Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2015 | |
Document and Entity Information [Abstract] | |
Document type | 8-K |
Amendment flag | false |
Document period end date | Dec. 31, 2015 |
Entity registrant name | Green Plains Partners LP |
Entity central index key | 1,635,650 |
Current fiscal year end date | --12-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents | $ 16,385 | $ 5,705 |
Accounts receivable, net of allowances of $0 and $6, respectively | 566 | 484 |
Accounts receivable from affiliates | 14,347 | 3,367 |
Prepaid expenses and other | 2,621 | 2,480 |
Total current assets | 33,919 | 12,036 |
Property and equipment, net | 41,862 | 37,926 |
Goodwill | 10,598 | 10,598 |
Note receivable | 8,100 | 8,100 |
Other assets | 1,442 | 2,320 |
Deferred income taxes | 77 | 9,012 |
Total assets | 95,998 | 79,992 |
Current liabilities | ||
Accounts payable | 4,590 | 293 |
Accounts payable to affiliates | 1,538 | 578 |
Accrued and other liabilities | 7,475 | 810 |
Total current liabilities | 13,603 | 1,681 |
Long-term debt | 8,100 | 8,100 |
Deferred lease liability | 349 | 329 |
Asset retirement obligations | 1,808 | 2,015 |
Other liabilities | 328 | 560 |
Total liabilities | 24,188 | 12,685 |
Total partners' capital | 71,810 | 67,307 |
Total liabilities and partners' capital | 95,998 | 79,992 |
Net Investment - MLP predecessor [Member] | ||
Current liabilities | ||
Total partners' capital | $ 67,307 | |
Net Investment - sponsor [Member] | ||
Current liabilities | ||
Total partners' capital | 6,299 | |
General Partner [Member] | ||
Current liabilities | ||
Total partners' capital | 1,854 | |
Common Units - Public [Member] | Limited Partners [Member] | ||
Current liabilities | ||
Total partners' capital | 161,079 | |
Common Units - Green Plains [Member] | Limited Partners [Member] | ||
Current liabilities | ||
Total partners' capital | (21,088) | |
Subordinated Units [Member] | Limited Partners [Member] | ||
Current liabilities | ||
Total partners' capital | $ (76,334) |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts receivable, allowances | $ 0 | $ 6 |
Common Units - Public [Member] | Limited Partners [Member] | ||
Units issued | 11,510,089 | |
Units outstanding | 11,510,089 | |
Common Units - Green Plains [Member] | Limited Partners [Member] | ||
Units issued | 4,389,642 | |
Units outstanding | 4,389,642 | |
Subordinated Units [Member] | Limited Partners [Member] | ||
Units issued | 15,889,642 | |
Units outstanding | 15,889,642 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues | |||
Affiliate | $ 42,549 | $ 4,359 | $ 3,853 |
Non-affiliate | 8,388 | 8,484 | 7,179 |
Total revenues | 50,937 | 12,843 | 11,032 |
Operating expenses | |||
Operations and maintenance | 29,601 | 26,424 | 17,854 |
General and administrative | 3,114 | 1,403 | 1,402 |
Depreciation and amortization | 5,828 | 5,544 | 3,572 |
Total operating expenses | 38,543 | 33,371 | 22,828 |
Operating income (loss) | 12,394 | (20,528) | (11,796) |
Other income (expense) | |||
Interest income | 86 | 75 | 49 |
Interest expense | (381) | (138) | (768) |
Total other expense | (295) | (63) | (719) |
Income (loss) before income tax benefit | 12,099 | (20,591) | (12,515) |
Income tax benefit | (4,009) | (7,758) | (4,705) |
Net income (loss) | 16,108 | (12,833) | (7,810) |
Net loss attributable to MLP predecessor | (6,628) | $ (12,833) | $ (7,810) |
Net loss attributable to sponsor | (273) | ||
Net income attributable to the partnership | 23,009 | ||
General Partner [Member] | |||
Other income (expense) | |||
Net income attributable to the partnership | 460 | ||
Limited Partners [Member] | Common Units [Member] | |||
Other income (expense) | |||
Net income attributable to the partnership | $ 11,278 | ||
Earnings per limited partner unit (basic and diluted): | |||
Earnings per limited partner unit (basic and diluted) | $ 0.71 | ||
Weighted average limited partner units outstanding (basic and diluted): | |||
Weighted average limited partner units outstanding (basic and diluted) | 15,897 | ||
Limited Partners [Member] | Subordinated Units [Member] | |||
Other income (expense) | |||
Net income attributable to the partnership | $ 11,271 | ||
Earnings per limited partner unit (basic and diluted): | |||
Earnings per limited partner unit (basic and diluted) | $ 0.71 | ||
Weighted average limited partner units outstanding (basic and diluted): | |||
Weighted average limited partner units outstanding (basic and diluted) | 15,890 |
Consolidated Statements of Part
Consolidated Statements of Partners' Capital - USD ($) $ in Thousands | Common Units - Public [Member]Limited Partners [Member] | Common Units - Green Plains [Member]Limited Partners [Member] | Subordinated Units [Member]Limited Partners [Member] | Membership Interests [Member] | Sponsor Equity in Contributed Assets [Member] | General Partner [Member] | Total |
Balance, Beginning period at Dec. 31, 2012 | $ 31,823 | $ 31,823 | |||||
Net income (loss) | (7,810) | (7,810) | |||||
Debt converted to equity | 13,890 | 13,890 | |||||
Member contributions, net | 21,348 | $ 21,348 | |||||
Net income attributable to the partnership | |||||||
Balance, Ending period at Dec. 31, 2013 | 59,251 | $ 59,251 | |||||
Net income (loss) | (12,833) | (12,833) | |||||
Member contributions, net | 20,889 | $ 20,889 | |||||
Net income attributable to the partnership | |||||||
Balance, Ending period at Dec. 31, 2014 | 67,307 | $ 67,307 | |||||
Net income (loss) | (6,628) | (6,628) | |||||
Member contributions, net | 7,890 | 7,890 | |||||
Allocation of MLP predecessor net investment to partners' capital | $ 14,382 | $ 52,062 | $ (68,569) | $ 2,125 | |||
Elimination of MLP predecessor income taxes | (3,212) | (11,627) | (475) | (15,314) | |||
Proceeds from IPO, net of discounts, structuring fees, and other IPO expenses | $ 157,452 | 157,452 | |||||
Cash distribution to Green Plains related to IPO | (33,616) | (121,684) | (155,300) | ||||
Quarterly cash distribution to unitholders | (4,604) | (1,756) | (6,356) | (259) | (12,975) | ||
Acquisition of assets from sponsor in transfer between entities under common control | $ 6,342 | 6,342 | |||||
Contributions from sponsor | 230 | 230 | |||||
Net loss attributable to sponsor | (273) | (273) | |||||
Net income attributable to the partnership | 8,164 | 3,114 | 11,271 | 460 | 23,009 | ||
Unit-based compensation, including general partner contribution | 67 | 3 | 70 | ||||
Balance, Ending period at Dec. 31, 2015 | $ 161,079 | $ (21,088) | $ (76,334) | $ 6,299 | $ 1,854 | $ 71,810 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 16,108 | $ (12,833) | $ (7,810) |
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities: | |||
Depreciation and amortization | 5,828 | 5,544 | 3,572 |
Accretion | 201 | 173 | 170 |
Amortization of debt issuance costs | 134 | 46 | 24 |
Deferred income taxes | (4,076) | (7,360) | (4,255) |
Other | 67 | (20) | 35 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (82) | 465 | (116) |
Accounts receivable from affiliates | (13,283) | (1,024) | (461) |
Prepaid expenses and other assets | (404) | 30 | 145 |
Accounts payable and accrued liabilities | 10,962 | (318) | (1,371) |
Accounts payable to affiliates | 960 | (811) | (692) |
Other | (682) | (233) | 86 |
Net cash provided (used) by operating activities | 15,733 | (16,341) | (10,673) |
Cash flows from investing activities | |||
Purchases of property and equipment | (1,497) | (547) | (1,122) |
Acquisition of business, net of cash acquired | (10,301) | ||
Proceeds on disposal of assets, net | 19 | 40 | |
Receipt of grant | 1,900 | ||
Net cash used by investing activities | (1,478) | (547) | (9,483) |
Cash flows from financing activities | |||
Proceeds from initial public offering, net | 157,452 | ||
Payments of distributions | (168,275) | ||
Payments of loan fees | (875) | (337) | |
Member contributions, net | 8,123 | 20,889 | 23,522 |
Proceeds from issuance on long-term debt | 8,100 | ||
Payments on long-term debt | (212) | ||
Notes payable - affiliate | (1,466) | ||
Note receivable | (8,100) | ||
Net cash provided (used) by financing activities | (3,575) | 20,889 | 21,507 |
Net change in cash and cash equivalents | 10,680 | 4,001 | 1,351 |
Cash and cash equivalents, beginning of period | 5,705 | 1,704 | 353 |
Cash and cash equivalents, end of period | 16,385 | 5,705 | 1,704 |
Supplemental disclosures of cash flow: | |||
Cash paid for income taxes | 1,006 | 1,387 | |
Cash paid for interest | $ 173 | $ 100 | 737 |
Note payable with affiliate converted to equity | $ 13,890 |
Basis of Presentation and Descr
Basis of Presentation and Description of Business | 12 Months Ended |
Dec. 31, 2015 | |
Basis of Presentation and Description of Business [Abstract] | |
Basis of Presentation and Description of Business | 1. BASIS OF PRESENTATION AND DESCRIPTION OF BUSINESS References to the Partnership and to the MLP Predecessor References to “the partnership” in the recast consolidated financial statements and in these recast notes to the consolidated financial statements refer to Green Plains Partners LP and its subsidiaries. References to the “MLP predecessor” refer to BlendStar LLC and its subsidiaries, the partnership’s predecessor for accounting purposes, and the assets, liabilities and results of operations of certain ethanol storage and railcar assets contributed by Green Plains Inc. in connection with the IPO on July 1, 2015. References to “the sponsor” in transactions subsequent to the IPO refers to Green Plains Inc. On July 1, 2015, Green Plains Partners closed its IPO of common units representing limited partner interests of the partnership. Green Plains Holdings LLC, a wholly owned subsidiary of Green Plains Inc., serves as the general partner of the partnership. References to (i) “the general partner” and “Green Plains Holdings” refer to Green Plains Holdings LLC; (ii) “the parent” and “Green Plains” refer to Green Plains Inc.; and (iii) “Green Plains Trade” refers to Green Plains Trade Group LLC, a wholly owned subsidiary of Green Plains. Consolidated Financial Statements The consolidated financial statements, prepared in accordance with GAAP, include the accounts of the Green Plains Partners LP and its subsidiaries. All significant intercompany balances and transactions are eliminated on a consolidated basis for reporting purposes. When transferring assets between entities under common control, the entity receiving the net assets initially recognizes the carrying amounts of the assets and liabilities at the date of transfer. The transferee’s prior period financial statements are recast for all periods its operations were part of the parent’s consolidated financial statements. On July 1, 2015, in addition to the interests of BlendStar, the partnership received the assets and liabilities of the ethanol storage and railcar assets contributed by its parent in a transfer between entities under common control. The partnership recognized the assets and liabilities transferred at the parent’s historical cost basis, which are reflected retroactively in the consolidated financial statements. Expenses related to these assets, such as depreciation, amortization and railcar lease expenses are also reflected retroactively. There are no revenues related to these assets reflected in the consolidated financial statements for periods before July 1, 2015, when the related commercial agreements became effective. Effective January 1, 2016, the partnership acquired the ethanol storage and leased railcar assets of the Hereford, Texas and Hopewell, Virginia ethanol production facilities from its sponsor in a transfer between entities under common control. The assets were recognized at historical cost and reflected retroactively along with related expenses for periods prior to the effective date of the acquisition, subsequent to the initial dates the assets were acquired by the sponsor, or October 23, 2015, and November 12, 2015, for Hopewell and Hereford, respectively . There were no revenues related to these assets for periods before January 1, 2016, when amendments to the commercial agreements related to the drop down became effective. The MLP predecessor was a single member limited liability company, treated as a non-taxable disregarded entity in Green Plains’ federal and state income tax returns. For periods prior to the IPO, the consolidated financial statements reflect income taxes as if the MLP predecessor had filed separate federal and state tax returns. Reclassifications Certain amounts were reclassified to conform to a revised current year presentation. These reclassifications did not affect total revenues, operating expenses, net income or partners’ capital. Use of Estimates in the Preparation of Consolidated Financial Statements Preparation of the consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The partnership bases its estimates on historical experience and assumptions it believes are proper and reasonable under the circumstances. The partnership regularly evaluates the appropriateness of these estimates and assumptions. Actual results could differ from those estimates. Key accounting policies, including, but not limited to, those related to depreciation of property and equipment, asset retirement obligations, and impairment of long-lived assets and goodwill are impacted significantly by judgments, assumptions and estimates used to prepare the consolidated financial statements. Description of Business The partnership provides fuel storage and transportation services by owning, operating, developing and acquiring ethanol and fuel storage tanks, terminals, transportation assets and other related assets and businesses. The partnership is its parent’s primary downstream logistics provider to support the parent’s approximately 1.2 bgy ethanol marketing and distribution business since the partnership’s assets are the principal method of storing and delivering the ethanol the parent produces. The ethanol produced by the parent is fuel grade, made principally from starch extracted from corn, and is primarily used for blending with gasoline. Ethanol currently comprises approximately 10% of the U.S. gasoline market and is an economical source of octane and oxygenate for blending into the fuel supply. The partnership does not take ownership of, or receive any payments based on the value of, the ethanol or other fuels it handles; as a result, the partnership does not have any direct exposure to fluctuations in commodity prices . |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Cash and Cash Equivalents The Company considers short-term highly liquid investments with original maturities of three months or less to be cash equivalents. Cash and cash equivalents include bank deposits. Revenue Recognition The partnership recognizes revenues when all of the following criteria are satisfied: persuasive evidence of an arrangement exists; services have been rendered; the price is fixed and determinable; and collectability is reasonably assured. The partnership derives revenues when product is delivered to the customer after volumes are transported through its ethanol storage tanks and fuel terminals, and transportation services are performed. The partnership generates a substantial portion of its revenues under fee-based commercial agreements with Green Plains Trade. The partnership’s storage and throughput agreement and certain terminal services agreements with Green Plains Trade are supported by minimum volume commitments. The partnership’s rail transportation services agreement is supported by minimum take-or-pay capacity commitments. Green Plains Trade is required to pay the partnership fees for these minimum commitments regardless of the actual volume, throughput or capacity used for transport. Payment related to volume that was not actually throughput by Green Plains Trade is applied as a credit toward volume in excess of the minimum volume commitment during any of the next four quarters, after which time unused credits expire. The partnership records a liability for deferred revenue in the amount of the credit that may be used in future periods and for any customer prepayments before the product is delivered. The partnership recognizes revenue and relieves the liability when throughput volumes exceed the minimum volume commitment or unused credits expire. As a result, a significant portion of the partnership’s revenues may be associated with cash collected during an earlier period that do not generate any cash during the current period. Concentrations of Credit Risk In the normal course of business, the partnership is exposed to credit risk resulting from the possibility a loss may occur due to failure of another party to perform according to the terms of a contract. The partnership provides fuel storage and transportation services for various parties with a significant portion of its revenues earned from Green Plains Trade. The partnership continually monitors its credit risk exposure and concentrations. Trade Accounts Receivable Trade accounts receivable are recorded at the invoiced amount. The partnership assesses the need for an allowance for doubtful accounts for estimated losses inherent in its accounts receivable portfolio. In assessing the required allowance, the partnership considers historical losses adjusted to take into account current market conditions and its customers’ financial condition, the amount of receivables in dispute, current receivables’ aging and current payment patterns. The partnership does not have any off-balance-sheet credit exposure related to its customers. Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation of these assets is generally computed using the straight-line method over the following estimated useful lives of the assets: Years Buildings and improvements 10 -40 Tanks and terminal equipment 15 -40 Rail and rail equipment 10 -22 Other machinery and equipment 5 -7 Computer and software 3 -5 Office furniture and equipment 5 -7 Property and equipment is capitalized at cost. Land improvements are capitalized and depreciated. Expenditures for property betterments and renewals are capitalized. Costs of repairs and maintenance are charged to expense as incurred. The partnership periodically evaluates whether events and circumstances have occurred that may warrant revision of the estimated useful life of its fixed assets. Asset Retirement Obligations The partnership records an ARO for the fair value of the estimated costs to retire a tangible long-lived asset in the period in which it is incurred if it can be reasonably estimated, which is subsequently adjusted for accretion expense. The corresponding asset retirement costs are capitalized as a long-lived asset and depreciated on a straight-line basis over the asset’s remaining useful life. The expected present value technique used to calculate the fair value of AROs includes assumptions about costs, settlement dates, interest accretion and inflation. Changes in assumptions, including the amount or timing of estimated cash flows, could result in increases or decreases to the AROs. The partnership’s AROs are based on legal obligations to perform remedial activity when certain machinery and equipment are disposed and operating leases expire. Impairment of Long-Lived Assets The partnership reviews its long-lived assets, currently consisting of property and equipment, for impairment when events or changes in circumstances indicate that the carrying amount of a long-lived asset may not be recoverable. Recoverability of assets to be held and used is measured by comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Significant management judgment is required in determining the fair value of long-lived assets to measure impairment, including projections of future discounted cash flows. No impairment charges were recorded for the periods reported. Goodwill Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. The partnership’s goodwill currently is comprised of amounts recognized by the MLP predecessor related to terminal services assets. Goodwill is reviewed for impairment at least annually. The qualitative factors of goodwill are assessed to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. Under the first step, the fair value of the reporting unit is compared with its carrying value (including goodwill). If the fair value of the reporting unit is less than its carrying value, an indication of goodwill impairment exists for the reporting unit and the entity must perform step two of the impairment test. Under the second step, an impairment loss is recognized for any excess of the carrying amount of the reporting unit’s goodwill over the implied fair value of that goodwill. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation and the residual fair value after this allocation is the implied fair value of the reporting unit goodwill. Fair value of the reporting unit is determined using a discounted cash flow analysis. If the fair value of the reporting unit exceeds its carrying value, no further analysis is necessary. The partnership performs its annual impairment review of goodwill at October 1, and when a triggering event occurs between annual impairment tests. No impairment losses were recorded for the periods reported. Segment Reporting The partnership accounts for segment reporting in accordance with ASC 280, Segment Reporting , which establishes standards for entities reporting information about the operating segments and geographic areas in which they operate. Management evaluated how its chief operating decision maker has organized the partnership for purposes of making operating decisions and assessing performance, and concluded it has one reportable segment. Income Taxes Subsequent to its IPO, the partnership is a limited partnership and as a result is not subject to federal and state income taxes. The general partner and the unitholders are responsible for paying federal and state income taxes on their share of the partnership’s taxable income. The partnership recognizes uncertainties in income taxes within the financial statements under a process by which the likelihood of a tax position is gauged based upon the technical merits of the position, and then a subsequent measurement relates the maximum benefit and the degree of likelihood to determine the amount of benefit recognized in the financial statements. Financing Costs Fees and costs related to securing debt financing are recorded as financing costs. Debt issuance costs are stated at cost and are amortized utilizing the effective interest method for term loans and on a straight-line basis for revolving credit arrangements over the life of the agreements. However, during periods of construction, amortization of such costs is capitalized in construction-in-progress. General and Administrative Expenses General and administrative expenses are primarily general and administrative expenses for employee salaries, incentives and benefits; office expenses; director compensation; and professional fees for accounting, legal, consulting, and investor relations activities. Unit-Based Compensation The partnership recognizes compensation cost using a fair value based method whereby compensation cost is measured at the grant date based on the value of the award and is recognized over the service period, which is usually the vesting period. Units issued for compensation are valued using the market price of the stock on the date of the related agreement. Earnings Per Unit The partnership has identified common and subordinated units as participating securities and computes earnings per limited partner unit using the two-class method. Earnings per limited partner unit is computed by dividing limited partners' interest in net income, after deducting any incentive distributions, by the weighted-average number of common and subordinated units outstanding during the period, adjusted for the dilutive effect of any outstanding dilutive securities. Recent Accounting Pronouncements Effective January 1, 2015, the partnership early adopted the amended guidance in ASC 740, Income Taxes: Balance Sheet Classification of Deferred Taxes , which requires entities with a classified balance sheet to present all deferred tax assets and liabilities as noncurrent. The consolidated balance sheets reflect the retrospective adjustment for the amended guidance. Effective January 1, 2016, the partnership will adopt the amended guidance in ASC 835-30, Interest - Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs , which requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The amended guidance will be applied on a retrospective basis and the balance sheet of each individual period presented will be adjusted to reflect the period-specific effects of the new guidance. Effective January 1, 2016, the partnership will adopt the amended guidance in ASC 260, Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions , which specifies how to calculate historical earnings or losses per unit under the two-class method of a transferred business before the date of a dropdown transaction that should be allocated entirely to the general partner. The standard is effective for interim and annual periods beginning after December 15, 2015, and early adoption is permitted. The partnership is currently evaluating whether the adoption of ASC Topic 260 will have any impact on its consolidated financial statements, disclosures or future drop-down transactions. Effective January 1, 2018, the partnership will adopt the amended guidance in ASC 606, Revenue from Contracts with Customers , which requires revenue recognition to reflect the transfer of promised goods or services to customers. The updated standard permits either the retrospective or cumulative effect transition method. Early application beginning January 1, 2017, is permitted. The partnership does not expect the adoption of this guidance to have a material impact on its consolidated financial statements . |
Initial Public Offering
Initial Public Offering | 12 Months Ended |
Dec. 31, 2015 | |
Initial Public Offering [Abstract] | |
Initial Public Offering | 3. INITIAL PUBLIC OFFERING On June 26, 2015, the common units of the partnership began trading under the symbol “GPP” on Nasdaq. On July 1, 2015, the partnership closed the IPO of 11,500,000 common units to the public at a price of $15.00 per common unit. In connection with the IPO, the partnership issued (i) 4,389,642 common units and 15,889,642 subordinated units to Green Plains and its affiliates, representing a 62.5% limited partner interest in the partnership; (ii) a 2.0% general partner interest in the partnership and all of its incentive distribution rights to the general partner; and (iii) 11,500,000 common units to the public, representing a 35.5% limited partner interest in the partnership. Green Plains contributed the interests of BlendStar, its ethanol storage facilities and transportation assets, including its leased railcar fleet, to the partnership, and, through its wholly owned subsidiary, controls all of the business and affairs of the partnership. The partnership received net proceeds of $157. 5 million from the sale of 11,500,000 common units, after deducting underwriting discounts of $10.3 million, structuring fees of $0.9 million and other IPO expenses of approximately $3.8 million. The partnership used the net proceeds to make a cash distribution of $155.3 million to Green Plains, in part, as reimbursement for capital expenditures incurred and to pay $0.9 million in origination fees under its new revolving credit facility. The remaining $1.3 million was retained for general partnership purposes. The following descriptions relate to agreements entered into in connection with the IPO on July 1, 2015. For additional information and the agreements in their entirety, please refer to the prospectus and the current report on Form 8-K filed with the SEC on July 6, 2015, and Note 16 – Related Party Transactions to consolidated financial statements in this report. Omnibus Agreement In connection with the IPO, the partnership entered into an omnibus agreement with Green Plains and its affiliates which addresses: · the partnership’s obligation to reimburse Green Plains for direct or allocated costs and expenses incurred by Green Plains for general and administrative services (in addition to expenses incurred by the general partner and its affiliates that are reimbursed under the First Amended and Restated Agreement of Limited Partnership of the Green Plains Partners LP, or the partnership agreement); · the prohibition of Green Plains and its subsidiaries from owning, operating or investing in any business that owns or operates fuel terminals or fuel transportation assets in the United States, subject to exceptions; · the partnership’s right of first offer to acquire assets if Green Plains decides to sell them for up to five years from the consummation of the IPO; · a nontransferable, nonexclusive, royalty-free license to use the Green Plains trademark and name; · the allocation of taxes among the parent, the partnership and its affiliates and the parent’s preparation and filing of tax returns; and · an indemnity by Green Plains for environmental and other liabilities, the partnership’s obligation to indemnify Green Plains and its subsidiaries for events and conditions associated with the operation of partnership assets that occur after the closing of the IPO, and for environmental liabilities related to partnership assets to the extent Green Plains is not required to indemnify the partnership. If Green Plains or its affiliates cease to control the general partner, then either Green Plains or the partnership may terminate the omnibus agreement, provided that (i) the indemnification obligations of the parties survive according to their respective terms; and (ii) Green Plains’ obligation to reimburse the partnership for operational failures survives according to its terms. Contribution, Conveyance and Assumption Agreement On July 1, 2015, in connection with the IPO, the partnership entered into a contribution, conveyance and assumption agreement with the general partner, Green Plains, Green Plains Operating Company, Green Plains Obion and Green Plains Trucking, and the following transactions, among others, occurred concurrently with the closing of the IPO: · Green Plains conveyed its 2.25% limited liability interest in Green Plains Operating Company to the general partner, which the general partner then conveyed to the partnership in exchange for the general partner interest and all of the limited partner interests in the partnership classified as incentive distribution rights under the partnership agreement; · Green Plains conveyed its remaining 97.75% limited liability interest in Green Plains Operating Company to the partnership in exchange for 3,629,982 common units and 13,139,822 subordinated units; · Green Plains Obion conveyed its 10.32% limited liability interest in Green Plains Ethanol Storage to the partnership in exchange for 649,705 common units and 2,351,806 subordinated units; and · Green Plains Trucking conveyed its 100% interest in Green Plains Trucking II to the partnership in exchange for 109,955 common units and 398,014 subordinated units. Subsequent to the IPO, Green Plains Obion and Green Plains Trucking conveyed their interest in the partnership to Green Plains. Operating Services and Secondment Agreement In connection with the IPO, the general partner entered into an operational services and secondment agreement with Green Plains. Under the terms of the agreement, Green Plains seconds employees to the general partner to provide management, maintenance and operational functions for the partnership, including regulatory matters, health, environment, safety and security programs, operational services, emergency response, employees training, finance and administration, human resources, business operations and planning. The seconded personnel are under the direct management and supervision of the general partner. The general partner reimburses the parent for the cost of the seconded employees, including wages and benefits. If a seconded employee does not devote 100% of his or her time providing services to the general partner, the general partner reimburses the parent for a prorated portion of the employee’s overall wages and benefits based on the percentage of time the employee spent working for the general partner. The parent bills the general partner monthly in arrears for services provided during the prior month. Payment is due within 10 days of the general partner’s receipt of the invoice. Revolving Credit Facility In connection with the IPO, Green Plains Operating Company, entered into an agreement for a five -year, $100.0 million revolving credit facility, as the borrower, with various lenders to fund working capital, acquisitions, distributions, capital expenditures and other general partnership purposes. The revolving credit facility contains customary representations and warranties, affirmative covenants, negative covenants and events of default. The negative covenants include restrictions on the partnership’s ability to incur additional debt, acquire and sell assets, create liens, invest capital, pay distributions and materially amend the partnership’s commercial agreements with Green Plains Trade. See Note 8 – Debt to the consolidated financial statements for further details regarding the revolving credit facility. Commercial Agreements In connection with the IPO, the partnership entered into various fee-based commercial agreements with Green Plains Trade, including: · 10 -year storage and throughput agreement; · 6 -year rail transportation services agreement; and · 1 -year fee-based trucking transportation agreement. We also assumed: · 2.5 -year terminal services agreement for our Birmingham, Alabama unit train terminal; and · various other terminal services agreements for our other fuel terminal facilities, each with Green Plains Trade. The storage and throughput agreement and terminal services agreements are supported by minimum volume commitments. The rail transportation services agreement is supported by minimum take-or-pay capacity commitments. All of the commercial agreements with Green Plains Trade include provisions that permit Green Plains Trade to suspend, reduce or terminate its obligations under the applicable commercial agreement if certain events occur, including a material breach of the applicable commercial agreement by the partnership, force majeure events that prevent the partnership or Green Plains Trade from performing the respective ob ligations under the applicable commercial agreement, and not being available to Green Plains Trade for any reason other than action or inaction by Green Plains Trade. If Green Plains Trade reduces its minimum commitment under the commercial agreements, Green Plains Trade is required to pay fees on the revised minimum commitments only . |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Acquisitions [Abstract] | |
