Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Dec. 31, 2020 | Sep. 30, 2020 | |
Document Information [Line Items] | ||
Capital Units, Outstanding | 8,975 | 8,975 |
Entity Registrant Name | SOUTHWEST IOWA RENEWABLE ENERGY, LLC | |
Entity Central Index Key | 0001424844 | |
Current Fiscal Year End Date | --09-30 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Address, City or Town | Council Bluffs | |
Entity Address, State or Province | IA | |
Entity Address, Postal Zip Code | 51503 | |
City Area Code | 712 | |
Local Phone Number | 366-0392 | |
Entity Tax Identification Number | 20-2735046 | |
Entity File Number | 000-53041 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | IA | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Type | 10-Q | |
Entity Emerging Growth Company | false | |
Document Period End Date | Dec. 31, 2020 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Address, Address Line One | 10868 189th Street | |
Entity Common Stock, Shares Outstanding | 8,975 |
Balance Sheets
Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Sep. 30, 2020 |
Current Assets | ||
Cash and cash equivalents | $ 1,267 | $ 1,116 |
Accounts receivable | 7,082 | 8,488 |
Derivative financial instruments | 3,115 | 705 |
Inventory | 19,767 | 13,369 |
Prepaid expenses and other | 1,459 | 424 |
Total current assets | 32,690 | 24,102 |
Property, Plant, and Equipment | ||
Land | 2,064 | 2,064 |
Plant, building and equipment | 247,436 | 247,462 |
Office and other equipment | 1,806 | 1,803 |
Total Cost | 251,306 | 251,329 |
Accumulated depreciation | (145,204) | (142,444) |
Net property and equipment | 106,102 | 108,885 |
Other Assets | ||
Operating Lease, Right-of-Use Asset | 5,936 | 6,667 |
Other assets | 7,108 | 7,839 |
Other Assets, Noncurrent | 1,172 | 1,172 |
Total Assets | 145,900 | 140,826 |
Current Liabilities | ||
Accounts payable | 10,433 | 3,204 |
Accrued expenses | 6,657 | 4,176 |
Long-term Debt, Current Maturities | 8,198 | 8,191 |
Operating Lease, Liability, Current | 2,999 | 3,052 |
Total current liabilities | 28,287 | 18,623 |
Long Term Liabilities | ||
Long-term Debt, Excluding Current Maturities | 43,509 | 48,529 |
Other long-term liabilities | 4,252 | 4,255 |
Operating Lease, Liability, Noncurrent | 2,937 | 3,615 |
Total long term liabilities | $ 50,698 | $ 56,399 |
Capital Units, Outstanding | 8,975 | 8,975 |
Common Unit, Issued | 8,975 | 8,975 |
Members' Equity | ||
Members' capital, 13,139 Units issued and outstanding | $ 64,106 | $ 64,106 |
Accumulated profit (deficit) | 2,809 | 1,698 |
Total members' equity | 66,915 | 65,804 |
Total Liabilities and Members' Equity | $ 145,900 | $ 140,826 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - shares | Dec. 31, 2020 | Sep. 30, 2020 |
Statement of Financial Position [Abstract] | ||
Members' capital, units outstanding | 8,975 | 8,975 |
Statements Of Operations
Statements Of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | $ 55,410 | $ 62,065 |
Cost of goods sold-non hedging | 53,649 | 57,044 |
Gain (Loss) on Derivative Instruments Held for Trading Purposes, Net | (957) | (417) |
Cost of Goods and Services Sold | 52,692 | 56,627 |
Gross Margin | 2,718 | 5,438 |
General and administrative expenses | 1,335 | 1,244 |
Operating Income | 1,383 | 4,194 |
Other Income (Expense) | ||
Other (Income) Expense | 272 | 341 |
Net Income (Loss) Available to Common Stockholders, Basic | $ 1,111 | $ 3,853 |
Denominator [Member] | ||
Other Income (Expense) | ||
Weighted Average Units Outstanding | 8,975 | 12,652 |
Weighted Average Number of Shares Outstanding, Diluted | 8,975 | 13,104 |
Earnings Per Share, Basic | $ 123.79 | $ 304.54 |
Earnings Per Share, Diluted | $ 123.79 | $ 294.03 |
Statement of Members' Equity St
Statement of Members' Equity Statement - USD ($) | Total | Members' Contribution [Member] | Retained Earnings [Member] |
Members' Capital | $ 89,305 | $ 87,165 | $ 2,140 |
Stock Repurchased During Period, Value | (23,059) | 23,059 | 0 |
Net Income (Loss) Attributable to Parent | 3,853 | 0 | 3,853 |
Members' Capital | 70,099 | 64,106 | 5,993 |
Members' Capital | 65,804 | 64,106 | 1,698 |
Net Income (Loss) Attributable to Parent | 1,111 | 0 | 1,111,000 |
Members' Capital | $ 66,915 | $ 64,106 | $ 2,809 |
Condensed Statements Of Cash Fl
Condensed Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flows From Operating Activities | ||
Net Income (Loss) Available to Common Stockholders, Basic | $ 1,111 | $ 3,853 |
Adjustments to reconcile net (loss) to net cash provided by operating activities: | ||
Depreciation | 2,760 | 2,602 |
Amortization | 11 | 24 |
(Increase) decrease in current assets: | ||
Accounts receivable | 1,406 | 2,438 |
Inventories | (6,398) | 2,249 |
Prepaid expenses and other | (1,035) | (1,111) |
Increase (Decrease) in Derivative Assets | (2,410) | (53) |
Increase (decrease) in current liabilities: | ||
Accounts payable | 7,229 | 6,016 |
Derivative Liability | 0 | (120) |
Accrued expenses | 2,481 | 203 |
Increase (Decrease) in Other Noncurrent Liabilities | (3) | 576 |
Net Cash Provided by (Used in) Operating Activities | 5,152 | 16,677 |
Cash Flows From Investing Activities | ||
Purchase of property and equipment | (213) | (2,426) |
Proceeds from Sale of Property, Plant, and Equipment | 236 | 0 |
Net Cash Provided by (Used in) Investing Activities | 23 | (2,426) |
Cash Flows From Financing Activities | ||
Payments of Financing Costs | 0 | (205) |
Decrease (Increase) in Put Warrant Liability | 0 | (6,037) |
Proceeds from notes payable | (40,290) | (103,731) |
Payments on borrowings | (45,314) | (88,733) |
Payments for Repurchase of Common Stock | 0 | (23,059) |
Net cash (used in) financing activities | (5,024) | (14,303) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 151 | (52) |
Cash And Equivalents-Beginning | 1,116 | 1,075 |
Cash And Equivalents-Ending | 1,267 | 1,023 |
Supplemental Cash Flow Information [Abstract] | ||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 468 | 278 |
increase (decrease) of right to use lease liability | $ 0 | $ 9,684 |
Nature Of Business
Nature Of Business | 3 Months Ended |
Dec. 31, 2020 | |
Nature Of Business [Abstract] | |
Nature Of Business | Nature of Business Southwest Iowa Renewable Energy, LLC (the “ Company ”), located in Council Bluffs, Iowa, was formed in March, 2005, and began producing ethanol in February, 2009. The Company is permitted to produce up to 140 million gallons of ethanol per year. The Company sells its ethanol, distillers grains, corn syrup and corn oil in the continental United States, Mexico, and the Pacific Rim. |
Inventory
Inventory | 3 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventory | Inventory Inventory is comprised of the following: December 31, 2020 September 30, 2020 in 000's in 000's Raw Materials - corn $ 3,311 $ 1,663 Supplies and Chemicals 4,958 4,906 Work in Process 1,964 1,667 Finished Goods 9,534 5,133 Total $ 19,767 $ 13,369 |
Revolving Loan_Credit Agreement
