member] | Short [Member] | Options [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 15,067 | [1],[3] |
Livestock in Pounds [Member] | Exchange Traded [Member] | Short [Member] | Cash Flow Hedges [Member] | Futures [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 220,680 | [1],[3] |
Crude Oil In Barrels [Member] | Exchange Traded [Member] | Long [Member] | Futures [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 120 | [1],[3] |
Crude Oil In Barrels [Member] | Exchange Traded [Member] | Short [Member] | Options [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 103 | [1],[3] |
Crude Oil In Barrels [Member] | Exchange Traded [Member] | Short [Member] | Fair Value Hedging [Member] | Futures [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 43 | [1],[3] |
Natural Gasoline In Gallons [Member] | Exchange Traded [Member] | Long [Member] | Cash Flow Hedges [Member] | Futures [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 2,184 | [1],[3] |
Corn And Soybeans In Bushels [Member] | Non-Exchange Traded [Member] | Long [Member] | Forwards [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 52,262 | [4] |
Corn And Soybeans In Bushels [Member] | Non-Exchange Traded [Member] | Short [Member] | Forwards [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 580 | [4] |
Distillers Grains In Tons [Member] | Non-Exchange Traded [Member] | Long [Member] | Forwards [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 223 | [4] |
Distillers Grains In Tons [Member] | Non-Exchange Traded [Member] | Short [Member] | Forwards [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 328 | [4] |
Corn Oil in Pounds [Member] | Non-Exchange Traded [Member] | Long [Member] | Forwards [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 27,370 | [4] |
Corn Oil in Pounds [Member] | Non-Exchange Traded [Member] | Short [Member] | Forwards [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 107,012 | [4] |
[1] | Exchange traded futures and options are presented on a net long and (short) position basis. Options are presented on a delta-adjusted basis. | |
[2] | Futures or non-exchange traded forwards used for fair value hedges. | |
[3] | Futures used for cash flow hedges. | |
[4] | Non-exchange traded forwards are presented on a gross long and (short) position basis including both fixed-price and basis contracts. |
Debt (Narrative - Corporate Act
Debt (Narrative - Corporate Activities) (Details) | 3 Months Ended | |||
Mar. 31, 2018USD ($)$ / sharespropertyshares | Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($) | Aug. 29, 2017USD ($) | |
Debt Instrument [Line Items] | ||||
Interest expense | $ 22,128,000 | $ 18,496,000 | ||
Restricted cash | 24,271,000 | $ 67,852,000 | $ 45,709,000 | |
$170.0 Million Convertible Notes [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% | |||
$120.0 Million Convertible Notes [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 | 50.4543 | |||
Debt conversion amount | $ 1,000 | |||
Debt conversion price | $ / shares | $ 19.82 | |||
Conversion price percentage | 140.00% | |||
Principal amount of notes, percentage | 100.00% | |||
$500.0 Million Term Loan [Member] | 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 | |||
$500.0 Million Term Loan [Member] | 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%. | |||
$500.0 Million Term Loan [Member] | 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% | |||
$500.0 Million Term Loan [Member] | 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% | |||
$500.0 Million Term Loan [Member] | 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% | |||
$500.0 Million Term Loan [Member] | 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 | |||
$500.0 Million Term Loan [Member] | Corporate Activities [Member] | Green Plains Processing & Fleischmanns Vinegar Company [Member] | Term Loan [Member] | Collateral Pledged [Member] | ||||
Debt Instrument [Line Items] | ||||
Number of ethanol plants | property | 17 |
Debt (Narrative - Agribusiness
Debt (Narrative - Agribusiness And Energy Services Segment) (Details) item in Millions | 3 Months Ended | |
Mar. 31, 2018USD ($)propertyitem | Dec. 31, 2017USD ($) | |
Debt Instrument [Line Items] | ||
Short-term notes payable and other borrowings | $ 533,685,000 | $ 526,180,000 |