Acquisitions | 4. ACQUISITION Effective January 1, 2016, the partnership acquired the ethanol storage and leased railcar assets located in Hereford, Texas and Hopewell, Virginia from Green Plains, its sponsor, for consideration of $62.3 million. The transaction was financed through the use of the revolving credit facility and cash on hand. This transaction was considered a transfer between entities under common control, therefore the net assets were transferred at their historical cost of $6.3 million as of the original date of acquisition by the sponsor in the fourth quarter of 2015. The recast financial statements have been retroactively adjusted to reflect the results of operations, financial position and cash flows of this transaction as if the net assets were owned by the partnership since the sponsor purchased the two ethanol production facilities in the fourth quarter of 2015. The following is a summary of assets acquired and liabilities assumed as of January 1, 2016 (in thousands): Purchase price, January 1, 2016 $ 62,312 Identifiable assets acquired and liabilities assumed: Property and equipment, net 6,447 Asset retirement obligations (148) Total identifiable net assets 6,299 Partners' capital effect, January 1, 2016 $ 56,013 The following is a summary of the results of operations of the acquired assets for the period of common control during the year ended December 31, 2015 (in thousands): Year Ended December 31, 2015 Operations and maintenance $ 232 Depreciation and amortization 41 Total operating expenses 273 Net loss attributable to sponsor $ (273) At the time of acquisition, the Hopewell facility was not operational; however, upon completion of certain maintenance and enhancement projects, operations began at the plant in early February 2016. In conjunction with the transfer of assets under common control, the partnership entered into amendments to the 1) omnibus agreement, 2) operational services agreement, and 3) ethanol storage and throughput agreement; the rail transportation services agreement was also adjusted. Please refer to Note 16 – Related Party Transactions to consolidated financial statements for additional information . |
Fair Value Disclosures
Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | 5 . FAIR VALUE DISCLOSURES The following methods, assumptions and valuation techniques were used to estimate the fair value of the partnership’s financial instruments: Level 1 – unadjusted quoted prices in active markets for identical assets or liabilities the partnership can access at the measurement date. Level 2 – directly or indirectly observable inputs such, as quoted prices for similar assets or liabilities in active markets other than quoted prices included within Level 1, quoted prices for identical or similar assets in markets that are not active, and other inputs that are observable or can be substantially corroborated by observable market data through correlation or other means. Level 3 – unobservable inputs that are supported by little or no market activity and comprise a significant component of the fair value of the assets or liabilities. The partnership currently does not have any recurring Level 3 financial instruments. The carrying amounts of financial assets and liabilities with maturities of less than one year, including accounts receivable, cash and cash equivalents and accounts payable, approximate fair value due to the short period to maturity. The partnership uses market interest rates to measure the fair value of its long ‑term debt and adjusts those rates for all necessary risks, including its own credit risk. At December 31, 2015 and 2014 , the carrying amount of debt approximated fair value. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property and Equipment [Abstract] | |
Property and Equipment | 6. PROPERTY AND EQUIPMENT The components of property and equipment are as follows (in thousands): December 31, 2015 2014 Tanks and terminal equipment $ 37,974 $ 32,244 Leasehold improvements and other 10,242 10,092 Rail and rail equipment 4,551 4,551 Land and buildings 7,022 6,335 Trucks and other vehicles 1,495 357 Computer equipment, furniture and fixtures 216 208 Construction-in-progress 82 95 Total property and equipment 61,582 53,882 Less: accumulated depreciation (19,720) (15,956) Property and equipment, net $ 41,862 $ 37,926 In connection with the closing of the IPO on July 1, 2015, in addition to the interests of BlendStar, Green Plains contributed certain ethanol storage and railcar fixed assets in a transfer between entities under common control with a carrying value of $18.7 million. Effective January 1, 2016, the sponsor contributed the ethanol storage and railcar fixed assets of the Hereford, Texas and Hopewell, Virginia ethanol production facilities in a transfer between entities under common control with a carrying value of $6.4 million. The partnership recognized the assets at historical cost, which are reflected retroactively in the property and equipment table and the consolidated financial statements presented in this report. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill [Abstract] | |
Goodwill | 7. GOODWILL The partnership did not have any changes in the carrying amount of goodwill, which was $ 10.6 million at December 31, 2015 and 2014 . |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt [Abstract] | |
Debt | 8. DEBT Revolving Credit Facility On July 1, 2015, Green Plains Operating Company entered into an agreement for a five -year, $100.0 million revolving credit facility, as the borrower, with various lenders to fund working capital, acquisitions, distributions, capital expenditures and other general partnership purposes. The revolving credit facility contains customary representations and warranties, affirmative covenants, negative covenants and events of default. The negative covenants include restrictions on the partnership’s ability to incur additional debt, acquire and sell assets, create liens, invest capital, pay distributions and materially amend the partnership’s commercial agreements with Green Plains Trade. The revolving credit facility allows the partnership to request an increase up to an aggregate amount of $50.0 million without the consent of the lenders. The revolving credit facility is available for revolving loans, including sublimits of $15.0 million for swing line loans and $15.0 million for letters of credit. The partnership’s obligations under the revolving credit facility is secured by a first priority lien on (i) the capital stock of the partnership’s present and future subsidiaries, (ii) all of the partnership’s present and future personal property, including, but not limited to, investment property, general intangibles and contract rights, including rights under any agreements with Green Plains Trade, and (iii) all proceeds and products of the equity interests of the partnership’s present and future subsidiaries as well as its personal property. The partnership, each of its existing subsidiaries and future domestic subsidiaries also guarantee the revolving credit facility. Loans under the revolving credit facility are subject to a floating interest rate based on the partnership’s maximum consolidated net leverage ratio equal to (a) a base rate plus 75 to 175 basis points per year or (b) a LIBOR rate plus 175 to 275 basis points . The base rate is established as the highest of (i) the rate Bank of America, N.A. announces as its prime lending rate, (ii) the daily one-month LIBOR plus 100 basis points per year or (iii) the federal funds rate plus 50 basis points per year . The unused portion of the revolving credit facility is subject to a commitment fee based on the maximum consolidated net leverage ratio ranging from 30 to 50 basis points per year. The interest rate shall automatically be increased by 2.0% per year on overdue amounts for the period during which any event of default occurs or at the request of the lenders holding a majority of the commitments. The revolving credit facility requires the partnership to maintain a maximum consolidated net leverage ratio, as defined in the credit agreement, of no more than 3.50 to 1.00 and a minimum consolidated interest coverage ratio, as defined in the credit agreement, of no less than 2.75 to 1.00. In the event of default, the agent is entitled to take various actions, including the acceleration of amounts due under the revolving credit facility, termination of the commitments under the revolving credit facility and all remedial actions available to a secured creditor. The events of default comprise customary events for a financing agreement of this type, including, without limitation, payment defaults, material inaccuracies of representations and warranties, defaults in the performance of affirmative or negative covenants, including financial covenants, bankruptcy or related defaults, defaults relating to judgments, nonpayment of other material debt and change in control. In connection with the revolving credit facility, the partnership and its subsidiaries entered into customary ancillary agreements and arrangements, which, among other things, provide that the debt, obligations and liabilities arising under or in connection with the revolving credit facility are unconditionally guaranteed by the partnership and each of its existing subsidiaries and future domestic subsidiaries. The partnership had no borrowings outstanding under the revolving credit facility as of December 31, 2015 . Qualified Low Income Community Investment Notes Birmingham, a subsidiary of BlendStar, was a recipient of qualified low income community investment notes executed in June 2013 in conjunction with NMTC financing related to the Birmingham, Alabama terminal. Promissory notes payable totaling $10.0 million and notes receivable of $8.1 million were issued in connection with this transaction. The notes payable bear an interest rate of 1.0% per year and require quarterly interest only payments through December 31, 2019 . Beginning March 15, 2020, the notes payable require quarterly principal and interest payments of approximately $0.2 million and mature on September 15, 2031 . BlendStar retains the right to call $8.1 million of the promissory notes payable in 2020. Income tax credits were generated for the benefit of the lender in connection with the NMTC financing. BlendStar guaranteed the lender the value of these income tax credits over their statutory lives of seven years in the event the income tax credits are recaptured or reduced. The value of the income tax credits was estimated to be $5.0 million at the time of the transaction . The partnership believes the likelihood of recapture or reduction of the income tax credits is remote, and therefore has not established a liability in connection with this guarantee. The investors of the NMTC financing paid $1.9 million to Birmingham in the form of a promissory note and are entitled to all of the NMTC tax benefits derived from the Birmingham facility. This transaction includes a put/call provision under which BlendStar can cause the $1.9 million to be forgiven. The partnership accounted for the $1.9 million as a grant received and reflected a reduction in the carrying value of the property and equipment at Birmingham, which is recognized in earnings as a decrease in depreciation expense over the useful life of the property and equipment. Scheduled long ‑term debt repayments as of December 31, 2015 , are as follows (in thousands): Year Ending December 31, Amount 2016 $ - 2017 - 2018 - 2019 - 2020 665 Thereafter 7,435 Total $ 8,100 Covenant Compliance The partnership, including all of its subsidiaries, was in compliance with its debt covenants as of December 31, 2015 . Capitalized Interest The partnership’s policy is to capitalize interest costs incurred on debt during the construction of major projects. The partnership had no capitalized interest for the years ended December 31, 2015 and 2014 . |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2015 | |
Asset Retirement Obligations [Abstract] | |
Asset Retirement Obligations | 9. ASSET RETIREMENT OBLIGATIONS Under various lease agreements, the partnership has AROs when certain machinery and equipment are disposed or operating leases expire. The following table summarizes the change in the liability for the AROs (in thousands): Amount Balance, December 31, 2013 $ 2,148 Accretion expense 173 Revisions in estimated cash flows (278) Balance, December 31, 2014 2,043 Additional asset retirement obligations incurred 202 Accretion expense 201 Balance, December 31, 2015 $ 2,446 As of December 31, 2015 and 2014 , current AROs of $638 thousand and $28 thousand, respectively, are included in accrued and other liabilities on the consolidated balance sheets. |
Unit-Based Compensation
Unit-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Unit-Based Compensation [Abstract] | |
Unit-Based Compensation | 10. UNIT-BASED COMPENSATION The board of directors of the general partner adopted the LTIP upon completion of the IPO. The LTIP is intended to promote the interests of the partnership, its general partner and affiliates by providing incentive compensation awards based on units to employees, consultants and directors to encourage superior performance. The LTIP reserves 2,500,000 common units for issuance in the form of options, restricted units, phantom units, distributable equivalent rights, substitute awards, unit appreciation rights, unit awards, profits interest units or other unit-based awards. The partnership measures unit-based compensation grants at fair value on the grant date and records noncash compensation expense related to the awards over the requisite service period. In August 2015, the partnership granted 10,089 restricted unit awards under the LTIP, vesting on July 1, 2016, with a weighted average price of $14.93 to certain directors of the general partner. The restricted units are accounted for as equity-classified awards. The grant-date fair value, net of estimated forfeitures, is recognized as compensation costs on a straight-line basis over the requisite service period. Compensation costs of approximately $67 thousand were expensed during the year ended December 31, 2015 . There were no unit-based compensation costs during the years ended December 31, 2014 and 2013 . At December 31, 2015 , there were $83 thousand of unrecognized compensation costs from unit-based compensation agreements, which are related to non-vested awards. The general partner made a capital contribution of $3 thousand to maintain its 2% general partner interest in the partnership in connection with the restricted unit awards granted. |
Partners' Capital
Partners' Capital | 12 Months Ended |
Dec. 31, 2015 | |
Partners' Capital [Abstract] | |
