Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 16, 2017 | Jun. 30, 2016 | |
Document Information [Line Items] | |||
Entity Registrant Name | FUTUREFUEL CORP. | ||
Entity Central Index Key | 1,337,298 | ||
Trading Symbol | ff | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 43,749,970 | ||
Entity Public Float | $ 283,248,378 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and cash equivalents | $ 199,272 | $ 154,049 |
Accounts receivable, inclusive of the blenders' tax credit of $5,495 and $30,895 and net of allowances for bad debt of $0 and $0, at December 31, 2016 and December 31, 2015, respectively | 24,359 | 46,319 |
Accounts receivable – related parties | 385 | 10 |
Inventory | 52,093 | 64,957 |
Income tax receivable | 20,508 | 14,114 |
Prepaid expenses | 1,694 | 1,642 |
Prepaid expenses – related parties | 12 | 35 |
Marketable securities | 106,146 | 74,667 |
Deferred financing costs | 144 | 144 |
Other current assets | 669 | 3,887 |
Total current assets | 405,282 | 359,824 |
Property, plant and equipment, net | 118,152 | 124,330 |
Intangible assets | 1,408 | 1,408 |
Deferred financing costs | 325 | 469 |
Other assets | 3,876 | 3,078 |
Total noncurrent assets | 123,761 | 129,285 |
Total Assets | 529,043 | 489,109 |
Liabilities and Stockholders’ Equity | ||
Accounts payable | 22,799 | 34,442 |
Accounts payable – related parties | 1,254 | 244 |
Current deferred income tax liability | 7,060 | |
Deferred revenue – short-term | 5,530 | 2,680 |
Contingent liability – short-term | 1,151 | 1,151 |
Dividends payable | 110,688 | |
Accrued expenses and other current liabilities | 2,485 | 2,976 |
Accrued expenses and other current liabilities – related parties | 142 | |
Total current liabilities | 144,049 | 48,553 |
Deferred revenue – long-term | 16,792 | 15,908 |
Other noncurrent liabilities | 3,325 | 1,219 |
Noncurrent deferred income tax liability | 32,064 | 29,117 |
Total noncurrent liabilities | 52,181 | 46,244 |
Total liabilities | 196,230 | 94,797 |
Commitments and contingencies: | ||
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, none issued and outstanding | ||
Common stock, $0.0001 par value, 75,000,000 shares authorized, 43,749,970 and 43,715,832, issued and outstanding as of December 31, 2016 and 2015, respectively | 4 | 4 |
Accumulated other comprehensive income | 3,540 | 2,055 |
Additional paid in capital | 281,087 | 279,231 |
Retained earnings | 48,182 | 113,022 |
Total stockholders’ equity | 332,813 | 394,312 |
Total Liabilities and Stockholders’ Equity | $ 529,043 | $ 489,109 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts receivable, BTC | $ 5,495 | $ 30,895 |
Allowance for bad debt | $ 0 | $ 0 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 75,000,000 | 75,000,000 |
Common stock, shares issued (in shares) | 43,749,970 | 43,715,832 |
Common stock, shares outstanding (in shares) | 43,749,970 | 43,715,832 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue | $ 244,822 | $ 234,630 | $ 302,748 |
Revenues – related parties | 8,371 | 64,981 | 39,090 |
Cost of goods sold | 191,662 | 233,063 | 213,172 |
Cost of goods sold – related parties | 10,319 | 6,662 | 58,822 |
Distribution | 3,976 | 2,435 | 3,536 |
Distribution – related parties | 378 | 405 | 335 |
Gross profit | 46,858 | 57,046 | 65,973 |
Selling, general, and administrative expenses | |||
Compensation expense | 4,921 | 4,955 | 4,268 |
Other expense | 2,176 | 2,164 | 2,195 |
Related party expense | 523 | 215 | 214 |
Research and development expenses | 2,715 | 2,741 | 3,168 |
10,335 | 10,075 | 9,845 | |
Income from operations | 36,523 | 46,971 | 56,128 |
Interest and dividend income | 6,152 | 5,106 | 6,877 |
Interest expense | (173) | (134) | (25) |
(Loss)/gain on marketable securities | 1,340 | (107) | (4,335) |
Other (expense)/income | (356) | (181) | 30 |
4,283 | 4,898 | 11,217 | |
Income before income taxes | 40,806 | 51,869 | 67,345 |
(Benefit)/provision for income taxes | (15,535) | 5,448 | 14,145 |
Net income | $ 56,341 | $ 46,421 | $ 53,200 |
Earnings per common share | |||
Earnings per common share, basic (in dollars per share) | $ 1.29 | $ 1.06 | $ 1.22 |
Earnings per common share, diluted (in dollars per share) | $ 1.29 | $ 1.06 | $ 1.22 |
Weighted average shares outstanding | |||
Weighted average shares outstanding, basic (in shares) | 43,542,785 | 43,432,149 | 43,357,602 |
Weighted average shares outstanding, diluted (in shares) | 43,547,538 | 43,445,730 | 43,392,011 |
Comprehensive Income | |||
Net income | $ 56,341 | $ 46,421 | $ 53,200 |
Other comprehensive income/(loss) from unrealized net gains/(losses) on available-for-sale securities | (2,643) | 3,518 | 5,157 |
Income tax effect | (1,158) | 1,314 | 1,980 |
Total unrealized gains/(losses), net of tax | (1,485) | 2,204 | 3,177 |
Comprehensive income | $ 57,826 | $ 44,217 | $ 50,023 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Cash flows provided by operating activities | |||
Net income | $ 56,341 | $ 46,421 | $ 53,200 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 10,819 | 10,187 | 8,981 |
Amortization of deferred financing costs | 144 | ||
(Benefit)/provision for deferred income taxes | (5,271) | (3,721) | 5,388 |
Change in fair value of derivative instruments | 3,621 | (3,295) | (396) |
Other than temporary impairment of marketable securities | 2,184 | 606 | |
Impairment of fixed assets | 178 | 247 | |
Gain on the sale of investments | (843) | (713) | (4,335) |
Stock based compensation | 1,908 | 2,043 | 1,440 |
Losses on disposals of fixed assets | 147 | 178 | 108 |
Noncash interest expense | 27 | 26 | 25 |
Changes in operating assets and liabilities: | |||
Accounts receivable | 21,960 | 3,816 | (21,515) |
Accounts receivable – related parties | (375) | 1,163 | 3,456 |
Inventory | 12,864 | (19,604) | (3,189) |
Income tax receivable | (6,394) | 5,602 | (4,984) |
Prepaid expenses | (52) | 28 | 173 |
Prepaid expenses – related party | 23 | (35) | |
Accrued interest on marketable securities | (110) | 30 | 99 |
Other assets | (556) | (668) | 65 |
Accounts payable | (11,643) | 4,056 | 15,459 |
Accounts payable – related parties | 1,010 | (2,668) | 2,055 |
Accrued expenses and other current liabilities | (645) | (1,673) | (3,153) |
Accrued expenses and other current liabilities – related parties | 142 | (46) | 43 |
Deferred revenue | 3,734 | 721 | (2,524) |
Other noncurrent liabilities | 1,762 | (2,831) | 1,309 |
Net cash provided by operating activities | 90,975 | 39,623 | 51,952 |
Cash flows from investing activities | |||
Collateralization of derivative instruments | (535) | 1,239 | (985) |
Purchase of marketable securities | (60,664) | (39,136) | (41,369) |
Proceeds from the sale of marketable securities | 30,487 | 48,546 | 57,098 |
Proceeds from the sale of fixed assets | 6 | 81 | |
Expenditures for intangible assets | (1,408) | ||
Capital expenditures | (4,495) | (7,222) | (8,117) |
Net cash (used in)/provided by investing activities | (35,207) | 2,025 | 6,708 |
Cash flows from financing activities | |||
Minimum tax withholding on stock options exercised and awards vested | (128) | (120) | (175) |
Excess tax benefits associated with stock options and awards | (137) | (344) | 59 |
Deferred financing costs | (721) | ||
Proceeds from issuance of stock | 213 | ||
Payment of dividends | (10,493) | (10,493) | (20,928) |
Net cash used in financing activities | (10,545) | (11,678) | (21,044) |
Net change in cash and cash equivalents | 45,223 | 29,970 | 37,616 |
Cash and cash equivalents at beginning of period | 154,049 | 124,079 | 86,463 |
Cash and cash equivalents at end of period | 199,272 | 154,049 | 124,079 |
Cash paid for interest | |||
Cash paid for income taxes | 987 | 13,381 | 12,372 |
Noncash items incurred: | |||
Noncash dividends declared | 110,688 | ||
Noncash capital expenditures | $ 471 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | AOCI Attributable to Parent [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2013 | 43,342,830 | ||||
Balance at Dec. 31, 2013 | $ 4 | $ 7,436 | $ 276,328 | $ 44,822 | $ 328,590 |
Dividends | (20,928) | (20,928) | |||
Stock based compensation (in shares) | 379,558 | ||||
Stock based compensation | 1,440 | 1,440 | |||
Excess income tax benefits from exercise of stock options | 59 | 59 | |||
Minimum tax withholdings on options and awards | (175) | (175) | |||
Other comprehensive income (loss) | (3,177) | (3,177) | |||
Net income | 53,200 | 53,200 | |||
Balance (in shares) at Dec. 31, 2014 | 43,722,388 | ||||
Balance at Dec. 31, 2014 | $ 4 | 4,259 | 277,652 | 77,094 | 359,009 |
Dividends | (10,493) | (10,493) | |||
Stock based compensation (in shares) | (6,556) | ||||
Stock based compensation | 2,043 | 2,043 | |||
Excess income tax benefits from exercise of stock options | (344) | (344) | |||
Minimum tax withholdings on options and awards | (120) | (120) | |||
Other comprehensive income (loss) | (2,204) | (2,204) | |||
Net income | 46,421 | 46,421 | |||
Balance (in shares) at Dec. 31, 2015 | 43,715,832 | ||||
Balance at Dec. 31, 2015 | $ 4 | 2,055 | 279,231 | 113,022 | 394,312 |
Dividends | (121,181) | (121,181) | |||
Stock based compensation | 1,908 | 1,908 | |||
Excess income tax benefits from exercise of stock options | (137) | (137) | |||
Minimum tax withholdings on options and awards | (128) | (128) | |||
Other comprehensive income (loss) | 1,485 | 1,485 | |||
Net income | 56,341 | 56,341 | |||
Balance (in shares) at Dec. 31, 2016 | 43,749,970 | ||||
Balance at Dec. 31, 2016 | $ 4 | $ 3,540 | 281,087 | $ 48,184 | 332,813 |
Proceeds from the issuance of stock (in shares) | 34,138 | ||||
Proceeds from the issuance of stock | $ 213 | $ 213 |
Note 1 - Nature of Operations a
Note 1 - Nature of Operations and Basis of Presentation | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1) Nature of operations and basis of presentation Viceroy Acquisition Corporation Viceroy Acquisition Corporation (“ Viceroy”) was incorporated under the laws of the state of Delaware on August 12, 2005 one July 12, 2006, 16). On October 31, 2006, Eastman SE, Inc. Eastman SE was incorporated under the laws of the state of Delaware on September 1, 2005 October 31, 2006. The Batesville Plant was constructed to produce pro prietary photographic chemicals for Eastman Kodak Company (“Eastman Kodak”). Over the years, Eastman Kodak shifted the plant’s focus away from the photographic imaging business to the custom synthesis of fine chemicals and organic chemical intermediates used in a variety of end markets, including paints and coatings, plastics and polymers, pharmaceuticals, food supplements, household detergents, and agricultural products. In 2005, orm. This included the production of biofuels (biodiesel) and bio-based specialty chemical products (bio-based solvents, chemicals, and intermediates). In addition to bio-based products, the Batesville Plant continues to manufacture specialty and other organic chemicals. |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2) Significant accounting policies Consolidation The accompanying consolidated financial statements include the accounts of FutureFuel and its wholly-owned subsidiaries: FutureFuel Chemical Company; FFC Grain, L.L.C., which was formed in 2009 2011 2012 All significant intercompany transactions have been eliminated. Cash and cash equivalents Cash equivalents consist of highly liquid investments with original maturities of three may Accounts receivable, allowance for doubtful accounts , and credit risk Accounts receivable are recorded at the invoiced amount and do not bear interest. FutureFuel has established procedures to monitor credit risk and has not experienced significant credit losses in prior years. Accounts receivable have been reduced by an allowance for amounts that may Customer concentrations Significant portions of FutureFuel ’s sales are made to a relatively small number of customers. All sales of a laundry detergent additive were made to a leading North American consumer products company. Sales of the laundry detergent additive were less than 10% December 31, 2016 2015. greater than 10% December 31, 2014 $43,927. one $35,568, $33,255, $62,994 December 31, 2016, 2015, 2014, $64,981 $39,090 December 31, 2015 2014, December 31, 2016, 10%. 19 Inventory FutureFuel determines the cost of substantially all raw materials and finished goods inventories by the last-in, first Financial and derivative instruments The carrying values of cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses and other current liabilities approximate their fair values due to the short-term maturities of these instruments. FutureFuel records all derivative instruments at fair value. Fair value is determined by using the closing prices of the derivative instruments on the New York Mercantile Exchange at the end of an accounting period. Changes in fair value of the derivative instruments are recorded in the statements of operations as a component of cost of goods sold. FutureFuel maintains a margin account with a broker to collateralize these derivative instruments. In order to manage commodity price risk caused by market fluctuations in biofuel prices, future purchases of feedstock used in our biodiesel production, physical feedstock, finished product inventories attributed to the process, and other petroleum products purchased or sold, we may 815 20 25, 2016 2015. Our immediate recognition of derivative instrument gains and losses can cause net income to be volatile from period to period due to the timing of the change in valu e of the derivative instruments relative to the sale of the physical commodity sold. As of December 31, 2016 2015, ($258) $3,362, 135 ($258) December 31, 2016. 