Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 02, 2019 | |
Document and Entity Information [Abstract] | ||
Document type | 10-Q | |
Amendment flag | false | |
Document period end date | Jun. 30, 2019 | |
Document fiscal period focus | Q2 | |
Document fiscal year focus | 2019 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Entity registrant name | Green Plains PARTNERS LP | |
Entity central index key | 0001635650 | |
Current fiscal year end date | --12-31 | |
Entity filer category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity common stock, shares outstanding | 23,160,551 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Incorporation, State or Country Code | DE | |
Trading symbol | GPP | |
Title of 12(b) Security | Common Units, Representing Limited Partner Interests | |
Security Exchange Name | NASDAQ | |
Entity Address, Address Line One | 1811 Aksarben Drive | |
Entity Address, City or Town | Omaha | |
Entity Address, State or Province | NE | |
Entity Address, Postal Zip Code | 68106 | |
Entity File Number | 001-37469 | |
Entity Tax Identification Number | 47-3822258 | |
City Area Code | 402 | |
Local Phone Number | 884-8700 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 269 | $ 569 |
Accounts receivable | 1,090 | 1,460 |
Accounts receivable from affiliates | 20,018 | 13,897 |
Note receivable | 332 | |
Prepaid expenses and other | 869 | 690 |
Total current assets | 22,578 | 16,616 |
Property and equipment, net of accumulated depreciation and amortization of $30,129 and $28,265, respectively | 38,822 | 40,911 |
Operating lease right-of-use assets | 38,545 | |
Goodwill | 10,598 | 10,598 |
Investment in equity method investee | 4,005 | 3,648 |
Note receivable | 7,768 | 8,100 |
Other assets | 862 | 1,271 |
Total assets | 123,178 | 81,144 |
Current liabilities | ||
Accounts payable | 5,774 | 2,501 |
Accounts payable to affiliates | 430 | 676 |
Accrued and other liabilities | 8,344 | 4,337 |
Asset retirement obligations | 311 | 674 |
Operating lease current liabilities | 12,333 | |
Current maturities of long-term debt | 332 | |
Total current liabilities | 27,524 | 8,188 |
Long-term debt | 139,917 | 142,025 |
Deferred lease liability | 843 | |
Asset retirement obligations | 2,740 | 2,542 |
Operating lease long-term liabilities | 26,874 | |
Total liabilities | 197,055 | 153,598 |
Commitments and contingencies (Note 9) | ||
Partners' deficit | ||
Total partners' deficit | (73,877) | (72,454) |
Total liabilities and partners' deficit | 123,178 | 81,144 |
General Partner [Member] | ||
Partners' deficit | ||
Total partners' deficit | (1,309) | (1,171) |
Common Units - Public [Member] | Limited Partners [Member] | ||
Partners' deficit | ||
Total partners' deficit | 114,790 | 115,352 |
Common Units - Green Plains [Member] | Limited Partners [Member] | ||
Partners' deficit | ||
Total partners' deficit | $ (187,358) | $ (186,635) |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Property and equipment, accumulated depreciation | $ 30,129 | $ 28,265 |
Common Units - Public [Member] | Limited Partners [Member] | ||
Units issued | 11,551,147 | 11,551,147 |
Units outstanding | 11,551,147 | 11,551,147 |
Common Units - Green Plains [Member] | Limited Partners [Member] | ||
Units issued | 11,586,548 | 11,586,548 |
Units outstanding | 11,586,548 | 11,586,548 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Revenues | |||||
Total revenues | $ 20,825 | $ 25,840 | $ 41,912 | $ 51,725 | |
Operating expenses | |||||
Operations and maintenance (excluding depreciation and amortization reflected below) | 6,233 | 7,893 | 13,098 | 16,303 | |
General and administrative | 988 | 1,179 | 2,105 | 2,580 | |
Depreciation and amortization | 771 | 1,105 | 1,756 | 2,286 | |
Total operating expenses | 7,992 | 10,177 | 16,959 | 21,169 | |
Operating income | 12,833 | 15,663 | 24,953 | 30,556 | |
Other income (expense) | |||||
Interest income | 20 | 20 | 40 | 40 | |
Interest expense | (2,166) | (1,811) | (4,221) | (3,382) | |
Other | (73) | (73) | 75 | ||
Total other expense | (2,219) | (1,791) | (4,254) | (3,267) | |
Income before income taxes and income (loss) from equity method investee | 10,614 | 13,872 | 20,699 | 27,289 | |
Income tax expense | (47) | (33) | (99) | (65) | |
Income (loss) from equity method investee | 142 | (117) | 357 | (130) | |
Net income | 10,709 | 13,722 | 20,957 | 27,094 | |
Net income attributable to partners' ownership interests | 10,709 | 13,722 | 20,957 | 27,094 | |
Affiliate [Member] | |||||
Revenues | |||||
Total revenues | 19,133 | 24,220 | 37,915 | 48,477 | |
Non-affiliate [Member] | |||||
Revenues | |||||
Total revenues | 1,692 | 1,620 | 3,997 | 3,248 | |
General Partner [Member] | |||||
Other income (expense) | |||||
Net income attributable to partners' ownership interests | 213 | 275 | 418 | 542 | |
Limited Partners [Member] | Common Units [Member] | |||||
Other income (expense) | |||||
Net income attributable to partners' ownership interests | $ 10,496 | $ 6,730 | $ 20,539 | $ 13,289 | |
Earnings per limited partner unit (basic and diluted): | |||||
Earnings per limited partner unit (basic and diluted) | $ 0.45 | $ 0.42 | $ 0.89 | $ 0.83 | |
Weighted average limited partner units outstanding (basic and diluted): | |||||
Weighted average limited partner units outstanding (basic and diluted) | 23,120 | 15,922 | 23,119 | 15,922 | |
Limited Partners [Member] | Subordinated Units [Member] | |||||
Other income (expense) | |||||
Net income attributable to partners' ownership interests | [1] | $ 6,717 | $ 13,263 | ||
Earnings per limited partner unit (basic and diluted): | |||||
Earnings per limited partner unit (basic and diluted) | [1] | $ 0.42 | $ 0.83 | ||
Weighted average limited partner units outstanding (basic and diluted): | |||||
Weighted average limited partner units outstanding (basic and diluted) | [1] | 15,890 | 15,890 | ||
[1] | The subordinated units converted to common units on a one-for-one basis in August 2018 (see Note 6 – Partners’ Deficit) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 20,957 | $ 27,094 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 1,756 | 2,286 |
Accretion | 2 | 121 |
Amortization of debt issuance costs | 406 | 299 |
Loss on the disposal of assets | 73 | |
Unit-based compensation | 158 | 120 |
(Income) loss from equity method investee | (357) | 130 |
Other | (17) | 21 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 400 | 1,417 |
Accounts receivable from affiliates | (6,121) | (1,644) |
Prepaid expenses and other assets | (179) | 3 |
Accounts payable and accrued liabilities | 7,314 | 32 |
Accounts payable to affiliates | (246) | 1,357 |
Operating lease liabilities and right-of-use assets | (213) | |
Other | 23 | 23 |
Net cash provided by operating activities | 23,956 | 31,259 |
Cash flows from investing activities: | ||
Purchases of property and equipment, net | 82 | (1,220) |
Contributions to equity method investees | (1,288) | |
Net cash provided by (used in) investing activities | 82 | (2,508) |
Cash flows from financing activities: | ||
Payments of distributions | (22,538) | (30,800) |
Proceeds from revolving credit facility | 41,700 | 42,300 |
Payments on revolving credit facility | (43,500) | (40,300) |
Payments of loan fees | (185) | |
Net cash used in financing activities | (24,338) | (28,985) |
Net change in cash and cash equivalents | (300) | (234) |
Cash and cash equivalents, beginning of period | 569 | 502 |
Cash and cash equivalents, end of period | 269 | 268 |
Supplemental disclosures of cash flow | ||
Cash paid for income taxes | 193 | 124 |
Cash paid for interest | 3,762 | $ 2,986 |
Capital expenditures in accounts payable | 20 | |
Property and equipment sale in accounts receivable | $ 30 |
Basis of Presentation, Descript
Basis of Presentation, Description of Business and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Basis of Presentation, Description of Business and Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation, Description of Business and Summary of Significant Accounting Policies | 1. BASIS OF PRESENTATION, DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization References to “the partnership” in the consolidated financial statements and notes to the consolidated financial statements refer to Green Plains Partners LP and its subsidiaries. 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,” “the sponsor” 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 include the accounts of the partnership and its controlled subsidiaries. All significant intercompany balances and transactions are eliminated on a consolidated basis for reporting purposes. Results for the interim periods presented are not necessarily indicative of the expected results for the entire year. The accompanying unaudited consolidated financial statements are prepared in accordance with GAAP for interim financial information and instructions to Form 10-Q and Article 10 of Regulation S-X. Because they do not include all of the information and footnotes required by GAAP, the consolidated financial statements should be read in conjunction with the partnership’s 2018 annual report on Form 10-K for the year ended December 31, 2018, as filed with the SEC on February 20, 2019. The partnership accounts for its interest in joint ventures using the equity method of accounting, with its investment recorded at the acquisition cost plus the partnership’s share of equity in undistributed earnings or losses and reduced by distributions received. Reclassifications Certain prior year amounts were reclassified to conform to the current year presentation. These reclassifications did not affect total revenues, costs and expenses, net income, or partners’ deficit. 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, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and 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, operating leases, 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 1.1 bgy ethanol marketing and distribution business since the partnership’s assets are the principal method of storing and delivering the ethanol its parent produces. The ethanol produced by the parent is predominantly fuel grade, made principally from starch extracted from corn, and 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 oxygenates for blending into the fuel supply. The partnership does not take ownership of, or receive any payments based on the value of the ethanol, other fuels or products it handles. As a result, the partnership does not have any direct exposure to fluctuations in commodity prices. Revenue Recognition The partnership recognizes revenue when obligations under the terms of a contract with a customer are satisfied. Generally, this occurs with the completion of services or the transfer of control of products to the customer or another specified third party. Operating lease revenue related to minimum volume commitments is recognized on a straight-line basis over the term of the lease. To the extent shortfalls associated with minimum volume commitments in the previous four quarters continue to exist, volumes in excess of the minimum volume commitment are applied to those shortfalls. Remaining excess volumes generating operating lease revenue are recognized as incurred. The partnership generates a substantial portion of its revenues under fee-based commercial agreements with Green Plains Trade. Please refer to Note 2 - Revenue to the consolidated financial statements for further details. Operations and Maintenance Expenses The partnership’s operations and maintenance expenses consist primarily of lease expenses related to the transportation assets, labor expenses, outside contractor expenses, insurance premiums, repairs and maintenance expenses, and utility costs. These expenses also include fees for certain management, maintenance and operational services to support the storage and terminal facilities, trucks, and leased railcar fleet allocated by Green Plains under the operational services and secondment agreement. 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 their 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. Please refer to Note 2 – Revenue and Note 10 – Related Party Transactions to the consolidated financial statements for additional information . 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. 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 incurred if it can be reasonably estimated, which is subsequently adjusted for accretion expense. 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 the AROs includes assumptions about costs, settlement dates, interest accretion, and inflation. Changes in assumptions, such as the amount or timing of estimated cash flows, could increase or decrease the AROs. The partnership’s AROs are based on legal obligations to perform remedial activity related to land, machinery and equipment when certain operating leases expire. Recent Accounting Pronouncements On January 1, 2019, the partnership adopted the amended guidance in ASC 842, Leases . Please refer to Note 9 – Commitments and Contingencies to the consolidated financial statements for further details. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2019 | |
