Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 13, 2020 | Jun. 28, 2019 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2019 | ||
Entity File Number | 001-32924 | ||
Entity Registrant Name | Green Plains Inc. | ||
Entity Central Index Key | 0001309402 | ||
Entity Incorporation, State or Country Code | IA | ||
Entity Tax Identification Number | 84-1652107 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 35,140,905 | ||
Entity Public Float | $ 388.6 | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Title of 12(b) Security | Common Stock, par value $0.001 per share | ||
Trading Symbol | GPRE | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Amendment Flag | false | ||
Entity Address, Address Line One | 1811 Aksarben Drive | ||
Entity Address, City or Town | Omaha | ||
Entity Address, State or Province | NE | ||
Entity Address, Postal Zip Code | 68106 | ||
City Area Code | 402 | ||
Local Phone Number | 884-8700 | ||
Entity Shell Company | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Current assets | |||
Cash and cash equivalents | $ 245,977 | $ 251,681 | |
Restricted cash | 23,919 | 31,603 | |
Accounts receivable, net of allowances of $166 and $147, respectively | 107,183 | 88,501 | |
Income taxes receivable | 6,216 | 12,418 | |
Inventories | 252,992 | 302,600 | |
Prepaid expenses and other | 13,685 | 14,125 | |
Derivative financial instruments | 17,941 | 26,315 | |
Current assets of discontinued operations | 479,399 | ||
Total current assets | 667,913 | 1,206,642 | |
Property and equipment, net | 827,271 | 815,235 | |
Operating lease right-of-use assets | 52,476 | ||
Investment in equity method investees | 68,998 | 29,714 | |
Other assets | 81,560 | 91,781 | |
Noncurrent assets of discontinued operations | 73,060 | ||
Total assets | [1] | 1,698,218 | 2,216,432 |
Current liabilities | |||
Accounts payable | 156,693 | 135,829 | |
Accrued and other liabilities | 39,384 | 52,563 | |
Derivative financial instruments | 8,721 | 7,852 | |
Operating lease current liabilities | 16,626 | ||
Short-term notes payable and other borrowings | 187,812 | 163,751 | |
Current maturities of long-term debt | 132,555 | 54,769 | |
Current liabilities of discontinued operations | 418,936 | ||
Total current liabilities | 541,791 | 833,700 | |
Long-term debt | 243,990 | 298,110 | |
Deferred income taxes | 10,123 | ||
Operating lease long-term liabilities | 38,314 | ||
Other liabilities | 8,837 | 11,428 | |
Noncurrent liabilities of discontinued operations | 82 | ||
Total liabilities | 832,932 | 1,153,443 | |
Commitments and contingencies (Note 18) | |||
Stockholders’ equity | |||
Common stock, $0.001 par value; 75,000,000 shares authorized; 46,964,115 and 46,637,549 shares issued, and 36,031,933 and 41,101,975 shares outstanding, respectively | 47 | 47 | |
Additional paid-in capital | 734,580 | 696,222 | |
Retained earnings | 148,150 | 324,728 | |
Accumulated other comprehensive loss | (11,064) | (16,016) | |
Treasury stock, 10,932,182 and 5,535,574 shares, respectively | (119,808) | (58,162) | |
Total Green Plains stockholders’ equity | 751,905 | 946,819 | |
Noncontrolling interests | 113,381 | 116,170 | |
Total stockholders’ equity | 865,286 | 1,062,989 | |
Total liabilities and stockholders’ equity | $ 1,698,218 | $ 2,216,432 | |
[1] | Asset balances by segment exclude intercompany payable and receivable balances |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Consolidated Balance Sheets [Abstract] | ||
Accounts receivable, allowances | $ 166 | $ 147 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 46,964,115 | 46,637,549 |
Common stock, shares outstanding | 36,031,933 | 41,101,975 |
Treasury stock, shares | 10,932,182 | 5,535,574 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | |||
Revenues | $ 2,417,238 | $ 2,983,932 | $ 3,289,475 |
Costs and expenses | |||
Cost of goods sold (excluding depreciation and amortization expenses reflected below) | 2,384,947 | 2,806,968 | 3,021,182 |
Operations and maintenance expenses | 25,657 | 30,844 | 33,448 |
Selling, general and administrative expenses | 77,077 | 108,259 | 107,515 |
Gain on sale of assets, net | (150,351) | ||
Depreciation and amortization expenses | 72,127 | 98,258 | 103,582 |
Total costs and expenses | 2,559,808 | 2,893,978 | 3,265,727 |
Operating loss from continuing operations | (142,570) | 89,954 | 23,748 |
Other income (expense) | |||
Interest income | 4,333 | 2,961 | 1,587 |
Interest expense | (40,200) | (87,449) | (83,700) |
Other, net | 5,495 | 178 | 3,211 |
Total other expense | (30,372) | (84,310) | (78,902) |
Income (loss) from continuing operations before income taxes and income (loss) from equity method investees | (172,942) | 5,644 | (55,154) |
Income tax benefit | 21,316 | 20,147 | 132,061 |
Income (loss) from equity method investees, net of income taxes | 2,797 | (596) | (274) |
Net income (loss) from continuing operations including noncontrolling interest | (148,829) | 25,195 | 76,633 |
Net income from discontinued operations, net of income taxes | 829 | 11,539 | 4,998 |
Net income (loss) | (148,000) | 36,734 | 81,631 |
Net income attributable to noncontrolling interests | 18,860 | 20,811 | 20,570 |
Net income (loss) attributable to Green Plains | $ (166,860) | $ 15,923 | $ 61,061 |
Earnings (loss) per share - basic | |||
Net income (loss) continuing operations - basic | $ (4.40) | $ 0.11 | $ 1.43 |
Net income from discontiued operations - basic | 0.02 | 0.28 | 0.13 |
Net income (loss) attributable to Green Plains - basic | (4.38) | 0.39 | 1.56 |
Earnings (loss) per share - diluted | |||
Net income (loss) from continuing operations - diluted | (4.40) | 0.11 | 1.37 |
Net income from discontinued operations - diluted | 0.02 | 0.28 | 0.10 |
Net income (loss) attributable to Green Plains - diluted | $ (4.38) | $ 0.39 | $ 1.47 |
Weighted average shares outstanding: | |||
Basic | 38,111 | 40,320 | 39,247 |
Diluted | 38,111 | 41,254 | 50,240 |
Product [Member] | |||
Revenues | |||
Revenues | $ 2,410,382 | $ 2,977,451 | $ 3,283,290 |
Service [Member] | |||
Revenues | |||
Revenues | $ 6,856 | $ 6,481 | $ 6,185 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Consolidated Statements Of Comprehensive Income [Abstract] | |||
Net income (loss) | $ (148,000) | $ 36,734 | $ 81,631 |
Other comprehensive income (loss), net of tax: | |||
Unrealized gains (losses) on derivatives arising during the period, net of tax benefit (expense) of ($14,431), $2,854 and $2,967, respectively | 55,973 | (6,788) | (5,048) |
Reclassification of realized losses (gains) on derivatives, net of tax expense (benefit) of $10,002, ($2,887) and $2,306, respectively | (38,795) | 6,669 | (3,925) |
Other comprehensive income (loss), net of tax | 17,178 | (119) | (8,973) |
Share of equity method investees other comprehensive loss arising during the period, net of tax benefit of $3,929, $0, $0, respectively | (12,226) | ||
Total other comprehensive income (loss), net of tax | 4,952 | (119) | (8,973) |
Comprehensive income (loss) | (143,048) | 36,615 | 72,658 |
Comprehensive income attributable to noncontrolling interests | 18,860 | 20,811 | 20,570 |
Comprehensive income (loss) attributable to Green Plains | $ (161,908) | $ 15,804 | $ 52,088 |
Consolidated Statements Of Co_2
Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Consolidated Statements Of Comprehensive Income [Abstract] | |||
Unrealized gains (losses) on derivatives arising during period, tax benefit | $ (14,431) | $ 2,854 | $ 2,967 |
Reclassification of realized losses (gains) on derivatives, tax expense (benefit) | 10,002 | (2,887) | 2,306 |
Share of equity method investees other comprehensive income arising during the period, tax benefit | $ 3,929 | $ 0 | $ 0 |
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, 2016 | $ 46 | $ 659,200 | $ 283,214 | $ (4,137) | $ (75,816) | $ 862,507 | $ 116,684 | $ 979,191 |
Common Stock, Shares, Outstanding, Beginning Balance at Dec. 31, 2016 | 46,079,000 | 7,715,000 | ||||||
Net income (loss) | 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 comprehensive loss before reclassification | (5,048) | |||||||
Amounts reclassified from accumulated other comprehensive loss | (3,925) | |||||||
Other comprehensive loss, net of tax | (8,973) | (8,973) | (8,973) | |||||
Other comprehensive income, net of tax | (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 |
Common Stock, Shares, Outstanding, Ending Balance at Dec. 31, 2017 | 46,410,000 | 5,326,000 | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 2,787 | (2,787) | ||||||
Beginning balance | $ 46 | 685,019 | 328,198 | (15,897) | $ (55,184) | 942,182 | 116,954 | 1,059,136 |
Net income (loss) | 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 comprehensive loss before reclassification | (6,788) | |||||||
Amounts reclassified from accumulated other comprehensive loss | 6,669 | |||||||
Other comprehensive loss, net of tax | (119) | (119) | (119) | |||||
Other comprehensive income, net of tax | (119) | |||||||
Repurchase of common stock | $ (2,979) | (2,979) | (2,979) | |||||
Repurchase of common stock, Shares | 210,000 | |||||||
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 | |||||||
Ending balance at Dec. 31, 2018 | $ 47 | 696,222 | 324,728 | (16,016) | $ (58,162) | 946,819 | 116,170 | $ 1,062,989 |
Common Stock, Shares, Outstanding, Ending Balance at Dec. 31, 2018 | 46,638,000 | 5,536,000 | 41,101,975 | |||||
Net income (loss) | (166,860) | (166,860) | 18,860 | $ (148,000) | ||||
Cash dividends and distributions declared | (9,718) | (9,718) | (31,686) | |||||
Cash dividends and distributions declared | (21,968) | |||||||
Other comprehensive loss before reclassification | 55,973 | |||||||
Amounts reclassified from accumulated other comprehensive loss | (38,795) | |||||||
Other comprehensive loss, net of tax | 4,952 | |||||||
Other comprehensive income, net of tax | 17,178 | 17,178 | 17,178 | |||||
Share of equity method investees other comprehensive loss arising during the period, net of tax | (12,226) | (12,226) | (12,226) | |||||
Proceeds from disgorgement of shareholders short-swing profits, net of tax | 5,054 | 5,054 | 5,054 | |||||
Issuance of 4.00% converatible notes due 2024, net of tax | 24,928 | 24,928 | 24,928 | |||||
Settlements of 3.25% convertible notes due 2019, net of tax | (271) | (271) | (271) | |||||
Repurchase of common stock | $ (61,646) | (61,646) | $ (61,646) | |||||
Repurchase of common stock, Shares | 5,396,000 | 5,396,608 | ||||||
Stock-based compensation | 7,052 | 7,052 | $ 7,371 | |||||
Stock-based compensation | 319 | |||||||
Stock-based compensation, Shares | 207,000 | |||||||
Stock options exercised | 1,595 | 1,595 | $ 1,595 | |||||
Stock options exercised, Shares | 119,000 | 118,750 | ||||||
Ending balance at Dec. 31, 2019 | $ 47 | $ 734,580 | $ 148,150 | $ (11,064) | $ (119,808) | $ 751,905 | $ 113,381 | $ 865,286 |
Common Stock, Shares, Outstanding, Ending Balance at Dec. 31, 2019 | 46,964,000 | 10,932,000 | 36,031,933 |
Consolidated Statements Of St_2
Consolidated Statements Of Stockholders' Equity (Parenthetical) - Convertible Notes [Member] | Dec. 31, 2019 | Jun. 21, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
3.25% Convertible Notes Due 2018 [Member] | ||||
Interest rate, stated percentage | 3.25% | 3.25% | ||
3.25% Convertible Notes Due 2019 [Member] | ||||
Interest rate, stated percentage | 3.25% | 3.25% | ||
4.00% Convertible Notes Due 2024 [Member] | ||||
Interest rate, stated percentage | 4.00% | |||
Corporate Activities [Member] | 3.25% Convertible Notes Due 2018 [Member] | ||||
Interest rate, stated percentage | 3.25% | |||
Corporate Activities [Member] | 3.25% Convertible Notes Due 2019 [Member] | ||||
Interest rate, stated percentage | 3.25% | 3.25% | ||
Corporate Activities [Member] | 4.00% Convertible Notes Due 2024 [Member] | ||||
Interest rate, stated percentage | 4.00% | 4.00% |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||
Net lincome (oss) from continuing operations including noncontrolling interest | $ (148,829) | $ 25,195 | $ 76,633 |
Net income from discontinued operations, net of income taxes | 829 | 11,539 | 4,998 |
Net income (loss) | (148,000) | 36,734 | 81,631 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 72,127 | 98,258 | 103,582 |
Amortization of debt issuance costs and debt discount | 20,364 | 13,277 | 14,238 |
Loss on exchange of 3.25% convertible notes due 2018 | 1,291 | ||
Gain on the disposal of assets, net | (3,680) | (150,351) | (2,535) |
Write-off of deferred financing fees related to extinguishment of debt | 13,178 | 9,460 | |
Deferred income taxes | (17,252) | (24,484) | (81,077) |
Stock-based compensation | 9,692 | 11,420 | 12,161 |