200 $(427) 631 $3,789 December 31, 2015. Property, plant , and equipment Property, plant, and equipment is carried at cost. Maintenance and repairs are charged to earnings; replacements and betterments are capitalized. When FutureFuel retires or otherwise disposes of an asset, it removes the cost of such asset and related accumulated depreciation from the accounts. FutureFuel records any profit and loss on retirement or other disposition in earnings. Depreciation is provided using the straight-line method over the following estimated useful lives: Building & building equipment (years) 20 - 39 Machinery and equipment (years) 3 – 33 Transportation equipment (years) 5 – 33 Other (years) 5 – 33 Impairment of assets Long-lived tangible assets FutureFuel evaluates the carrying value of long-lived tangible assets when events or changes in circumstances indicate that the carrying value may Indefinite-lived intangible asset Intangible assets with indefinite lives are not amortized, but are reviewed for impairment at least annually or whenever events or circumstances indicate the carrying value of the asset may fourth Deferred revenue FutureFuel has signed contracts with c ustomers to construct plant and related assets on FutureFuel’s property for the manufacture of custom chemicals. The cost of construction has been funded by the customers with title and risk of loss to the equipment residing with FutureFuel. Reimbursements are recognized as deferred revenue and are amortized over the expected life of the customer relationship starting upon the completion of construction and the asset being placed into service. Additionally, FutureFuel has been awarded grants from governme ntal agencies related to the construction of production equipment and infrastructural improvements at its plant site. The cost of construction of these projects has been either funded by the governmental agencies directly or funded by FutureFuel who has then been reimbursed by the governmental agencies. Direct payments and reimbursements for construction costs have been recognized as deferred revenue and will be amortized into earnings over the expected life of the applicable customer relationship or the life of the asset if no direct customer relationship is tied to the asset. Such amortization will not begin until the asset has been placed into service and all contingencies associated with the grants are fulfilled. Asset retirement obligations FutureFuel establishes reserves for closure/post-closure costs associated with the environmental and other assets it maintains. Env ironmental assets include but are not limited to waste management units such as destructors, landfills, storage tanks, and boilers. When these types of assets are constructed or installed, a liability is established for the future costs anticipated to be associated with the closure of the site based on an expected life of the environmental assets, the applicable regulatory closure requirements, and FutureFuel’s environmental policies and practices. These expenses are charged into earnings over the estimated useful life of the assets. Currently, FutureFuel estimates the useful life of each individual asset up to 35 Environmental costs are capitalized if they extend the life of the related property, increase its capacity, and/or mitigate or prevent future contamination. The cost of operating and maintaining environmental control facilities is charged to expense. Income taxes Income taxes are accounted for using the asset and liability method. Under this method, income tax assets and liabilities are recognized for temporary differences between financial statement carrying amounts of assets and liabilities and their respective income tax basis. A future income tax asset or liability is estimated for each temporary difference using enacted and substantively enacted income tax rates and laws expected to be in effect when the asset is realized or the liability settled. A valuation allowance is established, if necessary, to reduce any future income tax asset to an amount that is more likely than not to be realized. FASB ASC Topic 740, Income Taxes 740”), 740 may 740 In November 2015, additional guidance for Topic 740, Income Taxes: Balance Sheet Classification of Deferred Taxes December 15, 2016, fourth 2016 2015 $7,188 $7,188. Revenue recognition For most product sales, revenue is recognized when product is shipped from our facilities and risk of loss and title have passed to the customer, which is in accordance with our customer contracts and the stated shipping terms. All custom manufactured products are manufactured under written contracts. Performance chemicals and biofuels are usually sold pursuant to the terms of written purchase orders. In general, customers do not have any rights of return, except for quality disputes. However, all of our products are tested for quality before shipment, and historically returns have been inconsequential. FutureFuel does not offer rebates or other warranties. Bill and hold transactions for 2016, 2015, 2014 three 2016 2015 four 2014, $23,725, $28,740, $31,598 December 31, 2016, 2015, 2014, Taxes collected from customers a nd remitted to governmental authorities Taxes collected from customers and remitted to governmental authorities are excluded from revenues and cost of goods sold. Shipping and handling fees Shipping and handling fees related to sales transactions are billed to customers and recorded as sales revenues. Cost of goods sold and selling, general, and administration expenses Cost of goods sold includes the costs of inventory sold, related purchasing, distribution, and warehousing costs, costs incurred for shipping and handling, and environmental remediation costs. In 2016, 2015 2014, one one December 31, 2016. Selling, general, and administration expenses include personnel costs associated with sales, marketing and administration, legal and legal-related costs, consulting and professional services fees, advertising expenses, and other similar costs. Research and development All costs identified as research and development costs are charged to expense when incurred. Planned major maintenance activities Expenditures for planned major maintenance activities are recognized as expense as incurred. Earnings per share Earnings per share is computed using the two 260, Earnings Per Share two two December 31, 2016 2015. Contingently issuable shares associated with outstanding service-based restricted stock shares were not included in the earnings per share calculations for the year ended December 31, 2016, 2015 2014. Co mprehensive income Comprehensive income is comprised of net income and other comprehensive income/(losses) (“ OCI”). Comprehensive income comprises all changes in stockholders’ equity from transactions and other events and circumstances from non-owner sources. FutureFuel’s OCI is comprised of unrealized gains and losses resulting from its investment in certain marketable securities classified as available for sale (see Note 6). December 31, 2016, $1,485, $1,158. December 31, 2015, $2,204, $1,314, December 31, 2014, $3,177, $1,980, December 31, 2016 2015, $1,419 $394, $765 $212 December 31, 2016 2015, December 31, 2014. Realized gains and losses are recognized on the specific identification method. Commitments and contingent liabilities In the ordinary course of its business, FutureFuel enters into supply and sales contracts as deemed commercially desirable. Supply contracts are util ized to ensure the availability of raw materials used in the production process. Sales contracts are utilized to ensure the future sale of produced product. FutureFuel and its operations from time to time may investigations, and proceedings including product liability, personal injury, patent and intellectual property, commercial, contract, environmental, health and safety, and environmental matters, which are handled and defended in the ordinary course of business. FutureFuel accrues a liability for such matters when it is probable that a liability has been incurred and the amount can be reasonably estimated. When a single amount cannot be reasonably estimated but the cost can be estimated within a range, FutureFuel accrues the minimum amount. Use of estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during a reporting period. Estimates are used when accounting for allowance for doubtful accounts, depreciation, amortization, asset retirement obligations, and income taxes as well as the evaluation of potential losses due to impairments or future liabilities. Actual results could differ materially from those estimates. Segment reporting FutureFuel identifies operating segments when separate financial information is available that is evaluated regularly b y its chief operating decision maker in assessing the performance of those segments and in determining how to allocate resources. FutureFuel has determined that it has two |
Note 3 - Reinstatement of Biodi
Note 3 - Reinstatement of Biodiesel BTC and Small Agri-biodiesel Producers Tax Credit | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | 3) Re instatement of biodiesel BTC and small agri-biodiesel producers tax credit On December 22, 2014, 2014 December 31, 2014. 2014 $33,031, $28,954 fourth 2014, remainder recognized as a reduction of cost of goods sold in 2015. 2014 $18,628 2014 fourth 2014. December 18, 2015. 2015 $30,895 fourth 2015. 2015 $16,544 2015 fourth 2015. 2016 December 31, 2016. A part of the bill from which the BTC mentioned above was reinstated, was a small agri-biodiesel producer tax credit of $0.10 first 15 60 $1,500, 2016 2015 2014. December 31, 2016. |
Note 4 - Inventory
Note 4 - Inventory | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 4) Inventory The carrying values of inventory were as follows as of December 31: 201 6 201 5 At average cost (approximates current cost) Finished goods $ 2 7,971 $ 35,517 Work in process 1, 913 1,695 Raw materials and supplies 2 5,127 31,247 Total inventories at weighted average cost 55 ,011 68,459 LIFO reserve ( 2,918 ) (3,502 ) Total inventories $ 52 ,093 $ 64,957 A lower of cost or market adjustment was recorded at December 31, 201 6 2015 $1,435 $1,595, |
Note 5 - Derivative Instruments
Note 5 - Derivative Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 5) Derivative instruments FutureFuel is exposed to certain risks relating to its ongoing business operations. Commodity price risk is the primary risk managed by using derivative instruments. Regulated fixed price futures and option contracts are utilized to manage the price risk associated with future purchases of feedstock used in FutureFuel’s biodiesel production along with physical feedstock and finished product inventories attributed to this process. FutureFuel recognizes all derivative instruments as either assets or liabilities at fair value in its consolidated balance sheet. FutureFuel ’s derivative instruments do not qualify for hedge accounting under the specific guidelines of ASC 815 20 25, Derivatives and Hedging, Hedging-General, Recognition $(6,220) $9,101 $12,757 December 31, 2016, 2015, 2014, The volumes and carrying values of FutureFuel ’s derivative instruments were as follows at December 31: Asset/(Liability) 201 6 201 5 Quantity / contracts Short Fair Value Quantity / contracts Short Fair Value Regulated options, included in other current assets - $ - 200 $ (427 ) Regulated fixed price future commitments, included in other current assets 135 $ (258 ) 631 $ 3,789 The margin account maintained with a broker to collateralize these derivative instruments carried an account balance of $758 $225 December 31, 2016 2015, |
Note 6 - Marketable Securities
Note 6 - Marketable Securities | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Cash, Cash Equivalents, and Marketable Securities [Text Block] | 6) Marketable securities At December 31, 2016 2015, FutureFuel ’s marketable securities were comprised of the following at: December 31, 2016 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Equity instruments $ 32,667 $ 5,549 $ (304 ) $ 37,912 Preferred stock 57,105 1,196 (698 ) 57,603 Trust preferred securities 3,147 - (9 ) 3,138 Exchange traded debt instruments 7,420 99 (26 ) 7,493 Total $ 100,339 $ 6,844 $ (1,037 ) $ 106,146 December 31, 201 5 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value E quity instruments $ 10,825 $ 44 $ (711 ) $ 10,158 Preferred stock 37,703 2,419 (122 ) 40,000 Trust preferred securities 16,464 1,303 (66 ) 17,701 Exchange traded debt instruments 6,511 297 - 6,808 Total $ 71,503 $ 4,063 $ (899 ) $ 74,667 The aggregate fair value of investments with unrealized losses totaled $ 31,126 $15,571 December 31, 2016 2015, December 31, 2016 2015, no 12 In 201 6, $728 $2,402 $5,712 2015 2014, |
Note 7 - Property, Plant, and E
Note 7 - Property, Plant, and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 7) Property, plant, and equipment Property, plant, and equipment consisted of the following at December 31: 2016 2015 Land and land improvements $ 5,741 $ 5,741 Buildings and building equipment 26,171 26,478 Machinery and equipment 163,40 1 157,289 Construction in progress 2,271 3,586 Accumulated depreciation (79,432) (68,764) Total $ 118,15 2 $ 124,330 Depreciation expense totaled $10, 819, $10,187, $8,891 December 31, 2016, 2015, 2014, |
Note 8 - Intangible Assets
Note 8 - Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 8) Intangible assets In April 2015, $1,408. cted to contribute to cash flows. The carrying value of the asset was $1,408 $1,408, December 30, 2016 2015. 350 30 35 18 35 20 no |
Note 9 - Other Assets
Note 9 - Other Assets | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | 9) Other assets Other assets are primarily comprised of supplies and parts that have been held longer than 24 twelve $3,876 $3,078 December 31, 2016 2015, |
Note 10 - Accrued Expenses and
Note 10 - Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | 10) Accrued expenses and other current liabilities Accrued expenses and other current liabilities, including those associated with related parties, consisted of the following at December 31: 201 6 201 5 Accrued employee liabilities $ 864 $ 1,474 Accrued property, use, and franchise taxes 1, 428 1,248 Other 3 35 254 Total $ 2, 627 $ 2,976 |
Note 11 - Borrowings
Note 11 - Borrowings | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 11) Borrowings On April 16, 2015, ’s other subsidiaries, as guarantors, entered into a $150,000 May 25, 2016, $15,000. five $165,000, $30,000 $15,000 The interest rate floats at the following margins over LIBOR or base rate based upon the leverage ratio from time to time: Conso lidated Leverage Ratio Adjusted LIBOR Rate Loans and Letter of Credit Fee Base Rate Loans Commitment Fee < 1.00:1.0 1.25% 0.25% 0.15% ≥ 1.00:1.0 and 1.50% 0.50% 0.20% ≥ 1.50:1.0 and 1.75% 0.75% 0.25% ≥ 2.00:1.0 and 2.00% 1.00% 0.30% ≥ 2.50:1.0 2.25% 1.25% 0.35% The terms of the Credit Facility contain certain covenants and conditions including a maximum consolidated leverage ratio, a minimum consolidated fixed charge coverage ratio, and a minimum liquidity requirement. FutureFuel was in compliance with such covenants as of December 31, 2016. There were no December 31, 201 6 2015. |
Note 12 - Asset Retirement Obli
Note 12 - Asset Retirement Obligations and Environmental Reserves | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Asset Retirement Obligation Disclosure [Text Block] | 12) Asset retirement obligations and environmental reserves The Batesville Plant generates hazardous and non-hazardous wastes, the treatment, storage, transportation, and disposal of which are regulated by various governmental agencies. I n addition, the Batesville Plant may $849 $822 December 31, 2016 2015, The following table summarizes the activity of accrued obligations for asset retirement obligations: 201 6 201 5 B alance at January 1 $ 822 $ 7 96 Accretion expense 2 7 2 6 Balance at December 31 $ 8 49 $ 822 |
Note 13 - Stock Based Compensat
