Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 14, 2019 | Jun. 30, 2018 | |
Document Information [Line Items] | |||
Entity Registrant Name | FUTUREFUEL CORP. | ||
Entity Central Index Key | 0001337298 | ||
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 Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Common Stock, Shares Outstanding (in shares) | 43,743,243 | ||
Entity Public Float | $ 358,626,929 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | ||
Cash and cash equivalents | $ 214,972 | $ 114,627 |
Accounts receivable, net of allowances for bad debt of $0 and $0, at December 31, 2018 and December 31, 2017, respectively | 16,294 | 21,973 |
Accounts receivable – related parties | 1,844 | 165 |
Inventory | 39,296 | 43,754 |
Income tax receivable | 6,858 | 6,937 |
Prepaid expenses | 1,767 | 1,660 |
Prepaid expenses – related parties | 12 | 12 |
Marketable securities | 79,888 | 120,699 |
Deferred financing costs | 144 | 144 |
Other current assets | 1,255 | 387 |
Total current assets | 362,330 | 310,358 |
Property, plant and equipment, net | 103,575 | 109,735 |
Intangible assets | 1,408 | 1,408 |
Deferred financing costs | 36 | 180 |
Other assets | 3,806 | 3,882 |
Total noncurrent assets | 108,825 | 115,205 |
Total Assets | 471,155 | 425,563 |
Liabilities and Stockholders’ Equity | ||
Accounts payable | 19,981 | 18,396 |
Accounts payable – related parties | 1,689 | 1,183 |
Deferred revenue – current | 4,581 | 2,736 |
Dividends payable | 10,498 | 10,498 |
Accrued expenses and other current liabilities | 2,742 | 2,468 |
Total current liabilities | 39,491 | 35,281 |
Deferred revenue – noncurrent | 20,319 | 16,522 |
Other noncurrent liabilities | 4,241 | 1,115 |
Noncurrent deferred income tax liability | 18,026 | 21,049 |
Total noncurrent liabilities | 42,586 | 38,686 |
Total liabilities | 82,077 | 73,967 |
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, 43,743,243 and 43,741,670, issued and outstanding as of December 31, 2018 and 2017, respectively | 4 | 4 |
Accumulated other comprehensive income | (20) | 8,433 |
Additional paid in capital | 282,145 | 281,964 |
Retained earnings | 106,949 | 61,195 |
Total stockholders’ equity | 389,078 | 346,417 |
Total Liabilities and Stockholders’ Equity | $ 471,155 | 425,563 |
Accounting Standards Update 2016-01 [Member] | Previously Reported [Member] | ||
Liabilities and Stockholders’ Equity | ||
Total stockholders’ equity | $ 351,596 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
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) | 43,743,243 | 43,741,670 |
Common stock, shares outstanding (in shares) | 43,743,243 | 43,741,670 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Revenue | $ 291,018,000 | [1] | $ 275,026,000 | [1] | $ 253,193,000 |
Cost of goods sold | 191,758,000 | ||||
Gross profit | 73,398,000 | 20,261,000 | 46,858,000 | ||
Selling, general, and administrative expenses | |||||
Compensation expense | 3,809,000 | 4,153,000 | 4,921,000 | ||
Other expense | 2,037,000 | 2,066,000 | 2,176,000 | ||
Related party expense | 589,000 | 496,000 | 523,000 | ||
Research and development expenses | 3,524,000 | 3,659,000 | 2,715,000 | ||
Total expenses | 9,959,000 | 10,374,000 | 10,335,000 | ||
Income from operations | 63,439,000 | 9,887,000 | 36,523,000 | ||
Interest and dividend income | 9,183,000 | 7,809,000 | 6,152,000 | ||
Interest expense | (173,000) | (172,000) | (173,000) | ||
Loss on marketable securities | (12,011,000) | (687,000) | (1,340,000) | ||
Other expense | (261,000) | (188,000) | (356,000) | ||
Total other income/(expense) | (3,262,000) | 6,762,000 | 4,283,000 | ||
Income before income taxes | 60,177,000 | 16,649,000 | 40,806,000 | ||
Provision/(benefit) for income taxes | 7,019,000 | (6,862,000) | [2] | (15,535,000) | |
Net income | $ 53,158,000 | $ 23,511,000 | $ 56,341,000 | ||
Earnings per common share | |||||
Earnings per common share, basic (in dollars per share) | $ 1.22 | $ 0.54 | $ 1.29 | ||
Earnings per common share, diluted (in dollars per share) | $ 1.22 | $ 0.54 | $ 1.29 | ||
Weighted average shares outstanding | |||||
Weighted average shares outstanding, basic (in shares) | 43,725,333 | 43,676,171 | 43,542,785 | ||
Weighted average shares outstanding, diluted (in shares) | 43,731,192 | 43,685,579 | 43,547,538 | ||
Net income | $ 53,158,000 | $ 23,511,000 | $ 56,341,000 | ||
Other comprehensive income/(loss) from unrealized net gains/(losses) on available-for-sale securities | (229,000) | 7,535,000 | 2,643,000 | ||
Income tax effect | 49,000 | (2,642,000) | (1,158,000) | ||
Total unrealized gains/(losses), net of tax | (180,000) | 4,893,000 | 1,485,000 | ||
Comprehensive income | 52,978,000 | 28,404,000 | 57,826,000 | ||
Non-related Parties [Member] | |||||
Revenue | 286,949,000 | 273,144,000 | 244,822,000 | ||
Cost of goods sold | 191,758,000 | 224,249,000 | 191,662,000 | ||
Non-related Parties [Member] | Shipping and Handling [Member] | |||||
Cost of goods sold | 6,075,000 | 3,750,000 | 3,976,000 | ||
Related Parties [Member] | |||||
Revenue | 4,069,000 | 1,882,000 | 8,371,000 | ||
Cost of goods sold | 19,596,000 | 26,606,000 | 10,319,000 | ||
Related Parties [Member] | Shipping and Handling [Member] | |||||
Cost of goods sold | $ 191,000 | $ 160,000 | $ 378,000 | ||
[1] | Prior periods have not been adjusted under the modified retrospective method for Topic 606. | ||||
[2] | Historical balances have been adjusted to follow the historical cash flow presentation of the change in deferred balances. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |||
Cash flows provided by operating activities | |||||
Net income | $ 53,158 | $ 23,511 | $ 56,341 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation | 10,969 | 11,617 | 10,819 | ||
Amortization of deferred financing costs | 144 | 145 | 144 | ||
Benefit for deferred income taxes | (1,253) | (13,657) | (5,271) | ||
Change in fair value of equity securities | 13,238 | [1] | [1] | ||
Change in fair value of derivative instruments | (2,130) | 2,170 | 3,621 | ||
Other than temporary impairment of marketable securities | 814 | 2,184 | |||
Impairment of fixed assets | 258 | 28 | 178 | ||
Gain on the sale of investments | (1,227) | (127) | (843) | ||
Stock based compensation | 357 | 998 | 1,908 | ||
Losses on disposals of fixed assets | 41 | 195 | 147 | ||
Noncash interest expense | 28 | 27 | 27 | ||
Changes in operating assets and liabilities: | |||||
Accounts receivable | 5,679 | 2,386 | 21,960 | ||
Accounts receivable – related parties | (1,679) | 220 | (375) | ||
Inventory | 4,458 | 8,339 | 12,864 | ||
Income tax receivable | 79 | 13,571 | (6,394) | ||
Prepaid expenses | (107) | 34 | (52) | ||
Prepaid expenses – related party | 23 | ||||
Accrued interest on marketable securities | (25) | 16 | (110) | ||
Other assets | (317) | (9) | (556) | ||
Accounts payable | 1,243 | (4,403) | (11,643) | ||
Accounts payable - related parties | 506 | (71) | 1,010 | ||
Accrued expenses and other current liabilities | 274 | 60 | (645) | ||
Accrued expenses and other current liabilities - related parties | (142) | 142 | |||
Deferred revenue | (1,258) | (4,215) | 3,734 | ||
Other noncurrent liabilities | 3,177 | (2,160) | 1,762 | ||
Net cash provided by operating activities | 85,613 | 39,347 | 90,975 | ||
Cash flows from investing activities | |||||
Collateralization of derivative instruments | 1,680 | (1,901) | (535) | ||
Purchase of marketable securities | (19,664) | (30,959) | (60,664) | ||
Proceeds from the sale of marketable securities | 48,235 | 23,254 | 30,487 | ||
Proceeds from the sale of fixed assets | 22 | 4 | |||
Capital expenditures | (4,867) | (3,581) | (4,495) | ||
Net cash provided by (used in) investing activities | 25,406 | (13,183) | (35,207) | ||
Cash flows from financing activities | |||||
Minimum tax withholding on stock options exercised and awards vested | (176) | (121) | (128) | ||
Excess tax benefits associated with stock options and awards | (137) | ||||
Proceeds from issuance of stock | 213 | ||||
Payment of dividends | (10,498) | (110,688) | (10,493) | ||
Net cash used in financing activities | (10,674) | (110,809) | (10,545) | ||
Net change in cash and cash equivalents | 100,345 | (84,645) | 45,223 | ||
Cash and cash equivalents at beginning of period | 114,627 | 199,272 | 154,049 | ||
Cash and cash equivalents at end of period | 214,972 | 114,627 | 199,272 | ||
Cash paid for interest | |||||
Cash paid for income taxes | 9,182 | 55 | 987 | ||
Noncash dividends declared | 10,498 | 10,498 | 10,688 | ||
Noncash capital expenditures | $ 420 | $ 471 | |||
[1] | Prior periods have not been adjusted under the modified retrospective method for Topic 321. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Previously Reported [Member]Common Stock [Member] | Previously Reported [Member]AOCI Attributable to Parent [Member] | Previously Reported [Member]Additional Paid-in Capital [Member] | Previously Reported [Member]Retained Earnings [Member] | Previously Reported [Member] | Restatement Adjustment [Member]Common Stock [Member] | Restatement Adjustment [Member]AOCI Attributable to Parent [Member] | Restatement Adjustment [Member]Additional Paid-in Capital [Member] | Restatement Adjustment [Member]Retained Earnings [Member] | Restatement Adjustment [Member] | Common Stock [Member] | AOCI Attributable to Parent [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total | |
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 Issued During Period, Shares, New Issues | 34,138 | |||||||||||||||
Proceeds from the issuance of stock | 213 | 213 | ||||||||||||||
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 gain (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 | [1] | 281,087 | 48,182 | 332,813 | ||||||||||
Dividends | (10,498) | (10,498) | ||||||||||||||
Stock based compensation | 998 | 998 | ||||||||||||||
Minimum tax withholdings on options and awards | (121) | (121) | ||||||||||||||
Other comprehensive gain (loss) | 4,893 | 4,893 | ||||||||||||||
Net income | 23,511 | 23,511 | ||||||||||||||
Stock based compensation (in shares) | (8,300) | |||||||||||||||
Stock based compensation (in shares) | 8,300 | |||||||||||||||
Balance (in shares) (Accounting Standards Update 2016-01 and ASC 606 [Member]) at Dec. 31, 2017 | 43,741,670 | |||||||||||||||
Balance (in shares) at Dec. 31, 2017 | 43,741,670 | |||||||||||||||
Balance (Accounting Standards Update 2016-01 and ASC 606 [Member]) at Dec. 31, 2017 | $ 4 | $ 8,433 | $ 281,964 | $ 61,195 | $ 351,596 | $ (8,273) | $ 3,094 | $ (5,179) | ||||||||
Balance at Dec. 31, 2017 | $ 4 | 160 | [1] | 281,964 | 64,289 | 346,417 | ||||||||||
Dividends | (10,498) | (10,498) | ||||||||||||||
Stock based compensation | 357 | 357 | ||||||||||||||
Minimum tax withholdings on options and awards | (176) | (176) | ||||||||||||||
Other comprehensive gain (loss) | (180) | (180) | ||||||||||||||
Net income | 53,158 | 53,158 | ||||||||||||||
Stock based compensation (in shares) | (1,573) | |||||||||||||||
Stock based compensation (in shares) | 1,573 | |||||||||||||||
Balance (in shares) at Dec. 31, 2018 | 43,743,243 | |||||||||||||||
Balance at Dec. 31, 2018 | $ 4 | $ (20) | $ 282,145 | $ 106,949 | $ 389,078 | |||||||||||
[1] | The beginning balance for 2018 was decreased $8,273 to reflect the impact of the adoption of ASU 2016-01. See Note 27 for additional information. |
Note 1 - Nature of Operations a
Note 1 - Nature of Operations and Basis of Presentation | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1 Nature of operations and basis of presentation Vicero y Acquisitio n 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, Eastma n 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 proprietary 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, |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
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. Cas h an d cas h equivalents Cash equivalents consist of highly liquid investments with original maturities of three may Account s receivable , allowanc e fo r doubtfu l account s an d credi t risk Accounts receivable are recorded at the invoiced amount and do not not may Custome r concentrations For the twelve December 31, 2018, 2017, 2016, two $57,198 2018, one 2017 2016 $38,917, $35,568, For the twelve December 31, 2018, one 27% 11% twelve December 31, 2017, 30% 11% twelve December 31, 2016, none 10% Inventory FutureFuel determines the cost of substantially all raw materials and finished goods inventories by the last-in, first Financia l an d derivativ e 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 the fair value of our derivative instruments are recognized at the end of each accounting period and recorded in the statement of operations as a component of cost of goods sold. 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, Derivative s an d Hedging no 2018 2017. 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 value of the derivative instruments relative to the sale of the physical commodity sold. As of December 31, 2018 2017, $297 $2,428 100 $484 96 $187 December 31, 2018. 200 $2,428 December 31, 2017. Property , plan t an d 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 Impairmen t o f assets Long-live d tangibl e assets FutureFuel evaluates the carrying value of long-lived tangible assets when events or changes in circumstances indicate that the carrying value may not not Indefinite-live d intangibl e asset Intangible assets with indefinite lives are not may not fourth not not no not D eferred revenue and revenue recognition The Company adopted ASU 2014 09, Revenue from Contracts with Customers January 1, 2018. 