Partners' Capital | 11. PARTNERS’ CAPITAL A rollforward of the number of common and subordinated limited partner units outstanding is as follows: Common Units- Common Units- Subordinated Units- Public Green Plains Green Plains Total Units issued in connection with IPO, July 1, 2015 11,500,000 4,389,642 15,889,642 31,779,284 Units issued under LTIP 10,089 - - 10,089 Units outstanding, December 31, 2015 11,510,089 4,389,642 15,889,642 31,789,373 The partnership’s subordinated units are not entitled to distributions until the common units have received the minimum quarterly distribution for that quarter plus any arrearages of the minimum quarterly distribution from prior quarters. Subordinated units do not accrue arrearages. The subordination period ends on the first business day after the date the partnership pays distributions of at least $1.60 on each of the outstanding common and subordinated units and the corresponding distribution on the general partner’s 2% general partner interest for three consecutive, four quarter periods ending on or after June 30, 2018, or $2.40 on each of the outstanding common units and subordinated units, and the corresponding distribution on the general partner’s 2% general partner interest and incentive distribution rights for any four-quarter period ending on or after June 30, 2016, provided there are no arrearages of the minimum quarterly distributions from prior quarters at that time. When the subordination period ends, each outstanding subordinated unit will convert into one common unit and the common units will no longer be entitled to arrearages. Issuance of Additional Securities The partnership agreement authorizes the partnership to issue unlimited additional partnership interests on the terms and conditions determined by the general partner without unitholder approval. It is possible the partnership will fund acquisitions through the issuance of additional common units, subordinated units or other partnership interests. Holders of any additional common units are entitled to share equally with existing holders in the partnership’s distributions of available cash. The issuance of additional common units or other partnership interests may dilute the value of the existing holders of common units’ interests. In accordance with Delaware law and the provisions of the partnership agreement, the partnership may also issue additional interests that have rights to distributions or special voting rights the common units do not have, as determined by the general partner. In addition, the partnership agreement does not prohibit the partnership’s subsidiaries to issue equity interests, which may effectively rank senior to the common units. The general partner has the right, which it may from time to time assign in whole or in part to any of its affiliates, to purchase common units, subordinated units or other partnership interests from the partnership whenever, and on the same terms that, the partnership issues those interests to persons other than the general partner and its affiliates to maintain the percentage interest of the general partner and its affiliates, including interests represented by common and subordinated units that existed immediately prior to each issuance. The other holders of common units do not have preemptive rights under the partnership agreement to acquire additional common units or other partnership interests. Cash Distribution Policy Quarterly distributions are made within 45 days after the end of each calendar quarter, assuming we have sufficient available cash. Available cash generally means, all cash and cash equivalents on hand at the end of that quarter less cash reserves established by the general partner plus all or any portion of the cash on hand resulting from working capital borrowings made subsequent to the end of that quarter. The general partner is entitled to 2% of all distributions prior to the partnership’s liquidation. The general partner’s 2% general partner interest is reduced if the partnership issues additional partnership interests and the general partner does not contribute a proportionate amount of capital to the partnership to maintain its 2% general partner interest. Before the partnership makes quarterly distributions to subordinated unitholders, the common unitholders are entitled to receive the full minimum quarterly distribution plus any arrearages in distributions from prior quarters. During the subordination period, the partnership makes distributions in the following manner: · first, 98% to the common unitholders, pro rata, and 2% to the general partner, until the partnership distributes an amount equal to the minimum quarterly distribution for that quarter on each outstanding common unit; · second, 98% to the common unitholders, pro rata, and 2% to the general partner, until the partnership distributes an amount equal to any arrearages of the minimum quarterly distribution for any prior quarters during the subordination period on each outstanding common unit; · third, 98% to the subordinated unitholders, pro rata, and 2% to the general partner, until the partnership distributes an amount equal to the minimum quarterly distribution for that quarter on each outstanding subordinated unit; and · thereafter, in the manner described in the table below. The preceding discussion is based on the assumptions that the general partner maintains its 2% general partner interest and the partnership does not issue additional classes of equity securities. The general partner also initially holds incentive distribution rights that entitles it to receive increasing percentages, up to 48% , of available cash distributed from operating surplus, as defined in the partnership agreement, in excess of $0.46 per unit per quarter. The maximum distribution of 48% does not include any distributions the general partner or its affiliates may receive on its general partner interest, common units or subordinated units. The following table illustrates the percentage allocations of available cash from operating surplus during the subordination period between the unitholders and the general partner, as the holder of the incentive distribution rights, based on the specified target distribution levels: Marginal Percentage Interest in Distribution (1) Total Quarterly Distribution Per Unit - Target Amount Common and Subordinated Unitholders General Partner (as holder of Incentive Distribution Rights) (2) Minimum quarterly distribution $0.40 98.0% 2.0% First target distribution above $0.40 up to $0.46 98.0% 2.0% Second target distribution above $0.46 up to $0.50 85.0% 15.0% Third target distribution above $0.50 up to $0.60 75.0% 25.0% Thereafter above $0.60 50.0% 50.0% (1) Includes percentage interests of the general partner, as the holder of incentive distribution rights, and the unitholders when the partnership distributes available cash from operating surplus up to and including the corresponding amount in the column “Total Quarterly Distribution Per Unit Target Amount.” The percentage interests shown for the unitholders and the general partner for the minimum quarterly distribution are also applicable to quarterly distribution amounts that are less than the minimum quarterly distribution. (2) The percentage interests for the general partner assume the general partner contributed additional capital necessary to maintain its 2% general partner interest, did not transfer any of its incentive distribution rights and there were no arrearages on common units. The table below summarizes 2015 quarterly cash distributions declarations, payments and scheduled payments through February 12, 2016: Year Ended December 31, 2015 Declaration Date Record Date Payment Date Quarterly Distribution Third quarter October 22, 2015 November 6, 2015 November 13, 2015 $ 0.40 Fourth quarter January 21, 2016 February 5, 2015 February 12, 2016 $ 0.4025 On January 21, 2016, the board of directors of the general partner declared a quarterly cash distribution of $0.4025 per unit, or approximately $13.1 million in total, for the quarter ended year ended December 31, 2015 . The distribution was paid on February 12, 2016, to unitholders of record as of February 5, 2016. The allocation of total cash distributions to the general and limited partners applicable to the period the distributions were earned are as follows (in thousands): Year Ended December 31, 2015 General partner distribution $ 521 Limited partners' distributions: Limited partner common units - public 9,237 Limited partner common units - Green Plains 3,523 Limited partner subordinated units - Green Plains 12,751 Total limited partners' distributions 25,511 Total cash distributions $ 26,032 |
Earnings Per Unit
Earnings Per Unit | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Unit [Abstract] | |
Earnings Per Unit | 12. EARNINGS PER UNIT The partnership computes earnings per unit using the two-class method. Earnings per unit applicable to common and subordinated units is calculated by dividing the respective limited partners’ interest in net income by the weighted average number of common and subordinated units outstanding during the period, adjusted for the dilutive effect of any outstanding dilutive securities. Diluted earnings per limited partner unit is the same as basic earnings per limited partner unit as there were no potentially dilutive common or subordinated units outstanding as of December 31, 2015 . Earnings per unit is calculated for periods following the IPO since there were no units outstanding before July 1, 2015 (in thousands, except for per unit data): Year Ended December 31, 2015 Limited Partner Common Units Limited Partner Subordinated Units General Partner Total Net income Distributions declared $ 12,760 $ 12,751 $ 521 $ 26,032 Earnings less than distributions (1,482) (1,480) (61) (3,023) Total net income $ 11,278 $ 11,271 $ 460 $ 23,009 Weighted-average units outstanding - basic and diluted 15,897 15,890 Earnings per limited partner unit - basic and diluted $ 0.71 $ 0.71 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | 13. INCOME TAXES The partnership is a limited partnership and as a result is not subject to federal and state income taxes. The general partner and the unitholders are responsible for paying federal and state income taxes on their share of the partnership’s taxable income. Green Plains Capital Company is a subsidiary of the partnership and is taxed as a corporation. Green Plains Capital Company recorded deferred tax assets in the amount of $77 thousand and income taxes payable in the amount of $67 thousand. Green Plains Capital Company’s effective tax rate for 2015 was immaterial to the financial statements. The MLP predecessor was a single member limited liability company, treated as a non-taxable disregarded entity in Green Plains’ federal and state income tax returns. For periods prior to the IPO, the consolidated financial statements reflect income taxes as if the MLP predecessor had filed separate federal and state tax returns. Under a tax sharing agreement between the MLP predecessor and Green Plains, the MLP predecessor periodically makes payments to Green Plains for its share of Green Plains’ tax liabilities. Differences between amounts due to Green Plains under the agreement and the total income tax expense of the MLP predecessor, which is determined as if the MLP predecessor filed separate tax returns, are reflected as member contributions in partners’ capital. These amounts included contributions of $11 thousand for the year ended December 31, 2015 and distributions of $437 thousand and $460 thousand for the years ended December 31, 2014 and 2013 . Income taxes for the MLP predecessor were accounted for under the asset and liability method. Income taxes receivable were $1.3 million for 2014 and reflected in accounts receivable to affiliate in the consolidated balance sheets. Income taxes payable were $0.1 million for 2013 and reflected in accounts payable to affiliates in the consolidated balance sheets. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and for net operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. At the closing of the IPO, current and deferred income taxes were settled through equity contributions from Green Plains. At the same time, the MLP predecessor’s participation in the tax sharing agreement was terminated. Income tax expense (benefit) consists of the following (in thousands): Year Ended December 31, 2015 2014 2013 Current $ 67 $ (398) $ (450) Deferred (4,076) (7,360) (4,255) Total $ (4,009) $ (7,758) $ (4,705) Differences between income tax expense (benefit) computed at the statutory federal income tax rate and as presented on the consolidated statements of operations are summarized as follows (in thousands): Year Ended December 31, 2015 2014 2013 Tax expense at federal statutory rate of 35% $ (3,666) $ (7,207) $ (4,380) State income tax expense, net of federal benefit (282) (546) (329) Other (61) (5) 4 Income tax expense $ (4,009) $ (7,758) $ (4,705) Significant components of deferred tax assets and liabilities are as follows (in thousands): December 31, 2015 2014 Deferred tax assets: Net operating loss carryforwards - Federal $ - $ 10,596 Net operating loss carryforwards - State - 793 Investment in partnership 77 - Other - 126 Total deferred tax assets 77 11,515 Deferred tax liabilities: Fixed assets - (1,670) Organization and start-up costs - (472) Accrued expenses - (361) Total deferred tax liabilities - (2,503) Deferred income taxes $ 77 $ 9,012 The partnership conducts business and its parent files tax returns in several states within the United States The partnership’s federal and state returns filed by its parent for the tax years ended November 30, 2012 and later are still subject to audit. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 14. COMMITMENTS AND CONTINGENCIES Operating Leases The partnership leases certain facilities, parcels of land, and railcars under agreements that expire on various dates. For accounting purposes, rent expense is based on a straight-line amortization of the total payments required over the term of the lease, which resulted in a deferred lease liability of approximately $ 349 thousand and $ 329 thousand as of December 31, 2015 and 2014 , respectively. The partnership incurred lease expenses of $22.4 million, $21.2 million and $13.2 million during the years ended December 31, 2015, 2014 and 2013 , respectively. Aggregate minimum lease payments under these agreements in future years are as follows (in thousands): Year Ending December 31, Amount 2016 $ 22,560 2017 14,820 2018 11,264 2019 8,576 2020 6,574 Thereafter 833 Total $ 64,627 In connection with the IPO, the partnership and Green Plains Trade entered into a ten-year storage and throughput agreement, under which Green Plains Trade is obligated to throughput a minimum of 212.5 mmg of product per calendar quarter at the partnership’s storage facilities and pay $0.05 per gallon on all volume it throughputs. Effective January 1, 2016, the storage and throughput agreement was amended in connection with the acquisition of the ethanol storage and leased railcar assets located in Hereford, Texas and Hopewell, Virginia. In accordance with the amended agreement, Green Plains Trade is now obligated to a throughput of 246.5 mmg per calendar quarter. For accounting purposes, the partnership records revenues related to this agreement as operating lease revenues. Minimum revenues under this agreement in future years, including the January 1, 2016, amendment, are as follows (in thousands): Year Ending December 31, Amount 2016 $ 49,300 2017 49,300 2018 49,300 2019 49,300 2020 49,300 Thereafter 221,850 Total $ 468,350 Service Agreements The partnership entered into agreements for contracted services with three vendors that require the partnership to pay minimum monthly amounts, which expire on various dates. The partnership exceeded all minimum commitments under these agreements during the years ended December 31, 2015, 2014 and 2013 . Aggregate minimum payments under these agreements in future years are as follows (in thousands): Year Ending December 31, Amount 2016 $ 292 2017 222 2018 - 2019 - 2020 - Thereafter - Total $ 514 Legal Routinely, the partnership may be involved in litigation that arises during the ordinary course of business. The partnership is not currently party to any material litigation. |
Major Customers
Major Customers | 12 Months Ended |
Dec. 31, 2015 | |
Major Customers [Abstract] | |