Revenue [Abstract] | |
Revenue | 2. REVENUE Revenue Recognition The partnership recognizes revenue when obligations under the terms of a contract with a customer are satisfied. Generally, this occurs with the completion of services or the transfer of control of products to the customer or another specified third party. Revenue is measured as the amount of consideration expected to be received in exchange for providing services. Revenue by Source The following table disaggregates our revenue by major source for the three and six months ended June 30, 2019 and 2018 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Revenues Service revenues Terminal services $ 2,329 $ 2,499 $ 4,895 $ 4,780 Trucking and other 1,122 1,220 2,017 2,303 Railcar transportation services - 27 - 53 Total service revenues 3,451 3,746 6,912 7,136 Leasing revenues (1) Storage and throughput services 11,785 15,575 23,570 30,217 Railcar transportation services 5,505 6,128 11,124 13,571 Terminal services 84 391 306 801 Total leasing revenues 17,374 22,094 35,000 44,589 Total revenues $ 20,825 $ 25,840 $ 41,912 $ 51,725 (1) Leasing revenues do not represent revenues recognized from contracts with customers under ASC 606, Revenue from Contracts with Customers , and are accounted for under ASC 842, Leases for 2019 and ASC 840 , Leases for 2018. Terminal Services Revenue The partnership provides terminal services and logistics solutions to Green Plains Trade, and other customers, through its fuel terminal facilities under various terminal service agreements, some of which have minimum volume commitments. Revenue generated by these terminals is disaggregated between service revenue and leasing revenue in accordance with the new revenue standard. If Green Plains, or other customers, fail to meet their minimum volume commitments during the applicable term, a deficiency payment equal to the deficient volume multiplied by the applicable fee will be charged. Deficiency payments related to the partnership’s terminal services revenue may not be utilized as credits toward future volumes. At terminals where customers have shared use of terminal and tank storage assets, revenue is generated from contracts with customers and accounted for as service revenue. This service revenue is recognized at the point in time when product is withdrawn from tank storage. At terminals where a customer is predominantly provided exclusive use of the terminal or tank storage assets, the partnership is considered a lessor as part of an operating lease agreement. Revenue is recognized over the term of the lease based on the minimum volume commitment or total actual throughput if in excess of the minimum volume commitment. Trucking and Other Revenue The partnership transports ethanol, natural gasoline, other refined fuels and feedstocks by truck from identified receipt points to various delivery points. Trucking revenue is recognized over time based on the percentage of total miles traveled, which is on average less than 100 miles. Railcar Transportation Services Revenue 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. Green Plains Trade is required to pay the partnership fees for the minimum railcar volumetric capacity provided, regardless of utilization of that capacity. However, Green Plains Trade is not charged for railcar volumetric capacity that is not available for use due to inspections, upgrades or routine repairs and maintenance. Revenue associated with the rail transportation services fee is considered leasing revenue and is recognized over the term of the lease based on the actual average daily railcar volumetric capacity provided. The partnership may also charge Green Plains Trade a related services fee for logistical operations management of railcar volumetric capacity utilized by Green Plains Trade which is not provided by the partnership. Revenue associated with the related services fee is also considered leasing revenue and recognized over the term of the lease based on the average volumetric capacity for which services are provided. Storage and Throughput Revenue The partnership generates leasing revenue from its storage and throughput agreement with Green Plains Trade based on contractual rates charged for the handling, storage and throughput of ethanol. Under this agreement, Green Plains Trade is required to pay the partnership a fee for a minimum volume commitment regardless of the actual volume delivered. If Green Plains Trade fails to meet its minimum volume commitment during any quarter, the partnership will charge Green Plains Trade a deficiency payment equal to the deficient volume multiplied by the applicable fee. The deficiency payment may be applied as a credit toward volumes delivered by Green Plains Trade in excess of the minimum volume commitment during the following four quarters, after which time any unused credits will expire. Revenue is recognized over the term of the lease based on the minimum volume commitment or total actual throughput if in excess of the minimum volume commitment. Payment Terms The partnership has standard payment terms, which vary depending on the nature of the services provided, with the majority of terms falling within 10 to 30 days after transfer of control or completion of services. Contracts generally do not include a significant financing component in instances where the timing of revenue recognition differs from the timing of invoicing. Major Customers Revenue from Green Plains Trade Group was $ 19.1 million and $ 37.9 million for the three and six months ended June 30, 2019, respectively, and $ 24.2 million and $ 48.5 million for the three and six months ended June 30, 2018, respectively, which exceeds 10 % of the partnership's total revenue. Contract Liabilities The partnership records unearned revenue when consideration is received, or such consideration is unconditionally due, from a customer prior to transferring goods or services to the customer under the terms of service and lease agreements. Unearned revenue from service agreements, which represents a contract liability, is recorded for fees that have been charged to the customer prior to the completion of performance obligations, and is generally recognized in the subsequent quarter. The following table reflects the changes in our unearned revenue from service agreements, which is recorded in accrued and other liabilities on the consolidated balance sheets, for the three and six months ended June 30, 2019 (in thousands): Amount Balance at January 1, 2019 $ 248 Revenue recognized included in beginning balance ( 248 ) Net additions 101 Balance at March 31, 2019 101 Revenue recognized included in beginning balance ( 101 ) Net additions 116 Balance at June 30, 2019 $ 116 The partnership expects to recognize all of the unearned revenue associated with service agreements from contracts with customers as of June 30, 2019, in the subsequent quarter when the product is withdrawn from tank storage. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2019 | |
Debt [Abstract] | |
Debt | 3. DEBT Revolving Credit Facility Green Plains Operating Company has a $ 200.0 million revolving credit facility, which matures on July 1, 2020 , to fund working capital, acquisitions, distributions, capital expenditures and other general partnership purposes. The credit facility can be increased by an additional $ 20.0 million without the consent of the lenders. Advances under the credit facility, are subject to a floating interest rate based on the preceding fiscal quarter’s consolidated leverage ratio at a base rate plus 1.25 % to 2.00 % or LIBOR plus 2.25 % to 3.00 % . The unused portion of the credit facility is also subject to a commitment fee of 0.35 % to 0.50 %, depending on the preceding fiscal quarter’s consolidated leverage ratio. The revolving credit facility is available for revolving loans, including sublimits of $ 30.0 million for swing line loans and $ 30.0 million for letters of credit. The revolving credit facility is guaranteed by the partnership, each of its existing subsidiaries, and any potential future domestic subsidiaries. As of June 30, 2019, the revolving credit facility had an average interest rate of 5.41 %. The partnership’s obligations under the credit facility are secured by a first priority lien on (i) the capital stock of the partnership’s present and future subsidiaries, (ii) all of the partnership’s present and future personal property, such as investment property, general intangibles and contract rights, including rights under any agreements with Green Plains Trade, and (iii) all proceeds and products of the equity interests of the partnership’s present and future subsidiaries and its personal property. The terms impose affirmative and negative covenants, including 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 credit facility also requires the partnership to maintain a maximum consolidated net leverage ratio of no more than 3.50 x and a minimum consolidated interest coverage ratio of no less than 2.75 x, each of which is calculated on a pro forma basis with respect to acquisitions and divestitures occurring during the applicable period. The consolidated leverage ratio is calculated by dividing total funded indebtedness minus the lesser of cash in excess of $ 5.0 million or $ 30.0 million by the sum of the four preceding fiscal quarters’ consolidated EBITDA. The consolidated interest coverage ratio is calculated by dividing the sum of the four preceding fiscal quarters’ consolidated EBITDA by the sum of the four preceding fiscal quarters’ interest charges. The partnership had $ 132.2 million and $ 134.0 million of borrowings outstanding under the revolving credit facility as of June 30, 2019, and December 31, 2018 respectively. Qualified Low Income Community Investment Notes In June 2013, Birmingham BioEnergy, a subsidiary of BlendStar, was a recipient of qualified low income community investment notes 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 in March 2020, the promissory notes and note receivable each require quarterly principal and interest payments. As of June 30, 2019, the partnership had a balance of $ 0.3 million in short term notes receivable and current maturities of long term debt as it relates to these future payments. BlendStar retains the right to call $ 8.1 million of the promissory notes in June 2020. The promissory notes payable and note receivable will be fully amortized upon maturity in September 2031. Income tax credits were generated for the lender, which the company has guaranteed over their statutory life of seven years in the event the credits are recaptured or reduced. At the time of the transaction, the income tax credits were valued at $ 5.0 million . The company has not established a liability in connection with the guarantee because it believes the likelihood of recapture or reduction is remote. The investors of the NMTC financing paid $ 1.9 million to Birmingham BioEnergy 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 BioEnergy, which is recognized in earnings as a decrease in depreciation expense over the useful life of the property and equipment. The partnership had $ 51 thousand and $ 75 thousand of debt issuance costs recorded as a direct reduction of the carrying value of the partnership’s long-term debt as of June 30, 2019, and December 31, 2018, respectively. Covenant Compliance The partnership, including all of its subsidiaries, was in compliance with its debt covenants as of June 30, 2019. |
Dispositions
Dispositions | 6 Months Ended |
Jun. 30, 2019 | |
Dispositions [Abstract] | |