Loss (income) from equity method investees, net of income taxes | (2,797) | 596 | 274 |
Other | (11,604) | (7,842) | |
Changes in operating assets and liabilities before effects of business combinations and dispositions: | |||
Accounts receivable | (21,762) | 43,443 | 7,338 |
Inventories | 50,022 | 26,972 | (35,980) |
Derivative financial instruments | 12,420 | (12,294) | (4,119) |
Prepaid expenses and other assets | 793 | 1,907 | (644) |
Accounts payable and accrued liabilities | (1,778) | (53,565) | (12,835) |
Current income taxes | 3,138 | 31,517 | (41,087) |
Other | (288) | 4,526 | 2,772 |
Net cash provided by (used in) operating activities - continuing operations | (27,001) | 29,530 | 46,628 |
Net cash provided by (used in) operating activities - discontinued operations | 17,469 | 9,437 | (228,791) |
Net cash provided by (used in) operating activities | (9,532) | 38,967 | (182,163) |
Cash flows from investing activities: | |||
Purchases of property and equipment, net | (75,481) | (40,529) | (44,594) |
Proceeds from sale of discontinued operations, net of cash divested | 76,884 | ||
Proceeds from the sale of assets, net | 3,469 | 671,650 | |
Disposition of equity method investee | 29,721 | ||
Distributions from (contribution to) equity method investees | 220 | (3,091) | (20,286) |
Other investing activities | 7,500 | ||
Net cash provided by (used in) investing activities - continuing operations | 34,813 | 635,530 | (64,880) |
Net cash used in investing activities - discontinued operations | (4,169) | (128,065) | (63,600) |
Net cash provided by (used in) investing activities | 30,644 | 507,465 | (128,480) |
Cash flows from financing activities: | |||
Proceeds from the issuance of long-term debt | 157,710 | 83,100 | 570,600 |
Payments of principal on long-term debt | (45,702) | (576,389) | (510,209) |
Proceeds from short-term borrowings | 2,802,199 | 3,479,784 | 4,028,298 |
Payments on short-term borrowings | (2,840,505) | (3,578,629) | (4,001,359) |
Cash payment for exchange of 3.25% convertible notes due 2018 | (8,523) | ||
Payments for repurchase of common stock | (61,646) | (2,978) | (6,724) |
Payments of cash dividends and distributions | (31,686) | (41,265) | (39,383) |
Payment penalty on early extinguishment of debt | (2,881) | ||
Proceeds from disgorgement of shareholder short-swing profits | 6,699 | ||
Payments of loan fees | (5,291) | (3,808) | (14,271) |
Payments related to tax withholdings for stock-based compensation | (2,320) | (3,569) | (4,499) |
Proceeds from exercises of stock options | 1,595 | 150 | 50 |
Net cash provided by (used in) financing activities - continuing operations | (18,947) | (643,604) | 11,099 |
Net cash provided by (used in) financing activities - discontinued operations | (50,464) | 103,007 | 205,113 |
Net cash provided by (used in) financing activities | (69,411) | (540,597) | 216,212 |
Net change in cash, cash equivalents and restricted cash | (48,299) | 5,835 | (94,431) |
Cash, cash equivalents and restricted cash, beginning of period | 283,284 | 289,667 | 406,029 |
Discontinued operations cash activity included above: | |||
Add: Cash balance included in current assets of discontinued operations at beginning of period | 34,911 | 22,693 | 762 |
Less: Cash balance included current assets of discontinued operationsat end of period | 34,911 | 22,693 | |
Cash, cash equivalents and restricted cash, end of period | 269,896 | 283,284 | 289,667 |
Reconciliation of total cash, cash equivalents and restricted cash: | |||
Cash and cash equivalents | 245,977 | ||
Restricted cash | 23,919 | ||
Discontinued operations cash activity included above: | |||
Less: Cash, cash equivalents and restricted cash balance included in current assets of discontinued operations at end of period | 34,911 | 22,693 | 22,693 |
Non-cash financing activity: | |||
Settlement of NMTC transaction | 8,100 | ||
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 investing and financing activities: | |||
Assets acquired in acquisitions and mergers, net of cash | 124,525 | 63,670 | |
Less: liabilities assumed | (118) | (1,943) | |
Net assets acquired | 124,407 | 61,727 | |
Assets disposed of in sale | 527,614 | 550,648 | |
Less: liabilities disposed | (373,846) | (41,276) | |
Net assets disposed | 153,768 | 509,372 | |
Supplemental disclosures of cash flow: | |||
Cash paid (refunded) for income taxes | 563 | (22,478) | (3,768) |
Cash paid for interest of continuing operations | 24,287 | 60,664 | 48,298 |
Cash paid for interest of discontinued operations | $ 11,557 | $ 12,481 | $ 5,915 |
Consolidated Statements Of Ca_2
Consolidated Statements Of Cash Flows (Parenthetical) - Convertible Notes [Member] | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
3.25% Convertible Notes Due 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 3.25% | 3.25% | |
3.25% Convertible Notes Due 2019 [Member] | Corporate Activities [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 3.25% | 3.25% | |
3.25% Convertible Notes Due 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 3.25% | 3.25% | |
3.25% Convertible Notes Due 2018 [Member] | Corporate Activities [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 3.25% |
Basis Of Presentation And Descr
Basis Of Presentation And Description Of Business | 12 Months Ended |
Dec. 31, 2019 | |
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. As of December 31, 2019, the company owns a 49.0 % limited partner interest and a 2.0 % general partner interest in Green Plains Partners LP. Public investors own the remaining 49.0 % 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, 2019 and 2018, excluding intercompany balances, are $ 90.0 million and $ 67.3 million, respectively, and primarily consist of property and equipment, operating lease right-of-use assets and goodwill. The partnership’s consolidated total liabilities as of December 31, 2019 and 2018, excluding intercompany balances, are $ 180.9 million and $ 152.9 million, respectively, which primarily consist of long-term debt as discussed in Note 12 – Debt and operating lease liabilities. The liabilities recognized as a result of consolidating the partnership do not represent additional claims on our general assets. On September 1, 2019, the company, TGAM Agribusiness Fund Holdings-B LP (“TGAM”) and StepStone Atlantic Fund, L.P. (“StepStone”) formed a joint venture and entered into the Second Amended and Restated Limited Liability Company Agreement (the “LLC Agreement”) of Green Plains Cattle. GPCC was previously a wholly owned subsidiary of Green Plains. Green Plains also entered into a Securities Purchase Agreement with TGAM and StepStone, whereby TGAM and StepStone purchased an aggregate of 50 % of the membership interests of GPCC from Green Plains. After closing, GPCC is no longer consolidated in the company’s consolidated financial statements and the GPCC investment is accounted for using the equity method of accounting. Under this method, the investment is recorded at the acquisition cost plus the company’s share of equity in undistributed earnings or losses since acquisition and the company’s share of equity method investees other comprehensive income arising during the period, reduced by distributions received and the amortization of excess net investment. The company recognizes this investment on a separate line item in the consolidated balance sheet and recognizes its proportionate share of earnings on a separate line item in the consolidated statement of operations. The company does not consolidate any part of the assets or liabilities or operating results of its equity method investees. Additionally, the company concluded that the disposition of GPCC met the requirements under ASC 205-20 Presentation of Financial Statements – Discontinued Operations (“ASC 205-20”) to be presented as discontinued operations. As such, GPCC results prior to its disposition are classified as discontinued operations in current and prior period consolidated financial statements. See Note 5 - Acquisitions, Dispositions and Discontinued Operations for further details. 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 were reclassified to conform to the current year presentation, including the discontinued operations of GPCC. These reclassifications affected certain balance sheet line items, total revenues, costs and expenses. 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, operating leases, 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, 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, natural gas and other commodities, (3) food and ingredients, which includes food-grade corn oil 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 one of the largest ethanol producers 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 43.5 million bushels, with 35.9 million bushels of storage capacity at the company’s ethanol plants and 7.6 million bushels of total storage capacity at its three 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-house 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 has food-grade corn oil operations which focus 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, the company also owned Fleischmann’s Vinegar, which is one of the world’s largest producers of 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, 2019, 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 2,630 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, 2019 | |
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 maturities 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 acquisition and 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 derivatives 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, 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 over time as the 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 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, and process chemicals. 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 utilities, repairs and maintenance 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 sale contracts to attempt to minimize the effect of price changes on ethanol, grain and natural gas. 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, 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 and agribusiness and energy services 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. 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 receivable 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 $ 1.2 million and $ 13.7 million at December 31, 2019 and 2018, 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. 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 of 2018, 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 consisting of property and equipment, operating lease right-of-use assets, 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 undiscounted 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 certain ethanol plants and its fuel terminal and distribution business. Effective January 1, 2018, the company early adopted the amended guidance in ASC 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 company is required to perform impairment tests related to goodwill annually, which it performs as of October 1, or sooner if an indicator of impairment occurs. Significant assumptions inherent in the valuation methodologies for goodwill were employed and include, but are not limited to, market capitalization, prospective financial information, growth rates, discount rates, inflationary factors, and cost of capital. Circumstances that may indicate impairment include a decline in the company’s future projected cash flows, a decision to suspend plant operations for an extended period of time, sustained decline in the company’s 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 goodwill and measure impairment, which includes the company’s market capitalization and 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. Leases On January 1, 2019, the company adopted the amended guidance in ASC 842, Leases , and all related amendments and applied it to all leases using the optional transition method which requires the amended guidance to be applied at the date of adoption. The standard does not require the guidance to be applied to the earliest comparative period presented in the financial statements. As such, comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The company leases certain facilities, parcels of land, and equipment. These leases are accounted for as operating leases, with lease expense recognized on a straight-line basis over the lease term. The term of the lease may include options to extend or terminate the lease when it is reasonably certain that such options will be exercised. For leases with initial terms greater than 12 months, the partnership records operating lease right-of-use assets and corresponding operating lease liabilities. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet. Operating lease right-of-use assets represent the right to control an underlying asset for the lease term and operating lease liabilities represent the obligation to make lease payments arising from the lease. These assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As the company’s leases do not provide an implicit rate, the incremental borrowing rate is used based on information available at commencement date to determine the present value of future payments. The partnership segment records the majority of it operating lease revenue from its storage and throughput services, rail transportation services and certain terminal services agreements with Green Plains Trade. In addition, the partnership may sublease certain of its railcars to third parties on a short-term basis. These subleases are classified as operating leases, with the associated sublease revenue recognized on a straight-line basis over the lease term. Please refer to Note 18 – Commitments and Contingencies to the consolidated financial statements for further details on operating lease expense and revenue. Investments in Equity Method Investees The company accounts for investments in which the company exercises significant influence using the equity method so long as the company (i) does not control the investee and (ii) is not the primary beneficiary of the entity. The company recognizes these investments as a separate line item in the consolidated balance sheets and its proportionate share of earnings on a separate line item in the consolidated statements of operations. The company’s share of equity method investees other comprehensive income arising during the period is included in accumulated other comprehensive loss in the consolidated balance sheet. The company recognizes losses in the value of equity method investments when there is evidence of an other-than-temporary decrease in value. Evidence of a loss might include, but would not necessarily be limited to, the inability to recover the carrying amount of the investment or the inability of the equity method investee to sustain an earnings capacity that justifies the carrying amount of the investment. The current fair value of an investment that is less than its carrying amount may indicate a loss in value of the investment. The company evaluates equity method investments for impairment if there is evidence an investment may be impaired. Distributions paid to the company from unconsolidated affiliates are classified as operating activities in the consolidated statements of cash flows until the cumulative distributions exceed the company’s proportionate share of income from the unconsolidated affiliate since the date of initial investment. The amount of cumulative distributions paid to the company that exceeds the cumulative proportionate share of income in each period represents a return of investment, which is classified as an investing activity in the consolidated statements of cash flows. Discontinued Operations In determining whether a disposal group should be presented as discontinued operations, the company makes a determination of whether such a group being disposed of comprises a component of the entity, or a group of components of the entity, that represents a strategic shift that has, or will have, a major effect on the company's operations and financial results. If these determinations are made affirmatively, the results of operations of the group being disposed of are aggregated for separate presentation apart from the continuing operations of the company for all periods presented in the consolidated financial statements. General corporate overhead is not allocated to discontinued operations. Net income from discontinued operations, net of income taxes, relates to the operations of GPCC, which was previously a wholly owned subsidiary of Green Plains until the formation of the GPCC joint venture and partial sale during the third quarter of 2019. The assets and liabilities of GPCC have been reclassified as assets and liabilities of discontinued operations in the prior year. See Note 5 - Acquisitions, Dispositions and Discontinued Operations for further details. The company entered into a shared service agreement whereby they will continue to provide certain administrative services to GPCC and will receive $ 400 thousand on a quarterly basis through September 1, 2024, with the option for automatic renewal for successive one year periods thereafter and the quarterly fee subject to adjustments annually based on services rendered or market rates. The company will continue to sell distillers grains and corn to GPCC, and will recognize these sales and related cost of goods in continuing operations within their consolidated results, whereas previously these were eliminated as intercompany transactions. 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, 2019, the company adopted the amended guidance in ASC 842, Leases. Please refer to Note 18 – Commitments and Contingencies for further details. Effective January 1, 2020, the company will adopt the amended guidance in ASC 326, Financial Instruments - Credit Losses , which replaces the current incurred loss impairment method with a method that reflects expected credit losses on financial instruments. The new standard is effective for fiscal years and interim periods within those years, beginning after December 15, 2019, and allows for early adoption. The adoption of the new guidance will not have a material impact on the company’s consolidated financial statements. |
Green Plains Partners LP
Green Plains Partners LP | 12 Months Ended |
Dec. 31, 2019 | |
Green Plains Partners LP [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 2,630 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, 2019, the company owns a 49.0 % 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 49.0 % limited partner interest in the partnership. 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, expiring on June 30, 2028; 10 -year rail transportation services agreement, expiring on June 30, 2025; 1 -year trucking transportation agreement, expiring on May 31, 2020; Terminal services agreement for the Birmingham, Alabama unit train terminal, expiring December 31, 2022; 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 operations 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, 2019 | |
Revenue [Abstract] | |
Revenue | 4. REVENUE Adoption of ASC 606 On January 1, 2018, the company adopted the amended guidance in ASC 606, Revenue from Contracts with Customers , and all related amendments and applied it to all contracts using the modified retrospective transition method. As such, comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. There was no adjustments to the consolidated January 1, 2018 balance sheet for the adoption of the new revenue standard, and there was no impact of adoption on the consolidated statements of operations 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 tables disaggregate revenue by major source for the years ended December 31, 2019 and 2018 (in thousands): Twelve Months Ended December 31, 2019 (1) Ethanol Production Agribusiness & Energy Services Food & Ingredients Partnership Eliminations Total Revenues: Revenues from contracts with customers under ASC 606: Ethanol $ 620 $ - $ - $ - $ - $ 620 Distillers grains 70,729 - - - - 70,729 Service revenues - - - 6,422 - 6,422 Other 2,589 3,684 - - - 6,273 Intersegment revenues 100 - - 7,126 ( 7,226 ) - Total revenues from contracts with customers 74,038 3,684 - 13,548 ( 7,226 ) 84,044 Revenues from contracts accounted for as derivatives under ASC 815 (2) : Ethanol 1,338,093 522,572 - - - 1,860,665 Distillers grains 228,849 42,445 - - - 271,294 Corn oil 50,290 28,034 1,451 - - 79,775 Grain 175 63,233 - - - 63,408 Other 9,270 48,348 - - - 57,618 Intersegment revenues - 27,184 - - ( 27,184 ) - Total revenues from contracts accounted for as derivatives 1,626,677 731,816 1,451 - ( 27,184 ) 2,332,760 Leasing revenues under ASC 842 (3) - - - 68,839 ( 68,405 ) 434 Total Revenues $ 1,700,715 $ 735,500 $ 1,451 $ 82,387 $ ( 102,815 ) $ 2,417,238 Twelve Months Ended December 31, 2018 (1) 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 206,905 - - - - 206,905 Vinegar - - 108,011 - - 108,011 Service revenues - - - 5,180 - 5,180 Other 5,369 3,014 - - - 8,383 Intersegment revenues 186 24 - 9,030 ( 9,240 ) - Total revenues from contracts with customers 216,263 3,038 108,011 14,210 ( 9,240 ) 332,282 Revenues from contracts accounted for as derivatives under ASC 815 (2) : Ethanol 1,618,319 418,956 - - - 2,037,275 Distillers grains 198,738 141,140 - - - 339,878 Corn oil 66,567 22,623 13,110 - - 102,300 Grain 520 81,742 - - - 82,262 Other 20,254 68,380 - - - 88,634 Intersegment revenues - 33,077 - - ( 33,077 ) - Total revenues from contracts accounted for as derivatives 1,904,398 765,918 13,110 - ( 33,077 ) 2,650,349 Leasing revenues under ASC 840 (3) - - - 86,538 ( 85,237 ) 1,301 Total Revenues $ 2,120,661 $ 768,956 $ 121,121 $ 100,748 $ ( 127,554 ) $ 2,983,932 (1) Revenues include certain items which were previously considered intercompany transactions prior to the disposition of GPCC and therefore eliminated upon consolidation. These revenue transactions are now presented on a gross basis in product revenues. These revenue transactions total $ 14.5 million and $ 24.6 million for the years ended December 31, 2019 and 2018, respectively. (2) Revenues from contracts accounted for as derivatives represent physically settled derivative sales that are outside the scope of 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 Derecognition of Nonfinancial Assets . (3) Leasing revenues do not represent revenues recognized from contracts with customers under ASC 606, and are accounted for under ASC 842, Leases for 2019 and ASC 840, Leases for 2018. Major Customer For the year ended December 31, 2019, revenues from one customer represented 11 % of total revenues. Revenues from this customer are reported in the ethanol production segment. There were no third party customers that accounted for more than 10 % of total revenues for the years ended December 31, 2018 or 2017. 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 is not material to the company. The company expects to recognize all of the unearned revenue associated with service agreements as of December 31, 2019, in the subsequent quarter when the inventory is withdrawn from the partnership’s tank storage. |
Acquisitions, Dispositions And
Acquisitions, Dispositions And Discontinued Operations | 12 Months Ended |
Dec. 31, 2019 | |
Acquisitions, Dispositions And Discontinued Operations [Abstract] | |