Major Customers | 15. MAJOR CUSTOMERS Revenues from three customers exceeding 10% of the partnership’s total revenues are as follows (in thousands): Year Ended December 31, 2015 2014 2013 Green Plains Trade $ 42,549 $ 4,359 $ 3,853 Customer A n/a 3,053 3,388 Customer B n/a 2,897 2,054 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 16. RELATED PARTY TRANSACTIONS The partnership engages in various related party transactions with Green Plains and subsidiaries of Green Plains. Green Plains provides a variety of shared services to the partnership, including general management, accounting and finance, payroll and human resources, information technology, legal, communications and treasury activities. These costs are proportionally allocated by Green Plains to its subsidiaries based on common financial metrics management believes are reasonable. While these allocated costs are not necessarily representative of costs that may have been incurred if they were from a third party, the partnership believes these costs would not have been materially different had they been calculated on a stand-alone basis. The partnership recorded expenses related to these shared services of approximately $1.6 million, $0.6 million and $0.5 million for the years ended December 31, 2015, 2014 and 2013 . In addition, the partnership reimburses Green Plains for wages and benefit costs of employees directly performing services on its behalf. Green Plains may also pay certain direct costs on behalf of the partnership, which are reimbursed by the partnership. The partnership believes the consolidated financial statements reflect all material costs of doing business related to these operations, including expenses incurred by other entities on its behalf. The partnership has various fee-based commercial agreements with Green Plains Trade. In connection with the IPO, the partnership entered into: · 10 -year storage and throughput agreement; · 6 -year rail transportation services agreement; and · 1 -year fee-based trucking transportation agreement. The partnership also assumed: · 2.5 -year terminal services agreement for our Birmingham, Alabama unit train terminal; and · various other terminal services agreements for our other fuel terminal facilities, each with Green Plains Trade. The storage and throughput agreement and terminal services agreements are supported by minimum volume commitments. The rail transportation services agreement is supported by minimum take-or-pay capacity commitments. Under the storage and throughput agreement, Green Plains Trade was obligated to throughput a minimum of 212.5 mmg of product per calendar quarter at the partnership’s storage facilities and pay $0.05 per gallon on all volume it throughputs. If Green Plains Trade fails to meet its minimum volume commitment during any quarter, Green Plains Trade will pay the partnership a deficiency payment equal to the deficient volume multiplied by the applicable fee. The deficiency payment may be applied as a credit toward volumes throughput by Green Plains Trade in excess of the minimum volume commitment during the next four quarters, after which time any unused credits will expire. For each of the quarters ended September 30, 2015, and December 31, 2015, Green Plains Trade met its minimum volume commitment, with throughput of 215.6 mmg and 248.8 mmg, respectively. Effective January 1, 2016, the storage and throughput agreement was amended in connection with the acquisition of ethanol storage and leased railcar assets located in Hereford, Texas and Hopewell, Virginia. Under the amended agreement, Green Plains Trade is now obligated to a throughput of 246.5 mmg per calendar quarter. All other terms and conditions are substantially similar to the initial agreement. Under the rail transportation services agreement, Green Plains Trade is obligated to use the partnership to transport ethanol and other fuels from receipt points identified by Green Plains Trade to nominated delivery points. During the year ended December 31, 2015 , the average monthly fee was approximately $0.0358 per gallon for the railcar volumetric capacity provided by the partnership, currently at 69.5 mmg. Green Plains Trade is also obligated to use the partnership for logistical operations management and other services related to railcar volumetric capacity. Green Plains Trade is obligated to pay a monthly fee of approximately $0.0013 per gallon for these services. Green Plains Trade reimburses the partnership for costs related to: (1) railcar switching and unloading fees; (2) increased costs related to changes in law or governmental regulation related to the specification, operation or maintenance of railcars; (3) demurrage charges, except when the charges are due to the partnership’s gross negligence or willful misconduct; and (4) fees related to rail transportation services under transportation contracts with third-party common carriers. Since the IPO, any lease renewals entered in to by Green Plains Trade were done in the normal course of business at comparable margins. Effective January 1, 2016, the rail transportation agreement, as previously amended, was adjusted pursuant to its terms in connection with the acquisition of ethanol storage and leased railcar assets located in Hereford, Texas and Hopewell, Virginia. The minimum railcar volumetric capacity commitment was increased by 6.7 mmg, to an aggregate of 79.6 mmg. Under the trucking transportation agreement, Green Plains Trade pays the partnership to use its truck transportation services to transport ethanol and other fuels from receipt points identified by Green Plains Trade to nominated delivery points. Green Plains Trade is obligated to pay a monthly trucking transportation services fee equal to the aggregate volume transported in a calendar month by the partnership’s trucks, multiplied by the applicable rate for each trucking lane. Green Plains Trade reimburses the partnership for costs related to: (1) truck switching and unloading fees; (2) increased costs related to changes in law or governmental regulation related to the specification, operation and maintenance of trucks; and (3) fees related to trucking transportation services under transportation contracts with third-party common carriers. Under the Birmingham terminal services agreement, Green Plains Trade is obligated to pay $0.0355 per gallon on its throughput subject to a minimum volume commitment of approximately 2.8 mmg per month of ethanol and other fuels, as well as fees for providing ancillary services. The partnership recorded revenues from Green Plains Trade under the storage and throughput agreement and rail transportation agreement of $36.9 million for the year ended December 31, 2015 . The MLP predecessor recorded revenues from Green Plains Trade related to trucking and terminal services of $5.6 million, $4.4 million and $3.9 million for the years ended December 31, 2015, 2014 and 2013 , respectively. In February 2015, a subsidiary of the MLP predecessor made an equity distribution to Green Plains in the amount of $3.3 million. BlendStar had a note payable due to Green Plains at the beginning of 2013 and made periodic interest and principal payments on the note at an interest rate of 7.50% . BlendStar paid Green Plains approximately $689 thousand in interest during the year ended December 31, 2013. During 2013, Green Plains and BlendStar agreed to convert intercompany advances, primarily for previously incurred capital expenditures, of $13.9 million as a member contribution to equity. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Data (Unaudited) [Abstract] | |
Quarterly Financial Data (Unaudited) | 17. QUARTERLY FINANCIAL DATA (Unaudited) The following tables set forth certain unaudited financial data for each of the quarters within the years ended December 31, 2015 and 2014 (in thousands, except per unit amounts). This information has been derived from the partnership’s consolidated financial statements and in management’s opinion, reflects all adjustments necessary for a fair presentation of the information for the quarters presented. The operating results for any quarter are not necessarily indicative of results for any future period. Three Months Ended December 31, 2015* September 30, 2015 June 30, 2015 March 31, 2015 Revenues $ 22,686 $ 21,410 $ 3,445 $ 3,396 Operating expenses 10,708 10,380 8,905 8,550 Operating income (expense) 11,978 11,030 (5,460) (5,154) Other income (expense) (131) (151) (14) 1 Income tax benefit (10) - (2,060) (1,939) Net income (loss) 11,857 10,879 (3,414) (3,214) Net loss attributable to MLP predecessor - - (3,414) (3,214) Net loss attributable to sponsor (273) - - - Net income attributable to the partnership $ 12,130 $ 10,879 $ - $ - Earnings per limited partner unit (basic and diluted): Common units $ 0.37 $ 0.34 Subordinated units $ 0.37 $ 0.34 Distribution declared $ 0.4025 $ 0.40 *Recast to include the historical results of operations related to the net assets acquired in a transfer between entities under common control. See Notes 1 and 4 to the consolidated financial statements for further discussion. Three Months Ended December 31, 2014 September 30, 2014 June 30, 2014 March 31, 2014 Revenues $ 3,288 $ 3,401 $ 3,277 $ 2,877 Operating expenses 9,762 8,669 7,735 7,205 Operating income (expense) (6,474) (5,268) (4,458) (4,328) Other income (expense) (16) (15) (23) (9) Income tax benefit (2,450) (1,988) (1,688) (1,632) Net income (loss) (4,040) (3,295) (2,793) (2,705) Net loss attributable to MLP predecessor (4,040) (3,295) (2,793) (2,705) Net income attributable to the partnership $ - $ - $ - $ - |
Basis of Presentation and Des24
Basis of Presentation and Description of Business (Policy) | 12 Months Ended |
Dec. 31, 2015 | |
Basis of Presentation and Description of Business [Abstract] | |
Consolidated Financial Statements | Consolidated Financial Statements The consolidated financial statements, prepared in accordance with GAAP, include the accounts of the Green Plains Partners LP and its subsidiaries. All significant intercompany balances and transactions are eliminated on a consolidated basis for reporting purposes. When transferring assets between entities under common control, the entity receiving the net assets initially recognizes the carrying amounts of the assets and liabilities at the date of transfer. The transferee’s prior period financial statements are recast for all periods its operations were part of the parent’s consolidated financial statements. On July 1, 2015, in addition to the interests of BlendStar, the partnership received the assets and liabilities of the ethanol storage and railcar assets contributed by its parent in a transfer between entities under common control. The partnership recognized the assets and liabilities transferred at the parent’s historical cost basis, which are reflected retroactively in the consolidated financial statements. Expenses related to these assets, such as depreciation, amortization and railcar lease expenses are also reflected retroactively. There are no revenues related to these assets reflected in the consolidated financial statements for periods before July 1, 2015, when the related commercial agreements became effective. Effective January 1, 2016, the partnership acquired the ethanol storage and leased railcar assets of the Hereford, Texas and Hopewell, Virginia ethanol production facilities from its sponsor in a transfer between entities under common control. The assets were recognized at historical cost and reflected retroactively along with related expenses for periods prior to the effective date of the acquisition, subsequent to the initial dates the assets were acquired by the sponsor, or October 23, 2015, and November 12, 2015, for Hopewell and Hereford, respectively . There were no revenues related to these assets for periods before January 1, 2016, when amendments to the commercial agreements related to the drop down became effective. The MLP predecessor was a single member limited liability company, treated as a non-taxable disregarded entity in Green Plains’ federal and state income tax returns. For periods prior to the IPO, the consolidated financial statements reflect income taxes as if the MLP predecessor had filed separate federal and state tax returns. |
Use of Estimates in the Preparation of Consolidated Financial Statements | Reclassifications Certain amounts were reclassified to conform to a revised current year presentation. These reclassifications did not affect total revenues, operating expenses, net income or partners’ capital. Use of Estimates in the Preparation of Consolidated Financial Statements Preparation of the consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The partnership bases its estimates on historical experience and assumptions it believes are proper and reasonable under the circumstances. The partnership regularly evaluates the appropriateness of these estimates and assumptions. Actual results could differ from those estimates. Key accounting policies, including, but not limited to, those related to depreciation of property and equipment, asset retirement obligations, and impairment of long-lived assets and goodwill are impacted significantly by judgments, assumptions and estimates used to prepare the consolidated financial statements. |
Description of Business | Description of Business The partnership provides fuel storage and transportation services by owning, operating, developing and acquiring ethanol and fuel storage tanks, terminals, transportation assets and other related assets and businesses. The partnership is its parent’s primary downstream logistics provider to support the parent’s approximately 1.2 bgy ethanol marketing and distribution business since the partnership’s assets are the principal method of storing and delivering the ethanol the parent produces. The ethanol produced by the parent is fuel grade, made principally from starch extracted from corn, and is primarily used for blending with gasoline. Ethanol currently comprises approximately 10% of the U.S. gasoline market and is an economical source of octane and oxygenate for blending into the fuel supply. The partnership does not take ownership of, or receive any payments based on the value of, the ethanol or other fuels it handles; as a result, the partnership does not have any direct exposure to fluctuations in commodity prices |
Summary Of Significant Accoun25
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |
Cash and Cash Equivalents and Restricted Cash | Cash and Cash Equivalents The Company considers short-term highly liquid investments with original maturities of three months or less to be cash equivalents. Cash and cash equivalents include bank deposits. |
Revenue Recognition | Revenue Recognition The partnership recognizes revenues when all of the following criteria are satisfied: persuasive evidence of an arrangement exists; services have been rendered; the price is fixed and determinable; and collectability is reasonably assured. The partnership derives revenues when product is delivered to the customer after volumes are transported through its ethanol storage tanks and fuel terminals, and transportation services are performed. The partnership generates a substantial portion of its revenues under fee-based commercial agreements with Green Plains Trade. The partnership’s storage and throughput agreement and certain terminal services agreements with Green Plains Trade are supported by minimum volume commitments. The partnership’s rail transportation services agreement is supported by minimum take-or-pay capacity commitments. Green Plains Trade is required to pay the partnership fees for these minimum commitments regardless of the actual volume, throughput or capacity used for transport. Payment related to volume that was not actually throughput by Green Plains Trade is applied as a credit toward volume in excess of the minimum volume commitment during any of the next four quarters, after which time unused credits expire. The partnership records a liability for deferred revenue in the amount of the credit that may be used in future periods and for any customer prepayments before the product is delivered. The partnership recognizes revenue and relieves the liability when throughput volumes exceed the minimum volume commitment or unused credits expire. As a result, a significant portion of the partnership’s revenues may be associated with cash collected during an earlier period that do not generate any cash during the current period. |
Concentrations of Credit Risk | Concentrations of Credit Risk In the normal course of business, the partnership is exposed to credit risk resulting from the possibility a loss may occur due to failure of another party to perform according to the terms of a contract. The partnership provides fuel storage and transportation services for various parties with a significant portion of its revenues earned from Green Plains Trade. The partnership continually monitors its credit risk exposure and concentrations. |
Trade Accounts Receivable | Trade Accounts Receivable Trade accounts receivable are recorded at the invoiced amount. The partnership assesses the need for an allowance for doubtful accounts for estimated losses inherent in its accounts receivable portfolio. In assessing the required allowance, the partnership considers historical losses adjusted to take into account current market conditions and its customers’ financial condition, the amount of receivables in dispute, current receivables’ aging and current payment patterns. The partnership does not have any off-balance-sheet credit exposure related to its customers. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation of these assets is generally computed using the straight-line method over the following estimated useful lives of the assets: Years Buildings and improvements 10 -40 Tanks and terminal equipment 15 -40 Rail and rail equipment 10 -22 Other machinery and equipment 5 -7 Computer and software 3 -5 Office furniture and equipment 5 -7 Property and equipment is capitalized at cost. Land improvements are capitalized and depreciated. Expenditures for property betterments and renewals are capitalized. Costs of repairs and maintenance are charged to expense as incurred. The partnership periodically evaluates whether events and circumstances have occurred that may warrant revision of the estimated useful life of its fixed assets. |