Note 13 - Stock Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 13) Stock based compensation The board of directors of FutureFuel adopted an omnibus incentive plan which was approved by the shareholders of FutureFuel at its 2007 June 26, 2007. ● Encourage ownership in FutureFuel by key personnel whose long-term employment with or engagement by FutureFuel or its subsidiaries is considered essential to its continued progress and, thereby, encourage recipients to act in FutureFuel’s shareholders’ interests and share in its success; ● Encourage such persons to remain in FutureFuel ’s employ or in the employ of its subsidiaries; and ● Provide incentives to persons who are not FutureFuel employees to promote FutureFuel’s success. The plan authorizes FutureFuel to issue stock options (including incentive stock options and nonqualified stock options), stock awards, and stock appreciation rights. Eligible participants in the plan include: (i) members of FutureFuel’s board of directors and its executive officers; (ii) regular, active employees of FutureFuel and any of its subsidiaries; and (iii) persons engaged by FutureFuel or any of its subsidiaries to render services to FutureFuel or its subsidiaries as an advisor or consultant. Awards under the plan are limited to shares of FutureFuel ’s common stock, which may 10% The plan became effective upon its approval by FutureFuel ’s shareholders on June 26, 2007 ten FutureFuel recognizes compensation expense in its financial statements for stock based options based upon the grant-date fair value over the requisite service period. In May 2014, restricted stock award of 250,000 three first, second, third $4,195 three In July 2014, reFuel issued a restricted stock award of 125,000 September 2, 2014. first, second, third, fourth $2,136, 20% four No stock awards were issued in 2015 or 2016. In December 2014, 90,000 have an exercise price equal to the mean between the highest and lowest quoted sales prices for FutureFuel’s common stock as of the grant date as reported by the New York Stock Exchange. The options awarded vest annually in equal increments over three December 2, 2019. In December 2015, 30,000 ck options to new members of the Board of Directors. The options awarded in 2015 2015 December 2020. No were granted in 2016. The assumptions used in the determination of the fair value of the options granted are provided in the following table: Assumptions December 2015 Options December 2014 Options Expected volatility rate 43.08% 41.48% Expected dividend yield 1.72% 4.23% Risk-free interest rate 1.67% 1.25% Expected forfeiture rate 0.00% 0.00% Expected term in years 4.5 4.5 The volatility rate for the options granted in 2015 2014 volatility of FutureFuel’s common stock over the same time period as the expected term of each stock option award. The volatility rate is derived by a mathematical formula utilizing the daily closing stock price data over the expected term. The expected dividend yield is calculated using FutureFuel’s expected dividend amount at the date of the option grant over the expected term divided by the fair market value of FutureFuel’s common stock. The risk-free interest rate is derived from the United States F ederal Reserve’s published interest rates of yields for the same time period as the expected term. FutureFuel has only included share-based awards expected to vest in share-based compensation expense. The estimated forfeiture rates are based upon FutureF uel’s expected rate of forfeiture and are excluded from the quantity of awards included in share-based compensation expense. For the years ended December 31, 2016, 2015, 2014, $1,908, $2,043, $1,440, December 31, 2016, 2015, 2014, December 31, 2016, $1,243 1.15 December 31, 2016, $75 0.92 The weighted average fair value of options granted in 2015 $4.55 2014, $2.78 A summary of the activity of FutureFuel ’s stock options and awards for the period beginning January 1, 2014 December 31, 2016 Options Weighted Average Exercise Price Outstanding at January 1, 201 4 18 0,611 $ 11. 70 Granted 90,000 $ 11.34 Exercised (30, 611 ) $ 1 0.06 Canceled, forfeited, or expired - - Outstanding at December 31, 201 4 24 0,000 $ 11. 77 Granted 3 0,000 $ 1 3.99 Exercised ( 20,000 ) $ 11 .68 Canceled, forfeited, or expired - - Outstanding at December 31, 2015 2 50,000 $ 1 2.05 Granted - - Exercised ( 120,000 ) $ 1 1.45 Canceled, forfeited, or expired (60,000 ) $ 12.74 Outstanding at December 31, 201 6 7 0,000 $ 12. 48 There were 1,1 94,700 December 31, 2016. December 31, 2016. Options Outstanding Options Exercisable Exercise Price Number Outstanding at December 31, 201 6 Weighted Average Remaining Contractual Life Weighted Average Exercise Price Number Exercisable at December 31, 201 6 Weighted Average Exercise Price $ 11.34 4 0,000 2 .92 $ 11.34 1 0,000 $ 11.34 $ 13.99 30,000 3 .97 $ 13.99 30,000 $ 13.99 70 ,000 3 .37 $ 12. 48 4 0,000 $ 1 3.33 The weighted average remaining contractual life of all exercisable options is 3.71 The aggregate intrinsic values of total options outstanding and at December 31, 2016 2015 $102 $378, December 31, 2016 2015 $26 $248, December 31, 2016 December 31, 2015, In 201 6, $213 $23. 2016 85,862 $128. The following summarizes unvested restricted stock activity: Number of Restricted Stock Weighted Average Grant Date Fair Value Weighted Average Life Remaining Unvested as of January 1, 2014 - - - Granted 375,000 $ 16.88 - Vested 25,000 $ 17.09 - Forfeited - - - Unvested as of December 31, 2014 350,000 $ 16.87 2.73 Granted - - - Vested 108,333 $ 16.85 - Forfeited - - - Unvested as of December 31, 2015 241,667 $ 16.88 1.86 Granted - - - Vested 108,333 $ 16.85 - Forfeited - - - Unvested as of December 31, 201 6 133 ,334 $ 16. 90 1. 15 The company realized a tax benefit of $160, $339, $164 December 31, 2016, 2015 2014, The following summarizes unvested stock option activity: Stock Options Weighted Average Grant Date Fair Value Weighted Average Life Remaining Unvested as of January 1, 201 4 - - - Granted 90,000 $ 2.78 - Vested - - - Forfeited - - - Unvested as of December 31, 201 4 90,000 $ 2.78 2.92 Granted 30,000 $ 4.55 - Vested (60,000 ) $ 3.67 - Forfeited - - - Unvested as of December 31, 201 5 60,000 $ 2.78 1.92 Granted - - - Vested (3 0,000 ) $ 2.78 - Forfeited - - - Unvested as of December 31, 201 6 30,000 $ 2.78 0 .92 |
Note 14 - Provision (Benefit) f
Note 14 - Provision (Benefit) for Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 14) Provision /(benefit) for income taxes The following table summarizes the provision/ (benefit) for income taxes: 2016 2015 2014 Income before taxes - U.S. $ 40,806 $ 51,869 $ 67,345 Provision for income taxes: Current (13,014 ) 7,475 8,455 Deferred (1,437 ) (2,283 ) 3,858 State and other Current (1,120 ) 487 1,306 Deferred 36 (231 ) 526 Total $ (15,535 ) $ 5,448 $ 14,145 Differences between the provision /(benefit) for income taxes computed using the U.S. federal statutory income tax rate were as follows: 2016 2015 2014 Amount computed using the statutory rate of 35% $ 14,282 $ 18,154 $ 23,571 Section 199 manufacturing deduction - (163 ) - Agri-biodiesel production credit (975 ) (975 ) (975 ) Federal excise tax benefit (20,048 ) (9,958 ) (10,344 ) State excise tax benefit (6,845 ) (792 ) (2,409 ) Credit for increasing research activities (56 ) (51 ) (80 ) Alternative fueling equipment credit - - (2 ) Dividends received deduction (730 ) (427 ) (336 ) State income taxes, net (1,262 ) 695 3,189 Tax (benefit)/expense recorded as a decrease/increase in unrecognized tax benefit 193 (747 ) 1,309 Other (94 ) (288 ) 222 (Benefit)/provision for income taxes $ (15,535 ) $ 5,448 $ 14,145 The effective tax rates for the years December 31, 2016 2015 , reflect FutureFuel’s expected tax rate on reported operating earnings before income tax. Our effective tax rate for the years December 31, 2016 2015, 2016 2015. 2016 2015, 2016 2015 second 2016, December 31, 2016. 2017 2016 2015. The significant components of deferred tax assets and liabilities were as follows as of December 31: 2016 2015 Deferred tax assets Compensation $ - $ 249 Inventory reserves 1,149 1,244 Self insurance 90 111 Asset retirement obligation 299 299 Deferred revenue 9,388 9,993 Stock based compensation 77 144 Derivative instruments 90 Other 2,546 - Total deferred tax assets 13,639 12,040 Deferred tax liabilities Available for sale securities (1,376 ) (1,075 ) Derivative instruments - (1,348 ) Accrued expenses - (656 ) LIFO inventory (5,821 ) (5,163 ) Depreciation (38,293 ) (39,930 ) Other (213 ) (45 ) Total deferred tax liabilities (45,703 ) (48,217 ) Valuation allowance - - Net deferred tax liabilities $ (32,064 ) $ (36,177 ) 2016 2015 As recorded in the consolidated balance sheet Current deferred tax liability $ - $ (7,060 ) Noncurrent deferred tax liability (32,064 ) (29,117 ) Net deferred tax liabilities $ (32,064 ) $ (36,177 ) Prior to 2013, 2013, as a result of then recently issued technical guidance from the U.S. Internal Revenue Service, FutureFuel changed its position related to the benefit from the biodiesel BTC to exclude this credit from taxable income for 2010 December 31, 2016 FutureFuel elected to early adopt ASU No. 2015 17, Income Taxes (Topic 740): fourth 2016 2015 $7,188 $7,188. FutureFuel ’s unrecognized tax benefits totaled $2,056 $4,588 December 31, 2016 2015, The following table summarizes FutureFuel’s unrecognized tax benefits activity. 2016 2015 2014 Balance at January 1 $ 4,588 $ 2,981 $ 1,718 Increases to tax positions taken in the current year 2,056 1,471 1,255 Increases to tax positions taken in a prior year - 3,117 8 Decrease due to resolution of tax positions taken in a prior year (4,588 ) (2,981 ) - Balance at December 31 $ 2,056 $ 4,588 $ 2,981 FutureFuel does not expect its unrecognized tax benefits to change significantly over the next 12 FutureFuel records interest and penalties net as a component of income tax expense. FutureFuel accrued balances of $ 193 $61 December 31, 2016 2015, FutureFuel and its subsidiaries file tax returns in the U.S. federal jurisdiction and with various state jurisdictions. In general, FutureFuel is subject to U.S., state, and local examinations by tax authorities from 201 3 second 2015, 2010 2012 second 2015, 2010 2012 2016 |
Note 15 - Deferred Revenue and
Note 15 - Deferred Revenue and Contingent Liability | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Deferred Revenue Disclosure [Text Block] | 15) Deferred revenue and contingent liability FutureFuel has signed contracts with customers to construct plant and other related assets on FutureFuel’s property for the manufacture of custom chemicals. The cost of the construction has been funded by the customers. Additionally, FutureFuel has been awarded grants from governmental agencies related to the construction of production equipment and infrastructural improvements. As these customers and governmental agencies have paid for such projects, FutureFuel has recorded such amounts as deferred revenue. Deferred revenue totaled $22,322 December 31 2016, $5,530 $16,792 $18,588 December 31, 2015, $2,680 $15,908 The following table summarizes FutureFuel ’s deferred revenue activity: 201 6 201 5 Beginning balance $ 18 ,588 $ 17,867 Amortization ( 4,018 ) (2,468 ) Additions 7,752 3,365 Impairment - (176 ) Balance at December 31 $ 22 ,322 $ 18,588 One of the grants from a governmental agency is contingent upon FutureFuel meeting certain employment goals. If these goals are not reached, FutureFuel may grant back to the agency. As a result of this provision, FutureFuel has recorded a contingent liability for the monies received under this grant. This balance totaled $1,151 $1,151 December 31, 2016 2015. |
Note 16 - Stockholders' Equity
Note 16 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 16) Stockholders ’ equity On July 12, 2006, July 2006 two July 2006 1934, 16,250,000 On February 10, 2011, 3 $50,000. March 10, 2011. May 11, 2011, three 3,000,000 2011, 1,313,985 $15,763, $488 2012, 91,143 $1,074, $33 2013, 1,594,872 $19,292, $599 On February 6, 2013, 3,000,000 et trading for aggregate gross proceeds of approximately $37,247, $36,127 |
Note 17 - Earnings Per Share
Note 17 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 17) Earnings per share We compute earnings per share using the two th ASC 260, Earnings Per Share two two December 31, 2016 2015. Contingently issuable shares associated with outstanding service-based restricted stock units were not included in the earnings per share calculations for the year ended December 31, 2016 2015. For the twelve months ended December 31: 2016 2015 2014 Numerator: Net income $ 56,341 $ 46,421 $ 53,200 Less: distributed earnings allocated to non-vested stock (377 ) (66 ) (114 ) Less: undistributed earnings allocated to non-vested restricted stock 264 (237 ) (258 ) Numerator for basic earnings per share $ 56,228 $ 46,118 $ 52,828 Effect of dilutive securities: Add: undistributed earnings allocated to non-vested restricted stock (264 ) 237 258 Less: undistributed earnings reallocated to non-vested restricted stock 264 (237 ) (258 ) Numerator for diluted earnings per share $ 56,228 $ 46,118 $ 52,828 Denominator: Weighted average shares outstanding – basic 43,542,785 43,432,149 43,357,602 Effect of dilutive securities: Stock options and other awards 4,753 13,581 34,409 Weighted average shares outstanding – diluted 43,547,538 43,445,730 43,392,011 Basic earnings per share $ 1.29 $ 1.06 $ 1.22 Diluted earnings per share $ 1.29 $ 1.06 $ 1.22 Certain options to purchase FutureFuel ’s common stock were not included in the computation of diluted earnings per share for the years ended December 31, 2016, 2015 2014 65,000, 97,500 25,000, |
Note 18 - Employee Benefit Plan
Note 18 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 18) Employee benefit plans Defined contribution savings plan FutureFuel currently offers its employees a company 401(k) ’ contributions, subject to specified limits, up to 6% $1,540, $1,648, $1,683 December 31, 2016, 2015, 2014, |
Note 19 - Related Party Transac
Note 19 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 19) Related party transactions FutureFuel enters into transactions with companies affiliated with or controlled by a dire ctor and significant stockholder. Revenues, expenses, prepaid amounts, and unpaid amounts related to these transactions are captured on our accompanying consolidated financial statements as related party line items. These related party transactions are summarized in the following table and further described below. Related party balance sheet accounts 201 6 201 5 Accounts receivable Biodiesel, petrodiesel, blends and other petroleum products $ 385 $ 10 Total accounts receivable $ 385 $ 10 Prepaid expenses Administrative services and other $ 12 $ 35 Total prepaid expenses $ 12 $ 35 Accounts payable Natural gas and fuel purchases $ 1,045 $ 233 Travel and administrative services $ 209 $ 11 Total accounts payable $ 1, 254 $ 244 Accrued liabilities Travel and administrative services $ 142 $ - Total accrued liabilities $ 142 $ - Related party income statement accounts For the years ended December 31: 201 6 201 5 201 4 Revenues Biodiesel, petrodiesel, blends and other petroleum products $ 8,37 1 $ 64,981 $ 39,090 Total revenues $ 8 ,371 $ 64,981 $ 39,090 Cost of g oods sold Biodiesel, petrodiesel, blends, and other petroleum products $ 6 ,016 $ 2,412 $ 51,647 Natural gas purchases 4, 223 4,190 7,095 Income tax, consulting services and other 8 0 60 80 Tot al cost of goods sold $ 10 ,319 $ 6,662 $ 58,822 Distribut ion Distribution and related services $ 378 $ 405 $ 335 Total dis tribution $ 378 $ 405 $ 335 Selling, general and administrative expenses Commodity trading advisory fees $ 3 07 $ 143 $ 132 Travel and administrative services 21 6 72 82 Total sel ling, general, and administrative expenses $ 5 23 $ 215 $ 214 Biodiesel, petrodiesel and blends FutureFuel enters into agreements to buy and sell biofuels (biodiesel, petrodiesel, biodiesel/petrodiesel blends, RINs, and biodiesel production byproducts) and other petroleum products such as gasoline with an affiliate from time to time. Such agreements are priced at the then current market price of the product, as determined from bids from other customers and/or market pricing services. Cost of goods sold related to these sales includes variable costs and allocated fixed costs. Natural gas purchases FutureFuel utilizes natural gas to generate steam for its manufacturing process and to support certain of its air and waste treatment utilities. This natural gas is purchased through an affiliate provider of natural gas marketing services. Expenses related to these purchases include the cost of the natural gas only; transportation charges are paid to an independent third Income tax and consulting services An affiliate provides professional services to FutureFuel, primarily in the area of income tax preparation and consulting. FutureFuel also receives certain finance and accounti ng expertise from this affiliate as requested. Expenses related to these services are comprised of an agreed quarterly fee plus reimbursement of expense, at cost. Distribution and related services Distribution and related services are comprised of barge transportation and related unloading charges for petrodiesel that were arranged and paid by an affiliate and subsequently rebilled to FutureFuel. Additionally, FutureFuel leases oil storage capacity from an affiliate under a storage and throughput agreement. This agreement provides for the storage of biodiesel, diesel or biodiesel/petrodiesel blends, methanol, and biodiesel feedstocks in above-ground storage tankage at designated facilities of the affiliate. Expenses related to this agreement include monthly lease charges, generally on a per barrel basis, and associated heating, throughput, and other customary terminalling charges. Commodity trading advisory fees FutureFuel entered into a commodity trading advisory agreement with an affiliate. Purs uant to the terms of this agreement, the affiliate provides advice to FutureFuel concerning the purchase, sale, exchange, conversion, and/or hedging of commodities as FutureFuel may Legal, t ravel and administrative services F utureFuel reimburses an affiliate for legal, trading, travel and other administrative services incurred on its behalf. Such reimbursement is performed at cost with the affiliate realizing no profit on the transaction. |