Agribusiness And Energy Services [Member] | Green Plains Grain [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Jul. 26, 2019 | |
Additional amounts available under facility, accordion feature | $ 75,000,000 | |
Line of credit, maximum borrowing capacity | 125,000,000 | |
Minimum working capital required for compliance | 22,000,000 | |
Minimum net worth required for compliance | 27,000,000 | |
Annual capital expenditures, maximum | $ 8,000,000 | |
Allowable dividends as percentage of net profit before taxes | 50.00% | |
Agribusiness And Energy Services [Member] | Green Plains Grain [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate, basis for effective rate | LIBOR plus 3.00% | |
Interest rate, basis spread on variable rate, percentage | 3.00% | |
Agribusiness And Energy Services [Member] | Green Plains Grain [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate, basis for effective rate | base rate plus 2.00% | |
Interest rate, basis spread on variable rate, percentage | 2.00% | |
Agribusiness And Energy Services [Member] | Green Plains Grain [Member] | Revolving Credit Facility [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Fixed charge coverage ratio | 1.25 | |
Unused capacity fee, percentage | 0.375% | |
Agribusiness And Energy Services [Member] | Green Plains Grain [Member] | Revolving Credit Facility [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit, maximum borrowing capacity | $ 250,000,000 | |
Annual leverage ratio | 6 | |
Unused capacity fee, percentage | 0.50% | |
Agribusiness And Energy Services [Member] | Green Plains Grain [Member] | Seasonal Borrowings [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit, maximum borrowing capacity | $ 50,000,000 | |
Agribusiness And Energy Services [Member] | Green Plains Trade [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Additional amounts available under facility, accordion feature | 70,000,000 | |
Line of credit, maximum borrowing capacity | 300,000,000 | |
Annual capital expenditures, maximum | $ 1,500,000 | |
Fixed charge coverage ratio | 1.15 | |
Allowable dividends as percentage of net profit before taxes | 50.00% | |
Undrawn availability of revolving credit facility on a pro forma basis | $ 10,000,000 | |
Restricted cash | $ 700,000 | |
Unused capacity fee, percentage | 0.375% | |
Agribusiness And Energy Services [Member] | Green Plains Trade [Member] | Revolving Credit Facility [Member] | Minimum [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate, basis spread on variable rate, percentage | 2.25% | |
Agribusiness And Energy Services [Member] | Green Plains Trade [Member] | Revolving Credit Facility [Member] | Maximum [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate, basis spread on variable rate, percentage | 3.25% | |
Agribusiness And Energy Services [Member] | Green Plains Trade [Member] | Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit, maximum borrowing capacity | $ 285,000,000 | |
Agribusiness And Energy Services [Member] | 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 | |
Collateral Pledged [Member] | Agribusiness And Energy Services [Member] | Green Plains Grain [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Number of ethanol plants | property | 17 | |
$50.0 Million Inventory Financing [Member] | Green Plains Grain [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Short-term notes payable and other borrowings | $ 49,466,000 | |
$50.0 Million Inventory Financing [Member] | Agribusiness And Energy Services [Member] | Green Plains Grain [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Number of bushels of corn | item | 13.3 | |
Short-term notes payable and other borrowings | $ 48,700,000 | |
$50.0 Million Inventory Financing [Member] | Agribusiness And Energy Services [Member] | Green Plains Grain [Member] | Revolving Credit Facility [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Debt Instrument [Line Items] | ||
Short-term notes payable and other borrowings | $ 49,500,000 |
Debt (Narrative - Food And Ingr
Debt (Narrative - Food And Ingredients Segment, Partnership Segment, Capitalized Interest, And Restricted Net Assets) (Details) | 3 Months Ended | ||
Mar. 31, 2018USD ($)property | Mar. 31, 2017USD ($) | Feb. 19, 2018USD ($) | |
Debt Instrument [Line Items] | |||
Interest expense | $ 22,128,000 | $ 18,496,000 | |
Capitalized interest | 24,000 | $ 11,000 | |