Revolving Loan/Credit Agreements | 3 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Revolving Loan/Credit Agreements | Revolving Loan/Credit Agreements FCSA/CoBank On November 8, 2019 the Company amended the credit agreement with Farm Credit Services of America, FLCA (“ FCSA ”) and CoBank, ACB, as cash management provider and agent (“ CoBank ”) which provides the Company with a term loan in the amount of $30.0 million (the “ Term Loan ”) and a revolving term loan in the amount of up to $40.0 million (the “ Revolving Term Loan ”), together with the Term Loan, the “ FCSA Credit Facility ”). The FCSA Credit Facility is secured by a security interest on all of the Company’s assets. The Term Loan provides for semi-annual payments by the Company to FCSA of $3.75 million beginning September 1, 2020 and a maturity date of November 15, 2024. The Revolving Term Loan also has a maturity date of November 15, 2024. Under the FCSA Credit Facility, the Company has the right to select from several LIBOR based interest rate options with respect to each of the loans, with a LIBOR spread of 3.4% per annum. The interest rate at December 31, 2020 was 3.55%. As of December 31, 2020, there was $18.0 million available under the Revolving Term Loan. Paycheck Protection Program Loan On April 14, 2020, the Company received $1.1 million under the Paycheck Protection Program Loan (" PPP loan ") legislation passed by Congress and signed by President Trump. The PPP loan may be forgiven based upon various factors, including, without limitation, the borrower's payroll cost over an eight to twenty-four week period starting upon the receipt of the funds. Expenses for approved payroll costs, lease payments on agreements before February 15, 2020 and utility payments under agreements before February 1, 2020 and certain other specified costs can be paid with these funds and eligible for payment forgiveness by the federal government. At least 60% of the proceeds must be used for approved payroll costs, and no more than 40% for non payroll expenses. PPP loan proceeds used by a borrower for the approved expense categories will generally be fully forgiven by the lender if the borrower satisfies certain employee headcount and compensation requirements. The Company applied for forgiveness of the initial PPP loan on January 26, 2021. The Small Business Administration ("SBA") has 60 days from the application date to approve or disapprove the request. Notes payable Notes payable consists of the following: December 31, 2020 September 30, 2020 (000's) (000's) Term Loan bearing interest at LIBOR plus 3.40% (3.55% at December 31, 2020) $ 26,250 $ 26,250 Revolving Term Loan bearing interest at LIBOR plus 3.40% (3.55% at December 31, 2020) 21,975 26,828 Note payable, PPP Loan bearing interest at 1.00% maturing April 28, 2022 1,063 1,063 Other with interest rates from 3.50% to 4.15% and maturities through 2027 2,590 2,761 51,878 56,902 Less Current Maturities 8,198 8,191 Less Financing Costs, net of amortization 171 182 Total Long Term Debt 43,509 48,529 Approximate aggregate maturities of notes payable as of December 31, 2020 for the twelve months of payments for each year are as follows: 2021 $ 8,198 2022 9,919 2023 7,610 2024 25,838 2025 118 2026 and thereafter 195 Total $ 51,878 |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Fair Value Measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the Company used various methods including market, income and cost approaches. Based on these approaches, the Company often utilized certain assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and/or the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable inputs. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. Based on the observable inputs used in the valuation techniques, the Company is required to provide the following information according to the fair value hierarchy. The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories: Level 1 - Valuations for assets and liabilities traded in active markets from readily available pricing sources for market transactions involving identical assets or liabilities. Level 2 - Valuations for assets and liabilities traded in less active dealer or broker markets. Valuations are obtained from third-party pricing services for identical or similar assets or liabilities. Level 3 - Valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets or liabilities. A description of the valuation methodologies used for instruments measured at fair value, including the general classifications of such instruments pursuant to the valuation hierarchy, is set below. Derivative financial instruments . Commodity futures and exchange traded options are reported at fair value utilizing Level 1 inputs. For these contracts, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes and live trading levels from the Chicago Mercantile Exchange (“ CME ”) market. Ethanol contracts are reported at fair value utilizing Level 2 inputs from third-party pricing services. Forward purchase contracts are reported at fair value utilizing Level 2 inputs. For these contracts, the Company obtains fair value measurements from local grain terminal values. The fair value measurements consider observable data that may include live trading bids from local elevators and processing plants which are based on the CME market. The following table summarizes financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 and September 30, 2020, categorized by the level of the valuation inputs within the fair value hierarchy (in '000s): December 31, 2020 Level 1 Level 2 Level 3 Assets: Derivative financial instruments $ 825 $ 2,699 $ — Liabilities: Derivative financial instruments 3,399 — — September 30, 2020 Level 1 Level 2 Level 3 Assets: Derivative financial instruments $ 590 $ 403 $ — Liabilities: Derivative financial instruments 592 — — |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Dec. 31, 2020 | |
Related Party Transaction, Due from (to) Related Party [Abstract] | |
Related Party Transactions | Related Party Transactions On November 15, 2019, the Company repurchased all of the ICM Units, which repurchase had an effective date of October 31, 2019. On December 31, 2019, the effective date, the Company repurchased the 3,334 Series B membership units owned by Bunge. Effective as of the date of the respective repurchase of the ICM Units and the Series B Units from Bunge, ICM and Bunge no longer constituted related parties. Bunge Under the original Ethanol Agreement between the Company and Bunge, the Company sold Bunge all of the ethanol produced by the Company and the Company paid Bunge a percentage fee for ethanol sold by Bunge, subject to a minimum and maximum annual fee. The initial term of the original Ethanol Agreement expired on December 31, 2019. As part of the Bunge Membership Interest Purchase Agreement (the " Bunge Repurchase Agreement "), the parties entered into a restated Ethanol Agreement effective January 1, 2020 (the " Restated Ethanol Agreement ") which provides that the Company will pay Bunge a flat monthly marketing fee. The term of the Restated Ethanol Agreement expires on December 31, 2026. As of January 1, 2020, Bunge is no longer a related party. The Company incurred related party ethanol marketing expenses of $0.4 million during the three months ended December 31, 2019. Under the DG Purchase Agreement, Bunge purchased all distillers grains produced by the Company, and receives a fee based on the net sale price of distillers grains, subject to a minimum and maximum annual fee. The initial term of the DG Purchase Agreement expired on December 31, 2019. As part of the Bunge Repurchase Agreement, Bunge agreed to provide transition services until March 31, 2020 for all duties and responsibilities of the original DG Purchase Agreement. The Company is now responsible for all duties and responsibilities previously performed by Bunge, and Bunge is no longer a related party. The Company incurred related party distillers grains marketing expenses of $0.3 million during the three months ended December 31, 2019. The Company and Bunge entered into an Amended and Restated Grain Feedstock Agency Agreement on December 5, 2014 (the “ Agency Agreement ”). The Agency Agreement provided that Bunge procure corn for the Company and that the Company pay Bunge a per bushel fee, subject to a minimum and maximum annual fee. The initial term of the Agency Agreement expired on December 31, 2019. As part of the Bunge Repurchase Agreement, Bunge agreed to provide transition services until March 31, 2020 for all duties and responsibilities of the original Agency Agreement. The Company is now responsible for all duties and responsibilities previously performed by Bunge, and Bunge is no longer a related party Related party expenses for corn procurement by Bunge were $0.2 million during the three months ended December 31, 2019. Since the 2015 crop