Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 14, 2019 | Jun. 29, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,018 | ||
Entity Registrant Name | Green Plains Inc. | ||
Entity Central Index Key | 1,309,402 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 41,039,553 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Public Float | $ 711.2 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Trading Symbol | gpre | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Current assets | |||
Cash and cash equivalents | $ 251,683 | $ 266,651 | |
Restricted cash | 66,512 | 45,709 | |
Accounts receivable, net of allowances of $194 and $217, respectively | 100,361 | 151,122 | |
Income taxes receivable | 12,418 | 6,413 | |
Inventories | 734,883 | 711,878 | |
Prepaid expenses and other | 14,470 | 17,808 | |
Derivative financial instruments | 26,315 | 6,890 | |
Total current assets | 1,206,642 | 1,206,471 | |
Property and equipment, net | 886,576 | 1,176,707 | |
Goodwill | 34,689 | 182,879 | |
Other assets | 88,525 | 218,593 | |
Total assets | [1] | 2,216,432 | 2,784,650 |
Current liabilities | |||
Accounts payable | 156,901 | 205,479 | |
Accrued and other liabilities | 58,973 | 63,886 | |
Derivative financial instruments | 24,776 | 12,884 | |
Income taxes payable | 9,909 | ||
Short-term notes payable and other borrowings | 538,243 | 526,180 | |
Current maturities of long-term debt | 54,807 | 67,923 | |
Total current liabilities | 833,700 | 886,261 | |
Long-term debt | 298,190 | 767,396 | |
Deferred income taxes | 10,123 | 56,801 | |
Other liabilities | 11,430 | 15,056 | |
Total liabilities | 1,153,443 | 1,725,514 | |
Commitments and contingencies (Note 18) | |||
Stockholders’ equity | |||
Common stock, $0.001 par value; 75,000,000 shares authorized; 46,637,549 and 46,410,405 shares issued, and 41,101,975 and 41,084,463 shares outstanding, respectively | 47 | 46 | |
Additional paid-in capital | 696,222 | 685,019 | |
Retained earnings | 324,728 | 325,411 | |
Accumulated other comprehensive loss | (16,016) | (13,110) | |
Treasury stock, 5,535,574 and 5,325,942 shares, respectively | (58,162) | (55,184) | |
Total Green Plains stockholders' equity | 946,819 | 942,182 | |
Noncontrolling interests | 116,170 | 116,954 | |
Total stockholders’ equity | 1,062,989 | 1,059,136 | |
Total liabilities and stockholders’ equity | $ 2,216,432 | $ 2,784,650 | |
[1] | Asset balances by segment exclude intercompany payable and receivable balances |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Consolidated Balance Sheets [Abstract] | ||
Accounts receivable, allowances | $ 194 | $ 217 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 46,637,549 | 46,410,405 |
Common stock, shares outstanding | 41,101,975 | 41,084,463 |
Treasury stock, shares | 5,535,574 | 5,325,942 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues | |||
Revenues | $ 3,843,353 | $ 3,596,166 | $ 3,410,881 |
Costs and expenses | |||
Cost of goods sold (excluding depreciation and amortization expenses reflected below) | 3,627,633 | 3,301,587 | 3,096,079 |
Operations and maintenance expenses | 30,844 | 33,448 | 34,211 |
Selling, general and administrative expenses | 115,878 | 112,024 | 104,677 |
Gain on sale of assets, net | (150,351) | ||
Depreciation and amortization expenses | 103,619 | 107,361 | 84,226 |
Total costs and expenses | 3,727,623 | 3,554,420 | 3,319,193 |
Operating income | 115,730 | 41,746 | 91,688 |
Other income (expense) | |||
Interest income | 3,108 | 1,597 | 1,541 |
Interest expense | (101,025) | (90,160) | (51,851) |
Other, net | 2,195 | 3,666 | (3,027) |
Total other expense | (95,722) | (84,897) | (53,337) |
Income (loss) before income taxes | 20,008 | (43,151) | 38,351 |
Income tax benefit (expense) | 16,726 | 124,782 | (7,860) |
Net income | 36,734 | 81,631 | 30,491 |
Net income attributable to noncontrolling interests | 20,811 | 20,570 | 19,828 |
Net income attributable to Green Plains | $ 15,923 | $ 61,061 | $ 10,663 |
Earnings per share: | |||
Net income attributable to Green Plains - basic | $ 0.39 | $ 1.56 | $ 0.28 |
Net income attributable to Green Plains - diluted | $ 0.39 | $ 1.47 | $ 0.28 |
Weighted average shares outstanding: | |||
Basic | 40,320 | 39,247 | 38,318 |
Diluted | 41,254 | 50,240 | 38,573 |
Cash dividend declared per share | $ 0.48 | $ 0.48 | $ 0.40 |
Product [Member] | |||
Revenues | |||
Revenues | $ 3,836,872 | $ 3,589,981 | $ 3,402,579 |
Service [Member] | |||
Revenues | |||
Revenues | $ 6,481 | $ 6,185 | $ 8,302 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Consolidated Statements Of Comprehensive Income [Abstract] | |||
Net income | $ 36,734 | $ 81,631 | $ 30,491 |
Other comprehensive income (loss), net of tax: | |||
Unrealized losses on derivatives arising during period, net of tax (expense) benefit of $2,854, $2,967, and $10,494, respectively | (6,788) | (5,048) | (18,744) |
Reclassification of realized (gains) losses on derivatives, net of tax expense (benefit) of $(2,887), $2,306, and $(8,830), respectively | 6,669 | (3,925) | 15,772 |
Total other comprehensive loss, net of tax | (119) | (8,973) | (2,972) |
Comprehensive income | 36,615 | 72,658 | 27,519 |
Comprehensive income attributable to noncontrolling interests | 20,811 | 20,570 | 19,828 |
Comprehensive income attributable to Green Plains | $ 15,804 | $ 52,088 | $ 7,691 |
Consolidated Statements Of Co_2
Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Consolidated Statements Of Comprehensive Income [Abstract] | |||
Income tax (expense) benefit on unrealized gains (losses) on derivatives | $ 2,854 | $ 2,967 | $ 10,494 |
Income tax expense (benefit) on reclassification of realized (gains) losses on derivatives | $ (2,887) | $ 2,306 | $ (8,830) |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders’ Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accum. Other Comp. Income (Loss) [Member] | Treasury Stock [Member] | Total Green Plains Stockholders' Equity [Member] | Non-Controlling Interests [Member] | Total |
Beginning balance at Dec. 31, 2015 | $ 45 | $ 577,787 | $ 290,974 | $ (1,165) | $ (69,811) | $ 797,830 | $ 161,079 | $ 958,909 |
Balance, shares, Beginning Balance at Dec. 31, 2015 | 45,282,000 | 7,392,000 | ||||||
Net income | 10,663 | 10,663 | 19,828 | 30,491 | ||||
Cash dividends and distributions declared | (18,423) | (18,423) | (37,278) | |||||
Cash dividends and distributions declared | (18,855) | |||||||
Other comp. loss before reclassification | (18,744) | |||||||
Amounts reclassified from accum. other comp. loss | 15,772 | |||||||
Total other comprehensive loss, net of tax | (2,972) | (2,972) | (2,972) | |||||
Transfer of assets to Green Plains Partners LP | 47,390 | 47,390 | (47,390) | |||||
Consolidation on BioProcess Algae | 2,807 | 2,807 | ||||||
Investment of BioProcess Algae | 928 | 928 | ||||||
Investment of BioProcess Algae | (928) | |||||||
Repurchase of common stock | $ (6,005) | (6,005) | (6,005) | |||||
Repurchase of common stock, shares | 323,000 | |||||||
Issuance of 4.125% convertible notes due 2022, net of tax | 24,492 | 24,492 | 24,492 | |||||
Stock-based compensation | $ 1 | 6,846 | 6,847 | 6,990 | ||||
Stock-based compensation | 143 | |||||||
Stock-based compensation, Shares | 647,000 | |||||||
Stock options exercised | 1,757 | 1,757 | 1,757 | |||||
Stock options exercised, Shares | 150,000 | |||||||
Ending balance at Dec. 31, 2016 | $ 46 | 659,200 | 283,214 | (4,137) | $ (75,816) | 862,507 | 116,684 | 979,191 |
Balance, shares, Ending Balance at Dec. 31, 2016 | 46,079,000 | 7,715,000 | ||||||
Net income | 61,061 | 61,061 | 20,570 | 81,631 | ||||
Cash dividends and distributions declared | (18,864) | (18,864) | (39,383) | |||||
Cash dividends and distributions declared | (20,519) | |||||||
Other comp. loss before reclassification | (5,048) | |||||||
Amounts reclassified from accum. other comp. loss | (3,925) | |||||||
Total other comprehensive loss, net of tax | (8,973) | (8,973) | (8,973) | |||||
Repurchase of common stock | $ (6,724) | (6,724) | (6,724) | |||||
Repurchase of common stock, shares | 395,000 | |||||||
Exchange of 3.25% convertible notes due 2018 | 18,326 | $ 27,356 | 45,682 | 45,682 | ||||
Exchange of 3.25% convertible notes due 2018, shares | (2,784,000) | |||||||
Stock-based compensation | 7,443 | 7,443 | 7,662 | |||||
Stock-based compensation | 219 | |||||||
Stock-based compensation, Shares | 326,000 | |||||||
Stock options exercised | 50 | 50 | 50 | |||||
Stock options exercised, Shares | 5,000 | |||||||
Ending balance at Dec. 31, 2017 | $ 46 | 685,019 | 325,411 | (13,110) | $ (55,184) | 942,182 | 116,954 | $ 1,059,136 |
Balance, shares, Ending Balance at Dec. 31, 2017 | 46,410,000 | 5,326,000 | 41,084,463 | |||||
Reclassification of certain tax effects from other comprehensive loss (Note 1) | 2,787 | (2,787) | ||||||
Beginning balance at Dec. 31, 2017 | $ 46 | 685,019 | 328,198 | (15,897) | $ (55,184) | 942,182 | 116,954 | $ 1,059,136 |
Net income | 15,923 | 15,923 | 20,811 | 36,734 | ||||
Cash dividends and distributions declared | (19,393) | (19,393) | (41,265) | |||||
Cash dividends and distributions declared | (21,872) | |||||||
Other comp. loss before reclassification | (6,788) | |||||||
Amounts reclassified from accum. other comp. loss | 6,669 | |||||||
Total other comprehensive loss, net of tax | (119) | (119) | (119) | |||||
Repurchase of common stock | $ (2,979) | (2,979) | $ (2,979) | |||||
Repurchase of common stock, shares | 210,000 | 209,682 | ||||||
Modification of 3.25% convertible notes due 2019 | 3,480 | 3,480 | $ 3,480 | |||||
Exchange of 3.25% convertible notes due 2018 | $ 1 | 1 | 1 | |||||
Stock-based compensation | $ 1 | 7,573 | 7,574 | 7,851 | ||||
Stock-based compensation | 277 | |||||||
Stock-based compensation, Shares | 213,000 | |||||||
Stock options exercised | 150 | 150 | $ 150 | |||||
Stock options exercised, Shares | 15,000 | 15,000 | ||||||
Ending balance at Dec. 31, 2018 | $ 47 | $ 696,222 | $ 324,728 | $ (16,016) | $ (58,162) | $ 946,819 | $ 116,170 | $ 1,062,989 |
Balance, shares, Ending Balance at Dec. 31, 2018 | 46,638,000 | 5,536,000 | 41,101,975 |
Consolidated Statements Of St_2
Consolidated Statements Of Stockholders’ Equity (Parenthetical) - Convertible Notes [Member] - Corporate [Member] | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
3.25% Convertible Notes Due 2018 [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | ||
3.25% Convertible Notes Due 2019 [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | ||
4.125% Convertible Notes Due 2022 [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.125% | 4.125% | 4.125% |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | |
Cash flows from operating activities: | ||||
Net income | $ 36,734 | $ 81,631 | $ 30,491 | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||
Depreciation and amortization | 103,619 | 107,361 | 84,226 | |
Amortization of debt issuance costs and debt discount | 14,311 | 14,758 | 11,488 | |
Loss on exchange of 3.25% convertible notes due 2018 | 1,291 | |||
Write-off of deferred financing fees related to extinguishment of debt | 13,178 | 9,460 | ||
Gain on the disposal of assets | (150,351) | |||
Gain from insurance proceeds | (2,591) | (3,250) | ||
Deferred income taxes | (24,484) | (81,077) | 4,910 | |
Stock-based compensation | 11,420 | 12,161 | 9,491 | |
Undistributed equity in loss of affiliates | 595 | 274 | 3,055 | |
Other | (11,612) | (7,869) | ||
Changes in operating assets and liabilities before effects of business combinations and dispositions: | ||||
Accounts receivable | 39,695 | 3,624 | (36,888) | |
Inventories | 31,284 | (268,219) | (42,012) | |
Derivative financial instruments | (7,709) | (20,522) | (11,393) | |
Prepaid expenses and other assets | 1,848 | (794) | (4,092) | |
Accounts payable and accrued liabilities | (49,929) | 6,500 | 49,077 | |
Current income taxes | 31,991 | (40,866) | (1,887) | |
Other | 968 | 3,374 | 4,235 | |
Net cash provided by (used in) operating activities | 38,967 | (182,163) | 100,701 | |
Cash flows from investing activities: | ||||
Purchases of property and equipment, net | (44,187) | (46,467) | (58,113) | |
Proceeds from the sale of assets, net | 671,650 | |||
Acquisition of businesses, net of cash acquired | (124,407) | (61,727) | (508,143) | |
Investments in unconsolidated subsidiaries | (3,091) | (20,286) | (6,342) | |
Other investing activities | 7,500 | |||
Net provided by (used in) investing activities | 507,465 | (128,480) | (572,598) | |
Cash flows from financing activities: | ||||
Proceeds from the issuance of long-term debt | 83,100 | 570,600 | 524,000 | |
Payments of principal on long-term debt | (576,427) | (510,209) | (106,803) | |
Proceeds from short-term borrowings | 3,897,225 | 4,385,446 | 4,130,946 | |
Payments on short-term borrowings | (3,892,438) | (4,150,994) | (4,066,968) | |
Cash payment for exchange of 3.25% convertible notes due 2018 | (8,523) | |||
Payments for repurchase of common stock | (2,978) | (6,724) | (6,005) | |
Payments of cash dividends and distributions | (41,265) | (39,383) | (37,278) | |
Payment penalty on early extinguishment of debt | (2,881) | |||
Payments of loan fees | (4,395) | (16,671) | (12,053) | |
Payments related to tax withholdings for stock-based compensation | (3,569) | (4,499) | (2,206) | |
Proceeds from exercises of stock options | 150 | 50 | 1,757 | |
Net cash provided by (used in) financing activities | (540,597) | 216,212 | 425,390 | |
Net change in cash and cash equivalents | 5,835 | (94,431) | (46,507) | |
Cash and cash equivalents, beginning of period | 312,360 | 406,791 | 453,298 | |
Cash and cash equivalents, end of period | 318,195 | 312,360 | 406,791 | |
Reconciliation of total cash, cash equivalents and restricted cash: | ||||
Cash and cash equivalents | $ 251,683 | |||
Restricted cash | 66,512 | |||
Total cash, cash equivalents and restricted cash | 312,360 | 406,791 | 453,298 | 318,195 |
Non-cash financing activity: | ||||
Modification of 3.25% convertible notes due 2019, net | 3,480 | |||
Exchange of 3.25% convertible notes due 2018 for shares of common stock | 47,743 | |||
Exchange of common stock held in treasury stock for 3.25% convertible notes due 2018 | 1 | 27,356 | ||
Supplemental disclosures of cash flow: | ||||
Cash paid (refunded) for income taxes | (22,478) | (3,768) | 4,692 | |
Cash paid for interest | $ 73,145 | $ 54,213 | $ 38,245 | |
Supplemental investing and financing activities: | ||||
Assets acquired in acquisitions and mergers, net of cash | 124,525 | |||
Less: liabilities assumed | (118) | |||
Net assets acquired | 124,407 | |||
Assets disposed of in sale | 550,648 | |||
Less: liabilities disposed | (41,276) | |||
Net assets disposed | $ 509,372 |
Consolidated Statements Of Ca_2
Consolidated Statements Of Cash Flows (Parenthetical) | 12 Months Ended |
Dec. 31, 2017 | |
Consolidated Statements Of Cash Flows [Abstract] | |
Debt Conversion, Converted Instrument, Rate | 3.25% |
Basis Of Presentation And Descr
Basis Of Presentation And Description Of Business | 12 Months Ended |
Dec. 31, 2018 | |
Basis Of Presentation And Description Of Business [Abstract] | |
Basis Of Presentation And Description Of Business | GRE EN PLAINS INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. BASIS OF PRESENTATION and DESCRIPTION OF BUSINESS References to the Company References to “Green Plains” or the “company” in the consolidated financial statements and in these notes to the consolidated financial statements refer to Green Plains Inc., an Iowa corporation, and its subsidiaries. Consolidated Financial Statements The consolidated financial statements include the company’s accounts and all significant intercompany balances and transactions are eliminated. Unconsolidated entities are included in the financial statements on an equity basis. As of December 31, 2018, the company owns a 49.1% limited partner interest and a 2.0% general partner interest in Green Plains Partners LP. Public investors own the remaining 48.9% limited partner interest in the partnership. The company determined that the limited partners in the partnership with equity at risk lack the power, through voting rights or similar rights, to direct the activities that most significantly impact partnership’s economic performance; therefore, the partnership is considered a variable interest entity. The company, through its ownership of the general partner interest in the partnership, has the power to direct the activities that most significantly affect economic performance and is obligated to absorb losses and has the right to receive benefits that could be significant to the partnership. Therefore, the company is considered the primary beneficiary and consolidates the partnership in the company’s financial statements. The assets of the partnership cannot be used by the company for general corporate purposes. The partnership’s consolidated total assets as of December 31, 2018 and 2017 are $67. 3 million and $74.9 million, respectively, and primarily consist of property and equipment and goodwill. The partnership’s consolidated total liabilities as of December 31, 2018 and 2017 are $152.9 million and $153.0 million, respectively, which primarily consist of long-term debt as discussed in Note 12 – Debt. The liabilities recognized as a result of consolidating the partnership do not represent additional claims on our general assets. The company also owns a 90.0% interest in BioProcess Algae, a joint venture formed in 2008, and consolidates their results in its consolidated financial statements. Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation. These reclassifications did not affect total revenues, costs and expenses, net income or stockholders’ equity. Use of Estimates in the Preparation of Consolidated Financial Statements The preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. The company bases its estimates on historical experience and assumptions it believes are proper and reasonable under the circumstances and regularly evaluates the appropriateness of its estimates and assumptions. Actual results could differ from those estimates. Key accounting policies, including but not limited to those relating to revenue recognition, depreciation of property and equipment, carrying value of intangible assets, impairment of long-lived assets and goodwill, derivative financial instruments, accounting for income taxes and assets acquired and liabilities assumed in acquisitions, are impacted significantly by judgments, assumptions and estimates used in the preparation of the consolidated financial statements. Description of Business The company operates within four business segments: (1) ethanol production, which includes the production of ethanol and distillers grains, and recovery of corn oil, (2) agribusiness and energy services, which includes grain handling and storage, commodity marketing and merchant trading for company-produced and third-party ethanol, distillers grains, corn oil, natural gas and other commodities, (3) food and ingredients, which includes cattle feeding and food-grade corn oil operations and included vinegar production until the sale of Fleischmann’s Vinegar during the fourth quarter of 2018 and (4) partnership, which includes fuel storage and transportation services. Ethanol Production Segment Green Plains is on e of the largest ethanol p roducers in North America . The company operates 13 ethanol plants in seven states through separate wholly owned operating subsidiaries. The company’s ethanol plants use a dry mill process to produce ethanol and co-products such as wet, modified wet or dried distillers grains, as well as corn oil. The corn oil systems are designed to extract non-edible corn oil from the whole stillage immediately prior to production of distillers grains. At capacity, the company expects to process approximately 387 million bushels of corn and produce approximately 1.1 billion gallons of ethanol, 2.9 million tons of distillers grains and 292 million pounds of industrial grade corn oil annually. Agribusiness and Energy Services Segment The company owns and operates grain handling and storage assets through its agribusiness and energy services segment, which has grain storage capacity of approximately 47.2 million bushels, with 37.1 million bushels of storage capacity at the company’s ethanol plants and 10.1 million bushels of total storage capacity at its four grain elevators. The company’s agribusiness operations provide synergies with the ethanol production segment as it supplies a portion of the feedstock needed to produce ethanol. The company has an in-hous e marketing business that is responsible for the sale, marketing and distribution of all ethanol, distillers grains and corn oil produced at its ethanol plants. The company also purchases and sells ethanol, distillers grains, corn oil, grain, natural gas and other commodities and participates in other merchant trading activities in various markets. Food and Ingredients Segment The company owns six cattle feeding operations with the capacity to support approximately 355,000 head of cattle and grain storage capacity of approximately 11.7 million bushels . The company also has food-grade corn oil operations which focuses on shipping corn oil from facilities across the Midwest by rail or barge to terminal facilities located in the southern United States. Until its sale on November 27, 2018, t he company also owned Fleischmann’s Vinegar , which is one of the world’s largest producers o f food-grade industrial vinegar. Partnership Segment The company’s partnership segment 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. As of December 31, 2018 , the partnership owns (i) 32 ethanol storage facilities located at or near the company’s 13 operational ethanol production plants and one non-operational ethanol production plant , which have the ability to efficiently and effectively store and load railcars and tanker trucks with all of the ethanol produced at the company’s ethanol production plants, (ii) seven fuel terminal facilities, located near major rail lines, which enable the partnership to receive, store and deliver fuels from and to markets that seek access to renewable fuels, and (iii) transportation assets, including a leased railcar fleet of approximately 2,840 railcars which is utilized to transport ethanol from the company’s ethanol production plants to refineries throughout the United States and international export terminals. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT accounting POLICIES Cash and Cash Equivalents Cash and cash equivalents includes bank deposits, as well as, short-term, highly liquid investments with original matu rities of three months or less. Restricted Cash The company has restricted cash, which can only be used for funding letters of credit or for payment towards a revolving credit agreement. Restricted cash also includes cash margins and securities pledged to commodity exchange clearinghouses and at times, funds in escrow related to disposition activities. To the degree these segregated balances are cash and cash equivalents, they are considered restricted cash on the consolidated statements of cash flows. Revenue Recognition The company recognizes revenue when obligations under the terms of a contract with a customer are satisfied. Generally this occurs with the transfer of control of products or services. Revenue is measured as the amount of consideration expected to be received in exchange for transferring goods or providing services. Sales, value add, and other taxes the company collects concurrent with revenue-producing activities are excluded from revenue. Sales of ethanol, distillers grains, corn oil, natural gas and other commodities by the company’s marketing business are recognized when obligations under the terms of a contract with a customer are satisfied. Generally, this occurs with the transfer of control of products or services. Revenues related to marketing for third parties are presented on a gross basis as the company controls the product prior to the sale to the end customer, takes title of the product and has inventory risk. Unearned revenue is recorded for goods in transit when the company has received payment but control has not yet been transferred to the customer. Revenues for receiving, storing, transferring and transporting ethanol and other fuels are recognized when the product is delivered to the customer. The company routinely enters into physical-delivery energy commodity purchase and sale agreements. At times, the company settles these transactions by transferring its obligations to other counterparties rather than delivering the physical commodity. Energy trading transactions are reported net as a component of revenue. Revenues include net gains or losses from derivative s related to products sold while cost of goods sold includes net gains or losses from derivatives related to commodities purchased. Revenues also include realized gains and losses on related derivative financial instruments and reclassifications of realized gains and losses on cash flow hedges from accumulated other comprehensive income or loss. Sales of products, including agricultural commodities, cattle and vinegar, are recognized when control of the product is transferred to the customer, which depends on the agreed upon shipment or delivery terms. Revenues related to grain merchandising are presented gross and include shipping and handling, which is also a component of cost of goods sold. Revenues from grain storage are recognized when services are rendered. A substantial portion of the partnership revenues are derived from fixed-fee commercial agreements for storage, terminal or transportation services. The partnership recognizes revenue upon transfer of control of product from its storage tanks and fuel terminals, when railcar volumetric capacity is provided, and as truck transportation services are performed. 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. Shipping and Handling Costs The company accounts for shipping and handling activities related to contracts with customers as costs to fulfill its promise to transfer the associated products. Accordingly, the company records customer payments associated with shipping and handling costs as a component of revenue, and classifies such costs as a component of cost of goods sold. Cost of Goods Sold Cost of goods sold includes direct labor, materials, shipping and plant overhead costs. Direct labor includes all compensation and related benefits of non-management personnel involved in ethanol production cattle feeding operations and vinegar production until the sale of Fleischmann’s Vinegar during the fourth quarter of 2018. Grain purchasing and receiving costs, excluding labor costs for grain buyers and scale operators, are also included in cost of goods sold. Materials include the cost of corn feedstock, denaturant, process chemicals, cattle and veterinary supplies. Corn feedstock costs include gains and losses on related derivative financial instruments not designated as cash flow hedges, inbound freight charges, inspection costs and transfer costs, as well as reclassifications of gains and losses on cash flow hedges from accumulated other comprehensive income or loss. Plant overhead consists primarily of plant and feedlot utilities, repairs and maintenance, feedlot expenses and outbound freight charges. Shipping costs incurred by the company, including railcar costs, are also reflected in cost of goods sold. The company uses exchange-traded futures and options contracts and forward purchase and sales contracts to attempt to minimize the effect of price changes on ethanol, grain, natural gas and cattle inventories. Exchange-traded futures and options contracts are valued at quoted market prices and settled predominantly in cash. The company is exposed to loss when counterparties default on forward purchase and sale contracts. Grain inventories held for sale and forward purchase and sale contracts are valued at market prices when available or other market quotes adjusted for differences, primarily in transportation, between the exchange-traded market and local market where the terms of the contract is based. Changes in forward purchase contracts and exchange-traded futures and options contracts are recognized as a component of cost of goods sold. Operations and Maintenance Expenses In the partnership segment, transportation expenses represent the primary component of operations and maintenance expenses. Transportation expenses include railcar leases, freight and shipping of the company’s ethanol and co-products, as well as costs incurred storing ethanol at destination terminals. Derivative Financial Instruments The company uses various derivative financial instruments, including exchange-traded futures and exchange-traded and over-the-counter options contracts, to attempt to minimize risk and the effect of commodity price changes including but not limited to, corn, ethanol, cattle, natural gas and crude oil. The company monitors and manages this exposure as part of its overall risk management policy to reduce the adverse effect market volatility may have on its operating results. The company may hedge these commodities as one way to mitigate risk; however, there may be situations when these hedging activities themselves result in losses. By using derivatives to hedge exposures to changes in commodity prices, the company is exposed to credit and market risk. The company’s exposure to credit risk includes the counterparty’s failure to fulfill its performance obligations under the terms of the derivative contract. The company minimizes its credit risk by entering into transactions with high quality counterparties, limiting the amount of financial exposure it has with each counterparty and monitoring their financial condition. Market risk is the risk that the value of the financial instrument might be adversely affected by a change in commodity prices or interest rates. The company manages market risk by incorporating parameters to monitor exposure within its risk management strategy, which limits the types of derivative instruments and strategies the company can use and the degree of market risk it can take using derivative instruments. The company evaluates its physical delivery contracts to determine if they qualify for normal purchase or sale exemptions which are expected to be used or sold over a reasonable period in the normal course of business. Contracts that do not meet the normal purchase or sale criteria are recorded at fair value. Changes in fair value are recorded in operating income unless the contracts qualify for, and the company elects, cash flow hedge accounting treatment. Certain qualifying derivatives related to ethanol production, agribusiness and energy services, and food and ingredients segments are designated as cash flow hedges. The company evaluates the derivative instrument to ascertain its effectiveness prior to entering into cash flow hedges. Unrealized gains and losses are reflected in accumulated other comprehensive income or loss until the gain or loss from the underlying hedged transaction is realized. When it becomes probable a forecasted transaction will not occur, the cash flow hedge treatment is discontinued, which affects earnings. These derivative financial instruments are recognized in current assets or other current liabilities at fair value. At times, the company hedges its exposure to changes in inventory values and designates qualifying derivatives as fair value hedges. The carrying amount of the hedged inventory is adjusted in the current period for changes in fair value. Ineffectiveness of the hedges is recognized in the current period to the extent the change in fair value of the inventory is not offset by the change in fair value of the derivative. Concentrations of Credit Risk The company is exposed to credit risk resulting from the possibility that another party may fail to perform according to the terms of the company’s contract. The company sells ethanol, corn oil and distillers grains and markets products for third parties, which can result in concentrations of credit risk from a variety of customers, including major integrated oil companies, large independent refiners, petroleum wholesalers and other marketers. The company also sells grain to large commercial buyers, including other ethanol plants, and sells cattle to meat processors. Although payments are typically received within fifteen days of the sale, the company continually monitors its exposure. The company is also exposed to credit risk on prepayments of undelivered inventories with a few major suppliers of petroleum products and agricultural inputs. The company has master netting arrangements with various counterparties. On the consolidated balance sheets, the associated net amount for each counterparty is reflected as either an accounts r eceivable or accounts payable. If the amount for each counterparty were reflected on a gross basis, the company’s accounts receivable and accounts payable would increase by $ 13.7 million and $ 23.4 million at December 31, 201 8 and 2017 , respectively. Inventories Corn held for ethanol production, ethanol, corn oil and distillers grains inventories are recorded at lower of average cost or market. Other grain inventories include readily marketable grain, forward contracts to buy and sell grain, and exchange traded futures and option contracts, which are all stated at market value. All grain inventories held for sale are marked to market. Changes are reflected in cost of goods sold. The forward contracts require performance in future periods. Contracts to purchase grain generally relate to current or future crop years for delivery periods quoted by regulated commodity exchanges. Contracts for the sale of grain to processors or other consumers generally do not extend beyond one year. The terms of the purchase and sale agreements for grain are consistent with industry standards. Raw materials and finished goods inventories are valued at the lower of average cost or market. In addition to ethanol and related co-products in process, work-in-process inventory includes the cost of acquired cattle and related feed and veterinary supplies, as well as direct labor and feedlot overhead costs, all of which are valued at lower of average cost or market. Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation is generally calculated using the straight-line method over the following estimated useful life of the assets: Years Plant, buildings and improvements 10 -40 Production equipment 15 -40 Other machinery and equipment 5 -7 Land improvements 20 Railroad track and equipment 20 Computer hardware and software 3 -5 Office furniture and equipment 5 -7 Property and equipment is capitalized at cost. Land improvements and other property improvements are capitalized and depreciated. Costs of repairs and maintenance are charged to expense when incurred. The company periodically evaluates whether events and circumstances have occurred that warrant a revision of the estimated useful life of its fixed assets. Intangible Assets Our intangible assets consist of research and development technology and licenses that were capitalized at fair value at the time of consolidation of BioProcess Algae, and are being amortized over their estimated useful lives. Prior to the sale of Fleischmann’s Vinegar during the fourth quarter, our intangible assets also included the vinegar trade name and customer relationships. Impairment of Long-Lived Assets The company reviews its long-lived assets , currently consist ing of property and equipment, intangible assets and equity method investments, for impairment whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. Recoverability of assets to be held and used is measured by comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Significant management judgment is required to determine the fair value of long-lived assets, which includes discounted cash flows projections . There were no material impairment charges recorded for the periods reported. Goodwill Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. The determination of goodwill takes into consideration the fair value of net tangible and intangible assets. The company’s goodwill currently consists of amounts related to the acquisition of five et hanol plants and its fuel terminal and distribution business. Effective January 1, 2018, the company early adopted the amended guidance in ASC Topic 350, Intangibles – Goodwill and Other: Simplifying the Test for Goodwill Impairment , which simplifies the measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Under the amended guidance, an entity may first assess qualitative factors to determine whether it is necessary to perform a quantitative goodwill impairment test. If determined to be necessary, the quantitative impairment test shall be used to identify goodwill impairment and measure the amount of a goodwill impairment loss to be recognized (if any). We performed our annual goodwill assessment as of October 1, 2018, using a qualitative assessment, which resulted in no goodwill impairment. We estimate the amount and timing of projected cash flows that will be generated by an asset over an extended period of time when we review our long-lived assets and goodwill. Circumstances that may indicate impairment include a decline in future projected cash flows, a decision to suspend plant operations for an extended period of time, sustained decline in our market capitalization or market prices for similar assets or businesses, or a significant adverse change in legal or regulatory matters or business climate. Significant management judgment is required to determine the fair value of our long-lived assets and goodwill and measure impairment, which includes projected cash flows. Fair value is determined by using various valuation techniques, including discounted cash flow models, sales of comparable properties and third-party independent appraisals. Changes in estimated fair value could result in a write-down of the asset. For additional information, please refer to Note 10 – Goodwill and Intangible Assets. Financing Costs Fees and costs related to securing debt are recorded as financing costs. Debt issuance costs are stated at cost and are amortized using the effective interest method for term loans and the straight-line basis over the life of the agreements for revolving credit arrangements and convertible notes. During periods of construction, amortization is capitalized in construction-in-progress. Selling, General and Administrative Expenses Selling, general and administrative expenses consists of various expenses including employee salaries, incentives and benefits; office expenses; director compensation; professional fees for accounting, legal, consulting, and investor relations activities. Stock- Based Compensation The company recognizes compensation cost using a fair value based method whereby compensation cost is measured at the grant date based on the value of the award and is recognized over the service period, which is usually the vesting period. The company uses the Black-Scholes pricing model to calculate the fair value of options and warrants issued to both employees and non-employees. The company used the Monte Carlo valuation model to estimate the fair value of performance shares issued to employees. Stock issued for compensation is valued using the market price of the stock on the date of the related agreement. Income Taxes The provision for income taxes is computed using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences attributable to temporary differences between the financial reporting carrying amount of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operating results in the period of enactment. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The company recognizes uncertainties in income taxes within the financial statements under a process by which the likelihood of a tax position is gauged based upon the technical merits of the position, and then a subsequent measurement relates the maximum benefit and the degree of likelihood to determine the amount of benefit recognized in the financial statements. Recent Accounting Pronouncements Effective January 1, 2018, the company adopted the amended guidance in ASC Topic 606, Revenue from Contracts with Customers. Please refer to Note 4 – Revenue for further details. Effective January 1, 2018, the company adopted the amended guidance in ASC Topic 230, Statement of Cash Flows: Restricted Cash , which requires amounts generally described as restricted cash and restricted cash equivalents to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amended guidance was applied retrospectively. As a result, net cash used in operating activities for the twelve months ended December 31, 2017, was adjusted to exclude the change in restricted cash and increased the previously reported balance by $22.3 million. Net cash provided by financing activities for the twelve months ended December 31, 2017, was adjusted to exclude the change in restricted cash and decreased the previously reported balance by $34.5 million. Additionally, net cash provided by operating activities for the twelve months ended December 31, 2016, was adjusted to exclude the change in restricted cash and increased the previously reported balance by $15. 5 million. Net cash provided by financing activities for the twelve months ended December 31, 2016, was adjusted to exclude the change in restricted cash and increased the previously reported balance by $18.6 million. Effective January 1, 2018, the company adopted the amended guidance in ASC Topic 740, Income Taxes: Intra-Entity Transfers of Assets other than Inventory , which requires the recognition of current and deferred income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The amended guidance is required on a modified retrospective basis, with a cumulative-effect adjustment to retained earnings as of the beginning of the year of adoption. The adoption of the guidance did not have an impact to the financial statements. Effective January 1, 2018, the company adopted the amended guidance in ASC Topic 805, Business Combinations: Clarifying the Definition of a Business , which clarifies the definition of a business and provides guidance to assist companies and other reporting organizations evaluate whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The amended guidance will be applied prospectively. Effective January 1, 2018, the partnership early adopted the amended guidance in ASC Topic 350, Intangibles – Goodwill and Other: Simplifying the Test for Goodwill Impairment , which simplifies the measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Under the amended guidance, an entity may first assess qualitative factors to determine whether it is necessary to perform a quantitative goodwill impairment test. If determined to be necessary, the quantitative impairment test shall be used to identify goodwill impairment and measure the amount of a goodwill impairment loss to be recognized (if any). The amended guidance was applied prospectively when the annual impairment testing was performed in the current year. The new guidance did not have a material impact on the consolidated financial statements. Effective January 1, 2018, the company early adopted the amended guidance in ASC Topic 220, Income Statement – Reporting Comprehensive Income: Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The amendment eliminates the stranded tax effects resulting from the Tax Cuts and Jobs Act and is intended to improve the usefulness of information reported. As a result, the company recorded a $2.8 million reclassification from accumulated other comprehensive income to retained earnings during the first quarter of 2018. It is the company’s policy to release income tax effects from accumulated other comprehensive income using the portfolio approach. Effective January 1, 2019, the company will adopt the amended guidance in ASC Topic 842, Leases , which aims to make leasing activities more transparent and comparable, requiring substantially all leases to be recognized by lessees on the balance sheet as a right-of-use asset and corresponding lease liability, including leases currently accounted for as operating leases. The new standard is effective for fiscal years and interim periods within those years, beginning after December 15, 2018. The standard requires a modified retrospective transition approach and allows for early adoption. In July 2018, the FASB issued Accounting Standards Update, Leases (Topic 842): Targeted Improvements , which provides an option to apply the transition provisions of the new standard at adoption date instead of the earliest comparative period presented in the financial statements. The company will elect to use this optional transition method. The company has implemented a lease accounting system, which will assist in delivering the required accounting changes and disclosures under ASC Topic 842, Leases . The company expects the adoption of the new standard to result in recognition of approximately $6 0 million in right-of-use assets and lease liabilities on the company’s consolidated balance sheet, primarily due to operating leases that are currently not recognized on the balance sheet. The impact to revenue streams reported as operating lease revenue under GAAP is expected to be immaterial . The company plans to elect the lessee non-lease component separation practical expedient to include both the lease and non-lease components as a single component and account for them as a lease. In addition, the company expects to make an accounting policy election that will keep certain leases with a term of 12 months or less off the balance sheet and result in recognizing those lease payments on a straight-line basis over the lease term. |
Green Plains Partners LP
Green Plains Partners LP | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Green Plains Partners LP | 3. GREEN PLAINS PARTNERS LP The partnership is a fee-based master limited partnership formed by Green Plains to provide 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’s assets currently include (i) 32 ethanol storage facilities, located at or near the company’s 13 operational ethanol production plants and one non-operational ethanol plant , which have the ability to efficiently and effectively store and load railcars and tanker trucks with all of the ethanol produced at the company’s ethanol production plants, (ii) seven fuel terminal facilities, located near major rail lines, which enable the partnership to receive, store and deliver fuels from and to markets that seek access to renewable fuels, and (iii) transportation assets, including a leased railcar fleet of approximately 2,840 railcars, which are contracted to transport ethanol from the company’s ethanol production plants to refineries throughout the United States and international export terminals. The partnership is the company’s primary downstream logistics provider to support its approximately 1.1 bgy ethanol marketing and distribution business since the partnership’s assets are the principal method of storing and delivering the ethanol the company produces. As of December 31, 2018, the company owns a 49.1% limited partner interest, consisting of 11,586,548 common units, and a 2.0% general partner interest in the partnership. The public owns the remaining 48.9% limited partner interest in the partnership. As such, the partnership is consolidated in the company’s financial statements. A substantial portion of the partnership’s revenues are derived from long-term, fee-based commercial agreements with Green Plains Trade, a subsidiary of the company. The partnership’s agreements with Green Plains Trade include the following: · 10 -year storage and throughput agreement, originally expiring on June 30, 2025, extended to June 30, 2028; · 10 -year rail transportation services agreement, expiring on June 30, 2025; · 1 -year trucking transportation agreement, expiring on May 31, 2019; · 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 partnership’s storage and throughput agreement, and certain terminal services agreements, including the terminal services agreement for the Birmingham facility, are supported by minimum volume commitments. The partnership’s rail transportation services agreement is supported by minimum take-or-pay capacity commitments. The company also has agreements which establish fees for general and administrative, and operational and maintenance services it provides. These transactions are eliminated when the company consolidates its financial results. The company consolidates the financial results of the partnership and records a noncontrolling interest in the partnership held by public common unitholders. Noncontrolling interest on the consolidated statements of income includes the portion of net income attributable to the economic interest held by the partnership’s public common unitholders. Noncontrolling interest on the consolidated balance sheets includes the portion of net assets attributable to the partnership’s public common unitholders. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2018 | |
Revenue [Abstract] | |
Revenue | 4. REVENUE Adoption of ASC Topic 606 On January 1, 2018, the company adopted the amended guidance in ASC Topic 606, Revenue from Contracts with Customers , and all related amendments (“new revenue standard”) and applied it to all contracts using the modified retrospective transition method. There were no adjustments to the consolidated January 1, 2018 balance sheet for the adoption of the new revenue standard. As such, comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. In addition, there was no impact of adoption on the consolidated statements of operations or balance sheets for the year ended December 31, 2018. Revenue Recognition Revenue is recognized when obligations under the terms of a contract with a customer are satisfied. Generally this occurs with the transfer of control of products or services. Revenue is measured as the amount of consideration expected to be received in exchange for transferring goods or providing services. Sales, value add, and other taxes the company collects concurrent with revenue-producing activities are excluded from revenue. Revenue by Source The following table disaggregates revenue by major source for the year ended December 31, 2018 (in thousands): Twelve Months Ended December 31, 2018 Ethanol Production Agribusiness & Energy Services Food & Ingredients Partnership Eliminations Total Revenues: Revenues from contracts with customers under ASC 606: Ethanol $ 3,803 $ - $ - $ - $ - $ 3,803 Distillers grains 195,509 - - - - 195,509 Cattle and vinegar - - 1,007,833 - - 1,007,833 Service revenues - - - 5,180 - 5,180 Other 5,369 3,014 - - - 8,383 Intersegment revenues 2,914 23 156 9,030 (12,123) - Total revenues from contracts with customers 207,595 3,037 1,007,989 14,210 (12,123) 1,220,708 Revenues from contracts accounted for as derivatives under ASC 815 (1): Ethanol 1,618,319 418,956 - - - 2,037,275 Distillers grains 198,738 136,461 - - - 335,199 Corn oil 66,567 22,623 13,110 - - 102,300 Grain 520 73,754 - - - 74,274 Cattle and vinegar - - (15,906) - - (15,906) Other 20,254 67,948 - - - 88,202 Intersegment revenues 8,668 46,177 - - (54,845) - Total revenues from contracts accounted for as derivatives 1,913,066 765,919 (2,796) - (54,845) 2,621,344 Leasing revenues under ASC 840 (2) - - - 86,538 (85,237) 1,301 Total Revenues $ 2,120,661 $ 768,956 $ 1,005,193 $ 100,748 $ (152,205) $ 3,843,353 (1) Revenues from contracts accounted for as derivatives represent physically settled derivative sales that are outside the scope of ASC 606, Revenue from Contracts with Customers (ASC 606), where the company recognizes revenue when control of the inventory is transferred within the meaning of ASC 606 as req uired by ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets . (2) Leasing revenues do not represent revenues recognized from contracts with customers under ASC 606, and continue to b e accounted for under ASC 840, Leases. Payment Terms The company has standard payment terms, which vary depending upon the nature of the services provided, with the majority falling within 10 to 30 days after transfer of control or completion of services. In instances where the timing of revenue recognition differs from the timing of invoicing, the company has determined that contracts generally do not include a significant financing component. Contract Liabilities The company 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. Unearned revenue is generally recognized in the subsequent quarter and are not material to the company. The company expects to recognize all of the unearned revenue associated with service agreements as of December 31, 2018, in the subsequent quarter when the inventory is withdrawn from the partnership’s tank storage. Practical Expedients Under the new revenue standard, companies may elect various practical expedients upon adoption. As a result, the company elected to recognize the cost for shipping and handling activities that occur after the customer obtains control of the promised goods as fulfillment activities and not when performance obligations are met. The company also elected to exclude sales taxes from transaction prices. |
Acquisitions And Dispositions
Acquisitions And Dispositions | 12 Months Ended |
Dec. 31, 2018 | |
Acquisitions And Dispositions [Abstract] | |
Acquisitions And Dispositions | 5. ACQUISITIONS AND DISPOSITIONS ACQUISIT I ONS Acquisition of Cattle Feeding Operations – Bartlett Cattle Company, L.P. On August 1, 2018, the company acquired two cattle-feeding operations from Bartlett Cattle Company, L.P. for $16.2 million, plus working capital of approximately $106.6 million primarily consisting of work-in-process inventory. The transaction included the feed yards located in Sublette, Kansas and Tulia, Texas, which added combined feedlot capacity of 97,000 head of cattle to the company’s operations. The transaction was financed using cash on hand and proceeds from the Green Plains Cattle senior secured asset-based revolving credit facility. There were no material acquisition costs recorded for the acquisition. The following is a summary of the preliminary purchase price of assets acquired and liabilities assumed (in thousands): Amounts of Identifiable Assets Acquired and Liabilities Assumed Accounts receivable $ 1,897 Inventory 104,809 Property and equipment, net 16,190 Current liabilities (118) Total identifiable net assets $ 122,778 The amounts above reflect a working capital payment by the company of $0.9 million made during 2018. Acquisition of Cattle Feeding Operations – Cargill Cattle Feeders, LLC On May 16, 2017, the company acquired two cattle-feeding operations from Cargill Cattle Feeders, LLC for $59.3 million, including certain working capital adjustments. The transaction included the feed yards located in Leoti, Kansas and Eckley, Colorado, which added combined feedlot capacity of 155,000 head of cattle to the company’s operations. The transaction was financed using cash on hand. There were no material acquisition costs recorded for the acquisition. As part of the transaction, the company also entered into a long-term cattle supply agreement with Cargill Meat Solutions Corporation. Under the cattle supply agreement, all cattle placed in the Leoti and Eckley feedlots are sold exclusively to Cargill Meat Solutions under an agreed upon pricing arrangement. The following is a summary of the assets acquired and liabilities assumed (in thousands): Amounts of Identifiable Assets Acquired and Liabilities Assumed Inventory $ 22,450 Prepaid expenses and other 52 Property and equipment, net 36,960 Current liabilities (180) Total identifiable net assets $ 59,282 The amounts above reflect the final purchase price allocation, which included working capital true-up payments by the company of $1.6 million made during 2018. Acquisition of Fleischmann’s Vinegar On October 3, 2016 , the company acquired all of the issued and outstanding stock of SCI Ingredients, the holding company of Fleischmann’s Vinegar, for $258.3 million in cash. Fleischmann’s Vinegar is one of the world’s largest producers of food-grade industrial vinegar. The company recorded $2.3 million of acquisition costs for Fleischmann’s Vinegar to selling, general and administrative expenses during the year ended December 31, 2016. The operating results of Fleischmann’s Vinegar have been included in the company’s consolidated financial statements since October 4, 2016. The following is a summary of the assets acquired and liabilities assumed (in thousands): Amounts of Identifiable Assets Acquired and Liabilities Assumed Cash $ 4,148 Inventory 9,308 Accounts receivable, net 13,919 Prepaid expenses and other 1,054 Property and equipment 49,175 Intangible assets 90,500 Current liabilities (9,689) Income taxes payable (216) Deferred tax liabilities (41,882) Total identifiable net assets 116,317 Goodwill 142,002 Purchase price $ 258,319 Acquisition of Abengoa Ethanol Plants On September 23, 2016 , the company acquired three ethanol plants located in Madison, Illinois, Mount Vernon, Indiana, and York, Nebraska from subsidiaries of Abengoa S.A. for approximately $234.9 million for the ethanol plant assets, and $19.1 million for working capital acquired and liabilities assumed, subject to certain post-closing adjustments. These ethanol facilities have a combined annual production capacity of 230 mmgy. The company recorded $1.3 million of acquisition costs for the Abengoa ethanol plants to selling, general and administrative expenses during the year ended December 31, 2016. The operating results of Abengoa ethanol plants have been included in the company’s consolidated financial statements since September 23, 2016. The following is a summary of assets acquired and liabilities assumed (in thousands): Amounts of Identifiable Assets Acquired and Liabilities Assumed Inventory $ 16,904 Accounts receivable, net 1,826 Prepaid expenses and other 2,224 Property and equipment 234,947 Other assets 3,885 Current maturities of long-term debt (406) Current liabilities (2,580) Long-term debt (2,763) Total identifiable net assets $ 254,037 Concurrently with the company’s acquisition of the Abengoa ethanol plants, on September 23, 2016, the partnership acquired the storage assets of the Abengoa ethanol plants from the company for $90.0 million in a transfer between entities under common control and entered into amendments to the related commercial agreements with Green Plains Trade. DISPOSITIONS Disposition of Fleischmann’s Vinegar On November 27, 2018, the company and Green Plains II LLC, an indirect wholly-owned subsidiary of the company, completed the sale of Fleischmann’s Vinegar Company, Inc. to Kerry Holding Co. (“Kerry”). The company received as consideration from Kerry $353.9 million in cash and restricted cash, including net working capital adjustments. The divested assets were reported within the company’s food and ingredients segment. The company recorded a pre-tax gain on the sale of Fleischmann’s Vinegar of $58.2 million, including offsetting related transaction costs of $7.4 million within the corporate segment. The assets and liabilities of Fleischmann’s Vinegar at closing on November 27, 2018 were as follows (in thousands): Amounts of Identifiable Assets Disposed and Liabilities Relinquished Cash $ 2,107 Accounts receivable, net 15,935 Inventory 15,167 Prepaid expenses and other 853 Property and equipment 64,552 Other assets 79,389 Current liabilities (8,587) Deferred tax liabilities (26,617) Total identifiable net assets 142,799 Goodwill 142,002 Net assets disposed $ 284,801 The amounts reflected above represent working capital estimates which are considered preliminary until contractual post-closing working capital adjustments are finalized. Disposition of Bluffton, Lakota and Riga Ethanol Plants On November 15, 2018, the company completed the sale of three ethanol plants located in Bluffton, Indiana, Lakota, Iowa, and Riga, Michigan, and certain related assets from subsidiaries, to Valero Renewable Fuels Company, LLC (“Valero”) for the sale price of $319.8 million, including preliminary net working capital and other adjustments. Correspondingly, the partnership’s storage assets located adjacent to such plants were sold to Green Plains Inc. for $120.9 million. The company received as consideration from Valero approximately $319.8 million, while the partnership received as consideration from the company 8.7 million partnership 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. In addition, the partnership also received additional consideration of approximately $2.7 million from Valero for the assignment of certain railcar operating leases. The divested assets were reported within the company’s ethanol production, agribusiness and energy services and partnership segments. The company recorded a pre-tax gain on the sale of the three ethanol plants of $92.2 million, of which $89.5 million was recorded within the corporate segment and $2.7 million was recorded within the partnership segment, including offsetting transaction costs of $4.2 million, of which $3.7 million were recorded within the corporate segment and $0.5 million were recorded within the partnership segment. The assets and liabilities of the Bluffton, Lakota and Riga ethanol plants at closing on November 15, 2018 were as follows (in thousands): Amounts of Identifiable Assets Disposed and Liabilities Relinquished Inventory $ 37,227 Prepaid expenses and other 542 Property and equipment 184,969 Other assets 1,717 Current liabilities (1,366) Other liabilities (4,706) Total identifiable net assets 218,383 Goodwill 6,188 Net assets disposed $ 224,571 The amounts reflected above represent working capital estimates which are considered preliminary until contractual post-closing working capital adjustments are finalized. The company recorded a receivable of $3. 1 million as of December 31, 2018 to reflect the estimated working capital true-up primarily related to additional inventory transferred. The company determined that the dispositions noted above did not meet the criteria for discontinued operations presentation as the disposition of these businesses did not represent a strategic shift that will have a major effect on its operations and financial results. |
Fair Value Disclosures
Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | 6. FAIR VALUE DISCLOSURES The following methods, assumptions and valuation techniques were used in estimating the fair value of the company’s financial instruments: Level 1 – unadjusted quoted prices in active markets for identical assets or liabilities the company can access at the measurement date. Level 2 – directly or indirectly observable inputs such as quoted prices for similar assets or liabilities in active markets other than quoted prices included within Level 1, quoted prices for identical or similar assets in markets that are not active, and other inputs that are observable or can be substantially corroborated by observable market data through correlation or other means. Grain inventories held for sale in the agribusiness and energy services segment are valued at nearby futures values, plus or minus nearby basis. Level 3 – unobservable inputs that are supported by little or no market activity and comprise a significant component of the fair value of the assets or liabilities. The company currently does not have any recurring Level 3 financial instruments. Derivative contracts include exchange-traded commodity futures and options contracts and forward commodity purchase and sale contracts. Exchange-traded futures and options contracts are valued based on unadjusted quoted prices in active markets and are classified in Level 1. The majority of the company’s exchange-traded futures and options contracts are cash-settled on a daily basis. There have been no changes in valuation techniques and inputs used in measuring fair value. The company’s assets and liabilities by level are as follows (in thousands): Fair Value Measurements at December 31, 2018 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs (Level 1) (Level 2) Total Assets: Cash and cash equivalents $ 251,683 $ - $ 251,683 Restricted cash 66,512 - 66,512 Inventories carried at market - 111,960 111,960 Unrealized gains on derivatives - 9,976 9,976 Other assets 114 1 115 Total assets measured at fair value $ 318,309 $ 121,937 $ 440,246 Liabilities: Accounts payable (1) $ - $ 16,573 $ 16,573 Unrealized losses on derivatives - 7,852 7,852 Other liabilities - 2 2 Total liabilities measured at fair value $ - $ 24,427 $ 24,427 Fair Value Measurements at December 31, 2017 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs (Level 1) (Level 2) Total Assets: Cash and cash equivalents $ 266,651 $ - $ 266,651 Restricted cash 45,709 - 45,709 Inventories carried at market - 26,834 26,834 Unrealized gains on derivatives - 12,045 12,045 Other assets 115 - 115 Total assets measured at fair value $ 312,475 $ 38,879 $ 351,354 Liabilities: Accounts payable (1) $ - $ 37,401 $ 37,401 Unrealized losses on derivatives - 12,884 12,884 Other liabilities - 92 92 Total liabilities measured at fair value $ - $ 50,377 $ 50,377 (1) Accounts payable is generally stated at historical amounts with the exception of $16.6 million and $37.4 million at December 31, 2018 and 2017 , respectively, related to certain delivered inventory for which the payable fluctuates based on changes in commodity prices. These payables are hybrid financial instruments for which the company has elected the fair value option. The company believes the fair value of its debt approximated book value, which was approximately $891.2 million at December 31, 2018 , and $ 1.4 billion at December 31, 2017 . The company estimated the fair value of its outstanding debt using Level 2 inputs. The company believes the fair values of its accounts receivable approximated book value, which was $ 100.4 million and $ 151.1 million, respectively, at December 31, 2018 and 2017 . Although the company currently does not have any recurring Level 3 financial measurements, the fair values of tangible assets and goodwill acquired and the equity component of convertible debt represent Level 3 measurements which were derived using a combination of the income approach, market approach and cost approach for the specific assets or liabilities being valued. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2018 | |