Restricted assets | 167,400,000 | ||
Food And Food Ingredients [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit, maximum borrowing capacity | 425,000,000 | ||
Additional amounts available under facility, accordion 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 parent | $ 10,000,000 | ||
Food And Food Ingredients [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate, basis for effective rate | LIBOR plus 2.00% to 3.00% | ||
Food And Food Ingredients [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate, basis for effective rate | base rate plus 1.00% to 2.00% | ||
Food And Food Ingredients [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Unused capacity fee, percentage | 0.20% | ||
Food And Food Ingredients [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | Minimum [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate, basis spread on variable rate, percentage | 2.00% | ||
Food And Food Ingredients [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Base Rate [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate, basis spread on variable rate, percentage | 1.00% | ||
Food And Food Ingredients [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Unused capacity fee, percentage | 0.30% | ||
Food And Food Ingredients [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | Maximum [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate, basis spread on variable rate, percentage | 3.00% | ||
Food And Food Ingredients [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | Maximum [Member] | Base Rate [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate, basis spread on variable rate, percentage | 2.00% | ||
Partnership [Member] | Green Plains Operating Company LLC [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit, maximum borrowing capacity | $ 235,000,000 | $ 195,000,000 | |
Additional amounts available under facility, accordion feature | 20,000,000 | ||
Revolving Credit Facility, Increase | $ 40,000,000 | ||
Partnership [Member] | Green Plains Operating Company LLC [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate, basis for effective rate | LIBOR plus 2.25% to 3.00% | ||
Partnership [Member] | Green Plains Operating Company LLC [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate, basis for effective rate | 1.25% to 2.00% | ||
Partnership [Member] | Green Plains Operating Company LLC [Member] | Revolving Credit Facility [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Unused capacity fee, percentage | 0.35% | ||
Interest coverage ratio | 2.75 | ||
Partnership [Member] | Green Plains Operating Company LLC [Member] | Revolving Credit Facility [Member] | Minimum [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate, basis points | 2.25 | ||
Partnership [Member] | Green Plains Operating Company LLC [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Base Rate [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate, basis points | 1.25 | ||
Partnership [Member] | Green Plains Operating Company LLC [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Unused capacity fee, percentage | 0.50% | ||
Net leverage ratio | 3.50 | ||
Partnership [Member] | Green Plains Operating Company LLC [Member] | Revolving Credit Facility [Member] | Maximum [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate, basis points | 3 | ||
Partnership [Member] | Green Plains Operating Company LLC [Member] | Revolving Credit Facility [Member] | Maximum [Member] | Base Rate [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate, basis points | 2 | ||
Collateral Pledged [Member] | Food And Food Ingredients [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Number of ethanol plants | property | 17 |
Debt (Schedule Of The Component
Debt (Schedule Of The Components Of Long-Term Debt) (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Total face value of long-term debt | $ 854,513,000 | $ 851,575,000 |
Unamortized debt issuance costs | (17,804,000) | (16,256,000) |
Less: current portion of long-term debt | (68,925,000) | (67,923,000) |
Total long-term debt | 767,784,000 | 767,396,000 |
Term Loan [Member] | $500.0 Million Term Loan [Member] | Corporate [Member] | ||
Debt Instrument [Line Items] | ||
Total face value of long-term debt | 497,500,000 | 498,750,000 |
Debt instrument, face amount | 500,000,000 | 500,000,000 |