Asset Retirement Obligations | Asset Retirement Obligations The partnership records an ARO for the fair value of the estimated costs to retire a tangible long-lived asset in the period in which it is incurred if it can be reasonably estimated, which is subsequently adjusted for accretion expense. The corresponding asset retirement costs are capitalized as a long-lived asset and depreciated on a straight-line basis over the asset’s remaining useful life. The expected present value technique used to calculate the fair value of AROs includes assumptions about costs, settlement dates, interest accretion and inflation. Changes in assumptions, including the amount or timing of estimated cash flows, could result in increases or decreases to the AROs. The partnership’s AROs are based on legal obligations to perform remedial activity when certain machinery and equipment are disposed and operating leases expire. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The partnership reviews its long-lived assets, currently consisting of property and equipment, for impairment when events or changes in circumstances indicate that the carrying amount of a long-lived asset may not be recoverable. Recoverability of assets to be held and used is measured by comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Significant management judgment is required in determining the fair value of long-lived assets to measure impairment, including projections of future discounted cash flows. No impairment charges were recorded for the periods reported. |
Goodwill | Goodwill Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. The partnership’s goodwill currently is comprised of amounts recognized by the MLP predecessor related to terminal services assets. Goodwill is reviewed for impairment at least annually. The qualitative factors of goodwill are assessed to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. Under the first step, the fair value of the reporting unit is compared with its carrying value (including goodwill). If the fair value of the reporting unit is less than its carrying value, an indication of goodwill impairment exists for the reporting unit and the entity must perform step two of the impairment test. Under the second step, an impairment loss is recognized for any excess of the carrying amount of the reporting unit’s goodwill over the implied fair value of that goodwill. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation and the residual fair value after this allocation is the implied fair value of the reporting unit goodwill. Fair value of the reporting unit is determined using a discounted cash flow analysis. If the fair value of the reporting unit exceeds its carrying value, no further analysis is necessary. The partnership performs its annual impairment review of goodwill at October 1, and when a triggering event occurs between annual impairment tests. No impairment losses were recorded for the periods reported. |
Segment Reporting | Segment Reporting The partnership accounts for segment reporting in accordance with ASC 280, Segment Reporting , which establishes standards for entities reporting information about the operating segments and geographic areas in which they operate. Management evaluated how its chief operating decision maker has organized the partnership for purposes of making operating decisions and assessing performance, and concluded it has one reportable segment. |
Income Taxes | Income Taxes Subsequent to its IPO, the partnership is a limited partnership and as a result is not subject to federal and state income taxes. The general partner and the unitholders are responsible for paying federal and state income taxes on their share of the partnership’s taxable income. The partnership recognizes uncertainties in income taxes within the financial statements under a process by which the likelihood of a tax position is gauged based upon the technical merits of the position, and then a subsequent measurement relates the maximum benefit and the degree of likelihood to determine the amount of benefit recognized in the financial statements. |
Financing Costs | Financing Costs Fees and costs related to securing debt financing are recorded as financing costs. Debt issuance costs are stated at cost and are amortized utilizing the effective interest method for term loans and on a straight-line basis for revolving credit arrangements over the life of the agreements. However, during periods of construction, amortization of such costs is capitalized in construction-in-progress. |
Selling, General and Administrative Expenses | General and Administrative Expenses General and administrative expenses are primarily general and administrative expenses for employee salaries, incentives and benefits; office expenses; director compensation; and professional fees for accounting, legal, consulting, and investor relations activities. |
Unit-Based Compensation | Unit-Based Compensation The partnership recognizes compensation cost using a fair value based method whereby compensation cost is measured at the grant date based on the value of the award and is recognized over the service period, which is usually the vesting period. Units issued for compensation are valued using the market price of the stock on the date of the related agreement. |
Earnings Per Unit | Earnings Per Unit The partnership has identified common and subordinated units as participating securities and computes earnings per limited partner unit using the two-class method. Earnings per limited partner unit is computed by dividing limited partners' interest in net income, after deducting any incentive distributions, by the weighted-average number of common and subordinated units outstanding during the period, adjusted for the dilutive effect of any outstanding dilutive securities. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Effective January 1, 2015, the partnership early adopted the amended guidance in ASC 740, Income Taxes: Balance Sheet Classification of Deferred Taxes , which requires entities with a classified balance sheet to present all deferred tax assets and liabilities as noncurrent. The consolidated balance sheets reflect the retrospective adjustment for the amended guidance. Effective January 1, 2016, the partnership will adopt the amended guidance in ASC 835-30, Interest - Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs , which requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The amended guidance will be applied on a retrospective basis and the balance sheet of each individual period presented will be adjusted to reflect the period-specific effects of the new guidance. Effective January 1, 2016, the partnership will adopt the amended guidance in ASC 260, Effects on Historical Earnings per Unit of Master Limited Partnership Dropdown Transactions , which specifies how to calculate historical earnings or losses per unit under the two-class method of a transferred business before the date of a dropdown transaction that should be allocated entirely to the general partner. The standard is effective for interim and annual periods beginning after December 15, 2015, and early adoption is permitted. The partnership is currently evaluating whether the adoption of ASC Topic 260 will have any impact on its consolidated financial statements, disclosures or future drop-down transactions. Effective January 1, 2018, the partnership will adopt the amended guidance in ASC 606, Revenue from Contracts with Customers , which requires revenue recognition to reflect the transfer of promised goods or services to customers. The updated standard permits either the retrospective or cumulative effect transition method. Early application beginning January 1, 2017, is permitted. The partnership does not expect the adoption of this guidance to have a material impact on its consolidated financial statements |
Summary Of Significant Accoun26
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives of Assets | Years Buildings and improvements 10 -40 Tanks and terminal equipment 15 -40 Rail and rail equipment 10 -22 Other machinery and equipment 5 -7 Computer and software 3 -5 Office furniture and equipment 5 -7 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Acquisitions [Abstract] | |
Summary of Assets Acquired and Liabilities Assumed | The following is a summary of assets acquired and liabilities assumed as of January 1, 2016 (in thousands): Purchase price, January 1, 2016 $ 62,312 Identifiable assets acquired and liabilities assumed: Property and equipment, net 6,447 Asset retirement obligations (148) Total identifiable net assets 6,299 Partners' capital effect, January 1, 2016 $ 56,013 |
Summary of the Results of Operations of the Acquired Assets for the Period of Common Control | The following is a summary of the results of operations of the acquired assets for the period of common control during the year ended December 31, 2015 (in thousands): Year Ended December 31, 2015 Operations and maintenance $ 232 Depreciation and amortization 41 Total operating expenses 273 Net loss attributable to sponsor $ (273) |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property and Equipment [Abstract] | |
Schedule Of Components Of Property And Equipment | The components of property and equipment are as follows (in thousands): December 31, 2015 2014 Tanks and terminal equipment $ 37,974 $ 32,244 Leasehold improvements and other 10,242 10,092 Rail and rail equipment 4,551 4,551 Land and buildings 7,022 6,335 Trucks and other vehicles 1,495 357 Computer equipment, furniture and fixtures 216 208 Construction-in-progress 82 95 Total property and equipment 61,582 53,882 Less: accumulated depreciation (19,720) (15,956) Property and equipment, net $ 41,862 $ 37,926 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt [Abstract] | |
Schedule of Long-Term Debt Repayments | Scheduled long ‑term debt repayments as of December 31, 2015 , are as follows (in thousands): Year Ending December 31, Amount 2016 $ - 2017 - 2018 - 2019 - 2020 665 Thereafter 7,435 Total $ 8,100 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Asset Retirement Obligations [Abstract] | |
Schedule of Change in the Liability for the Asset Retirement Obligations | The following table summarizes the change in the liability for the AROs (in thousands): Amount Balance, December 31, 2013 $ 2,148 Accretion expense 173 Revisions in estimated cash flows (278) Balance, December 31, 2014 2,043 Additional asset retirement obligations incurred 202 Accretion expense 201 Balance, December 31, 2015 $ 2,446 |
Partners' Capital (Tables)
Partners' Capital (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Partners' Capital [Abstract] | |
Rollforward of the Number of Common and Subordinated Limited Partner Units Outstanding | A rollforward of the number of common and subordinated limited partner units outstanding is as follows: Common Units- Common Units- Subordinated Units- Public Green Plains Green Plains Total Units issued in connection with IPO, July 1, 2015 11,500,000 4,389,642 15,889,642 31,779,284 Units issued under LTIP 10,089 - - 10,089 Units outstanding, December 31, 2015 11,510,089 4,389,642 15,889,642 31,789,373 |
Summary of the Percentage Allocations of Available Cash From Operating Surplus Based on Specified Target Distribution Levels | The following table illustrates the percentage allocations of available cash from operating surplus during the subordination period between the unitholders and the general partner, as the holder of the incentive distribution rights, based on the specified target distribution levels: Marginal Percentage Interest in Distribution (1) Total Quarterly Distribution Per Unit - Target Amount Common and Subordinated Unitholders General Partner (as holder of Incentive Distribution Rights) (2) Minimum quarterly distribution $0.40 98.0% 2.0% First target distribution above $0.40 up to $0.46 98.0% 2.0% Second target distribution above $0.46 up to $0.50 85.0% 15.0% Third target distribution above $0.50 up to $0.60 75.0% 25.0% Thereafter above $0.60 50.0% 50.0% (1) Includes percentage interests of the general partner, as the holder of incentive distribution rights, and the unitholders when the partnership distributes available cash from operating surplus up to and including the corresponding amount in the column “Total Quarterly Distribution Per Unit Target Amount.” The percentage interests shown for the unitholders and the general partner for the minimum quarterly distribution are also applicable to quarterly distribution amounts that are less than the minimum quarterly distribution. (2) The percentage interests for the general partner assume the general partner contributed additional capital necessary to maintain its 2% general partner interest, did not transfer any of its incentive distribution rights and there were no arrearages on common units. |
Summary of Quarterly Cash Distributions Declarations, Payments and Scheduled Payments | The table below summarizes 2015 quarterly cash distributions declarations, payments and scheduled payments through February 12, 2016: Year Ended December 31, 2015 Declaration Date Record Date Payment Date Quarterly Distribution Third quarter October 22, 2015 November 6, 2015 November 13, 2015 $ 0.40 Fourth quarter January 21, 2016 February 5, 2015 February 12, 2016 $ 0.4025 |
Schedule Allocation of Total Cash Distributions to the General and Limited Partners | The allocation of total cash distributions to the general and limited partners applicable to the period the distributions were earned are as follows (in thousands): Year Ended December 31, 2015 General partner distribution $ 521 Limited partners' distributions: Limited partner common units - public 9,237 Limited partner common units - Green Plains 3,523 Limited partner subordinated units - Green Plains 12,751 Total limited partners' distributions 25,511 Total cash distributions $ 26,032 |
Earnings Per Unit (Tables)
Earnings Per Unit (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Unit [Abstract] | |
Schedule Of Basic And Diluted Earnings Per Unit | Earnings per unit is calculated for periods following the IPO since there were no units outstanding before July 1, 2015 (in thousands, except for per unit data): Year Ended December 31, 2015 Limited Partner Common Units Limited Partner Subordinated Units General Partner Total Net income Distributions declared $ 12,760 $ 12,751 $ 521 $ 26,032 Earnings less than distributions (1,482) (1,480) (61) (3,023) Total net income $ 11,278 $ 11,271 $ 460 $ 23,009 Weighted-average units outstanding - basic and diluted 15,897 15,890 Earnings per limited partner unit - basic and diluted $ 0.71 $ 0.71 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Schedule Of Income Tax Expense (Benefit) | Income tax expense (benefit) consists of the following (in thousands): Year Ended December 31, 2015 2014 2013 Current $ 67 $ (398) $ (450) Deferred (4,076) (7,360) (4,255) Total $ (4,009) $ (7,758) $ (4,705) |
Schedule Of Differences Between The Income Tax Expense (Benefit)Computed At The Statutory Federal income Tax Rate And As Presented On The Consolidated Statements Of Operations | Differences between income tax expense (benefit) computed at the statutory federal income tax rate and as presented on the consolidated statements of operations are summarized as follows (in thousands): Year Ended December 31, 2015 2014 2013 Tax expense at federal statutory rate of 35% $ (3,666) $ (7,207) $ (4,380) State income tax expense, net of federal benefit (282) (546) (329) Other (61) (5) 4 Income tax expense $ (4,009) $ (7,758) $ (4,705) |
Schedule Of Significant Components Of Deferred Tax Assets And Liabilities | Significant components of deferred tax assets and liabilities are as follows (in thousands): December 31, 2015 2014 Deferred tax assets: Net operating loss carryforwards - Federal $ - $ 10,596 Net operating loss carryforwards - State - 793 Investment in partnership 77 - Other - 126 Total deferred tax assets 77 11,515 Deferred tax liabilities: Fixed assets - (1,670) Organization and start-up costs - (472) Accrued expenses - (361) Total deferred tax liabilities - (2,503) Deferred income taxes $ 77 $ 9,012 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies [Abstract] | |
Schedule of Aggregate Minimum Lease Payments | Aggregate minimum lease payments under these agreements in future years are as follows (in thousands): Year Ending December 31, Amount 2016 $ 22,560 2017 14,820 2018 11,264 2019 8,576 2020 6,574 Thereafter 833 Total $ 64,627 |
Sumamry of Minimum Future Rental Revenue | Minimum revenues under this agreement in future years, including the January 1, 2016, amendment, are as follows (in thousands): Year Ending December 31, Amount 2016 $ 49,300 2017 49,300 2018 49,300 2019 49,300 2020 49,300 Thereafter 221,850 Total $ 468,350 |
Schedule of Aggregate Minimum Service Payments | Aggregate minimum payments under these agreements in future years are as follows (in thousands): Year Ending December 31, Amount 2016 $ 292 2017 222 2018 - 2019 - 2020 - Thereafter - Total $ 514 |
Major Customers (Tables)
Major Customers (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Major Customers [Abstract] | |
Schedule of Revenue by Major Customers | Revenues from three customers exceeding 10% of the partnership’s total revenues are as follows (in thousands): Year Ended December 31, 2015 2014 2013 Green Plains Trade $ 42,549 $ 4,359 $ 3,853 Customer A n/a 3,053 3,388 Customer B n/a 2,897 2,054 |