Segment Information [Abstract] | |
Segment Information | 7. SEGMENT INFORMATION The company reports the financial and operating performance for the following four operating segments: (1) ethanol production, which includes the production of ethanol, distillers grains and corn oil, (2) agribusiness and energy services, which includes grain handling and storage, commodity marketing and merchant trading for company-produced and third-party ethanol, distillers grains, corn oil and other commodities, (3) food and ingredients, which includes cattle feeding and food-grade corn oil operations and included vinegar production until the sale of Fleischmann’s Vinegar during the fourth quarter of 2018 and (4) partnership, which includes fuel storage and transportation services. Corporate activities include selling , general and administrative expenses, consisting primarily of compensation, professional fees and overhead costs not directly related to a specific operating segment. During the normal course of business, the operating segments conduct business with each other. For example, the agribusiness and energy services segment procures grain and natural gas and sells products, including ethanol, distillers grains and corn oil for the ethanol production segment. The partnership segment provides fuel storage and transportation services for the ethanol production segment. These intersegment activities are treated like third-party transactions with origination, marketing and storage fees charged at estimated market values. Consequently, these transactions affect segment performance; however, they do not impact the company’s consolidated results since the revenues and corresponding costs are eliminated. The following tables set forth certain financial data for the company’s operating segments (in thousands): Year Ended December 31, 2018 2017 2016 Revenues: Ethanol production: Revenues from external customers (1) $ 2,109,079 $ 2,497,360 $ 2,409,102 Intersegment revenues 11,582 10,313 - Total segment revenues 2,120,661 2,507,673 2,409,102 Agribusiness and energy services: Revenues from external customers (1) 722,756 621,223 675,446 Intersegment revenues 46,200 47,538 34,461 Total segment revenues 768,956 668,761 709,907 Food and ingredients: Revenues from external customers (1) 1,005,037 471,398 318,031 Intersegment revenues 156 383 150 Total segment revenues 1,005,193 471,781 318,181 Partnership: Revenues from external customers 6,481 6,185 8,302 Intersegment revenues 94,267 100,808 95,470 Total segment revenues 100,748 106,993 103,772 Revenues including intersegment activity 3,995,558 3,755,208 3,540,962 Intersegment eliminations (152,205) (159,042) (130,081) Revenues as reported $ 3,843,353 $ 3,596,166 $ 3,410,881 (1) Revenues from external customers include realized gains and losses from derivative financial instruments. Refer to Note 4 – Revenue , for further disaggregation of revenue by operating segment. Year Ended December 31, 2018 2017 2016 Cost of goods sold: Ethanol production $ 2,118,787 $ 2,434,001 $ 2,280,906 Agribusiness and energy services 717,772 614,582 650,538 Food and ingredients 939,838 411,781 294,396 Partnership - - - Intersegment eliminations (148,764) (158,777) (129,761) $ 3,627,633 $ 3,301,587 $ 3,096,079 Year Ended December 31, 2018 2017 2016 Operating income (loss): Ethanol production $ (111,823) $ (45,074) $ 28,125 Agribusiness and energy services 29,076 30,443 34,039 Food and ingredients 40,130 35,961 16,436 Partnership 64,770 65,709 60,903 Intersegment eliminations (3,110) (61) (170) Corporate activities 96,687 (45,232) (47,645) $ 115,730 $ 41,746 $ 91,688 Year Ended December 31, 2018 2017 2016 EBITDA: Ethanol production $ (31,623) $ 40,069 $ 97,113 Agribusiness and energy services 31,583 33,906 34,209 Food and ingredients 55,805 49,803 20,190 Partnership 69,399 71,041 66,633 Intersegment eliminations (3,110) (61) (732) Corporate activities 102,598 (40,388) (42,985) $ 224,652 $ 154,370 $ 174,428 Year Ended December 31, 2018 2017 2016 Depreciation and amortization: Ethanol production $ 80,227 $ 81,987 $ 68,746 Agribusiness and energy services 2,470 3,462 2,536 Food and ingredients 12,914 13,103 3,705 Partnership 4,442 5,111 5,647 Corporate activities 3,566 3,698 3,592 $ 103,619 $ 107,361 $ 84,226 Year Ended December 31, 2018 2017 2016 Capital expenditures: Ethanol production $ 27,322 $ 28,996 $ 39,555 Agribusiness and energy services 277 397 2,340 Food and ingredients 15,452 17,772 2,479 Partnership 1,268 2,024 400 Corporate activities 451 3,115 11,638 $ 44,770 $ 52,304 $ 56,412 The following table reconciles net income to EBITDA (in thousands): Year Ended December 31, 2018 2017 2016 Net income: $ 36,734 $ 81,631 $ 30,491 Interest expense 101,025 90,160 51,851 Income tax expense (benefit) (16,726) (124,782) 7,860 Depreciation and amortization 103,619 107,361 84,226 EBITDA $ 224,652 $ 154,370 $ 174,428 The following table sets forth total assets by operating segment (in thousands): Year Ended December 31, 2018 2017 Total assets: Ethanol production $ 872,845 $ 1,144,459 Agribusiness and energy services 399,633 554,981 Food and ingredients 552,459 725,232 Partnership 67,297 74,935 Corporate assets 334,236 295,217 Intersegment eliminations (10,038) (10,174) $ 2,216,432 $ 2,784,650 (1) Asset balances by segment exclude intercompany payable and receivable balances . |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2018 | |
Inventories [Abstract] | |
Inventories | 8. INVENTORIES Inventories are carried at the lower of cost or net realizable value, except grain held for sale and fair-value hedged inventories. Commodities held for sale are reported at market value. As of December 31, 2018, the company recorded a $6.0 million lower of cost or market inventory adjustment reflected in cost of goods sold within the ethanol production segment. The components of inventories are as follows (in thousands): December 31, 2018 2017 Finished goods $ 99,765 $ 146,269 Commodities held for sale 62,980 65,693 Raw materials 119,014 144,520 Work-in-process 423,840 320,664 Supplies and parts 29,284 34,732 $ 734,883 $ 711,878 |
Property And Equipment
Property And Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property And Equipment [Abstract] | |
Property And Equipment | 9. PROPERTY AND EQUIPMENT The components of property and equipment are as follows (in thousands): December 31, 2018 2017 Plant equipment $ 931,321 $ 1,232,724 Buildings and improvements 176,279 212,426 Land and improvements 115,503 136,274 Railroad track and equipment 34,163 42,149 Construction-in-progress 12,484 17,019 Computer hardware and software 19,082 19,653 Office furniture and equipment 3,733 3,854 Leasehold improvements and other 24,416 27,193 Total property and equipment 1,316,981 1,691,292 Less: accumulated depreciation and amortization (430,405) (514,585) Property and equipment, net $ 886,576 $ 1,176,707 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets [Abstract] | |
Goodwill And Intangible Assets | 10. GOODWILL AND INTANGIBLE ASSETS Goodwill The company currently has two reporting units, to which goodwill is assigned. For the year ended December 31, 2017, the company determined a step one analysis was appropriate due to the passage of time since the last quantitative analysis was performed. A cash flow and valuation analysis was performed to estimate the fair value of each reporting unit. Significant assumptions inherent in the valuation methodologies for goodwill are employed and include, but are not limited to, prospective financial information, growth rates, discount rates, inflationary factors, and cost of capital. Based on this quantitative test, we determined that the fair value of each reporting unit exceeded its carrying amount and, therefore, step two of the two-step goodwill impairment test was unnecessary. Effective January 1, 2018, the company early adopted the amended guidance in ASC Topic 350, Intangibles – Goodwill and Other: Simplifying the Test for Goodwill Impairment , which simplifies the measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Under the amended guidance, an entity may first assess qualitative factors to determine whether it is necessary to perform a quantitative goodwill impairment test. If determined to be necessary, the quantitative impairment test shall be used to identify goodwill impairment and measure the amount of a goodwill impairment loss to be recognized (if any). The annual goodwill impairment review for the year ended December 31, 2018 , was a qualitative assessment that showed no indications of impairment. Changes in the carrying amount of goodwill attributable to each business segment during the years ended December 31, 2018 and 2017 were as follows (in thousands): Ethanol Food and Production Ingredients Partnership Total Balance, December 31, 2016 $ 30,279 $ 142,819 $ 10,598 $ 183,696 Adjustment to preliminary Fleischmann's Vinegar valuation - (817) - (817) Balance, December 31, 2017 $ 30,279 $ 142,002 $ 10,598 $ 182,879 Dispositions (6,188) (142,002) - (148,190) Balance, December 31, 2018 $ 24,091 $ - $ 10,598 $ 34,689 As of Dece mber 31, 2018 , in connection with the sale of the Bluffton, Lakota and Riga ethanol plants and Fleischmann’s Vinegar , the fair value of goodwill was reduced by $ 6.2 million and $142.0 million, respectively. Intangible Assets As of November 27, 2018, the company’s customer relationship intangible asset recognized in connection with the Fleischmann’s Vinegar acquisition of $68. 9 million, net of $11. 1 million of amortization, was disposed of in connection with the Fleischmann’s Vinegar sale. As of November 27, 2018, the company’s indefinite-lived trade name intangible asset of $10.5 million was disposed of as part of the Fleischmann’s Vinegar sale. Prior to its disposition, the company recognized $4. 4 million , $5.3 million and $1.4 million, respectively, of amortization expense associated with amortizing the customer relationship intangible asset during the years ended December 31, 2018, 2017 and 2016. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Financial Instruments [Abstract] | |
Derivative Financial Instruments | 11. DERIVATIVE FINANCIAL INSTRUMENTS At December 31, 2018 , the company’s consolidated balance sheet reflected unrealized losses of $ 16.0 million, net of tax, in accumulated other comprehensive loss. The company expects these losses will be reclassified as operating income over the next 12 months as a result of hedged transactions that are forecasted to occur. The amount realized in operating income will differ as commodity prices change. Fair Values of Derivative Instruments The fair values of the company’s derivative financial instruments and the line items on the consolidated balance sheets where they are reported are as follows (in thousands): Asset Derivatives' Liability Derivatives' Fair Value at December 31, Fair Value at December 31, 2018 2017 2018 2017 Derivative financial instruments $ 9,976 (1) $ 12,045 (2) $ 7,852 (3) $ 12,884 Other assets 1 - - - Other liabilities - - 2 92 Total $ 9,977 $ 12,045 $ 7,854 $ 12,976 (1) At December 31, 2018, derivative financial instruments, as reflected on the balance sheet, includes net unrealized gains on exchange traded futures and options contracts of $16.3 million. (2) At December 31, 2017, derivative financial instruments, as reflected on the balance sheet, includes net unrealized gains on exchange traded futures and options contracts of $8.5 million, which included $0.3 million of net unrealized gains on derivative financial instruments designated as cash flow hedging instruments. (3) At December 31, 2018, derivative financial instruments, as reflected on the balance sheet, includes net unrealized losses on exchange traded futures and options contracts of $16.9 million, which included $16.5 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments. Refer to Note 6 - Fair Value Disclosures , which contains fair value information related to derivative financial instruments. Effect of Derivative Instruments on Consolidated Statements of Income and Consolidated Statements of Stockholders’ Equity and Comprehensive Income The gains or losses recognized in income and other comprehensive income related to the company’s derivative financial instruments and the line items on the consolidated financial statements where they are reported are as follows (in thousands): Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Location of Gain or (Loss) Reclassified from Year Ended December 31, Accumulated Other Comprehensive Income into Income 2018 2017 2016 Revenues $ (10,808) $ 18,167 $ (8,094) Cost of goods sold 1,252 (11,936) (16,508) Net increase (decrease) recognized in earnings before tax $ (9,556) $ 6,231 $ (24,602) Amount of Loss Recognized in Other Comprehensive Income on Derivatives Loss Recognized in Year Ended December 31, Other Comprehensive Income on Derivatives 2018 2017 2016 Commodity Contracts $ (9,642) $ (8,015) $ (29,238) Location of Gain or Amount of Gain Recognized in Income on Derivatives Derivatives Not Designated (Loss) Recognized in Year Ended December 31, as Hedging Instruments Income on Derivatives 2018 2017 2016 Commodity Contracts Revenues $ 10,115 $ (12,583) $ 6,071 Commodity Contracts Costs of goods sold 18,944 27,078 11 $ 29,059 $ 14,495 $ 6,082 Line Item in the Consolidated Balance Sheet in Which the Hedged Item is Included Carrying Amount of the Hedged Assets Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets Inventories $ 89,188 $ 2,430 Effect of Cash Flow and Fair Value Hedge Accounting on the Statements of Operations Location and Amount of Gain or (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships Year Ended December 31, 2018 2017 2016 Revenue Cost of Goods Sold Revenue Cost of Goods Sold Revenue Cost of Goods Sold Gain or (loss) on cash flow hedging relationships: Commodity contracts: Amount of gain or loss reclassified from accumulated other comprehensive income into income $ (10,808) $ 1,252 $ 18,167 $ (11,936) $ (8,094) $ (16,508) Gain or (loss) on fair value hedging relationships: Commodity contracts: Hedged item - 13,681 1,451 (6,229) 1,388 21,430 Derivatives designated as hedging instruments - (12,304) (1,734) 8,530 (1,388) (16,219) Total amounts of income and expense line items presented in the statement of financial performance in which the effects of cash flow or fair value hedges are recorded $ (10,808) $ 2,629 $ 17,884 $ (9,635) $ (8,094) $ (11,297) There were no gains or losses from discontinuing cash flow or fair value hedge treatment during the years ended December 31, 2018, 2017 and 2016. The open commodity derivative positions as of December 31, 2018 , are as follows (in thousands): December 31, 2018 Exchange Traded Non-Exchange Traded Derivative Instruments Net Long & (Short) (1) Long (2) (Short) (2) Unit of Measure Commodity Futures (23,025) Bushels Corn and Soybeans Futures 750 (3) Bushels Corn Futures (14,500) (4) Bushels Corn Futures (80,850) Gallons Ethanol Futures (2,275) mmBTU Natural Gas Futures (13,888) (4) mmBTU Natural Gas Futures (39,600) Pounds Livestock Futures (402,840) (3) Pounds Cattle Options 116 Tons Soybean Meal Options 5,519 Bushels Corn and Soybeans Options 13,146 Gallons Ethanol Options (2,015) mmBTU Natural Gas Options (18,628) Pounds Livestock Options 19 Barrels Crude Oil Forwards 25,071 (2,299) Bushels Corn and Soybeans Forwards 567 (256,596) Gallons Ethanol Forwards 131 (207) Tons Distillers Grains Forwards 14,160 (43,426) Pounds Corn Oil Forwards 15,422 (8,696) mmBTU Natural Gas (1) Exchange traded futures and options are presented on a net long and (short) position basis. Options are presented on a delta-adjusted basis. (2) Non-exchange traded forwards are presented on a gross long and (short) position basis including both fixed-price and basis contracts. (3) Futures used for cash flow hedges. (4) Futures or non-exchange traded forwards used for fair value hedges. Energy trading contracts that do not involve physical delivery are presented net in revenues on the consolidated statements of income. Included in revenues are net gains of $23.1 million, $35.4 million, and $11.6 million for the years ended December 31, 2018 , 2017 , and 2016 respectively, on energy trading contracts. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt [Abstract] | |
Debt | 12. DEBT The components of long-term debt are as follows (in thousands): December 31, 2018 2017 Corporate: $500.0 million term loan $ - $ 498,750 3.25% convertible notes due 2018 - 61,442 3.25% convertible notes due 2019 53,457 - 4.125% convertible notes due 2022 142,708 136,739 Green Plains Partners: $200.0 million revolving credit facility 134,000 126,900 Other 26,022 27,744 Total face value of long-term debt 356,187 851,575 Unamortized debt issuance costs (3,190) (16,256) Less: current portion of long-term debt (54,807) (67,923) Total long-term debt $ 298,190 $ 767,396 Scheduled long-term debt repayments, including full accretion of the 3.25% convertible notes due 2019 and of the 4.125% convertible notes due 2022 at maturity but excluding the effects of any debt discounts and debt issuance costs, are as follows (in thousands): Year Ending December 31, Amount 2019 $ 58,185 2020 1,218 2021 135,007 2022 171,006 2023 1,006 Thereafter 20,437 Total $ 386,859 The components of short-term notes payable and other borrowings are as follows (in thousands): December 31, 2018 2017 Green Plains Cattle: $500.0 million revolver $ 374,492 $ 270,860 Green Plains Grain: $125.0 million revolver 41,000 75,000 $50.0 million inventory financing - - Green Plains Trade: $300.0 million revolver 108,485 180,320 Green Plains Commodity Management: $20.0 million hedge line 14,266 - Total short-term notes payable and other borrowings $ 538,243 $ 526,180 Corporate Activities On August 29, 2017, the company entered into a $500.0 million term loan agreement, which matures on August 29, 2023 , to refinance approximately $405.0 million of total debt outstanding issued by Green Plains Processing and Fleischmann’s Vinegar, pay associated fees and expenses and for general corporate purposes. In November 2018, we rep aid the remaining outstanding balance of our $500.0 million term loan using a portion of the proceeds from the sale s of the three ethanol plants and Fleischmann’s Vinegar. We did not incur any early termination penalties to the lenders as a result of the repayment. Prior to the repayment of the $500.0 million term loan on November 27, 2018, the term loan was guaranteed by the company and substantially all of its subsidiaries, except for Green Plains Partners and certain other entities, and secured by substantially all of the assets of the company, including 17 ethanol production facilities, vinegar production facilities and a second priority lien on the assets secured under the revolving credit facilities at Green Plains Trade, Green Plains Cattle and Green Plains Grain. The credit agreement contained certain customary representations and warranties, affirmative covenants, negative covenants, financial covenants and events of default. The negative covenants included restrictions on the ability to incur additional indebtedness, acquire and sell assets, create liens, make investments, pay distributions and enter into transactions with affiliates. At the end of each fiscal quarter, the covenants of the credit agreement required the company to maintain a maximum term debt to total term capitalization of 55% and a minimum interest coverage ratio of 1.25 to 1.00, as defined in the credit agreement. Beginning in 2018, the credit facility also had a provision requiring the company to make special annual payments of 50% or 75% of its available free cash flow, subject to certain limitations. Voluntary term loan prepayments were subject to prepayment fees of 1.0% if prepaid before the eighteen -month anniversary of the credit agreement. Scheduled principal payments were $1.25 million each quarter until maturity. The term loan bore interest at a floating rate of a base rate plus a margin of 4.50% or LIBOR plus a margin of 5.50% . In September 2013, the company issued $120.0 million of 3.25% convertible senior notes due 2018, or the 3.25% notes. The 3.25% notes are senior, unsecured obligations of the company, with interest payable on April 1 and October 1 of each year. Prior to close of the exchange agreements on October 1, 2018, the company could settle the 3.25% notes in cash, common stock or a combination of cash and common stock. Prior to April 1, 2018, the 3.25% notes were not convertible unless certain conditions were s atisfied. The conversion rate was subject to adjustment upon the occurrence of certain events, including when the quarterly cash dividend exceeds $0.04 per share. The conversion rate was recently adjusted as of September 30, 2018, to 50.8753 shares of common stock per $1,000 of principal, which is equal to a conversion price of approximately $19.66 per share. For all conversions of notes which occur on or after April 1, 2018, the company has elected to convert for whole shares of common stock with any fractional share being settled with cash in lieu. Prior to the close of the exchange agreements on October 1, 2018, the company could redeem all of the 3.25% notes at any time on or after October 1, 2016, if the company’s common stock equal ed or exceeded 140% of the applicable conversion price for a specified time period ending on the trading day immediately prior to the date the company delivers notice of the redemption. The redemption price would equal 100% of the principal plus any accrued and unpaid interest. Holders of the 3.25% notes ha d the option to require the company to repurchase the 3.25% notes in cash at a price equal to 100% of the principal plus accrued and unpaid interest when there was a fundamental change, such as change in control. If an event of default occurred , it could result in the 3.25% notes being declared due and payable. During the second quarter of 2018, the company entered into a privately negotiated agreement with a certain holder, on behalf of a certain beneficial owner of the company’s 3.25% notes. Under this agreement, 50 shares of the company’s common stock were exchanged for approximately $1 thousand in aggregate principal amount of the 3.25% notes. Common stock held as treasury shares were exchanged for the 3.25% notes. Following the closing of this agreement, $63.7 million aggregate principal amount of the 3.25% notes remain ed outstanding. During the three months ended September 30, 2018, the company entered into exchange agreements with certain beneficial owners of the company’s outstanding 3.25% convertible senior notes due 2018 (the “Old N otes”), pursuant to which such i nvestors exchanged (the “Exchange”) $56.8 million in aggregate principal amount of the Old Notes for $56.8 million in aggregate principal amount of notes due 2019 (the “New Notes”). The company evaluated the Exchange in accordance with ASC 470-50 and concluded that the Exchange qualified as a debt modification as the cash flows and fair value of the embedded conversion option of the New Notes were not substantially different from the Old Notes. As a result, the New Notes were recorded at fair value at the time of the exchange, and the company recorded a non-cash adjustment to additional paid-in capital of $ 3.5 million , net of a $1.2 million tax impact, related to the difference in fair value of the embedded conversion option of the Old Notes and the New Notes. Following the closing of these agreements, $6.9 million aggregate principal of the Old Notes remain ed outstanding. On October 1, 2018, the maturity date of the Old Notes, the remaining aggregate principal of $6.9 million was paid. The New Notes are the senior, unsecured obligations of the company and bear interest at a rate of 3.25% per annum, payable semi-annually in arrears on April 1 and October 1 of each year, beginning on October 1, 2018. Interest on the New Notes will accrue from, and including, April 1, 2018. The New Notes will mature on October 1, 2019, unless earlier converted. Holders of New Notes may convert their New Notes, at their option, in integral multiples of $1,000 principal amount, at any time prior to the close of business on the scheduled trading day immediately preceding the maturity date of the New Notes. The conversion rate for the New Notes was initially 50.6481 shares of the company’s common stock per $1,000 principal amount of New Notes, which corresponded to an initial conversion price of approximately $19.74 per share of the company’s common stock. The conversion rate will be subject to adjustment upon the occurrence of certain events. Upon conversion of the convertible notes, the company will settle its conversion obligation by delivering shares of its common stock at the applicable conversion rate, together with cash in lieu of any fractional share. The company does not have the right to redeem the New Notes at its election before their maturity. The New Notes are subject to customary provisions providing for the acceleration of their principal and interest upon the occurrence of events that co nstitute an “event of default.” Events of default include, among other events, certain payment defaults, defaults in settling conversions, certain defaults under the company’s other indebtedness and certain insolvency-related events. Upon maturity, the company will settle the New Notes in cash. In August 2016, the company issued $170.0 million of 4.125% convertible senior notes due in 2022, or the 4.125% notes. The 4.125% notes are senior, unsecured obligations of the company, with interest payable on March 1 and September 1 of each year. The company may settle the 4.125% notes in cash, common stock or a combination of cash and common stock. Prior to March 1, 2022, the 4.125% notes are not convertible unless certain conditions are satisfied. The conversion rate is subject to adjustment upon the occurrence of certain events, including when the quarterly cash dividend exceeds $0.12 per share and upon redemption of the 4.125% notes. The initial conversion rate is 35.7143 shares of common stock per $1,000 of principal, which is equal to a conversion price of approximately $28.00 per share. The company may redeem all, but not less than all, of the 4.125% notes at any time on or after September 1, 2020, if the company’s common stock equals or exceeds 140% of the applicable conversion price for a specified time period ending on the trading day immediately prior to the date the company delivers notice of the redemption. The redemption price will equal 100% of the principal plus any accrued and unpaid interest. Holders of the 4.125% notes have the option to require the company to repurchase the 4.125% notes in cash at a price equal to 100% of the principal plus accrued and unpaid interest when there is a fundamental change, such as change in control. If an event of default occurs, it could result in the 4.125% notes being declared due and payable. Ethanol Production Segment We have small equipment financing loans, capital leases on equipment or facilities, and other forms of debt financing. Agribusiness and Energy Services Segment Green Plains Grain has a $125.0 million senior secured asset-based revolving credit facility, to finance working capital up to the maximum commitment based on eligible collateral equal to the sum of percentages of eligible cash, receivables and inventories, less miscellaneous adjustments. The credit facility matures on July 26, 2019. Advances are subject to an interest rate equal to LIBOR plus 3.00% or the lenders’ base rate plus 2.00% . The credit facility also includes an accordion feature that enables the facility to be increased by up to $75.0 million with agent approval. The credit facility can also be increased by up to $50.0 million for seasonal borrowings. Total commitments outstanding cannot exceed $250.0 million. The total unused portion of the $125.0 million revolving credit facility is also subject to a commitment fee ranging from 0.375% to 0.50% per annum depending on utilization. Lenders receive a first priority lien on certain cash, inventory, accounts receivable and other ass ets owned by Green Plains Grain. The terms impose affirmative and negative covenants for Green Plains Grain, including maintaining minimum working capital of $22.0 million and tangible net worth of $27.0 million . Capital expenditures are limited to $8.0 million per year under the credit facility, plus equity contributions from the company and unused amounts of up to $8.0 million from the previous year. In addition, the credit facility requires the company to maintain a minimum fixed charge coverage ratio of 1.25 to 1.00 and a maximum annual leverage ratio of 6.00 to 1.00 at the end of each quarter. The fixed charge coverage ratio and long-term capitalization ratio apply only if the company has long-term indebtedness on the date of calculation. As of December 31 , 2018, Green Plains Grain had no long-term indebtedness. The credit facility also contains restrictions on distributions related to capital stock, with exceptions for distributions up to 50% of net profit before tax, subject to certain conditions . Green Plains Trade has a $300.0 million senior secured asset-based revolving credit facility to finance working capital for marketing and distribution activities based on eligible collateral equal to the sum of percentages of eligible receivables and inventories, less miscellaneous adjustments. The credit facility matures on July 28, 2022 and consists of a $285 million credit facility and a $15 million first-in-last-out (FILO) credit facility, and includes an accordion feature that enables the credit facility to be increased by up to $70.0 million with agent approval. Advances are subject to variable interest rates equal to daily LIBOR plus 2.25% on the credit facility and daily LIBOR plus 3.25% on the FILO credit facility. The total unused portion of the revolving credit facility is also subject to a commitment fee of 0.375% per annum. The terms impose affirmative and negative covenants for Green Plains Trade, including maintaining a minimum fixed charge coverage ratio of 1.15 to 1.00 . Capital expenditures are limited to $1.5 million per year under the credit facility. The credit facility also restricts distributions related to capital stock, with an exception for distributions up to 50% of net income if, on a pro forma basis, (a) availability has been greater than $10.0 million for the last 30 days and (b) the borrower would be in compliance with the fixed charge coverage ratio on the distribution date. Green Plains Grain has entered into short-term inventory financing agreements with a financial institution. The company has accounted for the agreements as short-term notes, rather than sales, and has elected the fair value option to offset fluctuations in market prices of the inventory. The company had no short-term notes payable related to these inventory financing agreements as of December 31, 2018. Green Plains Commodity Management has an uncommitted $20.0 million revolving credit facility which matures April 30, 2023 to finance margins related to its hedging programs. Advances are subject to variable interest rates equal to LIBOR plus 1.75% . At December 31, 2018, the company had $14.3 million outstanding on this facility. Food and Ingredients Segment Green Plains Cattle has a senior secured asset-based revolving credit facility, which was amended on July 31, 2018, to increase the maximum commitment from $425.0 million to $500.0 million and can be increased by an additional $100.0 million with agent approval. On October 5, 2018, the company amended its revolving credit facility to provide the Joint Administrator, at its sole discretion, irrevocable authorization to (1) release any term loan priority collateral; (2) release any guarantor related to any release of any term loan priority collateral and/or (3) release the guaranty upon termination of the term loan agreement and repayment of all obligations owed by the company under the term loan agreement. The credit facility, which matures on April 30, 2020, finances working capital for the cattle feeding operations up to the maximum commitment based on eligible collateral equal to the sum of percentages of eligible receivabl es, inventories and other current assets, less miscellaneous adjustments. Advances, as amended, are subject to variable interest rates equal to LIBOR plus 2.00% to 3.00% , or the base rate plus 1.00% to 2.00% , depending upon the preceding three months’ excess borrowing availability. The amended credit facility also includes an accordion feature that enables the credit facility to be increased by up to $75.0 million with agent approval. The unused portion of the credit facility is also subject to a commitment fee of 0.20% to 0.30% per annum, depending on the preceding three months’ excess borrowing availability. Lenders receive a first priority lien on certain cash, inventory, accounts receivable, property and equipment and other assets owned by Green Plains Cattle . The amended terms impose affirmative and negative covenants, including maintaining a minimum working capital of 15% of the commitment amount, minimum tangible net worth of 20% of the commitment amount, plus 50% of net profit from the previous year, and a maximum total debt to tangible net worth ratio of 3.50 to 1.00 . Capital expenditures are limited to $10.0 million per year under the credit facility, plus $10.0 million per year if funded by a contribution from parent, plus any unused amounts from the previous year. Partnership Segment Green Plains Partners, through a wholly owned subsidiary, 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. 