15 FutureFuel recognizes revenue when performance obligations of the sale are satisfied in accordance with ASC 606. A select number of FutureFuel custom chemical contracts within the chemical segment contain a material right as defined by Topic 606 30 15 The majority of our revenue is from short term contracts with revenue recognized when a single performance obligation to transfer product under the terms of a contract with a customer are satisfied. Accordingly, FutureFuel recognizes revenue when control is transferred to the customer, which is when products are considered to meet customer specification and title and risk of loss are transferred. This typically occurs at the time of shipment or delivery, however, for certain contracts, this occurs upon delivery of the material to a FutureFuel storage location, ready for customer pickup and separated from other FutureFuel inventory. Revenue is measured as the amount of consideration FutureFuel expects to receive in exchange for transferring products and is generally based upon a negotiated price. FutureFuel sells its products directly to customers generally under agreements with payment terms of 30 75 3 10 Bill and hold transactions for 2018, 2017, 2016 three 2018 2016, two 2017 not $44,924, $17,517, $23,725 December 31, 2018, 2017, 2016, 15 Additionally, FutureFuel has been awarded grants from governmental 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 Asse t retiremen t obligations FutureFuel establishes reserves for closure/post-closure costs associated with the environmental and other assets it maintains. Environmental assets include but are not 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. Incom e 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 FASB ASC Topic 740, Income Taxes 740” 740 may not not 740 Taxe s collecte d fro m customer s a n d remitte d t o governmenta l authorities Taxes collected from customers and remitted to governmental authorities are excluded from revenues and cost of goods sold. Shippin g an d handlin g fees Shipping and handling fees related to sales transactions are billed to customers and recorded as sales revenues. Cos t o f good s sol d an d selling , general , an d administratio n 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, one one December 31, 2016, February 2018, 2017 not 2017. first three March 31, 2018, 3 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. Researc h an d development All costs identified as research and development costs are charged to expense when incurred. Planne d majo r maintenanc e activities Expenditures for planned major maintenance activities are recognized as expense as incurred. Earning s pe r share Earnings per share is computed using the two 260, Earning s Pe r Shar e two two no December 31, 2018, 2017, 2016. Contingently issuable shares associated with outstanding service-based restricted stock units were not December 31, 2017, 2016. no December 31, 2018. C o mprehensiv e income Comprehensive income is comprised of net income and other comprehensive income/(loss) (“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, 2018, $180, $49, December 31, 2017, $4,893, $2,642. December 31, 2016, $1,485, $1,158. December 31, 2017 2016, $529 $1,419, $285 $765, December 31, 2017, 2016, Realized gains and losses are recognized on the specific identification method. Commitment s an d contingen t liabilities In the ordinary course of its business, FutureFuel enters into supply and sales contracts as deemed commercially desirable. Supply contracts are utilized 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 Us e o f 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, contract liabilities, revenue recognition, material rights, 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. Segmen t reporting FutureFuel identifies operating segments when separate financial information is available that is evaluated regularly by 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 the B
Note 3 - Reinstatement of the Biodiesel Blenders' Tax Credit and Small Agri-biodiesel Producer Tax Credit | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | 3 Reinstatement of the biodiesel blenders' tax credit and small agri-biodiesel producer tax credit The BTC provides a $1.00 0.1% The Bipartisan Budget Act of 2018 February 9, 2018, 2017. 2018, 2018 $28,865. not December 31, 2017. The BTC was in full effect for 2016 December 31 As part of each law from which the BTC mentioned above was reinstated, small agri-biodiesel producers with production capacity not 60 $0.10 first 15 |
Note 4 - Inventory
Note 4 - Inventory | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 4 Inventory The carrying values of inventory were as follows as of December 31: 2018 2017 At average cost (approximates current cost) Finished goods $ 23,658 $ 22,998 Work in process 2,100 1,735 Raw materials and supplies 23,909 27,143 49,667 51,876 LIFO reserve (10,371 ) (8,122 ) Total inventory $ 39,296 $ 43,754 A lower of cost or market adjustment was recorded for the year ended December 31, 2018 2017 $0 $276, 2017 |
Note 5 - Derivative Instruments
Note 5 - Derivative Instruments | 12 Months Ended |
Dec. 31, 2018 | |
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 815, Derivative s an d Hedging none $633, $3,844 $6,220, December 31, 2018, 2017, 2016, The volumes and carrying values of FutureFuel’s derivative instruments were as follows at December 31: Asset/ (Liability) 2018 2017 Quantity/ contracts Short Fair Value Quantity/ contracts Short Fair Value Regulated options, included in other current assets 100 $ (484 ) 200 $ (2,428 ) Regulated fixed price future commitments, included in other current assets 96 $ 187 - $ - The margin account maintained with a broker to collateralize these derivative instruments carried an account balance of $980 $2,660 December 31, 2018 2017, |
Note 6 - Marketable Securities
Note 6 - Marketable Securities | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Cash, Cash Equivalents, and Marketable Securities [Text Block] | 6 Marketable securities At December 31, 2018 2017, December 31, 2018, 321, 27 FutureFuel’s available for sale debt securities were comprised of the following at December 31, 2018 2017: December 31, 2018 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Trust preferred securities $ 3,147 $ 21 $ (18 ) $ 3,150 Exchange traded debt instruments 1,428 37 (65 ) 1,400 Total $ 4,575 $ 58 $ (83 ) $ 4,550 December 31, 2017 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Trust preferred securities $ 3,147 $ 114 $ - $ 3,261 Exchange traded debt instruments 1,702 158 - 1,860 Total $ 4,849 $ 272 $ - $ 5,121 The aggregate fair value of debt securities with unrealized losses totaled $2,540 $0 December 31, 2018 2017, December 31, 2018, $187 12 two $19. In 2018, 2017, 2016, $0, $248, $728 The adjusted cost basis and fair value of debt securities at December 31, 2018, December 31, 2018 Adjusted Cost Fair Value Due in one year or less $ - $ - Due after one year through five years - - Due after five years through ten years - - Due after ten years 4,575 4,550 Total $ 4,575 $ 4,550 |
Note 7 - Property, Plant, and E
Note 7 - Property, Plant, and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
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: 2018 2017 Land and land improvements $ 5,929 $ 5,862 Buildings and building equipment 27,021 26,656 Machinery and equipment 169,341 167,179 Construction in progress 2,643 808 Accumulated depreciation (101,359 ) (90,770 ) Total $ 103,575 $ 109,735 Depreciation expense totaled $10,949, $11,617, $10,819 December 31, 2018, 2017, 2016, |
Note 8 - Intangible Assets
Note 8 - Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 8 Intangible assets In April 2015, $1,408. no $1,408 $1,408, December 30, 2018 2017. 350 no |
Note 9 - Other Assets
Note 9 - Other Assets | 12 Months Ended |
Dec. 31, 2018 | |
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 not twelve $3,806 $3,882 December 31, 2018 2017, |
Note 10 - Accrued Expenses and
Note 10 - Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
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: 2018 2017 Accrued employee liabilities $ 1,253 $ 976 Accrued property, franchise, motor fuel and other taxes 1,225 1,387 Other 264 105 Total $ 2,742 $ 2,468 |
Note 11 - Borrowings
Note 11 - Borrowings | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 11 Borrowings On April 16, 2015, $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: Consolidated 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 < 1.50:1.0 1.50% 0.50% 0.20% ≥ 1.50:1.0 And < 2.00:1.0 1.75% 0.75% 0.25% ≥ 2.00:1.0 And < 2.50:1.0 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, 2018. There were no December 31, 2018 2017. |
Note 12 - Asset Retirement Obli
Note 12 - Asset Retirement Obligations and Environmental Reserves | 12 Months Ended |
Dec. 31, 2018 | |
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. In addition, the Batesville Plant may $904 $876 December 31, 2018 2017, The following table summarizes the activity of accrued obligations for asset retirement obligations: 2018 2017 Balance at January 1 $ 876 $ 849 Accretion expense 28 27 Balance at December 31 $ 904 $ 876 |
Note 13 - Stock Based Compensat
Note 13 - Stock Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
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 2017 September 7, 2017 ( ● 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 The Incentive 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 Incentive Plan are limited to shares of FutureFuel’s common stock, which may 10% The Incentive Plan became effective upon its approval by FutureFuel’s shareholders on September 7, 2017 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. Prior to the approval of the Incentive Plan, a separate omnibus incentive plan (the “Prior Plan”) was adopted by shareholders at FutureFuel’s 2007 June 26, 2007. 8 April 29, 2008. June 26, 2017. 2,670,000 1,060,500 414,800 No No 2016, 2017 2018. In October 2018, 10,000 2018 2018 October 2023. 2018 $3.64 No 2016 2017. In 2016, $213 $23. 2016 85,862 $128. In 2017, 8,300 $121. All of the options exercised in 2018 30,896 7,531 $111 $65 The following summarizes unvested stock option activity under the Prior Plan: Weighted Average Weighted Grant Date Average Life Stock Options Fair Value Remaining Unvested as of January 1, 2016 60,000 2.78 1.92 Granted - - - Vested (30,000 ) 2.78 - Forfeited - - - Unvested as of December 31, 2016 30,000 2.78 0.92 Granted - - - Vested (30,000 ) 2.78 - Forfeited - - - Unvested as of December 31, 2017 - - - Granted - - - Vested - - - Forfeited - - - Unvested as of December 31, 2018 - - - The assumptions used in the determination of the fair value of the options granted are provided in the following table: Assumptions December 2018 Options Expected volatility rate 33.87% Expected dividend yield 1.48% Risk-free interest rate 2.86% Expected forfeiture rate 0.00% Expected term in years 2.7 The volatility rate for the options granted in 2018 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. For the years ended December 31, 2018, 2017, 2016, $357, $998, $1,908, December 31, 2018, 2017, 2016, December 31, 2018 2017, no A summary of the activity of FutureFuel’s stock options and awards for the period beginning January 1, 2016 December 31, 2018 Weighted Average Options Exercise Price Outstanding at January 1, 2016 * 250,000 $ 12.05 Granted - - Exercised (120,000 ) $ 11.45 Canceled, forfeited, or expired (60,000 ) $ 12.74 Outstanding at December 31, 2016 70,000 $ 12.48 Granted - - Exercised - $ - Canceled, forfeited, or expired - $ - Outstanding at December 31, 2017 70,000 $ 12.48 Granted 10,000 $ 16.21 Exercised (40,000 ) $ 11.34 Canceled, forfeited, or expired - $ - Outstanding at December 31, 2018 40,000 $ 14.55 (*) Granted pursuant to the “Prior Plan”. There were 4,364,167 no December 31, 2018. December 31, 2018. Options Outstanding Options Exercisable Weighted Number Average Weighted Number Weighted Outstanding at Remaining Average Exercisable at Average Exercise December 31, Contractual Exercise December 31, Exercise Price 2018 Life Price 2018 Price $ 13.99 30,000 1.97 $ 13.99 30,000 $ 13.99 $ 16.21 10,000 4.82 $ 16.21 10,000 $ 16.21 40,000 2.68 $ 14.55 40,000 $ 14.55 The weighted average remaining contractual life of all exercisable options is 2.68 The aggregate intrinsic values of total options outstanding at December 31, 2018 2017 $56 $113, December 31, 2018 2017 $56 $113, December 31, 2018 2017, In 2017, no The following summarizes unvested restricted stock activity under the Prior Plan: Number of Weighted Average Weighted Restricted Grant Date Average Life Stock Fair Value Remaining Unvested as of January 1, 2016 241,667 $ 16.88 1.86 Granted - - - Vested 108,333 $ 16.85 - Forfeited - - - Unvested as of December 31, 2016 133,334 $ 16.90 1.15 Granted - - - Vested 108,334 $ 16.85 - Forfeited - - - Unvested as of December 31, 2017 25,000 $ 17.09 0.67 Granted - - - Vested 25,000 $ 17.09 - Forfeited - - - Unvested as of December 31, 2018 - $ - - In 2016, 2016 2017, No. 2016 09, Compensation-Stock Compensation (Topic 718 2018 2017. $12, $31, $160 December 31, 2018, 2017 2016, |
Note 14 - Provision (Benefit) f
Note 14 - Provision (Benefit) for Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
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: 2018 2017 2016 Income before taxes - U.S. $ 60,177 $ 16,649 $ 40,806 Provision for income taxes: Federal Current 7,105 6,185 (9,463 ) Deferred (1,389 ) (12,632 ) (4,988 ) State and other Current 1,167 610 (801 ) Deferred 69 (1,025 ) (283 ) Total $ 7,019 $ (6,862 ) $ (15,535 ) * Historical balances have been adjusted to follow the historical cash flow presentation of the change in deferred balances. Differences between the provision/(benefit) for income taxes computed using the U.S. federal statutory income tax rate were as follows: 2018 2017 2016 Amount computed using the statutory rate of 21% for 2018 and 35% for 2017 and 2016 $ 12,637 $ 5,827 $ 14,282 Section 199 manufacturing deduction - (85 ) - Agri-biodiesel production credit (975 ) - (975 ) Federal excise tax benefit (7,751 ) - (20,048 ) State excise tax benefit (1,963 ) - (6,845 ) Credit for increasing research activities (117 ) (127 ) (56 ) Dividends received deduction (355 ) (865 ) (730 ) State income taxes, net 2,549 463 (1,262 ) Tax expense recorded as an increase in unrecognized tax benefit 3,176 191 193 Tax Cuts and Jobs Act of 2017 Impact - (12,066 ) - Other (182 ) (200 ) (94 ) Provision/(benefit) for income taxes $ 7,019 $ (6,862 ) $ (15,535 ) The provision for taxes in 2018 11.7% $7,019 41.2% $6,862 2017. FutureFuel’s effective tax rate for the year 2018 $2,728, $2,804, $448 fourth 2018. 2018, 2017 not December 31, 2017) February 9, 2018. first 2018 3 December 31, 2016, 2017, 2018. FutureFuel’s effective tax rate for the year 2017, one 2017 35% 21% January 1, 2018. one $12,066 $2,804 $0 December 31, 2018 2017, FutureFuel’s effective tax rate for the year December 31, 2016 2016, 2016 not 2017. The significant components of deferred tax assets and liabilities were as follows as of December 31: 2018 2017 Deferred tax assets Compensation $ 30 $ - Inventory reserves 458 502 Self insurance 63 63 Asset retirement obligation 209 201 Deferred revenue 5,015 4,809 State net operating loss carryforwards 1 609 Accrued expenses 1,653 1,674 Stock based compensation 108 143 Derivative instruments - 252 Other 130 - Total deferred tax assets 7,667 8,253 Deferred tax liabilities Available for sale securities - (2,285 ) Derivative instruments (86 ) - LIFO inventory (3,389 ) (3,342 ) Depreciation (22,010 ) (23,293 ) Other (208 ) (382 ) Total deferred tax liabilities (25,693 ) (29,302 ) Net deferred tax liabilities $ (18,026 ) $ (21,049 ) 2018 2017 As recorded in the consolidated balance sheet Noncurrent deferred tax liability (18,026 ) (21,049 ) Prior to 2013, 2013, 2010 3 December 31, 2016, 2017, 2018. The following table summarizes FutureFuel’s unrecognized tax benefits activity. 2018 2017 2016 Balance at January 1 $ - $ 2,056 $ 4,588 Increases to tax positions taken in the current year - - 2,056 Increases to tax positions taken in prior years 2,804 - - Decrease due to resolution of tax positions taken in a prior year - (2,056 ) (4,588 ) Balance at December 31 $ 2,804 $ - $ 2,056 FutureFuel does not 12 FutureFuel records interest and penalties net as a component of income tax expense. FutureFuel accrued balances of $681 $0 December 31, 2018 2017, 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 2014 fourth 2017, 2015 January 2018. 2014 2016 |
Note 15 - Deferred Revenue and