year, the Company has used corn containing Syngenta Seeds, Inc.’s proprietary Enogen® technology (“ Enogen Corn ”) for a portion of its ethanol production needs. The Company contracts directly with growers to produce Enogen Corn for sale to the Company. Concurrent with the Agency Agreement, the Company and Bunge entered into a Services Agreement regarding Enogen Corn purchases (the “ Services Agreement ”). Under this Services Agreement, the Company originates all Enogen Corn contracts for its facility and Bunge assists the Company with certain administrative matters related to Enogen Corn, including facilitating delivery to the facility. The Company paid Bunge a per bushel service fee. The initial term of the Services Agreement expired on December 31, 2019 and the Company notified Bunge of its election not to extend the Services Agreement, but to allow corn planted for that fiscal year to be planted and harvested under the terms of the Services Agreement. Expenses under the Services Agreement are included as part of the Amended and Restated Grain Feedstock Agency Agreement discussed above for the three months ended December 31, 2019. The Company entered into an amendment to the original Railcar Agreement with Bunge effective March 24, 2019 to provide for the lease of 323 ethanol cars and 111 hopper cars which will be used for the delivery and marketing of ethanol and distiller grains (effective November 15, 2019, the parties reduced the number of leased hopper cars to 110 hopper cars). The ethanol cars were assigned to Trinity Leasing on July 17, 2020. Under the terms of the amended Railcar Agreement, the original DOT111 cars will be leased over a four year term running from March 24, 2019 to April 30, 2023, with the ability to start returning cars after January 1, 2023 to conform to the requirement for DOT117 cars with enhanced safety specifications which is scheduled to become effective May 2023. The 110 hopper cars will be leased over a three year term running from March 24, 2019 to March 31, 2022 and continuing on a month-to-month basis thereafter. The Company's lease of the hopper cars will terminate upon the expiration of all such hopper cars. The amendments to the Railcar Agreement lowered the cost for the leases by approximately 15% as compared to the prior lease terms. As of December 31, 2020, the Company had 44 tanker cars and 45 hopper cars subleased to two unrelated third parties, which subleases expired November 8, 2020 and December 31, 2020, respectively. Related party expenses under the Railcar Agreements were $0.8 million for the three months ended December 31, 2019, net of subleases and accretion. The Bunge Repurchase Agreement did not impact the Railcar Agreement. ICM In connection with the payoff of the ICM subordinated debt, the Company entered into the SIRE ICM Unit Agreement dated December 17, 2014 (the “ Unit Agreement ”). Under the Unit Agreement, the Company granted ICM the right to sell to the Company its 1,000 Series C and 18 Series A Membership Units (the “ ICM Units ”) commencing anytime during the earliest of several alternative dates and events at the greater of $10,897 per unit or the fair market value (as defined in the agreement) on the date of exercise (the " Put Option "). On August 16, 2019, ICM notified the Company of its intent to exercise the Put |
Major Customers
Major Customers | 3 Months Ended |
Dec. 31, 2020 | |
Major Customers [Abstract] | |
Major Customers | Major Customer The Company is party to the Restated Ethanol Agreement with Bunge for the exclusive marketing, selling, and distributing of all the ethanol produced by the Company through December 31, 2026 and was a party to the Distillers Grain Purchase Agreement with Bunge for the exclusive marketing, selling and distributing of all distillers grains and syrup produced by the Company through March 31, 2020. Since April 1, 2020, all distiller grain and syrup revenues are booked directly by the Company. Revenues from Bunge were $39.3 million and $59.4 million for the three months ended December 31, 2020 and 2019, respectively. |
Lease Obligations (Notes)
Lease Obligations (Notes) | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Lessee, Operating Leases [Text Block] | Lease Obligations Effective October 1, 2019, the Company adopted ASU 2016-02, Leases (Topic 842). The Company elected the option to apply the transition provisions at the adoption date instead of the earliest comparative period presented in the financial statements. By making this election, the Company has not applied retrospective reporting for the year ended September 30, 2019. The Company elected the short-term lease exception provided for in the standard and therefore only recognized right-of-use assets and lease liabilities for leases with a term greater than one year. The Company elected the package of practical expedients to not re-evaluate existing contracts as containing a lease or the lease classification unless it was not previously assessed against the lease criteria. In addition, the Company did not reassess initial direct costs for any existing leases. A lease exists when a contract conveys to a party the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. The Company recognized a lease liability at the lease commencement date, as the present value of future lease payments, using an estimated rate of interest that the Company would pay to borrow equivalent funds on a collateralized basis. A lease asset is recognized based on the lease liability value and adjusted for any prepaid lease payments, initial direct costs, or lease incentive amounts. The lease term at the commencement date includes any renewal options or termination options when it is reasonably certain that the Company will exercise or not exercise those options, respectively. The Company leases rail cars and rail moving equipment with original terms up to 3 years for hopper cars and 4 years for tanker cars from Bunge and Trinity Leasing. An additional 60 cars are leased from a third party under two separate leases for 3 years for half and 4 years for the second half. The Company is obligated to pay costs of insurance, taxes, repairs and maintenance pursuant to the terms of the leases. These costs are in addition to regular lease payments and are not included in lease expense. The Company subleased 44 tanker cars and 45 hopper cars to two unrelated third parties, which subleases expired November 8, 2020 and December 31, 2020. Upon expiration, the leases convert to a month-to-month basis Approximately 12% of the tanker cars subleased have been returned by December 31, 2020. Expense incurred for the operating leases during the three months ended December 31, 2020 was approximately $0.7 million and $0.8 million for the three months ended December 31, 2019. The total lease agreements have maturity dates ranging from January 2022 to April 2023. The average remaining life of the lease term for these leases was 2.67 years as of December 31, 2020. The discount rate used in determining the lease liability for each individual lease was the Company's estimated incremental borrowing rate of 3.55%. The right-of-use asset operating lease, included in other assets, and operating lease liability, included in current and long term liabilities was $5.9 million as of December 31, 2020. At December 31, 2020, the Company had the following approximate minimum rental commitments under non-cancellable operating leases for the twelve month period ended June 30: 2021 $ 3,101 2022 2,333 2023 691 Total $ 6,125 Undiscounted future payments $ 6,125 Discount effect (189) $ 5,936 | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | At December 31, 2020, the Company had the following approximate minimum rental commitments under non-cancellable operating leases for the twelve month period ended June 30: 2021 $ 3,101 2022 2,333 2023 691 Total $ 6,125 Undiscounted future payments $ 6,125 Discount effect (189) $ 5,936 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company received $1.1 million on January 28, 2021 under the provisions of the PPP loan program phase II. CoBank extended to the Company a new $10.0 million credit line that is to mature August 1,2021. The new credit line has been drafted and is anticipated to be finalized in February and contains similar terms and rates as the FCSA Credit Facility described in Note 4. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies (Policy) | 3 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation and Other Information The accompanying financial statements are for the three months ended December 31, 2020 and 2019, and are unaudited and reflect all adjustments (consisting only of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial position and operating results for the interim periods. These unaudited financial statements and notes should be read in conjunction with the audited financial statements and notes thereto, for the fiscal year ended September 30, 2020 (" Fiscal 2020 ") contained in the Company’s Annual Report on Form 10-K. The results of operations for the interim periods presented are not necessarily indicative of the results for the entire year. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Revenue Recognition The Company adopted Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606) on October 1, 2018. Under the ASU, revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the considerations the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from the contracts with customers. The Company applied the five-step method outlined in the ASU to all contracts with customers, and elected the modified retrospective implementation method. The Company sells ethanol and related products pursuant to marketing agreements. Revenues are recognized when the risk of loss has been transferred to the marketing company and the marketing company has taken title to the product, prices are fixed or determinable and collectability is reasonably assured. The Company’s products are generally shipped Free on Board (" FOB ") shipping point, and recorded as a sale upon delivery of the applicable bill of lading and transfer of risk of loss. The Company’s ethanol sales are handled through an ethanol purchase agreement (the “ Ethanol Agreement ”) with Bunge North America, Inc. (“ Bunge ”) which was restated effective January 1, 2020 in connection with the Company's repurchase of the Series B Units from Bunge under the Bunge Membership Interest Purchase Agreement (the " Bunge Repurchase Agreement "). Syrup and distillers grains (co-products) were previously sold through a distillers grains agreement (the “ DG Agreement ”) with Bunge, based on market prices. As discussed in Note 6, the initial term of this DG Agreement expired December 31, 2019, and as set forth in the Bunge Repurchase Agreement, Bunge provided transition services for all duties and responsibilities of the original DG Agreement through March 31, 2020. Since April 1, 2020, the Company has been responsible for these functions. The Company markets and distributes all of the corn oil it produces directly to end users at market prices. Carbon dioxide is sold through a Carbon Dioxide Purchase and Sale Agreement (the “ CO2 Agreemen t”) with Air Products and Chemicals, Inc. Shipping and handling costs are booked as a direct offset to revenue. Marketing fees, agency fees, and commissions due to the marketer are calculated separately from the settlement for the sale of the ethanol products and co-products and are included as a component of cost of goods sold. Accounts Receivable Accounts receivable are recorded at original invoice amounts less an estimate made for doubtful receivables based on a review of all outstanding amounts on a quarterly basis. Management determines the allowance for doubtful accounts by regularly evaluating customer receivables and considering the customer’s financial condition, credit history and current economic conditions. As of December 31, 2020 and September 30, 2019, management had determined an allowance of $0.2 million and $0.1 million, respectively, was necessary. Receivables are written off when deemed uncollectible and recoveries of receivables written off are recorded when received. Investment in Commodities Contracts, Derivative Instruments and Hedging Activities The Company’s operations and cash flows are subject to fluctuations due to changes in commodity prices. The Company is subject to significant market risk with respect to the price and availability of corn, the principal raw material used to produce ethanol and ethanol by-products. Exposure to commodity price risk results from its dependence on corn in the ethanol production process. Rising corn prices may result in lower profit margins and, therefore, represent unfavorable market conditions. This is especially true when market conditions do not allow the Company to pass along increased corn costs to customers. The availability and price of corn is subject to wide fluctuations due to unpredictable factors such as weather conditions, farmer planting decisions, governmental policies with respect to agriculture and international trade and global demand and supply. To minimize the risk and the volatility of commodity prices, primarily related to corn and ethanol, the Company uses various derivative instruments, including forward corn, ethanol, and distillers grains purchase and sales contracts, over-the-counter and exchange-traded futures and option contracts. When the Company has sufficient working capital available, it enters into derivative contracts to hedge its exposure to price risk related to forecasted corn needs and forward corn purchase contracts. Management has evaluated the Company’s contracts to determine whether the contracts are derivative instruments. Certain contracts that literally meet the definition of a derivative may be exempted from derivative accounting as normal purchases or normal sales. Normal purchases and normal sales are contracts that provide for the purchase or sale of something other than a financial instrument or derivative instrument that will be delivered in quantities expected to be used or sold over a reasonable period in the normal course of business. Gains and losses on contracts that are designated as normal purchases or normal sales contracts are not recognized until quantities are delivered or utilized in production. The Company applies the normal sale exemption to forward contracts relating to ethanol, distillers grains, and corn oil and therefore these forward contracts are not marked to market. As of December 31, 2020, the Company had 7.0 million gallons of open contracts for ethanol, 0.1 million tons of wet and dried distillers grains and 5.0 million pounds of corn oil. Corn purchase contracts are treated as derivative financial instruments. Changes in market value of forward corn contracts, which are marked to market each period, are included in costs of goods sold. As of December 31, 2020, the Company was committed to purchasing 4.8 million bushels of corn on a forward contract basis resulting in a total commitment of $20.3 million. In addition, the Company was committed to purchase 0.3 million bushels of corn on basis contracts. In addition, the Company enters into short-term cash, options and futures contracts as a means of managing exposure to changes in commodity prices. The Company enters into derivative contracts to hedge the exposure to volatile commodity price fluctuations. The Company maintains a risk management strategy that uses derivative instruments to minimize significant, unanticipated earnings fluctuations caused by market volatility. The Company’s specific goal is to protect itself from large moves in commodity costs. All derivatives are designated as non-hedge derivatives and the contracts will be accounted for at fair value. Although the