Quarterly Financial Data (Una36
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Data (Unaudited) [Abstract] | |
Schedule of Quarterly Financial Information | The operating results for any quarter are not necessarily indicative of results for any future period. Three Months Ended December 31, 2015* September 30, 2015 June 30, 2015 March 31, 2015 Revenues $ 22,686 $ 21,410 $ 3,445 $ 3,396 Operating expenses 10,708 10,380 8,905 8,550 Operating income (expense) 11,978 11,030 (5,460) (5,154) Other income (expense) (131) (151) (14) 1 Income tax benefit (10) - (2,060) (1,939) Net income (loss) 11,857 10,879 (3,414) (3,214) Net loss attributable to MLP predecessor - - (3,414) (3,214) Net loss attributable to sponsor (273) - - - Net income attributable to the partnership $ 12,130 $ 10,879 $ - $ - Earnings per limited partner unit (basic and diluted): Common units $ 0.37 $ 0.34 Subordinated units $ 0.37 $ 0.34 Distribution declared $ 0.4025 $ 0.40 *Recast to include the historical results of operations related to the net assets acquired in a transfer between entities under common control. See Notes 1 and 4 to the consolidated financial statements for further discussion. Three Months Ended December 31, 2014 September 30, 2014 June 30, 2014 March 31, 2014 Revenues $ 3,288 $ 3,401 $ 3,277 $ 2,877 Operating expenses 9,762 8,669 7,735 7,205 Operating income (expense) (6,474) (5,268) (4,458) (4,328) Other income (expense) (16) (15) (23) (9) Income tax benefit (2,450) (1,988) (1,688) (1,632) Net income (loss) (4,040) (3,295) (2,793) (2,705) Net loss attributable to MLP predecessor (4,040) (3,295) (2,793) (2,705) Net income attributable to the partnership $ - $ - $ - $ - |
Basis of Presentation and Des37
Basis of Presentation and Description of Business (Details) gal in Billions | 12 Months Ended |
Dec. 31, 2015gal | |
Green Plains Inc. [Member] | |
Basis of Presentation and Significant Accounting Policies [Line Items] | |
Ethanol production capacity (in gallons) | 1.2 |
Summary Of Significant Accoun38
Summary Of Significant Accounting Policies (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)segment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Summary Of Significant Accounting Policies [Abstract] | |||
Intangible assets impairment charges | $ 0 | $ 0 | $ 0 |
Goodwill impairment loss | $ 0 | $ 0 | $ 0 |
Number of reportable segments | segment | 1 |
Summary Of Significant Accoun39
Summary Of Significant Accounting Policies (Schedule Of Estimated Useful Lives Of Assets) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Buildings and Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Buildings and Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 40 years |
Tanks and Terminal Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 15 years |
Tanks and Terminal Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 40 years |
Rail and Rail Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Rail and Rail Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 22 years |
Other Machinery And Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Other Machinery And Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 7 years |
Computer And Software [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Computer And Software [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Office Furniture And Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Office Furniture And Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 7 years |
Initial Public Offering (Narrat
Initial Public Offering (Narrative) (Details) - USD ($) | Jul. 01, 2015 | Dec. 31, 2015 |
IPO [Member] | ||
Net proceeds received as part of the transaction | $ 157,500,000 | |
Underwriting discounts | 10,300,000 | |
Structuring fees | 900,000 | |
Offering expenses | 3,800,000 | |
Distribution to Green Plains Inc. | 155,300,000 | |
Proceeds from issuance of Green Plains Partners common units, retained for general partnership purposes | 1,300,000 | |
Revolving Credit Facility [Member] | ||
Debt instrument, term | 5 years | |
Revolving Credit Facility [Member] | IPO [Member] | ||
Origination fees | $ 900,000 | |
Debt instrument, term | 5 years | |
Line of credit, maximum borrowing capacity | $ 100,000,000 | |
Limited Partners [Member] | IPO [Member] | ||
Ownership interest, public, percentage | 35.50% | |
General Partner [Member] | ||
Ownership interest, percentage | 2.00% | |
Common Units [Member] | IPO [Member] | ||
Number of units issued as part of the transaction | 11,500,000 | |
Offering price per unit sold to the public | $ 15 | |
Partnership [Member] | IPO [Member] | Green Plains Operating Company LLC ("OpCo") [Member] | ||
Limited liability company, ownership interest | 97.75% | |
Partnership [Member] | IPO [Member] | Green Plains Ethanol Storage LLC [Member] | ||
Limited liability company, ownership interest | 10.32% | |
Partnership [Member] | IPO [Member] | Green Plains Trucking II LLC [Member] | ||
Limited liability company, ownership interest | 100.00% | |
Partnership [Member] | General Partner [Member] | IPO [Member] | Green Plains Operating Company LLC ("OpCo") [Member] | ||
Limited liability company, ownership interest | 2.25% | |
Partnership [Member] | Common Units [Member] | IPO [Member] | Green Plains Operating Company LLC ("OpCo") [Member] | ||
Units issued | 3,629,982 | |
Partnership [Member] | Common Units [Member] | IPO [Member] | Green Plains Ethanol Storage LLC [Member] | ||
Units issued | 649,705 | |
Partnership [Member] | Common Units [Member] | IPO [Member] | Green Plains Trucking II LLC [Member] | ||
Units issued | 109,955 | |
Partnership [Member] | Subordinated Units [Member] | IPO [Member] | Green Plains Operating Company LLC ("OpCo") [Member] | ||
Units issued | 13,139,822 | |
Partnership [Member] | Subordinated Units [Member] | IPO [Member] | Green Plains Ethanol Storage LLC [Member] | ||
Units issued | 2,351,806 | |
Partnership [Member] | Subordinated Units [Member] | IPO [Member] | Green Plains Trucking II LLC [Member] | ||
Units issued | 398,014 | |
Green Plains Inc. [Member] | Limited Partners [Member] | IPO [Member] | ||
Ownership interest, percentage | 62.50% | |
Green Plains Inc. [Member] | General Partner [Member] | IPO [Member] | ||
Ownership interest, percentage | 2.00% | |
Green Plains Inc. [Member] | Common Units [Member] | Limited Partners [Member] | IPO [Member] | ||
Units issued | 4,389,642 | |
Green Plains Inc. [Member] | Subordinated Units [Member] | Limited Partners [Member] | IPO [Member] | ||
Units issued | 15,889,642 | |
Omnibus Agreement [Member] | IPO [Member] | ||
Right of first offer to acquire assets, maximum term | 5 years | |
Fee-based Storage and Throughput Agreement [Member] | IPO [Member] | Green Plains Trade [Member] | ||
Service agreement, term | 10 years | |
Fee-based Rail Transportation Services Agreement [Member] | IPO [Member] | Green Plains Trade [Member] | ||
Service agreement, term | 6 years | |
Fee-based Trucking Transportation Agreement [Member] | IPO [Member] | Green Plains Trade [Member] | ||
Service agreement, term | 1 year | |
Birmingham Terminal Services Agreement [Member] | IPO [Member] | Green Plains Trade [Member] | ||
Service agreement, term | 2 years 6 months |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - Assets of Hereford, Texas and Hopewell, Virginia [Member] $ in Thousands | Jan. 01, 2016USD ($) |
Business Acquisition [Line Items] | |
Consideration transferred | $ 62,312 |
Net assets, historical cost | $ 6,299 |
Acquisitions (Summary of Assets
Acquisitions (Summary of Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands | Jan. 01, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Identifiable assets acquired and liabilities assumed: | |||||
Partners' capital effect, January 1, 2016 | $ 71,810 | $ 67,307 | $ 59,251 | $ 31,823 | |
Assets of Hereford, Texas and Hopewell, Virginia [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase price, January 1, 2016 | $ 62,312 | ||||
Identifiable assets acquired and liabilities assumed: | |||||
Property and equipment, net | 6,447 | ||||
Asset retirement obligations | (148) | ||||
Total identifiable net assets | 6,299 | ||||
Partners' capital effect, January 1, 2016 | $ 56,013 |
Acquisitions (Summary of the Re
Acquisitions (Summary of the Results of Operations of the Acquired Assets for the Period of Common Control) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition [Line Items] | |||||||||||
Operations and maintenance | $ 29,601 | $ 26,424 | $ 17,854 | ||||||||
Depreciation and amortization | 5,828 | 5,544 | 3,572 | ||||||||
Total operating expenses | $ 10,708 | $ 10,380 | $ 8,905 | $ 8,550 | $ 9,762 | $ 8,669 | $ 7,735 | $ 7,205 | 38,543 | $ 33,371 | $ 22,828 |
Net loss attributable to sponsor | $ (273) | (273) | |||||||||
Assets of Hereford, Texas and Hopewell, Virginia [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Operations and maintenance | 232 | ||||||||||
Depreciation and amortization | 41 | ||||||||||
Total operating expenses | 273 | ||||||||||
Net loss attributable to sponsor | $ (273) |
Property and Equipment (Narrati
Property and Equipment (Narrative) (Details) - USD ($) $ in Thousands | Jan. 01, 2016 | Dec. 31, 2015 | Jul. 01, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, net | $ 41,862 | $ 37,926 | ||
Storage and Railcar Fixed Assets [Member] | IPO [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, net | $ 18,700 | |||
Storage and Railcar Fixed Assets [Member] | Assets of Hereford, Texas and Hopewell, Virginia [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, net | $ 6,400 |
Property and Equipment (Compone
Property and Equipment (Components of Property and Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 61,582 | $ 53,882 |
Less: accumulated depreciation | (19,720) | (15,956) |
Property and equipment, net | 41,862 | 37,926 |
Tanks and Terminal Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 37,974 | 32,244 |
Leasehold Improvements And Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 10,242 | 10,092 |
Rail and Rail Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 4,551 | 4,551 |
Land and Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 7,022 | 6,335 |
Trucks and Other Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 1,495 | 357 |
Computer Equipment, Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 216 | 208 |
Construction-In-Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 82 | $ 95 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Goodwill [Abstract] | ||
Goodwill | $ 10,598 | $ 10,598 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Debt Instrument [Line Items] | ||
Line of credit, carrying value | $ 0 | |
Note receivable | 8,100,000 | $ 8,100,000 |
Capitalized interest | $ 0 | $ 0 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, term | 5 years | |
Debt instrument, face amount | $ 100,000,000 | |
Additional amount available under credit facility without consent of the lenders | 50,000,000 | |
Sublimit available for swing line loans under credit facility | 15,000,000 | |
Sublimit available for letters of credit under credit facility | $ 15,000,000 | |
Interest rate increase, percentage | 2.00% | |
Minimum [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Net leverage ratio, basis points per annum | 30 | |
Interest coverage ratio | 2.75 | |
Maximum [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Net leverage ratio, basis points per annum | 50 | |
Net leverage ratio | 3.50 | |
Base Rate [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate, basis for effective rate | base rate plus 75 to 175 basis points per year | |
Base Rate [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate, basis spread on variable rate, percentage | 0.75% | |
Base Rate [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate, basis spread on variable rate, percentage | 1.75% | |
LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate, basis spread on variable rate, percentage | 1.00% | |
LIBOR [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate, basis for effective rate | LIBOR rate plus 175 to 275 basis points | |
LIBOR [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate, basis spread on variable rate, percentage | 1.75% | |
LIBOR [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate, basis spread on variable rate, percentage | 2.75% | |
Federal Funds Rate [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate, basis spread on variable rate, percentage | 0.50% | |
Birmingham BioEnergy Partners LLC [Member] | New Market Tax Credits [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 10,000,000 | |
Note receivable | $ 8,100,000 | |
Interest rate, stated percentage | 1.00% | |
Principal payments (including interest) | $ 200,000 | |
Debt instrument, right to call | $ 8,100,000 | |
Income tax credits, statutory life | 7 years | |
Anticipated tax credits | $ 5,000,000 | |
Birmingham BioEnergy Partners LLC [Member] | New Market Tax Credits [Member] | Promissory Note [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 1,900,000 |
Debt (Schedule of Long-Term Deb
Debt (Schedule of Long-Term Debt Repayments) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Debt [Abstract] | |
2,016 | $ 0 |
2,017 | 0 |
2,018 | 0 |
2,019 | 0 |
2,020 | 665 |
Thereafter | 7,435 |
Total | $ 8,100 |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Balance at beginning of year | $ 2,043 | $ 2,148 |
Additional asset retirement obligations incurred | 202 | |
Accretion expense | 201 | 173 |
Revisions in estimated cash flows | (278) | |
Balance at end of year | 2,446 | 2,043 |
Accrued And Other Liabilities [Member] | ||
Asset Retirement Obligations [Line Items] | ||
Asset retirement obligation, current | $ 638 | $ 28 |
Unit-Based Compensation (Detail
Unit-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized | 2,500,000 | |||
Restricted Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted unit awards, granted | 10,089 | |||
Restricted unit awards, weighted average price | $ 14.93 | |||
Compensation costs | $ 67 | $ 0 | $ 0 | |
Unrecognized compensation costs | 83 | |||
General Partner [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
General partners' contributed capital | $ 3 | |||
Ownership interest, percentage | 2.00% |
Partners' Capital (Narrative) (
Partners' Capital (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2015 | |
Limited Partners' Capital Account [Line Items] | |||
Incentive distribution rights, maximum ownership percentage by general partner | 48.00% | ||
Quarterly cash distribution declared | $ 13,100 | $ 12,975 | |
Quarterly distribution declared, per unit | $ 0.4025 | $ 0.40 | |
General Partner [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Ownership interest, percentage | 2.00% | ||
Partnership distributions, first qualifier, percentage distribution on each oustanding unit | 2.00% | ||
Partnership distributions, second qualifier, percentage distribution on any arrearages to each outstanding unit | 2.00% | ||
Partnership distributions, third qualifier, percentage distribution on each outstanding unit | 2.00% | ||
Quarterly cash distribution declared | $ 259 | ||
Common Units [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Partnership distributions, first qualifier, percentage distribution on each oustanding unit | 98.00% | ||
Partnership distributions, second qualifier, percentage distribution on any arrearages to each outstanding unit | 98.00% | ||
Subordinated Units [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Partnership distributions, third qualifier, percentage distribution on each outstanding unit | 98.00% | ||
Three Consecutive, Four Quarter Periods Ending On or After June 30 2018 [Member] | Minimum [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Annualized minimum distirbutions to be paid, per unit | $ 1.60 | ||
Any Four Quarter Period Ending On or After June 30, 2016, Provided No Arrearages [Member] | Minimum [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Annualized minimum distirbutions to be paid, per unit | 2.40 | ||
Second Target Distribution [Member] | Minimum [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Total quarterly distribution per unit, target amount | $ 0.46 |
Partners' Capital (Rollforward
Partners' Capital (Rollforward Of The Number Of Common And Subordinated Limited Partner Units Outstanding) (Details) - USD ($) | 6 Months Ended | |
Dec. 31, 2015 | Jul. 01, 2015 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Units issued in connection with IPO, July 1, 2015 | $ 31,779,284 | |
Units issued under LTIP | 10,089 | |
Units, December 31, 2015 | 31,789,373 | |
Common Units - Public [Member] | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Units issued in connection with IPO, July 1, 2015 | 11,500,000 | |
Units issued under LTIP | 10,089 | |
Units, December 31, 2015 | 11,510,089 | |
Common Units - Green Plains [Member] | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Units issued in connection with IPO, July 1, 2015 | 4,389,642 | |
Units issued under LTIP | ||
Units, December 31, 2015 | 4,389,642 | |