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% . On February 20, 2018 , the partnership accessed an additional $40.0 million to increase the revolving credit facility from $195.0 million to $235.0 million. On November 15, 2018 , the partnership decreased the revolving credit facility from $235.0 million to $200.0 million. The credit facility can be increased by an additional $20.0 million without the consent of the lenders. 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. There were no other significant changes in other covenants. 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 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 restricting 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 3.50x and a minimum consolidated interest coverage ratio of no less than 2.75x , 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. In June 2013, the company issued promissory notes payable of $10.0 million , which is recorded in long-term debt, and a note receivable of $8.1 million , which is recorded in other assets, to execute a New Markets Tax Credit transaction related to the Birmingham, Alabama terminal. Beginning in March 2020, the promissory notes and note receivable each require quarterly principal and interest payments of approximately $0.2 million. The company retains the right to call $8.1 million of the promissory notes in 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. Covenant Compliance The company was in compliance with its debt covenants as of December 31, 2018 and 2017. Restricted Net Assets At December 31, 2018 , there were approximately $243.4 million of net assets at the company’s subsidiaries that could not be transferred to the parent company in the form of dividends, loans or advances due to restrictions contained in the credit facilities of these subsidiaries. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 13. STOCK-BASED COMPENSATION The company has an equity incentive plan that reserves 4,110,000 shares of common stock for issuance to its directors and employees. The plan provides for shares, including options to purchase shares of common stock, stock appreciation rights tied to the value of common stock, restricted stock, performance share awards, and restricted and deferred stock unit awards, to be granted to eligible employees, non-employee directors and consultants. The company measures stock-based compensation at fair value on the grant date, with no adjustments for estimated forfeitures. The company records noncash compensation expense related to equity awards in its consolidated financial statements over the requisite period on a straight-line basis. Substantially all of the existing stock-based compensation has been equity awards. Grants under the equity incentive plans may include stock options, stock awards , performance share awards or deferred stock units: · Stock Options – Stock options may be granted that can be exercised immediately in installments or at a fixed future date. Certain options are exercisable regardless of employment status while others expire following termination. Options issued to date may be exercised immediately or at future vesting dates, and expire five to eight years after the grant date. Compensation expense for stock options that vest over time is recognized on a straight-line basis over the requisite service period. · Restricted Stock Awards – Restricted s tock awards may be granted to directors and employees that vest immediately or over a period of time as determined by the compensation committee. Stock awards granted to date vested immediately and over a period of time, and included sale restrictions. Compensation expense is recognized on the grant date if fully vested or over the requisite vesting period. · Performance Share Awards – Performance share awards may be granted to directors and employees that cliff-vest after a period of time as determined by the compensation committee. Performance share awards granted to date cliff-vest after a period of time, and included sale restrictions. Compensation expense is recognized over the requisite vesting period. · Deferred Stock Units – Deferred stock units may be granted to directors and employees that vest immediately or over a period of time as determined by the compensation committee. Deferred stock units granted to date vest over a period of time with underlying shares of common stock that are issuable after the vesting date. Compensation expense is recognized on the grant date if fully vested, or over the requisite vesting period. Stock Options The fair value of the stock options is estimated on the date of the grant using the Black ‑Scholes option ‑pricing model, a pricing model acceptable under GAAP. The expected life of the options is the period of time the options are expected to be outstanding. The company did no t grant any stock option awards during the years ended December 31, 2018 , 2017 , and 2016 . The activity related to the exercisable stock options for the year ended December 31, 2018 , is as follows: Shares Weighted- Average Exercise Price Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2017 143,750 $ 12.44 1.8 $ 635 Granted - - - - Exercised (15,000) 10.00 - 120 Forfeited - - - - Expired - - - - Outstanding at December 31, 2018 128,750 $ 12.72 1.0 $ 89 Exercisable at December 31, 2018 (1) 128,750 $ 12.72 1.0 $ 89 (1) Includes in-the-money options totaling 118,750 shares at a weighted-average exercise price of $ 12.36 . Option awards allow employees to exercise options through cash payment for the shares of common stock or simultaneous broker-assisted transactions in which the employee authorizes the exercise and immediate sale of the option in the open market. The company uses newly issued shares of common stock to satisfy its stock-based payment obligations. Restricted Stock Awards and Deferred Stock Units The non-vested restricted stock award and deferred stock unit activity for the year ended December 31, 2018 , are as follows: Non-Vested Shares and Deferred Stock Units Weighted- Average Grant- Date Fair Value Weighted-Average Remaining Vesting Term (in years) Nonvested at December 31, 2017 1,068,947 $ 20.41 Granted 519,876 18.24 Forfeited (109,996) 19.59 Vested (596,539) 20.57 Nonvested at December 31, 2018 882,288 $ 19.12 1.7 Performance Share Awards On March 19, 2018, the board of directors granted 153,030 performance shares to be awarded in the form of common stock to certain participants of the plan. Performance shares vest based on the company's average return on net assets (RONA) and the company’s total shareholder return (TSR), as further described herein. The performance shares vest on March 19, 2021, if the RONA and TSR criteria are achieved and the participant is then employed by the company. Fifty percent of the performance shares vest based upon the company’s ability to achieve a predetermined RONA during the three year performance period. The remaining fifty percent of the performance shares vest based upon the company’s total TSR during the three year performance period relative to that of the company’s performance peer group. The performance shares were granted at a target of 100% , but each performance share will increase or decrease depending on results for the performance period for the company's RONA, and the company’s TSR relative to that of the performance peer group. If the company’s RONA and TSR achieve the maximum goals, the maximum amount of shares available to be issued pursuant to this award is 201,033 performance shares or 150% of the 134,022 performance shares outstanding as of December 31, 2018. The actual number of performance shares that will ultimately vest is based on the actual percentile ranking of the company’s RONA, and the company’s TSR compared to the peer performance at the end of the performance period. The company used the Monte Carlo valuation model to estimate the fair value of the performance shares on the date of the grant. The weighted average assumptions used by the company in applying the Monte Carlo valuation model for performance share grants during th e twelve months ended December 31, 2018, are illustrated in the following table: 2018 Risk-free interest rate 2.44 % Dividend yield 2.64 % Expected volatility 45.11 % The Monte Carlo valuation also estimated the number of performance shares that would be awarded which is reflected in the fair value on the grant date. The Monte Carlo valuation assumed 97.39% of the performance shares granted on March 19, 2018, would be awarded on March 19, 2021, based upon the estimated company’s total shareholder return relative to peer performance. The company’s closing stock price was $18.15 on the date of the grant. The non-vested performance share award activity for the year ended December 31, 2018, are as follows: Performance Shares Nonvested at December 31, 2017 - Granted 153,030 Forfeited (19,008) Nonvested at December 31, 2018 134,022 At December 31, 2018, unrecognized stock compensation expense of $1.8 million, excluding any potential forfeitures, will be recognized over the vesting period of these performance share awards on a straight-line basis. Green Plains Partners Green Plains Partners has adopted the LTIP, an incentive plan intended to promote the interests of the partnership, its general partner and affiliates by providing incentive compensation based on units to employees, consultants and directors to encourage superior performance. The incentive plan reserves 2,500,000 common units for issuance in the form of options, restricted units, phantom units, distributable equivalent rights, substitute awards, unit appreciation rights, unit awards, profits interest units or other unit-based awards. The partnership measures unit-based compensation related to equity awards in its consolidated financial statements over the requisite service period on a straight-line basis. The non-vested unit-based awards activity for the year ended December 31, 2018, are as follows: Non-Vested Shares and Deferred Stock Units Weighted- Average Grant-Date Fair Value Weighted-Average Remaining Vesting Term (in years) Nonvested at December 31, 2017 11,549 $ 19.06 Granted 18,582 16.96 Forfeited - - Vested (11,549) 19.06 Nonvested at December 31, 2018 18,582 $ 16.96 0.5 Stock-Based and Unit-Based Compensation Expense Compensation costs for stock-based and unit-based payment plans during the years ended December 31, 2018 , 2017 and 201 6 , were approximately $ 11.4 million, $ 12.2 million and $ 9.5 million, respectively. The decrease in stock compensation for the year ended December 31, 2018 was largely due to current year forfeitures, offset by additional expense recorded due to the accelerated vesting of stock awards during the year. At December 31, 2018 , there were $ 9.9 million of unrecognized compensation costs from stock-based and unit-based compensation related to non-vested awards. This compensation is expected to be recognized over a weighted -average period of approximately 1.6 years. The potential tax benefit related to stock-based payment is approximately 25.2 % of these expenses. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 14. EARNINGS PER SHARE Basic earnings per share, or EPS, is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. During 2016, diluted EPS was computed using the treasury stock method for the convertible debt instruments, by dividing net income by the weighted average number of common shares outstanding during the period, adjusted for the dilutive effect of the convertible debt instruments and any other outstanding dilutive securities. Beginning in the first quarter of 2017, the company changed its method for calculating dilutive EPS related to its convertible debt instruments from the treasury stock method to the if-converted method, as the company changed its financial strategy with respect to cash settlement of these instruments. As such, the company computed diluted EPS for 2017 and 2018 by dividing net income on an if-converted basis, adjusted to add back net interest expense related to the convertible debt instruments, by the weighted average number of common shares outstanding during the period, adjusted to include the shares that would be issued if the convertible debt instruments were converted to common shares and the effect of any outstanding dilutive securities. The basic and diluted EPS are calculated as follows (in thousands): Year Ended December 31, 2018 2017 2016 Basic EPS: Net income attributable to Green Plains $ 15,923 $ 61,061 $ 10,663 Weighted average shares outstanding - basic 40,320 39,247 38,318 EPS - basic $ 0.39 $ 1.56 $ 0.28 Diluted EPS: Net income attributable to Green Plains $ 15,923 $ 61,061 $ 10,663 Interest and amortization on convertible debt, net of tax effect: 3.25% notes - 4,433 - 4.125% notes - 8,159 - Net income attributable to Green Plains - diluted $ 15,923 $ 73,653 $ 10,663 Weighted average shares outstanding - basic 40,320 39,247 38,318 Effect of dilutive convertible debt: 3.25% notes - 4,209 155 4.125% notes - 6,071 - Effect of dilutive stock-based compensation awards 934 713 100 Weighted average shares outstanding - diluted 41,254 50,240 38,573 EPS - diluted $ 0.39 $ 1.47 $ 0.28 Excluded from the calculation of diluted EPS for the twelve months ended December 31, 2018 were 7.3 million shares related to the effect of the convertible debt, as the inclusion of these shares would have been dilutive. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Stockholders Equity Abstract | |
Stockholders’ Equity | 15. STOCKHOLDERS’ EQUITY Treasury Stock The company holds 5.5 million shares of its common stock at a cost of $ 58.2 million. Treasury stock is recorded at cost and reduces stockholders’ equity in the consolidated balance sheets. When shares are reissued, the company will use the weighted average cost method for determining the cost basis. The difference between the cost and the issuance price is added or deducted from additional paid-in capital. Share Repurchase Program In August 2014, the company announced a share repurchase program of up to $100 million of its common stock. Under the program, the company may repurchase shares in open market transactions, privately negotiated transactions, accelerated share buyback programs, tender offers or by other means. The timing and amount of repurchase transactions are determined by its management based on market conditions, share price, legal requirements and other factors. The program may be suspended, modified or discontinued at any time without prior notice. The company repurchased 209,682 share s of common stock for approximately $3.0 million during 2018. Since inception, the company has repurchased 1,119,349 shares of common stock for approximately $19.7 million under the program. Dividends The company has paid a quarterly cash dividend since August 2013 and anticipates declaring a cash dividend in future quarters on a regular basis. Future declarations of dividends, however, are subject to board approval and may be adjusted as the company’s liquidity, business needs or market conditions change. On February 6, 2019, the company’s board of directors declared a quarterly cash dividend of $0.12 per share. The dividend is payable on March 15, 2019, to shareholders of record at the close of business on February 22, 2019. For each calendar quarter commencing with the quarter ended September 30, 2015, the partnership agreement requires the partnership to distribute all available cash, as defined, to its partners 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 of the partnership plus all or any portion of the cash on hand resulting from working capital borrowings made subsequent to the end of that quarter. On January 17 , 2019 , the board of directors of the general partner of the partnership declared a cash distribution of $0.4 75 per unit on outstanding common units . The distribution is payable on February 8 , 2019 , to unitholders of record at the close of business on February 1 , 2019 . Accumulated Other Comprehensive Income Changes in accumulated other comprehensive income are associated primarily with gains and losses on derivative financial instruments. Amounts reclassified from accumulated other comprehensive income are as follows (in thousands): Year Ended December 31, Statements of Income 2018 2017 2016 Classification Gains (losses) on cash flow hedges: Commodity derivatives $ (10,808) $ 18,167 $ (8,094) Revenues Commodity derivatives 1,252 (11,936) (16,508) Cost of goods sold Total (9,556) 6,231 (24,602) Income (loss) before income taxes Income tax expense (benefit) (2,887) 2,306 (8,830) Income tax expense (benefit) Amounts reclassified from accumulated other comprehensive income (loss) $ (6,669) $ 3,925 $ (15,772) At December 31, 201 8 and 201 7 , the company’s consolidated balance sheets reflected unrealize d losses of $1 6.0 million and $13 .1 million, net of tax, in accumulated other comprehensive loss, respectively. Hereford and Hopewell Drop-Down Effective January 1, 2016, the partnership acquired the storage and transportation assets of the Hereford and Hopewell production facilities in a transfer between entities under common control for approximately $62.3 million. |
Restructuring Activities
Restructuring Activities | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring Activities [Abstract] | |
Restructuring Activities | 1 6. R ESTRUCTURING ACTIVITIES In the second quarter of 2 018, the company announced its portfolio optimization p rogram of which one of the five strategic objectives was to reduce controllable expenses. As part of the program, the company implemented a workforce reduction at certain of its facilities, including its corporate location. The associated severance costs were recognized at the time both the employee and employer were irrevocably committed to the terms of the separation. As of December 31, 2018, the company recognized a $4.2 million charge for such workforce reductions it ha d implemented through that date with $3.8 million classified as selling, general and administrative expense and $0.4 million classified as costs of goods sold . Of the $ 4.2 million charge, $3.1 million was recorded in the corporate segment, $0.7 million was recorded in the agribusiness and energy services segment, $0.4 million was recorded in the ethanol production segment. A pproximately $2.7 million of the total charge was included in accrued liabilities as of December 31, 2018. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Taxes [Abstract] | |
Income Taxes | 17. INCOME TAXES Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the carrying amounts of existing assets and liabilities and their respective tax bases, and net operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted rates expected to be applicable to taxable income in the years those temporary differences are recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in income during the period that includes the enactment date. The Tax Cuts and Jobs Act was enacted on December 22, 2017 and was effective January 1, 2018. Due to the significance of the legislation, the SEC issued Staff Accounting Bulletin 118 (SAB 118), which provides for a measurement period to complete the accounting for certain elements of the tax reform. We have completed the analysis of the legislation and its impact to the financial statements. The company has determined that the deductibility of certain officer compensation is now limited under the new legislation. The tax impact of $0.7 million for the amount that is not expected to be realized has been recorded to tax expense. This adjustment had an immaterial impact to the effective tax rate. Green Plains Partners is a limited partnership, which is treated as a flow-through entity for federal income tax purposes and is not subject to federal income taxes. As a result, the consolidated financial statements do not reflect such income taxes on pre-tax income or loss attributable to the noncontrolling interest in the partnership. Income tax expense (benefit) consists of the following (in thousands): Year Ended December 31, 2018 2017 2016 Current $ 7,758 $ (43,705) $ 2,950 Deferred (24,484) (81,077) 4,910 Total $ (16,726) $ (124,782) $ 7,860 The reduced benefit in 2018 compared to 2017 is primarily due to the company’s recognition of tax benefits related to enactment of the Tax Cuts and Jobs Act and for the completion of a multi-year study for Research and Development credits, or R&D Credits in 2017. During the year s ended December 31, 2018 and 2017 , the company recognized a net income tax benefit of $19.6 million and $48.1 million, respectively, for federal and state R&D Credits. In addition, $2.3 million and $9.2 million , net, in refundable credits not dependent upon taxable income was recorded as a reduction of cost of goods sold during the years ended December 31, 2018 and 2017, respectively . R&D Credits recorded during 2017 related to tax years 2013 to 2016 as well as an estimated year-to-date tax benefit for federal and state R&D Credits for the 2017 tax year. Differences between income tax expense at the statutory federal income tax rate and as presented on the consolidated statements of income are summarized as follows (in thousands): Year Ended December 31, 2018 2017 2016 Tax expense at federal statutory rate $ 4,202 $ (15,103) $ 13,423 State income tax expense, net of federal benefit 981 (915) 323 Nondeductible compensation 921 222 185 Noncontrolling interests (4,370) (7,199) (6,940) Unrecognized tax benefits 15,148 25,720 - R&D credits (34,979) (74,033) - Disposition of subsidiary (1,022) - - Tax Cuts and Jobs Act impact 278 (54,485) - Stock compensation 993 - - Audit adjustments 559 - - Amended return adjustments 374 - - Other 189 1,011 869 Income tax expense (benefit) $ (16,726) $ (124,782) $ 7,860 Significant components of deferred tax assets and liabilities are as follows (in thousands): December 31, 2018 2017 Deferred tax assets: Net operating loss carryforwards - Federal $ - $ 12,767 Net operating loss carryforwards - State 4,004 5,291 Tax credit carryforwards - Federal 47,956 30,783 Tax credit carryforwards - State 9,369 5,342 Derivative financial instruments - 2,592 Deferred revenue 2,236 919 Interest expense carryforward 2,048 - Investment in partnerships 50,009 55,956 Inventory valuation 3,603 1,944 Stock-based compensation 1,458 2,468 Accrued expenses 5,439 5,541 Capital leases 2,516 2,426 Other 43 47 Total deferred tax assets 128,681 126,076 Deferred tax liabilities: Convertible debt (7,508) (8,350) Fixed assets (118,330) (149,746) Derivative financial instruments (1,573) - Organizational and start-up costs (3,980) (20,947) Total deferred tax liabilities (131,391) (179,043) Valuation allowance (7,413) (3,834) Deferred income taxes $ (10,123) $ (56,801) At December 31, 2018, the company has federal R&D credits of $4 8 . 0 million which will begin to expire in 2033. The company also has $9.4 million of state credits which will expire beginning in 2021. The company has state net operating losses of $4.0 million which will begin to expire in 2022. The company maintains a valuation allowance for its net deferred tax assets due to uncertainty that it will realize these assets in the future. The deferred tax valuation allowance of $ 7.4 million as of December 31, 2018 , relates to state tax credits that are not expected to be realized prior to expiration starting in 2021. The deferred tax valuation allowance as of December 31, 2017 was $3.8 million. The increase in the deferred tax valuation allowance was primarily due to state R&D credits generated that are not expected to be realized prior to expiration. M anagement considers whether it is more likely than not that some or all of the deferred tax assets will be realized, which is dependent on the generation of future taxable income and other tax attributes during the periods those temporary differences become deductible. Scheduled reversals of deferred tax liabilities, projected future taxable income, and tax planning strategies are considered to make this assessment. The company’s federal and state returns for the tax years ended December 31, 2014, and later are still subject to audit. A reconciliation of unrecognized tax benefits is as follows (in thousands): Unrecognized Tax Benefits Balance at January 1, 2018 $ 25,976 Additions for prior year tax positions 5,980 Additions for current year tax positions 20,922 Settlements of prior year tax positions (1,149) Reductions for prior year tax positions (171) Balance at December 31, 2018 $ 51,558 Recognition of these tax benefits would favorably impact the company’s effective tax rate. Unrecognized tax benefits of $51.6 million include $40.8 million recorded as a reduction of the deferred asset associated with the federal tax credit carryforwards. Interest and penalties associated with uncertain tax positions are accrued as part of income taxes payable. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 18. COMMITMENTS AND CONTINGENCIES Operating Leases The company leases certain facilities, equipment and parcels of land under agreements that expire at various dates. For accounting purposes, rent expense is based on a straight-line amortization of the total payments required over the lease. The company incurred lease expenses of $38.8 million, $ 45.8 million and $ 38.0 million during the years ended December 31, 2018 , 2017 and 2016 , respectively. Aggregate minimum lease payments under these agreements for future fiscal years are as follows (in thousands): Year Ending December 31, Amount 2019 $ 23,552 2020 17,473 2021 9,812 2022 7,325 2023 3,594 Thereafter 28,542 Total $ 90,298 Commodities As of December 31, 2018 , the company had contracted future purchases of grain, corn oil, natural gas, ethanol, distillers grains and cattle, valued at approximately $2 89 .3 million. Legal In November 2013, the company acquired two ethanol plants located in Fairmont, Minnesota and Wood River, Nebraska. There was ongoing litigation related to the consideration for this acquisition. On August 19, 2016, the Delaware Superior Court granted Green Plains’ motion for summary judgment in part and held that the seller’s attempt to disclaim liability for certain shortfall amounts through the use of a disclaimer provision was ineffective. On October 30, 2018, the ongoing litigation was settled and an adjustment to reduce the cost of inventory purchased in the acquisition was recorded in the fourth quarter as a reduction of costs of goods sold. In addition to the above-described proceeding, the company is currently involved in litigation that has arisen in the ordinary course of business, but does not believe any pending litigation will have a material adverse effect on its financial position, results of operations or cash flows. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | 19. EMPLOYEE BENEFIT PLANS The company offers eligible employees a comprehensive employee benefits plan that includes health, dental, vision, life and accidental death, short-term disability and long-term disability insurance, and flexible spending accounts. The company also offers a 401(k) plan enabling eligible employees to save for retirement on a tax-deferred basis up to the limits allowed under the Internal Revenue Code and matches up to 4 % of eligible employee contributions. Employee and employer contributions are 100 % vested immediately. Employer contributions to the 401(k) plan for the years ended December 31, 2018 , 2017 and 2016 were $2.2 million, $ 2.1 million and $ 1.6 million, respectively. The company contributes to a defined benefit pension plan. Since January of 2009, the benefits under the plan were frozen; however, the company remains obligated to ensure the plan is funded according to its requirements. As of December 31, 2018 , the plan’s assets were $ 4.9 million and liabilities were $ 6.5 million. At December 31, 2018 and 2017 , net liabilities of $ 1.6 million and $0.6 million were included in other liabilities on the consolidated balance sheets, respectively. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 20. RELATED PARTY TRANSACTIONS Commercial Contracts In March 2014, a subsidiary of the company entered into $1.4 million of new equipment financing agreements with Amur Equipment Finance, whom Gordon Glade, a member of the company’s board of directors, was formerly a shareholder. Amur Equipment Finance is no longer considered a related party as of the third quarter of 2018. There was $ 0.6 million related to th ese financing arrangements included in debt at December 31, 2017 . Payments, including principal and interest, totaled $0.2 million for the year ended December 31, 2018 and $0.3 million for the years ended December 31, 2017 and 2016 . Aircraft Leases Effective January 1, 2015, the company entered into two agreements with an entity controlled by Wayne Hoovestol for the lease of two aircrafts. Mr. Hoovestol is chairman of the company’s board of directors. The company agreed to pay $9,766 per month for the combined use of up to 125 hours per year of the aircrafts. Flight time in excess of 125 hours per year will incur additional hourly charges. During the years ended December 31, 2018 , 2017 and 2016 , payments related to these leases totaled $ 159 thousand, $ 182 thousand and $ 190 thousand , respectively. The company had no outstanding payables related to these agreements at December 31, 2018 , and $2 thousand in outstanding payable s related to these agreements at December 31, 2017 . |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Data[Abstract] | |
Quarterly Financial Data | 21. QUARTERLY FINANCIAL DATA (Unaudited) The following table includes unaudited financial data for each of the quarters within the years ended December 31, 2018 and 2017 (in thousands, except per share amounts), which is derived from the company’s consolidated financial statements. In management’s opinion, the financial data reflects all of the adjustments necessary for a fair presentation of the quarters presented. The operating results for any quarter are not necessarily indicative of results for any future period. Three Months Ended December 31, 2018 September 30, 2018 June 30, 2018 March 31, 2018 Revenues $ 811,129 $ 1,000,100 $ 986,837 $ 1,045,287 Costs and expenses (1) 703,888 999,451 975,072 1,049,212 Operating income (loss) 107,241 649 11,765 (3,925) Other expense (32,672) (22,726) (18,767) (21,557) Income tax benefit (expense) (14,712) 14,658 10,753 6,027 Net income (loss) attributable to Green Plains 53,503 (12,469) (994) (24,117) Basic earnings (loss) per share attributable to Green Plains 1.32 (0.31) (0.02) (0.60) Diluted earnings (loss) per share attributable to Green Plains 1.13 (0.31) (0.02) (0.60) Three Months Ended December 31, 2017 September 30, 2017 June 30, 2017 March 31, 2017 Revenues $ 920,984 $ 901,235 $ 886,263 $ 887,684 Costs and expenses 913,560 880,519 890,049 870,292 Operating income (loss) 7,424 20,716 (3,786) 17,392 Other expense (18,954) (30,062) (17,759) (18,122) Income tax benefit (2) 63,877 48,775 9,749 2,381 Net income (loss) attributable to Green Plains 46,630 34,394 (16,366) (3,597) Basic earnings (loss) per share attributable to Green Plains 1.16 0.83 (0.41) (0.09) Diluted earnings (loss) per share attributable to Green Plains 0.99 0.74 (0.41) (0.09) (1) The fourth quarter of 2018 includes the net gain on the sale of assets of $15 0.4 million related to the sale of three ethanol plants and Fleischmann’s Vinegar. (2) The third and fourth quarters of 2017 reflect adjustments for R&D Credits and the reduced tax rate due to the Tax Cuts and Jobs Act. . |
Basis Of Presentation And Des_2
Basis Of Presentation And Description Of Business (Policy) | 12 Months Ended |
Dec. 31, 2018 | |
Basis Of Presentation And Description Of Business [Abstract] | |