Note 15 - Deferred Revenue and Contingent Liability | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 15 Deferred revenue and contingent liability On January 1, 2018, 2014 09, Revenue from Contracts with Customers, 606” 605” A select number of FutureFuel custom chemical contracts within the chemical segment contain a material right as defined by Topic 606 30 606 January 1, 2018, not $6,900 $5,179. 606 one 605 606 $3,251 $3,293 $356 January 1, 2018. The majority of our revenue is from short term contracts with revenue recognized when a single performance obligation to transfer product under the terms of a contract with a customer are satisfied. Accordingly, FutureFuel recognizes revenue when control is transferred to the customer, which is when products are considered to meet customer specification and title and risk of loss are transferred. This typically occurs at the time of shipment or delivery, however, for certain contracts, this occurs upon delivery of the material to a FutureFuel storage location, ready for customer pickup and separated from other FutureFuel inventory. Revenue is measured as the amount of consideration FutureFuel expects to receive in exchange for transferring products and is generally based upon a negotiated price. FutureFuel sells its products directly to customers generally under agreements with payment terms of 30 75 3 10 no 606 605. Contract Assets and Liabilities: Contract assets consist of unbilled amounts typically resulting from revenue recognized through bill and hold arrangements. The contract assets are recorded as accounts receivable on the consolidated balance sheet. Contract liabilities consist of advance payments related to material rights. These amounts were historically recorded as deferred revenue which primarily related to upfront capital payments. The contract liabilities are recorded as deferred revenue in the consolidated balance sheets and are reduced as FutureFuel transfers product to the customer under the renewal option approach. These contract assets and liabilities are reported on the consolidated balance sheets on a contract-by-contract basis at the end of each reporting period. The following table reflects the changes in FutureFuel’s contract assets and contract liabilities for the year ended December 31, 2018. no 605: 2018 Beginning balance at January 1 $ 505 Additions 3,215 Reductions (2,922 ) Ending balance at December 31 $ 798 Under Prior As Reported Standard Topic 606 Topic 605 Change Contract liabilities Beginning balance at January 1, 2018\ $ 21,013 $ 14,469 $ 6,544 Additions 5,823 1,385 4,438 Revenue recognized for the twelve months ended December 31, 2018 (6,504 ) (2,637 ) (3,867 ) Ending balance at December 31, 2018 $ 20,332 $ 13,217 $ 7,115 Transaction price allocated to the remaining performance obligations As of December 31, 2018, $20,322 one five 22% 12 78% one 5 We applied the practical expedient in ASC 606 10 50 14 one Disaggregation of revenue - contractual and non-contractual Twelve months ended December 31, 2018 2017 Contract revenue from customers with > 1 year arrangements $ 60,721 $ 54,900 Contract revenue from customer with < 1 year arrangement 243,634 219,954 Revenue from non-contractual arrangements 222 172 BTC rebate (13,559 ) - Total revenue $ 291,018 $ 275,026 Timing of revenue Twelve months ended December 31, 2018 2017 Bill and hold revenue $ 44,924 $ 17,517 Non-bill and hold revenue 246,094 257,509 Total revenue $ 291,018 $ 275,026 (a) Prior periods have not 606. For both long term and short-term contracts, FutureFuel has elected to account for shipping and handling as activities to fulfill the promise to transfer the good. As such, shipping and handling fees billed to customers in a sales transaction are recorded in net sales and shipping and handling costs incurred are recorded in cost of goods sold and distribution. FutureFuel has elected to exclude from net sales any taxes which it collects concurrent with revenue-producing activities. These accounting policy elections are consistent with the manner in which FutureFuel historically recorded shipping and handling fees and taxes. The following table summarizes the impacts of Topic 606 December 31, 2018. Twelve months ended December 31, 2018 Balances Prior to Adoption As Reported of Topic 606 Adjustments or Restated Revenue $ 282,284 $ 4,665 $ 286,949 Cost of goods sold 191,573 185 191,758 Gross profit 68,918 4,480 73,398 Income from operations 58,959 4,480 63,439 Income before income taxes 55,697 4,480 60,177 Provision/(benefit) for income taxes 5,900 1,119 7,019 Net income 49,798 3,360 53,158 Basic earnings per share 1.14 0.08 1.22 Diluted earnings per share 1.14 0.08 1.22 Comprehensive income $ 49,618 $ 3,360 $ 52,978 The following table summarizes the impacts of Topic 606 606 December 31, 2018. Balances Prior to Adoption of As Reported Topic 606 Adjustments or Restated Accounts receivable $ 14,296 $ 1,998 $ 16,294 Inventory 39,837 (541 ) 39,296 Income tax receivable 8,034 (1,176 ) 6,858 Total current assets 362,049 281 362,330 Total assets 470,874 281 471,155 Accounts payable 23,219 (3,238 ) 19,981 Deferred revenue – current 2,883 1,698 4,581 Total current liabilities 41,031 (1,540 ) 39,491 Deferred revenue – noncurrent 14,902 5,417 20,319 Noncurrent deferred income tax liability 19,805 (1,779 ) 18,026 Total noncurrent liabilities 38,948 3,638 42,586 Total liabilities 79,979 2,098 82,077 Retained earnings 108,767 (1,818 ) 106,949 Total stockholders' equity 390,896 (1,818 ) 389,078 Total liabilities and stockholders' equity $ 470,874 $ 281 $ 471,155 The following table summarizes the impacts of our adoption of Topic 606 December 31, 2018: Balances Prior to Adoption As Reported of Topic 606 Adjustments or Restated Net income $ 49,798 $ 3,360 $ 53,158 Benefit for deferred income taxes 526 (1,779 ) (1,253 ) Changes in operating assets and liabilities: Accounts receivables 7,677 (1,998 ) 5,679 Inventory 3,917 541 4,458 Income tax receivable (1,097 ) 1,176 79 Accounts payable 4,481 (3,238 ) 1,243 Deferred revenue (3,195 ) 1,937 (1,258 ) Net cash provided by operating activities $ 85,613 $ (0 ) $ 85,613 |
Note 16 - Stockholders' Equity
Note 16 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
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 not $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 $37,247, $36,127 |
Note 17 - Earnings Per Share
Note 17 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 17 Earnings per share FutureFuel computes earnings per share using the two 260, Earning s Pe r Shar e two two no December 31, 2018, 2017, 2016. Contingently issuable shares associated with outstanding service-based restricted stock units were not December 31, 2017, 2016. no December 31, 2018. For the twelve months ended December 31: 2018 2017 2016 Numerator: Net income $ 53,158 $ 23,511 $ 56,341 Less: distributed earnings allocated to non-vested stock - (6 ) (377 ) Less: undistributed earnings allocated to non-vested restricted stock (16 ) (21 ) 264 Numerator for basic earnings per share $ 53,142 $ 23,484 $ 56,228 Effect of dilutive securities: Add: undistributed earnings allocated to non-vested restricted stock 16 21 (264 ) Less: undistributed earnings reallocated to non-vested restricted stock (16 ) (21 ) 264 Numerator for diluted earnings per share $ 53,142 $ 23,484 $ 56,228 Denominator: Weighted average shares outstanding – basic 43,725,333 43,676,171 43,542,785 Effect of dilutive securities: Stock options and other awards 5,859 9,408 4,753 Weighted average shares outstanding – diluted 43,731,192 43,685,579 43,547,538 Basic earnings per share $ 1.22 $ 0.54 $ 1.29 Diluted earnings per share $ 1.22 $ 0.54 $ 1.29 Certain options to purchase FutureFuel’s common stock were not December 31, 2018, 2017 2016 15,000, 7,500 65,000, |
Note 18 - Employee Benefit Plan
Note 18 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
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 6% $1,801, $1,632, $1,540 December 31, 2018, 2017, 2016, |
Note 19 - Related Party Transac
Note 19 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
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 director 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. Relate d part y balanc e shee t accounts 2018 2017 Accounts receivable Biodiesel, petrodiesel, blends and other petroleum products $ 1,844 $ 165 Total accounts receivable $ 1,844 $ 165 Prepaid expenses Administrative services and other $ 12 $ 12 Total prepaid expenses $ 12 $ 12 Accounts payable Natural gas and fuel purchases $ 1,354 $ 1,033 Travel and administrative services $ 335 $ 150 Total accounts payable $ 1,689 $ 1,183 Relate d part y income statement accounts For the years ended December 31: 2018 2017 2016 Revenues Biodiesel, petrodiesel, blends and other petroleum products $ 4,069 $ 1,882 $ 8,371 Total revenues $ 4,069 $ 1,882 $ 8,371 Cost of goods sold Biodiesel, petrodiesel, blends, and other petroleum products $ 13,985 $ 21,655 $ 6,016 Natural gas purchases 5,510 4,871 4,223 Income tax, consulting services and other 101 80 80 Total cost of goods sold $ 19,596 $ 26,606 $ 10,319 Distribution Distribution and related services $ 191 $ 160 $ 378 Total distribution $ 191 $ 160 $ 378 Selling, general and administrative expenses Commodity trading advisory fees $ 307 $ 307 $ 307 Travel and administrative services 282 189 216 Total selling, general, and administrative expenses $ 589 $ 496 $ 523 Biodiesel , petrodiese l an d 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. The revenue amounts presented in the table above result when FutureFuel sells biodiesel, petrodiesel, blends, and other petroleum products to a related party regardless of who the material was purchased from. Likewise, cost of goods sold amounts result when biodiesel, petrodiesel, blends, and other petroleum products are purchased from a related party regardless of who the material was sold to. Natura l ga s 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 Incom e ta x an d consultin g services An affiliate provides professional services to FutureFuel, primarily in the area of income tax preparation and consulting. FutureFuel also receives certain finance and accounting expertise from this affiliate as requested. Expenses related to these services are comprised of an agreed quarterly fee plus reimbursement of expense, at cost. Distributio n an d relate d 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. Commodit y tradin g advisor y fees FutureFuel entered into a commodity trading advisory agreement with an affiliate. Pursuant 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 rave l an d administrativ e services FutureFuel 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 |
Note 20 - Segment Information
Note 20 - Segment Information | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 20 Segment information FutureFuel has two 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 Summar y o f long-live d asset s an d revenue s b y geographi c 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 December 31, 2018, 2017, 2016 Twelve months ended December 31: 2018 2017 2016 United States $ 289,019 $ 271,635 $ 250,320 All Foreign Countries 1,999 3,391 2,873 Total $ 291,018 $ 275,026 $ 253,193 For the years ended December 31, 2018, 2017, 2016, no 1% Summar y o f busines s b y segment Twelve months ended 2018 2017 2016 Revenue Custom chemicals $ 97,746 $ 87,905 $ 82,667 Performance chemicals 19,382 17,481 18,240 Chemicals revenue 117,128 105,386 100,907 Biofuels revenue 173,890 169,640 152,286 Total Revenue $ 291,018 $ 275,026 $ 253,193 Segment gross profit Chemicals $ 33,986 $ 28,016 $ 32,055 Biofuels 39,412 (7,755 ) 14,803 Total gross profit 73,398 20,261 46,858 Corporate expenses 9,959 10,374 10,335 Income before interest and taxes 63,439 9,887 36,523 Interest and other income 9,183 7,809 6,152 Interest and other expense (12,445 ) (1,047 ) (1,869 ) (Provision)/benefit for income taxes (7,019 ) 6,862 15,535 Net income $ 53,158 $ 23,511 $ 56,341 Depreciation is allocated to segment costs of goods sold based on plant usage. The total assets and capital expenditures of FutureFuel have not Gross margins for the biofuels segment for the year ended December 31, 2018 $215 9005 2018. $232 $220 2017 2016, |
Note 21 - Fair Value Measuremen
Note 21 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 21 Fair value measurements Fair value is defined as the exit price, or the amount 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 not 3 Asset (Liability) Fair Value at Fair Value Measurements Using December 31, 201 8 Inputs Considered as: Description Level 1 Level 2 Level 3 Derivative instruments $ (297 ) $ (297 ) $ - $ - Preferred stock, trust preferred securities, exchange traded debt instruments, and other equity instruments $ 79,888 $ 79,888 $ - $ - Asset (Liability) Fair Value at Fair Value Measurements Using December 31, 201 7 Inputs Considered as: Description Level 1 Level 2 Level 3 Derivative instruments $ (2,428 ) $ (2,428 ) $ - $ - Preferred stock, trust preferred securities, exchange traded debt instruments, and other equity instruments $ 120,699 $ 120,699 $ - $ - |
Note 22 - Reclassifications Fro
Note 22 - Reclassifications From Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2018 | |
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 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, 2018 and 2017 (net of tax) 2018 2017 Balance at January 1 [1] $ 160 $ 3,540 Other comprehensive income/(loss) before reclassifications (180 ) 4,447 Amounts reclassified from accumulated other comprehensive income/(loss) - 446 Net current-period other comprehensive income/(loss) (180 ) 4,893 Balance at December 31 $ (20 ) $ 8,433 [1] 2018 $8,273 2016 01. 27 The following table summarizes amounts reclassified from accumulated other comprehensive income in the years ended December 31, 2018 2017: Reclassifications from Accumulated Other Comprehensive Income For the twelve months ended December 31, 2018 and 2017 2018 Affected Line Item in Statement of Operations Unrealized loss on available-for-sale securities $ - Losses on marketable securities Total before tax - Tax benefit - Total reclassifications $ - 2017 Affected Line Item in Statement of Operations Unrealized loss on available-for-sale securities $ (687 ) Losses on marketable securities Total before tax (687 ) Tax Benefit/(provision) 241 Total reclassifications $ (446 ) * Effective January 1, 2018, 320 321. not 321. 27 |
Note 23 - Commitments
Note 23 - Commitments | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 23 Commitments Leas e 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 non-cancellable operating leases as of December 31, 2018 Minimum Rental Commitment 2019 644 2020 595 2021 389 2022 370 2023 341 Thereafter 24 Total 2,363 Lease expenses totaled $658, $952, $1,121 December 31, 2018, 2017, 2016, Purchas e 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, 2018 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 24 Quarterly financial information (unaudited) Quarter 1st 2nd 3rd 4th 2018 Revenues $ 55,747 $ 88,336 $ 81,422 $ 65,513 Gross profit $ 37,507 $ 8,271 $ 12,653 $ 14,967 Net income $ 35,826 $ 6,051 $ 9,445 $ 1,836 Net income per common share: Basic $ 0.82 $ 0.14 $ 0.22 $ 0.04 Diluted $ 0.82 $ 0.14 $ 0.22 $ 0.04 2017 Revenues $ 54,111 $ 68,048 $ 77,606 $ 75,261 Gross profit $ 6,130 $ 1,798 $ 5,526 $ 6,807 Net income $ 3,396 $ 834 $ 3,334 $ 15,947 Net income per common share: Basic $ 0.08 $ 0.02 $ 0.08 $ 0.36 Diluted $ 0.08 $ 0.02 $ 0.08 $ 0.36 Earnings per share is computed independently for each of the quarters presented. Therefore, the sum of the quarterly amounts will not |