Note 20 - Segment Information
Note 20 - Segment Information | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 20) Segment information FutureFuel has two – chemicals and biofuels. The accounting policies of the segments are the same as those described in the summary of significant accounting policies in Note 2. Chemicals FutureFuel ’s chemicals segment manufactures diversified chemical products that are sold to third two Biofuels FutureFuel ’s biofuels business segment manufactures and markets biodiesel. Biodiesel revenues are generated through the sale of biodiesel to customers through FutureFuel’s distribution network at the Batesville Plant, through distribution facilities available at leased oil storage facilities, and through a network of remotely located tanks. Results of the biofuels business segment also reflect the sale of biodiesel blends with petrodiesel, petrodiesel with no biodiesel added, RINs, biodiesel production byproducts, and the purchase and sale of other petroleum products on common carrier pipelines. Summary of long-lived assets and revenues by geographic area All of FutureFuel ’s long-lived assets are located in the U.S. Most of FutureFuel ’s sales are transacted with title passing at the time of shipment from the Batesville Plant, although some sales are transacted based on title passing at the delivery point. While many of FutureFuel’s chemicals are utilized to manufacture products that are shipped, further processed, and/or consumed throughout the world, the chemical products, with limited exceptions, generally leave the United States only after ownership has transferred from FutureFuel to the customer. Rarely is FutureFuel the exporter of record, never is FutureFuel the importer of record into foreign countries, and FutureFuel is not always aware of the exact quantities of its products that are moved into foreign markets by its customers. FutureFuel does track the addresses of its customers for invoicing purposes and uses this address to determine whether a particular sale is within or without the United States. FutureFuel’s revenues for the years ended December 31, 2016, 2015, 2014 Fiscal Year United States All Foreign Countries Total December 31, 201 6 $ 2 50,320 $ 2, 873 $ 2 53,193 December 31, 201 5 $ 297,415 $ 2,196 $ 299,611 December 31, 201 4 $ 334,210 $ 7,628 $ 341,838 For the years ended December 31, 2016, 2015, 2014, 0%, 0%, 1%, 2016, 2015, 2014 1% Summary of business by segment Twelve months ended 2016 2015 2014 Revenue Custom chemicals $ 82,667 $ 108,160 $ 127,956 Performance chemicals 18,240 17,688 18,190 Chemicals revenue 100,907 125,848 146,146 Biofuels revenue 152,286 173,763 195,692 Total Revenue $ 253,193 $ 299,611 $ 341,838 Segment gross profit Chemicals $ 32,055 $ 35,452 $ 46,062 Biofuels 14,803 21,594 19,911 Total gross profit 46,858 57,046 65,973 Corporate expenses 10,335 10,075 9,845 Income before interest and taxes 36,523 46,971 56,128 Interest and other income 6,152 5,213 6,877 Interest and other expense (1,869 ) (315 ) 4,340 Benefit/(provision) for income taxes 15,535 (5,448 ) (14,145 ) Net income $ 56,341 $ 46,421 $ 53,200 Depreciation is allocated to segment costs of goods sold based on plant usage. The total assets and capital expenditures of FutureFuel have not been allocated to individual segments as large portions of these assets are shared to varying degrees by each segment, causing such an allocation to be of little value. Gross margins for the biofuels segment for the year ended December 31, 201 6 $220 9005 2016. $147 $420 2015 2014, |
Note 21 - Fair Value Measuremen
Note 21 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 21) Fair value measurements Fair value is defined as the exit price, or the amo unt that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. Fair value accounting pronouncements also include a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability developed based on market data obtained from sources independent of FutureFuel. Unobservable inputs are inputs that reflect FutureFuel’s assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. The hierarchy is broken down into three 1 2 3 The following table provides information by level for assets and liabilities that are measured at fair value, on a recurring basis. Asset (Liability) Fair Value Measurements Using Inputs Considered as Description Fair Value at December 31, 2016 Level 1 Level 2 Level 3 Derivative instruments $ (258 ) $ (258 ) $ - $ - Preferred stock, trust preferred securities, exchange traded debt instruments, and other equity instruments $ 106,146 $ 106,146 $ - $ - Asset/(Liability) Fair Value Measurements Using Inputs Considered as Description Fair Value at December 31, 201 5 Level 1 Level 2 Level 3 Derivative instruments $ 3,362 $ 3,362 $ - $ - Preferred stock, trust preferred securities, exchange traded debt instruments, and other equity instruments $ 74,667 $ 74,667 $ - $ - |
Note 22 - Reclassifications Fro
Note 22 - Reclassifications From Accumulated and Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 22) Reclassifications from accumulated other comprehensive income The following tables summarize the changes in accumulated other comprehensive income from unrealized gains and losses on available-for-sale securities: Changes in Accumulated Other Comprehensive Income Unrealized Gains and Losses on Available-for-Sale Securities For the Twelve Months Ended December 31, 201 6 2015 (net of tax) 201 6 Balance at January 1, 201 6 $ 2,055 Other comprehensive gain before reclassifications 6 15 Amounts reclassified from accumulated other comprehensive income 870 Net current-period other comprehensive gain - twelve months ended December 31, 2016 1 ,485 Balance at December 31, 201 6 $ 3 ,540 2015 Balance at January 1, 2015 $ 4,259 Other comprehensive loss before reclassifications (2,134 ) Amounts reclassified from accumulated other comprehensive income (70 ) Net current-period other comprehensive loss - twelve months ended December 31, 2015 (2,204 ) Balance at December 31, 2015 $ 2,055 The following table summarizes amounts reclassified from accumulated other comprehensive income in the years ended December 31, 2016 2015: Reclassifications from Accumulated Other Comprehensive Income 201 6 Affected Line Item in Statement of Operations Unrealized losses on available-for-sale securities $ ( 1,340 ) Loss on marketable securities Total before tax ( 1,340 ) Tax benefit 470 Total reclassifications $ ( 870 ) 2015 Affected Line Item in Statement of Operations Unrealized gains on available-for-sale securities $ 107 Gain on marketable securities Total before tax 107 Tax expense (37 ) Total reclassifications $ 70 |
Note 23 - Commitments
Note 23 - Commitments | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 23) Commitments Lease agreements FutureFuel has entered into lease agreements for oil storage capacity, railcars, isotainers, gas cylinders, argon tanks, and office machines. Minimum rental commitments under existing noncancellable operating leases as of December 31, 2016 Minimum Rental Commitment 2017 $ 714 2018 132 2019 95 2020 95 2021 95 Thereafter 215 Total $ 1, 346 Lease expenses totaled $1, 121, $1,060, $946 December 31, 2016, 2015, 2014, Purchase obligations FutureFuel has entered into contracts for the purchase of goods and services including contracts for the purchase of feedstocks for biodiesel and expansion of FutureFuel ’s specialty chemicals segment and related infrastructure. |
Note 24 - Quarterly Financial I
Note 24 - Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 24) Quarterly financial information (unaudited) Quarter 1st 2nd 3rd 4th 2016 Revenues $ 46,635 $ 67,879 $ 69,306 $ 69,373 Gross profit $ 11,053 $ 7,972 $ 10,319 $ 17,514 Net income $ 10,569 $ 14,224 $ 12,868 $ 18,680 Net income per common share: Basic $ 0.24 $ 0.33 $ 0.29 $ 0.43 Diluted $ 0.24 $ 0.33 $ 0.29 $ 0.43 Quarter 1st 2nd 3rd 4th 201 5 Revenues $ 54,087 $ 104,598 $ 107,054 $ 33,872 Gross profit $ 13,314 $ 5,544 $ 8,675 $ 29,513 Net income $ 8,131 $ 3,793 $ 4,850 $ 29,647 Net income per common share: Basic $ 0.19 $ 0.09 $ 0.11 $ 0.68 Diluted $ 0.19 $ 0.09 $ 0.11 $ 0.68 Earnings per share is computed independently for each of the quarters presented. Therefore, the sum of the quarterly amounts will not necessarily equal the total for the year. |
Note 25 - Recently Issued Accou
Note 25 - Recently Issued Accounting Standards | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | 25) Recently issued accounting standards In May 2014, entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. To achieve the core principle, the guidance establishes the following five 1) 2) 3) 4) 5) December 15, 2016, July 2015, one May 2016, December 2016, In August 2016, Financial Accounting Standards Board (the “FASB”) issued guidance to reduce existing diversity in practice in regards to how cash receipts and cash payments are presented and classified in the statement of cash flows. The guidance specifically addresses the following items: debt prepayment or debt extinguishment costs; settlement of zero December 15, 2017, During June 2016, dit loss methodology and requires consideration of a broader range of information to determine credit loss estimates. Financial assets measured at amortized cost will be presented at the net amount expected to be collected by using an allowance for credit losses. Purchased credit deteriorated loans will receive an allowance account for expected credit losses at the acquisition date that represents a component of the purchase price allocation. Credit losses relating to available for sale debt securities will be recorded through an allowance for expected credit losses, with such allowance limited to the amount by which fair value is below amortized cost. An allowance will be established for estimated credit losses on held to maturity securities. This guidance is effective for fiscal years beginning after December 15, 2019 In March 2016, ion as a part of the simplification initiative that covers related tax accounting, cash flow presentation, and forfeitures. The two December 15, 2016, In February 2016, requires organizations that lease assets to recognize assets and liabilities on the balance sheet related to the rights and obligations created by those leases, regardless of whether they are classified as finance or operating leases. Consistent with current guidance, the recognition, measurement, and presentation of expenses and cash flows arising from a lease primarily will depend on its classification as a finance or operating lease. The guidance also requires new disclosures in order to help users of financial statements better understand the amount, timing, and uncertainty of cash flows arising from leases. The new standard is effective for annual reporting periods beginning after December 15, 2018, In November 2015, under the simplification and productivity initiative for presentation of deferred income tax liabilities and assets. This guidance simplifies the presentation of deferred income taxes such that deferred tax liabilities and assets are to be classified as noncurrent in a classified balance sheet. The update does not amend the current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount. This guidance was effective for annual reporting periods beginning after December 15, 2016, fourth 2016 2015 $7,188 $7,188. In July 2015, inventory not measured using either the last in, first December 15, 2016 |
Note 26 - Reserve Roll Forwards
Note 26 - Reserve Roll Forwards - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | 26) Reserve roll forwards - valuation and qualifying accounts Balance at Charged to Charged to Balance at January 1, Cost and Other December 2016 Expense Accounts Deductions 31,2016 Reserve for: Doubtful accounts and returns $ - $ 106 $ - $ 106 $ - LIFO inventory 3,502 - - 584 2,918 Aged and obsolete inventory 546 - - 205 341 Deferred tax valuation allowance - - - - - Aged and obsolete supplies and parts 987 235 - - 1,222 $ 5,035 $ 341 $ - $ 895 $ 4,481 Balance at January 1, 2015 Charged to Cost and Expense Charged to Other Accounts Deductions Balance at December 31, 201 5 Reserve for: Doubtful accounts and returns $ - $ 37 $ - $ 37 $ - LIFO inventory 8,342 - - 4,840 3,502 Aged and obsolete inventory 633 - - 87 546 Deferred tax valuation allowance - - - - - Aged and obsolete supplies and parts 949 38 - - 987 $ 9,924 $ 75 $ - $ 4,964 $ 5,035 Balance at January 1, 2014 Charged to Cost and Expense Charged to Other Accounts Deductions Balance at 2014 Reserve for: Doubtful accounts and returns $ - $ 46 $ - $ 46 $ - LIFO inventory 9,287 - - 945 8,342 Aged and obsolete inventory 408 225 - - 633 Deferred tax valuation allowance - - - - - Aged and obsolete supplies and parts 945 4 - - 949 $ 10,640 $ 229 $ - $ 945 $ 9,924 |
Note 27 - Asset Impairment
Note 27 - Asset Impairment | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Asset Impairment Charges [Text Block] | 27) Asset impairment On July 29, 2013, August 9, 2014. August 9, 2014 2014. $17,580 $16,160 2013. 2013 $1,420. 2014. 2013 2014. $4,176 $4,640 2014. |
Note 28 - Legal Proceedings
Note 28 - Legal Proceedings | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 28) Legal proceedings FutureFuel is not a party to, nor is any of its property subject to, any material pending legal proceedings, other than ordinary routine litigation incidental to its business. However, from time to time, FutureFuel may |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Consolidation The accompanying consolidated financial statements include the accounts of FutureFuel and its wholly-owned subsidiaries: FutureFuel Chemical Company; FFC Grain, L.L.C., which was formed in 2009 2011 2012 All significant intercompany transactions have been eliminated. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents Cash equivalents consist of highly liquid investments with original maturities of three may |