Convertible Notes [Member] | $120.0 Million Convertible Notes [Member] | Corporate [Member] | ||
Debt Instrument [Line Items] | ||
Total face value of long-term debt | 62,191,000 | 61,442,000 |
Debt instrument, face amount | 120,000,000 | 120,000,000 |
Convertible Notes [Member] | $170.0 Million Convertible Notes [Member] | Corporate [Member] | ||
Debt Instrument [Line Items] | ||
Total face value of long-term debt | 138,180,000 | 136,739,000 |
Debt instrument, face amount | 170,000,000 | 170,000,000 |
Other Debt Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Total face value of long-term debt | 27,642,000 | 27,744,000 |
Partnership [Member] | Revolving Credit Facility [Member] | $235.0 Million Revoling Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total face value of long-term debt | 129,000,000 | 126,900,000 |
Line of credit, maximum borrowing capacity | $ 235,000,000 | $ 235,000,000 |
Debt (Schedule Of Short-term No
Debt (Schedule Of Short-term Notes Payable And Other Borrowings) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Short-term notes payable and other borrowings | $ 533,685 | $ 526,180 |
Green Plains Cattle [Member] | Revolving Credit Facility [Member] | $425.0 Million Revolver [Member] | ||
Debt Instrument [Line Items] | ||
Short-term notes payable and other borrowings | 245,000 | 270,860 |
Green Plains Grain [Member] | Revolving Credit Facility [Member] | $125.0 Million Revolver [Member] | ||
Debt Instrument [Line Items] | ||
Short-term notes payable and other borrowings | 95,000 | 75,000 |
Green Plains Grain [Member] | Revolving Credit Facility [Member] | $50.0 Million Inventory Financing [Member] | ||
Debt Instrument [Line Items] | ||
Short-term notes payable and other borrowings | 49,466 | |
Green Plains Trade [Member] | Revolving Credit Facility [Member] | $300.0 Million Revolver [Member] | ||
Debt Instrument [Line Items] | ||
Short-term notes payable and other borrowings | $ 144,219 | $ 180,320 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 19, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares or units authorized | 4,110,000 | ||
Units granted during period, weighted average price per unit | |||
Compensation costs expensed | $ 2.4 | $ 2.5 | |
Unrecognized compensation costs | $ 18.6 | ||
Compensation expected to be recognized, weighted-average period in years | 2 years 2 months 12 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 | ||
Restricted Unit Awards [Member] | Green Plains Partners LP 2015 Long-Term Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Change in number of non-vested unit-based awards | 0 | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares or units authorized | 153,030 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Target Percentage | 100.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized, Achievement of Maximum Goals | 229,545 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Achievement of Maximum Goals Percentage | 150.00% | ||
Monte Carlo valuation assumed pecercentage of the performance shares awarded at end of performance period based upon the estimated company’s total shareholder return relative to peer performance | 97.39% | ||
Share Price | $ 18.15 | ||
Unrecognized compensation costs | $ 2.7 |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule Of Stock Option Activity) (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | ||
Stock-Based Compensation [Abstract] | |||
Outstanding, Shares | shares | 143,750 | ||
Outstanding, Weighted Average Exercise Price | $ / shares | $ 12.44 | ||
Outstanding, Weighted Average Remaining Contractual Term | 1 year 7 months 6 days | 1 year 9 months 18 days | |
Outstanding, Aggregate Intrinsic Value | $ | $ 635 | ||
Granted, Shares | shares | |||
Granted, Weighted Average Exercise price | $ / shares | |||
Exercised, Shares | shares | (5,000) | ||
Exercised, Weighted Average Exercise price | $ / shares | $ 10 | ||
Exercised, Aggregate Intrinsic Value | $ | $ 40 | ||
Forfeited, Shares | shares | |||
Forfeited, Weighted Average Exercise Price | $ / shares | |||
Expired, Shares | shares | |||
Expired, Weighted Average Exercise Price | $ / shares | |||
Outstanding, Shares | shares | 138,750 | 143,750 | |
Outstanding, Weighted Average Exercise Price | $ / shares | $ 12.52 | $ 12.44 | |