Note 25 - Recently Issued Accou
Note 25 - Recently Issued Accounting Standards | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | 25 Recently issued accounting standards Standard Description Effective Date Effect on the Financial Statements or Other Significant Matters In February 2016, 2016 02, The new guidance supersedes the lease guidance under FASB ASC Topic 840, 842, Leases Annual periods beginning after December 15, 2018. The Company is currently evaluating its population of leases, and is continuing to assess all potential impacts of the standard, but currently believes the most significant impact relates to its accounting for logistics equipment. Our implementation plan related to processes, systems and internal controls (including general ledger software integration) is nearing completion. The Company anticipates recognition of additional assets and corresponding liabilities related to leases upon adoption. The Company plans to adopt the standard effective January 1, 2019. In June 2016, 2016 13, Financial Instruments - Credit Losses, Measurement of Credit Losses on Financial Instruments These amendments require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. In addition, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. Annual periods beginning after December 15, 2019. December 15, 2018. The Company is currently considering the potential impact of this standard on financial reporting and internal controls related to the implementation of the standard as it relates to accounts receivable and debt securities and plans to adopt the new guidance on or before the effective date of January 1, 2020. In June 2018, 2018 07, Compensation - Stock Compensation, Improvements to Nonemployee Share-Based Payment Accounting These amendments expand the scope of Topic 718, Compensation—Stock Compensation Annual periods beginning after December 15, 2018. no 606, Revenue from Contracts with Customers The Company plans to adopt the new guidance effective January 1, 2019. |
Note 26 - Reserve Roll Forwards
Note 26 - Reserve Roll Forwards - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, 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 2018 Expense Accounts Deductions 31,2018 Reserve for: Doubtful accounts and returns $ - $ - $ - $ - $ - LIFO inventory 8,122 2,249 - - 10,371 Aged and obsolete inventory 379 38 - - 417 Deferred tax valuation allowance - - - - - Aged and obsolete supplies and parts 1,358 136 - - 1,494 $ 9,859 $ 2,423 $ - $ - $ 12,282 Balance at Charged to Charged to Balance at January 1, Cost and Other December 2017 Expense Accounts Deductions 31,2017 Reserve for: Doubtful accounts and returns $ - $ - $ - $ - $ - LIFO inventory 2,918 5,204 - - 8,122 Aged and obsolete inventory 341 38 - - 379 Deferred tax valuation allowance - - - - - Aged and obsolete supplies and parts 1,222 136 - - 1,358 $ 4,481 $ 5,378 $ - $ - $ 9,859 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 |
Note 27 - Change in Accounting
Note 27 - Change in Accounting for Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Accounting Changes and Error Corrections [Text Block] | 27 Change in accounting for financial instruments In January 2016, 2016 01, Financial Instruments - Overall 825 10 : Recognition and Measurement of Financial Assets and Financial Liabilities December 15, 2017, The new accounting standard related to the recognition and measurement of financial assets and liabilities makes the following changes to prior guidance and requires: ● certain equity investments to be measured at fair value with changes in fair value now recognized in net income. However, equity investments that do not may ● a qualitative assessment of equity investments without readily determinable fair values to identify impairment; and ● separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or in the accompanying notes to the financial statements. We adopted the new accounting standard utilizing the modified retrospective method, and, therefore, no $13,139 $8,273 Twelve months ended December 31, 2018 2017* 2016* Net losses recognized on equity securities $ (12,011 ) $ (687 ) $ (1,340 ) Less: net gains/(losses) recognized during the period on equity securities sold during the period 1,227 (687 ) $ (1,340 ) Unrealized losses during the reporting period on equity securities held at the reporting date $ (13,238 ) $ - $ - * Prior periods have not 321. |
Note 28 - Legal Proceedings
Note 28 - Legal Proceedings | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 28 Legal proceedings FutureFuel is not may not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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] | Cas h an d cas h equivalents Cash equivalents consist of highly liquid investments with original maturities of three may |
Receivables, Policy [Policy Text Block] | Account s receivable , allowanc e fo r doubtfu l account s an d credi t risk Accounts receivable are recorded at the invoiced amount and do not not may |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Custome r concentrations For the twelve December 31, 2018, 2017, 2016, two $57,198 2018, one 2017 2016 $38,917, $35,568, For the twelve December 31, 2018, one 27% 11% twelve December 31, 2017, 30% 11% twelve December 31, 2016, none 10% |
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] | Financia l an d derivativ e 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 the fair value of our derivative instruments are recognized at the end of each accounting period and recorded in the statement of operations as a component of cost of goods sold. 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, Derivative s an d Hedging no 2018 2017. 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 value of the derivative instruments relative to the sale of the physical commodity sold. As of December 31, 2018 2017, $297 $2,428 100 $484 96 $187 December 31, 2018. 200 $2,428 December 31, 2017. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property , plan t an d 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] | Impairmen t o f assets Long-live d tangibl e assets FutureFuel evaluates the carrying value of long-lived tangible assets when events or changes in circumstances indicate that the carrying value may not not Indefinite-live d intangibl e asset Intangible assets with indefinite lives are not may not fourth not not no not |
Revenue from Contract with Customer [Policy Text Block] | D eferred revenue and revenue recognition The Company adopted ASU 2014 09, Revenue from Contracts with Customers January 1, 2018. 15 FutureFuel recognizes revenue when performance obligations of the sale are satisfied in accordance with ASC 606. A select number of FutureFuel custom chemical contracts within the chemical segment contain a material right as defined by Topic 606 30 15 The majority of our revenue is from short term contracts with revenue recognized when a single performance obligation to transfer product under the terms of a contract with a customer are satisfied. Accordingly, FutureFuel recognizes revenue when control is transferred to the customer, which is when products are considered to meet customer specification and title and risk of loss are transferred. This typically occurs at the time of shipment or delivery, however, for certain contracts, this occurs upon delivery of the material to a FutureFuel storage location, ready for customer pickup and separated from other FutureFuel inventory. Revenue is measured as the amount of consideration FutureFuel expects to receive in exchange for transferring products and is generally based upon a negotiated price. FutureFuel sells its products directly to customers generally under agreements with payment terms of 30 75 3 10 Bill and hold transactions for 2018, 2017, 2016 three 2018 2016, two 2017 not $44,924, $17,517, $23,725 December 31, 2018, 2017, 2016, 15 Additionally, FutureFuel has been awarded grants from governmental 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 |
Asset Retirement Obligation [Policy Text Block] | Asse t retiremen t obligations FutureFuel establishes reserves for closure/post-closure costs associated with the environmental and other assets it maintains. Environmental assets include but are not 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] | Incom e 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 FASB ASC Topic 740, Income Taxes 740” 740 may not not 740 |
Excise and Sales Taxes [Policy Text Block] | Taxe s collecte d fro m customer s a n d remitte d t o governmenta l authorities Taxes collected from customers and remitted to governmental authorities are excluded from revenues and cost of goods sold. |
Revenue from Contract with Customer, Shipping and Handling Fees, Policy [Policy Text Block] | Shippin g an d handlin g 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] | Cos t o f good s sol d an d selling , general , an d administratio n 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, one one December 31, 2016, February 2018, 2017 not 2017. first three March 31, 2018, 3 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] | Researc h an d development All costs identified as research and development costs are charged to expense when incurred. |
Public Utilities, Policy [Policy Text Block] | Planne d majo r maintenanc e activities Expenditures for planned major maintenance activities are recognized as expense as incurred. |
Earnings Per Share, Policy [Policy Text Block] | Earning s pe r share Earnings per share is computed using the two 260, Earning s Pe r Shar e two two no December 31, 2018, 2017, 2016. Contingently issuable shares associated with outstanding service-based restricted stock units were not December 31, 2017, 2016. no December 31, 2018. |
Comprehensive Income, Policy [Policy Text Block] | C o mprehensiv e income Comprehensive income is comprised of net income and other comprehensive income/(loss) (“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, 2018, $180, $49, December 31, 2017, $4,893, $2,642. December 31, 2016, $1,485, $1,158. December 31, 2017 2016, $529 $1,419, $285 $765, December 31, 2017, 2016, Realized gains and losses are recognized on the specific identification method. |
Commitments and Contingencies, Policy [Policy Text Block] | Commitment s an d contingen t liabilities In the ordinary course of its business, FutureFuel enters into supply and sales contracts as deemed commercially desirable. Supply contracts are utilized 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 |
Use of Estimates, Policy [Policy Text Block] | Us e o f 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, contract liabilities, revenue recognition, material rights, 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] | Segmen t reporting FutureFuel identifies operating segments when separate financial information is available that is evaluated regularly by 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 Accounti_2
Note 2 - Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | 2018 2017 At average cost (approximates current cost) Finished goods $ 23,658 $ 22,998 Work in process 2,100 1,735 Raw materials and supplies 23,909 27,143 49,667 51,876 LIFO reserve (10,371 ) (8,122 ) Total inventory $ 39,296 $ 43,754 |
Note 5 - Derivative Instrumen_2
Note 5 - Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | Asset/ (Liability) 2018 2017 Quantity/ contracts Short Fair Value Quantity/ contracts Short Fair Value Regulated options, included in other current assets 100 $ (484 ) 200 $ (2,428 ) Regulated fixed price future commitments, included in other current assets 96 $ 187 - $ - |
Note 6 - Marketable Securities
Note 6 - Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Marketable Securities [Table Text Block] | December 31, 2018 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Trust preferred securities $ 3,147 $ 21 $ (18 ) $ 3,150 Exchange traded debt instruments 1,428 37 (65 ) 1,400 Total $ 4,575 $ 58 $ (83 ) $ 4,550 December 31, 2017 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Trust preferred securities $ 3,147 $ 114 $ - $ 3,261 Exchange traded debt instruments 1,702 158 - 1,860 Total $ 4,849 $ 272 $ - $ 5,121 |
Investments Classified by Contractual Maturity Date [Table Text Block] | December 31, 2018 Adjusted Cost Fair Value Due in one year or less $ - $ - Due after one year through five years - - Due after five years through ten years - - Due after ten years 4,575 4,550 Total $ 4,575 $ 4,550 |
Note 7 - Property, Plant, and_2
Note 7 - Property, Plant, and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2018 2017 Land and land improvements $ 5,929 $ 5,862 Buildings and building equipment 27,021 26,656 Machinery and equipment 169,341 167,179 Construction in progress 2,643 808 Accumulated depreciation (101,359 ) (90,770 ) Total $ 103,575 $ 109,735 |
Note 10 - Accrued Expenses an_2
Note 10 - Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | 2018 2017 Accrued employee liabilities $ 1,253 $ 976 Accrued property, franchise, motor fuel and other taxes 1,225 1,387 Other 264 105 Total $ 2,742 $ 2,468 |
Note 11 - Borrowings (Tables)
Note 11 - Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | Consolidated 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 < 1.50:1.0 1.50% 0.50% 0.20% ≥ 1.50:1.0 And < 2.00:1.0 1.75% 0.75% 0.25% ≥ 2.00:1.0 And < 2.50:1.0 2.00% 1.00% 0.30% ≥ 2.50:1.0 2.25% 1.25% 0.35% |
Note 12 - Asset Retirement Ob_2
Note 12 - Asset Retirement Obligations and Environmental Reserves (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Asset Retirement Obligations [Table Text Block] | 2018 2017 Balance at January 1 $ 876 $ 849 Accretion expense 28 27 Balance at December 31 $ 904 $ 876 |
Note 13 - Stock Based Compens_2