Receivables, Policy [Policy Text Block] | Accounts receivable, allowance for doubtful accounts , and credit risk Accounts receivable are recorded at the invoiced amount and do not bear interest. FutureFuel has established procedures to monitor credit risk and has not experienced significant credit losses in prior years. Accounts receivable have been reduced by an allowance for amounts that may |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Customer concentrations Significant portions of FutureFuel ’s sales are made to a relatively small number of customers. All sales of a laundry detergent additive were made to a leading North American consumer products company. Sales of the laundry detergent additive were less than 10% December 31, 2016 2015. greater than 10% December 31, 2014 $43,927. one $35,568, $33,255, $62,994 December 31, 2016, 2015, 2014, $64,981 $39,090 December 31, 2015 2014, December 31, 2016, 10%. 19 |
Inventory, Policy [Policy Text Block] | Inventory FutureFuel determines the cost of substantially all raw materials and finished goods inventories by the last-in, first |
Derivatives, Policy [Policy Text Block] | Financial and derivative instruments The carrying values of cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses and other current liabilities approximate their fair values due to the short-term maturities of these instruments. FutureFuel records all derivative instruments at fair value. Fair value is determined by using the closing prices of the derivative instruments on the New York Mercantile Exchange at the end of an accounting period. Changes in fair value of the derivative instruments are recorded in the statements of operations as a component of cost of goods sold. FutureFuel maintains a margin account with a broker to collateralize these derivative instruments. In order to manage commodity price risk caused by market fluctuations in biofuel prices, future purchases of feedstock used in our biodiesel production, physical feedstock, finished product inventories attributed to the process, and other petroleum products purchased or sold, we may 815 20 25, 2016 2015. Our immediate recognition of derivative instrument gains and losses can cause net income to be volatile from period to period due to the timing of the change in valu e of the derivative instruments relative to the sale of the physical commodity sold. As of December 31, 2016 2015, ($258) $3,362, 135 ($258) December 31, 2016. 200 $(427) 631 $3,789 December 31, 2015. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, plant , and equipment Property, plant, and equipment is carried at cost. Maintenance and repairs are charged to earnings; replacements and betterments are capitalized. When FutureFuel retires or otherwise disposes of an asset, it removes the cost of such asset and related accumulated depreciation from the accounts. FutureFuel records any profit and loss on retirement or other disposition in earnings. Depreciation is provided using the straight-line method over the following estimated useful lives: Building & building equipment (years) 20 - 39 Machinery and equipment (years) 3 – 33 Transportation equipment (years) 5 – 33 Other (years) 5 – 33 |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of assets Long-lived tangible assets FutureFuel evaluates the carrying value of long-lived tangible assets when events or changes in circumstances indicate that the carrying value may Indefinite-lived intangible asset Intangible assets with indefinite lives are not amortized, but are reviewed for impairment at least annually or whenever events or circumstances indicate the carrying value of the asset may fourth |
Revenue Recognition, Deferred Revenue [Policy Text Block] | Deferred revenue FutureFuel has signed contracts with c ustomers to construct plant and related assets on FutureFuel’s property for the manufacture of custom chemicals. The cost of construction has been funded by the customers with title and risk of loss to the equipment residing with FutureFuel. Reimbursements are recognized as deferred revenue and are amortized over the expected life of the customer relationship starting upon the completion of construction and the asset being placed into service. Additionally, FutureFuel has been awarded grants from governme ntal agencies related to the construction of production equipment and infrastructural improvements at its plant site. The cost of construction of these projects has been either funded by the governmental agencies directly or funded by FutureFuel who has then been reimbursed by the governmental agencies. Direct payments and reimbursements for construction costs have been recognized as deferred revenue and will be amortized into earnings over the expected life of the applicable customer relationship or the life of the asset if no direct customer relationship is tied to the asset. Such amortization will not begin until the asset has been placed into service and all contingencies associated with the grants are fulfilled. |
Asset Retirement Obligations, Policy [Policy Text Block] | Asset retirement obligations FutureFuel establishes reserves for closure/post-closure costs associated with the environmental and other assets it maintains. Env ironmental assets include but are not limited to waste management units such as destructors, landfills, storage tanks, and boilers. When these types of assets are constructed or installed, a liability is established for the future costs anticipated to be associated with the closure of the site based on an expected life of the environmental assets, the applicable regulatory closure requirements, and FutureFuel’s environmental policies and practices. These expenses are charged into earnings over the estimated useful life of the assets. Currently, FutureFuel estimates the useful life of each individual asset up to 35 Environmental costs are capitalized if they extend the life of the related property, increase its capacity, and/or mitigate or prevent future contamination. The cost of operating and maintaining environmental control facilities is charged to expense. |
Income Tax, Policy [Policy Text Block] | Income taxes Income taxes are accounted for using the asset and liability method. Under this method, income tax assets and liabilities are recognized for temporary differences between financial statement carrying amounts of assets and liabilities and their respective income tax basis. A future income tax asset or liability is estimated for each temporary difference using enacted and substantively enacted income tax rates and laws expected to be in effect when the asset is realized or the liability settled. A valuation allowance is established, if necessary, to reduce any future income tax asset to an amount that is more likely than not to be realized. FASB ASC Topic 740, Income Taxes 740”), 740 may 740 In November 2015, additional guidance for Topic 740, Income Taxes: Balance Sheet Classification of Deferred Taxes December 15, 2016, fourth 2016 2015 $7,188 $7,188. |
Revenue Recognition, Policy [Policy Text Block] | Revenue recognition For most product sales, revenue is recognized when product is shipped from our facilities and risk of loss and title have passed to the customer, which is in accordance with our customer contracts and the stated shipping terms. All custom manufactured products are manufactured under written contracts. Performance chemicals and biofuels are usually sold pursuant to the terms of written purchase orders. In general, customers do not have any rights of return, except for quality disputes. However, all of our products are tested for quality before shipment, and historically returns have been inconsequential. FutureFuel does not offer rebates or other warranties. Bill and hold transactions for 2016, 2015, 2014 three 2016 2015 four 2014, $23,725, $28,740, $31,598 December 31, 2016, 2015, 2014, |
Excise and Sales Taxes [Policy Text Block] | Taxes collected from customers a nd remitted to governmental authorities Taxes collected from customers and remitted to governmental authorities are excluded from revenues and cost of goods sold. |
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and handling fees Shipping and handling fees related to sales transactions are billed to customers and recorded as sales revenues. |
Cost of Sales, Policy [Policy Text Block] | Cost of goods sold and selling, general, and administration expenses Cost of goods sold includes the costs of inventory sold, related purchasing, distribution, and warehousing costs, costs incurred for shipping and handling, and environmental remediation costs. In 2016, 2015 2014, one one December 31, 2016. Selling, general, and administration expenses include personnel costs associated with sales, marketing and administration, legal and legal-related costs, consulting and professional services fees, advertising expenses, and other similar costs. |
Research and Development Expense, Policy [Policy Text Block] | Research and development All costs identified as research and development costs are charged to expense when incurred. |
Public Utilities, Policy [Policy Text Block] | Planned major maintenance activities Expenditures for planned major maintenance activities are recognized as expense as incurred. |
Earnings Per Share, Policy [Policy Text Block] | Earnings per share Earnings per share is computed using the two 260, Earnings Per Share two two December 31, 2016 2015. Contingently issuable shares associated with outstanding service-based restricted stock shares were not included in the earnings per share calculations for the year ended December 31, 2016, 2015 2014. |
Comprehensive Income, Policy [Policy Text Block] | Co mprehensive income Comprehensive income is comprised of net income and other comprehensive income/(losses) (“ OCI”). Comprehensive income comprises all changes in stockholders’ equity from transactions and other events and circumstances from non-owner sources. FutureFuel’s OCI is comprised of unrealized gains and losses resulting from its investment in certain marketable securities classified as available for sale (see Note 6). December 31, 2016, $1,485, $1,158. December 31, 2015, $2,204, $1,314, December 31, 2014, $3,177, $1,980, December 31, 2016 2015, $1,419 $394, $765 $212 December 31, 2016 2015, December 31, 2014. Realized gains and losses are recognized on the specific identification method. |
Commitments and Contingencies, Policy [Policy Text Block] | Commitments and contingent liabilities In the ordinary course of its business, FutureFuel enters into supply and sales contracts as deemed commercially desirable. Supply contracts are util ized to ensure the availability of raw materials used in the production process. Sales contracts are utilized to ensure the future sale of produced product. FutureFuel and its operations from time to time may investigations, and proceedings including product liability, personal injury, patent and intellectual property, commercial, contract, environmental, health and safety, and environmental matters, which are handled and defended in the ordinary course of business. FutureFuel accrues a liability for such matters when it is probable that a liability has been incurred and the amount can be reasonably estimated. When a single amount cannot be reasonably estimated but the cost can be estimated within a range, FutureFuel accrues the minimum amount. |
Use of Estimates, Policy [Policy Text Block] | Use of estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during a reporting period. Estimates are used when accounting for allowance for doubtful accounts, depreciation, amortization, asset retirement obligations, and income taxes as well as the evaluation of potential losses due to impairments or future liabilities. Actual results could differ materially from those estimates. |
Segment Reporting, Policy [Policy Text Block] | Segment reporting FutureFuel identifies operating segments when separate financial information is available that is evaluated regularly b y its chief operating decision maker in assessing the performance of those segments and in determining how to allocate resources. FutureFuel has determined that it has two |
Note 2 - Significant Accounti36
Note 2 - Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Property Plant And Equipment Estimated Useful Lives [Table Text Block] | Building & building equipment (years) 20 - 39 Machinery and equipment (years) 3 – 33 Transportation equipment (years) 5 – 33 Other (years) 5 – 33 |
Note 4 - Inventory (Tables)
Note 4 - Inventory (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | 201 6 201 5 At average cost (approximates current cost) Finished goods $ 2 7,971 $ 35,517 Work in process 1, 913 1,695 Raw materials and supplies 2 5,127 31,247 Total inventories at weighted average cost 55 ,011 68,459 LIFO reserve ( 2,918 ) (3,502 ) Total inventories $ 52 ,093 $ 64,957 |
Note 5 - Derivative Instrumen38
Note 5 - Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | Asset/(Liability) 201 6 201 5 Quantity / contracts Short Fair Value Quantity / contracts Short Fair Value Regulated options, included in other current assets - $ - 200 $ (427 ) Regulated fixed price future commitments, included in other current assets 135 $ (258 ) 631 $ 3,789 |
Note 6 - Marketable Securities
Note 6 - Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Marketable Securities [Table Text Block] | December 31, 2016 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Equity instruments $ 32,667 $ 5,549 $ (304 ) $ 37,912 Preferred stock 57,105 1,196 (698 ) 57,603 Trust preferred securities 3,147 - (9 ) 3,138 Exchange traded debt instruments 7,420 99 (26 ) 7,493 Total $ 100,339 $ 6,844 $ (1,037 ) $ 106,146 December 31, 201 5 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value E quity instruments $ 10,825 $ 44 $ (711 ) $ 10,158 Preferred stock 37,703 2,419 (122 ) 40,000 Trust preferred securities 16,464 1,303 (66 ) 17,701 Exchange traded debt instruments 6,511 297 - 6,808 Total $ 71,503 $ 4,063 $ (899 ) $ 74,667 |
Note 7 - Property, Plant, and40
Note 7 - Property, Plant, and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2016 2015 Land and land improvements $ 5,741 $ 5,741 Buildings and building equipment 26,171 26,478 Machinery and equipment 163,40 1 157,289 Construction in progress 2,271 3,586 Accumulated depreciation (79,432) (68,764) Total $ 118,15 2 $ 124,330 |
Note 10 - Accrued Expenses an41
Note 10 - Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | 201 6 201 5 Accrued employee liabilities $ 864 $ 1,474 Accrued property, use, and franchise taxes 1, 428 1,248 Other 3 35 254 Total $ 2, 627 $ 2,976 |
Note 11 - Borrowings (Tables)
Note 11 - Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | Conso lidated Leverage Ratio Adjusted LIBOR Rate Loans and Letter of Credit Fee Base Rate Loans Commitment Fee < 1.00:1.0 1.25% 0.25% 0.15% ≥ 1.00:1.0 and 1.50% 0.50% 0.20% ≥ 1.50:1.0 and 1.75% 0.75% 0.25% ≥ 2.00:1.0 and 2.00% 1.00% 0.30% ≥ 2.50:1.0 2.25% 1.25% 0.35% |
Note 12 - Asset Retirement Ob43
Note 12 - Asset Retirement Obligations and Environmental Reserves (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Asset Retirement Obligations [Table Text Block] | 201 6 201 5 B alance at January 1 $ 822 $ 7 96 Accretion expense 2 7 2 6 Balance at December 31 $ 8 49 $ 822 |