Consolidated Financial Statements | Consolidated Financial Statements The consolidated financial statements include the company’s accounts and all significant intercompany balances and transactions are eliminated. Unconsolidated entities are included in the financial statements on an equity basis. As of December 31, 2018, the company owns a 49.1% limited partner interest and a 2.0% general partner interest in Green Plains Partners LP. Public investors own the remaining 48.9% limited partner interest in the partnership. The company determined that the limited partners in the partnership with equity at risk lack the power, through voting rights or similar rights, to direct the activities that most significantly impact partnership’s economic performance; therefore, the partnership is considered a variable interest entity. The company, through its ownership of the general partner interest in the partnership, has the power to direct the activities that most significantly affect economic performance and is obligated to absorb losses and has the right to receive benefits that could be significant to the partnership. Therefore, the company is considered the primary beneficiary and consolidates the partnership in the company’s financial statements. The assets of the partnership cannot be used by the company for general corporate purposes. The partnership’s consolidated total assets as of December 31, 2018 and 2017 are $67. 3 million and $74.9 million, respectively, and primarily consist of property and equipment and goodwill. The partnership’s consolidated total liabilities as of December 31, 2018 and 2017 are $152.9 million and $153.0 million, respectively, which primarily consist of long-term debt as discussed in Note 12 – Debt. The liabilities recognized as a result of consolidating the partnership do not represent additional claims on our general assets. The company also owns a 90.0% interest in BioProcess Algae, a joint venture formed in 2008, and consolidates their results in its consolidated financial statements. |
Reclassifications | Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation. These reclassifications did not affect total revenues, costs and expenses, net income or stockholders’ equity. |
Use Of Estimates In The Preparation Of Consolidated Financial Statements | Use of Estimates in the Preparation of Consolidated Financial Statements The preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. The company bases its estimates on historical experience and assumptions it believes are proper and reasonable under the circumstances and regularly evaluates the appropriateness of its estimates and assumptions. Actual results could differ from those estimates. Key accounting policies, including but not limited to those relating to revenue recognition, depreciation of property and equipment, carrying value of intangible assets, impairment of long-lived assets and goodwill, derivative financial instruments, accounting for income taxes and assets acquired and liabilities assumed in acquisitions, are impacted significantly by judgments, assumptions and estimates used in the preparation of the consolidated financial statements. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2018 | |
Summary Of Significant Accounting Policies [Abstract] | |
Cash And Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents includes bank deposits, as well as, short-term, highly liquid investments with original matu rities of three months or less. |
Restricted Cash | Restricted Cash The company has restricted cash, which can only be used for funding letters of credit or for payment towards a revolving credit agreement. Restricted cash also includes cash margins and securities pledged to commodity exchange clearinghouses and at times, funds in escrow related to disposition activities. To the degree these segregated balances are cash and cash equivalents, they are considered restricted cash on the consolidated statements of cash flows. |
Revenue Recognition | Revenue Recognition The company recognizes revenue when obligations under the terms of a contract with a customer are satisfied. Generally this occurs with the transfer of control of products or services. Revenue is measured as the amount of consideration expected to be received in exchange for transferring goods or providing services. Sales, value add, and other taxes the company collects concurrent with revenue-producing activities are excluded from revenue. Sales of ethanol, distillers grains, corn oil, natural gas and other commodities by the company’s marketing business are recognized when obligations under the terms of a contract with a customer are satisfied. Generally, this occurs with the transfer of control of products or services. Revenues related to marketing for third parties are presented on a gross basis as the company controls the product prior to the sale to the end customer, takes title of the product and has inventory risk. Unearned revenue is recorded for goods in transit when the company has received payment but control has not yet been transferred to the customer. Revenues for receiving, storing, transferring and transporting ethanol and other fuels are recognized when the product is delivered to the customer. The company routinely enters into physical-delivery energy commodity purchase and sale agreements. At times, the company settles these transactions by transferring its obligations to other counterparties rather than delivering the physical commodity. Energy trading transactions are reported net as a component of revenue. Revenues include net gains or losses from derivative s related to products sold while cost of goods sold includes net gains or losses from derivatives related to commodities purchased. Revenues also include realized gains and losses on related derivative financial instruments and reclassifications of realized gains and losses on cash flow hedges from accumulated other comprehensive income or loss. Sales of products, including agricultural commodities, cattle and vinegar, are recognized when control of the product is transferred to the customer, which depends on the agreed upon shipment or delivery terms. Revenues related to grain merchandising are presented gross and include shipping and handling, which is also a component of cost of goods sold. Revenues from grain storage are recognized when services are rendered. A substantial portion of the partnership revenues are derived from fixed-fee commercial agreements for storage, terminal or transportation services. The partnership recognizes revenue upon transfer of control of product from its storage tanks and fuel terminals, when railcar volumetric capacity is provided, and as truck transportation services are performed. 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. |
Shipping And Handling Costs | Shipping and Handling Costs The company accounts for shipping and handling activities related to contracts with customers as costs to fulfill its promise to transfer the associated products. Accordingly, the company records customer payments associated with shipping and handling costs as a component of revenue, and classifies such costs as a component of cost of goods sold. |
Cost Of Goods Sold | Cost of Goods Sold Cost of goods sold includes direct labor, materials, shipping and plant overhead costs. Direct labor includes all compensation and related benefits of non-management personnel involved in ethanol production cattle feeding operations and vinegar production until the sale of Fleischmann’s Vinegar during the fourth quarter of 2018. Grain purchasing and receiving costs, excluding labor costs for grain buyers and scale operators, are also included in cost of goods sold. Materials include the cost of corn feedstock, denaturant, process chemicals, cattle and veterinary supplies. Corn feedstock costs include gains and losses on related derivative financial instruments not designated as cash flow hedges, inbound freight charges, inspection costs and transfer costs, as well as reclassifications of gains and losses on cash flow hedges from accumulated other comprehensive income or loss. Plant overhead consists primarily of plant and feedlot utilities, repairs and maintenance, feedlot expenses and outbound freight charges. Shipping costs incurred by the company, including railcar costs, are also reflected in cost of goods sold. The company uses exchange-traded futures and options contracts and forward purchase and sales contracts to attempt to minimize the effect of price changes on ethanol, grain, natural gas and cattle inventories. Exchange-traded futures and options contracts are valued at quoted market prices and settled predominantly in cash. The company is exposed to loss when counterparties default on forward purchase and sale contracts. Grain inventories held for sale and forward purchase and sale contracts are valued at market prices when available or other market quotes adjusted for differences, primarily in transportation, between the exchange-traded market and local market where the terms of the contract is based. Changes in forward purchase contracts and exchange-traded futures and options contracts are recognized as a component of cost of goods sold. |
Operations and Maintenance Expenses | Operations and Maintenance Expenses In the partnership segment, transportation expenses represent the primary component of operations and maintenance expenses. Transportation expenses include railcar leases, freight and shipping of the company’s ethanol and co-products, as well as costs incurred storing ethanol at destination terminals. |
Derivative Financial Instruments | Derivative Financial Instruments The company uses various derivative financial instruments, including exchange-traded futures and exchange-traded and over-the-counter options contracts, to attempt to minimize risk and the effect of commodity price changes including but not limited to, corn, ethanol, cattle, natural gas and crude oil. The company monitors and manages this exposure as part of its overall risk management policy to reduce the adverse effect market volatility may have on its operating results. The company may hedge these commodities as one way to mitigate risk; however, there may be situations when these hedging activities themselves result in losses. By using derivatives to hedge exposures to changes in commodity prices, the company is exposed to credit and market risk. The company’s exposure to credit risk includes the counterparty’s failure to fulfill its performance obligations under the terms of the derivative contract. The company minimizes its credit risk by entering into transactions with high quality counterparties, limiting the amount of financial exposure it has with each counterparty and monitoring their financial condition. Market risk is the risk that the value of the financial instrument might be adversely affected by a change in commodity prices or interest rates. The company manages market risk by incorporating parameters to monitor exposure within its risk management strategy, which limits the types of derivative instruments and strategies the company can use and the degree of market risk it can take using derivative instruments. The company evaluates its physical delivery contracts to determine if they qualify for normal purchase or sale exemptions which are expected to be used or sold over a reasonable period in the normal course of business. Contracts that do not meet the normal purchase or sale criteria are recorded at fair value. Changes in fair value are recorded in operating income unless the contracts qualify for, and the company elects, cash flow hedge accounting treatment. Certain qualifying derivatives related to ethanol production, agribusiness and energy services, and food and ingredients segments are designated as cash flow hedges. The company evaluates the derivative instrument to ascertain its effectiveness prior to entering into cash flow hedges. Unrealized gains and losses are reflected in accumulated other comprehensive income or loss until the gain or loss from the underlying hedged transaction is realized. When it becomes probable a forecasted transaction will not occur, the cash flow hedge treatment is discontinued, which affects earnings. These derivative financial instruments are recognized in current assets or other current liabilities at fair value. At times, the company hedges its exposure to changes in inventory values and designates qualifying derivatives as fair value hedges. The carrying amount of the hedged inventory is adjusted in the current period for changes in fair value. Ineffectiveness of the hedges is recognized in the current period to the extent the change in fair value of the inventory is not offset by the change in fair value of the derivative. |
Concentrations Of Credit Risk | Concentrations of Credit Risk The company is exposed to credit risk resulting from the possibility that another party may fail to perform according to the terms of the company’s contract. The company sells ethanol, corn oil and distillers grains and markets products for third parties, which can result in concentrations of credit risk from a variety of customers, including major integrated oil companies, large independent refiners, petroleum wholesalers and other marketers. The company also sells grain to large commercial buyers, including other ethanol plants, and sells cattle to meat processors. Although payments are typically received within fifteen days of the sale, the company continually monitors its exposure. The company is also exposed to credit risk on prepayments of undelivered inventories with a few major suppliers of petroleum products and agricultural inputs. The company has master netting arrangements with various counterparties. On the consolidated balance sheets, the associated net amount for each counterparty is reflected as either an accounts r eceivable or accounts payable. If the amount for each counterparty were reflected on a gross basis, the company’s accounts receivable and accounts payable would increase by $ 13.7 million and $ 23.4 million at December 31, 201 8 and 2017 , respectively. |
Inventories | Inventories Corn held for ethanol production, ethanol, corn oil and distillers grains inventories are recorded at lower of average cost or market. Other grain inventories include readily marketable grain, forward contracts to buy and sell grain, and exchange traded futures and option contracts, which are all stated at market value. All grain inventories held for sale are marked to market. Changes are reflected in cost of goods sold. The forward contracts require performance in future periods. Contracts to purchase grain generally relate to current or future crop years for delivery periods quoted by regulated commodity exchanges. Contracts for the sale of grain to processors or other consumers generally do not extend beyond one year. The terms of the purchase and sale agreements for grain are consistent with industry standards. Raw materials and finished goods inventories are valued at the lower of average cost or market. In addition to ethanol and related co-products in process, work-in-process inventory includes the cost of acquired cattle and related feed and veterinary supplies, as well as direct labor and feedlot overhead costs, all of which are valued at lower of average cost or market. |
Property And Equipment | Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation is generally calculated using the straight-line method over the following estimated useful life of the assets: Years Plant, buildings and improvements 10 -40 Production equipment 15 -40 Other machinery and equipment 5 -7 Land improvements 20 Railroad track and equipment 20 Computer hardware and software 3 -5 Office furniture and equipment 5 -7 Property and equipment is capitalized at cost. Land improvements and other property improvements are capitalized and depreciated. Costs of repairs and maintenance are charged to expense when incurred. The company periodically evaluates whether events and circumstances have occurred that warrant a revision of the estimated useful life of its fixed assets. |
Intangible Assets | Intangible Assets Our intangible assets consist of research and development technology and licenses that were capitalized at fair value at the time of consolidation of BioProcess Algae, and are being amortized over their estimated useful lives. Prior to the sale of Fleischmann’s Vinegar during the fourth quarter, our intangible assets also included the vinegar trade name and customer relationships. |
Impairment Of Long-Lived Assets | Impairment of Long-Lived Assets The company reviews its long-lived assets , currently consist ing of property and equipment, intangible assets and equity method investments, for impairment whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. Recoverability of assets to be held and used is measured by comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Significant management judgment is required to determine the fair value of long-lived assets, which includes discounted cash flows projections . There were no material impairment charges recorded for the periods reported. |
Goodwill | Goodwill Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. The determination of goodwill takes into consideration the fair value of net tangible and intangible assets. The company’s goodwill currently consists of amounts related to the acquisition of five et hanol plants and its fuel terminal and distribution business. Effective January 1, 2018, the company early adopted the amended guidance in ASC Topic 350, Intangibles – Goodwill and Other: Simplifying the Test for Goodwill Impairment , which simplifies the measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Under the amended guidance, an entity may first assess qualitative factors to determine whether it is necessary to perform a quantitative goodwill impairment test. If determined to be necessary, the quantitative impairment test shall be used to identify goodwill impairment and measure the amount of a goodwill impairment loss to be recognized (if any). We performed our annual goodwill assessment as of October 1, 2018, using a qualitative assessment, which resulted in no goodwill impairment. We estimate the amount and timing of projected cash flows that will be generated by an asset over an extended period of time when we review our long-lived assets and goodwill. Circumstances that may indicate impairment include a decline in future projected cash flows, a decision to suspend plant operations for an extended period of time, sustained decline in our market capitalization or market prices for similar assets or businesses, or a significant adverse change in legal or regulatory matters or business climate. Significant management judgment is required to determine the fair value of our long-lived assets and goodwill and measure impairment, which includes projected cash flows. Fair value is determined by using various valuation techniques, including discounted cash flow models, sales of comparable properties and third-party independent appraisals. Changes in estimated fair value could result in a write-down of the asset. For additional information, please refer to Note 10 – Goodwill and Intangible Assets. |
Financing Costs | Financing Costs Fees and costs related to securing debt are recorded as financing costs. Debt issuance costs are stated at cost and are amortized using the effective interest method for term loans and the straight-line basis over the life of the agreements for revolving credit arrangements and convertible notes. During periods of construction, amortization is capitalized in construction-in-progress. |
Selling, General And Administrative Expenses | Selling, General and Administrative Expenses Selling, general and administrative expenses consists of various expenses including employee salaries, incentives and benefits; office expenses; director compensation; professional fees for accounting, legal, consulting, and investor relations activities. |
Stock-Based Compensation | Stock- Based Compensation The company recognizes compensation cost using a fair value based method whereby compensation cost is measured at the grant date based on the value of the award and is recognized over the service period, which is usually the vesting period. The company uses the Black-Scholes pricing model to calculate the fair value of options and warrants issued to both employees and non-employees. The company used the Monte Carlo valuation model to estimate the fair value of performance shares issued to employees. Stock issued for compensation is valued using the market price of the stock on the date of the related agreement. |
Income Taxes | Income Taxes The provision for income taxes is computed using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences attributable to temporary differences between the financial reporting carrying amount of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operating results in the period of enactment. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The company recognizes uncertainties in income taxes within the financial statements under a process by which the likelihood of a tax position is gauged based upon the technical merits of the position, and then a subsequent measurement relates the maximum benefit and the degree of likelihood to determine the amount of benefit recognized in the financial statements. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Effective January 1, 2018, the company adopted the amended guidance in ASC Topic 606, Revenue from Contracts with Customers. Please refer to Note 4 – Revenue for further details. Effective January 1, 2018, the company adopted the amended guidance in ASC Topic 230, Statement of Cash Flows: Restricted Cash , which requires amounts generally described as restricted cash and restricted cash equivalents to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amended guidance was applied retrospectively. As a result, net cash used in operating activities for the twelve months ended December 31, 2017, was adjusted to exclude the change in restricted cash and increased the previously reported balance by $22.3 million. Net cash provided by financing activities for the twelve months ended December 31, 2017, was adjusted to exclude the change in restricted cash and decreased the previously reported balance by $34.5 million. Additionally, net cash provided by operating activities for the twelve months ended December 31, 2016, was adjusted to exclude the change in restricted cash and increased the previously reported balance by $15. 5 million. Net cash provided by financing activities for the twelve months ended December 31, 2016, was adjusted to exclude the change in restricted cash and increased the previously reported balance by $18.6 million. Effective January 1, 2018, the company adopted the amended guidance in ASC Topic 740, Income Taxes: Intra-Entity Transfers of Assets other than Inventory , which requires the recognition of current and deferred income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The amended guidance is required on a modified retrospective basis, with a cumulative-effect adjustment to retained earnings as of the beginning of the year of adoption. The adoption of the guidance did not have an impact to the financial statements. Effective January 1, 2018, the company adopted the amended guidance in ASC Topic 805, Business Combinations: Clarifying the Definition of a Business , which clarifies the definition of a business and provides guidance to assist companies and other reporting organizations evaluate whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The amended guidance will be applied prospectively. Effective January 1, 2018, the partnership early adopted the amended guidance in ASC Topic 350, Intangibles – Goodwill and Other: Simplifying the Test for Goodwill Impairment , which simplifies the measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Under the amended guidance, an entity may first assess qualitative factors to determine whether it is necessary to perform a quantitative goodwill impairment test. If determined to be necessary, the quantitative impairment test shall be used to identify goodwill impairment and measure the amount of a goodwill impairment loss to be recognized (if any). The amended guidance was applied prospectively when the annual impairment testing was performed in the current year. The new guidance did not have a material impact on the consolidated financial statements. Effective January 1, 2018, the company early adopted the amended guidance in ASC Topic 220, Income Statement – Reporting Comprehensive Income: Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The amendment eliminates the stranded tax effects resulting from the Tax Cuts and Jobs Act and is intended to improve the usefulness of information reported. As a result, the company recorded a $2.8 million reclassification from accumulated other comprehensive income to retained earnings during the first quarter of 2018. It is the company’s policy to release income tax effects from accumulated other comprehensive income using the portfolio approach. Effective January 1, 2019, the company will adopt the amended guidance in ASC Topic 842, Leases , which aims to make leasing activities more transparent and comparable, requiring substantially all leases to be recognized by lessees on the balance sheet as a right-of-use asset and corresponding lease liability, including leases currently accounted for as operating leases. The new standard is effective for fiscal years and interim periods within those years, beginning after December 15, 2018. The standard requires a modified retrospective transition approach and allows for early adoption. In July 2018, the FASB issued Accounting Standards Update, Leases (Topic 842): Targeted Improvements , which provides an option to apply the transition provisions of the new standard at adoption date instead of the earliest comparative period presented in the financial statements. The company will elect to use this optional transition method. The company has implemented a lease accounting system, which will assist in delivering the required accounting changes and disclosures under ASC Topic 842, Leases . The company expects the adoption of the new standard to result in recognition of approximately $6 0 million in right-of-use assets and lease liabilities on the company’s consolidated balance sheet, primarily due to operating leases that are currently not recognized on the balance sheet. The impact to revenue streams reported as operating lease revenue under GAAP is expected to be immaterial . The company plans to elect the lessee non-lease component separation practical expedient to include both the lease and non-lease components as a single component and account for them as a lease. In addition, the company expects to make an accounting policy election that will keep certain leases with a term of 12 months or less off the balance sheet and result in recognizing those lease payments on a straight-line basis over the lease term. |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Summary Of Significant Accounting Policies [Abstract] | |
Schedule Of Estimated Useful Lives Of Assets | Years Plant, buildings and improvements 10 -40 Production equipment 15 -40 Other machinery and equipment 5 -7 Land improvements 20 Railroad track and equipment 20 Computer hardware and software 3 -5 Office furniture and equipment 5 -7 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue [Abstract] | |
Disaggregatation Of Revenue By Major Source | The following table disaggregates revenue by major source for the year ended December 31, 2018 (in thousands): Twelve Months Ended December 31, 2018 Ethanol Production Agribusiness & Energy Services Food & Ingredients Partnership Eliminations Total Revenues: Revenues from contracts with customers under ASC 606: Ethanol $ 3,803 $ - $ - $ - $ - $ 3,803 Distillers grains 195,509 - - - - 195,509 Cattle and vinegar - - 1,007,833 - - 1,007,833 Service revenues - - - 5,180 - 5,180 Other 5,369 3,014 - - - 8,383 Intersegment revenues 2,914 23 156 9,030 (12,123) - Total revenues from contracts with customers 207,595 3,037 1,007,989 14,210 (12,123) 1,220,708 Revenues from contracts accounted for as derivatives under ASC 815 (1): Ethanol 1,618,319 418,956 - - - 2,037,275 Distillers grains 198,738 136,461 - - - 335,199 Corn oil 66,567 22,623 13,110 - - 102,300 Grain 520 73,754 - - - 74,274 Cattle and vinegar - - (15,906) - - (15,906) Other 20,254 67,948 - - - 88,202 Intersegment revenues 8,668 46,177 - - (54,845) - Total revenues from contracts accounted for as derivatives 1,913,066 765,919 (2,796) - (54,845) 2,621,344 Leasing revenues under ASC 840 (2) - - - 86,538 (85,237) 1,301 Total Revenues $ 2,120,661 $ 768,956 $ 1,005,193 $ 100,748 $ (152,205) $ 3,843,353 (1) Revenues from contracts accounted for as derivatives represent physically settled derivative sales that are outside the scope of ASC 606, Revenue from Contracts with Customers (ASC 606), where the company recognizes revenue when control of the inventory is transferred within the meaning of ASC 606 as req uired by ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets . (2) Leasing revenues do not represent revenues recognized from contracts with customers under ASC 606, and continue to b e accounted for under ASC 840, Leases. |
Acquisitions And Dispositions (
Acquisitions And Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fleischmann’s Vinegar [Member] | |
Business Acquisition [Line Items] | |
Amounts Of Identifiable Assets Disposed And Liabilities Relinquished | Amounts of Identifiable Assets Disposed and Liabilities Relinquished Cash $ 2,107 Accounts receivable, net 15,935 Inventory 15,167 Prepaid expenses and other 853 Property and equipment 64,552 Other assets 79,389 Current liabilities (8,587) Deferred tax liabilities (26,617) Total identifiable net assets 142,799 Goodwill 142,002 Net assets disposed $ 284,801 |
Bluffton, Lakota and Riga Ethanol Plants [Member] | |
Business Acquisition [Line Items] | |
Amounts Of Identifiable Assets Disposed And Liabilities Relinquished | Amounts of Identifiable Assets Disposed and Liabilities Relinquished Inventory $ 37,227 Prepaid expenses and other 542 Property and equipment 184,969 Other assets 1,717 Current liabilities (1,366) Other liabilities (4,706) Total identifiable net assets 218,383 Goodwill 6,188 Net assets disposed $ 224,571 |
Asset Purchase Agreement With Bartlett Cattle Company L.P. [Member] | |
Business Acquisition [Line Items] | |
Schedule Of Identifiable Assets Acquired And Liabilities Assumed | Amounts of Identifiable Assets Acquired and Liabilities Assumed Accounts receivable $ 1,897 Inventory 104,809 Property and equipment, net 16,190 Current liabilities (118) Total identifiable net assets $ 122,778 |
Asset Purchase Agreement With Cargill Cattle Feeders LLC [Member] | |
Business Acquisition [Line Items] | |
Schedule Of Identifiable Assets Acquired And Liabilities Assumed | Amounts of Identifiable Assets Acquired and Liabilities Assumed Inventory $ 22,450 Prepaid expenses and other 52 Property and equipment, net 36,960 Current liabilities (180) Total identifiable net assets $ 59,282 |
Fleischmann’s Vinegar [Member] | |
Business Acquisition [Line Items] | |
Schedule Of Identifiable Assets Acquired And Liabilities Assumed | Amounts of Identifiable Assets Acquired and Liabilities Assumed Cash $ 4,148 Inventory 9,308 Accounts receivable, net 13,919 Prepaid expenses and other 1,054 Property and equipment 49,175 Intangible assets 90,500 Current liabilities (9,689) Income taxes payable (216) Deferred tax liabilities (41,882) Total identifiable net assets 116,317 Goodwill 142,002 Purchase price $ 258,319 |
Acquisition of Abengoa Ethanol Plants [Member] | |
Business Acquisition [Line Items] | |
Schedule Of Identifiable Assets Acquired And Liabilities Assumed | Amounts of Identifiable Assets Acquired and Liabilities Assumed Inventory $ 16,904 Accounts receivable, net 1,826 Prepaid expenses and other 2,224 Property and equipment 234,947 Other assets 3,885 Current maturities of long-term debt (406) Current liabilities (2,580) Long-term debt (2,763) Total identifiable net assets $ 254,037 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Assets And Liabilities Fair Value | The company’s assets and liabilities by level are as follows (in thousands): Fair Value Measurements at December 31, 2018 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs (Level 1) (Level 2) Total Assets: Cash and cash equivalents $ 251,683 $ - $ 251,683 Restricted cash 66,512 - 66,512 Inventories carried at market - 111,960 111,960 Unrealized gains on derivatives - 9,976 9,976 Other assets 114 1 115 Total assets measured at fair value $ 318,309 $ 121,937 $ 440,246 Liabilities: Accounts payable (1) $ - $ 16,573 $ 16,573 Unrealized losses on derivatives - 7,852 7,852 Other liabilities - 2 2 Total liabilities measured at fair value $ - $ 24,427 $ 24,427 Fair Value Measurements at December 31, 2017 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs (Level 1) (Level 2) Total Assets: Cash and cash equivalents $ 266,651 $ - $ 266,651 Restricted cash 45,709 - 45,709 Inventories carried at market - 26,834 26,834 Unrealized gains on derivatives - 12,045 12,045 Other assets 115 - 115 Total assets measured at fair value $ 312,475 $ 38,879 $ 351,354 Liabilities: Accounts payable (1) $ - $ 37,401 $ 37,401 Unrealized losses on derivatives - 12,884 12,884 Other liabilities - 92 92 Total liabilities measured at fair value $ - $ 50,377 $ 50,377 (1) Accounts payable is generally stated at historical amounts with the exception of $16.6 million and $37.4 million at December 31, 2018 and 2017 , respectively, related to certain delivered inventory for which the payable fluctuates based on changes in commodity prices. These payables are hybrid financial instruments for which the company has elected the fair value option. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Information [Abstract] | |