Note 13 - Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Nonvested Share Activity [Table Text Block] | Weighted Average Weighted Grant Date Average Life Stock Options Fair Value Remaining Unvested as of January 1, 2016 60,000 2.78 1.92 Granted - - - Vested (30,000 ) 2.78 - Forfeited - - - Unvested as of December 31, 2016 30,000 2.78 0.92 Granted - - - Vested (30,000 ) 2.78 - Forfeited - - - Unvested as of December 31, 2017 - - - Granted - - - Vested - - - Forfeited - - - Unvested as of December 31, 2018 - - - |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Assumptions December 2018 Options Expected volatility rate 33.87% Expected dividend yield 1.48% Risk-free interest rate 2.86% Expected forfeiture rate 0.00% Expected term in years 2.7 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted Average Options Exercise Price Outstanding at January 1, 2016 * 250,000 $ 12.05 Granted - - Exercised (120,000 ) $ 11.45 Canceled, forfeited, or expired (60,000 ) $ 12.74 Outstanding at December 31, 2016 70,000 $ 12.48 Granted - - Exercised - $ - Canceled, forfeited, or expired - $ - Outstanding at December 31, 2017 70,000 $ 12.48 Granted 10,000 $ 16.21 Exercised (40,000 ) $ 11.34 Canceled, forfeited, or expired - $ - Outstanding at December 31, 2018 40,000 $ 14.55 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Options Outstanding Options Exercisable Weighted Number Average Weighted Number Weighted Outstanding at Remaining Average Exercisable at Average Exercise December 31, Contractual Exercise December 31, Exercise Price 2018 Life Price 2018 Price $ 13.99 30,000 1.97 $ 13.99 30,000 $ 13.99 $ 16.21 10,000 4.82 $ 16.21 10,000 $ 16.21 40,000 2.68 $ 14.55 40,000 $ 14.55 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Number of Weighted Average Weighted Restricted Grant Date Average Life Stock Fair Value Remaining Unvested as of January 1, 2016 241,667 $ 16.88 1.86 Granted - - - Vested 108,333 $ 16.85 - Forfeited - - - Unvested as of December 31, 2016 133,334 $ 16.90 1.15 Granted - - - Vested 108,334 $ 16.85 - Forfeited - - - Unvested as of December 31, 2017 25,000 $ 17.09 0.67 Granted - - - Vested 25,000 $ 17.09 - Forfeited - - - Unvested as of December 31, 2018 - $ - - |
Note 14 - Provision (Benefit)_2
Note 14 - Provision (Benefit) for Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2018 2017 2016 Income before taxes - U.S. $ 60,177 $ 16,649 $ 40,806 Provision for income taxes: Federal Current 7,105 6,185 (9,463 ) Deferred (1,389 ) (12,632 ) (4,988 ) State and other Current 1,167 610 (801 ) Deferred 69 (1,025 ) (283 ) Total $ 7,019 $ (6,862 ) $ (15,535 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2018 2017 2016 Amount computed using the statutory rate of 21% for 2018 and 35% for 2017 and 2016 $ 12,637 $ 5,827 $ 14,282 Section 199 manufacturing deduction - (85 ) - Agri-biodiesel production credit (975 ) - (975 ) Federal excise tax benefit (7,751 ) - (20,048 ) State excise tax benefit (1,963 ) - (6,845 ) Credit for increasing research activities (117 ) (127 ) (56 ) Dividends received deduction (355 ) (865 ) (730 ) State income taxes, net 2,549 463 (1,262 ) Tax expense recorded as an increase in unrecognized tax benefit 3,176 191 193 Tax Cuts and Jobs Act of 2017 Impact - (12,066 ) - Other (182 ) (200 ) (94 ) Provision/(benefit) for income taxes $ 7,019 $ (6,862 ) $ (15,535 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2018 2017 Deferred tax assets Compensation $ 30 $ - Inventory reserves 458 502 Self insurance 63 63 Asset retirement obligation 209 201 Deferred revenue 5,015 4,809 State net operating loss carryforwards 1 609 Accrued expenses 1,653 1,674 Stock based compensation 108 143 Derivative instruments - 252 Other 130 - Total deferred tax assets 7,667 8,253 Deferred tax liabilities Available for sale securities - (2,285 ) Derivative instruments (86 ) - LIFO inventory (3,389 ) (3,342 ) Depreciation (22,010 ) (23,293 ) Other (208 ) (382 ) Total deferred tax liabilities (25,693 ) (29,302 ) Net deferred tax liabilities $ (18,026 ) $ (21,049 ) 2018 2017 As recorded in the consolidated balance sheet Noncurrent deferred tax liability (18,026 ) (21,049 ) |
Summary of Income Tax Contingencies [Table Text Block] | 2018 2017 2016 Balance at January 1 $ - $ 2,056 $ 4,588 Increases to tax positions taken in the current year - - 2,056 Increases to tax positions taken in prior years 2,804 - - Decrease due to resolution of tax positions taken in a prior year - (2,056 ) (4,588 ) Balance at December 31 $ 2,804 $ - $ 2,056 |
Note 15 - Deferred Revenue an_2
Note 15 - Deferred Revenue and Contingent Liability (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Contract with Customer, Asset and Liability [Table Text Block] | 2018 Beginning balance at January 1 $ 505 Additions 3,215 Reductions (2,922 ) Ending balance at December 31 $ 798 Under Prior As Reported Standard Topic 606 Topic 605 Change Contract liabilities Beginning balance at January 1, 2018\ $ 21,013 $ 14,469 $ 6,544 Additions 5,823 1,385 4,438 Revenue recognized for the twelve months ended December 31, 2018 (6,504 ) (2,637 ) (3,867 ) Ending balance at December 31, 2018 $ 20,332 $ 13,217 $ 7,115 |
Disaggregation of Revenue [Table Text Block] | Disaggregation of revenue - contractual and non-contractual Twelve months ended December 31, 2018 2017 Contract revenue from customers with > 1 year arrangements $ 60,721 $ 54,900 Contract revenue from customer with < 1 year arrangement 243,634 219,954 Revenue from non-contractual arrangements 222 172 BTC rebate (13,559 ) - Total revenue $ 291,018 $ 275,026 Timing of revenue Twelve months ended December 31, 2018 2017 Bill and hold revenue $ 44,924 $ 17,517 Non-bill and hold revenue 246,094 257,509 Total revenue $ 291,018 $ 275,026 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | Twelve months ended December 31, 2018 Balances Prior to Adoption As Reported of Topic 606 Adjustments or Restated Revenue $ 282,284 $ 4,665 $ 286,949 Cost of goods sold 191,573 185 191,758 Gross profit 68,918 4,480 73,398 Income from operations 58,959 4,480 63,439 Income before income taxes 55,697 4,480 60,177 Provision/(benefit) for income taxes 5,900 1,119 7,019 Net income 49,798 3,360 53,158 Basic earnings per share 1.14 0.08 1.22 Diluted earnings per share 1.14 0.08 1.22 Comprehensive income $ 49,618 $ 3,360 $ 52,978 Balances Prior to Adoption of As Reported Topic 606 Adjustments or Restated Accounts receivable $ 14,296 $ 1,998 $ 16,294 Inventory 39,837 (541 ) 39,296 Income tax receivable 8,034 (1,176 ) 6,858 Total current assets 362,049 281 362,330 Total assets 470,874 281 471,155 Accounts payable 23,219 (3,238 ) 19,981 Deferred revenue – current 2,883 1,698 4,581 Total current liabilities 41,031 (1,540 ) 39,491 Deferred revenue – noncurrent 14,902 5,417 20,319 Noncurrent deferred income tax liability 19,805 (1,779 ) 18,026 Total noncurrent liabilities 38,948 3,638 42,586 Total liabilities 79,979 2,098 82,077 Retained earnings 108,767 (1,818 ) 106,949 Total stockholders' equity 390,896 (1,818 ) 389,078 Total liabilities and stockholders' equity $ 470,874 $ 281 $ 471,155 Balances Prior to Adoption As Reported of Topic 606 Adjustments or Restated Net income $ 49,798 $ 3,360 $ 53,158 Benefit for deferred income taxes 526 (1,779 ) (1,253 ) Changes in operating assets and liabilities: Accounts receivables 7,677 (1,998 ) 5,679 Inventory 3,917 541 4,458 Income tax receivable (1,097 ) 1,176 79 Accounts payable 4,481 (3,238 ) 1,243 Deferred revenue (3,195 ) 1,937 (1,258 ) Net cash provided by operating activities $ 85,613 $ (0 ) $ 85,613 |
Note 17 - Earnings Per Share (T
Note 17 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the twelve months ended December 31: 2018 2017 2016 Numerator: Net income $ 53,158 $ 23,511 $ 56,341 Less: distributed earnings allocated to non-vested stock - (6 ) (377 ) Less: undistributed earnings allocated to non-vested restricted stock (16 ) (21 ) 264 Numerator for basic earnings per share $ 53,142 $ 23,484 $ 56,228 Effect of dilutive securities: Add: undistributed earnings allocated to non-vested restricted stock 16 21 (264 ) Less: undistributed earnings reallocated to non-vested restricted stock (16 ) (21 ) 264 Numerator for diluted earnings per share $ 53,142 $ 23,484 $ 56,228 Denominator: Weighted average shares outstanding – basic 43,725,333 43,676,171 43,542,785 Effect of dilutive securities: Stock options and other awards 5,859 9,408 4,753 Weighted average shares outstanding – diluted 43,731,192 43,685,579 43,547,538 Basic earnings per share $ 1.22 $ 0.54 $ 1.29 Diluted earnings per share $ 1.22 $ 0.54 $ 1.29 |
Note 19 - Related Party Trans_2
Note 19 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | 2018 2017 Accounts receivable Biodiesel, petrodiesel, blends and other petroleum products $ 1,844 $ 165 Total accounts receivable $ 1,844 $ 165 Prepaid expenses Administrative services and other $ 12 $ 12 Total prepaid expenses $ 12 $ 12 Accounts payable Natural gas and fuel purchases $ 1,354 $ 1,033 Travel and administrative services $ 335 $ 150 Total accounts payable $ 1,689 $ 1,183 |
Condensed Income Statement [Table Text Block] | For the years ended December 31: 2018 2017 2016 Revenues Biodiesel, petrodiesel, blends and other petroleum products $ 4,069 $ 1,882 $ 8,371 Total revenues $ 4,069 $ 1,882 $ 8,371 Cost of goods sold Biodiesel, petrodiesel, blends, and other petroleum products $ 13,985 $ 21,655 $ 6,016 Natural gas purchases 5,510 4,871 4,223 Income tax, consulting services and other 101 80 80 Total cost of goods sold $ 19,596 $ 26,606 $ 10,319 Distribution Distribution and related services $ 191 $ 160 $ 378 Total distribution $ 191 $ 160 $ 378 Selling, general and administrative expenses Commodity trading advisory fees $ 307 $ 307 $ 307 Travel and administrative services 282 189 216 Total selling, general, and administrative expenses $ 589 $ 496 $ 523 |
Note 20 - Segment Information (
Note 20 - Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Twelve months ended December 31: 2018 2017 2016 United States $ 289,019 $ 271,635 $ 250,320 All Foreign Countries 1,999 3,391 2,873 Total $ 291,018 $ 275,026 $ 253,193 |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Twelve months ended 2018 2017 2016 Revenue Custom chemicals $ 97,746 $ 87,905 $ 82,667 Performance chemicals 19,382 17,481 18,240 Chemicals revenue 117,128 105,386 100,907 Biofuels revenue 173,890 169,640 152,286 Total Revenue $ 291,018 $ 275,026 $ 253,193 Segment gross profit Chemicals $ 33,986 $ 28,016 $ 32,055 Biofuels 39,412 (7,755 ) 14,803 Total gross profit 73,398 20,261 46,858 Corporate expenses 9,959 10,374 10,335 Income before interest and taxes 63,439 9,887 36,523 Interest and other income 9,183 7,809 6,152 Interest and other expense (12,445 ) (1,047 ) (1,869 ) (Provision)/benefit for income taxes (7,019 ) 6,862 15,535 Net income $ 53,158 $ 23,511 $ 56,341 |
Note 21 - Fair Value Measurem_2
Note 21 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Asset (Liability) Fair Value at Fair Value Measurements Using December 31, 201 8 Inputs Considered as: Description Level 1 Level 2 Level 3 Derivative instruments $ (297 ) $ (297 ) $ - $ - Preferred stock, trust preferred securities, exchange traded debt instruments, and other equity instruments $ 79,888 $ 79,888 $ - $ - Asset (Liability) Fair Value at Fair Value Measurements Using December 31, 201 7 Inputs Considered as: Description Level 1 Level 2 Level 3 Derivative instruments $ (2,428 ) $ (2,428 ) $ - $ - Preferred stock, trust preferred securities, exchange traded debt instruments, and other equity instruments $ 120,699 $ 120,699 $ - $ - |
Note 22 - Reclassifications F_2
Note 22 - Reclassifications From Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Changes in Accumulated Other Comprehensive Income Unrealized Gains and Losses on Available-for-Sale Securities For the twelve months ended December 31, 2018 and 2017 (net of tax) 2018 2017 Balance at January 1 [1] $ 160 $ 3,540 Other comprehensive income/(loss) before reclassifications (180 ) 4,447 Amounts reclassified from accumulated other comprehensive income/(loss) - 446 Net current-period other comprehensive income/(loss) (180 ) 4,893 Balance at December 31 $ (20 ) $ 8,433 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Reclassifications from Accumulated Other Comprehensive Income For the twelve months ended December 31, 2018 and 2017 2018 Affected Line Item in Statement of Operations Unrealized loss on available-for-sale securities $ - Losses on marketable securities Total before tax - Tax benefit - Total reclassifications $ - 2017 Affected Line Item in Statement of Operations Unrealized loss on available-for-sale securities $ (687 ) Losses on marketable securities Total before tax (687 ) Tax Benefit/(provision) 241 Total reclassifications $ (446 ) |
Note 23 - Commitments (Tables)
Note 23 - Commitments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Minimum Rental Commitment 2019 644 2020 595 2021 389 2022 370 2023 341 Thereafter 24 Total 2,363 |
Note 24 - Quarterly Financial_2
Note 24 - Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Quarter 1st 2nd 3rd 4th 2018 Revenues $ 55,747 $ 88,336 $ 81,422 $ 65,513 Gross profit $ 37,507 $ 8,271 $ 12,653 $ 14,967 Net income $ 35,826 $ 6,051 $ 9,445 $ 1,836 Net income per common share: Basic $ 0.82 $ 0.14 $ 0.22 $ 0.04 Diluted $ 0.82 $ 0.14 $ 0.22 $ 0.04 2017 Revenues $ 54,111 $ 68,048 $ 77,606 $ 75,261 Gross profit $ 6,130 $ 1,798 $ 5,526 $ 6,807 Net income $ 3,396 $ 834 $ 3,334 $ 15,947 Net income per common share: Basic $ 0.08 $ 0.02 $ 0.08 $ 0.36 Diluted $ 0.08 $ 0.02 $ 0.08 $ 0.36 |
Note 26 - Reserve Roll Forwar_2
Note 26 - Reserve Roll Forwards - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Summary of Valuation Allowance [Table Text Block] | Balance at Charged to Charged to Balance at January 1, Cost and Other December 2018 Expense Accounts Deductions 31,2018 Reserve for: Doubtful accounts and returns $ - $ - $ - $ - $ - LIFO inventory 8,122 2,249 - - 10,371 Aged and obsolete inventory 379 38 - - 417 Deferred tax valuation allowance - - - - - Aged and obsolete supplies and parts 1,358 136 - - 1,494 $ 9,859 $ 2,423 $ - $ - $ 12,282 Balance at Charged to Charged to Balance at January 1, Cost and Other December 2017 Expense Accounts Deductions 31,2017 Reserve for: Doubtful accounts and returns $ - $ - $ - $ - $ - LIFO inventory 2,918 5,204 - - 8,122 Aged and obsolete inventory 341 38 - - 379 Deferred tax valuation allowance - - - - - Aged and obsolete supplies and parts 1,222 136 - - 1,358 $ 4,481 $ 5,378 $ - $ - $ 9,859 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 |
Note 27 - Change in Accountin_2
Note 27 - Change in Accounting for Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Gain (Loss) on Securities [Table Text Block] | Twelve months ended December 31, 2018 2017* 2016* Net losses recognized on equity securities $ (12,011 ) $ (687 ) $ (1,340 ) Less: net gains/(losses) recognized during the period on equity securities sold during the period 1,227 (687 ) $ (1,340 ) Unrealized losses during the reporting period on equity securities held at the reporting date $ (13,238 ) $ - $ - |
Note 2 - Significant Accounti_3
Note 2 - Significant Accounting Policies (Details Textual) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015shares | |||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 291,018 | [1] | $ 275,026 | [1] | $ 253,193 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares | 15,000 | 7,500 | 65,000 | |||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total | $ (180) | $ 4,893 | $ 1,485 | |||
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, Tax | $ (49) | 2,642 | 1,158 | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax, Total | 529 | 1,419 | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax, Total | $ 285 | $ 765 | ||||
Number of Reportable Segments | 2 | |||||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | shares | 0 | 25,000 | 133,334 | 241,667 | ||
Restricted Stock [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares | 0 | 0 | ||||
Environmental Assets [Member] | ||||||