Acquisitions, Dispositions And Discontinued Operations | 5. ACQUISITIONS, DISPOSITIONS AND DISCONTINUED OPERATIONS ACQUISITIONS 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 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 the final purchase price allocation, which included working capital true-up payments by the company of $ 0.9 million made during 2018. After the disposition of GPCC, the assets and liabilities of the acquired feedlots were reclassified as discontinued operations. See Disposition of Green Plains Cattle Company LLC described below. 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. After the disposition of GPCC, the assets and liabilities of the acquired feedlots were reclassified as discontinued operations. See Disposition of Green Plains Cattle Company LLC described below. 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 net consideration from Kerry $ 354.0 million in cash and restricted cash, excluding 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 16,142 Inventory 15,167 Prepaid expenses and other 853 Property and equipment 64,552 Other assets 79,389 Current liabilities ( 8,837 ) Deferred tax liabilities ( 26,617 ) Total identifiable net assets 142,756 Goodwill 142,002 Net assets disposed $ 284,758 The amounts above reflect the final purchase price allocation, including a working capital payment made to and received from Kerry of $ 0.3 million and $ 0.3 million during the first and third quarters of 2019, respectively. 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 $ 323.2 million, including 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 $ 323.2 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 $ 36,812 Prepaid expenses and other 189 Property and equipment 184,970 Other assets 1,717 Current liabilities ( 746 ) Other liabilities ( 4,706 ) Total identifiable net assets 218,236 Goodwill 6,188 Net assets disposed $ 224,424 The amounts above reflect the final working capital true-up payments by Valero of $ 3.4 million received during the first quarter of 2019. 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. Disposition of Green Plains Cattle Company LLC On September 1, 2019, the company, TGAM and StepStone formed a joint venture and entered into the LLC Agreement. GPCC was previously a wholly owned subsidiary of Green Plains. Green Plains also entered into a Securities Purchase Agreement with TGAM and StepStone, whereby TGAM and StepStone purchased an aggregate of 50 % of the membership interests of GPCC from Green Plains for approximately $ 76.9 million in cash. There was no gain or loss recorded as part of this transaction. The LLC Agreement contains certain earn-out or bonus provisions to be paid by or received from GPCC if certain EBITDA thresholds are met. The company does not believe these are reasonably estimable and therefore has not recorded these amounts in the consolidated financial statements. Under the LLC Agreement, Green Plains has certain rights and obligations, including but not limited to, the right or obligation: (i) to designate two Managers to the Board of Managers of GPCC (the “Board”), or in the event the size of the Board is increased, the number of Managers equal to two-fifths of the Board, rounded up, and (ii) to fund additional capital contributions in accordance with their percentage interest upon mutual agreement by Green Plains, TGAM and StepStone. Additionally, TGAM and StepStone both have the right or obligation to designate one Manager, or in the event the size of the Board is increased, the number of Managers equal to one-fifths of the Board, rounded up. Each Manager serving on the Board shall have one vote and a majority of the Managers serving on the Board shall constitute a quorum for the transaction of business of the Board. Green Plains’ allocation under the LLC Agreement will be subject to certain adjustments. The assets and liabilities of the GPCC at closing on September 1, 2019 were as follows (in thousands): Amounts of Identifiable Assets Disposed and Liabilities Relinquished Cash $ 2 Accounts receivable, net 17,920 Inventory 387,534 Derivative financial instruments 48,189 Property and equipment 71,678 Other assets 2,291 Current liabilities ( 49,297 ) Short-term notes payable and other borrowings ( 38 ) Current maturities of long-term debt ( 324,028 ) Long-term debt ( 80 ) Other liabilities ( 403 ) Total identifiable net assets disposed $ 153,768 DISCONTINUED OPERATIONS After closing, GPCC is no longer consolidated in the company’s consolidated financial statements and the GPCC investment is accounted for using the equity method of accounting. Additionally, the company concluded that the disposition of GPCC met the requirements under ASC 205-20 . As such, GPCC results prior to its disposition are classified as discontinued operations for all periods provided. Furthermore, the related assets and liabilities of GPCC have been presented as discontinued operations on the December 31, 2018 consolidated balance sheet. Financial results of GPCC were previously recorded within the food and ingredients segment. Assets and Liabilities in the Consolidated Balance Sheet Attributable to Discontinued Operations The following table presents assets and liabilities associated with our discontinued operations. December 31, 2018 Assets Cash and cash equivalents $ 2 Restricted cash 34,909 Accounts receivable, net of allowances 11,860 Inventories 432,283 Prepaid expenses and other 345 Current assets of discontinued operations $ 479,399 Property and equipment, net of accumulated depreciation and amortization $ 71,341 Other assets 1,719 Noncurrent assets of discontinued operations $ 73,060 Liabilities Accounts payable $ 21,072 Accrued and other liabilities 6,410 Derivative financial instruments 16,924 Short-term notes payable and other borrowings 374,492 Current maturities of long-term debt 38 Current liabilities of discontinued operations $ 418,936 Long-term debt $ 80 Other liabilities 2 Noncurrent liabilities of discontinued operations $ 82 Summarized Results of Discontinued Operations The following table presents the results of our discontinued operations for the periods presented. GPCC was disposed of on September 1, 2019, as such operational results through August 31, 2019 are included in the fiscal year 2019 amounts presented below. Year Ended December 31, 2019 (1) 2018 (1) 2017 (1) Product revenues $ 638,122 $ 884,072 $ 328,874 Costs and expenses Cost of goods sold (excluding depreciation and amortization expenses reflected below) 614,671 845,160 302,438 Selling, general and administrative expenses 5,931 7,775 4,659 Depreciation and amortization expenses 4,198 5,361 3,779 Total costs and expenses 624,800 858,296 310,876 Operating income 13,322 25,776 17,998 Other income (expense) Interest income 182 147 10 Interest expense ( 12,417 ) ( 13,576 ) ( 6,460 ) Other, net - 2,613 729 Total other expense ( 12,235 ) ( 10,816 ) ( 5,721 ) Income before income taxes 1,087 14,960 12,277 Income tax expense ( 258 ) ( 3,421 ) ( 7,279 ) Net income $ 829 $ 11,539 $ 4,998 (1) Product revenues, costs of goods sold and selling, general and administrative expenses include certain revenue and expense items which were previously considered intercompany transactions prior to the disposition of GPCC and therefore eliminated upon consolidation. These revenue and costs of goods sold transactions total $ 14.5 million, $ 24.6 million and $ 22.2 million for the years ended December 31, 2019, 2018 and 2017, respectively. |
Fair Value Disclosures
Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs (Level 1) (Level 2) Total Assets: Cash and cash equivalents $ 245,977 $ - $ 245,977 Restricted cash 23,919 - 23,919 Inventories carried at market - 73,318 73,318 Unrealized gains on derivatives - 14,515 14,515 Other assets 113 - 113 Total assets measured at fair value $ 270,009 $ 87,833 $ 357,842 Liabilities: Accounts payable (1) $ - $ 37,294 $ 37,294 Unrealized losses on derivatives - 7,771 7,771 Total liabilities measured at fair value $ - $ 45,065 $ 45,065 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 $ 251,681 $ - $ 251,681 Restricted cash 31,603 - 31,603 Inventories carried at market - 111,960 111,960 Unrealized gains on derivatives - 9,976 9,976 Other assets 114 1 115 Cash, cash equivalents and restricted cash of discontinued operations (2) 34,911 - 34,911 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 (1) Accounts payable is generally stated at historical amounts with the exception of $ 37.3 million and $ 16.6 million at December 31, 2019 and 2018, 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. (2) Includes $ 2 thousand of cash and cash equivalents and $ 34.9 million of restricted cash which is classified as current assets of discontinued operations in the December 31, 2018 consolidated balance sheet. The company believes the fair value of its debt approximated book value, which was approximately $ 564.4 million at December 31, 2019, and $ 516.6 million at December 31, 2018. 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 $ 107.2 million and $ 88.5 million, respectively, at December 31, 2019 and 2018. 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, 2019 | |
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, natural gas and other commodities, (3) food and ingredients, which includes food-grade corn oil 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, excluding amounts related to discontinued operations (in thousands): Year Ended December 31, 2019 (1) 2018 (1) 2017 (1) Revenues: Ethanol production: Revenues from external customers $ 1,700,615 $ 2,120,475 $ 2,507,589 Intersegment revenues 100 186 84 Total segment revenues 1,700,715 2,120,661 2,507,673 Agribusiness and energy services: Revenues from external customers 708,316 735,855 632,702 Intersegment revenues 27,184 33,101 36,059 Total segment revenues 735,500 768,956 668,761 Food and ingredients: Revenues from external customers 1,451 121,121 142,907 Intersegment revenues - - - Total segment revenues 1,451 121,121 142,907 Partnership: Revenues from external customers 6,856 6,481 6,277 Intersegment revenues 75,531 94,267 100,716 Total segment revenues 82,387 100,748 106,993 Revenues including intersegment activity 2,520,053 3,111,486 3,426,334 Intersegment eliminations ( 102,815 ) ( 127,554 ) ( 136,859 ) Revenues as reported $ 2,417,238 $ 2,983,932 $ 3,289,475 (1) Revenues include certain items which were previously considered intercompany transactions prior to the disposition of GPCC and therefore eliminated upon consolidation. These revenue transactions are now presented on a gross basis in product revenues. These revenue transactions total $ 14.5 million, $ 24.6 million and $ 22.2 million for years ended December 31, 2019, 2018 and 2017, respectively. Refer to Note 4 – Revenue , for further disaggregation of revenue by operating segment. Year Ended December 31, 2019 (1) 2018 (1) 2017 (1) Cost of goods sold: Ethanol production $ 1,791,099 $ 2,118,787 $ 2,434,001 Agribusiness and energy services 696,226 717,772 614,582 Food and ingredients 1,526 94,679 109,343 Partnership - - - Intersegment eliminations ( 103,904 ) ( 124,270 ) ( 136,744 ) $ 2,384,947 $ 2,806,968 $ 3,021,182 (1) Cost of goods sold include certain items which were previously considered intercompany transactions prior to the disposition of GPCC and therefore eliminated upon consolidation. These cost of goods sold transactions are now presented on a gross basis in cost of goods sold. These cost of goods sold transactions total $ 14.4 million, $ 24.5 million and $ 22.0 million for the years ended December 31, 2019, 2018 and 2017, respectively. Year Ended December 31, 2019 2018 2017 Operating income (loss): Ethanol production $ ( 178,575 ) $ ( 111,823 ) $ ( 45,074 ) Agribusiness and energy services 22,777 29,076 30,443 Food and ingredients ( 76 ) 14,354 17,963 Partnership 50,635 64,770 65,709 Intersegment eliminations 1,188 ( 3,110 ) ( 61 ) Corporate activities (1) ( 38,519 ) 96,687 ( 45,232 ) $ ( 142,570 ) $ 89,954 $ 23,748 (1) Corporate activates for fiscal year 2018 include a gain on the sale of assets related to the sale of three ethanol plants and Fleischmann’s Vinegar during the fourth quarter of 2018, which resulted in a net gain of $ 150.4 million. Year Ended December 31, 2019 2018 2017 Depreciation and amortization: Ethanol production $ 63,073 $ 80,227 $ 81,987 Agribusiness and energy services 2,222 2,470 3,462 Food and ingredients - 7,553 9,324 Partnership 3,441 4,442 5,111 Corporate activities 3,391 3,566 3,698 $ 72,127 $ 98,258 $ 103,582 Year Ended December 31, 2019 2018 2017 Capital expenditures: Ethanol production $ 72,374 $ 27,322 $ 28,996 Agribusiness and energy services 2,251 277 397 Food and ingredients - 9,025 13,467 Partnership 305 1,268 2,024 Corporate activities 1,542 451 3,115 $ 76,472 $ 38,343 $ 47,999 The following table sets forth total assets by operating segment (in thousands): Year Ended December 31, 2019 2018 Total assets (1) : Ethanol production $ 884,293 $ 872,845 Agribusiness and energy services 410,400 399,633 Partnership 90,011 67,297 Corporate assets 324,280 334,236 Assets of discontinued operations - 552,459 Intersegment eliminations ( 10,766 ) ( 10,038 ) $ 1,698,218 $ 2,216,432 (1) Asset balances by segment exclude intercompany payable and receivable balances . |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
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. The company recorded a $ 6.6 million and $ 6.0 million lower of cost or market inventory adjustment reflected in cost of goods sold within the ethanol production segment as of December 31, 2019 and 2018, respectively. The components of inventories are as follows (in thousands): December 31, 2019 2018 Finished goods $ 85,975 $ 99,566 Commodities held for sale 42,836 62,896 Raw materials 77,900 98,174 Work-in-process 13,523 12,680 Supplies and parts 32,758 29,284 $ 252,992 $ 302,600 |
Property And Equipment
Property And Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property And Equipment [Abstract] | |