Note 13 - Stock Based Compens44
Note 13 - Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Assumptions December 2015 Options December 2014 Options Expected volatility rate 43.08% 41.48% Expected dividend yield 1.72% 4.23% Risk-free interest rate 1.67% 1.25% Expected forfeiture rate 0.00% 0.00% Expected term in years 4.5 4.5 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Options Weighted Average Exercise Price Outstanding at January 1, 201 4 18 0,611 $ 11. 70 Granted 90,000 $ 11.34 Exercised (30, 611 ) $ 1 0.06 Canceled, forfeited, or expired - - Outstanding at December 31, 201 4 24 0,000 $ 11. 77 Granted 3 0,000 $ 1 3.99 Exercised ( 20,000 ) $ 11 .68 Canceled, forfeited, or expired - - Outstanding at December 31, 2015 2 50,000 $ 1 2.05 Granted - - Exercised ( 120,000 ) $ 1 1.45 Canceled, forfeited, or expired (60,000 ) $ 12.74 Outstanding at December 31, 201 6 7 0,000 $ 12. 48 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Options Outstanding Options Exercisable Exercise Price Number Outstanding at December 31, 201 6 Weighted Average Remaining Contractual Life Weighted Average Exercise Price Number Exercisable at December 31, 201 6 Weighted Average Exercise Price $ 11.34 4 0,000 2 .92 $ 11.34 1 0,000 $ 11.34 $ 13.99 30,000 3 .97 $ 13.99 30,000 $ 13.99 70 ,000 3 .37 $ 12. 48 4 0,000 $ 1 3.33 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Number of Restricted Stock Weighted Average Grant Date Fair Value Weighted Average Life Remaining Unvested as of January 1, 2014 - - - Granted 375,000 $ 16.88 - Vested 25,000 $ 17.09 - Forfeited - - - Unvested as of December 31, 2014 350,000 $ 16.87 2.73 Granted - - - Vested 108,333 $ 16.85 - Forfeited - - - Unvested as of December 31, 2015 241,667 $ 16.88 1.86 Granted - - - Vested 108,333 $ 16.85 - Forfeited - - - Unvested as of December 31, 201 6 133 ,334 $ 16. 90 1. 15 |
Schedule of Nonvested Share Activity [Table Text Block] | Stock Options Weighted Average Grant Date Fair Value Weighted Average Life Remaining Unvested as of January 1, 201 4 - - - Granted 90,000 $ 2.78 - Vested - - - Forfeited - - - Unvested as of December 31, 201 4 90,000 $ 2.78 2.92 Granted 30,000 $ 4.55 - Vested (60,000 ) $ 3.67 - Forfeited - - - Unvested as of December 31, 201 5 60,000 $ 2.78 1.92 Granted - - - Vested (3 0,000 ) $ 2.78 - Forfeited - - - Unvested as of December 31, 201 6 30,000 $ 2.78 0 .92 |
Note 14 - Provision (Benefit)45
Note 14 - Provision (Benefit) for Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2016 2015 2014 Income before taxes - U.S. $ 40,806 $ 51,869 $ 67,345 Provision for income taxes: Current (13,014 ) 7,475 8,455 Deferred (1,437 ) (2,283 ) 3,858 State and other Current (1,120 ) 487 1,306 Deferred 36 (231 ) 526 Total $ (15,535 ) $ 5,448 $ 14,145 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2016 2015 2014 Amount computed using the statutory rate of 35% $ 14,282 $ 18,154 $ 23,571 Section 199 manufacturing deduction - (163 ) - Agri-biodiesel production credit (975 ) (975 ) (975 ) Federal excise tax benefit (20,048 ) (9,958 ) (10,344 ) State excise tax benefit (6,845 ) (792 ) (2,409 ) Credit for increasing research activities (56 ) (51 ) (80 ) Alternative fueling equipment credit - - (2 ) Dividends received deduction (730 ) (427 ) (336 ) State income taxes, net (1,262 ) 695 3,189 Tax (benefit)/expense recorded as a decrease/increase in unrecognized tax benefit 193 (747 ) 1,309 Other (94 ) (288 ) 222 (Benefit)/provision for income taxes $ (15,535 ) $ 5,448 $ 14,145 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2016 2015 Deferred tax assets Compensation $ - $ 249 Inventory reserves 1,149 1,244 Self insurance 90 111 Asset retirement obligation 299 299 Deferred revenue 9,388 9,993 Stock based compensation 77 144 Derivative instruments 90 Other 2,546 - Total deferred tax assets 13,639 12,040 Deferred tax liabilities Available for sale securities (1,376 ) (1,075 ) Derivative instruments - (1,348 ) Accrued expenses - (656 ) LIFO inventory (5,821 ) (5,163 ) Depreciation (38,293 ) (39,930 ) Other (213 ) (45 ) Total deferred tax liabilities (45,703 ) (48,217 ) Valuation allowance - - Net deferred tax liabilities $ (32,064 ) $ (36,177 ) 2016 2015 As recorded in the consolidated balance sheet Current deferred tax liability $ - $ (7,060 ) Noncurrent deferred tax liability (32,064 ) (29,117 ) Net deferred tax liabilities $ (32,064 ) $ (36,177 ) |
Summary of Income Tax Contingencies [Table Text Block] | 2016 2015 2014 Balance at January 1 $ 4,588 $ 2,981 $ 1,718 Increases to tax positions taken in the current year 2,056 1,471 1,255 Increases to tax positions taken in a prior year - 3,117 8 Decrease due to resolution of tax positions taken in a prior year (4,588 ) (2,981 ) - Balance at December 31 $ 2,056 $ 4,588 $ 2,981 |
Note 15 - Deferred Revenue an46
Note 15 - Deferred Revenue and Contingent Liability (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Deferred Revenue, by Arrangement, Disclosure [Table Text Block] | 201 6 201 5 Beginning balance $ 18 ,588 $ 17,867 Amortization ( 4,018 ) (2,468 ) Additions 7,752 3,365 Impairment - (176 ) Balance at December 31 $ 22 ,322 $ 18,588 |
Note 17 - Earnings Per Share (T
Note 17 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the twelve months ended December 31: 2016 2015 2014 Numerator: Net income $ 56,341 $ 46,421 $ 53,200 Less: distributed earnings allocated to non-vested stock (377 ) (66 ) (114 ) Less: undistributed earnings allocated to non-vested restricted stock 264 (237 ) (258 ) Numerator for basic earnings per share $ 56,228 $ 46,118 $ 52,828 Effect of dilutive securities: Add: undistributed earnings allocated to non-vested restricted stock (264 ) 237 258 Less: undistributed earnings reallocated to non-vested restricted stock 264 (237 ) (258 ) Numerator for diluted earnings per share $ 56,228 $ 46,118 $ 52,828 Denominator: Weighted average shares outstanding – basic 43,542,785 43,432,149 43,357,602 Effect of dilutive securities: Stock options and other awards 4,753 13,581 34,409 Weighted average shares outstanding – diluted 43,547,538 43,445,730 43,392,011 Basic earnings per share $ 1.29 $ 1.06 $ 1.22 Diluted earnings per share $ 1.29 $ 1.06 $ 1.22 |
Note 19 - Related Party Trans48
Note 19 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | 201 6 201 5 Accounts receivable Biodiesel, petrodiesel, blends and other petroleum products $ 385 $ 10 Total accounts receivable $ 385 $ 10 Prepaid expenses Administrative services and other $ 12 $ 35 Total prepaid expenses $ 12 $ 35 Accounts payable Natural gas and fuel purchases $ 1,045 $ 233 Travel and administrative services $ 209 $ 11 Total accounts payable $ 1, 254 $ 244 Accrued liabilities Travel and administrative services $ 142 $ - Total accrued liabilities $ 142 $ - |
Condensed Income Statement [Table Text Block] | For the years ended December 31: 201 6 201 5 201 4 Revenues Biodiesel, petrodiesel, blends and other petroleum products $ 8,37 1 $ 64,981 $ 39,090 Total revenues $ 8 ,371 $ 64,981 $ 39,090 Cost of g oods sold Biodiesel, petrodiesel, blends, and other petroleum products $ 6 ,016 $ 2,412 $ 51,647 Natural gas purchases 4, 223 4,190 7,095 Income tax, consulting services and other 8 0 60 80 Tot al cost of goods sold $ 10 ,319 $ 6,662 $ 58,822 Distribut ion Distribution and related services $ 378 $ 405 $ 335 Total dis tribution $ 378 $ 405 $ 335 Selling, general and administrative expenses Commodity trading advisory fees $ 3 07 $ 143 $ 132 Travel and administrative services 21 6 72 82 Total sel ling, general, and administrative expenses $ 5 23 $ 215 $ 214 |
Note 20 - Segment Information (
Note 20 - Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Fiscal Year United States All Foreign Countries Total December 31, 201 6 $ 2 50,320 $ 2, 873 $ 2 53,193 December 31, 201 5 $ 297,415 $ 2,196 $ 299,611 December 31, 201 4 $ 334,210 $ 7,628 $ 341,838 |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Twelve months ended 2016 2015 2014 Revenue Custom chemicals $ 82,667 $ 108,160 $ 127,956 Performance chemicals 18,240 17,688 18,190 Chemicals revenue 100,907 125,848 146,146 Biofuels revenue 152,286 173,763 195,692 Total Revenue $ 253,193 $ 299,611 $ 341,838 Segment gross profit Chemicals $ 32,055 $ 35,452 $ 46,062 Biofuels 14,803 21,594 19,911 Total gross profit 46,858 57,046 65,973 Corporate expenses 10,335 10,075 9,845 Income before interest and taxes 36,523 46,971 56,128 Interest and other income 6,152 5,213 6,877 Interest and other expense (1,869 ) (315 ) 4,340 Benefit/(provision) for income taxes 15,535 (5,448 ) (14,145 ) Net income $ 56,341 $ 46,421 $ 53,200 |
Note 21 - Fair Value Measurem50
Note 21 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Asset (Liability) Fair Value Measurements Using Inputs Considered as Description Fair Value at December 31, 2016 Level 1 Level 2 Level 3 Derivative instruments $ (258 ) $ (258 ) $ - $ - Preferred stock, trust preferred securities, exchange traded debt instruments, and other equity instruments $ 106,146 $ 106,146 $ - $ - Asset/(Liability) Fair Value Measurements Using Inputs Considered as Description Fair Value at December 31, 201 5 Level 1 Level 2 Level 3 Derivative instruments $ 3,362 $ 3,362 $ - $ - Preferred stock, trust preferred securities, exchange traded debt instruments, and other equity instruments $ 74,667 $ 74,667 $ - $ - |
Note 22 - Reclassifications F51
Note 22 - Reclassifications From Accumulated and Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | 201 6 Balance at January 1, 201 6 $ 2,055 Other comprehensive gain before reclassifications 6 15 Amounts reclassified from accumulated other comprehensive income 870 Net current-period other comprehensive gain - twelve months ended December 31, 2016 1 ,485 Balance at December 31, 201 6 $ 3 ,540 2015 Balance at January 1, 2015 $ 4,259 Other comprehensive loss before reclassifications (2,134 ) Amounts reclassified from accumulated other comprehensive income (70 ) Net current-period other comprehensive loss - twelve months ended December 31, 2015 (2,204 ) Balance at December 31, 2015 $ 2,055 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Reclassifications from Accumulated Other Comprehensive Income 201 6 Affected Line Item in Statement of Operations Unrealized losses on available-for-sale securities $ ( 1,340 ) Loss on marketable securities Total before tax ( 1,340 ) Tax benefit 470 Total reclassifications $ ( 870 ) 2015 Affected Line Item in Statement of Operations Unrealized gains on available-for-sale securities $ 107 Gain on marketable securities Total before tax 107 Tax expense (37 ) Total reclassifications $ 70 |
Note 23 - Commitments (Tables)
Note 23 - Commitments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Minimum Rental Commitment 2017 $ 714 2018 132 2019 95 2020 95 2021 95 Thereafter 215 Total $ 1, 346 |
Note 24 - Quarterly Financial53
Note 24 - Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Quarter 1st 2nd 3rd 4th 2016 Revenues $ 46,635 $ 67,879 $ 69,306 $ 69,373 Gross profit $ 11,053 $ 7,972 $ 10,319 $ 17,514 Net income $ 10,569 $ 14,224 $ 12,868 $ 18,680 Net income per common share: Basic $ 0.24 $ 0.33 $ 0.29 $ 0.43 Diluted $ 0.24 $ 0.33 $ 0.29 $ 0.43 Quarter 1st 2nd 3rd 4th 201 5 Revenues $ 54,087 $ 104,598 $ 107,054 $ 33,872 Gross profit $ 13,314 $ 5,544 $ 8,675 $ 29,513 Net income $ 8,131 $ 3,793 $ 4,850 $ 29,647 Net income per common share: Basic $ 0.19 $ 0.09 $ 0.11 $ 0.68 Diluted $ 0.19 $ 0.09 $ 0.11 $ 0.68 |
Note 26 - Reserve Roll Forwar54
Note 26 - Reserve Roll Forwards - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Summary of Valuation Allowance [Table Text Block] | Balance at Charged to Charged to Balance at January 1, Cost and Other December 2016 Expense Accounts Deductions 31,2016 Reserve for: Doubtful accounts and returns $ - $ 106 $ - $ 106 $ - LIFO inventory 3,502 - - 584 2,918 Aged and obsolete inventory 546 - - 205 341 Deferred tax valuation allowance - - - - - Aged and obsolete supplies and parts 987 235 - - 1,222 $ 5,035 $ 341 $ - $ 895 $ 4,481 Balance at January 1, 2015 Charged to Cost and Expense Charged to Other Accounts Deductions Balance at December 31, 201 5 Reserve for: Doubtful accounts and returns $ - $ 37 $ - $ 37 $ - LIFO inventory 8,342 - - 4,840 3,502 Aged and obsolete inventory 633 - - 87 546 Deferred tax valuation allowance - - - - - Aged and obsolete supplies and parts 949 38 - - 987 $ 9,924 $ 75 $ - $ 4,964 $ 5,035 Balance at January 1, 2014 Charged to Cost and Expense Charged to Other Accounts Deductions Balance at 2014 Reserve for: Doubtful accounts and returns $ - $ 46 $ - $ 46 $ - LIFO inventory 9,287 - - 945 8,342 Aged and obsolete inventory 408 225 - - 633 Deferred tax valuation allowance - - - - - Aged and obsolete supplies and parts 945 4 - - 949 $ 10,640 $ 229 $ - $ 945 $ 9,924 |
Note 2 - Significant Accounti55
Note 2 - Significant Accounting Policies (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Sales Revenue, Goods, Net | $ 253,193 | $ 299,611 | $ 341,838 | |
Revenue from Related Parties | 8,371 | 64,981 | 39,090 | |
Derivative Assets (Liabilities), at Fair Value, Net | $ (258) | (258) | 3,362 | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 1,485 | (2,204) | (3,177) | |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | 1,158 | (1,314) | (1,980) | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 1,419 | 394 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | $ 765 | $ 212 | ||
Number of Reportable Segments | 2 | |||
Decrease in Current Deferred Income Tax Liability [Member] | ||||
Current Period Reclassification Adjustment | (7,188) | |||
Increase in Noncurrent Deferred Income Tax Liability [Member] | ||||
Current Period Reclassification Adjustment | $ 7,188 | |||
Environmental Assets [Member] | ||||
Property, Plant and Equipment, Useful Life | 35 years | |||
Future [Member] | Short [Member] | ||||
Derivative Liability, Number of Instruments Held | 135 | 135 | 631 | |
Derivative Asset, Fair Value, Gross Liability | $ 258 | $ 258 | ||
Derivative Asset, Fair Value, Gross Asset | $ 3,789 | |||
Commodity Option [Member] | Short [Member] | ||||
Derivative Liability, Number of Instruments Held | 200 | |||
Derivative Asset, Fair Value, Gross Liability | $ 427 | |||
Bleach Activator [Member] | ||||
Sales Revenue, Goods, Net | 43,927 | |||
Biodiesel [Member] | ||||
Sales Revenue, Goods, Net | 35,568 | 33,255 | 62,994 | |
Biodeisel, Petrodiesel Blends, and Other Petroleum Products [Member] | Affiliated Entity [Member] | ||||
Revenue from Related Parties | 8,371 | 64,981 | 39,090 | |
Bill and Hold Arrangements [Member] | ||||
Sales Revenue, Goods, Net | $ 23,725 | $ 28,740 | $ 31,598 |
Note 2 - Significant Accounti56
Note 2 - Significant Accounting Policies - Estimated Useful Lives of Property, Plant, and Equipment (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Building and Building Improvements [Member] | Minimum [Member] | |
Estimated useful life (Year) | 20 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Estimated useful life (Year) | 39 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Estimated useful life (Year) | 3 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Estimated useful life (Year) | 33 years |
Transportation Equipment [Member] | Minimum [Member] | |
Estimated useful life (Year) | 5 years |
Transportation Equipment [Member] | Maximum [Member] | |
Estimated useful life (Year) | 33 years |
Other Capitalized Property Plant and Equipment [Member] | Minimum [Member] | |
Estimated useful life (Year) | 5 years |