Property, Plant and Equipment, Useful Life | 35 years | |||||
Commodity Option and Price Risk Derivative [Member] | Short [Member] | ||||||
Derivative Asset, Fair Value, Gross Liability | $ 297 | |||||
Commodity Option [Member] | ||||||
Derivative Asset, Fair Value, Gross Liability | $ 484 | $ 2,428 | ||||
Derivative Liability, Number of Instruments Held | 100 | 200 | ||||
Commodity Option [Member] | Short [Member] | ||||||
Derivative Asset, Fair Value, Gross Liability | $ 484 | $ 2,428 | ||||
Derivative Liability, Number of Instruments Held | 100 | 200 | ||||
Price Risk Derivative [Member] | Short [Member] | ||||||
Derivative Asset, Fair Value, Gross Liability | $ 187 | |||||
Derivative Liability, Number of Instruments Held | 96 | |||||
Chemicals [Member] | ||||||
Number of Reportable Segments | 2 | |||||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | ||||||
Number Of Major Customers | 1 | |||||
Concentration Risk, Percentage | 0.00% | |||||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | DowDupont Inc. [Member] | ||||||
Concentration Risk, Percentage | 11.00% | 11.00% | ||||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | DowDupont Inc. [Member] | Chemicals [Member] | ||||||
Concentration Risk, Percentage | 27.00% | 30.00% | ||||
Biodiesel [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 57,198 | $ 38,917 | $ 35,568 | |||
Bill and Hold Arrangements [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 44,924 | $ 17,517 | $ 23,725 | |||
[1] | Prior periods have not been adjusted under the modified retrospective method for Topic 606. |
Note 2 - Significant Accounti_4
Note 2 - Significant Accounting Policies - Estimated Useful Lives of Property, Plant, and Equipment (Details) | 12 Months Ended |
Dec. 31, 2018 | |
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 the_2
Note 3 - Reinstatement of the Biodiesel Blenders' Tax Credit and Small Agri-biodiesel Producer Tax Credit (Details Textual) $ in Thousands, gal in Millions | 12 Months Ended |
Dec. 31, 2018USD ($)$ / itemgal | |
Biodiesel Blenders Credit [Member] | |
Benefit From Tax Credit, Pretax | $ | $ 28,865 |
Small Agri Biodiesel Producers Credit [Member] | |
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 ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Inventory Write-down | $ 0 | $ 276,000 | $ 2,017,000 |
Note 4 - Inventory - Carrying V
Note 4 - Inventory - Carrying Values of Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Finished goods | $ 23,658 | $ 22,998 |
Work in process | 2,100 | 1,735 |
Raw materials and supplies | 23,909 | 27,143 |
Inventory, gross | 49,667 | 51,876 |
LIFO reserve | (10,371) | (8,122) |
Total inventory | $ 39,296 | $ 43,754 |
Note 5 - Derivative Instrumen_3
Note 5 - Derivative Instruments (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net, Total | $ 633 | $ (3,844) | $ (6,220) |
Restricted Cash and Cash Equivalents, Total | $ 980 | $ 2,660 |
Note 5 - Derivative Instrumen_4
Note 5 - Derivative Instruments - Carrying Value of Derivative Instruments (Details) $ in Thousands | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Commodity Option [Member] | ||
Derivative Liability, Number of Instruments Held | 100 | 200 |
Fair Value Liabilities | $ (484) | $ (2,428) |
Future [Member] | ||
Derivative Liability, Number of Instruments Held | 96 | |
Fair Value Liabilities | ||
Fair Value Liabilities | $ 187 |
Note 6 - Marketable Securitie_2
Note 6 - Marketable Securities (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | $ 2,540,000 | $ 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 187,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 19,000 | ||
Available-for-sale Securities, Gross Realized Gain (Loss), Total | $ 0 | $ 248,000 | $ 728,000 |
Note 6 - Marketable Securitie_3
Note 6 - Marketable Securities - Marketable Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Adjusted Cost | $ 4,575 | $ 4,849 |
Unrealized Gains | 58 | 272 |
Unrealized Losses | (83) | |
Fair Value | 4,550 | 5,121 |
Trust Preferred Securities [Member] | ||
Adjusted Cost | 3,147 | 3,147 |
Unrealized Gains | 21 | 114 |
Unrealized Losses | (18) | |
Fair Value | 3,150 | 3,261 |
Corporate Debt Securities [Member] | ||
Adjusted Cost | 1,428 | 1,702 |
Unrealized Gains | 37 | 158 |
Unrealized Losses | (65) | |
Fair Value | $ 1,400 | $ 1,860 |
Note 6 - Marketable Securitie_4
Note 6 - Marketable Securities - Adjusted Cost Basis and Fair Value of Debt Securities By Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Due in one year or less, adjusted cost | ||
Due in one year or less, fair value | ||
Due after one year through five years, adjusted cost | ||
Due after one year through five years, fair value | ||
Due after five years through ten years, adjusted cost | ||
Due after five years through ten years, fair value | ||
Due after ten years, adjusted cost | 4,575 | |
Due after ten years, fair value | 4,550 | |
Total, adjusted cost | 4,575 | $ 4,849 |
Total, fair value | $ 4,550 | $ 5,121 |
Note 7 - Property, Plant, and_3
Note 7 - Property, Plant, and Equipment (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Depreciation, Total | $ 10,949 | $ 11,617 | $ 10,819 |
Note 7 - Property, Plant, and_4
Note 7 - Property, Plant, and Equipment - Property, Plant, and Equipment Summary (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Land and land improvements | $ 5,929 | $ 5,862 |
Buildings and building equipment | 27,021 | 26,656 |
Machinery and equipment | 169,341 | 167,179 |
Construction in progress | 2,643 | 808 |
Accumulated depreciation | (101,359) | (90,770) |
Total | $ 103,575 | $ 109,735 |
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, 2018 | Dec. 31, 2017 | |
Payments to Acquire Intangible Assets | $ 1,408 | ||
Intangible Assets, Net (Excluding Goodwill), Total | $ 1,408 | $ 1,408 | |
Impairment of Intangible Assets (Excluding Goodwill), Total | $ 0 | $ 0 |
Note 9 - Other Assets (Details
Note 9 - Other Assets (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other Assets, Noncurrent, Total | $ 3,806 | $ 3,882 |
Note 10 - Accrued Expenses an_3
Note 10 - Accrued Expenses and Other Current Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accrued employee liabilities | $ 1,253 | $ 976 |
Accrued property, franchise, motor fuel and other taxes | 1,225 | 1,387 |
Other | 264 | 105 |
Total | $ 2,742 | $ 2,468 |
Note 11 - Borrowings (Details T
Note 11 - Borrowings (Details Textual) - Revolving Credit Facility [Member] - USD ($) $ in Thousands | May 25, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | May 25, 2015 | Apr. 16, 2015 |
Long-term Line of Credit, Total | $ 0 | $ 0 | |||
Regions Bank and PNC Bank N.A. [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 165,000 | $ 150,000 | |||
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, 2018 | |
Leverage Ratio1 [Member] | |
Commitment fee | 0.15% |
Leverage Ratio1 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Spread on variable rate | 1.25% |
Leverage Ratio1 [Member] | Base Rate [Member] | |
Spread on variable rate | 0.25% |
Leverage Ratio1 [Member] | Minimum [Member] | |
Leverage ratio | |
Leverage Ratio1 [Member] | Maximum [Member] | |
Leverage ratio | |
Leverage Ratio 2 [Member] | |
Commitment fee | 0.20% |
Leverage Ratio 2 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Spread on variable rate | 1.50% |
Leverage Ratio 2 [Member] | Base Rate [Member] | |
Spread on variable rate | 0.50% |
Leverage Ratio 2 [Member] | Minimum [Member] | |
Leverage ratio | 1 |
Leverage Ratio 2 [Member] | Maximum [Member] | |
Leverage ratio | 1.5 |
Leverage Ratio 3 [Member] | |
Commitment fee | 0.25% |
Leverage Ratio 3 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Spread on variable rate | 1.75% |
Leverage Ratio 3 [Member] | Base Rate [Member] | |
Spread on variable rate | 0.75% |
Leverage Ratio 3 [Member] | Minimum [Member] | |
Leverage ratio | 1.5 |
Leverage Ratio 3 [Member] | Maximum [Member] | |
Leverage ratio | 2 |
Leverage Ratio 4 [Member] | |
Commitment fee | 0.30% |
Leverage Ratio 4 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Spread on variable rate | 2.00% |
Leverage Ratio 4 [Member] | Base Rate [Member] | |
Spread on variable rate | 1.00% |
Leverage Ratio 4 [Member] | Minimum [Member] | |
Leverage ratio | 2 |
Leverage Ratio 4 [Member] | Maximum [Member] | |
Leverage ratio | 2.5 |
Leverage Ratio 5 [Member] | |
Commitment fee | 0.35% |
Leverage Ratio 5 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Spread on variable rate | 2.25% |
Leverage Ratio 5 [Member] | Base Rate [Member] | |
Spread on variable rate | 1.25% |
Leverage Ratio 5 [Member] | Minimum [Member] | |
Leverage ratio | 2.5 |
Note 12 - Asset Retirement Ob_3
Note 12 - Asset Retirement Obligations and Environmental Reserves (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Asset Retirement Obligation, Ending Balance | $ 904 | $ 876 | $ 849 |
Note 12 - Asset Retirement Ob_4
Note 12 - Asset Retirement Obligations and Environmental Reserves - Asset Retirement Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Beginning balance | $ 876 | $ 849 |
Accretion expense | 28 | 27 |
Ending balance | $ 904 | $ 876 |
Note 13 - Stock Based Compens_3
Note 13 - Stock Based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 10 Months Ended | 12 Months Ended | 120 Months Ended | |||||
Oct. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 26, 2017 | Jun. 26, 2007 | |||
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 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 10,000 | [1] | 0 | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 0 | 0 | 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 3.64 | |||||||
Proceeds from Stock Options Exercised | $ 213 | |||||||
Share-based Compensation, Stock Options Exercised, Tax | 23 | |||||||
Payments Related to Tax Withholding for Share-based Compensation | $ 176 | $ 121 | 128 | |||||
Allocated Share-based Compensation Expense, Total | 357 | 998 | $ 1,908 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 0 | 0 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | 2 years 248 days | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 56 | 113 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 56 | $ 113 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 40,000 | [1] | 0 | 120,000 | [1] | |||
Employee Stock Option [Member] | ||||||||
Payments Related to Tax Withholding for Share-based Compensation | $ 65 | |||||||
Stock Compensation Plan [Member] | ||||||||
Payments Related to Tax Withholding for Share-based Compensation | 111 | |||||||
Restricted Stock [Member] | ||||||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 12 | $ 31 | $ 160 | |||||
Options Vested [Member] | ||||||||
Shares Paid for Tax Withholding for Share Based Compensation | 8,300 | 85,862 | ||||||
Options Vested [Member] | Employee Stock Option [Member] | ||||||||
Shares Paid for Tax Withholding for Share Based Compensation | 30,896 | |||||||
Options Vested [Member] | Stock Compensation Plan [Member] | ||||||||
Shares Paid for Tax Withholding for Share Based Compensation | 7,531 | |||||||
New Members of Board of Directors [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 10,000 | |||||||
Prior Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,670,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,060,500 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 414,800 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 | |||||||
Incentive Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 4,364,167 | |||||||
[1] | Granted pursuant to the "Prior Plan". |
Note 13 - Stock Based Compens_4
Note 13 - Stock Based Compensation - Unvested Stock Option Activity (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Number of unvested stock options (in shares) | 30,000 | 60,000 | ||
Weight average grant date fair value (in dollars per share) | $ 2.78 | $ 2.78 | ||
Weighted average life remaining (Year) | 335 days | 1 year 335 days | ||
Number of stock options, vested (in shares) | (30,000) | (30,000) | ||
Weight average grant date fair value, vested (in dollars per share) | $ 2.78 | $ 2.78 | ||
Number of stock options, forfeited (in shares) | ||||
Weight average grant date fair value, forfeited (in dollars per share) | ||||
Number of unvested stock options (in shares) | 30,000 | 60,000 | ||
Weight average grant date fair value (in dollars per share) | $ 2.78 | $ 2.78 |
Note 13 - Stock Based Compens_5
Note 13 - Stock Based Compensation - Assumptions Used in the Determination of the Fair Value of the Options Granted (Details) - December 2015 Options [Member] | 12 Months Ended |
Dec. 31, 2018 | |
Expected volatility rate | 33.87% |
Expected dividend yield | 1.48% |
Risk-free interest rate | 2.86% |
Expected forfeiture rate | 0.00% |
Expected term in years (Year) | 2 years 255 days |
Note 13 - Stock Based Compens_6
Note 13 - Stock Based Compensation - Stock Option Activity (Details) - $ / shares | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||
Outstanding (in shares) | [1] | 70,000 | 70,000 | 250,000 | ||
Outstanding, weighted average exercise price (in dollars per share) | $ 12.48 | $ 12.48 | $ 12.05 | |||
Granted, weighted average exercise price (in dollars per share) | $ 16.21 | |||||
Exercised (in shares) | (40,000) | [1] | 0 | (120,000) | [1] | |
Exercised, weighted average exercise price (in dollars per share) | $ 11.34 | $ 11.45 | ||||
Canceled, forfeited, or expired (in shares) | [1] | (60,000) | ||||
Canceled, forfeited, or expired, weighted average exercise price (in dollars per share) | $ 12.74 | |||||
Granted (in shares) | 10,000 | [1] | 0 | 0 | ||
Outstanding (in shares) | [1] | 40,000 | 70,000 | 70,000 | ||
Outstanding, weighted average exercise price (in dollars per share) | $ 14.55 | $ 12.48 | $ 12.48 | |||
[1] | Granted pursuant to the "Prior Plan". |
Note 13 - Stock Based Compens_7
Note 13 - Stock Based Compensation - Stock Options Activities, by Exercise Price Range (Details) | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Number outstanding (in shares) | shares | 40,000 |
Number outstanding, weighted average remaining contractual life (Year) | 2 years 248 days |
Number outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 14.55 |
Number exercisable (in shares) | shares | 40,000 |
Number exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 14.55 |
Price Range 1 [Member] | |
Number outstanding (in shares) | shares | 30,000 |
Number outstanding, weighted average remaining contractual life (Year) | 1 year 354 days |
Number outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 13.99 |
Number exercisable (in shares) | shares | 30,000 |
Number exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 13.99 |
Price Range 2 [Member] | |
Number outstanding (in shares) | shares | 10,000 |
Number outstanding, weighted average remaining contractual life (Year) | 4 years 299 days |
Number outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 16.21 |
Number exercisable (in shares) | shares | 10,000 |
Number exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 16.21 |
Note 13 - Stock Based Compens_8
Note 13 - Stock Based Compensation - Unvested Restricted Stock Activity (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Number of unvested restricted stock (in shares) | 25,000 | 133,334 | 241,667 | |