Outstanding, Weighted Average Remaining Contractual Term | 1 year 7 months 6 days | 1 year 9 months 18 days | |
Outstanding, Aggregate Intrinsic Value | $ | $ 595 | $ 635 | |
Exercisable, Shares | shares | [1] | 138,750 | |
Exercisable, Weighted Average Exercise Price | $ / shares | [1] | $ 12.52 | |
Exercisable, Weighted Average Remaining Contractual | [1] | 1 year 7 months 6 days | |
Exercisable, Aggregate Intrinsic Value | $ | [1] | $ 595 | |
In-the-money options, shares | shares | 128,750 | ||
In-the-money options, weighted-average exercise price | $ / shares | 12.18 | ||
[1] | Includes in-the-money options totaling 128,750 shares at a weighted-average exercise price of $12.18. |
Stock-Based Compensation (Sch61
Stock-Based Compensation (Schedule Of Non-Vested Stock Award And DSU Activity) (Details) - Restricted Stock [Member] | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Non-vested, shares or units | shares | 1,068,947 |
Non-vested, Weighted-Average Grant-Date Fair Value | $ / shares | $ 20.41 |
Granted, shares or units | shares | 446,440 |
Granted, Weighted-Average Grant-Date Fair Value | $ / shares | $ 18.15 |
Forfeited, shares or units | shares | (1,926) |
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares | $ 20.50 |
Vested, shares or units | shares | (457,161) |
Vested, Weighted-Average Grant-Date Fair Value | $ / shares | $ 20.17 |
Non-vested, shares or units | shares | 1,056,300 |
Non-vested, Weighted-Average Grant-Date Fair Value | $ / shares | $ 19.56 |
Non-vested, Weighted-Average Remaining Vesting Term (in years) | 2 years 2 months 12 days |
Stock-Based Compensation (The W
Stock-Based Compensation (The Weighted Average Assumptions Used by the Company in Applying the Monte Carlo Valuation Model for Performance Share Grants) (Details) | 3 Months Ended |
Mar. 31, 2018 | |
Stock-Based Compensation [Abstract] | |
Risk-free interest rate | 2.44% |
Dividend yield | 2.64% |
Expected volatility | 45.11% |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Stock Compensation Plan And Convertible Debt Member | ||
Stock-based compensation awards excluded from computations of diluted EPS | 9,900 | 12,100 |
Employee Stock Option [Member] | ||
Stock-based compensation awards excluded from computations of diluted EPS | 10 |
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 | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Earnings Per Share [Abstract] | ||
Net income (loss) attributable to Green Plains | $ (24,117) | $ (3,597) |
Weighted average shares outstanding - basic | 40,164 | 38,420 |
EPS - basic | $ (0.60) | $ (0.09) |
EPS - diluted | $ (0.60) | $ (0.09) |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule Of Stockholders' Equity) (Details) - USD ($) $ in Thousands | Jan. 01, 2018 | Mar. 31, 2018 | Mar. 31, 2017 |
Stockholders' Equity [Line Items] | |||
Beginning balance | $ 1,059,136 | $ 1,059,136 | |
Reclassification from accumulated other comprehensive income to retained earnings | 2,800 | ||
Net income (loss) | (19,455) | $ 1,651 | |
Cash dividends and distributions declared | (10,251) | ||
Other comprehensive loss before reclassifications | 17,150 | ||
Amounts reclassified from accumulated other comprehensive income (loss) | (603) | ||
Total other comprehensive income (loss), net of tax | 16,547 | $ (1,492) | |
Stock-based compensation | $ (451) | ||
Stock options exercised, Shares | 5,000 | ||
Stock options exercised | $ 50 | ||
Ending balance | $ 1,059,136 | $ 1,045,576 | |
Common Units [Member] | |||
Stockholders' Equity [Line Items] | |||
Beginning balance, Shares | 46,410,000 | 46,410,000 | |
Beginning balance | $ 46 | $ 46 | |
Stock-based compensation, Shares | 284,000 | ||
Stock-based compensation | $ 1 | ||
Stock options exercised, Shares | 5,000 | ||
Ending balance, Shares | 46,410,000 | 46,699,000 | |
Ending balance | $ 46 | $ 47 | |
Additional Paid-In Capital [Member] | |||
Stockholders' Equity [Line Items] | |||
Beginning balance | 685,019 | 685,019 | |
Stock-based compensation | (512) | ||
Stock options exercised | 50 | ||
Ending balance | 685,019 | 684,557 | |
Retained Earnings [Member] | |||
Stockholders' Equity [Line Items] | |||
Beginning balance | 325,411 | 325,411 | |
Reclassification from accumulated other comprehensive income to retained earnings | 2,787 | ||
Net income (loss) | (24,117) | ||