contracts will be effective economic hedges of specified risks, they are not designated as and accounted for as hedging instruments. Derivatives not designated as hedging instruments along with cash held by brokers at December 31, 2020 and September 30, 2019 at market value are as follows: Balance Sheet Classification December 31, 2020 September 30, 2020 in 000's in 000's Futures and option contracts In gain position $ 825 $ 590 In loss position (3,399) (592) Cash held by broker 2,990 304 Forward contracts, corn 2,699 403 Current asset 3,115 705 Net futures, options, and forward contracts $ 3,115 $ 705 The net realized and unrealized gains and losses on the Company’s derivative contracts for the three months ended December 31, 2020 and 2019 consist of the following: Three Months Ended Statement of Operations Classification December 31, 2020 December 31, 2019 in 000's in 000's Net realized and unrealized (gains) losses related to: Forward purchase corn contracts Cost of Goods Sold $ (4,276) $ 36 Futures and option corn contracts Cost of Goods Sold 3,297 (453) Leases In February 2016, FASB issued ASU 2016-02 "Leases” (" ASU 2016-02 "). ASU 2016-02 requires the recognition of lease assets and lease liabilities by lessees for all leases greater than one year in duration and classified as operating leases under previous GAAP. Under the new guidance, lessees will be required to recognize the following for all leases (with the exception of short-term leases): 1) a lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted cash flow basis; and 2) a "right to use" asset, which is an asset that represents the lessee's right to use the specified asset for the lease term. The Company adopted this accounting standard effective October 1, 2019. Upon adoption, the Company elected a practical expedient which allows existing leases to retain their classification as operating leases. The Company has elected to account for lease and related non-lease components as a single lease component. See Note 8 for more detailed information regarding leases. Inventory Inventory is stated at the lower of weighted average cost or net realizable value. In the valuation of inventories and purchase commitments, net realizable value is defined as estimated selling price in the ordinary course of business less reasonable predictable costs of completion, disposal and transportation. For the three months ended December 31, 2020 and 2019, the Company recognized a lower of cost or net realizable value adjustment of $1.2 million and $0, respectively. Put Option liability The put option liability consisted of an agreement between the Company and ICM, Inc. ("ICM") that contained a conditional obligation to repurchase feature. Under the Unit Agreement between the Company and ICM dated December 17, 2014 (the " Unit Agreement "), the Company granted ICM the right to sell to the Company its 1,000 Series C and 18 Series A Membership Units (the "ICM Units") commencing anytime during the earliest of several alternative dates and events at a price equal to the greater of $10,987 per unit or the fair market value (as defined in the Unit Agreement) on the date of exercise (the " Put Option "). On August 16, 2019, ICM notified the Company of its intent to exercise the Put Option and waived its right to determine the fair market value for the ICM Units. On November 15, 2019, the Company repurchased the ICM Units for $11.1 million in accordance with the terms of the Put Option set forth in the Unit Agreement. The effective date of the Company's repurchase of the ICM Units was October 31, 2019. Income Per Unit Basic income per unit is calculated by dividing net income by the weighted average units outstanding for each period. Basic earnings and diluted per unit data were computed as follows (in thousands except per unit data): Three Months Ended December 31, 2020 December 31, 2019 Numerator: Net Income for basic earnings per unit $ 1,111 $ 3,853 Net Income for diluted earnings per unit $ 1,111 $ 3,853 Denominator: Weighted average units outstanding - basic 8,975 12,652 Weighted average units outstanding - diluted 8,975 13,104 Income per unit - basic $ 123.79 $ 304.54 Income per unit - diluted $ 123.79 $ 294.03 |
Basis Of Presentation And Other Information | Basis of Presentation and Other Information The accompanying financial statements are for the three months ended December 31, 2020 and 2019, and are unaudited and reflect all adjustments (consisting only of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the financial position and operating results for the interim periods. These unaudited financial statements and notes should be read in conjunction with the audited financial statements and notes thereto, for the fiscal year ended September 30, 2020 (" Fiscal 2020 ") contained in the Company’s Annual Report on Form 10-K. The results of operations for the interim periods presented are not necessarily indicative of the results for the entire year. |
Use Of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. |
Revenue Recognition | Revenue Recognition The Company adopted Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606) on October 1, 2018. Under the ASU, revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the considerations the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from the contracts with customers. The Company applied the five-step method outlined in the ASU to all contracts with customers, and elected the modified retrospective implementation method. The Company sells ethanol and related products pursuant to marketing agreements. Revenues are recognized when the risk of loss has been transferred to the marketing company and the marketing company has taken title to the product, prices are fixed or determinable and collectability is reasonably assured. The Company’s products are generally shipped Free on Board (" FOB ") shipping point, and recorded as a sale upon delivery of the applicable bill of lading and transfer of risk of loss. The Company’s ethanol sales are handled through an ethanol purchase agreement (the “ Ethanol Agreement ”) with Bunge North America, Inc. (“ Bunge ”) which was restated effective January 1, 2020 in connection with the Company's repurchase of the Series B Units from Bunge under the Bunge Membership Interest Purchase Agreement (the " Bunge Repurchase Agreement "). Syrup and distillers grains (co-products) were previously sold through a distillers grains agreement (the “ DG Agreement ”) with Bunge, based on market prices. As discussed in Note 6, the initial term of this DG Agreement expired December 31, 2019, and as set forth in the Bunge Repurchase Agreement, Bunge provided transition services for all duties and responsibilities of the original DG Agreement through March 31, 2020. Since April 1, 2020, the Company has been responsible for these functions. The Company markets and distributes all of the corn oil it produces directly to end users at market prices. Carbon dioxide is sold through a Carbon Dioxide Purchase and Sale Agreement (the “ CO2 Agreemen t”) with Air Products and Chemicals, Inc. Shipping and handling costs are booked as a direct offset to revenue. Marketing fees, agency fees, and commissions due to the marketer are calculated separately from the settlement for the sale of the ethanol products and co-products and are included as a component of cost of goods sold. |
Accounts Receivable | Accounts Receivable Accounts receivable are recorded at original invoice amounts less an estimate made for doubtful receivables based on a review of all outstanding amounts on a quarterly basis. Management determines the allowance for doubtful accounts by regularly evaluating customer receivables and considering the customer’s financial condition, credit history and current economic conditions. As of December 31, 2020 and September 30, 2019, management had determined an allowance of $0.2 |