Weighted average grant date fair value - unvested (in dollars per share) | $ 17.09 | $ 16.90 | $ 16.88 | |
Weighted average life remaining - unvested (Year) | 244 days | 1 year 54 days | 1 year 313 days | |
Number of restricted stock, granted (in shares) | ||||
Weighted average grant date fair value - granted (in dollars per share) | ||||
Number of restricted stock, vested (in shares) | 25,000 | 108,334 | 108,333 | |
Weighted average grant date fair value - vested (in dollars per share) | $ 17.09 | $ 16.85 | $ 16.85 | |
Number of restricted stock, forfeited (in shares) | ||||
Weighted average grant date fair value - forfeited (in dollars per share) | ||||
Number of unvested restricted stock (in shares) | 0 | 25,000 | 133,334 | 241,667 |
Weighted average grant date fair value - unvested (in dollars per share) | $ 17.09 | $ 16.90 | $ 16.88 |
Note 14 - Provision (Benefit)_3
Note 14 - Provision (Benefit) for Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Effective Income Tax Rate Reconciliation, Percent, Total | 11.70% | (41.20%) | ||||
Income Tax Expense (Benefit), Total | $ 7,019,000 | $ (6,862,000) | [1] | $ (15,535,000) | ||
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions, Net | 2,728,000 | |||||
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | $ 2,804,000 | |||||
Unrecognized Tax Benefits, Interest on Income Taxes Expense | $ 448,000 | |||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | ||||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 12,066,000 | |||||
Unrecognized Tax Benefits, Ending Balance | 2,804,000 | $ 2,804,000 | 0 | $ 2,056,000 | $ 4,588,000 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 681,000 | $ 681,000 | $ 0 | |||
Domestic Tax Authority [Member] | ||||||
Open Tax Year | 2014 2015 2016 2017 2018 | |||||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||||||
Income Tax Examination, Year under Examination | 2014 2015 2016 | |||||
State and Local Jurisdiction [Member] | ||||||
Open Tax Year | 2014 2015 2016 2017 2018 | |||||
[1] | Historical balances have been adjusted to follow the historical cash flow presentation of the change in deferred balances. |
Note 14 - Provision (Benefit)_4
Note 14 - Provision (Benefit) for Income Taxes - Summary of Provisions for Income Taxes (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | [1] | Dec. 31, 2016 | |
Income before taxes - U.S. | $ 60,177,000 | $ 16,649,000 | $ 40,806,000 | |
Current | 7,105,000 | 6,185,000 | (9,463,000) | |
Deferred | (1,389,000) | (12,632,000) | (4,988,000) | |
Current | 1,167,000 | 610,000 | (801,000) | |
Deferred | 69,000 | (1,025,000) | (283,000) | |
Total | $ 7,019,000 | $ (6,862,000) | $ (15,535,000) | |
[1] | Historical balances have been adjusted to follow the historical cash flow presentation of the change in deferred balances. |
Note 14 - Provision (Benefit)_5
Note 14 - Provision (Benefit) for Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Amount computed using the statutory rate of 21% for 2018 and 35% for 2017 and 2016 | $ 12,637,000 | $ 5,827,000 | $ 14,282,000 | |
Section 199 manufacturing deduction | (85,000) | |||
Agri-biodiesel production credit | (975,000) | (975,000) | ||
Federal excise tax benefit | (7,751,000) | (20,048,000) | ||
State excise tax benefit | (1,963,000) | (6,845,000) | ||
Credit for increasing research activities | (117,000) | (127,000) | (56,000) | |
Dividends received deduction | (355,000) | (865,000) | (730,000) | |
State income taxes, net | 2,549,000 | 463,000 | (1,262,000) | |
Tax expense recorded as an increase in unrecognized tax benefit | 3,176,000 | 191,000 | 193,000 | |
Tax Cuts and Jobs Act of 2017 Impact | (12,066,000) | |||
Other | (182,000) | (200,000) | (94,000) | |
Total | $ 7,019,000 | $ (6,862,000) | [1] | $ (15,535,000) |
[1] | Historical balances have been adjusted to follow the historical cash flow presentation of the change in deferred balances. |
Note 14 - Provision (Benefit)_6
Note 14 - Provision (Benefit) for Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Compensation | $ 30 | |
Inventory reserves | 458 | 502 |
Self insurance | 63 | 63 |
Asset retirement obligation | 209 | 201 |
Deferred revenue | 5,015 | 4,809 |
State net operating loss carryforwards | 1 | 609 |
Accrued expenses | 1,653 | 1,674 |
Stock based compensation | 108 | 143 |
Derivative instruments | 252 | |
Other | 130 | |
Total deferred tax assets | 7,667 | 8,253 |
Available for sale securities | (2,285) | |
Derivative instruments | (86) | |
LIFO inventory | (3,389) | (3,342) |
Depreciation | (22,010) | (23,293) |
Other | (208) | (382) |
Total deferred tax liabilities | (25,693) | (29,302) |
Net deferred tax liabilities | (18,026) | (21,049) |
Noncurrent deferred tax liability | $ (18,026) | $ (21,049) |
Note 14 - Provision (Benefit)_7
Note 14 - Provision (Benefit) for Income Taxes - Unrecognized Tax Benefits Activity (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Balance at January 1 | $ 0 | $ 2,056,000 | $ 4,588,000 |
Increases to tax positions taken in the current year | 2,056,000 | ||
Increases to tax positions taken in prior years | 2,804,000 | ||
Decrease due to resolution of tax positions taken in a prior year | (2,056,000) | (4,588,000) | |
Balance at December 31 | $ 2,804,000 | $ 0 | $ 2,056,000 |
Note 15 - Deferred Revenue an_3
Note 15 - Deferred Revenue and Contingent Liability 1 (Details Textual) - USD ($) $ in Thousands | Jan. 01, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Contract with Customer, Liability, Current | $ 20,332 | $ 21,013 | |
Inventory, Net, Total | 39,296 | $ 43,754 | |
Contract with Customer, Asset, Net, Total | 0 | ||
Revenue, Remaining Performance Obligation, Amount | $ 20,322 | ||
Accounting Standards Update 2014-09 [Member] | |||
Cumulative Effect on Retained Earnings, before Tax | $ (6,900) | ||
Cumulative Effect on Retained Earnings, Net of Tax, Total | 5,179 | ||
Contract with Customer, Liability, Current | 3,251 | ||
Contract with Customer, Liability, Noncurrent | 3,293 | ||
Inventory, Net, Total | $ (356) |
Note 15 - Deferred Revenue an_4
Note 15 - Deferred Revenue and Contingent Liability 2 (Details Textual) | Dec. 31, 2018 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Percentage | 22.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Percentage | 78.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 5 years |
Minimum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Maximum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 5 years |
Note 15 - Deferred Revenue an_5
Note 15 - Deferred Revenue and Contingent Liability - Contract Assets and Contract Liabilities (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Beginning balance | $ 505 |
Contract assets, additions | 3,215 |
Reductions | (2,922) |
Ending balance | 798 |
Contract liabilities, current | 21,013 |
Contract liabilities, additions | 5,823 |
Revenue recognized, current | (6,504) |
Contract liabilities, current | 20,332 |
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | |
Contract liabilities, current | 14,469 |
Contract liabilities, additions | 1,385 |
Revenue recognized, current | (2,637) |
Contract liabilities, current | 13,217 |
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | |
Contract liabilities, current | 6,544 |
Contract liabilities, additions | 4,438 |
Revenue recognized, current | (3,867) |
Contract liabilities, current | $ 7,115 |
Note 15 - Deferred Revenue an_6
Note 15 - Deferred Revenue and Contingent Liability - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||
Revenue | $ 291,018 | [1] | $ 275,026 | [1] | $ 253,193 | |
Revenue from non-contractual arrangements | [1] | 222 | 172 | |||
BTC rebate | [1] | (13,559) | ||||
Bill and Hold Revenue [Member] | ||||||
Revenue | [1] | 44,924 | 17,517 | |||
Non-bill and Hold Revenue [Member] | ||||||
Revenue | [1] | 246,094 | 257,509 | |||
Long-term Contract Revenue [Member] | ||||||
Revenue | [1] | 60,721 | 54,900 | |||
Short-term Contract Revenue [Member] | ||||||
Revenue | [1] | $ 243,634 | $ 219,954 | |||
[1] | Prior periods have not been adjusted under the modified retrospective method for Topic 606. |
Note 15 - Deferred Revenue an_7
Note 15 - Deferred Revenue and Contingent Liability - Adoption of ASC 606 (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | Dec. 31, 2015 | |||
Revenue | $ 291,018,000 | [1] | $ 275,026,000 | [1] | $ 253,193,000 | ||||||||||
Cost of goods sold | 191,758,000 | ||||||||||||||
Gross profit | $ 14,967,000 | $ 12,653,000 | $ 8,271,000 | $ 37,507,000 | $ 6,807,000 | $ 5,526,000 | $ 1,798,000 | $ 6,130,000 | 73,398,000 | 20,261,000 | 46,858,000 | ||||
Income from operations | 63,439,000 | 9,887,000 | 36,523,000 | ||||||||||||
Total before tax | 60,177,000 | 16,649,000 | 40,806,000 | ||||||||||||
Provision/(benefit) for income taxes | 7,019,000 | (6,862,000) | [2] | (15,535,000) | |||||||||||
Net income | $ 1,836,000 | $ 9,445,000 | $ 6,051,000 | $ 35,826,000 | $ 15,947,000 | $ 3,334,000 | $ 834,000 | $ 3,396,000 | $ 53,158,000 | $ 23,511,000 | $ 56,341,000 | ||||
Basic earnings per share (in dollars per share) | $ 0.04 | $ 0.22 | $ 0.14 | $ 0.82 | $ 0.36 | $ 0.08 | $ 0.02 | $ 0.08 | $ 1.22 | $ 0.54 | $ 1.29 | ||||
Diluted earnings per share (in dollars per share) | $ 0.04 | $ 0.22 | $ 0.14 | $ 0.82 | $ 0.36 | $ 0.08 | $ 0.02 | $ 0.08 | $ 1.22 | $ 0.54 | $ 1.29 | ||||
Comprehensive income | $ 52,978,000 | $ 28,404,000 | $ 57,826,000 | ||||||||||||
Accounts receivable | $ 16,294,000 | $ 21,973,000 | 16,294,000 | 21,973,000 | |||||||||||
Inventory | 39,296,000 | 43,754,000 | 39,296,000 | 43,754,000 | |||||||||||
Income tax receivable | 6,858,000 | 6,937,000 | 6,858,000 | 6,937,000 | |||||||||||
Total current assets | 362,330,000 | 310,358,000 | 362,330,000 | 310,358,000 | |||||||||||
Total assets | 471,155,000 | 425,563,000 | 471,155,000 | 425,563,000 | |||||||||||
Accounts payable | 19,981,000 | 18,396,000 | 19,981,000 | 18,396,000 | |||||||||||
Deferred revenue – current | 4,581,000 | 2,736,000 | 4,581,000 | 2,736,000 | |||||||||||
Total current liabilities | 39,491,000 | 35,281,000 | 39,491,000 | 35,281,000 | |||||||||||
Deferred revenue – noncurrent | 20,319,000 | 16,522,000 | 20,319,000 | 16,522,000 | |||||||||||
Noncurrent deferred income tax liability | 18,026,000 | 21,049,000 | 18,026,000 | 21,049,000 | |||||||||||
Total noncurrent liabilities | 42,586,000 | 38,686,000 | 42,586,000 | 38,686,000 | |||||||||||
Total liabilities | 82,077,000 | 73,967,000 | 82,077,000 | 73,967,000 | |||||||||||
Retained earnings | 106,949,000 | 61,195,000 | 106,949,000 | 61,195,000 | |||||||||||
Total stockholders' equity | 389,078,000 | 346,417,000 | 389,078,000 | 346,417,000 | 332,813,000 | $ 394,312,000 | |||||||||
Total liabilities and stockholders' equity | 471,155,000 | $ 425,563,000 | 471,155,000 | 425,563,000 | |||||||||||
Benefit for deferred income taxes | (1,253,000) | (13,657,000) | (5,271,000) | ||||||||||||
Accounts receivable | 5,679,000 | 2,386,000 | 21,960,000 | ||||||||||||
Inventory | 4,458,000 | 8,339,000 | 12,864,000 | ||||||||||||
Income tax receivable | 79,000 | 13,571,000 | (6,394,000) | ||||||||||||
Accounts payable | 1,243,000 | (4,403,000) | (11,643,000) | ||||||||||||
Deferred revenue | (1,258,000) | (4,215,000) | 3,734,000 | ||||||||||||
Net cash provided by operating activities | 85,613,000 | 39,347,000 | 90,975,000 | ||||||||||||
Accounting Standards Update 2014-09 [Member] | |||||||||||||||
Inventory | $ (356,000) | ||||||||||||||
Non-related Parties [Member] | |||||||||||||||
Revenue | 286,949,000 | 273,144,000 | 244,822,000 | ||||||||||||
Cost of goods sold | 191,758,000 | $ 224,249,000 | $ 191,662,000 | ||||||||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | |||||||||||||||
Cost of goods sold | 191,573,000 | ||||||||||||||
Gross profit | 68,918,000 | ||||||||||||||
Income from operations | 58,959,000 | ||||||||||||||
Total before tax | 55,697,000 | ||||||||||||||
Provision/(benefit) for income taxes | 5,900,000 | ||||||||||||||
Net income | $ 49,798,000 | ||||||||||||||
Basic earnings per share (in dollars per share) | $ 1.14 | ||||||||||||||
Diluted earnings per share (in dollars per share) | $ 1.14 | ||||||||||||||
Comprehensive income | $ 49,618,000 | ||||||||||||||
Accounts receivable | 14,296,000 | 14,296,000 | |||||||||||||
Inventory | 39,837,000 | 39,837,000 | |||||||||||||
Income tax receivable | 8,034,000 | 8,034,000 | |||||||||||||
Total current assets | 362,049,000 | 362,049,000 | |||||||||||||
Total assets | 470,874,000 | 470,874,000 | |||||||||||||
Accounts payable | 23,219,000 | 23,219,000 | |||||||||||||
Deferred revenue – current | 2,883,000 | 2,883,000 | |||||||||||||
Total current liabilities | 41,031,000 | 41,031,000 | |||||||||||||
Deferred revenue – noncurrent | 14,902,000 | 14,902,000 | |||||||||||||
Noncurrent deferred income tax liability | 19,805,000 | 19,805,000 | |||||||||||||
Total noncurrent liabilities | 38,948,000 | 38,948,000 | |||||||||||||
Total liabilities | 79,979,000 | 79,979,000 | |||||||||||||
Retained earnings | 108,767,000 | 108,767,000 | |||||||||||||
Total stockholders' equity | 390,896,000 | 390,896,000 | |||||||||||||
Total liabilities and stockholders' equity | 470,874,000 | 470,874,000 | |||||||||||||
Benefit for deferred income taxes | 526,000 | ||||||||||||||
Accounts receivable | 7,677,000 | ||||||||||||||
Inventory | 3,917,000 | ||||||||||||||
Income tax receivable | (1,097,000) | ||||||||||||||
Accounts payable | 4,481,000 | ||||||||||||||
Deferred revenue | (3,195,000) | ||||||||||||||
Net cash provided by operating activities | 85,613,000 | ||||||||||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Non-related Parties [Member] | |||||||||||||||
Revenue | 282,284,000 | ||||||||||||||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | |||||||||||||||
Cost of goods sold | 185,000 | ||||||||||||||
Gross profit | 4,480,000 | ||||||||||||||
Income from operations | 4,480,000 | ||||||||||||||
Total before tax | 4,480,000 | ||||||||||||||
Provision/(benefit) for income taxes | 1,119,000 | ||||||||||||||
Net income | $ 3,360,000 | ||||||||||||||
Basic earnings per share (in dollars per share) | $ 0.08 | ||||||||||||||
Diluted earnings per share (in dollars per share) | $ 0.08 | ||||||||||||||
Comprehensive income | $ 3,360,000 | ||||||||||||||
Accounts receivable | 1,998,000 | 1,998,000 | |||||||||||||
Inventory | (541,000) | (541,000) | |||||||||||||
Income tax receivable | (1,176,000) | (1,176,000) | |||||||||||||
Total current assets | 281,000 | 281,000 | |||||||||||||
Total assets | 281,000 | 281,000 | |||||||||||||
Accounts payable | (3,238,000) | (3,238,000) | |||||||||||||
Deferred revenue – current | 1,698,000 | 1,698,000 | |||||||||||||
Total current liabilities | (1,540,000) | (1,540,000) | |||||||||||||
Deferred revenue – noncurrent | 5,417,000 | 5,417,000 | |||||||||||||
Noncurrent deferred income tax liability | (1,779,000) | (1,779,000) | |||||||||||||
Total noncurrent liabilities | 3,638,000 | 3,638,000 | |||||||||||||
Total liabilities | 2,098,000 | 2,098,000 | |||||||||||||
Retained earnings | (1,818,000) | (1,818,000) | |||||||||||||