Property And Equipment | 9. PROPERTY AND EQUIPMENT The components of property and equipment are as follows (in thousands): December 31, 2019 2018 Plant equipment $ 911,097 $ 884,738 Buildings and improvements 168,309 167,842 Land and improvements 92,321 92,154 Railroad track and equipment 34,404 34,163 Construction-in-progress 60,262 8,491 Computer hardware and software 19,368 18,444 Office furniture and equipment 3,716 3,639 Leasehold improvements and other 24,471 24,416 Total property and equipment 1,313,948 1,233,887 Less: accumulated depreciation and amortization ( 486,677 ) ( 418,652 ) Property and equipment, net $ 827,271 $ 815,235 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill And Intangible Assets [Abstract] | |
Goodwill and Intangible Assets | 10. GOODWILL AND INTANGIBLE ASSETS Goodwill Effective January 1, 2018, the company early adopted the amended guidance in ASC 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 company is required to perform impairment tests related to goodwill annually, which it performs as of October 1, or sooner if an indicator of impairment occurs. Near term industry outlook and the decline in the company’s stock price caused a decline in the company’s market capitalization during the three months ended September 30, 2019. As such, the company determined a triggering event had occurred that required an interim impairment assessment for its ethanol production reporting unit. Due to the impairment indicators noted as a result of these triggering events, the company evaluated goodwill as of September 30, 2019. Significant assumptions inherent in the valuation methodologies for goodwill were employed and include, but are not limited to, market capitalization, prospective financial information, growth rates, discount rates, inflationary factors, and cost of capital. Based on the company’s quantitative evaluation, it was determined that the fair value of the ethanol production reporting unit exceeded its carrying value. As a result, the company concluded that the goodwill assigned to the ethanol production reporting unit was not impaired, but could be at risk of future impairment. The company continues to believe that its long-term financial goals will be achieved. As a result of the analysis, the company did not take a goodwill impairment charge. The company performed an annual goodwill assessment as of October 1, 2019, and given the quantitative work performed during the third quarter as described above, the company used a qualitative assessment, which resulted in no goodwill impairment. There were no qualitative factors from our interim quantitative goodwill impairment assessment on September 30, 2019 through December 31, 2019 that would suggest that its more likely than not that our goodwill is impaired. Changes in the carrying amount of goodwill attributable to each business segment during the years ended December 31, 2019 and 2018 were as follows (in thousands): Ethanol Food and Production Ingredients Partnership Total Balance, December 31, 2017 $ 30,279 $ 142,002 $ 10,598 $ 182,879 Dispositions (1) ( 6,188 ) ( 142,002 ) - ( 148,190 ) Balance, December 31, 2018 $ 24,091 $ - $ 10,598 $ 34,689 Balance, December 31, 2019 $ 24,091 $ - $ 10,598 $ 34,689 (1) As of December 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 and $ 5.3 million, respectively, of amortization expense associated with amortizing the customer relationship intangible asset during the years ended December 31, 2018 and 2017. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Financial Instruments [Abstract] | |
Derivative Financial Instruments | 11. DERIVATIVE FINANCIAL INSTRUMENTS At December 31, 2019, the company’s consolidated balance sheet reflected unrealized losses of $ 11.1 million, net of tax, in accumulated other comprehensive loss, which included its share of equity method investee’s other comprehensive income arising during the period. 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, 2019 2018 2019 2018 Derivative financial instruments $ 14,515 (1) $ 9,976 (2) $ 7,771 $ 7,852 Other assets - 1 - - Other liabilities - - - 2 Total $ 14,515 $ 9,977 $ 7,771 $ 7,854 (1) At December 31, 2019, derivative financial instruments, as reflected on the balance sheet, includes net unrealized gains on exchange traded futures and options contracts of $ 3.4 million, which include $ 0.1 million of net unrealized gains on derivative financial instruments designated as cash flow hedging instruments. (2) 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. Refer to Note 6 - Fair Value Disclosures , which contains fair value information related to derivative financial instruments. Effect of Derivative Instruments on Consolidated Balance Sheets, Consolidated Statements of Operations and Consolidated Statements of 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 2019 2018 2017 Revenues $ - $ 3,648 $ 42,710 Cost of goods sold - 1,258 ( 11,765 ) Net income (loss) from discontinued operations, net of income taxes 48,797 ( 14,462 ) ( 24,714 ) Net gain (loss) recognized in loss before tax $ 48,797 $ ( 9,556 ) $ 6,231 Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivatives Gain or (Loss) Recognized in Year Ended December 31, Other Comprehensive Income on Derivatives 2019 2018 2017 Commodity Contracts $ 70,404 $ ( 9,642 ) $ ( 8,015 ) Location of Gain or Amount of Gain or (Loss) Recognized in Income on Derivatives Derivatives Not Designated (Loss) Recognized in Year Ended December 31, as Hedging Instruments Income on Derivatives 2019 2018 2017 Commodity contracts Revenues $ ( 10,202 ) $ 11,565 $ ( 12,588 ) Commodity contracts Costs of goods sold ( 2,442 ) 21,101 25,825 Commodity contracts Net income (loss) from discontinued operations, net of income taxes ( 2,470 ) ( 3,607 ) 1,258 $ ( 15,114 ) $ 29,059 $ 14,495 The following amounts were recorded on the consolidated balance sheets related to cumulative basis adjustments for the fair value hedged items (in thousands): December 31, 2019 December 31, 2018 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 Carrying Amount of the Hedged Assets Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets Inventories $ 55,021 $ ( 2,808 ) $ 89,188 $ 2,430 Effect of Cash Flow and Fair Value Hedge Accounting on the Statements of Operations Location and Amount of Gain Recognized in Income on Cash Flow and Fair Value Hedging Relationships for the Year Ended December 31, 2019 Revenue Cost of Goods Sold Net Income (Loss) from Discontinued Operations, Net of Income Taxes Gain on cash flow hedging relationships: Commodity contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income $ - $ - $ 48,797 Gain (loss) on fair value hedging relationships: Commodity contracts: Hedged item - ( 844 ) - Derivatives designated as hedging instruments - 4,254 - Total amounts of income and expense line items presented in the consolidated statement of operations in which the effects of cash flow or fair value hedges are recorded $ - $ 3,410 $ 48,797 Location and Amount of Gain or (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships for the Year Ended December 31, 2018 Revenue Cost of Goods Sold Net Income (Loss) from Discontinued Operations, Net of Income Taxes Gain (loss) on cash flow hedging relationships: Commodity contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income $ 3,648 $ 1,258 $ ( 14,462 ) Gain (loss) on fair value hedging relationships: Commodity contracts: Hedged item - 13,681 - Derivatives designated as hedging instruments - ( 12,304 ) - Total amounts of income and expense line items presented in the consolidated statement of operations in which the effects of cash flow or fair value hedges are recorded $ 3,648 $ 2,635 $ ( 14,462 ) Location and Amount of Gain or (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships for the Year Ended December 31, 2017 Revenue Cost of Goods Sold Net Income (Loss) from Discontinued Operations, Net of Income Taxes Gain (loss) on cash flow hedging relationships: Commodity contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income $ 42,710 $ ( 11,765 ) $ ( 24,714 ) Gain (loss) on fair value hedging relationships: Commodity contracts: Hedged item 1,451 ( 6,229 ) - Derivatives designated as hedging instruments ( 1,734 ) 8,530 - Total amounts of income and expense line items presented in the consolidated statement of operations in which the effects of cash flow or fair value hedges are recorded $ 42,427 $ ( 9,464 ) $ ( 24,714 ) There were no gains or losses from discontinuing cash flow or fair value hedge treatment during the years ended December 31, 2019, 2018 and 2017. The open commodity derivative positions as of December 31, 2019, are as follows (in thousands): December 31, 2019 Exchange Traded Non-Exchange Traded Derivative Instruments Net Long & (Short) (1) Long (2) (Short) (2) Unit of Measure Commodity Futures 22,445 Bushels Corn and Soybeans Futures ( 7,000 ) (3) Bushels Corn Futures ( 9,702 ) Gallons Ethanol Futures ( 41,664 ) (4) Gallons Ethanol Futures ( 8,428 ) mmBTU Natural Gas Futures ( 9,088 ) (3) mmBTU Natural Gas Options ( 201 ) Bushels Corn Options ( 20,954 ) Gallons Ethanol Forwards 29,511 ( 1,374 ) Bushels Corn and Soybeans Forwards 26,208 ( 389,298 ) Gallons Ethanol Forwards 137 ( 592 ) Tons Distillers Grains Forwards 3,840 ( 131,616 ) Pounds Corn Oil Forwards 12,539 ( 1,736 ) 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 or non-exchange traded forwards used for fair value hedges. (4) Futures used for cash flow hedges. Energy trading contracts that do not involve physical delivery are presented net in revenues on the consolidated statements of operations. Included in revenues are net gains of $ 12.3 million, $ 23.1 million, and $ 35.4 million for the years ended December 31, 2019, 2018, and 2017 respectively, on energy trading contracts. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt [Abstract] | |
Debt | 12. DEBT The components of long-term debt are as follows (in thousands): December 31, 2019 2018 Corporate: 3.25 % convertible notes due 2019 (1) $ - $ 53,457 4.125 % convertible notes due 2022 (2) 149,256 142,708 4.00 % convertible notes due 2024 (3) 83,497 - Green Plains Partners: $ 200.0 million revolving credit facility (4) 132,100 134,000 $ 8.1 million promissory note - 8,100 Other 16,512 17,804 Total 381,365 356,069 Unamortized debt issuance costs ( 4,820 ) ( 3,190 ) Less: current portion of long-term debt ( 132,555 ) ( 54,769 ) Total long-term debt $ 243,990 $ 298,110 (1) Includes $ 0.4 million of unamortized debt issuance costs as of December 31, 2018. (2) Includes $ 2.0 million and $ 2.8 million of unamortized debt issuance costs as of December 31, 2019 and 2018, respectively. (3) Includes $ 2.8 million of unamortized debt issuance costs as of December 31, 2019. (4) The Green Plains Partners revolving credit facility is included in current maturities of long-term debt balance on the consolidated balance sheet as of December 31, 2019 as its maturity date is July 1, 2020 . Scheduled long-term debt repayments, including full accretion of the 4.125 % convertible notes due 2022 and of the 4.00 % convertible notes due 2024 at maturity but excluding the effects of any debt discounts and debt issuance costs, are as follows (in thousands): Year Ending December 31, Amount 2020 $ 132,555 2021 354 2022 170,345 2023 337 2024 115,331 Thereafter 14,690 Total $ 433,612 The components of short-term notes payable and other borrowings are as follows (in thousands): December 31, 2019 2018 Green Plains Cattle: $ 500.0 million revolver (1) $ - $ - Green Plains Trade: $ 300.0 million revolver 138,204 108,485 Green Plains Grain: $ 100.0 million revolver 40,000 41,000 $ 50.0 million inventory financing - - Green Plains Commodity Management: $ 30.0 million hedge line 9,608 14,266 Total short-term notes payable and other borrowings $ 187,812 $ 163,751 (1) As part of the GPCC disposition during the three months ended September 30, 2019, the December 31, 2018 outstanding balance of the Green Plains Cattle revolver of $ 374.5 million has been reclassified to current liabilities of discontinued operations. Refer to Note 5 – Acquisitions, Dispositions and Discontinued Operations for further discussion on discontinued operations. Corporate Activities On June 21, 2019, the company issued $ 105.0 million of 4.00 % convertible senior notes due in 2024, or the 4.00 % notes. The company used approximately $ 57.8 million of the net proceeds to repurchase the $ 56.8 million outstanding principal amount of its 3.25 % convertible senior notes due October 1, 2019 in cash, including accrued and unpaid interest, in privately negotiated transactions concurrently with the offering of the 4.00 % notes. On July 19, 2019, the company closed on the issuance of an additional $ 10.0 million aggregate principal amount of the 4.00 % notes (the “Option Notes”) to the initial