Investment In Commodities Contracts, Derivative Instruments And Hedging Activities | Investment in Commodities Contracts, Derivative Instruments and Hedging Activities The Company’s operations and cash flows are subject to fluctuations due to changes in commodity prices. The Company is subject to significant market risk with respect to the price and availability of corn, the principal raw material used to produce ethanol and ethanol by-products. Exposure to commodity price risk results from its dependence on corn in the ethanol production process. Rising corn prices may result in lower profit margins and, therefore, represent unfavorable market conditions. This is especially true when market conditions do not allow the Company to pass along increased corn costs to customers. The availability and price of corn is subject to wide fluctuations due to unpredictable factors such as weather conditions, farmer planting decisions, governmental policies with respect to agriculture and international trade and global demand and supply. To minimize the risk and the volatility of commodity prices, primarily related to corn and ethanol, the Company uses various derivative instruments, including forward corn, ethanol, and distillers grains purchase and sales contracts, over-the-counter and exchange-traded futures and option contracts. When the Company has sufficient working capital available, it enters into derivative contracts to hedge its exposure to price risk related to forecasted corn needs and forward corn purchase contracts. Management has evaluated the Company’s contracts to determine whether the contracts are derivative instruments. Certain contracts that literally meet the definition of a derivative may be exempted from derivative accounting as normal purchases or normal sales. Normal purchases and normal sales are contracts that provide for the purchase or sale of something other than a financial instrument or derivative instrument that will be delivered in quantities expected to be used or sold over a reasonable period in the normal course of business. Gains and losses on contracts that are designated as normal purchases or normal sales contracts are not recognized until quantities are delivered or utilized in production. The Company applies the normal sale exemption to forward contracts relating to ethanol, distillers grains, and corn oil and therefore these forward contracts are not marked to market. As of December 31, 2020, the Company had 7.0 million gallons of open contracts for ethanol, 0.1 million tons of wet and dried distillers grains and 5.0 million pounds of corn oil. Corn purchase contracts are treated as derivative financial instruments. Changes in market value of forward corn contracts, which are marked to market each period, are included in costs of goods sold. As of December 31, 2020, the Company was committed to purchasing 4.8 million bushels of corn on a forward contract basis resulting in a total commitment of $20.3 million. In addition, the Company was committed to purchase 0.3 million bushels of corn on basis contracts. In addition, the Company enters into short-term cash, options and futures contracts as a means of managing exposure to changes in commodity prices. The Company enters into derivative contracts to hedge the exposure to volatile commodity price fluctuations. The Company maintains a risk management strategy that uses derivative instruments to minimize significant, unanticipated earnings fluctuations caused by market volatility. The Company’s specific goal is to protect itself from large moves in commodity costs. All derivatives are designated as non-hedge derivatives and the contracts will be accounted for at fair value. Although the contracts will be effective economic hedges of specified risks, they are not designated as and accounted for as hedging instruments. Derivatives not designated as hedging instruments along with cash held by brokers at December 31, 2020 and September 30, 2019 at market value are as follows: Balance Sheet Classification December 31, 2020 September 30, 2020 in 000's in 000's Futures and option contracts In gain position $ 825 $ 590 In loss position (3,399) (592) Cash held by broker 2,990 304 Forward contracts, corn 2,699 403 Current asset 3,115 705 Net futures, options, and forward contracts $ 3,115 $ 705 The net realized and unrealized gains and losses on the Company’s derivative contracts for the three months ended December 31, 2020 and 2019 consist of the following: Three Months Ended Statement of Operations Classification December 31, 2020 December 31, 2019 in 000's in 000's Net realized and unrealized (gains) losses related to: Forward purchase corn contracts Cost of Goods Sold $ (4,276) $ 36 Futures and option corn contracts Cost of Goods Sold 3,297 (453) |
Lessee, Leases [Policy Text Block] | Leases In February 2016, FASB issued ASU 2016-02 "Leases” (" ASU 2016-02 "). ASU 2016-02 requires the recognition of lease assets and lease liabilities by lessees for all leases greater than one year in duration and classified as operating leases under previous GAAP. Under the new guidance, lessees will be required to recognize the following for all leases (with the exception of short-term leases): 1) a lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted cash flow basis; and 2) a "right to use" asset, which is an asset that represents the lessee's right to use the specified asset for the lease term. The Company adopted this accounting standard effective October 1, 2019. Upon adoption, the Company elected a practical expedient which allows existing leases to retain their classification as operating leases. The Company has elected to account for lease and related non-lease components as a single lease component. See Note 8 for more detailed information regarding leases. |
Inventory | Inventory Inventory is stated at the lower of weighted average cost or net realizable value. In the valuation of inventories and purchase commitments, net realizable value is defined as estimated selling price in the ordinary course of business less reasonable predictable costs of completion, disposal and transportation. For the three months ended December 31, 2020 and 2019, the Company recognized a lower of cost or net realizable value adjustment of $1.2 million and $0, respectively. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Put Option liability The put option liability consisted of an agreement between the Company and ICM, Inc. ("ICM") that contained a conditional obligation to repurchase feature. Under the Unit Agreement between the Company and ICM dated December 17, 2014 (the " Unit Agreement "), the Company granted ICM the right to sell to the Company its 1,000 Series C and 18 Series A Membership Units (the "ICM Units") commencing anytime during the earliest of several alternative dates and events at a price equal to the greater of $10,987 per unit or the fair market value (as defined in the Unit Agreement) on the date of exercise (the " Put Option "). On August 16, 2019, ICM notified the Company of its intent to exercise the Put Option and waived its right to determine the fair market value for the ICM Units. On November 15, 2019, the Company repurchased the ICM Units for $11.1 million in accordance with the terms of the Put Option set forth in the Unit Agreement. The effective date of the Company's repurchase of the ICM Units was October 31, 2019. |