Summary Of Financial Data | The following tables set forth certain financial data for the company’s operating segments (in thousands): Year Ended December 31, 2018 2017 2016 Revenues: Ethanol production: Revenues from external customers (1) $ 2,109,079 $ 2,497,360 $ 2,409,102 Intersegment revenues 11,582 10,313 - Total segment revenues 2,120,661 2,507,673 2,409,102 Agribusiness and energy services: Revenues from external customers (1) 722,756 621,223 675,446 Intersegment revenues 46,200 47,538 34,461 Total segment revenues 768,956 668,761 709,907 Food and ingredients: Revenues from external customers (1) 1,005,037 471,398 318,031 Intersegment revenues 156 383 150 Total segment revenues 1,005,193 471,781 318,181 Partnership: Revenues from external customers 6,481 6,185 8,302 Intersegment revenues 94,267 100,808 95,470 Total segment revenues 100,748 106,993 103,772 Revenues including intersegment activity 3,995,558 3,755,208 3,540,962 Intersegment eliminations (152,205) (159,042) (130,081) Revenues as reported $ 3,843,353 $ 3,596,166 $ 3,410,881 (1) Revenues from external customers include realized gains and losses from derivative financial instruments. Refer to Note 4 – Revenue , for further disaggregation of revenue by operating segment. Year Ended December 31, 2018 2017 2016 Cost of goods sold: Ethanol production $ 2,118,787 $ 2,434,001 $ 2,280,906 Agribusiness and energy services 717,772 614,582 650,538 Food and ingredients 939,838 411,781 294,396 Partnership - - - Intersegment eliminations (148,764) (158,777) (129,761) $ 3,627,633 $ 3,301,587 $ 3,096,079 Year Ended December 31, 2018 2017 2016 Operating income (loss): Ethanol production $ (111,823) $ (45,074) $ 28,125 Agribusiness and energy services 29,076 30,443 34,039 Food and ingredients 40,130 35,961 16,436 Partnership 64,770 65,709 60,903 Intersegment eliminations (3,110) (61) (170) Corporate activities 96,687 (45,232) (47,645) $ 115,730 $ 41,746 $ 91,688 Year Ended December 31, 2018 2017 2016 EBITDA: Ethanol production $ (31,623) $ 40,069 $ 97,113 Agribusiness and energy services 31,583 33,906 34,209 Food and ingredients 55,805 49,803 20,190 Partnership 69,399 71,041 66,633 Intersegment eliminations (3,110) (61) (732) Corporate activities 102,598 (40,388) (42,985) $ 224,652 $ 154,370 $ 174,428 Year Ended December 31, 2018 2017 2016 Depreciation and amortization: Ethanol production $ 80,227 $ 81,987 $ 68,746 Agribusiness and energy services 2,470 3,462 2,536 Food and ingredients 12,914 13,103 3,705 Partnership 4,442 5,111 5,647 Corporate activities 3,566 3,698 3,592 $ 103,619 $ 107,361 $ 84,226 Year Ended December 31, 2018 2017 2016 Capital expenditures: Ethanol production $ 27,322 $ 28,996 $ 39,555 Agribusiness and energy services 277 397 2,340 Food and ingredients 15,452 17,772 2,479 Partnership 1,268 2,024 400 Corporate activities 451 3,115 11,638 $ 44,770 $ 52,304 $ 56,412 |
Schedule Of Reconciliation Of Net Income To EBITDA | The following table reconciles net income to EBITDA (in thousands): Year Ended December 31, 2018 2017 2016 Net income: $ 36,734 $ 81,631 $ 30,491 Interest expense 101,025 90,160 51,851 Income tax expense (benefit) (16,726) (124,782) 7,860 Depreciation and amortization 103,619 107,361 84,226 EBITDA $ 224,652 $ 154,370 $ 174,428 |
Summary Of Total Assets For Operating Segments | The following table sets forth total assets by operating segment (in thousands): Year Ended December 31, 2018 2017 Total assets: Ethanol production $ 872,845 $ 1,144,459 Agribusiness and energy services 399,633 554,981 Food and ingredients 552,459 725,232 Partnership 67,297 74,935 Corporate assets 334,236 295,217 Intersegment eliminations (10,038) (10,174) $ 2,216,432 $ 2,784,650 Asset balances by segment exclude intercompany payable and receivable balances . |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventories [Abstract] | |
Schedule Of Inventories | The components of inventories are as follows (in thousands): December 31, 2018 2017 Finished goods $ 99,765 $ 146,269 Commodities held for sale 62,980 65,693 Raw materials 119,014 144,520 Work-in-process 423,840 320,664 Supplies and parts 29,284 34,732 $ 734,883 $ 711,878 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property And Equipment [Abstract] | |
Schedule Of Components Of Property And Equipment | The components of property and equipment are as follows (in thousands): December 31, 2018 2017 Plant equipment $ 931,321 $ 1,232,724 Buildings and improvements 176,279 212,426 Land and improvements 115,503 136,274 Railroad track and equipment 34,163 42,149 Construction-in-progress 12,484 17,019 Computer hardware and software 19,082 19,653 Office furniture and equipment 3,733 3,854 Leasehold improvements and other 24,416 27,193 Total property and equipment 1,316,981 1,691,292 Less: accumulated depreciation and amortization (430,405) (514,585) Property and equipment, net $ 886,576 $ 1,176,707 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets [Abstract] | |
Schedule Of Goodwill | Changes in the carrying amount of goodwill attributable to each business segment during the years ended December 31, 2018 and 2017 were as follows (in thousands): Ethanol Food and Production Ingredients Partnership Total Balance, December 31, 2016 $ 30,279 $ 142,819 $ 10,598 $ 183,696 Adjustment to preliminary Fleischmann's Vinegar valuation - (817) - (817) Balance, December 31, 2017 $ 30,279 $ 142,002 $ 10,598 $ 182,879 Dispositions (6,188) (142,002) - (148,190) Balance, December 31, 2018 $ 24,091 $ - $ 10,598 $ 34,689 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Schedule Of Fair Values Of Derivative Financial Instruments | The fair values of the company’s derivative financial instruments and the line items on the consolidated balance sheets where they are reported are as follows (in thousands): Asset Derivatives' Liability Derivatives' Fair Value at December 31, Fair Value at December 31, 2018 2017 2018 2017 Derivative financial instruments $ 9,976 (1) $ 12,045 (2) $ 7,852 (3) $ 12,884 Other assets 1 - - - Other liabilities - - 2 92 Total $ 9,977 $ 12,045 $ 7,854 $ 12,976 (1) At December 31, 2018, derivative financial instruments, as reflected on the balance sheet, includes net unrealized gains on exchange traded futures and options contracts of $16.3 million. (2) At December 31, 2017, derivative financial instruments, as reflected on the balance sheet, includes net unrealized gains on exchange traded futures and options contracts of $8.5 million, which included $0.3 million of net unrealized gains on derivative financial instruments designated as cash flow hedging instruments. (3) At December 31, 2018, derivative financial instruments, as reflected on the balance sheet, includes net unrealized losses on exchange traded futures and options contracts of $16.9 million, which included $16.5 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments. |
Schedule Of The Effect Of Derivative Instruments On Consolidated Statements Of Income And Consolidated Statements Of Stockholders’ Equity And Comprehensive Income | The gains or losses recognized in income and other comprehensive income related to the company’s derivative financial instruments and the line items on the consolidated financial statements where they are reported are as follows (in thousands): Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Location of Gain or (Loss) Reclassified from Year Ended December 31, Accumulated Other Comprehensive Income into Income 2018 2017 2016 Revenues $ (10,808) $ 18,167 $ (8,094) Cost of goods sold 1,252 (11,936) (16,508) Net increase (decrease) recognized in earnings before tax $ (9,556) $ 6,231 $ (24,602) Amount of Loss Recognized in Other Comprehensive Income on Derivatives Loss Recognized in Year Ended December 31, Other Comprehensive Income on Derivatives 2018 2017 2016 Commodity Contracts $ (9,642) $ (8,015) $ (29,238) Location of Gain or Amount of Gain Recognized in Income on Derivatives Derivatives Not Designated (Loss) Recognized in Year Ended December 31, as Hedging Instruments Income on Derivatives 2018 2017 2016 Commodity Contracts Revenues $ 10,115 $ (12,583) $ 6,071 Commodity Contracts Costs of goods sold 18,944 27,078 11 $ 29,059 $ 14,495 $ 6,082 Line Item in the Consolidated Balance Sheet in Which the Hedged Item is Included Carrying Amount of the Hedged Assets Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets Inventories $ 89,188 $ 2,430 Effect of Cash Flow and Fair Value Hedge Accounting on the Statements of Operations Location and Amount of Gain or (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships Year Ended December 31, 2018 2017 2016 Revenue Cost of Goods Sold Revenue Cost of Goods Sold Revenue Cost of Goods Sold Gain or (loss) on cash flow hedging relationships: Commodity contracts: Amount of gain or loss reclassified from accumulated other comprehensive income into income $ (10,808) $ 1,252 $ 18,167 $ (11,936) $ (8,094) $ (16,508) Gain or (loss) on fair value hedging relationships: Commodity contracts: Hedged item - 13,681 1,451 (6,229) 1,388 21,430 Derivatives designated as hedging instruments - (12,304) (1,734) 8,530 (1,388) (16,219) Total amounts of income and expense line items presented in the statement of financial performance in which the effects of cash flow or fair value hedges are recorded $ (10,808) $ 2,629 $ 17,884 $ (9,635) $ (8,094) $ (11,297) |
Schedule Of Volumes of Open Commodity Derivative Positions [Member] | |
Schedule Of Open Commodity Derivative Positions | There were no gains or losses from discontinuing cash flow or fair value hedge treatment during the years ended December 31, 2018, 2017 and 2016. The open commodity derivative positions as of December 31, 2018 , are as follows (in thousands): December 31, 2018 Exchange Traded Non-Exchange Traded Derivative Instruments Net Long & (Short) (1) Long (2) (Short) (2) Unit of Measure Commodity Futures (23,025) Bushels Corn and Soybeans Futures 750 (3) Bushels Corn Futures (14,500) (4) Bushels Corn Futures (80,850) Gallons Ethanol Futures (2,275) mmBTU Natural Gas Futures (13,888) (4) mmBTU Natural Gas Futures (39,600) Pounds Livestock Futures (402,840) (3) Pounds Cattle Options 116 Tons Soybean Meal Options 5,519 Bushels Corn and Soybeans Options 13,146 Gallons Ethanol Options (2,015) mmBTU Natural Gas Options (18,628) Pounds Livestock Options 19 Barrels Crude Oil Forwards 25,071 (2,299) Bushels Corn and Soybeans Forwards 567 (256,596) Gallons Ethanol Forwards 131 (207) Tons Distillers Grains Forwards 14,160 (43,426) Pounds Corn Oil Forwards 15,422 (8,696) mmBTU Natural Gas (1) Exchange traded futures and options are presented on a net long and (short) position basis. Options are presented on a delta-adjusted basis. (2) Non-exchange traded forwards are presented on a gross long and (short) position basis including both fixed-price and basis contracts. (3) Futures used for cash flow hedges. (4) Futures or non-exchange traded forwards used for fair value hedges. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt [Abstract] | |
Schedule Of The Components Of Long-Term Debt | December 31, 2018 2017 Corporate: $500.0 million term loan $ - $ 498,750 3.25% convertible notes due 2018 - 61,442 3.25% convertible notes due 2019 53,457 - 4.125% convertible notes due 2022 142,708 136,739 Green Plains Partners: $200.0 million revolving credit facility 134,000 126,900 Other 26,022 27,744 Total face value of long-term debt 356,187 851,575 Unamortized debt issuance costs (3,190) (16,256) Less: current portion of long-term debt (54,807) (67,923) Total long-term debt $ 298,190 $ 767,396 |
Schedule Of Maturities Of Long-Term Debt | Year Ending December 31, Amount 2019 $ 58,185 2020 1,218 2021 135,007 2022 171,006 2023 1,006 Thereafter 20,437 Total $ 386,859 |
Schedule Of Short-term Notes Payable And Other Borrowings | December 31, 2018 2017 Green Plains Cattle: $500.0 million revolver $ 374,492 $ 270,860 Green Plains Grain: $125.0 million revolver 41,000 75,000 $50.0 million inventory financing - - Green Plains Trade: $300.0 million revolver 108,485 180,320 Green Plains Commodity Management: $20.0 million hedge line 14,266 - Total short-term notes payable and other borrowings $ 538,243 $ 526,180 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Schedule Of Stock Option Activity | The activity related to the exercisable stock options for the year ended December 31, 2018 , is as follows: Shares Weighted- Average Exercise Price Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2017 143,750 $ 12.44 1.8 $ 635 Granted - - - - Exercised (15,000) 10.00 - 120 Forfeited - - - - Expired - - - - Outstanding at December 31, 2018 128,750 $ 12.72 1.0 $ 89 Exercisable at December 31, 2018 (1) 128,750 $ 12.72 1.0 $ 89 (1) Includes in-the-money options totaling 118,750 shares at a weighted-average exercise price of $ 12.36 . |
Valuation Model To Estimate The Fair Value Of Shares | 2018 Risk-free interest rate 2.44 % Dividend yield 2.64 % Expected volatility 45.11 % |
Green Plains Partners LP [Member] | |
Schedule Of Non-Vested Stock Award And DSU Activity | Non-Vested Shares and Deferred Stock Units Weighted- Average Grant-Date Fair Value Weighted-Average Remaining Vesting Term (in years) Nonvested at December 31, 2017 11,549 $ 19.06 Granted 18,582 16.96 Forfeited - - Vested (11,549) 19.06 Nonvested at December 31, 2018 18,582 $ 16.96 0.5 |
Restricted Stock Awards And Deferred Stock Units [Member] | |
Schedule Of Non-Vested Stock Award And DSU Activity | The non-vested restricted stock award and deferred stock unit activity for the year ended December 31, 2018 , are as follows: Non-Vested Shares and Deferred Stock Units Weighted- Average Grant- Date Fair Value Weighted-Average Remaining Vesting Term (in years) Nonvested at December 31, 2017 1,068,947 $ 20.41 Granted 519,876 18.24 Forfeited (109,996) 19.59 Vested (596,539) 20.57 Nonvested at December 31, 2018 882,288 $ 19.12 1.7 |
Performance Shares [Member] | |
Schedule Of Non-Vested Stock Award And DSU Activity | Performance Shares Nonvested at December 31, 2017 - Granted 153,030 Forfeited (19,008) Nonvested at December 31, 2018 134,022 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings Per Share | The basic and diluted EPS are calculated as follows (in thousands): Year Ended December 31, 2018 2017 2016 Basic EPS: Net income attributable to Green Plains $ 15,923 $ 61,061 $ 10,663 Weighted average shares outstanding - basic 40,320 39,247 38,318 EPS - basic $ 0.39 $ 1.56 $ 0.28 Diluted EPS: Net income attributable to Green Plains $ 15,923 $ 61,061 $ 10,663 Interest and amortization on convertible debt, net of tax effect: 3.25% notes - 4,433 - 4.125% notes - 8,159 - Net income attributable to Green Plains - diluted $ 15,923 $ 73,653 $ 10,663 Weighted average shares outstanding - basic 40,320 39,247 38,318 Effect of dilutive convertible debt: 3.25% notes - 4,209 155 4.125% notes - 6,071 - Effect of dilutive stock-based compensation awards 934 713 100 Weighted average shares outstanding - diluted 41,254 50,240 38,573 EPS - diluted $ 0.39 $ 1.47 $ 0.28 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Stockholders’ Equity [Abstract] | |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Amounts reclassified from accumulated other comprehensive income are as follows (in thousands): Year Ended December 31, Statements of Income 2018 2017 2016 Classification Gains (losses) on cash flow hedges: Commodity derivatives $ (10,808) $ 18,167 $ (8,094) Revenues Commodity derivatives 1,252 (11,936) (16,508) Cost of goods sold Total (9,556) 6,231 (24,602) Income (loss) before income taxes Income tax expense (benefit) (2,887) 2,306 (8,830) Income tax expense (benefit) Amounts reclassified from accumulated other comprehensive income (loss) $ (6,669) $ 3,925 $ (15,772) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Taxes [Abstract] | |
Schedule Of Income Tax Expense | Income tax expense (benefit) consists of the following (in thousands): Year Ended December 31, 2018 2017 2016 Current $ 7,758 $ (43,705) $ 2,950 Deferred (24,484) (81,077) 4,910 Total $ (16,726) $ (124,782) $ 7,860 |
Schedule Of Differences Between The Income Tax Expense (Benefit)Computed At The Statutory Federal income Tax Rate And As Presented On The Consolidated Statements Of Operations | Differences between income tax expense at the statutory federal income tax rate and as presented on the consolidated statements of income are summarized as follows (in thousands): Year Ended December 31, 2018 2017 2016 Tax expense at federal statutory rate $ 4,202 $ (15,103) $ 13,423 State income tax expense, net of federal benefit 981 (915) 323 Nondeductible compensation 921 222 185 Noncontrolling interests (4,370) (7,199) (6,940) Unrecognized tax benefits 15,148 25,720 - R&D credits (34,979) (74,033) - Disposition of subsidiary (1,022) - - Tax Cuts and Jobs Act impact 278 (54,485) - Stock compensation 993 - - Audit adjustments 559 - - Amended return adjustments 374 - - Other 189 1,011 869 Income tax expense (benefit) $ (16,726) $ (124,782) $ 7,860 |
Schedule Of Significant Components Of Deferred Tax Assets And Liabilities | Significant components of deferred tax assets and liabilities are as follows (in thousands): December 31, 2018 2017 Deferred tax assets: Net operating loss carryforwards - Federal $ - $ 12,767 Net operating loss carryforwards - State 4,004 5,291 Tax credit carryforwards - Federal 47,956 30,783 Tax credit carryforwards - State 9,369 5,342 Derivative financial instruments - 2,592 Deferred revenue 2,236 919 Interest expense carryforward 2,048 - Investment in partnerships 50,009 55,956 Inventory valuation 3,603 1,944 Stock-based compensation 1,458 2,468 Accrued expenses 5,439 5,541 Capital leases 2,516 2,426 Other 43 47 Total deferred tax assets 128,681 126,076 Deferred tax liabilities: Convertible debt (7,508) (8,350) Fixed assets (118,330) (149,746) Derivative financial instruments (1,573) - Organizational and start-up costs (3,980) (20,947) Total deferred tax liabilities (131,391) (179,043) Valuation allowance (7,413) (3,834) Deferred income taxes $ (10,123) $ (56,801) |
Reconciliation Of The Beginning And Ending Amounts Of Unrecognized Tax Benefits | A reconciliation of unrecognized tax benefits is as follows (in thousands): Unrecognized Tax Benefits Balance at January 1, 2018 $ 25,976 Additions for prior year tax positions 5,980 Additions for current year tax positions 20,922 Settlements of prior year tax positions (1,149) Reductions for prior year tax positions (171) Balance at December 31, 2018 $ 51,558 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies [Abstract] | |
Schedule Of Aggregate Minimum Lease Payments | Aggregate minimum lease payments under these agreements for future fiscal years are as follows (in thousands): Year Ending December 31, Amount 2019 $ 23,552 2020 17,473 2021 9,812 2022 7,325 2023 3,594 Thereafter 28,542 Total $ 90,298 |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Data[Abstract] | |
Schedule Of Quarterly Financial Information | Three Months Ended December 31, 2018 September 30, 2018 June 30, 2018 March 31, 2018 Revenues $ 811,129 $ 1,000,100 $ 986,837 $ 1,045,287 Costs and expenses (1) 703,888 999,451 975,072 1,049,212 Operating income (loss) 107,241 649 11,765 (3,925) Other expense (32,672) (22,726) (18,767) (21,557) Income tax benefit (expense) (14,712) 14,658 10,753 6,027 Net income (loss) attributable to Green Plains 53,503 (12,469) (994) (24,117) Basic earnings (loss) per share attributable to Green Plains 1.32 (0.31) (0.02) (0.60) Diluted earnings (loss) per share attributable to Green Plains 1.13 (0.31) (0.02) (0.60) Three Months Ended December 31, 2017 September 30, 2017 June 30, 2017 March 31, 2017 Revenues $ 920,984 $ 901,235 $ 886,263 $ 887,684 Costs and expenses 913,560 880,519 890,049 870,292 Operating income (loss) 7,424 20,716 (3,786) 17,392 Other expense (18,954) (30,062) (17,759) (18,122) Income tax benefit (2) 63,877 48,775 9,749 2,381 Net income (loss) attributable to Green Plains 46,630 34,394 (16,366) (3,597) Basic earnings (loss) per share attributable to Green Plains 1.16 0.83 (0.41) (0.09) Diluted earnings (loss) per share attributable to Green Plains 0.99 0.74 (0.41) (0.09) (1) The fourth quarter of 2018 includes the net gain on the sale of assets of $15 0.4 million related to the sale of three ethanol plants and Fleischmann’s Vinegar. (2) The third and fourth quarters of 2017 reflect adjustments for R&D Credits and the reduced tax rate due to the Tax Cuts and Jobs Act. |
Basis Of Presentation And Des_3
Basis Of Presentation And Description Of Business (Narrative) (Details) $ in Thousands, lb in Millions, bu in Millions, T in Millions, gal in Billions | Dec. 31, 2018USD ($)stateitemgal | Dec. 31, 2018USD ($)statesegmentitemTlbgalbu | Dec. 31, 2017USD ($) | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Asset | $ | [1] | $ 2,216,432 | $ 2,216,432 | $ 2,784,650 |
Liabilities | $ | $ 1,153,443 | $ 1,153,443 | 1,725,514 | |
Number of reportable segments | segment | 4 | |||
Number of ethanol plants | 13 | 13 | ||
Number of States in which Entity Operates | state | 7 | 7 | ||
Number of ethanol storage facilities located at or near the company's ethanol production plants | 32 | 32 | ||
Number of fuel terminal facilities | 7 | 7 | ||
Number of leased railcars | 2,840 | 2,840 | ||
Green Plains Partners LP [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Asset | $ | $ 67,300 | $ 67,300 | 74,900 | |
Liabilities | $ | $ 152,900 | $ 152,900 | $ 153,000 | |
BioProcess Algae [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Less than wholy owned subsidiary, parent ownership perecentage | 90.00% | |||
Limited Partner [Member] | IPO [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Ownership interest, public, percentage | 48.90% | |||
Limited Partner [Member] | Green Plains Partners LP [Member] | IPO [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Ownership interest, percentage | 49.10% | |||
General Partner [Member] | Green Plains Partners LP [Member] | IPO [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Ownership interest, percentage | 2.00% | |||
Ethanol Production [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Number of ethanol plants | 13 | 13 | ||
Annual corn consumption capacity, bushels | bu | 387 | |||
Annual ethanol production capacity, gallons | gal | 1.1 | 1.1 | ||
Annual distillers grains production capacity, tons | T | 2.9 | |||
Annual corn oil production, pounds | lb | 292 | |||
Agribusiness and Energy Services [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Grain storage capacity, total, bushels | bu | 47.2 | |||
Grain storage capacity, ethanol plants, bushels | bu | 37.1 | |||
Grain storage capacity, grain elevators, bushels | bu | 10.1 | |||
Number of grain elevators | 4 | |||
Food and Ingredients [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Cattle feedlot capacity, head of cattle | 355,000 | |||
Number of cattle feeding operations | 6 | |||
Grain storage capacity, cattle-feeding operations, bushels | bu | 11.7 | |||
Partnership [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Number Of Non-Operational Ethanol Production Plant | 1 | |||
Number of ethanol storage facilities located at or near the company's ethanol production plants | 32 | 32 | ||
Number of fuel terminal facilities | 7 | 7 | ||
Number of leased railcars | 2,840 | 2,840 | ||
[1] | Asset balances by segment exclude intercompany payable and receivable balances |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net cash provided (used) by operating activities | $ 38,967 | $ (182,163) | $ 100,701 | |
Net cash provided by financing activities | (540,597) | 216,212 | 425,390 | |
Reclassification from accumulated other comprehensive income to retained earnings | $ 2,800 | |||
Fair Value, Concentration of Credit Risk, Master Netting Arrangements [Member] | ||||
Fair Value, Concentration of Risk, Accounts Receivable | 13,700 | |||
Fair Value, Concentration of Risk, Accounts Payable | 23,400 | |||
Accounting Standards Update 2016-18 [Member] | Restatement Adjustment [Member] | ||||
Net cash provided (used) by operating activities | 22,300 | 15,500 | ||
Net cash provided by financing activities | $ (34,500) | $ 18,600 | ||
Accounting Standards Update 2016-02 [Member] | ||||
Operating Lease, Right-of-Use Asset | 60,000 | |||
Operating Lease, Liability | $ 60,000 |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies (Schedule Of Estimated Useful Lives Of Assets) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Plant, Buildings And Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 10 years |
Plant, Buildings And Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 40 years |
Ethanol Production Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 15 years |
Ethanol Production Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 40 years |
Other Machinery And Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Other Machinery And Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 7 years |
Land Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 20 years |
Railroad Track and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 20 years |
Computer Hardware and Software [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Computer Hardware and Software [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Office Furniture and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Office Furniture and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 7 years |
Green Plains Partners LP (Detai
Green Plains Partners LP (Details) gal in Billions | Dec. 31, 2018item | Dec. 31, 2018itemsharesgal |
Subsidiary, Sale of Stock [Line Items] | ||
Number of ethanol storage facilities located at or near the company's ethanol production plants | 32 | 32 |
Number of ethanol plants | 13 | 13 |
Number of fuel terminal facilities | 7 | 7 |
Number of leased railcars | 2,840 | 2,840 |
Parent Company [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of gallons of ethanol produced per year | gal | 1.1 | |
Limited Partner [Member] | IPO [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Ownership interest, public, percentage | 48.90% | |
Limited Partner [Member] | IPO [Member] | Parent Company [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Ownership interest, percentage | 49.10% | |
Limited Partner [Member] | Common Stock [Member] | IPO [Member] | Parent Company [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of units issued as part of the transaction | shares | 11,586,548 | |
General Partner [Member] | IPO [Member] | Parent Company [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Ownership interest, percentage | 2.00% | |
Green Plains Partners LP [Member] | IPO [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Ethanol storage and throughput agreement | 10 years | |
Rail transportation services agreement | 10 years | |
Trucking transportation agreement | 1 year |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Minimum [Member] | |
Revenue, Performance Obligation, Payment Terms | 10 days |
Maximum [Member] | |
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 | 12 Months Ended | ||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Total revenues from contracts with customers | $ 1,220,708 | |||||||||||
Revenues from contracts accounted for as derivatives under ASC Topic 815 | [1] | 2,621,344 | ||||||||||
Leasing revenues under ASC Topic 840 | [2] | 1,301 | ||||||||||
Total revenues | $ 811,129 | $ 1,000,100 | $ 986,837 | $ 1,045,287 | $ 920,984 | $ 901,235 | $ 886,263 | $ 887,684 | 3,843,353 | $ 3,596,166 | $ 3,410,881 | |
Ethanol [Member] | ||||||||||||
Total revenues from contracts with customers | 3,803 | |||||||||||
Revenues from contracts accounted for as derivatives under ASC Topic 815 | [1] | 2,037,275 | ||||||||||
Distiller Grains [Member] | ||||||||||||
Total revenues from contracts with customers | 195,509 | |||||||||||
Revenues from contracts accounted for as derivatives under ASC Topic 815 | [1] | 335,199 | ||||||||||
Corn Oil [Member] | ||||||||||||
Revenues from contracts accounted for as derivatives under ASC Topic 815 | [1] | 102,300 | ||||||||||
Grain [Member] | ||||||||||||
Revenues from contracts accounted for as derivatives under ASC Topic 815 | [1] | 74,274 | ||||||||||
Cattle And Vinegar [Member] | ||||||||||||
Total revenues from contracts with customers | 1,007,833 | |||||||||||
Revenues from contracts accounted for as derivatives under ASC Topic 815 | [1] | (15,906) | ||||||||||
Service Revenues [Member] | ||||||||||||
Total revenues from contracts with customers | 5,180 | |||||||||||
Other Revenues [Member] | ||||||||||||
Total revenues from contracts with customers | 8,383 | |||||||||||
Revenues from contracts accounted for as derivatives under ASC Topic 815 | [1] | 88,202 | ||||||||||
Ethanol Production [Member] | ||||||||||||
Total revenues from contracts with customers | 207,595 | |||||||||||
Revenues from contracts accounted for as derivatives under ASC Topic 815 | [1] | 1,913,066 | ||||||||||
Total revenues | 2,120,661 | 2,507,673 | 2,409,102 | |||||||||
Ethanol Production [Member] | Ethanol [Member] | ||||||||||||
Total revenues from contracts with customers | 3,803 | |||||||||||
Revenues from contracts accounted for as derivatives under ASC Topic 815 | [1] | 1,618,319 | ||||||||||
Ethanol Production [Member] | Distiller Grains [Member] | ||||||||||||
Total revenues from contracts with customers | 195,509 | |||||||||||
Revenues from contracts accounted for as derivatives under ASC Topic 815 | [1] | 198,738 | ||||||||||
Ethanol Production [Member] | Corn Oil [Member] | ||||||||||||
Revenues from contracts accounted for as derivatives under ASC Topic 815 | [1] | 66,567 | ||||||||||
Ethanol Production [Member] | Grain [Member] | ||||||||||||
Revenues from contracts accounted for as derivatives under ASC Topic 815 | [1] | 520 | ||||||||||
Ethanol Production [Member] | Other Revenues [Member] | ||||||||||||
Total revenues from contracts with customers | 5,369 | |||||||||||
Revenues from contracts accounted for as derivatives under ASC Topic 815 | [1] | 20,254 | ||||||||||
Ethanol Production [Member] | Intersegment Revenues [Member] | ||||||||||||
Total revenues from contracts with customers | 2,914 | |||||||||||
Revenues from contracts accounted for as derivatives under ASC Topic 815 | [1] | 8,668 | ||||||||||
Agribusiness and Energy Services [Member] | ||||||||||||
Total revenues from contracts with customers | 3,037 | |||||||||||
Revenues from contracts accounted for as derivatives under ASC Topic 815 | [1] | 765,919 | ||||||||||
Total revenues | 768,956 | 668,761 | 709,907 | |||||||||
Agribusiness and Energy Services [Member] | Ethanol [Member] | ||||||||||||
Revenues from contracts accounted for as derivatives under ASC Topic 815 | [1] | 418,956 | ||||||||||
Agribusiness and Energy Services [Member] | Distiller Grains [Member] | ||||||||||||
Revenues from contracts accounted for as derivatives under ASC Topic 815 | [1] | 136,461 | ||||||||||
Agribusiness and Energy Services [Member] | Corn Oil [Member] | ||||||||||||
Revenues from contracts accounted for as derivatives under ASC Topic 815 | [1] | 22,623 | ||||||||||
Agribusiness and Energy Services [Member] | Grain [Member] | ||||||||||||
Revenues from contracts accounted for as derivatives under ASC Topic 815 | [1] | 73,754 | ||||||||||
Agribusiness and Energy Services [Member] | Other Revenues [Member] | ||||||||||||
Total revenues from contracts with customers | 3,014 | |||||||||||
Revenues from contracts accounted for as derivatives under ASC Topic 815 | [1] | 67,948 | ||||||||||
Agribusiness and Energy Services [Member] | Intersegment Revenues [Member] | ||||||||||||
Total revenues from contracts with customers | 23 | |||||||||||
Revenues from contracts accounted for as derivatives under ASC Topic 815 | [1] | 46,177 | ||||||||||
Food And Ingredients [Member] | ||||||||||||
Total revenues from contracts with customers | 1,007,989 | |||||||||||
Revenues from contracts accounted for as derivatives under ASC Topic 815 | [1] | (2,796) | ||||||||||