Dispositions | 4. DISPOSITIONS On November 15, 2018, Green Plains closed on the sale of three of its ethanol plants located in Bluffton, Indiana, Lakota, Iowa, and Riga, Michigan to Valero Renewable Fuels Company, LLC (“Valero”). Correspondingly, the partnership’s storage assets located adjacent to such plants were sold to Green Plains for $ 120.9 million. As consideration, the partnership received from its parent 8.7 million Green Plains units and a portion of the general partner interest equating to 0.2 million equivalent limited partner units to maintain the general partner’s 2 % interest. These units were retired upon receipt. In addition, the partnership also received cash consideration of $ 2.7 million from Valero for the assignment of certain railcar operating leases. This transaction was accounted for as a transfer between entities under common control and was approved by the conflicts committee. The following is a summary of assets and liabilities disposed of (in thousands): Total consideration received $ 120,900 Identifiable assets and liabilities disposed of: Property and equipment, net 4,192 Asset retirement obligations ( 425 ) Total identifiable net assets 3,767 Units retired: Common units - Green Plains 118,482 General partners interest 2,418 Total units retired 120,900 Partners' deficit effect $ ( 3,767 ) In conjunction with the disposition, the partnership amended the 1) omnibus agreement, 2) operational services agreement, 3) ethanol storage and throughput agreement, and 4) rail transportation services agreement. Please refer to Note 10 – Related Party Transactions to the consolidated financial statements for additional information. |
Unit-Based Compensation
Unit-Based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Unit-Based Compensation [Abstract] | |
Unit-Based Compensation | 5. UNIT-BASED COMPENSATION The partnership has a long-term incentive plan (LTIP) intended to promote the interests of the partnership, its general partner and affiliates by providing unit-based incentive compensation awards to employees, consultants and directors to encourage superior performance. The LTIP reserves 2,500,000 common limited partner units for issuance in the form of options, restricted units, phantom units, distribution equivalent rights, substitute awards, unit appreciation rights, unit awards, profit interest units or other unit-based awards. The partnership measures unit-based compensation at fair value on the grant date, with no adjustments for estimated forfeitures. The partnership records noncash compensation expense related to the awards over the requisite service period on a straight-line basis. The non-vested unit-based activity for the six months ended June 30, 2019, is as follows: Non-Vested Units Weighted-Average Grant-Date Fair Value Weighted-Average Remaining Vesting Term (in years) Non-vested at December 31, 2018 18,582 $ 16.96 Vested ( 18,582 ) 16.96 Non-vested at June 30, 2019 - $ - 0.0 Compensation costs related to the unit-based awards of $ 79 thousand and $ 158 thousand were recognized during the three and six months ended June 30, 2019, respectively. Compensation costs related to the unit-based awards of $ 60 thousand and $ 120 thousand were recognized during the three and six months ended June 30, 2018, respectively. As of June 30, 2019, there were no unrecognized compensation costs from unit-based compensation awards. |
Partners' Deficit
Partners' Deficit | 6 Months Ended |
Jun. 30, 2019 | |
Partners' Deficit [Abstract] | |
Partners' Deficit | 6. PARTNERS’ DEFICIT Changes in partners’ deficit are as follows (in thousands): Limited Partners Common Units- Public Common Units- Green Plains General Partner Total Balance, December 31, 2018 $ 115,352 $ ( 186,635 ) $ ( 1,171 ) $ ( 72,454 ) Quarterly cash distributions to unitholders ($ 0.475 per unit) ( 5,487 ) ( 5,504 ) ( 278 ) ( 11,269 ) Net income 5,014 5,029 205 10,248 Unit-based compensation, including general partner net contributions 79 - - 79 Balance, March 31, 2019 114,958 ( 187,110 ) ( 1,244 ) ( 73,396 ) Quarterly cash distributions to unitholders ($ 0.475 per unit) ( 5,487 ) ( 5,504 ) ( 278 ) ( 11,269 ) Net income 5,240 5,256 213 10,709 Unit-based compensation, including general partner net contributions 79 - - 79 Balance, June 30, 2019 $ 114,790 $ ( 187,358 ) $ ( 1,309 ) $ ( 73,877 ) Limited Partners Common Units- Public Common Units- Green Plains Subordinated Units- Green Plains General Partner Total Balance, December 31, 2017 $ 115,747 $ ( 38,505 ) $ ( 139,376 ) $ ( 712 ) $ ( 62,846 ) Quarterly cash distributions to unitholders ($ 0.470 per unit) ( 5,420 ) ( 2,063 ) ( 7,468 ) ( 355 ) ( 15,306 ) Net income 4,751 1,808 6,546 267 13,372 Unit-based compensation, including general partner net contributions 60 - - - 60 Balance, March 31, 2018 115,138 ( 38,760 ) ( 140,298 ) ( 800 ) ( 64,720 ) Quarterly cash distributions to unitholders ($ 0.475 per unit) ( 5,478 ) ( 2,085 ) ( 7,548 ) ( 383 ) ( 15,494 ) Net income 4,874 1,856 6,717 275 13,722 Unit-based compensation, including general partner net contributions 60 - - - 60 Balance, June 30, 2018 $ 114,594 $ ( 38,989 ) $ ( 141,129 ) $ ( 908 ) $ ( 66,432 ) There was no change in the number of common limited partner units outstanding during the six months ended June 30, 2019. Subordinated Unit Conversion The requirements under the partnership agreement for the conversion of all of the outstanding subordinated units into common units were satisfied upon the payment of the distribution with respect to the quarter ended June 30, 2018. Accordingly, the subordination period ended on August 13, 2018, the first business day after the date of the distribution payment, and all of the 15,889,642 outstanding subordinated units were converted into common units on a one-for-one basis. The conversion of the subordinated units did not impact the amount of cash distributions paid or the total number of outstanding units. 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. Cash Distribution Policy Quarterly distributions are made from available cash within 45 days after the end of each calendar quarter. 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 also 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. On February 8, 2019 , the partnership distributed $ 11.3 million to unitholders of record as of February 1, 2019 , related to the quarterly cash distribution of $ 0.475 per unit that was declared on January 17, 2019 , for the quarter ended December 31, 2018. On May 10, 2019 , the partnership distributed $ 11.3 million to unitholders of record as of May 3, 2019 , related to the quarterly cash distribution of $ 0.475 per unit that was declared on April 18, 2019 , for the quarter ended March 31, 2019. On July 18, 2019 , the board of directors of the general partner declared a quarterly cash distribution of $ 0.475 per unit, or approximately $ 11.3 million, for the quarter ended June 30, 2019. The distribution is payable on August 9, 2019 , to unitholders of record at the close of business on August 2, 2019 . The total cash distributions declared for the three and six months ended June 30, 2019 and 2018, are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 General partner distributions $ 226 $ 310 $ 451 $ 620 Incentive distributions 53 73 106 146 Total distributions to general partner 279 383 557 766 Limited partner common units - public 5,497 5,487 10,984 10,965 Limited partner common units - Green Plains 5,504 2,085 11,008 4,170 Limited partner subordinated units - Green Plains - 7,548 - 15,095 Total distributions to limited partners 11,001 15,120 21,992 30,230 Total distributions declared $ 11,280 $ 15,503 $ 22,549 $ 30,996 |
Earnings Per Unit
Earnings Per Unit | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Unit [Abstract] | |
Earnings Per Unit | 7. EARNINGS PER UNIT The partnership computes earnings per unit using the two-class method. Earnings per unit applicable to common units, and to subordinated units prior to the expiration of the subordination period, 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 was the same as basic earnings per limited partner unit as there were no potentially dilutive common or subordinated units outstanding as of June 30, 2019. The following tables show the calculation of earnings per limited partner unit – basic and diluted (in thousands, except for per unit data): Three Months Ended June 30, 2019 Limited Partner Common Units General Partner Total Net income: Distributions declared $ 11,001 $ 279 $ 11,280 Earnings less than distributions ( 505 ) ( 66 ) ( 571 ) Total net income $ 10,496 $ 213 $ 10,709 Weighted-average units outstanding - basic and diluted 23,120 Earnings per limited partner unit - basic and diluted $ 0.45 Six Months Ended June 30, 2019 Limited Partner Common Units General Partner Total Net income: Distributions declared $ 21,992 $ 557 $ 22,549 Earnings less than distributions ( 1,453 ) ( 139 ) ( 1,592 ) Total net income $ 20,539 $ 418 $ 20,957 Weighted-average units outstanding - basic and diluted 23,119 Earnings per limited partner unit - basic and diluted $ 0.89 Three Months Ended June 30, 2018 Limited Partner Common Units Limited Partner Subordinated Units (1) General Partner Total Net income: Distributions declared $ 7,572 $ 7,548 $ 383 $ 15,503 Earnings less than distributions ( 842 ) ( 831 ) ( 108 ) ( 1,781 ) Total net income $ 6,730 $ 6,717 $ 275 $ 13,722 Weighted-average units outstanding - basic and diluted 15,922 15,890 Earnings per limited partner unit - basic and diluted $ 0.42 $ 0.42 Six Months Ended June 30, 2018 Limited Partner Common Units Limited Partner Subordinated Units (1) General Partner Total Net income: Distributions declared $ 15,135 $ 15,095 $ 766 $ 30,996 Earnings less than distributions ( 1,846 ) ( 1,832 ) ( 224 ) ( 3,902 ) Total net income $ 13,289 $ 13,263 $ 542 $ 27,094 Weighted-average units outstanding - basic and diluted 15,922 15,890 Earnings per limited partner unit - basic and diluted $ 0.83 $ 0.83 (1) The subordinated units converted to common units on a one-for-one basis in August 2018 (see Note 6 – Partners’ Deficit) . |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Income Taxes [Abstract] | |
Income Taxes | 8. INCOME TAXES The partnership is a limited partnership, which is not subject to federal 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. However, the partnership owns a subsidiary that is taxed as a corporation for federal and state income tax purposes. In addition, the partnership is subject to state income taxes in certain states. As a result, the financial statements reflect a provision or benefit for such income taxes. The partnership recognizes uncertainties in income taxes based upon the technical merits of the position, and measures the maximum benefit and degree of likelihood to determine the tax liability in the financial statements. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 9. COMMITMENTS AND CONTINGENCIES Adoption of ASC 842 On January 1, 2019, the partnership adopted the amended guidance in ASC 842, Leases , and all related amendments (“new lease standard”) and applied it to all leases using the optional transition method which requires the amended guidance to be applied at the date of adoption. The standard does not require the guidance to be applied to the earliest comparative period presented in the financial statements. As such, comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The new lease standard had a material impact on the partnership’s consolidated balance sheets, increasing total assets and total liabilities by $ 39.7 million upon adoption. It did not have a material impact on the consolidated statement of operations for the six months ended June 30, 2019. The impact on the consolidated balance sheet as of December 31, 2018 for the adoption of the new lease standard was as follows (in thousands): Balance at December 31, 2018 Adjustments Due to ASC 842 Balance at January 1, 2019 (audited) Balance sheet Assets Operating lease right-of-use assets $ - $ 39,685 $ 39,685 Liabilities Operating lease current liabilities - 13,534 13,534 Deferred lease liabilities 843 ( 843 ) - Operating lease long-term liabilities - 26,994 26,994 The partnership’s leases do not specify an implicit interest rate. Therefore, the incremental borrowing rate was used based on information available at commencement date to determine the present value of future payments. Practical Expedients Under the new lease standard, companies may elect various practical expedients upon adoption. The partnership elected the package of practical expedients related to transition, which states that an entity need not reassess initial direct costs for existing leases, the lease classification for any expired or existing leases, and whether any expired or existing contracts are or contain leases. The partnership elected to utilize a portfolio approach for lease classification, which allows for an entity to group together leases with similar