Net (Loss) Per Unit | Income Per Unit Basic income per unit is calculated by dividing net income by the weighted average units outstanding for each period. Basic earnings and diluted per unit data were computed as follows (in thousands except per unit data): Three Months Ended December 31, 2020 December 31, 2019 Numerator: Net Income for basic earnings per unit $ 1,111 $ 3,853 Net Income for diluted earnings per unit $ 1,111 $ 3,853 Denominator: Weighted average units outstanding - basic 8,975 12,652 Weighted average units outstanding - diluted 8,975 13,104 Income per unit - basic $ 123.79 $ 304.54 Income per unit - diluted $ 123.79 $ 294.03 |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Tables) | 3 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule Of Derivatives Not Designated As Hedging Instruments | Derivatives not designated as hedging instruments along with cash held by brokers at December 31, 2020 and September 30, 2019 at market value are as follows: Balance Sheet Classification December 31, 2020 September 30, 2020 in 000's in 000's Futures and option contracts In gain position $ 825 $ 590 In loss position (3,399) (592) Cash held by broker 2,990 304 Forward contracts, corn 2,699 403 Current asset 3,115 705 Net futures, options, and forward contracts $ 3,115 $ 705 |
Schedule of Derivative Instruments [Table Text Block] | The net realized and unrealized gains and losses on the Company’s derivative contracts for the three months ended December 31, 2020 and 2019 consist of the following: Three Months Ended Statement of Operations Classification December 31, 2020 December 31, 2019 in 000's in 000's Net realized and unrealized (gains) losses related to: Forward purchase corn contracts Cost of Goods Sold $ (4,276) $ 36 Futures and option corn contracts Cost of Goods Sold 3,297 (453) |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share [Table Text Block] | Three Months Ended December 31, 2020 December 31, 2019 Numerator: Net Income for basic earnings per unit $ 1,111 $ 3,853 Net Income for diluted earnings per unit $ 1,111 $ 3,853 Denominator: Weighted average units outstanding - basic 8,975 12,652 Weighted average units outstanding - diluted 8,975 13,104 Income per unit - basic $ 123.79 $ 304.54 Income per unit - diluted $ 123.79 $ 294.03 |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Components Of Inventory | Inventory is comprised of the following: December 31, 2020 September 30, 2020 in 000's in 000's Raw Materials - corn $ 3,311 $ 1,663 Supplies and Chemicals 4,958 4,906 Work in Process 1,964 1,667 Finished Goods 9,534 5,133 Total $ 19,767 $ 13,369 |
Revolving Loan_Credit Agreeme_2
Revolving Loan/Credit Agreements Debt Maturities (Tables) | 3 Months Ended |
Dec. 31, 2020 | |
Debt Instrument [Line Items] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Notes payable consists of the following: December 31, 2020 September 30, 2020 (000's) (000's) Term Loan bearing interest at LIBOR plus 3.40% (3.55% at December 31, 2020) $ 26,250 $ 26,250 Revolving Term Loan bearing interest at LIBOR plus 3.40% (3.55% at December 31, 2020) 21,975 26,828 Note payable, PPP Loan bearing interest at 1.00% maturing April 28, 2022 1,063 1,063 Other with interest rates from 3.50% to 4.15% and maturities through 2027 2,590 2,761 51,878 56,902 Less Current Maturities 8,198 8,191 Less Financing Costs, net of amortization 171 182 Total Long Term Debt 43,509 48,529 |
Schedule of Maturities of Long-term Debt [Table Text Block] | pproximate aggregate maturities of notes payable as of December 31, 2020 for the twelve months of payments for each year are as follows: 2021 $ 8,198 2022 9,919 2023 7,610 2024 25,838 2025 118 2026 and thereafter 195 Total $ 51,878 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following table summarizes financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 and September 30, 2020, categorized by the level of the valuation inputs within the fair value hierarchy (in '000s): December 31, 2020 Level 1 Level 2 Level 3 Assets: Derivative financial instruments $ 825 $ 2,699 $ — Liabilities: Derivative financial instruments 3,399 — — September 30, 2020 Level 1 Level 2 Level 3 Assets: Derivative financial instruments $ 590 $ 403 $ — Liabilities: Derivative financial instruments 592 — — |
Nature Of Business (Details)
Nature Of Business (Details) gal in Millions | 3 Months Ended |
Dec. 31, 2020gal | |
Nature Of Business [Abstract] | |
Production, Number Of Gallons | 140 |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Narrative) (Details) | Nov. 15, 2019USD ($) | Dec. 31, 2020USD ($)lb$ / sharesRatesharesbugal | Dec. 31, 2019USD ($)$ / sharesshares | Sep. 30, 2020USD ($) | Apr. 14, 2020USD ($) |
Summary Of Significant Accounting Policies [Line Items] | |||||
Payroll Protection Plan Loan | $ 1,063,000 | $ 1,063,000 | $ 1,100,000 | ||
Total Commitment to Sale of Ethanol (gallons) | gal | 7,000,000 | ||||
Derivative Assets (Liabilities), at Fair Value, Net | $ 3,115,000 | 705,000 | |||
Realized & unrealized hedging (gains) | (957,000) | $ (417,000) | |||
Increase (Decrease) in Inventories and Other Operating Assets | $ 1,200,000 | 0 | |||
Share repurchase agreement, minimum per share price | $ / shares | $ 10,987 | ||||
Stock Repurchased, Aggregate Dollar Amount | $ 11,100,000 | ||||
Net Income (Loss) Available to Common Stockholders, Basic | $ 1,111,000 | 3,853,000 | |||
Proceeds used for payroll costs, minimum | Rate | 60.00% | ||||
Proceeds for non-payroll costs, maximum | Rate | 40.00% | ||||
Allowance for Doubtful Accounts, Premiums and Other Receivables | $ 200,000 | 100,000 | |||
Total Commitment to Sale of Corn Oil | lb | 5,000,000 | ||||
forward basis contracts, bushels | bu | 4,800,000 | ||||
forward basis contracts | $ 20,300,000 | ||||
Long-term Purchase Commitment, Minimum Volume Required | bu | 300,000 | ||||
Future And Option Contracts [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Derivative Asset | $ 3,115,000 | 705,000 | |||
Distillers Grains [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Sale of distillers, grains, and solubles (in tons) | lb | 100,000 | ||||
corn [Member] | Future And Option Contracts [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Realized & unrealized hedging (gains) | $ (3,297,000) | 453,000 | |||
corn [Member] | Forward Contracts [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Realized & unrealized hedging (gains) | 4,276,000 | (36,000) | |||
Fair Value, Inputs, Level 2 [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Derivative Asset | 2,699,000 | 403,000 | |||
Derivative Liability | 0 | $ 0 | |||
Numerator [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Net Income (Loss) Available to Common Stockholders, Diluted | $ 1,111,000 | $ 3,853,000 | |||
Denominator [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Weighted Average Number of Shares Outstanding, Basic | shares | 8,975 | 12,652 | |||
Weighted Average Number of Shares Outstanding, Diluted | shares | 8,975 | 13,104 | |||
Earnings Per Share, Basic | $ / shares | $ 123.79 | $ 304.54 | |||
Earnings Per Share, Diluted | $ / shares | $ 123.79 | $ 294.03 | |||
Capital Unit Class C [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Stock Repurchased During Period, Shares | shares | 1,000 | ||||
Capital Unit, Class A [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Stock Repurchased During Period, Shares | shares | 18 |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Schedule Of Derivatives Not Designated As Hedging Instruments) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2020 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Net realized and unrealized (gains) losses | $ 957 | $ 417 | |
In Gain Position [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Derivative Assets | $ (590) | ||
In loss position [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Derivative Assets | 3,399 | 592 | |
Cash Held By Broker [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Derivative Assets | (2,990) | (304) | |
Future And Option Contracts [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Derivative Assets | (3,115) | (705) | |
Fair Value, Inputs, Level 1 [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Derivative Assets | (825) | ||
Derivative Liability | 3,399 | $ 592 | |
corn [Member] | Future And Option Contracts [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Net realized and unrealized (gains) losses | 3,297 | (453) | |