Total revenues | 1,005,193 | |||||||||||
Food And Ingredients [Member] | Corn Oil [Member] | ||||||||||||
Revenues from contracts accounted for as derivatives under ASC Topic 815 | [1] | 13,110 | ||||||||||
Food And Ingredients [Member] | Cattle And Vinegar [Member] | ||||||||||||
Total revenues from contracts with customers | 1,007,833 | |||||||||||
Revenues from contracts accounted for as derivatives under ASC Topic 815 | [1] | (15,906) | ||||||||||
Food And Ingredients [Member] | Intersegment Revenues [Member] | ||||||||||||
Total revenues from contracts with customers | 156 | |||||||||||
Partnership [Member] | ||||||||||||
Total revenues from contracts with customers | 14,210 | |||||||||||
Leasing revenues under ASC Topic 840 | [2] | 86,538 | ||||||||||
Total revenues | 100,748 | 106,993 | 103,772 | |||||||||
Partnership [Member] | Service Revenues [Member] | ||||||||||||
Total revenues from contracts with customers | 5,180 | |||||||||||
Partnership [Member] | Intersegment Revenues [Member] | ||||||||||||
Total revenues from contracts with customers | 9,030 | |||||||||||
Intersegment [Member] | ||||||||||||
Total revenues from contracts with customers | (12,123) | |||||||||||
Revenues from contracts accounted for as derivatives under ASC Topic 815 | [1] | (54,845) | ||||||||||
Leasing revenues under ASC Topic 840 | [2] | (85,237) | ||||||||||
Total revenues | (152,205) | (159,042) | (130,081) | |||||||||
Intersegment [Member] | Intersegment Revenues [Member] | ||||||||||||
Total revenues from contracts with customers | (12,123) | |||||||||||
Revenues from contracts accounted for as derivatives under ASC Topic 815 | [1] | (54,845) | ||||||||||
Intersegment [Member] | Ethanol Production [Member] | ||||||||||||
Total revenues | (11,582) | (10,313) | ||||||||||
Intersegment [Member] | Agribusiness and Energy Services [Member] | ||||||||||||
Total revenues | (46,200) | (47,538) | (34,461) | |||||||||
Intersegment [Member] | Partnership [Member] | ||||||||||||
Total revenues | $ (94,267) | $ (100,808) | $ (95,470) | |||||||||
[1] | Revenues from contracts accounted for as derivatives represent physically settled derivative sales that are outside the scope of ASC 606, Revenue from Contracts with Customers (ASC 606), where the company recognizes revenue when control of the inventory is transferred within the meaning of ASC 606 as required by ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets. | |||||||||||
[2] | Leasing revenues do not represent revenues recognized from contracts with customers under ASC 606, and continue to be accounted for under ASC 840, Leases. |
Acquisitions And Dispositions_2
Acquisitions And Dispositions (Narrative) (Details) $ in Thousands, shares in Millions, gal in Millions | Nov. 27, 2018USD ($) | Nov. 15, 2018USD ($)shares | Aug. 01, 2018USD ($)item | May 16, 2017USD ($)item | Sep. 23, 2016USD ($)propertygal | Jan. 01, 2016USD ($) | Dec. 31, 2018USD ($)item | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Oct. 03, 2016USD ($) |
Business Acquisition [Line Items] | ||||||||||
Purchase price of acquisition | $ 124,407 | $ 61,727 | $ 508,143 | |||||||
Gain (Loss) on Disposition of Assets | $ 150,351 | |||||||||
Number of ethanol plants | item | 13 | |||||||||
Asset Purchase Agreement With Bartlett Cattle Company L.P. [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Number of cattle feeding operations | item | 2 | |||||||||
Feedlot capacity head of cattle | item | 97,000 | |||||||||
Property and equipment, net | $ 16,190 | |||||||||
Working capital acquired or assumed | $ 106,600 | |||||||||
Working capital payments | $ 900 | |||||||||
Asset Purchase Agreement With Cargill Cattle Feeders LLC [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Number of cattle feeding operations | item | 2 | |||||||||
Feedlot capacity head of cattle | item | 155,000 | |||||||||
Property and equipment, net | $ 36,960 | |||||||||
Working capital payments | 1,600 | |||||||||
Fleischmann’s Vinegar [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Property and equipment, net | $ 49,175 | |||||||||
Purchase price of acquisition | $ 258,319 | |||||||||
Acquisition related costs | 2,300 | |||||||||
Acquisition of Abengoa Ethanol Plants [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Property and equipment, net | $ 234,947 | |||||||||
Working capital acquired or assumed | $ 19,100 | |||||||||
Expected annual ethanol production capacity | gal | 230 | |||||||||
Acquisition related costs | $ 1,300 | |||||||||
Number of ethanol plants | property | 3 | |||||||||
Acquisition of Abengoa Ethanol Plants [Member] | Green Plains Partners LP [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Transfer between entities under control | $ 90,000 | |||||||||
Acquisition of Green Plains Hereford [Member] | Green Plains Partners LP [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Transfer between entities under control | $ 62,300 | |||||||||
Fleischmann’s Vinegar [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Gain (Loss) on Disposition of Assets | $ 58,200 | |||||||||
Disposal Of Assets, Transaction Costs | 7,400 | |||||||||
Consideration received | $ 353,900 | |||||||||
Bluffton, Lakota and Riga Ethanol Plants [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Consideration paid for business acquisition | $ 120,900 | |||||||||
Gain (Loss) on Disposition of Assets | 92,200 | |||||||||
Disposal Of Assets, Transaction Costs | 4,200 | |||||||||
Consideration received | $ 319,800 | |||||||||
Partners' Capital Account, Units | shares | 8.7 | |||||||||
General Partner's Interest Percent | 2.00% | |||||||||
Disposal Group, Including Discontinued Operation, Additional Consideration | $ 2,700 | |||||||||
Disposal Receivable, Working Capital True-Up, Additional Inventory Transferred | $ 3,100 | |||||||||
General Partner [Member] | Bluffton, Lakota and Riga Ethanol Plants [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Partners' Capital Account, Units | shares | 0.2 | |||||||||
Partnership [Member] | Bluffton, Lakota and Riga Ethanol Plants [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Gain (Loss) on Disposition of Assets | $ 2,700 | |||||||||
Disposal Of Assets, Transaction Costs | 500 | |||||||||
Corporate [Member] | Bluffton, Lakota and Riga Ethanol Plants [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Gain (Loss) on Disposition of Assets | 89,500 | |||||||||
Disposal Of Assets, Transaction Costs | $ 3,700 |
Acquisitions And Dispositions_3
Acquisitions And Dispositions (Schedule Of Identifiable Assets Acquired And Liabilities Assumed) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Aug. 01, 2018 | Dec. 31, 2017 | May 16, 2017 | Dec. 31, 2016 | Oct. 03, 2016 | Sep. 23, 2016 |
Business Acquisition [Line Items] | |||||||
Goodwill | $ 34,689 | $ 182,879 | $ 183,696 | ||||
Net assets acquired | $ 124,407 | $ 61,727 | $ 508,143 | ||||
Asset Purchase Agreement With Bartlett Cattle Company L.P. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Accounts receivable, net | $ 1,897 | ||||||
Inventory | 104,809 | ||||||
Property and equipment, net | 16,190 | ||||||
Current liabilities | (118) | ||||||
Total identifiable net assets | $ 122,778 | ||||||
Asset Purchase Agreement With Cargill Cattle Feeders LLC [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Inventory | $ 22,450 | ||||||
Prepaid expenses and other | 52 | ||||||
Property and equipment, net | 36,960 | ||||||
Current liabilities | (180) | ||||||
Total identifiable net assets | $ 59,282 | ||||||
Fleischmann’s Vinegar [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Cash | $ 4,148 | ||||||
Accounts receivable, net | 13,919 | ||||||
Inventory | 9,308 | ||||||
Prepaid expenses and other | 1,054 | ||||||
Property and equipment, net | 49,175 | ||||||
Intangible assets | 90,500 | ||||||
Current liabilities | (9,689) | ||||||
Income taxes payable | (216) | ||||||
Deferred tax liabilities | (41,882) | ||||||
Total identifiable net assets | 116,317 | ||||||
Goodwill | 142,002 | ||||||
Net assets acquired | $ 258,319 | ||||||
Acquisition of Abengoa Ethanol Plants [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Accounts receivable, net | $ 1,826 | ||||||
Inventory | 16,904 | ||||||
Prepaid expenses and other | 2,224 | ||||||
Property and equipment, net | 234,947 | ||||||
Other assets | 3,885 | ||||||
Current maturities of long-term debt | (406) | ||||||
Current liabilities | (2,580) | ||||||
Long-term debt | (2,763) | ||||||
Total identifiable net assets | $ 254,037 |
Acquisitions And Dispositions_4
Acquisitions And Dispositions (Amount Of Identifiable Assets Disposed And Liabilities Relinquished) (Details) - USD ($) $ in Thousands | Nov. 27, 2018 | Nov. 15, 2018 |
Fleischmann’s Vinegar [Member] | ||
Cash | $ 2,107 | |
Accounts receivable, net | 15,935 | |
Inventory | 15,167 | |
Prepaid expenses and other | 853 | |
Property and equipment | 64,552 | |
Other assets | 79,389 | |
Current liabilities | (8,587) | |
Deferred tax liabilities | (26,617) | |
Total identifiable net assets | 142,799 | |
Goodwill | 142,002 | |
Net assets disposed | $ 284,801 | |
Bluffton, Lakota and Riga Ethanol Plants [Member] | ||
Inventory | $ 37,227 | |
Prepaid expenses and other | 542 | |
Property and equipment | 184,969 | |
Other assets | 1,717 | |
Current liabilities | (1,366) | |
Other liabilities | (4,706) | |
Total identifiable net assets | 218,383 | |
Goodwill | 6,188 | |
Net assets disposed | $ 224,571 |
Fair Value Disclosures (Narrati
Fair Value Disclosures (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |||
Fair value of debt | $ 891,200 | $ 1,400,000 | |
Fair value of accounts receivable | 100,400 | 151,100 | |
Fair value of accounts payable | [1] | $ 16,573 | $ 37,401 |
[1] | Accounts payable is generally stated at historical amounts with the exception of $16.6 million and $37.4 million at December 31, 2018 and 2017, respectively, related to certain delivered inventory for which the payable fluctuates based on changes in commodity prices. These payables are hybrid financial instruments for which the company has elected the fair value option. |
Fair Value Disclosures (Schedul
Fair Value Disclosures (Schedule Of Assets And Liabilities Fair Value) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Assets: | |||
Cash and cash equivalents | $ 251,683 | $ 266,651 | |
Restricted cash | 66,512 | 45,709 | |
Inventories carried at market | 111,960 | 26,834 | |
Unrealized gains on derivatives | 9,976 | 12,045 | |
Other assets | 115 | 115 | |
Total assets measured at fair value | 440,246 | 351,354 | |
Liabilities: | |||
Accounts payable | [1] | 16,573 | 37,401 |
Unrealized losses on derivatives | 7,852 | 12,884 | |
Other liabilities | 2 | 92 | |
Total liabilities measured at fair value | 24,427 | 50,377 | |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | |||
Assets: | |||
Cash and cash equivalents | 251,683 | 266,651 | |
Restricted cash | 66,512 | 45,709 | |
Other assets | 114 | 115 | |
Total assets measured at fair value | 318,309 | 312,475 | |
Significant Other Observable Inputs (Level 2) [Member] | |||
Assets: | |||
Inventories carried at market | 111,960 | 26,834 | |
Unrealized gains on derivatives | 9,976 | 12,045 | |
Other assets | 1 | ||
Total assets measured at fair value | 121,937 | 38,879 | |
Liabilities: | |||
Accounts payable | [1] | 16,573 | 37,401 |
Unrealized losses on derivatives | 7,852 | 12,884 | |
Other liabilities | 2 | 92 | |
Total liabilities measured at fair value | $ 24,427 | $ 50,377 | |
[1] | Accounts payable is generally stated at historical amounts with the exception of $16.6 million and $37.4 million at December 31, 2018 and 2017, respectively, related to certain delivered inventory for which the payable fluctuates based on changes in commodity prices. These payables are hybrid financial instruments for which the company has elected the fair value option. |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2018segment | |
Segment Information [Abstract] | |
Number of reportable segments | 4 |
Segment Information (Summary Of
Segment Information (Summary Of Financial Data) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | $ 811,129 | $ 1,000,100 | $ 986,837 | $ 1,045,287 | $ 920,984 | $ 901,235 | $ 886,263 | $ 887,684 | $ 3,843,353 | $ 3,596,166 | $ 3,410,881 | |
Cost of goods sold | 3,627,633 | 3,301,587 | 3,096,079 | |||||||||
Operating income (loss) | $ 107,241 | $ 649 | $ 11,765 | $ (3,925) | $ 7,424 | $ 20,716 | $ (3,786) | $ 17,392 | 115,730 | 41,746 | 91,688 | |
EBITDA | 224,652 | 154,370 | 174,428 | |||||||||
Depreciation and amortization | 103,619 | 107,361 | 84,226 | |||||||||
Capital expenditures | 44,770 | 52,304 | 56,412 | |||||||||
Operating segments [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 3,995,558 | 3,755,208 | 3,540,962 | |||||||||
Intersegment [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | (152,205) | (159,042) | (130,081) | |||||||||
Cost of goods sold | (148,764) | (158,777) | (129,761) | |||||||||
Operating income (loss) | (3,110) | (61) | (170) | |||||||||
EBITDA | (3,110) | (61) | (732) | |||||||||
Corporate Activities [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating income (loss) | 96,687 | (45,232) | (47,645) | |||||||||
EBITDA | 102,598 | (40,388) | (42,985) | |||||||||
Depreciation and amortization | 3,566 | 3,698 | 3,592 | |||||||||
Capital expenditures | 451 | 3,115 | 11,638 | |||||||||
Ethanol Production [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 2,120,661 | 2,507,673 | 2,409,102 | |||||||||
Ethanol Production [Member] | Operating segments [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | [1] | 2,109,079 | 2,497,360 | 2,409,102 | ||||||||
Cost of goods sold | 2,118,787 | 2,434,001 | 2,280,906 | |||||||||
Operating income (loss) | (111,823) | (45,074) | 28,125 | |||||||||
EBITDA | (31,623) | 40,069 | 97,113 | |||||||||
Depreciation and amortization | 80,227 | 81,987 | 68,746 | |||||||||
Capital expenditures | 27,322 | 28,996 | 39,555 | |||||||||
Ethanol Production [Member] | Intersegment [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | (11,582) | (10,313) | ||||||||||
Agribusiness and Energy Services [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 768,956 | 668,761 | 709,907 | |||||||||
Agribusiness and Energy Services [Member] | Operating segments [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | [1] | 722,756 | 621,223 | 675,446 | ||||||||
Cost of goods sold | 717,772 | 614,582 | 650,538 | |||||||||
Operating income (loss) | 29,076 | 30,443 | 34,039 | |||||||||
EBITDA | 31,583 | 33,906 | 34,209 | |||||||||
Depreciation and amortization | 2,470 | 3,462 | 2,536 | |||||||||
Capital expenditures | 277 | 397 | 2,340 | |||||||||
Agribusiness and Energy Services [Member] | Intersegment [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | (46,200) | (47,538) | (34,461) | |||||||||
Food and Ingredients [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 1,005,193 | 471,781 | 318,181 | |||||||||
Food and Ingredients [Member] | Operating segments [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | [1] | 1,005,037 | 471,398 | 318,031 | ||||||||
Cost of goods sold | 939,838 | 411,781 | 294,396 | |||||||||
Operating income (loss) | 40,130 | 35,961 | 16,436 | |||||||||
EBITDA | 55,805 | 49,803 | 20,190 | |||||||||
Depreciation and amortization | 12,914 | 13,103 | 3,705 | |||||||||
Capital expenditures | 15,452 | 17,772 | 2,479 | |||||||||
Food and Ingredients [Member] | Intersegment [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | (156) | (383) | (150) | |||||||||
Partnership [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 100,748 | 106,993 | 103,772 | |||||||||
Partnership [Member] | Operating segments [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 6,481 | 6,185 | 8,302 | |||||||||
Operating income (loss) | 64,770 | 65,709 | 60,903 | |||||||||
EBITDA | 69,399 | 71,041 | 66,633 | |||||||||
Depreciation and amortization | 4,442 | 5,111 | 5,647 | |||||||||
Capital expenditures | 1,268 | 2,024 | 400 | |||||||||
Partnership [Member] | Intersegment [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | $ (94,267) | $ (100,808) | $ (95,470) | |||||||||
[1] | Revenues from external customers include realized gains and losses from derivative financial instruments. |
Segment Information (Schedule O
Segment Information (Schedule Of Reconciliation Of Net Income To EBITDA) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | [1] | Sep. 30, 2017 | [1] | Jun. 30, 2017 | [1] | Mar. 31, 2017 | [1] | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Information [Abstract] | |||||||||||||||
Net income | $ 36,734 | $ 81,631 | $ 30,491 | ||||||||||||
Interest expense | 101,025 | 90,160 | 51,851 | ||||||||||||
Income tax expense (benefit) | $ 14,712 | $ (14,658) | $ (10,753) | $ (6,027) | $ (63,877) | $ (48,775) | $ (9,749) | $ (2,381) | (16,726) | (124,782) | 7,860 | ||||
Depreciation and amortization | 103,619 | 107,361 | 84,226 | ||||||||||||
EBITDA | $ 224,652 | $ 154,370 | $ 174,428 | ||||||||||||
[1] | The third and fourth quarters of 2017 reflect adjustments for R&D Credits and the reduced tax rate due to the Tax Cuts and Jobs Act. |
Segment Information (Summary _2
Segment Information (Summary Of Total Assets For Operating Segments) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Total assets | [1] | $ 2,216,432 | $ 2,784,650 |
Corporate Activities [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | [1] | 334,236 | 295,217 |
Intersegment [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | [1] | (10,038) | (10,174) |
Ethanol Production [Member] | Operating segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | [1] | 872,845 | 1,144,459 |
Agribusiness and Energy Services [Member] | Operating segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | [1] | 399,633 | 554,981 |
Food and Ingredients [Member] | Operating segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | [1] | 552,459 | 725,232 |
Partnership [Member] | Operating segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | [1] | $ 67,297 | $ 74,935 |
[1] | Asset balances by segment exclude intercompany payable and receivable balances |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Inventories [Abstract] | |
Lower of cost or market adjustment | $ 6 |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Inventories [Abstract] | ||
Finished goods | $ 99,765 | $ 146,269 |
Commodities held for sale | 62,980 | 65,693 |
Raw materials | 119,014 | 144,520 |
Work-in-process | 423,840 | 320,664 |
Supplies and parts | 29,284 | 34,732 |
Inventories | $ 734,883 | $ 711,878 |
Property And Equipment (Schedul
Property And Equipment (Schedule Of Components Of Property And Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Total property and equipment | $ 1,316,981 | $ 1,691,292 |
Less: accumulated depreciation and amortization | (430,405) | (514,585) |
Property and equipment, net | 886,576 | 1,176,707 |
Plant Equipment [Member] | ||
Total property and equipment | 931,321 | 1,232,724 |
Building and Improvements [Member] | ||
Total property and equipment | 176,279 | 212,426 |
Land and Improvements [Member] | ||
Total property and equipment | 115,503 | 136,274 |
Railroad Track and Equipment [Member] | ||
Total property and equipment | 34,163 | 42,149 |
Construction-In-Progress [Member] | ||
Total property and equipment | 12,484 | 17,019 |
Computer Hardware and Software [Member] | ||
Total property and equipment | 19,082 | 19,653 |
Office Furniture and Equipment [Member] | ||
Total property and equipment | 3,733 | 3,854 |
Leasehold Improvements and Other [Member] | ||
Total property and equipment | $ 24,416 | $ 27,193 |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets (Narrative) (Details) $ in Thousands | Nov. 27, 2018USD ($) | Dec. 31, 2018USD ($)segment | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Number of Reporting Units | segment | 2 | |||
Reduction of goodwill | $ 148,190 | |||
Ethanol Production [Member] | ||||
Reduction of goodwill | 6,188 | |||
Food and Ingredients [Member] | ||||
Reduction of goodwill | 142,002 | |||
Customer Relationships [Member] | Fleischmann’s Vinegar [Member] | ||||
Intangible assets disposed | $ 68,900 | |||
Amortization from intangible assets disposed | 11,100 | |||
Trade Names [Member] | Fleischmann’s Vinegar [Member] | ||||
Intangible assets disposed | $ 10,500 | |||
Amortization from intangible assets disposed | $ 4,400 | $ 5,300 | $ 1,400 |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets (Schedule Of Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | $ 182,879 | $ 183,696 |
Adjustment to preliminary Fleischmann's Vinegar Valuation | (817) | |
Dispositions | (148,190) | |
Goodwill, Ending Balance | 34,689 | 182,879 |
Ethanol Production [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 30,279 | 30,279 |
Dispositions | (6,188) | |
Goodwill, Ending Balance | 24,091 | 30,279 |
Food and Ingredients [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 142,002 | 142,819 |
Adjustment to preliminary Fleischmann's Vinegar Valuation | (817) | |
Dispositions | (142,002) | |
Goodwill, Ending Balance | 142,002 | |
Partnership [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 10,598 | 10,598 |
Goodwill, Ending Balance | $ 10,598 | $ 10,598 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative Financial Instruments [Abstract] | |||
Accumulated other comprehensive loss | $ (16,016) | $ (13,110) | |
Gain (loss) from discontinuing cash flow or fair value hedge treatment | 0 | 0 | $ 0 |
Energy trading contracts, net in revenue | $ 23,100 | $ 35,400 | $ 11,600 |
Derivative Financial Instrume_4
Derivative Financial Instruments (Schedule Of Fair Values Of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | |||
Derivatives, Fair Value [Line Items] | ||||
Fair value of derivative asset | $ 9,977 | $ 12,045 | ||
Fair value of derivative liability | 7,854 | 12,976 | ||
net unrealized gains on exchange traded futures and options contracts | 16,300 | 8,500 | ||
Unrealized Loss On Derivatives | 16,900 | |||
Net unrealized gains on cash flow hedges | 300 | |||
Unrealized Loss On Cash Flow Hedging Instruments | 16,500 | |||
Derivative Financial Instruments [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair value of derivative asset | 9,976 | [1] | 12,045 | [2] |
Fair value of derivative liability | 7,852 | [3] | 12,884 | |
Other Assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair value of derivative asset | 1 | |||
Other Liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair value of derivative asset | ||||
Fair value of derivative liability | $ 2 | $ 92 | ||
[1] | At December 31, 2018, derivative financial instruments, as reflected on the balance sheet, includes net unrealized gains on exchange traded futures and options contracts of $16.3 million. | |||
[2] | At December 31, 2017, derivative financial instruments, as reflected on the balance sheet, includes net unrealized gains on exchange traded futures and options contracts of $8.5 million, which included $0.3 million of net unrealized gains on derivative financial instruments designated as cash flow hedging instruments. | |||
[3] | At December 31, 2018, derivative financial instruments, as reflected on the balance sheet, includes net unrealized losses on exchange traded futures and options contracts of $16.9 million, which included $16.5 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments. |
Derivative Financial Instrume_5
Derivative Financial Instruments (Schedule Of The Effect Of Derivative Instruments On Consolidated Statements Of Income And Consolidated Statements Of Stockholders’ Equity And Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income: Net increase (decrease) recognized in earnings before tax | $ (9,556) | $ 6,231 | $ (24,602) |
Carrying Amount of the Hedged Assets | 89,188 | ||
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedge Assets | 2,430 | ||
Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Recognized in Income on Derivatives: Derivatives Not Designated as Hedging Instruments | 29,059 | 14,495 | 6,082 |
Revenue [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income: Net increase (decrease) recognized in earnings before tax | (10,808) | 18,167 | (8,094) |
Gain (Loss) Due to Ineffectiveness of Cash Flow Hedges | (10,808) | 17,884 | (8,094) |
Cost of Goods Sold [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income: Net increase (decrease) recognized in earnings before tax | 1,252 | (11,936) | (16,508) |
Gain (Loss) Due to Ineffectiveness of Cash Flow Hedges | 2,629 | (9,635) | (11,297) |
Commodity Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivatives | (9,642) | (8,015) | (29,238) |
Commodity Contracts [Member] | Revenue [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Recognized in Income on Derivatives: Derivatives Not Designated as Hedging Instruments | 10,115 | (12,583) | 6,071 |
Commodity Contracts [Member] | Cost of Goods Sold [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Recognized in Income on Derivatives: Derivatives Not Designated as Hedging Instruments | 18,944 | 27,078 | 11 |
Commodity Contracts [Member] | Fair Value Hedging [Member] | Revenue [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Due to Ineffectiveness of Cash Flow Hedges | 1,451 | 1,388 | |
Commodity Contracts [Member] | Fair Value Hedging [Member] | Revenue [Member] | Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Due to Ineffectiveness of Cash Flow Hedges | (1,734) | (1,388) | |
Commodity Contracts [Member] | Fair Value Hedging [Member] | Cost of Goods Sold [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Due to Ineffectiveness of Cash Flow Hedges | 13,681 | (6,229) | 21,430 |
Commodity Contracts [Member] | Fair Value Hedging [Member] | Cost of Goods Sold [Member] | Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Due to Ineffectiveness of Cash Flow Hedges | $ (12,304) | $ 8,530 | $ (16,219) |
Derivative Financial Instrume_6
Derivative Financial Instruments (Schedule Of Volumes Of Open Commodity Derivative Positions) (Details) contract in Thousands | Dec. 31, 2018contract | |
Exchange Traded [Member] | Long [Member] | Corn In Bushels [Member] | Cash Flow Hedges [Member] | Futures [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 750 | [1],[2] |
Exchange Traded [Member] | Long [Member] | Ethanol In Gallons [Member] | Options [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 13,146 | [1] |
Exchange Traded [Member] | Long [Member] | Crude Oil in Barrels [Member] | Options [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 19 | [1] |
Exchange Traded [Member] | Long [Member] | Soybean Meal In Tons [Member] | Cash Flow Hedges [Member] | Options [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 116 | [1] |
Exchange Traded [Member] | Long [Member] | Corn And Soybeans In Bushels [Member] | Options [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 5,519 | [1] |
Exchange Traded [Member] | Short [Member] | Ethanol In Gallons [Member] | Cash Flow Hedges [Member] | Futures [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 80,850 | [1] |
Exchange Traded [Member] | Short [Member] | Natural Gas In mmBTU [Member] | Futures [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 2,275 | [1] |
Exchange Traded [Member] | Short [Member] | Natural Gas In mmBTU [Member] | Options [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 2,015 | [1] |
Exchange Traded [Member] | Short [Member] | Cattle In Pounds [Member] | Futures [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 402,840 | [1],[2] |
Exchange Traded [Member] | Short [Member] | Livestock In Pounds [Member] | Options [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 18,628 | [1] |
Exchange Traded [Member] | Short [Member] | Livestock In Pounds [Member] | Cash Flow Hedges [Member] | Futures [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 39,600 | [1] |
Exchange Traded [Member] | Short [Member] | Corn And Soybeans In Bushels [Member] | Futures [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 23,025 | [1] |
Non-Exchange Traded [Member] | Long [Member] | Ethanol In Gallons [Member] | Forwards [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 567 | [3] |
Non-Exchange Traded [Member] | Long [Member] | Natural Gas In mmBTU [Member] | Forwards [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 15,422 | [3] |
Non-Exchange Traded [Member] | Long [Member] | Corn And Soybeans In Bushels [Member] | Forwards [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 25,071 | [3] |
Non-Exchange Traded [Member] | Long [Member] | Distillers Grains In Tons [Member] | Forwards [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 131 | [3] |
Non-Exchange Traded [Member] | Long [Member] | Corn Oil in Pounds [Member] | Forwards [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 14,160 | [3] |
Non-Exchange Traded [Member] | Short [Member] | Corn In Bushels [Member] | Futures [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 14,500 | [1],[4] |
Non-Exchange Traded [Member] | Short [Member] | Ethanol In Gallons [Member] | Forwards [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 256,596 | [3] |
Non-Exchange Traded [Member] | Short [Member] | Natural Gas In mmBTU [Member] | Futures [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 13,888 | [1],[4] |
Non-Exchange Traded [Member] | Short [Member] | Natural Gas In mmBTU [Member] | Forwards [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 8,696 | [3] |
Non-Exchange Traded [Member] | Short [Member] | Corn And Soybeans In Bushels [Member] | Forwards [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 2,299 | [3] |
Non-Exchange Traded [Member] | Short [Member] | Distillers Grains In Tons [Member] | Forwards [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 207 | [3] |
Non-Exchange Traded [Member] | Short [Member] | Corn Oil in Pounds [Member] | Forwards [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | 43,426 | [3] |
[1] | Exchange traded futures and options are presented on a net long and (short) position basis. Options are presented on a delta-adjusted basis. | |
[2] | Futures used for cash flow hedges. | |
[3] | Non-exchange traded forwards are presented on a gross long and (short) position basis including both fixed-price and basis contracts. | |
[4] | Futures or non-exchange traded forwards used for fair value hedges. |
Debt (Narrative - Corporate Act
Debt (Narrative - Corporate Activities) (Details) | Oct. 01, 2018USD ($) | Aug. 29, 2017USD ($)property | Sep. 30, 2018USD ($)$ / sharesshares | Jun. 30, 2018USD ($)shares | Dec. 31, 2018USD ($)$ / sharesitemshares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Aug. 31, 2016USD ($) | Sep. 30, 2013USD ($) |
Debt Instrument [Line Items] | |||||||||
Cash payment for conversion of 3.25% convertible notes due 2018 | $ 8,523,000 | ||||||||
Interest expense | $ 101,025,000 | 90,160,000 | $ 51,851,000 | ||||||
Long-term Debt, Gross | 356,187,000 | 851,575,000 | |||||||
Repayments of Long-term Debt | $ 576,427,000 | $ 510,209,000 | $ 106,803,000 | ||||||
Number of ethanol plants | item | 13 | ||||||||
Corporate Activities [Member] | Term Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Term debt to total term capitalization | 55.00% | ||||||||
Interest coverage ratio | 1.25 | ||||||||
Prepayment fees | 1.00% | ||||||||
Prepayment fee required in paid within term | 18 months | ||||||||
Debt Instrument, Periodic Payment, Principal | $ 1,250,000 | ||||||||
Corporate Activities [Member] | Term Loan [Member] | LIBOR [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate, basis spread on variable rate, percentage | 5.50% | ||||||||
Corporate Activities [Member] | Term Loan [Member] | Base Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate, basis spread on variable rate, percentage | 4.50% | ||||||||
Corporate Activities [Member] | Term Loan [Member] | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Special annual payments from available free cash flow, percentage | 50.00% | ||||||||
Corporate Activities [Member] | Term Loan [Member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Special annual payments from available free cash flow, percentage | 75.00% | ||||||||
$500 Million Term Loan [Member] | Green Plains Processing & Fleischmanns Vinegar Company [Member] | Term Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | $ 500,000,000 | ||||||||
Long-term Debt, Gross | $ 405,000,000 | ||||||||
$500 Million Term Loan [Member] | Green Plains Processing & Fleischmanns Vinegar Company [Member] | Term Loan [Member] | Collateral Pledged [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Number of ethanol plants | property | 17 | ||||||||
3.25% Convertible Notes Due 2018 [Member] | Convertible Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt conversion amount | $ 56,800,000 | ||||||||
Debt Conversion, Original Debt, Amount | 56,800,000 | ||||||||
Adjustments to Additional Paid in Capital, Convertible Debt with Conversion Feature | 3,500,000 | ||||||||
Long-term Debt, Gross | 6,900,000 | ||||||||
Repayments of Long-term Debt | $ 6,900,000 | ||||||||