characteristics provided that its application does not create a material difference when compared to accounting for the leases at a contract level. For the partnership’s railcar leases, the partnership elected to combine the railcars within each contract rider and account for each contract rider as an individual lease. The partnership also elected the practical expedient for lessees to include both the lease and non-lease components as a single component and account for them as a lease. Certain of the partnership’s railcar agreements provide for maintenance costs to be the responsibility of the partnership as incurred or charged by the lessor. This maintenance cost is a non-lease component that the partnership elected to combine with the monthly rental payment and account for the total cost as operating lease expense. In addition, the partnership has a land lease that contains a non-lease component for the handling and unloading services the landlord provides. The partnership elected to combine the cost of services with the land lease cost and account for the total as operating lease expense. The lessor practical expedient to combine both the lease and non-lease components and account for them as a lease was applied by class of underlying asset. The storage and throughput agreement consists of lease costs paid by Green Plains Trade for the rental of the terminal facilities as well as non-lease costs for the throughput services provided by the partnership. For this agreement, the partnership elected to combine the facility rental revenue and the service revenue and account for the total as leasing revenue. The railcar transportation services agreement consists of lease costs paid by Green Plains Trade for the use of the partnership’s railcar assets as well as non-lease costs for logistical operations management and other services. For this agreement, the partnership elected to combine the railcar rental revenue and the service revenue and account for the total as leasing revenue. A lessee may elect not to apply the recognition requirements in the new lease standard for short-term leases. Instead, the lease payments may be recognized into profit or loss on a straight-line basis over the lease term. The partnership has elected to use this short-term lease exemption, and therefore will not record a lease liability or right-of-use asset for leases with a term of one year or less. The partnership had no short-term lease expense for the three and six months ended June 30, 2019. Operating Lease Expense The partnership leases certain facilities, parcels of land, and railcars with remaining terms ranging from less than one year to approximately 12.3 years, including renewal options reasonably certain to be exercised for the land and facility leases. Railcar agreement renewals are not considered reasonably certain to be exercised as they typically renew with significantly different underlying terms. The partnership may sublease certain of its railcars to third parties on a short-term basis. These subleases are classified as operating leases, with the associated sublease revenue recognized on a straight-line basis over the lease term. The components of lease expense are as follows (in thousands): Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Lease expense Operating lease expense $ 4,076 $ 8,285 Variable lease benefit (1) ( 271 ) ( 149 ) Total lease expense $ 3,805 $ 8,136 (1) Represents amounts incurred in excess of the minimum payments required for the handling and unloading of railcars for a certain land lease, offset by railcar lease abatements provided by the lessor when railcars are out of service during periods of maintenance or upgrade. Supplemental cash flow information related to operating leases is as follows (in thousands): Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 4,395 $ 8,486 Right-of-use assets obtained in exchange for lease obligations: Operating leases 6,207 6,207 Supplemental balance sheet information related to operating leases is as follows: June 30, 2019 Weighted average remaining lease term 4.5 years Weighted average discount rate 5.20 % Aggregate minimum lease payments under the operating lease agreements for the remainder of 2019 and in future years are as follows (in thousands): Year Ending December 31, Amount 2019 $ 6,972 2020 13,665 2021 8,152 2022 6,532 2023 2,937 Thereafter 6,031 Total $ 44,289 Less: Present value discount ( 5,082 ) Operating lease liabilities $ 39,207 Aggregate minimum lease payments remaining under the operating lease agreements as of December 31, 2018 are as follows (in thousands): Year Ending December 31, Amount 2019 $ 14,180 2020 11,843 2021 6,842 2022 4,758 2023 1,164 Thereafter 4,028 Total $ 42,815 Lease Revenue The components of lease revenue are as follows (in thousands): Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Lease revenue Operating lease revenue $ 17,436 $ 34,770 Variable lease revenue (1) ( 266 ) ( 198 ) Sublease revenue 204 428 Total lease revenue $ 17,374 $ 35,000 (1) Represents amounts delivered by Green Plains Trade and other customers in excess of various minimum volume commitments, as well as the difference between the contracted railcar volumetric capacity and the actual amount provided to Green Plains Trade during the period. In accordance with the amended storage and throughput agreement, Green Plains Trade is obligated to deliver a minimum volume of 235.7 mmg per calendar quarter to the partnership’s storage facilities and pay $ 0.05 per gallon on all volume it throughputs associated with the agreement. While this agreement contains a provision stating that the rate could potentially increase above the $0.05 per gallon on the sixth anniversary of the effective date, the potential increase would be based on a percentage change in the Bureau of Labor Producer Price Index, which cannot be predicted at this time. The remaining lease term for this agreement is approximately 9.0 years, with automatic one year renewal periods in which either party has the right to terminate the contract. Due to the unilateral right to termination during the renewal period, the lease contract would no longer contain enforceable rights or obligations. Therefore, the lease term does not include the successive one year renewal periods. Anticipated minimum operating lease revenue under this agreement assuming a consistent rate of $0.05 per gallon for the remainder of 2019 and in future years is as follows (in thousands): Year Ending December 31, Amount 2019 $ 23,570 2020 47,140 2021 47,140 2022 47,140 2023 47,140 Thereafter 212,130 Total $ 424,260 In accordance with the amended rail transportation services agreement with Green Plains Trade, Green Plains Trade is required to pay the rail transportation services fee for railcar volumetric capacity provided by the partnership. The remaining lease term for this agreement is approximately 6.0 years, with automatic one year renewal periods in which either party has the right to terminate the contract. Due to the unilateral right to termination during the renewal period, the lease contract would no longer contain enforceable rights or obligations. Therefore, the lease term does not include the successive one year renewal periods. Under the terms of the agreement, Green Plains Trade is not required to pay for volumetric capacity that is not available due to inspections, upgrades, or routine repairs and maintenance. As a result, the actual volumetric capacity billed may be reduced based on the amount of volumetric capacity available for use during any applicable period. Anticipated minimum operating lease revenue under this agreement for the remainder of 2019 and in future years is as follows (in thousands): Year Ending December 31, Amount 2019 $ 9,991 2020 19,133 2021 11,856 2022 9,311 2023 3,028 Thereafter 1,691 Total $ 55,010 The partnership provides terminal services and logistics solutions to certain customers under various terminal service agreements, some of which have minimum volume commitments. At terminals where a customer is predominantly provided exclusive use of the terminal or tank storage assets, the partnership is considered a lessor as part of an operating lease agreement. Revenue is recognized over the term of the lease based on the minimum volume commitment, or total actual throughput if in excess of the minimum volume commitment. The remaining lease terms for these agreements range from less than one year to approximately 6.2 years, some of which contain renewal options reasonably certain to be exercised. Minimum operating lease revenue for these terminals for the remainder of 2019 and in future years is as follows (in thousands): Year Ending December 31, Amount 2019 $ 67 2020 74 2021 74 2022 74 2023 74 Thereafter 123 Total $ 486 Other Commitments and Contingencies The partnership has agreements for contracted services with certain vendors that require the partnership to pay minimum monthly amounts, which expire on various dates. These agreements do not contain an identified asset and therefore are not considered operating leases. The partnership satisfied the minimum commitments under these agreements during the three and six months ended June 30, 2019 and 2018. Aggregate minimum payments under these agreements for the remainder of 2019 and in future years are as follows (in thousands): Year Ending December 31, Amount 2019 $ 333 2020 153 2021 157 2022 156 2023 - Thereafter - Total $ 799 Legal 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. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 10. 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. The partnership recorded expenses related to these shared services of $ 0.9 million and $ 1.8 million for the three and six months ended June 30, 2019, respectively, and $ 1.2 million and $ 2.4 million for the three and six months ended June 30, 2018, respectively. 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 its operations, including expenses incurred by other entities on its behalf. Omnibus Agreement The partnership has entered into an omnibus agreement, as amended, with Green Plains and its affiliates which, among other terms and conditions, 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; 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; the partnership’s right of first offer to acquire assets if Green Plains decides to sell them; 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. 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. Operating Services and Secondment Agreement The general partner has entered into an operational services and secondment agreement, as amended, 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, employee training, finance and administration, human resources, business operations and planning. The seconded personnel are under the direct management and supervision of the general partner who 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. Under the operational services and secondment agreement, Green Plains will indemnify the partnership from any claims, losses or liabilities incurred by the partnership, including third-party claims, arising from their performance of the operational services secondment agreement; provided, however, that Green Plains will not be obligated to indemnify the partnership for any claims, losses or liabilities arising out of the partnership’s gross negligence, willful misconduct or bad faith with respect to any services provided under the operational services and secondment agreement. Commercial Agreements The partnership has various fee-based commercial agreements with Green Plains Trade, including: 10 -year storage and throughput agreement, expiring on June 30, 2028; 10 -year rail transportation services agreement, expiring on June 30, 2025; 1 -year trucking transportation agreement, expiring on May 31, 2020; Terminal services agreement for the Birmingham, Alabama unit train terminal, expiring December 31, 2019; and Various other terminal services agreements for other fuel terminal facilities, each with Green Plains Trade. The storage and throughput, rail transportation services, and trucking transportation agreements have various automatic renewal terms if not cancelled by either party within specified timeframes. Please refer to Item 15 – Exhibits, Financial Statement Schedule in our 2018 annual report for further details. 