purchasers. The Option Notes have the same terms as the 4.00 % notes issued on June 21, 2019, and were issued under the same Indenture dated as of June 21, 2019. After the issuance of the Option Notes, total aggregate principal of the 4.00 % notes outstanding is $ 115.0 million. At issuance, the company separately accounted for the liability and equity components of the 3.25 % convertible notes by bifurcating the gross proceeds between the indebtedness, or liability component, and the embedded conversion option, or equity component, by estimating an effective interest rate on the date of issuance for similar notes. The embedded conversion option was recorded in stockholders’ equity. Since the company did not exercise the embedded conversion option associated with the notes, pursuant to the guidance within ASC 470, Debt , the company recorded a loss upon extinguishment of $ 1.6 million, measured by the difference between the fair value and carrying value of the liability portion of the notes. As a result, the company recorded a charge to interest expense in the consolidated financial statements of approximately $ 1.6 million during the three months ended June 30, 2019. This charge included $ 0.1 million of unamortized debt issuance costs related to the principal balance extinguished. The remaining settlement consideration transferred was allocated to the reacquisition of the embedded conversion option and recognized as a reduction of additional paid-in capital. The 4.00 % notes are senior, unsecured obligations of the company, with interest payable on January 1 and July 1 of each year, beginning January 1, 2020, at a rate of 4.00 % per annum. The 4.00 % notes will mature on July 1, 2024 , unless earlier converted, redeemed or repurchased. The 4.00 % notes will be convertible, at the option of the holders, into consideration consisting of, at the company’s election, cash, shares of the company’s common stock, or a combination of cash and shares of the company’s common stock until the close of business on the scheduled trading day immediately preceding the maturity date. However, before January 1, 2024, the 4.00 % notes will not be convertible unless certain conditions are satisfied. The initial conversion rate is 64.1540 shares of common stock per $ 1,000 of principal, which is equal to a conversion price of approximately $ 15.59 per share. The conversion rate will be subject to adjustment upon the occurrence of certain events. In addition, the company may be obligated to increase the conversion rate for any conversion that occurs in connection with certain corporate events, including the company’s calling the 4.00 % notes for redemption. On and after July 1, 2022, and prior to the maturity date, the company may redeem all, but not less than all, of the 4.00 % notes for cash if the sale price of 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 amount of the 4.00 % notes to be redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date. In addition, upon the occurrence of a fundamental change, holders of the 4.00 % notes will have the right, at their option, to require the company to repurchase the 4.00 % notes in cash at a price equal to 100 % of the principal amount of the 4.00 % notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. 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 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 conversion rate is subject to adjustment upon the occurrence of certain events, including upon redemption of the 4.125 % notes. 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 The company has small equipment financing loans, finance leases on equipment or facilities, and other forms of debt financing. Agribusiness and Energy Services Segment 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 a senior secured asset-based revolving credit facility, which was amended on June 28, 2019, to extend the existing maturity date from July 26, 2019 to June 28, 2022 and lower the maximum commitment from $ 125.0 million to $ 100.0 million. The credit facility finances 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. 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 $ 225.0 million. Depending on utilization, the total unused portion of the $ 100.0 million revolving credit facility is also subject to a commitment fee ranging from 0.375 % to 0.50 %. Lenders receive a first priority lien on certain cash, inventory, accounts receivable and other assets owned by Green Plains Grain. The terms impose affirmative and negative covenants for Green Plains Grain, including maintaining minimum working capital to be the greater of (i) $ 18,000,000 and (ii) 18 % of the sum of the then total commitment plus the aggregate seasonal line commitments . Minimum tangible net worth is required to be greater than 21 % of the sum of the then total commitment plus the aggregate seasonal line commitments. The credit facility also requires the company to maintain a maximum annual leverage of 6.00 to 1.00. 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, if the company has long-term indebtedness on the date of calculation of greater than $ 10.0 million, the credit facility requires the company to maintain a minimum fixed charge coverage ratio of 1.25 to 1.00 and a maximum long term debt capitalization of 40 %. 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, 2019. Green Plains Commodity Management has an uncommitted revolving credit facility, which was amended in October 2019, to increase the maximum commitment from $ 20.0 million to $ 30.0 million. The revolving credit facility, which matures April 30, 2023 , is used to finance margins related to its hedging programs. Advances are subject to variable interest rates equal to LIBOR plus 1.75 %. Food and Ingredients Segment On August 28, 2019, GPCC entered into an amended and restated $ 500 million senior secured asset-based revolving credit facility with a group of lenders led by Bank of the West and ING Capital LLC which was conditional upon the closing and formation of the GPCC joint venture which became effective on September 1, 2019. The amended and restated agreement includes revisions to certain covenants including the calculations of tangible net worth, restricted payments and excess cash reserves. The amended and restated agreement also updated the definition of a change in control as Green Plains owning less than 35 % of GPCC, which previously had been Green Plains owning less than 100 % of GPCC. The December 31, 2018 outstanding balance of GPCC’s senior secured asset-based revolving credit facility has been reclassified to current liabilities of discontinued operations. Upon the disposition of GPCC, the food and ingredient segment no longer records any forms of debt financing. Refer to Note 5 – Acquisitions, Dispositions and Discontinued Operations for further discussion on the disposition and discontinued operations classification. Partnership Segment Green Plains Partners, through a wholly owned subsidiary, has a $ 200.0 million revolving credit facility to fund working capital, acquisitions, distributions, capital expenditures and other general partnership purposes. The credit facility matures on July 1, 2020 , and as a result, was reclassified to current maturities of long-term debt during the three months ended September 30, 2019. Advances under the credit facility are subject to a floating interest rate based on the preceding fiscal quarter’s consolidated leverage ratio at a base rate plus 1.25 % to 2.00 % or LIBOR plus 2.25 % to 3.00 %. The 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. 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 3.50 x and a minimum consolidated interest coverage ratio of no less than 2.75 x, each of which is calculated on a pro forma basis with respect to acquisitions and divestitures occurring during the applicable period. The consolidated leverage ratio is calculated by dividing total funded indebtedness minus the lesser of cash in excess of $ 5.0 million or $ 30.0 million by the sum of the four preceding fiscal quarters’ consolidated EBITDA. The consolidated interest coverage ratio is calculated by dividing the sum of the four preceding fiscal quarters’ consolidated EBITDA by the sum of the four preceding fiscal quarters’ interest charges. The partnership had $ 132.1 million of its $ 200.0 million revolving credit facility outstanding as of December 31, 2019. The facility, which is supported by a group of financial institutions, will mature on July 1, 2020 unless extended by agreement of the lenders or replaced by another funding source. While the partnership has not yet renegotiated the credit facility or secured additional funding necessary to repay the loan, the partnership believes it is probable that it will source appropriate funding given the partnership’s consistent and stable fee-based cash flows, ongoing profitability, low debt leverage and history of obtaining financing on reasonable commercial terms. In the unlikely scenario that the partnership is unable to refinance its debt with the lenders prior to its maturity, the partnership will consider other financing sources, including but not limited to, the restructuring or issuance of new debt with a different lending group, the issuance of additional partnership units or support from the company. In June 2013, the partnership, through a wholly owned subsidiary, Birmingham BioEnergy , was a recipient of qualified low income community investment notes in conjunction with New Markets Tax Credits financing related to the Birmingham, Alabama terminal. Two promissory notes payable of $ 1.9 million and $ 8.1 million, and a note receivable of $ 8.1 million, were issued in connection with this transaction. On December 31, 2019, the parties to the transaction executed certain provisions under the agreements whereby the promissory notes payable totaling $ 10.0 million were assigned to BlendStar in satisfaction of the $ 8.1 million note receivable. The partnership previously accounted for the $ 1.9 million promissory note payable as grant revenue, which was reflected as a reduction in the carrying value of the property and equipment at Birmingham BioEnergy and recognized in earnings as a decrease in depreciation expense over the useful life of the assets. The remaining $ 8.1 million promissory note payable and note receivable between Birmingham BioEnergy and BlendStar were forgiven in conjunction with the closing on December 31, 2019. Covenant Compliance The company was in compliance with its debt covenants as of December 31, 2019 and 2018. Restricted Net Assets At December 31, 2019, there were approximately $ 67.4 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, 2019 | |
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: Restricted Stock Awards – Restricted stock 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. 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. 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. 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 and Deferred Stock Units The non-vested restricted stock award and deferred stock unit activity for the year ended December 31, 2019, 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, 2018 882,288 $ 19.12 Granted 497,118 15.40 Forfeited ( 138,110 ) 17.55 Vested ( 489,981 ) 18.31 Nonvested at December 31, 2019 751,315 $ 17.48 1.6 Performance Share Awards On February 19, 2019 and March 19, 2018, the board of directors granted 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 the third anniversary of the grant, 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 reduce or increase 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 the 2018 and 2019 awards are 428,104 performance shares or 150 % of the 285,403 performance shares which remain outstanding. 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 are illustrated in the following table: FY 2019 Performance Awards FY 2018 Performance Awards Risk-free interest rate 2.45 % 2.44 % Dividend yield 3.13 % 2.64 % Expected volatility 41.69 % 45.11 % Monte Carlo valuation 99.62 % 97.39 % Closing stock price on the date of grant $ 15.34 $ 18.15 The non-vested performance share award activity for the year ended December 31, 2019, are as follows: Performance Shares Weighted- Average Grant- Date Fair Value Weighted-Average Remaining Vesting Term (in years) Nonvested at December 31, 2018 134,022 $ 17.92 Granted 216,703 15.43 Forfeited ( 65,322 ) 16.38 Nonvested at December 31, 2019 285,403 $ 16.38 1.9 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, 2019, are as follows: Non-Vested Shares and Deferred Stock Units Weighted- Average Grant-Date Fair Value Weighted-Average Remaining Vesting Term (in years) Non-Vested at December 31, 2018 18,582 $ 16.96 Granted 22,856 14.00 Vested ( 18,582 ) 16.96 Nonvested at December 31, 2019 22,856 $ 14.00 0.5 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, 2019, 2018 and 2017. The activity related to the exercisable stock options for the year ended December 31, 2019, is as follows: Shares Weighted- Average Exercise Price Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2018 128,750 $ 12.72 1.0 $ 89 Exercised ( 118,750 ) 12.36 - 340 Outstanding at December 31, 2019 10,000 $ 16.95 0.2 $ - Exercisable at December 31, 2019 (1) 10,000 $ 16.95 0.2 $ - (1) The weighted average exercise price for options exercisable at December 31, 2019 was above the company’s stock price at December 31, 2019. 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. Stock-Based and Unit-Based Compensation Expense Compensation costs for stock-based and unit-based payment plans during the years ended December 31, 2019, 2018 and 2017, were approximately $ 9.7 million, $ 11.4 million and $ 12.2 million, respectively. The decrease in stock compensation for the year ended December 31, 2019 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, 2019, there were $ 9.8 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 1.7 years. The potential tax benefit related to stock-based payment is approximately 24.3 % of these expenses. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