Cash dividends and distributions declared | (4,831) | ||
Ending balance | 328,198 | 299,250 | |
Accum. Other Comp. Income [Member] | |||
Stockholders' Equity [Line Items] | |||
Beginning balance | (13,110) | (13,110) | |
Reclassification from accumulated other comprehensive income to retained earnings | (2,787) | ||
Other comprehensive loss before reclassifications | 17,150 | ||
Amounts reclassified from accumulated other comprehensive income (loss) | (603) | ||
Total other comprehensive income (loss), net of tax | 16,547 | ||
Ending balance | $ (15,897) | $ 650 | |
Treasury Stock [Member] | |||
Stockholders' Equity [Line Items] | |||
Beginning balance, Shares | 5,326,000 | 5,326,000 | |
Beginning balance | $ (55,184) | $ (55,184) | |
Ending balance, Shares | 5,326,000 | 5,326,000 | |
Ending balance | $ (55,184) | $ (55,184) | |
Total Green Plains Stockholders' Equity [Member] | |||
Stockholders' Equity [Line Items] | |||
Beginning balance | 942,182 | 942,182 | |
Net income (loss) | (24,117) | ||
Cash dividends and distributions declared | (4,831) | ||
Other comprehensive loss before reclassifications | 17,150 | ||
Amounts reclassified from accumulated other comprehensive income (loss) | (603) | ||
Total other comprehensive income (loss), net of tax | 16,547 | ||
Stock-based compensation | (511) | ||
Stock options exercised | 50 | ||
Ending balance | 942,182 | 929,320 | |
Noncontrolling Interests [Member] | |||
Stockholders' Equity [Line Items] | |||
Beginning balance | 116,954 | 116,954 | |
Net income (loss) | 4,662 | ||
Cash dividends and distributions declared | (5,420) | ||
Stock-based compensation | 60 | ||
Ending balance | $ 116,954 | $ 116,256 |
Stockholders Equity (Reclassifi
Stockholders Equity (Reclassification From Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Revenues | $ 1,045,287 | $ 887,684 |
Loss before income taxes | (25,482) | (730) |
Income Tax Expense (Benefit) | (6,027) | (2,381) |
Net income (loss) | (19,455) | 1,651 |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Loss before income taxes | 783 | 4,982 |
Income Tax Expense (Benefit) | 180 | 1,848 |
Net income (loss) | 603 | 3,134 |
Ethanol Commodity Derivatives [Member] | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Revenues | 1,761 | 4,152 |
Corn Commodity Derivatives [Member] | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Cost of Goods and Services Sold | $ (978) | $ 830 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Income Taxes [Abstract] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | ||
Income tax expense (benefit) | $ (6,027) | $ (2,381) | |
Unrecognized tax benefits | $ 35,600 | $ 26,000 |
Commitments And Contingencies68
Commitments And Contingencies (Narrative) (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2018USD ($)property | Mar. 31, 2017USD ($) | |
Trading Activity, Gains and Losses, Net [Line Items] | ||
Lease expenses | $ 10.7 | $ 10.3 |
Contracted future purchases | $ 594.3 | |
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 Contingencies69
Commitments And Contingencies (Schedule of Aggregate Minimum Lease Payments) (Details) $ in Thousands | Mar. 31, 2018USD ($) |
Commitments And Contingencies [Abstract] | |
2,018 | $ 23,195 |
2,019 | 23,505 |
2,020 | 17,478 |
2,021 | 9,726 |
2,022 | 7,636 |
Thereafter | 24,443 |
Total | $ 105,983 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) | 3 Months Ended | |||
Mar. 31, 2018USD ($)item | Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2014USD ($) | |
Related Party Transaction [Line Items] | ||||
Outstanding accounts payable | $ 118,168,000 | $ 205,479,000 | ||
Board of Directors Chairman [Member] | Aircraft Lease [Member] | ||||
Related Party Transaction [Line Items] | ||||
Number of related party transaction agreements | item | 2 | |||
Number of leased aircrafts | item | 2 | |||
Aircraft lease amount payable, per month | $ 9,766 | |||
Aircraft hours available each year under lease | 125 hours | |||
Cash payments | $ 57,000 | $ 60,000 | ||
Outstanding accounts payable | 2,000 | |||
Director [Member] | Amur Equipment Finance [Member] | ||||
Related Party Transaction [Line Items] | ||||
New equipment financing agreement | $ 1,400,000 | |||
Due to related parties, current | 500,000 | $ 600,000 | ||
Principal payments (including interest) | $ 69,000 | $ 69,000 | ||
Weighted average interest rate | 6.80% |