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 volumetric capacity commitments. Under the storage and throughput agreement, as amended, Green Plains Trade is obligated to deliver a minimum volume of 235.7 mmg of product per calendar quarter to 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 delivered by Green Plains Trade in excess of the minimum volume commitment during the following four quarters, after which time any unused credits will expire. The partnership charged Green Plains Trade a deficiency payment in the amount of $ 0.5 million related to the minimum volume commitment for the three months ended June 30, 2019. The cumulative minimum volume deficiency credits available to Green Plains Trade as of June 30, 2019 totaled $ 7.5 million. These credits expire, if unused, as follows: $ 3.0 million, expiring on December 30, 2019; $ 4.0 million, expiring on March 31, 2020; and $ 0.5 million, expiring on June 30, 2020. 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 three and six months ended June 30, 2019, the average daily railcar volumetric capacity provided by the partnership was 81.1 mmg and 82.3 mmg, respectively, and the associated monthly fee was approximately $ 0.0218 and $ 0.0217 per gallon, res pec tively. During the three and six months ended June 30, 2018, the average daily railcar volumetric capacity provided by the partnership was 98.6 mmg and 98.9 mmg, respectively, and the associated monthly fee was approximately $ 0.0208 and $ 0.0230 per gallon, respectively. The partnership’s leased railcar fleet consisted of approximately 2,690 and 3,500 railcars as of June 30, 2019 and 2018, respectively. Green Plains Trade is also obligated to use the partnership for logistical operations management and other services related to average daily railcar volumetric capacity provided by Green Plains Trade, which was approximately 2.9 mmg and 3.3 mmg for the three and six months ended June 30, 2019, respectively. Green Plains Trade is obligated to pay a monthly fee of approximately $ 0.0013 per gallon for these services. In addition, 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. Green Plains Trade frequently contracts with the partnership for additional railcar volumetric capacity during the normal course of business at comparable margins. Under the trucking transportation agreement, Green Plains Trade pays the partnership to transport ethanol and other fuels by truck from identified receipt points to various 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 truck lane. A truck lane is defined as a specific and routine route of travel between a point of origin and point of destination. Rates for each truck lane are negotiated based on product, location, mileage and other factors. 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, effective January 1, 2017, through December 31, 2019, Green Plains Trade is obligated to throughput a minimum volume commitment of approximately 2.8 mmg per month and pay associated throughput fees, as well as fees for ancillary services. The partnership recorded revenues from Green Plains Trade under the storage and throughput agreement and rail transportation services agreement of $ 17.1 million and $ 34.3 million for the three and six months ended June 30, 2019, respectively, and $ 21.7 million and $ 43.8 million for the three and six months ended June 30, 2018, respectively. The partnership recorded revenues from Green Plains Trade and other Green Plains subsidiaries related to trucking and terminal services of $ 2.0 million and $ 3.6 million for the six months ended June 30, 2019, respectively, and $ 2.5 million and $ 4.7 million for the three and six months ended June 30, 2018, respectively. Cash Distributions The partnership distributed $ 5.8 million and $ 11.6 million to Green Plains related to the quarterly cash distribution paid for the three and six months ended June 30, 2019, respectively, and $ 10.0 million and $ 19.9 million for the three and six months ended June 30, 2018, respectively. Equity Method Investment The partnership entered into a project management agreement with NLR Energy Logistics LLC, effective June 23, 2017, in which NLR provided the partnership a fixed monthly fee to coordinate and manage the development, design, and construction of the Little Rock, Arkansas unit train terminal. Construction of the terminal was completed during the first quarter of 2018. The partnership recognized no income during the three months ended June 30, 2018, and $ 75 thousand of other income during the six months ended June 30, 2018, for these services. There was no income recognized for these services during the three and six months ended June 30, 2019. In addition, the partnership recorded a receivable of $ 51 thousand for various expenses to be reimbursed by NLR as of June 30, 2019. Other Related Party Revenues and Expenses The partnership incurs expenses charged by a subsidiary of the parent for cleaning of its storage tanks. The partnership had no tank cleaning expense for the three months ended June 30, 2018, and incurred $ 10 thousand for the six months ended June 30, 2018. There were no tank cleaning expenses incurred for the three and six months ended June 30, 2019. |
Equity Method Investment
Equity Method Investment | 6 Months Ended |
Jun. 30, 2019 | |
Equity Method Investment [Abstract] | |
Equity Method Investment | 11. EQUITY METHOD INVESTMENT NLR Energy Logistics LLC The partnership and Delek Renewables LLC have a 50/ 50 joint venture, NLR Energy Logistics LLC, which operates a unit train terminal in the Little Rock, Arkansas area with capacity to unload 110 -car unit trains and provide approximately 100,000 barrels of storage. Operations commenced at the beginning of the second quarter of 2018, and the first unit train was received in July 2018. As of June 30, 2019, the partnership's investment balance in the joint venture was $ 4.0 million. The partnership does not consolidate any part of the assets or liabilities or operating results of its equity method investee. The partnership’s share of net income or loss in the investee increases or decreases, as applicable, the carrying value of the investment. With respect to NLR, the partnership determined that this entity does not represent a variable interest entity and consolidation is not required. In addition, although the partnership has the ability to exercise significant influence over the joint venture through board representation and voting rights, all significant decisions require the consent of the other investor without regard to economic interest. Summarized Financial Information The partnership reports its proportional share of equity method investee income (loss) on a one month lag in the consolidated statements of operations. The following table presents combined summarized statement of operations data of our equity method investee for the three and six months ended May 31, 2019 and 2018 (amounts represent 100% of investee financial information in thousands, unaudited): Three Months Ended May 31, Six Months Ended May 31, 2019 2018 2019 2018 Total revenues $ 589 $ - $ 1,405 $ - Total operating expenses 304 234 691 260 Net income (loss) $ 285 $ ( 234 ) $ 714 $ ( 260 ) |
Basis of Presentation, Descri_2
Basis of Presentation, Description of Business and Summary of Significant Accounting Policies (Policy) | 6 Months Ended |
Jun. 30, 2019 | |
Basis of Presentation, Description of Business and Summary of Significant Accounting Policies [Abstract] | |
Consolidated Financial Statements | Consolidated Financial Statements The consolidated financial statements include the accounts of the partnership and its controlled subsidiaries. All significant intercompany balances and transactions are eliminated on a consolidated basis for reporting purposes. Results for the interim periods presented are not necessarily indicative of the expected results for the entire year. The accompanying unaudited consolidated financial statements are prepared in accordance with GAAP for interim financial information and instructions to Form 10-Q and Article 10 of Regulation S-X. Because they do not include all of the information and footnotes required by GAAP, the consolidated financial statements should be read in conjunction with the partnership’s 2018 annual report on Form 10-K for the year ended December 31, 2018, as filed with the SEC on February 20, 2019. The partnership accounts for its interest in joint ventures using the equity method of accounting, with its investment recorded at the acquisition cost plus the partnership’s share of equity in undistributed earnings or losses and reduced by distributions received. |
Reclassifications | Reclassifications Certain prior year amounts were reclassified to conform to the current year presentation. These reclassifications did not affect total revenues, costs and expenses, net income, or partners’ deficit. |
Use of Estimates in the Preparation of Consolidated Financial Statements | 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, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and 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, operating leases, 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 1.1 bgy ethanol marketing and distribution business since the partnership’s assets are the principal method of storing and delivering the ethanol its parent produces. The ethanol produced by the parent is predominantly fuel grade, made principally from starch extracted from corn, and 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 oxygenates for blending into the fuel supply. The partnership does not take ownership of, or receive any payments based on the value of the ethanol, other fuels or products it handles. As a result, the partnership does not have any direct exposure to fluctuations in commodity prices. |
Revenue Recognition | Revenue Recognition The partnership recognizes revenue when obligations under the terms of a contract with a customer are satisfied. Generally, this occurs with the completion of services or the transfer of control of products to the customer or another specified third party. Operating lease revenue related to minimum volume commitments is recognized on a straight-line basis over the term of the lease. To the extent shortfalls associated with minimum volume commitments in the previous four quarters continue to exist, volumes in excess of the minimum volume commitment are applied to those shortfalls. Remaining excess volumes generating operating lease revenue are recognized as incurred. The partnership generates a substantial portion of its revenues under fee-based commercial agreements with Green Plains Trade. Please refer to Note 2 - Revenue to the consolidated financial statements for further details. |
Operations and Maintenance Expenses | Operations and Maintenance Expenses The partnership’s operations and maintenance expenses consist primarily of lease expenses related to the transportation assets, labor expenses, outside contractor expenses, insurance premiums, repairs and maintenance expenses, and utility costs. These expenses also include fees for certain management, maintenance and operational services to support the storage and terminal facilities, trucks, and leased railcar fleet allocated by Green Plains under the operational services and secondment agreement. |
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 their 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. Please refer to Note 2 – Revenue and Note 10 – Related Party Transactions to the consolidated financial statements for additional information . |
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. |
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 incurred if it can be reasonably estimated, which is subsequently adjusted for accretion expense. 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 the AROs includes assumptions about costs, settlement dates, interest accretion, and inflation. Changes in assumptions, such as the amount or timing of estimated cash flows, could increase or decrease the AROs. The partnership’s AROs are based on legal obligations to perform remedial activity related to land, machinery and equipment when certain operating leases expire. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements On January 1, 2019, the partnership adopted the amended guidance in ASC 842, Leases . Please refer to Note 9 – Commitments and Contingencies to the consolidated financial statements for further details. |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue [Abstract] | |