Other Capitalized Property Plant and Equipment [Member] | Maximum [Member] | |
Estimated useful life (Year) | 33 years |
Note 3 - Reinstatement of Bio57
Note 3 - Reinstatement of Biodiesel BTC and Small Agri-biodiesel Producers Tax Credit (Details Textual) $ in Thousands, gal in Millions | Jan. 03, 2013$ / itemgal | Dec. 31, 2014USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Biodiesel Blenders Credit [Member] | |||||
Income Tax Credits and Adjustments | $ 28,954 | $ 30,895 | $ 33,031 | ||
Biodiesel Blenders Credit [Member] | Owed to Customers [Member] | |||||
Income Tax Credits and Adjustments | $ 16,544 | $ 18,628 | |||
Small Agri Biodiesel Producers Credit [Member] | |||||
Income Tax Credits and Adjustments | $ 1,500 | ||||
Tax Credit Per Gallon Of Agri Biodiesel Sold | $ / item | 0.1 | ||||
Number of Gallons Sold | gal | 15 |
Note 4 - Inventory (Details Tex
Note 4 - Inventory (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Inventory, LIFO Reserve, Effect on Income, Net | $ 1,435 | $ 1,595 |
Note 4 - Inventory - Carrying V
Note 4 - Inventory - Carrying Values of Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Finished goods | $ 27,971 | $ 35,517 |
Work in process | 1,913 | 1,695 |
Raw materials and supplies | 25,127 | 31,247 |
Total inventories at weighted average cost | 55,011 | 68,459 |
LIFO reserve | (2,918) | (3,502) |
Total inventories | $ 52,093 | $ 64,957 |
Note 5 - Derivative Instrumen60
Note 5 - Derivative Instruments (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (6,220) | $ 9,101 | $ 12,757 |
Restricted Cash and Cash Equivalents | $ 758 | $ 225 |
Note 5 - Derivative Instrumen61
Note 5 - Derivative Instruments - Carrying Value of Derivative Instruments (Details) - Short [Member] $ in Thousands | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Commodity Option [Member] | ||
Quantity (contracts) Short | 200 | |
Fair value liabilities | $ 427 | |
Fair value liabilities | $ (427) | |
Future [Member] | ||
Quantity (contracts) Short | 135 | 631 |
Fair value liabilities | $ 258 | |
Fair value liabilities | $ (258) | |
Fair value assets | $ 3,789 |
Note 6 - Marketable Securitie62
Note 6 - Marketable Securities (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Investments, Fair Value Disclosure | $ 31,126,000 | $ 15,571,000 | |
Available-for-sale Securities, Gross Realized Gain (Loss) | 728 | 2,402,000 | $ 5,712,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 0 | $ 0 |
Note 6 - Marketable Securitie63
Note 6 - Marketable Securities - Marketable Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Adjusted cost | $ 100,339 | $ 71,503 |
Unrealized gains | 6,844 | 4,063 |
Unrealized losses | (1,037) | (899) |
Fair value | 106,146 | 74,667 |
Equity Securities [Member] | ||
Adjusted cost | 32,667 | 10,825 |
Unrealized gains | 5,549 | 44 |
Unrealized losses | (304) | (711) |
Fair value | 37,912 | 10,158 |
Preferred Stock [Member] | ||
Adjusted cost | 57,105 | 37,703 |
Unrealized gains | 1,196 | 2,419 |
Unrealized losses | (698) | (122) |
Fair value | 57,603 | 40,000 |
Trust Preferred Securities [Member] | ||
Adjusted cost | 3,147 | 16,464 |
Unrealized gains | 1,303 | |
Unrealized losses | (9) | (66) |
Fair value | 3,138 | 17,701 |
Corporate Debt Securities [Member] | ||
Adjusted cost | 7,420 | 6,511 |
Unrealized gains | 99 | 297 |
Unrealized losses | (26) | |
Fair value | $ 7,493 | $ 6,808 |
Note 7 - Property, Plant, and64
Note 7 - Property, Plant, and Equipment (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Depreciation | $ 10,819 | $ 10,187 | $ 8,891 |
Note 7 - Property, Plant, and65
Note 7 - Property, Plant, and Equipment - Property, Plant, and Equipment Summary (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Land and land improvements | $ 5,741 | $ 5,741 |
Buildings and building equipment | 26,171 | 26,478 |
Machinery and equipment | 163,401 | 157,289 |
Construction in progress | 2,271 | 3,586 |
Accumulated depreciation | (79,432) | (68,764) |
Total | $ 118,152 | $ 124,330 |
Note 8 - Intangible Assets (Det
Note 8 - Intangible Assets (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Payments to Acquire Intangible Assets | $ 1,408 | $ 1,408 | ||
Intangible Assets, Net (Excluding Goodwill) | 1,408 | 1,408 | ||
Impairment of Intangible Assets (Excluding Goodwill) | $ 0 | $ 0 |
Note 9 - Other Assets (Details
Note 9 - Other Assets (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Other Assets, Noncurrent | $ 3,876 | $ 3,078 |
Note 10 - Accrued Expenses an68
Note 10 - Accrued Expenses and Other Current Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accrued employee liabilities | $ 864 | $ 1,474 |
Accrued property, use, and franchise taxes | 1,428 | 1,248 |
Other | 335 | 254 |
Total | $ 2,627 | $ 2,976 |
Note 11 - Borrowings (Details T
Note 11 - Borrowings (Details Textual) - Revolving Credit Facility [Member] - USD ($) $ in Thousands | Apr. 16, 2015 | Dec. 31, 2016 | May 25, 2016 | Dec. 31, 2015 |
Long-term Line of Credit | $ 0 | $ 0 | ||
Regions Bank and PNC Bank N.A. [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 150,000 | $ 165,000 | ||
Line of Credit, Additional Borrowing Capacity | $ 15,000 | |||
Line of Credit Facility, Expiration Period | 5 years | |||
Line of Credit Facility Sublimit for Letters of Credit | $ 30,000 | |||
Line of Credit Facility Swingline Loans | $ 15,000 |
Note 11 - Borrowings - Leverage
Note 11 - Borrowings - Leverage Ratio (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Leverage Ratio1 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Spread on variable rate | 0.15% |
Leverage Ratio 2 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Spread on variable rate | 0.20% |
Leverage Ratio 3 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Spread on variable rate | 0.25% |
Leverage Ratio 4 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Spread on variable rate | 0.30% |
Leverage Ratio 5 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Spread on variable rate | 0.35% |
Minimum [Member] | Leverage Ratio1 [Member] | |
Consolidated leverage ratio | 1.25 |
Minimum [Member] | Leverage Ratio 2 [Member] | |
Consolidated leverage ratio | 1.5 |
Minimum [Member] | Leverage Ratio 3 [Member] | |
Consolidated leverage ratio | 1.75 |
Minimum [Member] | Leverage Ratio 4 [Member] | |
Consolidated leverage ratio | 2 |
Minimum [Member] | Leverage Ratio 5 [Member] | |
Consolidated leverage ratio | 2.25 |
Maximum [Member] | Leverage Ratio1 [Member] | |
Consolidated leverage ratio | 0.25 |
Maximum [Member] | Leverage Ratio 2 [Member] | |
Consolidated leverage ratio | 0.5 |
Maximum [Member] | Leverage Ratio 3 [Member] | |
Consolidated leverage ratio | 0.75 |
Maximum [Member] | Leverage Ratio 4 [Member] | |
Consolidated leverage ratio | 1 |
Maximum [Member] | Leverage Ratio 5 [Member] | |
Consolidated leverage ratio | 1.25 |
Note 12 - Asset Retirement Ob71
Note 12 - Asset Retirement Obligations and Environmental Reserves (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Asset Retirement Obligation | $ 849 | $ 822 | $ 796 |
Note 12 - Asset Retirement Ob72
Note 12 - Asset Retirement Obligations and Environmental Reserves - Asset Retirement Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Beginning balance | $ 822 | $ 796 |
Accretion expense | 27 | 26 |
Ending balance | $ 849 | $ 822 |
Note 13 - Stock Based Compens73
Note 13 - Stock Based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Jul. 31, 2014 | May 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum | 10.00% | ||||||
Share Based Compensation Arrangement By Share Based Payment Award Award Term | 10 years | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 335 days | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 30,000 | 90,000 | ||||
Allocated Share-based Compensation Expense | $ 1,908 | $ 2,043 | $ 1,440 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 75 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 4.55 | $ 2.78 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,194,700 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | 3 years 259 days | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 378 | $ 102 | $ 378 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 248 | 26 | 248 | ||||
Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options | 213 | ||||||
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | 23 | ||||||
Payments Related to Tax Withholding for Share-based Compensation | $ 128 | $ 120 | $ 175 | ||||
Options Vested [Member] | |||||||
Shares Paid for Tax Withholding for Share Based Compensation | 85,862 | ||||||
Management [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 90,000 | ||||||
New Members of Board of Directors [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 30,000 | ||||||
Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 375,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 1,243 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 54 days | ||||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 160 | $ 339 | $ 164 | ||||
Restricted Stock [Member] | Chief Executive Officer [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 250,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 4,195 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 3 years | ||||||
Restricted Stock [Member] | VP of Business and Marketing [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 125,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 2,136 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 4 years | ||||||
Employee Stock Option [Member] | Management [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Note 13 - Stock Based Compens74
Note 13 - Stock Based Compensation - Assumptions Used in the Determination of the Fair Value of the Options Granted (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
December 2015 Options [Member] | ||
Expected volatility rate | 43.08% | |
Expected dividend yield | 1.72% | |
Risk-free interest rate | 1.67% | |
Expected forfeiture rate | 0.00% | |
Expected term in years (Year) | 4 years 182 days | |
December 2014 Options [Member] | ||
Expected volatility rate | 41.48% | |
Expected dividend yield | 4.23% | |
Risk-free interest rate | 1.25% | |
Expected forfeiture rate | 0.00% | |
Expected term in years (Year) | 4 years 182 days |
Note 13 - Stock Based Compens75
Note 13 - Stock Based Compensation - Stock Option Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Outstanding (in shares) | 250,000 | 240,000 | 180,611 |
Outstanding, weighted average exercise price (in dollars per share) | $ 12.05 | $ 11.77 | $ 11.70 |
Granted (in shares) | 0 | 30,000 | 90,000 |
Granted, weighted average exercise price (in dollars per share) | $ 13.99 | $ 11.34 | |
Exercised (in shares) | (120,000) | (20,000) | (30,611) |
Exercised, weighted average exercise price (in dollars per share) | $ 11.45 | $ 11.68 | $ 10.06 |
Canceled, forfeited, or expired (in shares) | (60,000) | 0 | 0 |
Canceled, forfeited, or expired, weighted average exercise price (in dollars per share) | $ 12.74 | ||
Outstanding (in shares) | 70,000 | 250,000 | 240,000 |
Outstanding, weighted average exercise price (in dollars per share) | $ 12.48 | $ 12.05 | $ 11.77 |
Note 13 - Stock Based Compens76
Note 13 - Stock Based Compensation - Stock Options Activities, by Exercise Price Range (Details) | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Number outstanding (in shares) | 3.37 |
Number outstanding - weighted average remaining contractual life (Year) | 12 years 175 days |
Number outstanding - weighted average exercise price (in dollars per share) | $ / shares | $ 40,000 |
Number exercisable (in shares) | 13.33 |
Price Range 1 [Member] | |
Exercise price (in dollars per share) | $ / shares | $ 40,000 |
Number outstanding (in shares) | 2.92 |
Number outstanding - weighted average remaining contractual life (Year) | 11 years 124 days |
Number outstanding - weighted average exercise price (in dollars per share) | $ / shares | $ 10,000 |
Number exercisable (in shares) | 11.34 |
Price Range 2 [Member] | |
Exercise price (in dollars per share) | $ / shares | $ 30,000 |
Number outstanding (in shares) | 3.97 |
Number outstanding - weighted average remaining contractual life (Year) | 13 years 361 days |
Number outstanding - weighted average exercise price (in dollars per share) | $ / shares | $ 30,000 |
Number exercisable (in shares) | 13.99 |
Note 13 - Stock Based Compens77
Note 13 - Stock Based Compensation - Unvested Restricted Stock Activity (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Number of unvested restricted stock (in shares) | 241,667 | 350,000 | |
Weighted average grant date fair value - unvested (in dollars per share) | $ 16.88 | $ 16.87 | |
Number of restricted stock, granted (in shares) | 375,000 | ||
Weighted average grant date fair value - granted (in dollars per share) | $ 16.88 | ||
Number of restricted stock, vested (in shares) | 108,333 | 108,333 | 25,000 |
Weighted average grant date fair value - vested (in dollars per share) | $ 16.85 | $ 16.85 | $ 17.09 |
Number of unvested restricted stock (in shares) | 133,334 | 241,667 | 350,000 |
Weighted average grant date fair value - unvested (in dollars per share) | $ 16.90 | $ 16.88 | $ 16.87 |
Weighted average life remaining - unvested (Year) | 1 year 54 days | 1 year 313 days | 2 years 266 days |
Note 13 - Stock Based Compens78
Note 13 - Stock Based Compensation - Unvested Stock Option Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Number of unvested stock options (in shares) | 60,000 | 90,000 | |
Weight average grant date fair value (in dollars per share) | $ 2.78 | $ 2.78 | |
Granted (in shares) | 0 | 30,000 | 90,000 |
Weight average grant date fair value, granted (in dollars per share) | $ 4.55 | $ 2.78 | |
Number of stock options, vested (in shares) | (30,000) | (60,000) | |
Weight average grant date fair value, vested (in dollars per share) | $ 2.78 | $ 3.67 | |
Number of unvested stock options (in shares) | 30,000 | 60,000 | 90,000 |
Weight average grant date fair value (in dollars per share) | $ 2.78 | $ 2.78 | $ 2.78 |
Weighted average life remaining (Year) | 335 days | 1 year 335 days | 2 years 335 days |
Note 14 - Provision (Benefit)79
Note 14 - Provision (Benefit) for Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Unrecognized Tax Benefits | $ 2,056 | $ 2,056 | $ 4,588 | $ 2,981 | $ 1,718 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 193 | $ 193 | $ 61 | ||
State and Local Jurisdiction [Member] | Earliest Tax Year [Member] | |||||
Open Tax Year | 2,013 | ||||
Domestic Tax Authority [Member] | Earliest Tax Year [Member] | |||||
Open Tax Year | 2,013 | ||||
Decrease in Current Deferred Income Tax Liability [Member] | |||||
Current Period Reclassification Adjustment | (7,188) | ||||
Increase in Noncurrent Deferred Income Tax Liability [Member] | |||||
Current Period Reclassification Adjustment | $ 7,188 |
Note 14 - Provision (Benefit)80
Note 14 - Provision (Benefit) for Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income before taxes - U.S. | $ 40,806 | $ 51,869 | $ 67,345 |
Current | (13,014) | 7,475 | 8,455 |
Deferred | (1,437) | (2,283) | 3,858 |
Current | (1,120) | 487 | 1,306 |
Deferred | 36 | (231) | 526 |
Total | $ (15,535) | $ 5,448 | $ 14,145 |
Note 14 - Provision (Benefit)81
Note 14 - Provision (Benefit) for Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Amount computed using the statutory rate of 35% | $ 14,282 | $ 18,154 | $ 23,571 |
Section 199 manufacturing deduction | (163) | ||
Agri-biodiesel production credit | (975) | (975) | (975) |