Total stockholders' equity | (1,818,000) | (1,818,000) | |||||||||||||
Total liabilities and stockholders' equity | $ 281,000 | 281,000 | |||||||||||||
Benefit for deferred income taxes | (1,779,000) | ||||||||||||||
Accounts receivable | (1,998,000) | ||||||||||||||
Inventory | 541,000 | ||||||||||||||
Income tax receivable | 1,176,000 | ||||||||||||||
Accounts payable | (3,238,000) | ||||||||||||||
Deferred revenue | 1,937,000 | ||||||||||||||
Net cash provided by operating activities | 0 | ||||||||||||||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Non-related Parties [Member] | Accounting Standards Update 2014-09 [Member] | |||||||||||||||
Revenue | $ 4,665,000 | ||||||||||||||
[1] | Prior periods have not been adjusted under the modified retrospective method for Topic 606. | ||||||||||||||
[2] | Historical balances have been adjusted to follow the historical cash flow presentation of the change in deferred balances. |
Note 16 - Stockholders' Equity
Note 16 - Stockholders' Equity (Details Textual) - USD ($) $ in Thousands | Feb. 06, 2013 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | May 11, 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 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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 15,000 | 7,500 | 65,000 |
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, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net income | $ 1,836 | $ 9,445 | $ 6,051 | $ 35,826 | $ 15,947 | $ 3,334 | $ 834 | $ 3,396 | $ 53,158 | $ 23,511 | $ 56,341 |
Less: distributed earnings allocated to non-vested stock | (6) | (377) | |||||||||
Less: undistributed earnings allocated to non-vested restricted stock | (16) | (21) | 264 | ||||||||
Numerator for basic earnings per share | 53,142 | 23,484 | 56,228 | ||||||||
Effect of dilutive securities: | |||||||||||
Add: undistributed earnings allocated to non-vested restricted stock | 16 | 21 | (264) | ||||||||
Less: undistributed earnings reallocated to non-vested restricted stock | (16) | (21) | 264 | ||||||||
Numerator for diluted earnings per share | $ 53,142 | $ 23,484 | $ 56,228 | ||||||||
Weighted average shares outstanding – basic (in shares) | 43,725,333 | 43,676,171 | 43,542,785 | ||||||||
Stock options and other awards (in shares) | 5,859 | 9,408 | 4,753 | ||||||||
Weighted average shares outstanding – diluted (in shares) | 43,731,192 | 43,685,579 | 43,547,538 | ||||||||
Basic earnings per share (in dollars per share) | $ 0.04 | $ 0.22 | $ 0.14 | $ 0.82 | $ 0.36 | $ 0.08 | $ 0.02 | $ 0.08 | $ 1.22 | $ 0.54 | $ 1.29 |
Diluted earnings per share (in dollars per share) | $ 0.04 | $ 0.22 | $ 0.14 | $ 0.82 | $ 0.36 | $ 0.08 | $ 0.02 | $ 0.08 | $ 1.22 | $ 0.54 | $ 1.29 |
Note 18 - Employee Benefit Pl_2
Note 18 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 6.00% | ||
Defined Contribution Plan, Cost | $ 1,801 | $ 1,632 | $ 1,540 |
Note 19 - Related Party Trans_3
Note 19 - Related Party Transactions - Related Party Balance Sheet Accounts (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts receivable – related parties | $ 1,844 | $ 165 |
Prepaid expenses – related parties | 12 | 12 |
Accounts payable – related parties | 1,689 | 1,183 |
Affiliated Entity [Member] | Administrative Servicesand Other [Member] | ||
Prepaid expenses – related parties | 12 | 12 |
Affiliated Entity [Member] | Travel and Administrative Services [Member] | ||
Accounts payable – related parties | 335 | 150 |
Affiliated Entity [Member] | Biodiesel [Member] | ||
Accounts receivable – related parties | 1,844 | 165 |
Affiliated Entity [Member] | Natural Gas Purchases [Member] | ||
Accounts payable – related parties | $ 1,354 | $ 1,033 |
Note 19 - Related Party Trans_4
Note 19 - Related Party Transactions - Related Party Income Statement Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues | |||
Revenues, related parties | $ 4,069 | $ 1,882 | $ 8,371 |
Cost of goods sold, related parties | 19,596 | 26,606 | 10,319 |
Distribution, related parties | 191 | 160 | 378 |
Selling, general, and administrative expenses, related parties | 589 | 496 | 523 |
Affiliated Entity [Member] | Biodeisel, Petrodiesel Blends, and Other Petroleum Products [Member] | |||
Revenues | |||
Revenues, related parties | 4,069 | 1,882 | 8,371 |
Cost of goods sold, related parties | 13,985 | 21,655 | 6,016 |
Affiliated Entity [Member] | Natural Gas Purchases [Member] | |||
Revenues | |||
Cost of goods sold, related parties | 5,510 | 4,871 | 4,223 |
Affiliated Entity [Member] | Income Tax Consulting Services and Other [Member] | |||
Revenues | |||
Cost of goods sold, related parties | 101 | 80 | 80 |
Affiliated Entity [Member] | Distribution Related [Member] | |||
Revenues | |||
Distribution, related parties | 191 | 160 | 378 |
Affiliated Entity [Member] | Commodity Trading Advisory Fees [Member] | |||
Revenues | |||
Selling, general, and administrative expenses, related parties | 307 | 307 | 307 |
Affiliated Entity [Member] | Travel and Administrative Services [Member] | |||
Revenues | |||
Selling, general, and administrative expenses, related parties | $ 282 | $ 189 | $ 216 |
Note 20 - Segment Information_2
Note 20 - Segment Information (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Number of Reportable Segments | 2 | ||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 291,018 | [1] | $ 275,026 | [1] | $ 253,193 |
Revenue from Contract with Customer [Member] | Geographic Concentration Risk [Member] | All Foreign Countries [Member] | |||||
Concentration Risk, Percentage | 0.00% | 0.00% | 0.00% | ||
Chemicals [Member] | |||||
Number of Reportable Segments | 2 | ||||
Biofuels [Member] | Grant [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 215 | $ 232 | $ 220 | ||
[1] | Prior periods have not been adjusted under the modified retrospective method for Topic 606. |
Note 20 - Segment Information -
Note 20 - Segment Information - Revenues by Geographical Areas (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 291,018 | [1] | $ 275,026 | [1] | $ 253,193 |
UNITED STATES | Product [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 289,019 | 271,635 | 250,320 | ||
All Foreign Countries [Member] | Product [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 1,999 | $ 3,391 | $ 2,873 | ||
[1] | Prior periods have not been adjusted under the modified retrospective method for Topic 606. |
Note 20 - Segment Information_3
Note 20 - Segment Information - Summary of Business by Segment (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 291,018,000 | [1] | $ 275,026,000 | [1] | $ 253,193,000 | ||||||||
Segment gross profit | |||||||||||||
Gross profit | $ 14,967,000 | $ 12,653,000 | $ 8,271,000 | $ 37,507,000 | $ 6,807,000 | $ 5,526,000 | $ 1,798,000 | $ 6,130,000 | 73,398,000 | 20,261,000 | 46,858,000 | ||
Income before interest and taxes | 63,439,000 | 9,887,000 | 36,523,000 | ||||||||||
Interest and other income | 9,183,000 | 7,809,000 | 6,152,000 | ||||||||||
Interest and other expense | (12,445,000) | (1,047,000) | (1,869,000) | ||||||||||
(Provision)/benefit for income taxes | (7,019,000) | 6,862,000 | [2] | 15,535,000 | |||||||||
Net income | $ 1,836,000 | $ 9,445,000 | $ 6,051,000 | $ 35,826,000 | $ 15,947,000 | $ 3,334,000 | $ 834,000 | $ 3,396,000 | 53,158,000 | 23,511,000 | 56,341,000 | ||
Operating Segments [Member] | Chemicals [Member] | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 117,128,000 | 105,386,000 | 100,907,000 | ||||||||||
Segment gross profit | |||||||||||||
Gross profit | 33,986,000 | 28,016,000 | 32,055,000 | ||||||||||
Operating Segments [Member] | Chemicals [Member] | Custom Chemicals [Member] | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 97,746,000 | 87,905,000 | 82,667,000 | ||||||||||
Operating Segments [Member] | Chemicals [Member] | Performance Chemicals [Member] | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 19,382,000 | 17,481,000 | 18,240,000 | ||||||||||
Operating Segments [Member] | Biofuels [Member] | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 173,890,000 | 169,640,000 | 152,286,000 | ||||||||||
Segment gross profit | |||||||||||||
Gross profit | 39,412,000 | (7,755,000) | 14,803,000 | ||||||||||
Corporate, Non-Segment [Member] | |||||||||||||
Segment gross profit | |||||||||||||
Corporate expenses | $ 9,959,000 | $ 10,374,000 | $ 10,335,000 | ||||||||||
[1] | Prior periods have not been adjusted under the modified retrospective method for Topic 606. | ||||||||||||
[2] | Historical balances have been adjusted to follow the historical cash flow presentation of the change in deferred balances. |
Note 21 - Fair Value Measurem_3
Note 21 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Derivative instruments | $ (297) | $ (2,428) |
Preferred stock, trust preferred securities, exchange traded debt instruments, and other equity instruments | 79,888 | 120,699 |
Fair Value, Inputs, Level 1 [Member] | ||
Derivative instruments | (297) | (2,428) |
Preferred stock, trust preferred securities, exchange traded debt instruments, and other equity instruments | 79,888 | 120,699 |
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 F_3
Note 22 - Reclassifications From Accumulated Other Comprehensive Income (Details Textual) $ in Thousands | Jan. 01, 2018USD ($) |
Accounting Standards Update 2016-01 [Member] | AOCI Attributable to Parent [Member] | |
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (8,273) |
Note 22 - Reclassifications F_4
Note 22 - Reclassifications From Accumulated Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||
Balance | $ 346,417 | $ 332,813 | $ 394,312 | |||
Net current-period other comprehensive income/(loss) | (180) | 4,893 | 1,485 | |||
Balance | 389,078 | 346,417 | 332,813 | |||
Accounting Standards Update 2016-01 [Member] | Previously Reported [Member] | ||||||
Balance | 351,596 | |||||
Balance | 351,596 | |||||
AOCI Attributable to Parent [Member] | ||||||
Balance | 160 | [1] | 3,540 | [1] | 2,055 | |
Other comprehensive income/(loss) before reclassifications | (180) | 4,447 | ||||
Amounts reclassified from accumulated other comprehensive income/(loss) | 446 | |||||
Net current-period other comprehensive income/(loss) | (180) | 4,893 | 1,485 | |||
Balance | (20) | 160 | [1] | $ 3,540 | [1] | |
AOCI Attributable to Parent [Member] | Accounting Standards Update 2016-01 [Member] | Previously Reported [Member] | ||||||
Balance | $ 8,433 | |||||
Balance | $ 8,433 | |||||
[1] | The beginning balance for 2018 was decreased $8,273 to reflect the impact of the adoption of ASU 2016-01. See Note 27 for additional information. |
Note 22 - Reclassifications F_5
Note 22 - Reclassifications From Accumulated Other Comprehensive Income - Reclassifications From Accumulated Other Comprehensive Income (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Loss on marketable securities | $ (12,011,000) | $ (687,000) | $ (1,340,000) | ||||||||||
Total before tax | 60,177,000 | 16,649,000 | 40,806,000 | ||||||||||
Tax benefit | (7,019,000) | 6,862,000 | [1] | 15,535,000 | |||||||||
Net income | $ 1,836,000 | $ 9,445,000 | $ 6,051,000 | $ 35,826,000 | $ 15,947,000 | $ 3,334,000 | $ 834,000 | $ 3,396,000 | 53,158,000 | 23,511,000 | $ 56,341,000 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||||
Loss on marketable securities | [2] | (687,000) | |||||||||||
Total before tax | (687,000) | ||||||||||||
Tax benefit | 241,000 | ||||||||||||
Net income | $ (446,000) | ||||||||||||
[1] | Historical balances have been adjusted to follow the historical cash flow presentation of the change in deferred balances. | ||||||||||||
[2] | Effective January 1, 2018, FutureFuel&#8217;s unrealized gains/(losses) on available-for-sale securities includes debt securities only in accordance with ASC 320 and ASC 321. The prior year was not restated under the modified retrospective approach in adoption of ASC 321. Please see Note 27 for further details on the adoption of this standard. |
Note 23 - Commitments (Details
Note 23 - Commitments (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Leases, Rent Expense, Total | $ 658 | $ 952 | $ 1,121 |
Note 23 - Commitments - Minimum
Note 23 - Commitments - Minimum Rental Commitments Under Non-cancellable Operating Leases (Details) $ in Thousands | Dec. 31, 2018USD ($) |
2019 | $ 644 |
2020 | 595 |
2021 | 389 |
2022 | 370 |
2023 | 341 |
Thereafter | 24 |
Total | $ 2,363 |
Note 24 - Quarterly Financial_3
Note 24 - Quarterly Financial Information (Unaudited) - Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues | $ 65,513 | $ 81,422 | $ 88,336 | $ 55,747 | $ 75,261 | $ 77,606 | $ 68,048 | $ 54,111 | |||
Gross profit | 14,967 | 12,653 | 8,271 | 37,507 | 6,807 | 5,526 | 1,798 | 6,130 | $ 73,398 | $ 20,261 | $ 46,858 |
Net income | $ 1,836 | $ 9,445 | $ 6,051 | $ 35,826 | $ 15,947 | $ 3,334 | $ 834 | $ 3,396 | $ 53,158 | $ 23,511 | $ 56,341 |
Basic (in dollars per share) | $ 0.04 | $ 0.22 | $ 0.14 | $ 0.82 | $ 0.36 | $ 0.08 | $ 0.02 | $ 0.08 | $ 1.22 | $ 0.54 | $ 1.29 |
Diluted (in dollars per share) | $ 0.04 | $ 0.22 | $ 0.14 | $ 0.82 | $ 0.36 | $ 0.08 | $ 0.02 | $ 0.08 | $ 1.22 | $ 0.54 | $ 1.29 |
Note 26 - Reserve Roll Forwar_3
Note 26 - Reserve Roll Forwards - Valuation and Qualifying Accounts - Summary of Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Balance | $ 9,859 | $ 4,481 | $ 5,035 |
Charged to Cost and Expense | 2,423 | 5,378 | 341 |
Deductions | 895 | ||
Balance | 12,282 | 9,859 | 4,481 |
Doubtful Accounts and Returns [Member] | |||
Balance | |||
Charged to Cost and Expense | 106 | ||
Deductions | 106 | ||
Balance | |||
LIFO Inventory [Member] | |||
Balance | 8,122 | 2,918 | 3,502 |
Charged to Cost and Expense | 2,249 | 5,204 | |
Deductions | 584 | ||
Balance | 10,371 | 8,122 | 2,918 |
SEC Schedule, 12-09, Reserve, Inventory [Member] | |||
Balance | 379 | 341 | 546 |
Charged to Cost and Expense | 38 | 38 | |
Deductions | 205 | ||
Balance | 417 | 379 | 341 |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | |||
Balance | |||
Charged to Cost and Expense | |||
Deductions | |||
Balance | |||
Aged and Obsoliete Supplies and Parts [Member] | |||
Balance | 1,358 | 1,222 | 987 |
Charged to Cost and Expense | 136 | 136 | 235 |
Deductions | |||
Balance | $ 1,494 | $ 1,358 | $ 1,222 |
Note 27 - Change in Accountin_3
Note 27 - Change in Accounting for Financial Instruments (Details Textual) - Accounting Standards Update 2016-01 [Member] $ in Thousands | Jan. 01, 2018USD ($) |
Cumulative Effect on Retained Earnings, before Tax | $ 13,139 |
Cumulative Effect on Retained Earnings, Net of Tax, Total | $ 8,273 |
Note 27 - Change in Accountin_4
Note 27 - Change in Accounting for Financial Instruments - Unrealized Gains and Losses on Equity Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | [1] | Dec. 31, 2016 | [1] | |
Net losses recognized on equity securities | $ (12,011) | $ (687) | $ (1,340) | ||
Less: net gains/(losses) recognized during the period on equity securities sold during the period | 1,227 | (687) | (1,340) | ||
Unrealized losses during the reporting period on equity securities held at the reporting date | $ (13,238) | ||||
[1] | Prior periods have not been adjusted under the modified retrospective method for Topic 321. |