Disaggregatation Of Revenue By Major Source | Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Revenues Service revenues Terminal services $ 2,329 $ 2,499 $ 4,895 $ 4,780 Trucking and other 1,122 1,220 2,017 2,303 Railcar transportation services - 27 - 53 Total service revenues 3,451 3,746 6,912 7,136 Leasing revenues (1) Storage and throughput services 11,785 15,575 23,570 30,217 Railcar transportation services 5,505 6,128 11,124 13,571 Terminal services 84 391 306 801 Total leasing revenues 17,374 22,094 35,000 44,589 Total revenues $ 20,825 $ 25,840 $ 41,912 $ 51,725 (1) Leasing revenues do not represent revenues recognized from contracts with customers under ASC 606, Revenue from Contracts with Customers , and are accounted for under ASC 842, Leases for 2019 and ASC 840 , Leases for 2018. |
Changes in Unearned Revenue From Service Agreements | Amount Balance at January 1, 2019 $ 248 Revenue recognized included in beginning balance ( 248 ) Net additions 101 Balance at March 31, 2019 101 Revenue recognized included in beginning balance ( 101 ) Net additions 116 Balance at June 30, 2019 $ 116 |
Dispositions (Table)
Dispositions (Table) | 6 Months Ended |
Jun. 30, 2019 | |
Dispositions [Abstract] | |
Summary Of Assets And Liabilities Disposed Of | Total consideration received $ 120,900 Identifiable assets and liabilities disposed of: Property and equipment, net 4,192 Asset retirement obligations ( 425 ) Total identifiable net assets 3,767 Units retired: Common units - Green Plains 118,482 General partners interest 2,418 Total units retired 120,900 Partners' deficit effect $ ( 3,767 ) |
Unit-Based Compensation (Tables
Unit-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Unit-Based Compensation [Abstract] | |
Schedule of Non-vested Unit-based Award Activity | Non-Vested Units Weighted-Average Grant-Date Fair Value Weighted-Average Remaining Vesting Term (in years) Non-vested at December 31, 2018 18,582 $ 16.96 Vested ( 18,582 ) 16.96 Non-vested at June 30, 2019 - $ - 0.0 |
Partners' Deficit (Tables)
Partners' Deficit (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Partners' Deficit [Abstract] | |
Schedule of Components of Partners' Capital | Changes in partners’ deficit are as follows (in thousands): Limited Partners Common Units- Public Common Units- Green Plains General Partner Total Balance, December 31, 2018 $ 115,352 $ ( 186,635 ) $ ( 1,171 ) $ ( 72,454 ) Quarterly cash distributions to unitholders ($ 0.475 per unit) ( 5,487 ) ( 5,504 ) ( 278 ) ( 11,269 ) Net income 5,014 5,029 205 10,248 Unit-based compensation, including general partner net contributions 79 - - 79 Balance, March 31, 2019 114,958 ( 187,110 ) ( 1,244 ) ( 73,396 ) Quarterly cash distributions to unitholders ($ 0.475 per unit) ( 5,487 ) ( 5,504 ) ( 278 ) ( 11,269 ) Net income 5,240 5,256 213 10,709 Unit-based compensation, including general partner net contributions 79 - - 79 Balance, June 30, 2019 $ 114,790 $ ( 187,358 ) $ ( 1,309 ) $ ( 73,877 ) Limited Partners Common Units- Public Common Units- Green Plains Subordinated Units- Green Plains General Partner Total Balance, December 31, 2017 $ 115,747 $ ( 38,505 ) $ ( 139,376 ) $ ( 712 ) $ ( 62,846 ) Quarterly cash distributions to unitholders ($ 0.470 per unit) ( 5,420 ) ( 2,063 ) ( 7,468 ) ( 355 ) ( 15,306 ) Net income 4,751 1,808 6,546 267 13,372 Unit-based compensation, including general partner net contributions 60 - - - 60 Balance, March 31, 2018 115,138 ( 38,760 ) ( 140,298 ) ( 800 ) ( 64,720 ) Quarterly cash distributions to unitholders ($ 0.475 per unit) ( 5,478 ) ( 2,085 ) ( 7,548 ) ( 383 ) ( 15,494 ) Net income 4,874 1,856 6,717 275 13,722 Unit-based compensation, including general partner net contributions 60 - - - 60 Balance, June 30, 2018 $ 114,594 $ ( 38,989 ) $ ( 141,129 ) $ ( 908 ) $ ( 66,432 ) |
Schedule of Allocation of Total Cash Distributions to the General and Limited Partners | The total cash distributions declared for the three and six months ended June 30, 2019 and 2018, are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 General partner distributions $ 226 $ 310 $ 451 $ 620 Incentive distributions 53 73 106 146 Total distributions to general partner 279 383 557 766 Limited partner common units - public 5,497 5,487 10,984 10,965 Limited partner common units - Green Plains 5,504 2,085 11,008 4,170 Limited partner subordinated units - Green Plains - 7,548 - 15,095 Total distributions to limited partners 11,001 15,120 21,992 30,230 Total distributions declared $ 11,280 $ 15,503 $ 22,549 $ 30,996 |
Earnings Per Unit (Tables)
Earnings Per Unit (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Unit [Abstract] | |
Schedule Of Basic And Diluted Earnings Per Unit | Three Months Ended June 30, 2019 Limited Partner Common Units General Partner Total Net income: Distributions declared $ 11,001 $ 279 $ 11,280 Earnings less than distributions ( 505 ) ( 66 ) ( 571 ) Total net income $ 10,496 $ 213 $ 10,709 Weighted-average units outstanding - basic and diluted 23,120 Earnings per limited partner unit - basic and diluted $ 0.45 Six Months Ended June 30, 2019 Limited Partner Common Units General Partner Total Net income: Distributions declared $ 21,992 $ 557 $ 22,549 Earnings less than distributions ( 1,453 ) ( 139 ) ( 1,592 ) Total net income $ 20,539 $ 418 $ 20,957 Weighted-average units outstanding - basic and diluted 23,119 Earnings per limited partner unit - basic and diluted $ 0.89 Three Months Ended June 30, 2018 Limited Partner Common Units Limited Partner Subordinated Units (1) General Partner Total Net income: Distributions declared $ 7,572 $ 7,548 $ 383 $ 15,503 Earnings less than distributions ( 842 ) ( 831 ) ( 108 ) ( 1,781 ) Total net income $ 6,730 $ 6,717 $ 275 $ 13,722 Weighted-average units outstanding - basic and diluted 15,922 15,890 Earnings per limited partner unit - basic and diluted $ 0.42 $ 0.42 Six Months Ended June 30, 2018 Limited Partner Common Units Limited Partner Subordinated Units (1) General Partner Total Net income: Distributions declared $ 15,135 $ 15,095 $ 766 $ 30,996 Earnings less than distributions ( 1,846 ) ( 1,832 ) ( 224 ) ( 3,902 ) Total net income $ 13,289 $ 13,263 $ 542 $ 27,094 Weighted-average units outstanding - basic and diluted 15,922 15,890 Earnings per limited partner unit - basic and diluted $ 0.83 $ 0.83 (1) The subordinated units converted to common units on a one-for-one basis in August 2018 (see Note 6 – Partners’ Deficit) . |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Impact On Consolidated Balance Sheet From Adoption Of New Lease Standard | Balance at December 31, 2018 Adjustments Due to ASC 842 Balance at January 1, 2019 (audited) Balance sheet Assets Operating lease right-of-use assets $ - $ 39,685 $ 39,685 Liabilities Operating lease current liabilities - 13,534 13,534 Deferred lease liabilities 843 ( 843 ) - Operating lease long-term liabilities - 26,994 26,994 |
Components Of Lease Expense | Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Lease expense Operating lease expense $ 4,076 $ 8,285 Variable lease benefit (1) ( 271 ) ( 149 ) Total lease expense $ 3,805 $ 8,136 (1) Represents amounts incurred in excess of the minimum payments required for the handling and unloading of railcars for a certain land lease, offset by railcar lease abatements provided by the lessor when railcars are out of service during periods of maintenance or upgrade. |
Supplemental Cash Flow Information Related To Operating Leases | Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 4,395 $ 8,486 Right-of-use assets obtained in exchange for lease obligations: Operating leases 6,207 6,207 |
Supplemental Balance Sheet Information Related To Operating Leases | June 30, 2019 Weighted average remaining lease term 4.5 years Weighted average discount rate 5.20 % |
Schedule of Aggregate Minimum Lease Payments | Year Ending December 31, Amount 2019 $ 6,972 2020 13,665 2021 8,152 2022 6,532 2023 2,937 Thereafter 6,031 Total $ 44,289 Less: Present value discount ( 5,082 ) Operating lease liabilities $ 39,207 |
Schedule of Aggregate Minimum Lease Payments Remaining | Year Ending December 31, Amount 2019 $ 14,180 2020 11,843 2021 6,842 2022 4,758 2023 1,164 Thereafter 4,028 Total $ 42,815 |
Components Of Lease Revenue | Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Lease revenue Operating lease revenue $ 17,436 $ 34,770 Variable lease revenue (1) ( 266 ) ( 198 ) Sublease revenue 204 428 Total lease revenue $ 17,374 $ 35,000 (1) Represents amounts delivered by Green Plains Trade and other customers in excess of various minimum volume commitments, as well as the difference between the contracted railcar volumetric capacity and the actual amount provided to Green Plains Trade during the period. |
Summary of Minimum Future Rental Revenue | Anticipated minimum operating lease revenue under this agreement assuming a consistent rate of $0.05 per gallon for the remainder of 2019 and in future years is as follows (in thousands): Year Ending December 31, Amount 2019 $ 23,570 2020 47,140 2021 47,140 2022 47,140 2023 47,140 Thereafter 212,130 Total $ 424,260 |
Schedule of Aggregate Minimum Agreement Payments | Year Ending December 31, Amount 2019 $ 333 2020 153 2021 157 2022 156 2023 - Thereafter - Total $ 799 |
Amended Rail Transportation Services Agreement [Member] | |
Summary of Minimum Future Rental Revenue | Year Ending December 31, Amount 2019 $ 9,991 2020 19,133 2021 11,856 2022 9,311 2023 3,028 Thereafter 1,691 Total $ 55,010 |
Terminal Services And Logistics Solutions [Member] | |
Summary of Minimum Future Rental Revenue | Year Ending December 31, Amount 2019 $ 67 2020 74 2021 74 2022 74 2023 74 Thereafter 123 Total $ 486 |
Equity Method Investments (Tabl
Equity Method Investments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity Method Investment [Abstract] | |
Combined Summary Of Operations Data For Equity Investment | Three Months Ended May 31, Six Months Ended May 31, 2019 2018 2019 2018 Total revenues $ 589 $ - $ 1,405 $ - Total operating expenses 304 234 691 260 Net income (loss) $ 285 $ ( 234 ) $ 714 $ ( 260 ) |
Basis of Presentation, Descri_3
Basis of Presentation, Description of Business and Summary of Significant Accounting Policies (Narrative) (Details) gal in Billions | 6 Months Ended |
Jun. 30, 2019segmentgal | |
Basis of Presentation and Significant Accounting Policies [Line Items] | |
Number of reportable segments | segment | 1 |
Ethanol Segment [Member] | |
Basis of Presentation and Significant Accounting Policies [Line Items] | |
Percent of U.S. gasoline market | 10.00% |
Green Plains Inc. [Member] | |
Basis of Presentation and Significant Accounting Policies [Line Items] | |
Ethanol production capacity (in gallons) | gal | 1.1 |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)mi | Jun. 30, 2018USD ($) | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 20,825 | $ 25,840 | $ 41,912 | $ 51,725 |
Average trucking miles traveled from receipt point to delivery point | mi | 100 | |||
Green Plains Trade Group LLC [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 19,100 | $ 24,200 | $ 37,900 | $ 48,500 |
Minimum [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue, Performance Obligation, Payment Terms | 10 days | |||
Percent of partnership's revenue, major customers benchmark | 10.00% | 10.00% | 10.00% | 10.00% |
Maximum [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue, Performance Obligation, Payment Terms | 30 days |
Revenue (Disaggregatation Of Re
Revenue (Disaggregatation Of Revenue By Major Source) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | $ 20,825 | $ 25,840 | $ 41,912 | $ 51,725 | |
Service Revenues [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total service revenues | 3,451 | 3,746 | 6,912 | 7,136 | |
Terminal Services [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total service revenues | 2,329 | 2,499 | 4,895 | 4,780 | |
Trucking and Other [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total service revenues | 1,122 | 1,220 | 2,017 | 2,303 | |
Railcar Transportation Services [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total service revenues | 27 | 53 | |||
Leasing Revenues [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total leasing revenues | [1] | 17,374 | 22,094 | 35,000 | 44,589 |
Storage And Throughput Services, Leasing [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total leasing revenues | [1] | 11,785 | 15,575 | 23,570 | 30,217 |
Terminal Services, Leasing [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total leasing revenues | [1] | 84 | 391 | 306 | 801 |
Railcar Transportation Services, Leasing [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total leasing revenues | [1] | $ 5,505 | $ 6,128 | $ 11,124 | $ 13,571 |