Subordinated Units [Member] | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||
Units issued in connection with IPO, July 1, 2015 | $ 15,889,642 | |
Units issued under LTIP | ||
Units, December 31, 2015 | 15,889,642 |
Partners' Capital (Summary Of T
Partners' Capital (Summary Of The Percentage Allocations Of Available Cash From Operating Surplus Based On Specified Target Distribution Levels) (Details) | 12 Months Ended |
Dec. 31, 2015$ / shares | |
Minimum [Member] | Minimum Quarterly Distribution [Member] | |
Distributions Made to Limited Partners And General Partner [Line Items] | |
Total Quarterly Distribution Per Unit - Target Amount | $ 0.40 |
Minimum [Member] | First Target Distribution [Member] | |
Distributions Made to Limited Partners And General Partner [Line Items] | |
Total Quarterly Distribution Per Unit - Target Amount | 0.40 |
Minimum [Member] | Second Target Distribution [Member] | |
Distributions Made to Limited Partners And General Partner [Line Items] | |
Total Quarterly Distribution Per Unit - Target Amount | 0.46 |
Minimum [Member] | Third Target Distribution [Member] | |
Distributions Made to Limited Partners And General Partner [Line Items] | |
Total Quarterly Distribution Per Unit - Target Amount | 0.50 |
Minimum [Member] | Thereafter [Member] | |
Distributions Made to Limited Partners And General Partner [Line Items] | |
Total Quarterly Distribution Per Unit - Target Amount | 0.60 |
Maximum [Member] | First Target Distribution [Member] | |
Distributions Made to Limited Partners And General Partner [Line Items] | |
Total Quarterly Distribution Per Unit - Target Amount | 0.46 |
Maximum [Member] | Second Target Distribution [Member] | |
Distributions Made to Limited Partners And General Partner [Line Items] | |
Total Quarterly Distribution Per Unit - Target Amount | 0.50 |
Maximum [Member] | Third Target Distribution [Member] | |
Distributions Made to Limited Partners And General Partner [Line Items] | |
Total Quarterly Distribution Per Unit - Target Amount | $ 0.60 |
Common and Subordinated Unitholders [Member] | Minimum Quarterly Distribution [Member] | |
Distributions Made to Limited Partners And General Partner [Line Items] | |
Marginal Percentage Interest In Distribution | 98.00% |
Common and Subordinated Unitholders [Member] | First Target Distribution [Member] | |
Distributions Made to Limited Partners And General Partner [Line Items] | |
Marginal Percentage Interest In Distribution | 98.00% |
Common and Subordinated Unitholders [Member] | Second Target Distribution [Member] | |
Distributions Made to Limited Partners And General Partner [Line Items] | |
Marginal Percentage Interest In Distribution | 85.00% |
Common and Subordinated Unitholders [Member] | Third Target Distribution [Member] | |
Distributions Made to Limited Partners And General Partner [Line Items] | |
Marginal Percentage Interest In Distribution | 75.00% |
Common and Subordinated Unitholders [Member] | Thereafter [Member] | |
Distributions Made to Limited Partners And General Partner [Line Items] | |
Marginal Percentage Interest In Distribution | 50.00% |
General Partner [Member] | Minimum Quarterly Distribution [Member] | |
Distributions Made to Limited Partners And General Partner [Line Items] | |
Marginal Percentage Interest In Distribution | 2.00% |
General Partner [Member] | First Target Distribution [Member] | |
Distributions Made to Limited Partners And General Partner [Line Items] | |
Marginal Percentage Interest In Distribution | 2.00% |
General Partner [Member] | Second Target Distribution [Member] | |
Distributions Made to Limited Partners And General Partner [Line Items] | |
Marginal Percentage Interest In Distribution | 15.00% |
General Partner [Member] | Third Target Distribution [Member] | |
Distributions Made to Limited Partners And General Partner [Line Items] | |
Marginal Percentage Interest In Distribution | 25.00% |
General Partner [Member] | Thereafter [Member] | |
Distributions Made to Limited Partners And General Partner [Line Items] | |
Marginal Percentage Interest In Distribution | 50.00% |
Partners' Capital (Summary Of Q
Partners' Capital (Summary Of Quarterly Cash Distributions Declarations, Payments And Scheduled Payments) (Details) - $ / shares | 3 Months Ended | |
Dec. 31, 2015 | Sep. 30, 2015 | |
Partners' Capital [Abstract] | ||
Declaration Date | Jan. 21, 2016 | Oct. 22, 2015 |
Record Date | Feb. 5, 2015 | Nov. 6, 2015 |
Payment Date | Feb. 12, 2016 | Nov. 13, 2015 |
Quarterly Distribution | $ 0.4025 | $ 0.40 |
Partners' Capital (Schedule All
Partners' Capital (Schedule Allocation Of Total Cash Distributions To The General And Limited Partners) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Distribution Made to Limited Partner [Line Items] | |
Cash distribution | $ 26,032 |
General Partner [Member] | |
Distribution Made to Limited Partner [Line Items] | |
Cash distribution | 521 |
Limited Partners [Member] | |
Distribution Made to Limited Partner [Line Items] | |
Cash distribution | 25,511 |
Limited Partners [Member] | Common Units - Public [Member] | |
Distribution Made to Limited Partner [Line Items] | |
Cash distribution | 9,237 |
Limited Partners [Member] | Common Units - Green Plains [Member] | |
Distribution Made to Limited Partner [Line Items] | |
Cash distribution | 3,523 |
Limited Partners [Member] | Subordinated Units [Member] | |
Distribution Made to Limited Partner [Line Items] | |
Cash distribution | $ 12,751 |
Earnings Per Unit (Narrative) (
Earnings Per Unit (Narrative) (Details) - shares | 12 Months Ended | |
Dec. 31, 2015 | Jun. 30, 2015 | |
Earnings Per Unit [Line Items] | ||
Units outstanding | 0 | |
Common Units [Member] | ||
Earnings Per Unit [Line Items] | ||
Potentially dilutive common or subordinated units outstanding | 0 | |
Subordinated Units [Member] | ||
Earnings Per Unit [Line Items] | ||
Potentially dilutive common or subordinated units outstanding | 0 |
Earnings Per Unit (Schedule Of
Earnings Per Unit (Schedule Of Basic And Diluted Earnings Per Unit) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Unit [Line Items] | |||||
Distributions declared | $ 26,032 | ||||
Earnings less than distributions | (3,023) | ||||
Net income attributable to the partnership | $ 12,130 | $ 10,879 | 23,009 | ||
Limited Partners [Member] | |||||
Earnings Per Unit [Line Items] | |||||
Distributions declared | 25,511 | ||||
General Partner [Member] | |||||
Earnings Per Unit [Line Items] | |||||
Distributions declared | 521 | ||||
Earnings less than distributions | (61) | ||||
Net income attributable to the partnership | 460 | ||||
Common Units [Member] | |||||
Earnings Per Unit [Line Items] | |||||
Earnings per limited partner unit (basic and diluted) | $ 0.37 | $ 0.34 | |||
Common Units [Member] | Limited Partners [Member] | |||||
Earnings Per Unit [Line Items] | |||||
Distributions declared | 12,760 | ||||
Earnings less than distributions | (1,482) | ||||
Net income attributable to the partnership | $ 11,278 | ||||
Weighted average limited partner units outstanding (basic and diluted) | 15,897 | ||||
Earnings per limited partner unit (basic and diluted) | $ 0.71 | ||||
Subordinated Units [Member] | |||||
Earnings Per Unit [Line Items] | |||||
Earnings per limited partner unit (basic and diluted) | $ 0.37 | $ 0.34 | |||
Subordinated Units [Member] | Limited Partners [Member] | |||||
Earnings Per Unit [Line Items] | |||||
Distributions declared | $ 12,751 | ||||
Earnings less than distributions | (1,480) | ||||
Net income attributable to the partnership | $ 11,271 | ||||
Weighted average limited partner units outstanding (basic and diluted) | 15,890 | ||||
Earnings per limited partner unit (basic and diluted) | $ 0.71 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Deferred tax assets | $ 77 | $ 11,515 | |
Member contributions, net | 8,123 | 20,889 | $ 23,522 |
Green Plains Capital Company [Member] | |||
Deferred tax assets | 77 | ||
Income taxes payable | 67 | ||
MLP Predecessor [Member] | |||
Member contributions (distributions), tax amounts | $ 11 | (437) | (460) |
Income taxes payable | $ 100 | ||
Income taxes receivable | $ 1,300 |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | ||||||||||
Current | $ 67 | $ (398) | $ (450) | |||||||
Deferred | (4,076) | (7,360) | (4,255) | |||||||
Income tax expense (benefit), Total | $ (10) | $ (2,060) | $ (1,939) | $ (2,450) | $ (1,988) | $ (1,688) | $ (1,632) | $ (4,009) | $ (7,758) | $ (4,705) |
Income Taxes (Schedule Of Diffe
Income Taxes (Schedule Of Differences Between The Income Tax Expense (Benefit) Computed At The Statutory Federal income Tax Rate And As Presented On The Consolidated Statements Of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | ||||||||||
Tax expense at federal statutory rate of 35% | $ (3,666) | $ (7,207) | $ (4,380) | |||||||
State income tax expense, net of federal benefit | (282) | (546) | (329) | |||||||
Other | (61) | (5) | 4 | |||||||
Income tax expense (benefit), Total | $ (10) | $ (2,060) | $ (1,939) | $ (2,450) | $ (1,988) | $ (1,688) | $ (1,632) | $ (4,009) | $ (7,758) | $ (4,705) |
Effective tax rate | 35.00% | 35.00% | 35.00% |
Income Taxes (Schedule Of Signi
Income Taxes (Schedule Of Significant Components Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Net operating loss carryforwards - Federal | $ 10,596 | |
Net operating loss carryforwards - State | 793 | |
Investment in partnership | $ 77 | |
Other | 126 | |
Total deferred tax assets | 77 | 11,515 |
Deferred tax liabilities: | ||
Fixed assets | (1,670) | |
Organization and start-up costs | (472) | |
Accrued expenses | (361) | |
Total deferred tax liabilities | (2,503) | |
Deferred income taxes | $ 77 | $ 9,012 |
Commitments and Contingencies62
Commitments and Contingencies (Narrative) (Details) $ in Thousands, gal in Millions | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2016gal | Dec. 31, 2015USD ($)$ / galgal | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Other Commitments [Line Items] | ||||
Deferred lease liability | $ 349 | $ 329 | ||
Lease expenses | $ 22,400 | $ 21,200 | $ 13,200 | |
Fee-based Storage and Throughput Agreement [Member] | Green Plains Trade [Member] | ||||
Other Commitments [Line Items] | ||||
Minimum volume commitment, throughput capacity (in gallons) | gal | 246.5 | 212.5 | ||
Throughput, price per gallon | $ / gal | 0.05 |
Commitments and Contingencies63
Commitments and Contingencies (Schedule of Aggregate Minimum Lease Payments) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Commitments and Contingencies [Abstract] | |
2,016 | $ 22,560 |
2,017 | 14,820 |
2,018 | 11,264 |
2,019 | 8,576 |
2,020 | 6,574 |
Thereafter | 833 |
Total | $ 64,627 |
Commitments and Contingencies64
Commitments and Contingencies (Sumamry Of Minimum Future Rental Revenue) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Commitments and Contingencies [Abstract] | |
2,016 | $ 49,300 |
2,017 | 49,300 |
2,018 | 49,300 |
2,019 | 49,300 |
2,020 | 49,300 |
Thereafter | 221,850 |
Total | $ 468,350 |
Commitments and Contingencies65
Commitments and Contingencies (Schedule of Aggregate Minimum Service Payments) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Commitments and Contingencies [Abstract] | |
2,016 | $ 292 |
2,017 | 222 |
2,018 | 0 |
2,019 | 0 |
2,020 | 0 |
Thereafter | 0 |
Total | $ 514 |
Major Customers (Details)
Major Customers (Details) | 12 Months Ended |
Dec. 31, 2015customer | |
Revenue From Third-party Customers Exceeded 10% of Company's Total Revenue [Member] | |
Revenue, Major Customer [Line Items] | |
Number of customers | 3 |
Major Customers (Schedule of Re
Major Customers (Schedule of Revenue by Major Customers) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue, Major Customer [Line Items] | |||||||||||
Revenues | $ 22,686 | $ 21,410 | $ 3,445 | $ 3,396 | $ 3,288 | $ 3,401 | $ 3,277 | $ 2,877 | $ 50,937 | $ 12,843 | $ 11,032 |
Green Plains Trade Group LLC [Member] | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Revenues | $ 42,549 | 4,359 | 3,853 | ||||||||
Customer A [Member] | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Revenues | 3,053 | 3,388 | |||||||||
Customer B [Member] | |||||||||||
Revenue, Major Customer [Line Items] | |||||||||||
Revenues | $ 2,897 | $ 2,054 |
Related Party Transactions (Det
Related Party Transactions (Details) $ in Thousands, gal in Millions | Apr. 30, 2016gal | Jul. 01, 2015 | Jan. 01, 2015gal | Jan. 31, 2016gal | Dec. 31, 2015gal | Sep. 30, 2015gal | Dec. 31, 2015USD ($)$ / galgal | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Related Party Transaction [Line Items] | |||||||||
Shared services expenses | $ 1,600 | $ 600 | $ 500 | ||||||
Revenue from related parties | 42,549 | 4,359 | 3,853 | ||||||
Member contributions (distributions) | 7,890 | 20,889 | 21,348 | ||||||
Debt converted to equity | $ 13,890 | ||||||||
Green Plains Inc. [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Member contributions (distributions) | (3,300) | ||||||||
Green Plains Trade [Member] | Fee-based Storage and Throughput and Rail Transporatation Agreements [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Revenue from related parties | $ 36,900 | ||||||||
Green Plains Trade [Member] | Fee-based Storage and Throughput Agreement [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Minimum volume commitment, throughput capacity (in gallons) | gal | 246.5 | 212.5 | |||||||
Throughput, price per gallon | $ / gal | 0.05 | ||||||||
Actual throughput of ethanol (in gallons) | gal | 248.8 | 215.6 | |||||||
Green Plains Trade [Member] | Fee-based Rail Transportation Services Agreement [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Railcar volumetric capacity, average monthly fee, price per gallon | $ / gal | 0.0358 | ||||||||
Railcar volumetric capacity (in gallons) | gal | 69.5 | ||||||||
Logistical operations management and other services, monthly fee, price per gallon | $ / gal | 0.0013 | ||||||||
Green Plains Trade [Member] | Fee-based Rail Transportation Services Agreement [Member] | Assets of Hereford, Texas and Hopewell, Virginia [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Railcar volumetric capacity (in gallons) | gal | 79.6 | 6.7 | |||||||
Green Plains Trade [Member] | Birmingham Terminal Services Agreement [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Minimum volume commitment, throughput capacity (in gallons) | gal | 2.8 | ||||||||
Throughput, price per gallon | $ / gal | 0.0355 | ||||||||
BlendStar [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Notes payable, interest rate | 7.50% | ||||||||
Interest paid during the year | $ 689 | ||||||||
Debt converted to equity | 13,900 | ||||||||
MLP Predecessor [Member] | Green Plains Trade [Member] | Fee-based Trucking Transportation and Terminal Services Agreements [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Revenue from related parties | $ 5,600 | $ 4,400 | $ 3,900 | ||||||
IPO [Member] | Green Plains Trade [Member] | Fee-based Storage and Throughput Agreement [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Service agreement, term | 10 years | ||||||||
IPO [Member] | Green Plains Trade [Member] | Fee-based Rail Transportation Services Agreement [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Service agreement, term | 6 years | ||||||||
IPO [Member] | Green Plains Trade [Member] | Fee-based Trucking Transportation Agreement [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Service agreement, term | 1 year | ||||||||
IPO [Member] | Green Plains Trade [Member] | Birmingham Terminal Services Agreement [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Service agreement, term | 2 years 6 months |
Quarterly Financial Data (Una69
Quarterly Financial Data (Unaudited) (Schedule Of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues | $ 22,686 | $ 21,410 | $ 3,445 | $ 3,396 | $ 3,288 | $ 3,401 | $ 3,277 | $ 2,877 | $ 50,937 | $ 12,843 | $ 11,032 |
Operating expenses | 10,708 | 10,380 | 8,905 | 8,550 | 9,762 | 8,669 | 7,735 | 7,205 | 38,543 | 33,371 | 22,828 |
Operating income (loss) | 11,978 | 11,030 | (5,460) | (5,154) | (6,474) | (5,268) | (4,458) | (4,328) | 12,394 | (20,528) | (11,796) |
Other income (expense) | (131) | (151) | (14) | 1 | (16) | (15) | (23) | (9) | (295) | (63) | (719) |
Income tax benefit | (10) | (2,060) | (1,939) | (2,450) | (1,988) | (1,688) | (1,632) | (4,009) | (7,758) | (4,705) | |
Net income (loss) | 11,857 | 10,879 | (3,414) | (3,214) | (4,040) | (3,295) | (2,793) | (2,705) | 16,108 | (12,833) | (7,810) |
Net loss attributable to MLP predecessor | $ (3,414) | $ (3,214) | $ (4,040) | $ (3,295) | $ (2,793) | $ (2,705) | (6,628) | $ (12,833) | $ (7,810) | ||
Net loss attributable to sponsor | (273) | (273) | |||||||||
Net income attributable to the partnership | $ 12,130 | $ 10,879 | $ 23,009 | ||||||||
Distribution declared | $ 0.4025 | $ 0.40 | |||||||||
Common Units [Member] | |||||||||||
Earnings per limited partner unit (basic and diluted) | 0.37 | 0.34 | |||||||||
Subordinated Units [Member] | |||||||||||
Earnings per limited partner unit (basic and diluted) | $ 0.37 | $ 0.34 |