3.25% Convertible Notes Due 2018 [Member] | Corporate Activities [Member] | Convertible Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | $ 120,000,000 | ||||||||
Interest rate, stated percentage | 3.25% | ||||||||
Common stock, dividends per share, cash paid per share | $ / shares | $ 0.04 | ||||||||
Common stock for conversion, shares | shares | 50 | 50.8753 | |||||||
Debt conversion amount | $ 1,000 | $ 1,000 | |||||||
Debt conversion price | $ / shares | $ 19.66 | ||||||||
Conversion price percentage | 140.00% | ||||||||
Principal amount of notes, percentage | 100.00% | ||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 50 | 50.8753 | |||||||
Debt Conversion, Original Debt, Amount | $ 1,000 | $ 1,000 | |||||||
Long-term Debt, Gross | $ 63,700,000 | ||||||||
3.25% Convertible Notes Due 2019 [Member] | Convertible Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | 56,800,000 | ||||||||
Adjustments to Additional Paid in Capital, Income Tax Impact | $ 1,200,000 | ||||||||
3.25% Convertible Notes Due 2019 [Member] | Corporate Activities [Member] | Convertible Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Common stock for conversion, shares | shares | 50.6481 | ||||||||
Debt conversion amount | $ 1,000 | ||||||||
Debt conversion price | $ / shares | $ 19.74 | ||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 50.6481 | ||||||||
Debt Conversion, Original Debt, Amount | $ 1,000 | ||||||||
$170.0 Million Convertible Notes due 2022 [Member] | Corporate Activities [Member] | Convertible Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | $ 170,000,000 | ||||||||
Interest rate, stated percentage | 4.125% | 4.125% | |||||||
Common stock, dividends per share, cash paid per share | $ / shares | $ 0.12 | ||||||||
Common stock for conversion, shares | shares | 35.7143 | ||||||||
Debt conversion amount | $ 1,000 | ||||||||
Debt conversion price | $ / shares | $ 28 | ||||||||
Conversion price percentage | 140.00% | ||||||||
Principal amount of notes, percentage | 100.00% | ||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 35.7143 | ||||||||
Debt Conversion, Original Debt, Amount | $ 1,000 |
Debt (Narrative - Agribusiness
Debt (Narrative - Agribusiness And Energy Services Segment) (Details) - Agribusiness and Energy Services [Member] | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Green Plains Grain [Member] | Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, face amount | $ 125,000,000 |
Additional amounts available under facility, accordian feature | 75,000,000 |
Line of credit, maximum borrowing capacity | 250,000,000 |
Minimum working capital required for compliance | 22,000,000 |
Minimum net worth required for compliance | 27,000,000 |
Annual capital expenditures, maximum | $ 8,000,000 |
Fixed charge coverage ratio | 1.25 |
Annual leverage ratio | 6 |
long-term indebtedness | $ 0 |
Allowable dividends as percentage of net profit before taxes | 50.00% |
Green Plains Grain [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | |
Debt Instrument [Line Items] | |
Interest rate, basis spread on variable rate, percentage | 3.00% |
Green Plains Grain [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | |
Debt Instrument [Line Items] | |
Interest rate, basis spread on variable rate, percentage | 2.00% |
Green Plains Grain [Member] | Revolving Credit Facility [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Unused portion of credit facility, commitment fee | 0.375% |
Green Plains Grain [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Unused portion of credit facility, commitment fee | 0.50% |
Green Plains Grain [Member] | Seasonal Borrowings [Member] | |
Debt Instrument [Line Items] | |
Additional amounts available under facility, accordian feature | $ 50,000,000 |
Green Plains Trade [Member] | Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Additional amounts available under facility, accordian feature | 70,000,000 |
Line of credit, maximum borrowing capacity | 300,000,000 |
Minimum working capital required for compliance | $ 1,500,000 |
Fixed charge coverage ratio | 1.15 |
Allowable dividends as percentage of net profit before taxes | 50.00% |
Undrawn availability of revolving credit facility on a pro forma basis | $ 10,000,000 |
Unused portion of credit facility, commitment fee | 0.375% |
Green Plains Trade [Member] | Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Maturity Date | Jul. 28, 2022 |
Line of credit, maximum borrowing capacity | $ 285,000,000 |
Green Plains Trade [Member] | Credit Facility [Member] | LIBOR [Member] | |
Debt Instrument [Line Items] | |
Interest rate, basis spread on variable rate, percentage | 2.25% |
Green Plains Trade [Member] | First-in-last-out (FILO) Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Line of credit, maximum borrowing capacity | $ 15,000,000 |
Green Plains Trade [Member] | First-in-last-out (FILO) Credit Facility [Member] | LIBOR [Member] | |
Debt Instrument [Line Items] | |
Interest rate, basis spread on variable rate, percentage | 3.25% |
Green Plains Commodity Management [Member] | Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Maturity Date | Apr. 30, 2023 |
Line of credit, maximum borrowing capacity | $ 20,000,000 |
long-term indebtedness | $ 14,300,000 |
Green Plains Commodity Management [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | |
Debt Instrument [Line Items] | |
Interest rate, basis spread on variable rate, percentage | 1.75% |
Debt (Narrative - Food And Ingr
Debt (Narrative - Food And Ingredients Segment, Partnership Segment, And Restricted Net Assets) (Details) | Oct. 05, 2018USD ($) | Jul. 31, 2018USD ($) | Dec. 31, 2018USD ($) | Nov. 15, 2018USD ($) | Nov. 14, 2018USD ($) | Jul. 30, 2018USD ($) | Feb. 20, 2018USD ($) | Feb. 19, 2018USD ($) |
Debt Instrument [Line Items] | ||||||||
Restricted assets | $ 243,400,000 | |||||||
Food and Ingredients [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit, maximum borrowing capacity | $ 500,000,000 | $ 425,000,000 | ||||||
Additional amounts available under facility, accordian feature | $ 75,000,000 | $ 100,000,000 | ||||||
Minimum working capital required for compliance, percentage | 15.00% | |||||||
Minimum net worth required for compliance, percentage | 20.00% | |||||||
Allowable dividends as percentage of net profit before taxes | 50.00% | |||||||
Annual leverage ratio | 3.50 | |||||||
Annual capital expenditures, maximum | $ 10,000,000 | |||||||
Annual capital expenditures, maximum, funded by contribution from parent | $ 10,000,000 | |||||||
Food and Ingredients [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Unused portion of credit facility, commitment fee | 0.20% | |||||||
Food and Ingredients [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | Minimum [Member] | LIBOR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, basis spread on variable rate, percentage | 2.00% | |||||||
Food and Ingredients [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Base Rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, basis spread on variable rate, percentage | 1.00% | |||||||
Food and Ingredients [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Unused portion of credit facility, commitment fee | 0.30% | |||||||
Food and Ingredients [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | Maximum [Member] | LIBOR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, basis spread on variable rate, percentage | 3.00% | |||||||
Food and Ingredients [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | Maximum [Member] | Base Rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, basis spread on variable rate, percentage | 2.00% | |||||||
Partnership [Member] | Green Plains Operating Company [Member] | Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit, maximum borrowing capacity | $ 200,000,000 | $ 200,000,000 | $ 235,000,000 | $ 235,000,000 | $ 195,000,000 | |||
Additional amounts available under facility, accordian feature | $ 20,000,000 | |||||||
Revolving Credit Facility, Increase | $ 40,000,000 | |||||||
Debt maturity dates | Jul. 1, 2020 | |||||||
Net leverage ratio | 3.50 | |||||||
Interest coverage ratio | 2.75 | |||||||
Consolidated Leverage Ratio, Numerator | $ 5,000,000 | |||||||
Consolidated Leverage Ratio, Denominator | $ 30,000,000 | |||||||
Partnership [Member] | Green Plains Operating Company [Member] | Revolving Credit Facility [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Unused portion of credit facility, commitment fee | 0.35% | |||||||
Partnership [Member] | Green Plains Operating Company [Member] | Revolving Credit Facility [Member] | Minimum [Member] | LIBOR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, basis spread on variable rate, percentage | 2.25% | |||||||
Partnership [Member] | Green Plains Operating Company [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Base Rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, basis spread on variable rate, percentage | 1.25% | |||||||
Partnership [Member] | Green Plains Operating Company [Member] | Revolving Credit Facility [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Unused portion of credit facility, commitment fee | 0.50% | |||||||
Partnership [Member] | Green Plains Operating Company [Member] | Revolving Credit Facility [Member] | Maximum [Member] | LIBOR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, basis spread on variable rate, percentage | 3.00% | |||||||
Partnership [Member] | Green Plains Operating Company [Member] | Revolving Credit Facility [Member] | Maximum [Member] | Base Rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, basis spread on variable rate, percentage | 2.00% | |||||||
Partnership [Member] | Birmingham BioEnergy Partners LLC [Member] | New Market Tax Credits [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 10,000,000 | |||||||
Note receivable | 8,100,000 | |||||||
Principal payments (including interest) | 200,000 | |||||||
Debt instrument, right to call | $ 8,100,000 | |||||||
Statutory life, in years | 7 years | |||||||
Anticipated tax credits | $ 5,000,000 |
Debt (Schedule Of The Component
Debt (Schedule Of The Components Of Long-Term Debt) (Details) - USD ($) | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||||
Total face value of long-term debt | $ 356,187,000 | $ 851,575,000 | ||
Unamortized debt issuance costs | (3,190,000) | (16,256,000) | ||
Less: current portion of long-term debt | (54,807,000) | (67,923,000) | ||
Total long-term debt | 298,190,000 | 767,396,000 | ||
$500 Million Term Loan [Member] | Corporate [Member] | Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Total face value of long-term debt | 498,750,000 | |||
Debt instrument, face amount | 500,000,000 | |||
3.25% Convertible Notes Due 2018 [Member] | Convertible Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Total face value of long-term debt | $ 6,900,000 | |||
3.25% Convertible Notes Due 2018 [Member] | Corporate [Member] | Convertible Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Total face value of long-term debt | $ 61,442,000 | |||
Interest rate, stated percentage | 3.25% | |||
3.25% Convertible Notes Due 2019 [Member] | Convertible Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 56,800,000 | |||
3.25% Convertible Notes Due 2019 [Member] | Corporate [Member] | Convertible Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Total face value of long-term debt | $ 53,457,000 | |||
Interest rate, stated percentage | 3.25% | |||
4.125% Convertible Notes Due 2022 [Member] | Corporate [Member] | Convertible Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Total face value of long-term debt | $ 142,708,000 | $ 136,739,000 | ||
Interest rate, stated percentage | 4.125% | 4.125% | 4.125% | |
Partnership [Member] | Other Debt Obligations [Member] | ||||
Debt Instrument [Line Items] | ||||
Total face value of long-term debt | $ 26,022,000 | $ 27,744,000 | ||
Partnership [Member] | $200.0 Million Revoling Credit Facility [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Total face value of long-term debt | 134,000,000 | 126,900,000 | ||
Debt instrument, face amount | $ 200,000,000 | $ 200,000,000 |
Debt (Schedule Of Maturities Of
Debt (Schedule Of Maturities Of Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
2,019 | $ 58,185 | ||
2,020 | 1,218 | ||
2,021 | 135,007 | ||
2,022 | 171,006 | ||
2,023 | 1,006 | ||
Thereafter | 20,437 | ||
Total | $ 386,859 | ||
Corporate [Member] | Convertible Notes [Member] | 3.25% Convertible Notes Due 2019 [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | ||
Corporate [Member] | Convertible Notes [Member] | 4.125% Convertible Notes Due 2022 [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.125% | 4.125% | 4.125% |
Debt (Schedule Of Short-term No
Debt (Schedule Of Short-term Notes Payable And Other Borrowings) (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Short-term notes payable and other borrowings | $ 538,243,000 | $ 526,180,000 |
Green Plains Grain [Member] | $50.0 Million Inventory Financing [Member] | ||
Short-term notes payable and other borrowings | ||
Debt Instrument, Face Amount | 50,000,000 | 50,000,000 |
Green Plains Commodity Management [Member] | $20.0 Million Hedge Line [Member] | ||
Short-term notes payable and other borrowings | 14,266,000 | |
Debt Instrument, Face Amount | 20,000,000 | 20,000,000 |
Revolving Credit Facility [Member] | Green Plains Cattle [Member] | $500.0 Million Revolver [Member] | ||
Short-term notes payable and other borrowings | 374,492,000 | 270,860,000 |
Debt Instrument, Face Amount | 500,000,000 | 500,000,000 |
Revolving Credit Facility [Member] | Green Plains Grain [Member] | $125.0 Million Revolver [Member] | ||
Short-term notes payable and other borrowings | 41,000,000 | 75,000,000 |
Debt Instrument, Face Amount | 125,000,000 | 125,000,000 |
Revolving Credit Facility [Member] | Green Plains Trade [Member] | $300.0 Million Revolver [Member] | ||
Short-term notes payable and other borrowings | 108,485,000 | 180,320,000 |
Debt Instrument, Face Amount | $ 300,000,000 | $ 300,000,000 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Mar. 19, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares or units authorized | 4,110,000 | |||
Number of units granted during period | 0 | 0 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 18,582 | 11,549 | ||
Compensation costs expensed | $ 11.4 | $ 12.2 | $ 9.5 | |
Unrecognized compensation costs | $ 9.9 | |||
Compensation expected to be recognized, weighted-average period in years | 1 year 7 months 6 days | |||
Potential tax benefit, percentage | 25.20% | |||
Green Plains Partners LP 2015 Long-Term Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares or units authorized | 2,500,000 | |||
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares or units authorized | 153,030 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Target Percentage | 100.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized, Achievement of Maximum Goals | 201,033 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Achievement of Maximum Goals Percentage | 150.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 134,022 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Percent of Shares Awarded During Performance Period | 97.39% | |||
Share Price | $ 18.15 | |||
Unrecognized compensation costs | $ 1.8 | |||
Performance Shares [Member] | Share-based Compensation Award, Tranche One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||
Performance Shares [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||
Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercisable options, expiration period | 5 years | |||
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercisable options, expiration period | 8 years |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule Of Stock Option Activity) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | |
Stock-Based Compensation [Abstract] | ||
Outstanding at beginning of year, Shares | shares | 143,750 | |
Outstanding at beginning of year, Weighted Average Exercise Price | $ / shares | $ 12.44 | |
Outstanding at beginning of year, Weighted-Average Remaining Contractual Term (in years) | 1 year | 1 year 9 months 18 days |
Outstanding at beginning of year, Aggregate Intrinsic Value | $ | $ 635 | |
Exercised, Shares | shares | (15,000) | |
Exercised, Weighted Average Exercise Price | $ / shares | $ 10 | |
Exercised, Aggregate Intrinsic Value | $ | $ 120 | |
Outstanding at end of year, Shares | shares | 128,750 | 143,750 |
Outstanding at end of year, Weighted Average Exercise Price | $ / shares | $ 12.72 | $ 12.44 |
Outstanding at end of year, Weighted-Average Remaining Contractual Term (in years) | 1 year | 1 year 9 months 18 days |
Outstanding at end of year, Aggregate Intrinsic Value | $ | $ 89 | $ 635 |
Exercisable at end of year, Shares | shares | 128,750 | |
Exercisable at end of year, Weighted Average Exercise Price | $ / shares | $ 12.72 | |
Exercisable at end of year, Weighted Average Remaining Contractual | 1 year | |
Exercisable at end of year, Aggregate Intrinsic Value | $ | $ 89 | |
In-the-money options, shares | shares | 118,750 | |
In-the-money options, weighted-average exercise price | $ / shares | 12.36 |
Stock-Based Compensation (Sch_2
Stock-Based Compensation (Schedule Of Non-Vested Stock Award And DSU Activity) (Details) | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Nonvested at beginning of year, Non-Vested Shares and Deferred Stock Units | 11,549 |
Nonvested at beginning of year, Weighted-Average Grant-Date Fair Value | $ / shares | $ 19.06 |
Granted, Non-Vested Shares and Deferred Stock Units | 18,582 |
Granted, Weighted-Average Grant-Date Fair Value | $ / shares | $ 16.96 |
Vested, Non-Vested Shares and Deferred Stock Units | (11,549) |
Vested, Weighted-Average Grant-Date Fair Value | $ / shares | $ 19.06 |
Nonvested at end of year, Non-Vested Shares and Deferred Stock Units | 18,582 |
Nonvested at end of year, Weighted-Average Grant-Date Fair Value | $ / shares | $ 16.96 |
Nonvested at end of year, Weighted-Average Remaining Vesting Term (in years) | 6 months |
Restricted Stock Awards And Deferred Stock Units [Member] | |
Nonvested at beginning of year, Non-Vested Shares and Deferred Stock Units | 1,068,947 |
Nonvested at beginning of year, Weighted-Average Grant-Date Fair Value | $ / shares | $ 20.41 |
Granted, Non-Vested Shares and Deferred Stock Units | 519,876 |
Granted, Weighted-Average Grant-Date Fair Value | $ / shares | $ 18.24 |
Forfeited, Non-Vested Shares and Deferred Stock Units | (109,996) |
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares | $ 19.59 |
Vested, Non-Vested Shares and Deferred Stock Units | (596,539) |
Vested, Weighted-Average Grant-Date Fair Value | $ / shares | $ 20.57 |
Nonvested at end of year, Non-Vested Shares and Deferred Stock Units | 882,288 |
Nonvested at end of year, Weighted-Average Grant-Date Fair Value | $ / shares | $ 19.12 |
Nonvested at end of year, Weighted-Average Remaining Vesting Term (in years) | 1 year 8 months 12 days |
Performance Shares [Member] | |
Nonvested at beginning of year, Non-Vested Shares and Deferred Stock Units | |
Granted, Non-Vested Shares and Deferred Stock Units | 153,030 |
Forfeited, Non-Vested Shares and Deferred Stock Units | (19,008) |
Nonvested at end of year, Non-Vested Shares and Deferred Stock Units | 134,022 |
Stock-Based Compensation (Valua
Stock-Based Compensation (Valuation Model To Estimate The Fair Value Of Shares) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Stock-Based Compensation [Abstract] | |
Risk-free interest rate | 2.44% |
Dividend yield | 2.64% |
Expected volatility | 45.11% |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) shares in Millions | 12 Months Ended |
Dec. 31, 2018shares | |
Earnings Per Share [Abstract] | |
Stock-based compensation awards excluded from computations of diluted EPS | 7.3 |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net income attributable to Green Plains | $ 53,503 | $ (12,469) | $ (994) | $ (24,117) | $ 46,630 | $ 34,394 | $ (16,366) | $ (3,597) | $ 15,923 | $ 61,061 | $ 10,663 |
Weighted average shares outstanding - basic | 40,320 | 39,247 | 38,318 | ||||||||
EPS - basic | $ 1.32 | $ (0.31) | $ (0.02) | $ (0.60) | $ 1.16 | $ 0.83 | $ (0.41) | $ (0.09) | $ 0.39 | $ 1.56 | $ 0.28 |
Net income attributable to Green Plains - diluted | $ 15,923 | $ 73,653 | $ 10,663 | ||||||||
Effect of dilutive stock-based compensation awards | 934 | 713 | 100 | ||||||||
Weighted average shares outstanding - diluted | 41,254 | 50,240 | 38,573 | ||||||||
EPS - diluted | $ 1.13 | $ (0.31) | $ (0.02) | $ (0.60) | $ 0.99 | $ 0.74 | $ (0.41) | $ (0.09) | $ 0.39 | $ 1.47 | $ 0.28 |
3.25% Convertible Notes Due 2019 [Member] | |||||||||||
Interest and amortization on convertible debt, net of tax effect | $ 4,433 | ||||||||||
Effect of dilutive convertible debt | 4,209 | 155 | |||||||||
4.125% Convertible Notes Due 2022 [Member] | |||||||||||
Interest and amortization on convertible debt, net of tax effect | $ 8,159 | ||||||||||
Effect of dilutive convertible debt | 6,071 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) | Feb. 06, 2019 | Jan. 17, 2019 | Jan. 01, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Aug. 31, 2014 |
Treasury stock, shares | 5,535,574 | 5,325,942 | 5,535,574 | |||||
Treasury stock | $ 58,162,000 | $ 55,184,000 | $ 58,162,000 | |||||
Authorized amount of share repurchase program | $ 100,000,000 | |||||||
Repurchase of common stock, shares | 209,682 | 1,119,349 | ||||||
Repurchase of common stock | $ 3,000,000 | $ 19,700,000 | ||||||
Quarterly cash dividend declared, in dollars per share | $ 0.12 | $ 0.48 | $ 0.48 | $ 0.40 | ||||
Unrealized losses, net of tax | $ (16,016,000) | $ (13,110,000) | $ (16,016,000) | |||||
Green Plains Partners LP [Member] | ||||||||
Quarterly cash distribution per unit declared | $ 0.475 | |||||||
Acquisition of Green Plains Hereford [Member] | Green Plains Partners LP [Member] | ||||||||
Transfer between entities under control | $ 62,300,000 |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule of Reclassification From AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||||
Revenues | $ 811,129 | $ 1,000,100 | $ 986,837 | $ 1,045,287 | $ 920,984 | $ 901,235 | $ 886,263 | $ 887,684 | $ 3,843,353 | $ 3,596,166 | $ 3,410,881 | ||||
Cost of goods sold | (3,627,633) | (3,301,587) | (3,096,079) | ||||||||||||
Income (loss) before income taxes | 20,008 | (43,151) | 38,351 | ||||||||||||
Income tax expense (benefit) | $ 14,712 | $ (14,658) | $ (10,753) | $ (6,027) | $ (63,877) | [1] | $ (48,775) | [1] | $ (9,749) | [1] | $ (2,381) | [1] | (16,726) | (124,782) | 7,860 |
Net income | 36,734 | 81,631 | 30,491 | ||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||||||
Revenues | (10,808) | 18,167 | (8,094) | ||||||||||||
Cost of goods sold | 1,252 | (11,936) | (16,508) | ||||||||||||
Income (loss) before income taxes | (9,556) | 6,231 | (24,602) | ||||||||||||
Income tax expense (benefit) | (2,887) | 2,306 | (8,830) | ||||||||||||
Net income | $ (6,669) | $ 3,925 | $ (15,772) | ||||||||||||
[1] | The third and fourth quarters of 2017 reflect adjustments for R&D Credits and the reduced tax rate due to the Tax Cuts and Jobs Act. |
Restructuring Activities (Detai
Restructuring Activities (Details) $ in Millions | Dec. 31, 2018USD ($) |
Severance cost recognized | $ 4.2 |
Severance Costs - Selling, General And Administration [Member] | |
Severance cost recognized | 3.8 |
Severance Costs - Costs Of Goods Sold [Member] | |
Severance cost recognized | 0.4 |
Corporate [Member] | |
Severance cost recognized | 3.1 |
Agribusiness and Energy Services [Member] | |
Severance cost recognized | 0.7 |
Ethanol Production [Member] | |
Severance cost recognized | 0.4 |
Accrued Liabilities [Member] | |
Severance cost recognized | $ 2.7 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | [1] | Jun. 30, 2018 | [1] | Mar. 31, 2018 | [1] | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Income Taxes [Line Items] | ||||||||||||||
Tax credit carryforwards - Federal | $ 47,956 | $ 30,783 | $ 47,956 | $ 30,783 | ||||||||||
Net operating loss carryforwards - State | 4,004 | 5,291 | 4,004 | 5,291 | ||||||||||
Deferred tax valuation allowance, state | 7,400 | 7,400 | ||||||||||||
R&D Credits | 34,979 | 74,033 | ||||||||||||
Deferred Tax Assets, Valuation Allowance | 7,413 | 3,834 | 7,413 | 3,834 | ||||||||||
Cost of Goods and Services Sold | 703,888 | [1] | $ 999,451 | $ 975,072 | $ 1,049,212 | 913,560 | $ 880,519 | $ 890,049 | $ 870,292 | |||||
Unrecognized tax benefits | 51,558 | $ 25,976 | 51,558 | 25,976 | ||||||||||
Reduction of the deferred asset associated with the federal tax credit carryforwards | $ 40,800 | 40,800 | ||||||||||||
Tax Cuts and Jobs Act [Member] | ||||||||||||||
Income Taxes [Line Items] | ||||||||||||||
Tax impact from the tax cuts and jobs act | 700 | |||||||||||||
R&D Credits | 19,600 | 48,100 | ||||||||||||
Cost of Goods and Services Sold | $ 2,300 | $ 9,200 | ||||||||||||
[1] | The fourth quarter of 2018 includes the net gain on the sale of assets of $150.4 million related to the sale of three ethanol plants and Fleischmann's Vinegar. |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Tax Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | [1] | Sep. 30, 2017 | [1] | Jun. 30, 2017 | [1] | Mar. 31, 2017 | [1] | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Abstract] | |||||||||||||||
Current | $ 7,758 | $ (43,705) | $ 2,950 | ||||||||||||
Deferred | (24,484) | (81,077) | 4,910 | ||||||||||||
Income tax expense | $ 14,712 | $ (14,658) | $ (10,753) | $ (6,027) | $ (63,877) | $ (48,775) | $ (9,749) | $ (2,381) | $ (16,726) | $ (124,782) | $ 7,860 | ||||
[1] | The third and fourth quarters of 2017 reflect adjustments for R&D Credits and the reduced tax rate due to the Tax Cuts and Jobs Act. |
Income Taxes (Schedule Of Diffe
Income Taxes (Schedule Of Differences Between The Income Tax Expense (Benefit)Computed At The Statutory Federal income Tax Rate And As Presented On The Consolidated Statements Of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | [1] | Sep. 30, 2017 | [1] | Jun. 30, 2017 | [1] | Mar. 31, 2017 | [1] | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Abstract] | |||||||||||||||
Tax expense at federal statutory rate | $ 4,202 | $ (15,103) | $ 13,423 | ||||||||||||
State income tax expense, net of federal benefit | 981 | (915) | 323 | ||||||||||||
Nondeductible compensation | 921 | 222 | 185 | ||||||||||||
Noncontrolling interests | (4,370) | (7,199) | (6,940) | ||||||||||||
Unrecognized tax benefit | 15,148 | 25,720 | |||||||||||||
R&D Credits | (34,979) | (74,033) | |||||||||||||
Disposition of subsidiary | (1,022) | ||||||||||||||
Tax Cuts and Jobs Act impact | 278 | (54,485) | |||||||||||||
Stock compensation | 993 | ||||||||||||||
Audit adjustments | 559 | ||||||||||||||
Amended return adjustments | 374 | ||||||||||||||
Other | 189 | 1,011 | 869 | ||||||||||||
Income tax expense | $ 14,712 | $ (14,658) | $ (10,753) | $ (6,027) | $ (63,877) | $ (48,775) | $ (9,749) | $ (2,381) | $ (16,726) | $ (124,782) | $ 7,860 | ||||
[1] | The third and fourth quarters of 2017 reflect adjustments for R&D Credits and the reduced tax rate due to the Tax Cuts and Jobs Act. |
Income Taxes (Schedule Of Signi
Income Taxes (Schedule Of Significant Components Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets: | ||
Net operating loss carryforwards - Federal | $ 12,767 | |
Net operating loss carryforwards - State | $ 4,004 | 5,291 |
Tax credit carryforwards - Federal | 47,956 | 30,783 |
Tax credit carryforwards - State | 9,369 | 5,342 |
Derivative financial instruments | 2,592 | |
Deferred revenue | 2,236 | 919 |
Interest expense carryforward | 2,048 | |
Investment in partnerships | 50,009 | 55,956 |
Inventory valuation | 3,603 | 1,944 |
Stock-based compensation | 1,458 | 2,468 |
Accrued Expenses | 5,439 | 5,541 |
Capital leases | 2,516 | 2,426 |
Other | 43 | 47 |
Total deferred tax assets | 128,681 | 126,076 |
Deferred tax liabilities: | ||
Convertible debt | (7,508) | (8,350) |
Fixed assets | (118,330) | (149,746) |
Derivative financial instruments | (1,573) | |
Organizational and start-up costs | (3,980) | (20,947) |
Total deferred tax liabilities | (131,391) | (179,043) |
Valuation allowance | (7,413) | (3,834) |
Deferred income taxes | $ (10,123) | $ (56,801) |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of The Beginning And Ending Amounts Of Unrecognized Tax Benefits) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Income Taxes [Abstract] | |
Balance at January 1, 2018 | $ 25,976 |
Additions for prior year tax positions | 5,980 |
Additions for current year tax positions | 20,922 |
Settlements of prior year tax positions | (1,149) |
Reductions for prior year tax positions | (171) |
Balance at December 31, 2018 | $ 51,558 |
Commitments And Contingencies_2
Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Commitments And Contingencies [Abstract] | |||
Lease expenses | $ 38.8 | $ 45.8 | $ 38 |
Contracted future deliveries | $ 289.3 |
Commitments And Contingencies_3
Commitments And Contingencies (Schedule Of Aggregate Minimum Lease Payments) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Commitments And Contingencies [Abstract] | |
2,019 | $ 23,552 |
2,020 | 17,473 |
2,021 | 9,812 |
2,022 | 7,325 |
2,023 | 3,594 |
Thereafter | 28,542 |
Total | $ 90,298 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Employee Benefit Plans [Abstract] | |||
Defined contribution plan, employer matching contribution, percent | 4.00% | ||
Defined contribution plan, vesting percentage | 100.00% | ||
Employer contributions to 401(k) plan | $ 2.2 | $ 2.1 | $ 1.6 |
Defined benefit pension plan, assets | 4.9 | ||
Defined benefit pension plan, liabilities | 6.5 | ||
Net liabilities included on the balane sheet | $ 1.6 | $ 0.6 |
Related Party Transactions (Det
Related Party Transactions (Details) | 12 Months Ended | |||
Dec. 31, 2018USD ($)hitem | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Mar. 31, 2014USD ($) | |
Related Party Transaction [Line Items] | ||||
Outstanding accounts payable | $ 156,901,000 | $ 205,479,000 | ||
Amur Equipment Finance [Member] | ||||
Related Party Transaction [Line Items] | ||||
Outstanding note payable | $ 1,400,000 | |||
Due to related parties, current | 600,000 | |||
Principal payments (including interest) | $ 200,000 | 300,000 | $ 300,000 | |
Board of Directors Chairman [Member] | Aircraft Lease [Member] | ||||
Related Party Transaction [Line Items] | ||||
Number of related party transaction agreements | item | 2 | |||
Number of leased aircrafts | item | 2 | |||
Aircraft lease amount payable, per month | $ 9,766 | |||
Aircraft hours available each month under lease | h | 125 | |||
Cash payments | $ 159,000 | 182,000 | $ 190,000 | |
Outstanding accounts payable | $ 0 | $ 2,000 |
Quarterly Financial Data (Detai
Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||||||||
Quarterly Financial Data[Abstract] | |||||||||||||||||||
Revenues | $ 811,129 | $ 1,000,100 | $ 986,837 | $ 1,045,287 | $ 920,984 | $ 901,235 | $ 886,263 | $ 887,684 | $ 3,843,353 | $ 3,596,166 | $ 3,410,881 | ||||||||
Cost and expenses | 703,888 | [1] | 999,451 | [1] | 975,072 | [1] | 1,049,212 | [1] | 913,560 | 880,519 | 890,049 | 870,292 | |||||||
Operating income (loss) | 107,241 | 649 | 11,765 | (3,925) | 7,424 | 20,716 | (3,786) | 17,392 | 115,730 | 41,746 | 91,688 | ||||||||
Other expense | (32,672) | (22,726) | (18,767) | (21,557) | (18,954) | (30,062) | (17,759) | (18,122) | (95,722) | (84,897) | (53,337) | ||||||||
Income tax benefit (expense) | (14,712) | 14,658 | 10,753 | 6,027 | 63,877 | [2] | 48,775 | [2] | 9,749 | [2] | 2,381 | [2] | 16,726 | 124,782 | (7,860) | ||||
Net income (loss) attributable to Green Plains | $ 53,503 | $ (12,469) | $ (994) | $ (24,117) | $ 46,630 | $ 34,394 | $ (16,366) | $ (3,597) | $ 15,923 | $ 61,061 | $ 10,663 | ||||||||
Basic earnings (loss) per share attributable to Green Plains | $ 1.32 | $ (0.31) | $ (0.02) | $ (0.60) | $ 1.16 | $ 0.83 | $ (0.41) | $ (0.09) | $ 0.39 | $ 1.56 | $ 0.28 | ||||||||
Diluted earnings (loss) per share attributable to Green Plains | $ 1.13 | $ (0.31) | $ (0.02) | $ (0.60) | $ 0.99 | $ 0.74 | $ (0.41) | $ (0.09) | $ 0.39 | $ 1.47 | $ 0.28 | ||||||||
Gain on sale of assets, net | $ (150,351) | ||||||||||||||||||
[1] | The fourth quarter of 2018 includes the net gain on the sale of assets of $150.4 million related to the sale of three ethanol plants and Fleischmann's Vinegar. | ||||||||||||||||||
[2] | The third and fourth quarters of 2017 reflect adjustments for R&D Credits and the reduced tax rate due to the Tax Cuts and Jobs Act. |
Uncategorized Items - gpre-2018
Label | Element | Value |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets | $ 568,383,000 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets | 63,670,000 |
Allocation Of Noncontrolling Interest In Consolidation Of Business | gpre_AllocationOfNoncontrollingInterestInConsolidationOfBusiness | 2,807,000 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities | 57,433,000 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities | $ 1,943,000 |