[1] | Leasing revenues do not represent revenues recognized from contracts with customers under ASC 606, Revenue from Contracts with Customers , and are accounted for under ASC 842, Leases for 2019 and ASC 840 , Leases for 2018. |
Revenue (Changes in Unearned Re
Revenue (Changes in Unearned Revenue From Service Agreements) (Details) - Service Agreements [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2019 | Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Beginning balance | $ 101 | $ 248 |
Revenue recognized included in beginning balance | (101) | (248) |
Net additions | 116 | 101 |
Ending balance | $ 116 | $ 101 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) | 1 Months Ended | 6 Months Ended | |
Jun. 30, 2013USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) | |
Debt Instrument [Line Items] | |||
Debt issuance costs | $ 51,000 | $ 75,000 | |
Note receivable | 7,768,000 | 8,100,000 | |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit, maximum borrowing capacity | $ 200,000,000 | ||
Debt Instrument, Maturity Date | Jul. 1, 2020 | ||
Additional amount available under credit facility without consent of the lenders | $ 20,000,000 | ||
Sublimit available for swing line loans under credit facility | 30,000,000 | ||
Sublimit available for letters of credit under credit facility | $ 30,000,000 | ||
Revolving credit facility average interest rate | 5.41% | ||
Net leverage ratio, total funded indebtedness, cash in excess of minimum amount | $ 5,000,000 | ||
Net leverage ratio, total funded indebtedness, amount divided by the four preceding quarters' consolidated EBITDA | 30,000,000 | ||
Line of credit, carrying value | $ 132,200,000 | $ 134,000,000 | |
Minimum [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Net leverage ratio, basis points per annum | 0.35 | ||
Interest coverage ratio | 2.75 | ||
Maximum [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Net leverage ratio, basis points per annum | 0.50 | ||
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 1.25% to 2.00% | ||
Base Rate [Member] | Minimum [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate, basis spread on variable rate, percentage | 1.25% | ||
Base Rate [Member] | Maximum [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate, basis spread on variable rate, percentage | 2.00% | ||
LIBOR [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate, basis for effective rate | LIBOR plus 2.25% to 3.00% | ||
LIBOR [Member] | Minimum [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate, basis spread on variable rate, percentage | 2.25% | ||
LIBOR [Member] | Maximum [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate, basis spread on variable rate, percentage | 3.00% | ||
Birmingham BioEnergy Partners LLC [Member] | Notes Receivable [Member] | |||
Debt Instrument [Line Items] | |||
Note receivable | $ 8,100,000 | ||
Birmingham BioEnergy Partners LLC [Member] | Promissory Note [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | 1,900,000 | ||
Birmingham BioEnergy Partners LLC [Member] | Notes Payable to Banks [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 10,000,000 | ||
Interest rate, stated percentage | 1.00% | ||
Debt instrument, right to call | $ 8,100,000 | ||
Note receivable | $ 300,000 | ||
Income tax credits, statutory life | 7 years | ||
Income tax credits | $ 5,000,000 |
Dispositions (Narrative) (Detai
Dispositions (Narrative) (Details) - Asset Purchase Agreement [Member] shares in Millions, $ in Millions | Nov. 15, 2018USD ($)shares |
Green Plains Inc. [Member] | |
Business Acquisition [Line Items] | |
Total consideration received | $ | $ 120.9 |
Partners' Capital Account, Units | shares | 8.7 |
General partner's interest | 2.00% |
Additional consideration received | $ | $ 2.7 |
General Partner [Member] | |
Business Acquisition [Line Items] | |
Partners' Capital Account, Units | shares | 0.2 |
Dispositions (Summary Of Assets
Dispositions (Summary Of Assets And Liabilities Disposed Of) (Details) - Ethanol Plants In Bluffton Indiana Lakota Iowa And Riga Michigan [Member] $ in Thousands | Nov. 15, 2018USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Total consideration received | $ 120,900 |
Property and equipment, net | 4,192 |
Asset retirement obligations | (425) |
Total identifiable net assets | 3,767 |
Total units retired | 120,900 |
Partners' deficit effect | (3,767) |
Common Units - Green Plains [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Total units retired | 118,482 |
General Partner [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Total units retired | $ 2,418 |
Unit-Based Compensation (Narrat
Unit-Based Compensation (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized | 2,500,000 | 2,500,000 | ||
Limited Partner Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation cost (benefit) | $ 79 | $ 60 | $ 158 | $ 120 |
Unrecognized compensation costs | $ 0 | $ 0 |
Unit-Based Compensation (Schedu
Unit-Based Compensation (Schedule of Non-vested Unit-based Award Activity) (Details) | 6 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Unit-Based Compensation [Abstract] | |
Non-Vested Units, Non-vested at beginning of period | shares | 18,582 |
Non-Vested Units, Vested | shares | (18,582) |
Non-Vested Units, Non-vested at end of period | shares | |
Weighted-Average Grant-Date Fair Value, Non-vested at beginning of period | $ / shares | $ 16.96 |
Weighted-Average Grant-Date Fair Value, Vested | $ / shares | 16.96 |
Weighted-Average Grant-Date Fair Value, Non-vested at end of period | $ / shares | |
Weighted-Average Remaining Vesting Term (in years) | 0 years |
Partners' Deficit (Narrative) (
Partners' Deficit (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 18, 2019 | May 10, 2019 | Feb. 08, 2019 | Aug. 13, 2018 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Dec. 31, 2018 |
Limited Partners' Capital Account [Line Items] | ||||||||||
Distribution per unit | $ 0.46 | |||||||||
Distribution Made To Limited Partner And General Partner, Threshold In Days After End Of Each Calendar Quarter, Distribution Payment | 45 days | |||||||||
Quarterly cash distribution to unitholders | $ 11,300 | $ 11,300 | $ 11,300 | $ 11,269 | $ 11,269 | $ 15,494 | $ 15,306 | |||
Quarterly distribution paid, per unit | $ 0.475 | $ 0.475 | $ 0.475 | $ 0.475 | $ 0.475 | $ 0.475 | $ 0.470 | |||
Distribution Made to Limited Partner, Date of Record | Aug. 2, 2019 | May 3, 2019 | Feb. 1, 2019 | |||||||
Distribution Made to Limited Partner, Declaration Date | Jul. 18, 2019 | Apr. 18, 2019 | Jan. 17, 2019 | |||||||
Distribution Made to Limited Partner, Distribution Date | Aug. 9, 2019 | May 10, 2019 | Feb. 8, 2019 | |||||||
Common Units - Green Plains [Member] | ||||||||||
Limited Partners' Capital Account [Line Items] | ||||||||||
Conversion of subordinated units | 15,889,642 | |||||||||
Maximum [Member] | ||||||||||
Limited Partners' Capital Account [Line Items] | ||||||||||
Incentive distribution, percentage of available cash distributed from operating surplus | 48.00% | |||||||||
General Partner [Member] | ||||||||||
Limited Partners' Capital Account [Line Items] | ||||||||||
Quarterly cash distribution to unitholders | $ 278 | $ 278 | $ 383 | $ 355 | ||||||
Limited Partners [Member] | Subordinated Units [Member] | ||||||||||
Limited Partners' Capital Account [Line Items] | ||||||||||
Quarterly cash distribution to unitholders | 7,548 | 7,468 | ||||||||
Limited Partners [Member] | Common Units - Green Plains [Member] | ||||||||||
Limited Partners' Capital Account [Line Items] | ||||||||||
Quarterly cash distribution to unitholders | $ 5,504 | $ 5,504 | $ 2,085 | $ 2,063 |
Partners' Deficit (Schedule of
Partners' Deficit (Schedule of Components of Partners' Capital) (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 18, 2019 | May 10, 2019 | Feb. 08, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||
Balance, Beginning period | $ (73,396) | $ (72,454) | $ (64,720) | $ (62,846) | $ (72,454) | $ (62,846) | |||||
Quarterly cash distributions to unitholders | $ (11,300) | $ (11,300) | $ (11,300) | (11,269) | (11,269) | (15,494) | (15,306) | ||||
Net income | 10,709 | 10,248 | 13,722 | 13,372 | 20,957 | 27,094 | |||||
Unit-based compensation, including general partner net contributions | 79 | 79 | 60 | 60 | |||||||
Balance, Ending period | $ (73,877) | $ (73,396) | $ (66,432) | $ (64,720) | (73,877) | (66,432) | |||||
Quarterly distribution paid, per unit | $ 0.475 | $ 0.475 | $ 0.475 | $ 0.475 | $ 0.475 | $ 0.475 | $ 0.470 | ||||
General Partner [Member] | |||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||
Balance, Beginning period | $ (1,244) | $ (1,171) | $ (800) | $ (712) | (1,171) | (712) | |||||
Quarterly cash distributions to unitholders | (278) | (278) | (383) | (355) | |||||||
Net income | 213 | 205 | 275 | 267 | 418 | 542 | |||||
Balance, Ending period | (1,309) | (1,244) | (908) | (800) | (1,309) | (908) | |||||
Common Units - Public [Member] | Limited Partners [Member] | |||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||
Balance, Beginning period | 114,958 | 115,352 | 115,138 | 115,747 | 115,352 | 115,747 | |||||
Quarterly cash distributions to unitholders | (5,487) | (5,487) | (5,478) | (5,420) | |||||||
Net income | 5,240 | 5,014 | 4,874 | 4,751 | |||||||
Unit-based compensation, including general partner net contributions | 79 | 79 | 60 | 60 | |||||||
Balance, Ending period | 114,790 | 114,958 | 114,594 | 115,138 | 114,790 | 114,594 | |||||
Common Units - Green Plains [Member] | Limited Partners [Member] | |||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||
Balance, Beginning period | (187,110) | (186,635) | (38,760) | (38,505) | (186,635) | (38,505) | |||||
Quarterly cash distributions to unitholders | (5,504) | (5,504) | (2,085) | (2,063) | |||||||
Net income | 5,256 | 5,029 | 1,856 | 1,808 | |||||||
Balance, Ending period | $ (187,358) | $ (187,110) | (38,989) | (38,760) | $ (187,358) | (38,989) | |||||
Subordinated Units [Member] | Limited Partners [Member] | |||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||
Balance, Beginning period | (140,298) | (139,376) | (139,376) | ||||||||
Quarterly cash distributions to unitholders | (7,548) | (7,468) | |||||||||
Net income | 6,717 | [1] | 6,546 | 13,263 | [1] | ||||||
Balance, Ending period | $ (141,129) | $ (140,298) | $ (141,129) | ||||||||
[1] | The subordinated units converted to common units on a one-for-one basis in August 2018 (see Note 6 – Partners’ Deficit) |
Partners' Deficit (Schedule o_2
Partners' Deficit (Schedule of Allocation of Total Cash Distributions to the General and Limited Partners) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Distribution Made to Limited Partner [Line Items] | |||||
Total distributions declared | $ 11,280 | $ 15,503 | $ 22,549 | $ 30,996 | |
General Partner: Distribution Not Including Incentive Distribution [Member] | |||||
Distribution Made to Limited Partner [Line Items] | |||||
Total distributions declared | 226 | 310 | 451 | 620 | |
General Partner: Incentive Distribution [Member] | |||||
Distribution Made to Limited Partner [Line Items] | |||||
Total distributions declared | 53 | 73 | 106 | 146 | |
General Partner [Member] | |||||
Distribution Made to Limited Partner [Line Items] | |||||
Total distributions declared | 279 | 383 | 557 | 766 | |
Limited Partners [Member] | |||||
Distribution Made to Limited Partner [Line Items] | |||||
Total distributions declared | 11,001 | 15,120 | 21,992 | 30,230 | |
Limited Partners [Member] | Common Units - Public [Member] | |||||
Distribution Made to Limited Partner [Line Items] | |||||
Total distributions declared | 5,497 | 5,487 | 10,984 | 10,965 | |
Limited Partners [Member] | Common Units - Green Plains [Member] | |||||
Distribution Made to Limited Partner [Line Items] | |||||
Total distributions declared | $ 5,504 | 2,085 | $ 11,008 | 4,170 | |
Limited Partners [Member] | Subordinated Units [Member] | |||||
Distribution Made to Limited Partner [Line Items] | |||||
Total distributions declared | [1] | $ 7,548 | $ 15,095 | ||
[1] | The subordinated units converted to common units on a one-for-one basis in August 2018 (see Note 6 – Partners’ Deficit) |
Earnings Per Unit (Narrative) (
Earnings Per Unit (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2019shares | |
Earnings Per Unit [Abstract] | |
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, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||||
Earnings Per Unit [Line Items] | |||||||||
Distributions declared | $ 11,280 | $ 15,503 | $ 22,549 | $ 30,996 | |||||
Earnings less than distributions | (571) | (1,781) | (1,592) | (3,902) | |||||