corn [Member] | Forward Contracts [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Net realized and unrealized (gains) losses | $ (4,276) | $ 36 |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies (Schedule Of Net Realized And Unrealized Gains And Losses On Derivative Contracts) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Gain (Loss) on Derivative Instruments Held for Trading Purposes, Net | $ 957 | $ 417 |
Future And Option Contracts [Member] | corn [Member] | ||
Gain (Loss) on Derivative Instruments Held for Trading Purposes, Net | 3,297 | (453) |
Forward Contracts [Member] | corn [Member] | ||
Gain (Loss) on Derivative Instruments Held for Trading Purposes, Net | $ (4,276) | $ 36 |
Summary Of Significant Accoun_6
Summary Of Significant Accounting Policies (Schedule Of Property And Equipment) (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | ||
Gain (Loss) on Derivative Instruments Held for Trading Purposes, Net | $ 957,000 | $ 417,000 |
Increase (Decrease) in Inventories and Other Operating Assets | $ 1,200,000 | $ 0 |
Inventory (Components Of Invent
Inventory (Components Of Inventory) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Sep. 30, 2020 |
Inventory Disclosure [Abstract] | ||
Raw Materials - corn | $ 3,311 | $ 1,663 |
Supplies and Chemicals | 4,958 | 4,906 |
Work in Process | 1,964 | 1,667 |
Finished Goods | 9,534 | 5,133 |
Inventory | $ 19,767 | $ 13,369 |
Revolving Loan_Credit Agreeme_3
Revolving Loan/Credit Agreements (FCSA) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2020 | Apr. 14, 2020 | Nov. 08, 2019 | |
Debt Instrument [Line Items] | |||||
Payroll Protection Plan Loan | $ 1,063 | $ 1,063 | $ 1,100 | ||
Proceeds used for payroll costs, minimum | 60.00% | ||||
Proceeds for non-payroll costs, maximum | 40.00% | ||||
Payroll Protection Program Loan, Interest Rate | 1.00% | ||||
Long-term Debt | $ 51,878 | 56,902 | |||
Long-term Debt, Current Maturities | 8,198 | 8,191 | |||
Deferred Finance Costs, Own-share Lending Arrangement, Issuance Costs, Net | 171 | 182 | |||
Long-term Debt, Excluding Current Maturities | 43,509 | 48,529 | |||
Long-Term Debt, Maturity, Year Two | 9,919 | ||||
Long-Term Debt, Maturity, Year Three | 7,610 | ||||
Long-Term Debt, Maturity, Year Four | 25,838 | ||||
Long-Term Debt, Maturity, Year Five | 118 | ||||
Long-Term Debt, Maturity, after Year Five | 195 | ||||
FSCA [Member] | |||||
Debt Instrument [Line Items] | |||||
Term Loan | $ 30,000 | ||||
revolving term loan | $ 40,000 | ||||
Debt Instrument, Unused Borrowing Capacity, Amount | 18,000 | ||||
Convertible Note Payable - Unit Holders [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Line of Credit | 2,590 | 2,761 | |||
FSCA [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Periodic Payment, Principal | $ 3,750 | ||||
Term loan, outstanding balance | 26,250 | 26,250 | |||
Term Revolver, Outstanding Amount | $ 21,975 | $ 26,828 | |||
Term Loan [Member] | FSCA [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Interest Rate Description | LIBOR | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.40% | ||||
Line of Credit Facility, Interest Rate During Period | 355.00% | ||||
Revolving Term Loan [Member] | FSCA [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Interest Rate Description | LIBOR | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.40% | ||||
Line of Credit Facility, Interest Rate During Period | 355.00% | ||||
Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Other Term Debt, Other, Interest Rate | 3.50% | ||||
Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Other Term Debt, Other, Interest Rate | 4.15% |
Fair Value Measurement (Financi
Fair Value Measurement (Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) | 3 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2020 | Sep. 30, 2020 | |
Derivative [Line Items] | |||
Share repurchase agreement, minimum per share price | $ 10,987 | ||
Stock Repurchased During Period, Value | $ 23,059 | ||
Level 1 [Member] | |||
Derivative [Line Items] | |||
Derivative Assets | $ 825,000 | ||
Liabilities: Derivative financial instruments | 3,399,000 | $ 592,000 | |
Level 2 [Member] | |||
Derivative [Line Items] | |||
Derivative Assets | 2,699,000 | 403,000 | |
Liabilities: Derivative financial instruments | 0 | 0 | |
Level 3 [Member] | |||
Derivative [Line Items] | |||
Derivative Assets | 0 | 0 | |
Liabilities: Derivative financial instruments | $ 0 | $ 0 |
Related Party Transactions (Bun
Related Party Transactions (Bunge) (Narrative) (Details) | Nov. 15, 2019 | Dec. 31, 2020USD ($)$ / sharesRateshares | Dec. 31, 2019USD ($) | Jun. 30, 2015 |
Related Party Transaction [Line Items] | ||||
Share repurchase agreement, minimum per share price | $ / shares | $ 10,987 | |||
Stock Repurchased During Period, Value | $ 23,059 | |||
Railcar Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Number of railcars | 60 | |||
Operating Leases, Rent Expense, Net | $ 700,000 | 800,000 | ||
ICM [Member] | ||||
Related Party Transaction [Line Items] | ||||
Share repurchase agreement, minimum per share price | $ / shares | $ 10,897 | |||
Stock Repurchased During Period, Value | $ 11,100,000 | |||
ICM [Member] | Common Class C [Member] | ||||
Related Party Transaction [Line Items] | ||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | shares | 1,000 | |||
ICM [Member] | Common Class A [Member] | ||||
Related Party Transaction [Line Items] | ||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | shares | 18 | |||
Capital Unit, Class B [Member] | Bunge [Member] | ||||
Related Party Transaction [Line Items] | ||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | shares | 3,334 | |||
Bunge [Member] | DG Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | 300,000 | |||
Bunge [Member] | Grain Feedstock Agency Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | 200,000 | |||
Bunge [Member] | Ethanol Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 400,000 | |||
Ethanol Cars [Member] | Bunge [Member] | Extended Railcar Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Number of railcars | 323 | |||
Hopper Cars [Member] | Bunge [Member] | Extended Railcar Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Number of railcars | 110 | 111 | ||
Lease Expense Reduction | Rate | 15.00% |
Major Customers (Details)
Major Customers (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Bunge [Member] | ||
Revenue, Major Customer [Line Items] | ||
Revenue from Related Parties | $ 39,300,000 | $ 59,400,000 |
Lease Obligations (Details)
Lease Obligations (Details) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2020USD ($) | |
Lessee, Operating Lease, Liability, to be Paid, Year One | $ 3,101 | ||
Lessee, Operating Lease, Liability, to be Paid, Year Two | 2,333 | ||
Lessee, Operating Lease, Liability, to be Paid, Year Three | 691 | ||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 6,125 | ||
Operating Lease Discount Effect | (189) | ||
Lessee, Operating Lease, Liability, Discounted Excess Amount | 5,936 | ||
Operating Lease, Right-of-Use Asset | $ 5,936 | $ 6,667 | |
Lessee, Operating Lease, Remaining Lease Term | 2 years 8 months 1 day | ||
Decrease (Increase) in Put Warrant Liability | $ 0 | $ (6,037) | |
Lessee, Operating Lease, Discount Rate | 3.55% | ||
Ethanol Cars [Member] | |||
number of railcars, subleased | 44 | ||
Percent of railcars subleased, returned | 12.00% | ||
Hopper Cars [Member] | |||
number of railcars, subleased | 45 | ||
Railcar Agreement [Member] | |||
Number Of Railcars | 60 | ||
Operating Leases, Rent Expense, Net | $ 700 | $ 800 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Feb. 11, 2021 | Jan. 28, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Apr. 14, 2020 |
Subsequent Event [Line Items] | |||||
Payroll Protection Plan Loan | $ 1,063,000 | $ 1,063,000 | $ 1,100,000 | ||
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Payroll Protection Plan Loan | $ 1.1 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000,000 |