Federal excise tax benefit | (20,048) | (9,958) | (10,344) |
State excise tax benefit | (6,845) | (792) | (2,409) |
Credit for increasing research activities | (56) | (51) | (80) |
Alternative fueling equipment credit | (2) | ||
Dividends received deduction | (730) | (427) | (336) |
State income taxes, net | (1,262) | 695 | 3,189 |
Tax (benefit)/expense recorded as a decrease/increase in unrecognized tax benefit | 193 | (747) | 1,309 |
Other | (94) | (288) | 222 |
(Benefit)/provision for income taxes | $ (15,535) | $ 5,448 | $ 14,145 |
Note 14 - Provision (Benefit)82
Note 14 - Provision (Benefit) for Income Taxes - Effective Income Tax Rate Reconciliation (Details) (Parentheticals) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statutory rate | 35.00% | 35.00% | 35.00% |
Note 14 - Provision (Benefit)83
Note 14 - Provision (Benefit) for Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Compensation | $ 249 | |
Inventory reserves | 1,149 | 1,244 |
Self insurance | 90 | 111 |
Asset retirement obligation | 299 | 299 |
Deferred revenue | 9,388 | 9,993 |
Stock based compensation | 77 | 144 |
Derivative instruments | 90 | |
Other | 2,546 | |
Total deferred tax assets | 13,639 | 12,040 |
Available for sale securities | (1,376) | (1,075) |
Derivative instruments | (1,348) | |
Accrued expenses | (656) | |
LIFO inventory | (5,821) | (5,163) |
Depreciation | (38,293) | (39,930) |
Other | (213) | (45) |
Total deferred tax liabilities | (45,703) | (48,217) |
Net deferred tax liabilities | (32,064) | (36,177) |
Current deferred tax liability | (7,060) | |
Noncurrent deferred tax liability | (32,064) | (29,117) |
Net deferred tax liabilities | $ (32,064) | $ (36,177) |
Note 14 - Provision (Benefit)84
Note 14 - Provision (Benefit) for Income Taxes - Unrecognized Tax Benefits Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Balance at January 1 | $ 4,588 | $ 2,981 | $ 1,718 |
Increases to tax positions taken in the current year | 2,056 | 1,471 | 1,255 |
Increases to tax positions taken in a prior year | 3,117 | 8 | |
Decrease due to resolution of tax positions taken in a prior year | (4,588) | (2,981) | |
Balance at December 31 | $ 2,056 | $ 4,588 | $ 2,981 |
Note 15 - Deferred Revenue an85
Note 15 - Deferred Revenue and Contingent Liability (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Revenue | $ 22,322 | $ 18,588 | $ 17,867 |
Deferred Revenue, Current | 5,530 | 2,680 | |
Deferred Revenue, Noncurrent | 16,792 | 15,908 | |
Loss Contingency, Accrual, Current | $ 1,151 | $ 1,151 |
Note 15 - Deferred Revenue an86
Note 15 - Deferred Revenue and Contingent Liability - Summary of Deferred Revenue Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Beginning balance | $ 18,588 | $ 17,867 |
Amortization | (4,018) | (2,468) |
Additions | 7,752 | 3,365 |
Impairment | (176) | |
Balance at December 31 | $ 22,322 | $ 18,588 |
Note 16 - Stockholders' Equity
Note 16 - Stockholders' Equity (Details Textual) - USD ($) $ in Thousands | Feb. 06, 2013 | May 11, 2011 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 10, 2011 | Jul. 12, 2006 |
Number Of Shares Of Common Stock Subject To Registration Rights Agreement | 16,250,000 | |||||||||
Aggregate Amount of Common and Preferred Stock Warrants Rights and Units Registered for Future Issuance | $ 50,000 | |||||||||
At-the Market Offering of Common Stock, Term | 3 years | |||||||||
At-the Market Offering Maximum Shares of Common Stock the Company May Sell | 3,000,000 | |||||||||
Proceeds from Issuance of Common Stock | $ 213 | |||||||||
At the Market Offering Aggregate, Shares Issued | 3,000,000 | |||||||||
Stock Issued During Period, Value, New Issues | $ 37,247 | $ 213 | ||||||||
Net Proceeds From Issuance Of Common Stock After Commissions And Fees | $ 36,127 | |||||||||
At The Market Offering [Member] | ||||||||||
Stock Issued During Period, Shares, New Issues | 1,594,872 | 91,143 | 1,313,985 | |||||||
Proceeds from Issuance of Common Stock | $ 19,292 | $ 1,074 | $ 15,763 | |||||||
Payments of Stock Issuance Costs | $ 599 | $ 33 | $ 488 |
Note 17 - Earnings Per Share (D
Note 17 - Earnings Per Share (Details Textual) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 65,000 | 97,500 | 25,000 |
Note 17 - Earnings Per Share -
Note 17 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income | $ 18,680 | $ 12,868 | $ 14,224 | $ 10,569 | $ 29,647 | $ 4,850 | $ 3,793 | $ 8,131 | $ 56,341 | $ 46,421 | $ 53,200 |
Less: distributed earnings allocated to non-vested stock | (377) | (66) | (114) | ||||||||
Less: undistributed earnings allocated to non-vested restricted stock | 264 | (237) | (258) | ||||||||
Numerator for basic earnings per share | 56,228 | 46,118 | 52,828 | ||||||||
Effect of dilutive securities: | |||||||||||
Add: undistributed earnings allocated to non-vested restricted stock | (264) | 237 | 258 | ||||||||
Less: undistributed earnings reallocated to non-vested restricted stock | 264 | (237) | (258) | ||||||||
Numerator for diluted earnings per share | $ 56,228 | $ 46,118 | $ 52,828 | ||||||||
Weighted average shares outstanding – basic (in shares) | 43,542,785 | 43,432,149 | 43,357,602 | ||||||||
Stock options and other awards (in shares) | 4,753 | 13,581 | 34,409 | ||||||||
Weighted average shares outstanding – diluted (in shares) | 43,547,538 | 43,445,730 | 43,392,011 | ||||||||
Basic earnings per share (in dollars per share) | $ 0.43 | $ 0.29 | $ 0.33 | $ 0.24 | $ 0.68 | $ 0.11 | $ 0.09 | $ 0.19 | $ 1.29 | $ 1.06 | $ 1.22 |
Diluted earnings per share (in dollars per share) | $ 0.43 | $ 0.29 | $ 0.33 | $ 0.24 | $ 0.68 | $ 0.11 | $ 0.09 | $ 0.19 | $ 1.29 | $ 1.06 | $ 1.22 |
Note 18 - Employee Benefit Pl90
Note 18 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 6.00% | 6.00% | 6.00% |
Defined Contribution Plan, Cost Recognized | $ 1,540 | $ 1,648 | $ 1,683 |
Note 19 - Related Party Trans91
Note 19 - Related Party Transactions - Related Party Balance Sheet Accounts (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts receivable – related parties | $ 385 | $ 10 |
Prepaid expenses – related parties | 12 | 35 |
Accounts payable, related parties | 1,254 | 244 |
Accrued liabilities, related parties | 142 | |
Affiliated Entity [Member] | Administrative Servicesand Other [Member] | ||
Prepaid expenses – related parties | 12 | 35 |
Affiliated Entity [Member] | Travel and Administrative Services [Member] | ||
Accounts payable, related parties | 209 | 11 |
Accrued liabilities, related parties | 142 | |
Affiliated Entity [Member] | Biodiesel [Member] | ||
Accounts receivable – related parties | 385 | 10 |
Affiliated Entity [Member] | Natural Gas Purchases [Member] | ||
Accounts payable, related parties | $ 1,045 | $ 233 |
Note 19 - Related Party Trans92
Note 19 - Related Party Transactions - Related Party Income Statement Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues – related parties | $ 8,371 | $ 64,981 | $ 39,090 |
Cost of goods sold – related parties | 10,319 | 6,662 | 58,822 |
Distribution – related parties | 378 | 405 | 335 |
Selling, general, and administrative expenses, related parties | 523 | 215 | 214 |
Affiliated Entity [Member] | Biodeisel, Petrodiesel Blends, and Other Petroleum Products [Member] | |||
Revenues – related parties | 8,371 | 64,981 | 39,090 |
Cost of goods sold – related parties | 6,016 | 2,412 | 51,647 |
Affiliated Entity [Member] | Natural Gas Purchases [Member] | |||
Cost of goods sold – related parties | 4,223 | 4,190 | 7,095 |
Affiliated Entity [Member] | Income Tax Consulting Servicesand Other [Member] | |||
Cost of goods sold – related parties | 80 | 60 | 80 |
Affiliated Entity [Member] | Distribution Related [Member] | |||
Distribution – related parties | 378 | 405 | 335 |
Affiliated Entity [Member] | Commodity Trading Advisory Fees [Member] | |||
Selling, general, and administrative expenses, related parties | 307 | 143 | 132 |
Affiliated Entity [Member] | Travel and Administrative Services [Member] | |||
Selling, general, and administrative expenses, related parties | $ 216 | $ 72 | $ 82 |
Note 20 - Segment Information93
Note 20 - Segment Information (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Number of Reportable Segments | 2 | ||
Sales Revenue, Goods, Net [Member] | Geographic Concentration Risk [Member] | MEXICO | |||
Concentration Risk, Percentage | 0.00% | 0.00% | 1.00% |
Chemicals [Member] | |||
Number of Reportable Segments | 2 | ||
Biofuels [Member] | |||
Revenue from Grants | $ 220 | $ 147 | $ 420 |
Note 20 - Segment Information -
Note 20 - Segment Information - Revenues by Geographical Areas (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues | $ 253,193 | $ 299,611 | $ 341,838 |
Reportable Geographical Components [Member] | UNITED STATES | |||
Revenues | 250,320 | 297,415 | 334,210 |
Reportable Geographical Components [Member] | All Foreign Countries [Member] | |||
Revenues | $ 2,873 | $ 2,196 | $ 7,628 |
Note 20 - Segment Information95
Note 20 - Segment Information - Summary of Business by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues | $ 253,193 | $ 299,611 | $ 341,838 | ||||||||
Segment gross profit | |||||||||||
Gross profit | $ 17,514 | $ 10,319 | $ 7,972 | $ 11,053 | $ 29,513 | $ 8,675 | $ 5,544 | $ 13,314 | 46,858 | 57,046 | 65,973 |
Income before interest and taxes | 36,523 | 46,971 | 56,128 | ||||||||
Interest and other income | 6,152 | 5,213 | 6,877 | ||||||||
Interest and other expense | (1,869) | (315) | 4,340 | ||||||||
Benefit/(provision) for income taxes | (15,535) | 5,448 | 14,145 | ||||||||
Net income | $ 18,680 | $ 12,868 | $ 14,224 | $ 10,569 | $ 29,647 | $ 4,850 | $ 3,793 | $ 8,131 | 56,341 | 46,421 | 53,200 |
Operating Segments [Member] | Chemicals [Member] | |||||||||||
Revenues | 100,907 | 125,848 | 146,146 | ||||||||
Segment gross profit | |||||||||||
Gross profit | 32,055 | 35,452 | 46,062 | ||||||||
Operating Segments [Member] | Chemicals [Member] | Custom Chemicals [Member] | |||||||||||
Revenues | 82,667 | 108,160 | 127,956 | ||||||||
Operating Segments [Member] | Chemicals [Member] | Performance Chemicals [Member] | |||||||||||
Revenues | 18,240 | 17,688 | 18,190 | ||||||||
Operating Segments [Member] | Biofuels [Member] | |||||||||||
Revenues | 152,286 | 173,763 | 195,692 | ||||||||
Segment gross profit | |||||||||||
Gross profit | 14,803 | 21,594 | 19,911 | ||||||||
Corporate, Non-Segment [Member] | |||||||||||
Segment gross profit | |||||||||||
Corporate expenses | $ 10,335 | $ 10,075 | $ 9,845 |
Note 21 - Fair Value Measurem96
Note 21 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Derivative instruments | $ (258) | $ 3,362 |
Preferred stock, trust preferred securities, exchange traded debt instruments, and other equity instruments | 106,146 | 74,667 |
Fair Value, Inputs, Level 1 [Member] | ||
Derivative instruments | (258) | 3,362 |
Preferred stock, trust preferred securities, exchange traded debt instruments, and other equity instruments | 106,146 | 74,667 |
Fair Value, Inputs, Level 2 [Member] | ||
Derivative instruments | ||
Preferred stock, trust preferred securities, exchange traded debt instruments, and other equity instruments | ||
Fair Value, Inputs, Level 3 [Member] | ||
Derivative instruments | ||
Preferred stock, trust preferred securities, exchange traded debt instruments, and other equity instruments |
Note 22 - Reclassifications F97
Note 22 - Reclassifications From Accumulated Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Balance | $ 2,055 | $ 4,259 | |
Other comprehensive gain before reclassifications | 615 | (2,134) | |
Amounts reclassified from accumulated other comprehensive income | 870 | (70) | |
Net current-period other comprehensive gain - twelve months ended December 31, 2016 | 1,485 | (2,204) | $ (3,177) |
Balance | $ 3,540 | $ 2,055 | $ 4,259 |
Note 22 - Reclassifications F98
Note 22 - Reclassifications From Accumulated Other Comprehensive Income - Reclassifications from Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Unrealized losses on available-for-sale securities | $ (1,340) | $ 107 |
Total before tax | (1,340) | 107 |
Tax benefit (expense) | 470 | (37) |
Total reclassifications | $ (870) | $ 70 |
Note 23 - Commitments (Details
Note 23 - Commitments (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Leases, Rent Expense | $ 1,121 | $ 1,060 | $ 946 |
Note 23 - Commitments - Minimum
Note 23 - Commitments - Minimum Rental Commitments Under Non-cancellable Operating Leases (Details) $ in Thousands | Dec. 31, 2016USD ($) |
2,017 | $ 714 |
2,018 | 132 |
2,019 | 95 |
2,020 | 95 |
2,021 | 95 |
Thereafter | 215 |
Total | $ 1,346 |
Note 24 - Quarterly Financia101
Note 24 - Quarterly Financial Information (Unaudited) - Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues | $ 69,373 | $ 69,306 | $ 67,879 | $ 46,635 | $ 33,872 | $ 107,054 | $ 104,598 | $ 54,087 | |||
Gross profit | 17,514 | 10,319 | 7,972 | 11,053 | 29,513 | 8,675 | 5,544 | 13,314 | $ 46,858 | $ 57,046 | $ 65,973 |
Net income | $ 18,680 | $ 12,868 | $ 14,224 | $ 10,569 | $ 29,647 | $ 4,850 | $ 3,793 | $ 8,131 | $ 56,341 | $ 46,421 | $ 53,200 |
Basic (in dollars per share) | $ 0.43 | $ 0.29 | $ 0.33 | $ 0.24 | $ 0.68 | $ 0.11 | $ 0.09 | $ 0.19 | $ 1.29 | $ 1.06 | $ 1.22 |
Diluted (in dollars per share) | $ 0.43 | $ 0.29 | $ 0.33 | $ 0.24 | $ 0.68 | $ 0.11 | $ 0.09 | $ 0.19 | $ 1.29 | $ 1.06 | $ 1.22 |
Note 25 - Recently Issued Ac102
Note 25 - Recently Issued Accounting Standards (Details Textual) $ in Thousands | 3 Months Ended |
Dec. 31, 2016USD ($) | |
Decrease in Current Deferred Income Tax Liability [Member] | |
Current Period Reclassification Adjustment | $ (7,188) |
Increase in Noncurrent Deferred Income Tax Liability [Member] | |
Current Period Reclassification Adjustment | $ 7,188 |
Note 26 - Reserve Roll Forwa103
Note 26 - Reserve Roll Forwards - Valuation and Qualifying Accounts - Summary of Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Balance | $ 5,035 | $ 9,924 | $ 10,640 |
Charged to Cost and Expense | 341 | 75 | 229 |
Deductions | 895 | 4,964 | 945 |
Balance | 4,481 | 5,035 | 9,924 |
Doubtful Accounts and Returns [Member] | |||
Balance | |||
Charged to Cost and Expense | 106 | 37 | 46 |
Deductions | 106 | 37 | 46 |
Balance | |||
LIFO Inventory [Member] | |||
Balance | 3,502 | 8,342 | 9,287 |
Charged to Cost and Expense | |||
Deductions | 584 | 4,840 | 945 |
Balance | 2,918 | 3,502 | 8,342 |
Inventory Valuation Reserve [Member] | |||
Balance | 546 | 633 | 408 |
Charged to Cost and Expense | 225 | ||
Deductions | 205 | 87 | |
Balance | 341 | 546 | 633 |
Valuation Allowance of Deferred Tax Assets [Member] | |||
Balance | |||
Charged to Cost and Expense | |||
Deductions | |||
Balance | |||
Aged and Obsoliete Supplies and Parts [Member] | |||
Balance | 987 | 949 | 945 |
Charged to Cost and Expense | 235 | 38 | 4 |
Deductions | |||
Balance | $ 1,222 | $ 987 | $ 949 |
Note 27 - Asset Impairment (Det
Note 27 - Asset Impairment (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Increase (Decrease) in Deferred Revenue | $ 3,734 | $ 721 | $ (2,524) | |
Cost of Goods Sold | $ 191,662 | $ 233,063 | 213,172 | |
Equipment Used to Produce Anode Powder [Member] | ||||
Impairment of Long-Lived Assets Held-for-use | $ 17,580 | |||
Increase (Decrease) in Deferred Revenue | (16,160) | |||
Cost of Goods Sold | $ 1,420 | |||
Equipment Used to Produce Anode Powder [Member] | Shortfall Payment One [Member] | ||||
Revenue, Net | 4,176 | |||
Equipment Used to Produce Anode Powder [Member] | Shortfall Payment Two [Member] | ||||
Revenue, Net | $ 4,640 |