Total net income | 10,709 | $ 10,248 | 13,722 | $ 13,372 | 20,957 | 27,094 | |||
Limited Partners [Member] | |||||||||
Earnings Per Unit [Line Items] | |||||||||
Distributions declared | 11,001 | 15,120 | 21,992 | 30,230 | |||||
General Partner [Member] | |||||||||
Earnings Per Unit [Line Items] | |||||||||
Distributions declared | 279 | 383 | 557 | 766 | |||||
Earnings less than distributions | (66) | (108) | (139) | (224) | |||||
Total net income | 213 | $ 205 | 275 | 267 | 418 | 542 | |||
Common Units [Member] | Limited Partners [Member] | |||||||||
Earnings Per Unit [Line Items] | |||||||||
Distributions declared | 11,001 | 7,572 | 21,992 | 15,135 | |||||
Earnings less than distributions | (505) | (842) | (1,453) | (1,846) | |||||
Total net income | $ 10,496 | $ 6,730 | $ 20,539 | $ 13,289 | |||||
Weighted-average units outstanding - basic and diluted | 23,120 | 15,922 | 23,119 | 15,922 | |||||
Earnings per limited partner unit - basic and diluted | $ 0.45 | $ 0.42 | $ 0.89 | $ 0.83 | |||||
Subordinated Units [Member] | Limited Partners [Member] | |||||||||
Earnings Per Unit [Line Items] | |||||||||
Distributions declared | [1] | $ 7,548 | $ 15,095 | ||||||
Earnings less than distributions | [1] | (831) | (1,832) | ||||||
Total net income | $ 6,717 | [1] | $ 6,546 | $ 13,263 | [1] | ||||
Weighted-average units outstanding - basic and diluted | [1] | 15,890 | 15,890 | ||||||
Earnings per limited partner unit - basic and diluted | [1] | $ 0.42 | $ 0.83 | ||||||
[1] | The subordinated units converted to common units on a one-for-one basis in August 2018 (see Note 6 – Partners’ Deficit) |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Details) gal in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($)$ / galgal | Jan. 01, 2019USD ($) | |
Other Commitments [Line Items] | |||
Operating lease right-of-use assets | $ 38,545,000 | $ 38,545,000 | $ 39,685,000 |
Operating lease liabilities | 39,207,000 | 39,207,000 | $ 39,700,000 |
Short-term lease expense | $ 0 | $ 0 | |
IPO [Member] | Fee-based Storage and Throughput and Rail Transporatation Agreements [Member] | Green Plains Trade [Member] | |||
Other Commitments [Line Items] | |||
Service Agreement, Throughput Of Ethanol, Price Per Gallon | $ / gal | 0.05 | ||
Quarterly minimum volume commitment, throughput capacity (in gallons) | gal | 235.7 | ||
Minimum [Member] | |||
Other Commitments [Line Items] | |||
Lessee, Lease terms | 1 year | 1 year | |
Maximum [Member] | |||
Other Commitments [Line Items] | |||
Lessee, Lease terms | 12 years 3 months 18 days | 12 years 3 months 18 days | |
Amended Storage And Throughput Agreement [Member] | |||
Other Commitments [Line Items] | |||
Lessor, Operating Lease, Term of Contract | 9 years | 9 years | |
Lessor, Operating Lease, Renewal Term | 1 year | 1 year | |
Amended Rail Transportation Services Agreement [Member] | |||
Other Commitments [Line Items] | |||
Lessor, Operating Lease, Term of Contract | 6 years | 6 years | |
Lessor, Operating Lease, Renewal Term | 1 year | 1 year | |
Terminal Services And Logistics Solutions [Member] | Minimum [Member] | |||
Other Commitments [Line Items] | |||
Lessor, Operating Lease, Term of Contract | 1 year | 1 year | |
Terminal Services And Logistics Solutions [Member] | Maximum [Member] | |||
Other Commitments [Line Items] | |||
Lessor, Operating Lease, Renewal Term | 6 years 2 months 12 days | 6 years 2 months 12 days |
Commitments and Contingencies_3
Commitments and Contingencies (Impact On Consolidated Balance Sheet From Adoption Of New Lease Standard) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease right-of-use assets | $ 38,545 | $ 39,685 | |
Accrued and other liabilities | 8,344 | $ 4,337 | |
Operating lease current liabilities | 12,333 | 13,534 | |
Deferred lease liabilities | 843 | ||
Operating lease long-term liabilities | $ 26,874 | 26,994 | |
Previously Reported [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Deferred lease liabilities | $ 843 | ||
Accounting Standards Update 2016-02 [Member] | Restatement Adjustment [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease right-of-use assets | 39,685 | ||
Operating lease current liabilities | 13,534 | ||
Deferred lease liabilities | (843) | ||
Operating lease long-term liabilities | $ 26,994 |
Commitments and Contingencies_4
Commitments and Contingencies (Components Of Lease Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | ||
Commitments and Contingencies [Abstract] | |||
Operating lease expense | $ 4,076 | $ 8,285 | |
Variable lease benefit | [1] | (271) | (149) |
Total lease expense | $ 3,805 | $ 8,136 | |
[1] | Represents amounts incurred in excess of the minimum payments required for the handling and unloading of railcars for a certain land lease, offset by railcar lease abatements provided by the lessor when railcars are out of service during periods of maintenance or upgrade. |
Commitments and Contingencies_5
Commitments and Contingencies (Supplemental Cash Flow Information Related To Operating Leases) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Commitments and Contingencies [Abstract] | ||
Operating cash flows from operating leases | $ 4,395 | $ 8,486 |
Operating leases | $ 6,207 | $ 6,207 |
Commitments and Contingencies_6
Commitments and Contingencies (Supplemental Balance Sheet Information Related To Operating Leases) (Details) | Jun. 30, 2019 |
Commitments and Contingencies [Abstract] | |
Weighted average remaining lease term, operating leases | 4 years 6 months |
Weighted average discount rate, operating leases | 5.20% |
Commitments and Contingencies_7
Commitments and Contingencies (Schedule of Aggregate Minimum Lease Payments) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 |
Commitments and Contingencies [Abstract] | ||
2019 | $ 6,972 | |
2020 | 13,665 | |
2021 | 8,152 | |
2022 | 6,532 | |
2023 | 2,937 | |
Thereafter | 6,031 | |
Total | 44,289 | |
Less: Present value discount | (5,082) | |
Operating lease liabilities | $ 39,207 | $ 39,700 |
Commitments and Contingencies_8
Commitments and Contingencies (Schedule of Aggregate Minimum Lease Payments Remaining) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Commitments and Contingencies [Abstract] | |
2019 | $ 14,180 |
2020 | 11,843 |
2021 | 6,842 |
2022 | 4,758 |
2023 | 1,164 |
Thereafter | 4,028 |
Total | $ 42,815 |
Commitments and Contingencies_9
Commitments and Contingencies (Components Of Lease Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | ||
Commitments and Contingencies [Abstract] | |||
Operating lease revenue | $ 17,436 | $ 34,770 | |
Variable lease revenue | [1] | (266) | (198) |
Sublease revenue | 204 | 428 | |
Total lease revenue | $ 17,374 | $ 35,000 | |
[1] | Represents amounts delivered by Green Plains Trade and other customers in excess of various minimum volume commitments, as well as the difference between the contracted railcar volumetric capacity and the actual amount provided to Green Plains Trade during the period. |
Commitments and Contingencie_10
Commitments and Contingencies (Summary of Minimum Future Rental Revenue) (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Amended Storage And Throughput Agreement [Member] | |
Lessor, Lease, Description [Line Items] | |
2019 | $ 23,570 |
2020 | 47,140 |
2021 | 47,140 |
2022 | 47,140 |
2023 | 47,140 |
Thereafter | 212,130 |
Total | 424,260 |
Amended Rail Transportation Services Agreement [Member] | |
Lessor, Lease, Description [Line Items] | |
2019 | 9,991 |
2020 | 19,133 |
2021 | 11,856 |
2022 | 9,311 |
2023 | 3,028 |
Thereafter | 1,691 |
Total | 55,010 |
Terminal Services And Logistics Solutions [Member] | |
Lessor, Lease, Description [Line Items] | |
2019 | 67 |
2020 | 74 |
2021 | 74 |
2022 | 74 |
2023 | 74 |
Thereafter | 123 |
Total | $ 486 |
Commitments and Contingencie_11
Commitments and Contingencies (Schedule of Aggregate Minimum Service Payments) (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Commitments and Contingencies [Abstract] | |
2019 | $ 333 |
2020 | 153 |
2021 | 157 |
2022 | 156 |
2023 | |
Thereafter | |
Total | $ 799 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) $ in Thousands, gal in Millions | Jul. 01, 2015 | Jun. 30, 2019USD ($)$ / galitemgal | Jun. 30, 2018USD ($)$ / galitemgal | Jun. 30, 2019USD ($)$ / galitemgal | Jun. 30, 2018USD ($)$ / galitemgal |
Related Party Transaction [Line Items] | |||||
Shared services expenses | $ 900 | $ 1,200 | $ 1,800 | $ 2,400 | |
Minimum volume commitment credit | 7,500 | 7,500 | |||
Distribution to Green Plains | 5,800 | 10,000 | 11,600 | 19,900 | |
Tank cleaning expense | 0 | 0 | 0 | 10 | |
Accounts receivable for project management fees and construction costs paid on behalf of the joint venture | 51 | 51 | |||
Credit Expiring December 30, 2019 [Member] | |||||
Related Party Transaction [Line Items] | |||||
Minimum volume commitment credit | 3,000 | 3,000 | |||
Credit Expiring March 31, 2020 [Member] | |||||
Related Party Transaction [Line Items] | |||||
Minimum volume commitment credit | 4,000 | 4,000 | |||
Credit Expiring June 30, 2020 [Member] | |||||
Related Party Transaction [Line Items] | |||||
Minimum volume commitment credit | 500 | 500 | |||
Green Plains Trade [Member] | Fee-based Storage and Throughput and Rail Transporatation Agreements [Member] | |||||
Related Party Transaction [Line Items] | |||||
Revenue from related parties | $ 17,100 | $ 21,700 | $ 34,300 | $ 43,800 | |
Green Plains Trade [Member] | Fee-based Rail Transportation Services Agreement [Member] | |||||
Related Party Transaction [Line Items] | |||||
Service Agreement, Railcar Volumetric Capacity, Monthly Fee, Price Per Gallon | $ / gal | 0.0218 | 0.0208 | 0.0217 | 0.0230 | |
Railcar volumetric capacity (in gallons) | gal | 81.1 | 98.6 | 82.3 | 98.9 | |
Number of railcars in fleet | item | 2,690 | 3,500 | 2,690 | 3,500 | |
Green Plains Trade [Member] | Fee-based Rail Transportation Services Agreement, Logistical Operations Management And Other Services [Member] | |||||
Related Party Transaction [Line Items] | |||||
Service Agreement, Logistical Operations Management And Other Services Monthly Fee, Price Per Gallon | $ / gal | 0.0013 | ||||
Railcar volumetric capacity (in gallons) | gal | 2.9 | 3.3 | |||
Green Plains Trade [Member] | Fee-based Trucking Transportation and Terminal Services Agreements [Member] | |||||
Related Party Transaction [Line Items] | |||||
Revenue from related parties | $ 2,000 | $ 2,500 | $ 3,600 | $ 4,700 | |
Green Plains Trade [Member] | Birmingham Terminal Services Agreement [Member] | |||||
Related Party Transaction [Line Items] | |||||
Quarterly minimum volume commitment, throughput capacity (in gallons) | gal | 2.8 | ||||
Green Plains Trade [Member] | Deficiency Payment Related To Minimum Volume Commitment [Member] | |||||
Related Party Transaction [Line Items] | |||||
Revenue from related parties | $ 500 | ||||
NLR Energy Logistics LLC [Member] | Project Management Agreement [Member] | |||||
Related Party Transaction [Line Items] | |||||
Revenue from related parties | $ 0 | $ 0 | $ 0 | $ 75 | |
IPO [Member] | Green Plains Trade [Member] | Fee-based Storage and Throughput and Rail Transporatation Agreements [Member] | |||||
Related Party Transaction [Line Items] | |||||
Service Agreement, Throughput Of Ethanol, Price Per Gallon | $ / gal | 0.05 | ||||
Quarterly minimum volume commitment, throughput capacity (in gallons) | gal | 235.7 | ||||
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 | 10 years | ||||
IPO [Member] | Green Plains Trade [Member] | Fee-based Trucking Transportation Agreement [Member] | |||||
Related Party Transaction [Line Items] | |||||
Service agreement, term | 1 year |
Equity Method Investment (Narra
Equity Method Investment (Narrative) (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019USD ($)itembbl | Dec. 31, 2018USD ($) | |
Related Party Transaction [Line Items] | ||
Investment in equity method investee | $ 4,005 | $ 3,648 |
NLR Energy Logistics LLC [Member] | ||
Related Party Transaction [Line Items] | ||
Equity Method Investment, Ownership Percentage | 50.00% | |
Number of train car units | item | 110 | |
Number of barrels of storage | bbl | 100,000 | |
Investment in equity method investee | $ 4,000 |
Equity Method Investment (Combi
Equity Method Investment (Combined Summary Of Operations Data For Equity Investment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
May 31, 2019 | May 31, 2018 | May 31, 2019 | May 31, 2018 | |
Equity Method Investment [Abstract] | ||||
Total revenues | $ 589 | $ 1,405 | ||
Total operating expenses | 304 | $ 234 | 691 | $ 260 |
Net income (loss) | $ 285 | $ (234) | $ 714 | $ (260) |