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. The company computed diluted EPS 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. In addition, due to the presentation of GPCC as discontinued operations, the company has presented basic and diluted earnings per share from both continuing operations and from discontinued operations. The basic and diluted EPS are calculated as follows (in thousands): Year Ended December 31, 2019 2018 2017 Basic EPS: Net income (loss) from continuing operations (1) $ ( 167,689 ) $ 4,384 $ 56,063 Net income from discontinued operations 829 11,539 4,998 Net income (loss) attributable to Green Plains $ ( 166,860 ) $ 15,923 $ 61,061 Weighted average shares outstanding - basic 38,111 40,320 39,247 EPS from continuing operations - basic $ ( 4.40 ) $ 0.11 $ 1.43 EPS from discontinued operations - basic 0.02 0.28 0.13 EPS - basic $ ( 4.38 ) $ 0.39 $ 1.56 Diluted EPS: Net income (loss) from continuing operations (1) $ ( 167,689 ) $ 4,384 $ 56,063 Interest and amortization on convertible debt, net of tax effect: 3.25 % notes - - 4,433 4.125 % notes - - 8,159 Net income (loss) from continuing operations -diluted $ ( 167,689 ) $ 4,384 $ 68,655 Net income from discontinued operations - diluted 829 11,539 4,998 Net income (loss) attributable to Green Plains - diluted $ ( 166,860 ) $ 15,923 $ 73,653 Weighted average shares outstanding - basic 38,111 40,320 39,247 Effect of dilutive convertible debt: 3.25 % notes - - 4,209 4.125 % notes - - 6,071 Effect of dilutive stock-based compensation awards - 934 713 Weighted average shares outstanding - diluted 38,111 41,254 50,240 EPS from continuing operations - diluted $ ( 4.40 ) $ 0.11 $ 1.37 EPS from discontinued operations - diluted 0.02 0.28 0.10 EPS - diluted $ ( 4.38 ) $ 0.39 $ 1.47 Anti-dilutive weighted-average convertible debt and stock-based compensation (2) 10,560 7,283 - (1) Net income (loss) from continuing operations can be recalculated from the consolidated statements of operations by taking the net income (loss) from continuing operations including noncontrolling interest less net income attributable to noncontrolling interests. (2) The effect related to the company’s convertible debt and stock-based compensation awards have been excluded from diluted EPS for the periods presented as the inclusion of these shares would have been antidilutive. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | 15. STOCKHOLDERS’ EQUITY Treasury Stock The company holds 10.9 million shares of its common stock at a cost of $ 119.8 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 On October 30, 2019, the company’s board of directors authorized an additional $ 100 million share repurchase taking the previously authorized amount from $ 100 million to $ 200 million. 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 5,396,608 shares of common stock for approximately $ 61.6 million during 2019. Since inception, the company has repurchased 6,515,957 shares of common stock for approximately $ 81.4 million under the program. Dividends On June 18, 2019, the company announced that its board of directors decided to suspend its future quarterly cash dividend following the June 14, 2019 dividend payment, in order to retain and redirect cash flow to the company’s Project 24 operating expense equalization plan, the deployment of high-protein technology and its stock repurchase program. For each calendar quarter commencing with the quarter ended September 30, 2015, the partnership agreement provides for a quarterly distribution to be paid within 45 days after the end of the quarter, proided the partnership has sufficient available cash. Available cash generally means, all cash and cash equivalents on hand at the end of that quarter less cash reserves established by the general partner 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 16, 2020, the board of directors of the general partner of the partnership declared a cash distribution of $ 0.475 per unit on outstanding common units. The distribution is payable on February 7, 2020, to unitholders of record at the close of business on January 31, 2020. 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 Operations 2019 2018 2017 Classification Gains (losses) on cash flow hedges: Commodity derivatives $ - $ 3,648 $ 42,710 (1) Commodity derivatives - 1,258 ( 11,765 ) (2) Total gains on cash flow hedges from continuing operations - 4,906 30,945 (3) Gains (losses) on cash flow hedges from discontinued operations, net of income taxes 38,795 ( 10,092 ) ( 15,566 ) (4) Income tax benefit - 1,483 11,454 (5) Amounts reclassified from accumulated other comprehensive income (loss) $ 38,795 $ ( 6,669 ) $ 3,925 (1) Revenues (2) Costs of goods sold (3) Income (loss) from continuing operations before income taxes and income (loss) from equity method investees (4) Net income from discontinued operations, net of income taxes (5) Income tax benefit At December 31, 2019 and 2018, the company’s consolidated balance sheets reflected unrealized losses of $ 11.1 million and $ 16.0 million, net of tax, in accumulated other comprehensive loss, respectively. |
Restructuring Activities
Restructuring Activities | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring Activities [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | 1 6. RESTRUCTURING ACTIVITIES In the second quarter of 2018, the company announced its portfolio optimization program 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 had 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. Approximately $ 2.7 million of the total charge was included in accrued liabilities as of December 31, 2018 and paid in full during 2019. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
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. A valuation allowance is recorded by the company when it is more likely than not that some portion or all of a deferred tax asset will not be realized. 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, 2019 2018 2017 Current $ ( 2,177 ) $ 7,758 $ ( 43,705 ) Deferred ( 18,881 ) ( 24,484 ) ( 81,077 ) Total ( 21,058 ) ( 16,726 ) ( 124,782 ) Less: Income tax expense - discontinued operations 258 3,421 7,279 Income tax benefit - continuing operations $ ( 21,316 ) $ ( 20,147 ) $ ( 132,061 ) Differences between income tax expense from continuing operations at the statutory federal income tax rate and as presented on the consolidated statements of operations are summarized as follows (in thousands): Year Ended December 31, 2019 2018 2017 Tax expense at federal statutory rate $ ( 36,317 ) $ 1,060 $ ( 19,400 ) State income tax expense, net of federal benefit ( 7,839 ) 702 ( 1,159 ) Nondeductible compensation 762 921 222 Noncontrolling interests ( 3,961 ) ( 4,370 ) ( 7,199 ) Unrecognized tax benefits 36 15,148 25,720 R&D credits ( 323 ) ( 34,979 ) ( 74,033 ) Increase in valuation allowance 25,314 - - Disposition of subsidiary ( 373 ) ( 1,022 ) - Tax Cuts and Jobs Act impact - 278 ( 57,223 ) Stock compensation 369 993 - Audit adjustments - 559 - Amended return adjustments - 374 - Other 1,016 189 1,011 Income tax benefit $ ( 21,316 ) $ ( 20,147 ) $ ( 132,061 ) Significant components of deferred tax assets and liabilities are as follows (in thousands): December 31, 2019 2018 Deferred tax assets: Net operating loss carryforwards - Federal $ 27,935 $ - Net operating loss carryforwards - State 8,788 4,004 Tax credit carryforwards - Federal 49,937 47,956 Tax credit carryforwards - State 7,750 9,369 Derivative financial instruments 342 - Deferred revenue 795 2,236 Interest expense carryforward 5,539 2,048 Investment in partnerships 46,774 50,009 Inventory valuation 1,560 3,603 Stock-based compensation 1,347 1,458 Accrued expenses 4,325 5,439 Leases 6,993 2,516 Other 51 43 Total 162,136 128,681 Valuation allowance ( 33,337 ) ( 7,413 ) Total deferred tax assets 128,799 121,268 Deferred tax liabilities: Convertible debt ( 12,266 ) ( 7,508 ) Fixed assets ( 107,909 ) ( 118,330 ) Derivative financial instruments - ( 1,573 ) Organizational and start-up costs ( 4,484 ) ( 3,980 ) Right-of-use assets ( 4,140 ) - Total deferred tax liabilities ( 128,799 ) ( 131,391 ) Deferred income taxes $ - $ ( 10,123 ) At December 31, 2019, the company has federal R&D credits of $ 49.7 million which will begin to expire in 2033. The company also has $ 7.8 million of state credits which will expire beginning in 2021. The company has federal net operating losses of $ 27.9 million which do not expire. The company increased the valuation allowance for its net deferred tax assets due to uncertainty that it will realize these assets in the future. The valuation allowance on deferred tax assets was recognized as a result of negative evidence, including cumulative losses in recent years, outweighing the more subjective positive evidence. 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 will continue to regularly assess the realizability of deferred tax assets. Changes in earnings performance and future earnings projections, among other factors, may cause the company to adjust its valuation allowance on deferred tax assets, which would impact the company’s results of operations in the period it is determined that these factors have changed. The company’s federal income tax returns for the tax years ended December 31, 2014 and December 31, 2017 are currently under audit. The company’s federal returns for the tax years ended December 31, 2015, 2016 and 2018 are still subject to audit. A reconciliation of unrecognized tax benefits is as follows (in thousands): Unrecognized Tax Benefits Balance at January 1, 2019 $ 51,558 Additions for prior year tax positions 6 Additions for current year tax positions 32 Balance at December 31, 2019 $ 51,596 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. We believe it is reasonably possible that approximately $ 12.5 million in unrecognized tax benefits related to R&D credits may be settled within the coming year as a result of the ongoing federal audit. In addition, the results of the current audit may cause the company to significantly increase or decrease the unrecognized tax benefits associated with R&D credits for periods not under audit. At this time, the company does not have enough information to be able to estimate the potential adjustment. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 18. COMMITMENTS AND CONTINGENCIES Adoption of ASC 842 On January 1, 2019, the company adopted the amended guidance in ASC 842, Leases , and all related amendments (“new lease standard”) and applied it to all leases using the optional transition method which requires the amended guidance to be applied at the date of adoption. The standard does not require the guidance to be applied to the earliest comparative period presented in the financial statements. As such, comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The new lease standard had a material impact on the company’s consolidated balance sheets, increasing total assets and total liabilities for continuing operations by $ 60.2 million upon adoption. It did not have an impact on the consolidated statement of operations for the year ended December 31, 2019. The impact on the consolidated balance sheet as of December 31, 2019 for the adoption of the new lease standard, excluding leases for discontinued operations, was as follows (in thousands): Balance at Adjustments Balance at December 31, Due to January 1, 2018 ASC 842 2019 (audited) Assets Operating lease right-of-use assets $ - $ 60,557 $ 60,557 Other assets 365 ( 365 ) - Liabilities Accounts payable 196 ( 196 ) - Operating lease current liabilities - 17,650 17,650 Operating lease long-term liabilities - 45,571 45,571 Other liabilities 3,240 ( 3,240 ) - The company’s leases do not specify an implicit interest rate. Therefore, the incremental borrowing rate was used based on information available at commencement date to determine the present value of future payments. Practical Expedients Under the new lease standard, companies may elect various practical expedients upon adoption. The company elected the package of practical expedients related to transition, which states that an entity need not reassess initial direct costs for existing leases, the lease classification for any expired or existing leases, and whether any expired or existing contracts are or contain leases. The company elected to utilize a portfolio approach for lease classification, which allows for an entity to group together leases with similar characteristics provided that its application does not create a material difference when compared to accounting for the leases at a contract level. For railcar leases, the company elected to combine the railcars within each rider and account for each rider as an individual lease. The company also elected the practical expedient for lessees to include both the lease and non-lease components as a single component and account for them as a lease. Certain of the company’s railcar agreements provide for maintenance costs to be the responsibility of the company as incurred or charged by the lessor. This maintenance cost is a non-lease component that the company elected to combine with the monthly rental payment and account for the total cost as operating lease expense. In addition, the company has a land lease that contains a non-lease component for the handling and unloading services the landlord provides. The company elected to combine the cost of services with the land lease cost and account for the total as operating lease expense. A lessee may elect not to apply the recognition requirements in the new lease standard for short-term leases. Instead, the lease payments may be recognized into profit or loss on a straight-line basis over the lease term. The company has elected to use this short-term lease exemption, and therefore will not record a lease liability or right-of-use asset for leases with a term of one year or less. The company did no t incur any material short-term lease expense for the year ended December 31, 2019. Lease Expense The company leases certain facilities, parcels of land, and equipment, with remaining terms ranging from less than one year to 17.9 years. The land and facility leases include renewal options. The renewal options are included in the lease term only for those sites or locations in which they are reasonably certain to be renewed. Equipment renewals are not considered reasonably certain to be exercised as they typically renew with significantly different underlying terms. The company may sublease certain of its railcars to third parties on a short-term basis. The subleases are classified as operating leases, with the associated sublease income being recognized on a straight-line basis over the lease term. The components of lease expense are as follows (in thousands): Year Ended December 31, 2019 Lease expense Operating lease expense $ 20,806 Variable lease expense (1) 824 Total lease expense $ 21,630 (1) Represents amounts incurred in excess of the minimum payments required for the handling and unloading of railcars for a certain land lease, offset by railcar lease abatements provided by the lessor when railcars are out of service during periods of maintenance or upgrade. Supplemental cash flow information related to operating leases is as follows (in thousands): Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 21,459 Right-of-use assets obtained in exchange for lease obligations: Operating leases 11,176 Right-of-use assets and lease obligations derecognized due to lease modifications: Operating leases 1,726 Supplemental balance sheet information related to operating leases is as follows: December 31, 2019 Weighted average remaining lease term 6.6 years Weighted average discount rate 5.46 % Aggregate minimum lease payments under the operating lease agreements for future fiscal years as of December 31, 2019 are as follows (in thousands): Year Ending December 31, Amount 2020 $ 18,867 2021 11,008 2022 8,993 2023 5,832 2024 3,955 Thereafter 17,972 Total 66,627 Less: Present value discount ( 11,687 ) Lease liabilities $ 54,940 Aggregate minimum lease payments remaining under the operating lease agreements under ASC 840, Leases as of December 31, 2018 are as follows (in thousands): Year Ending December 31, Amount 2019 $ 22,934 2020 16,855 2021 9,194 2022 6,706 2023 2,976 Thereafter 20,041 Total $ 78,706 Lease Revenue As described in Note 4 – Revenue , the majority of the partnership’s segment revenue is generated though their storage and throughput services and rail transportation services agreements with Green Plains Trade and are accounted for as lease revenue. Leasing revenues do not represent revenues recognized from contracts with customers under ASC 606, and are accounted for under ASC 842, Leases . Lease revenue associated with agreements with Green Plains Trade are eliminated upon consolidation. The remaining lease revenue is not material to the company. Refer to Note 4 – Revenue for further discussion on lease revenue. Commodities As of December 31, 2019, the company had contracted future purchases of grain, corn oil, natural gas, ethanol and distillers grains, valued at approximately $ 265.9 million. Legal 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, 2019 | |
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, 2019, 2018 and 2017 were $ 1.6 million, $ 2.0 million and $ 2.0 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, 2019, the plan’s assets were $ 5.5 million and liabilities were $ 6.7 million. At December 31, 2019 and 2018, net liabilities of $ 1.2 million and $ 1.6 million were included in other liabilities on the consolidated balance sheets, respectively. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 20. RELATED PARTY TRANSACTIONS Green Plains Cattle Company LLC The company engages in certain related party transactions with GPCC. The company provides a variety of shared services to GPCC, including accounting and finance, payroll and human resources, information technology, legal, communications and treasury activities. The company reduced selling, general and administrative expenses by $ 0.5 million related to shared services provided for the year ended December 31, 2019. The company had $ 2.2 million outstanding receivables related to the shared service agreement and expenses paid on behalf of GPCC as of December 31, 2019. Green Plains Trade Group, a subsidiary of the company, enters into certain sale contracts with GPCC during the normal course of business. Revenues subsequent to the disposition of GPCC were $ 4.0 million for the year ended December 31, 2019. Mr. Ejnar Knudsen, a member of the company’s board of directors, has an indirect ownership interest in GPCC of 0.0736 % by reason of his ownership in TGAM Agribusiness Fund LP. Based on the purchase price, the value of that ownership interest is approximately $ 0.1 million. Mr. Knudsen also is the CEO and partial owner of AGR Partners LLC (AGR) which provides investment advisory services to TGAM Agribusiness Fund LP pursuant to a sub-advisory agreement between AGR Partners LLC and Nuveen Alternative Advisors LLC, which is the investment manager for TGAM Agribusiness Fund LP. 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, 2019, 2018 and 2017, payments related to these leases totaled $ 129 thousand, $ 159 thousand and $ 182 thousand, respectively. The company had $ 17 thousand in outstanding payables related to these agreements at December 31, 2019 and no outstanding payables related to these agreements at December 31, 2018. |
Equity Method Investments
Equity Method Investments | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments [Abstract] | |
Equity Method Investments | 21. EQUITY METHOD INVESTMENTS Green Plains Cattle Company LLC On September 1, 2019, the company formed a joint venture with TGAM and StepStone. Such parties entered into the Second Amended and Restated Limited Liability Company Agreement of GPCC effective as of September 1, 2019. GPCC was previously a wholly owned subsidiary of Green Plains. Green Plains also entered into a Securities Purchase Agreement with TGAM and StepStone, whereby TGAM and StepStone purchased an aggregate of 50 % of the membership interests of GPCC from Green Plains. After closing, GPCC is no longer consolidated in the company’s consolidated financial statements and the GPCC investment is accounted for using the equity method of accounting. GPCC results prior to its disposition are classified as discontinued operations in our current and prior period financials. GPCC conducts the business of the joint venture, including (i) owning and operating the cattle feeding operations (as defined below), and (ii) any other activities approved by GPCC’s board of managers. GPCC continues to have the capacity to support 355,000 head of cattle and has approximately 24.1 million bushels of grain storage capacity. The company does not consolidate any part of the assets or liabilities or operating results of its equity method investee. The company’s share of net income or loss in the investee increases or decreases, as applicable, the carrying value of the investment. With respect to GPCC, the company determined that this entity does not represent a variable interest entity and consolidation is not required. In addition, although the company has the ability to exercise significant influence over the joint venture through board representation and voting rights, all significant decisions require the consent of the other investors without regard to economic interest. Summarized Financial Information During the periods ended December 31, 2019 and 2018, our equity method investees were considered related parties and included: Green Plains Cattle Company LLC, a joint venture formed on September 1, 2019, in which we have a 50 % noncontrolling interest. See description of GPCC above. JGP Energy Partners LLC, in which we owned a 50 % noncontrolling interest, until the sale of our 50 % noncontrolling interest during the fourth quarter of 2019. JGP Energy Partners LLC operates an intermodal export and import fuels terminal in Beaumont, Texas, with storage capacity of 550 thousand barrels to support various export and domestic grades of ethanol. In addition, we recognized a gain within other income of $ 4.8 million related to the sale of our 50 % interest in JGP Energy Partners LLC. Optimal Aqua LLC, in which we have a 50 % noncontrolling interest. Optimal Aqua LLC produces high-quality aquaculture feeds utilizing proprietary techniques and high-protein feed ingredients. NLR Energy Logistics LLC, in which the partnership has a 50 % noncontrolling interest. NLR Energy Logistics LLC operates a unit train terminal in the Little Rock, Arkansas area with capacity to unload 110 -unit cars and provide approximately 100,000 barrels of storage. Our equity method investments are summarized in the following table (in thousands): Ownership as of Year Ended December 31, December 31, 2019 2019 2018 Green Plains Cattle Company LLC (1) 50 % $ 64,161 $ - JGP Energy Partners LLC (2) 0 % - 25,362 Optimal Aqua LLC 50 % 508 704 NLR Energy Logistics LLC 50 % 4,329 3,648 Total $ 68,998 $ 29,714 (1) The equity method investment in GPCC is offset by the impact of AOCI. (2) On December 11, 2019, the company completed the sale of our 50 % joint venture interest in JGP Energy Partners LLC. Earnings from equity method investments, net of income taxes, were as follows: Year Ended December 31, 2019 2018 2017 Green Plains Cattle Company LLC (1) $ 2,839 $ - $ - NLR Energy Logistics LLC 516 ( 13 ) ( 11 ) All others ( 558 ) ( 583 ) ( 263 ) Total income (loss) from equity method investments, net of income taxes $ 2,797 $ ( 596 ) $ ( 274 ) Distributions from equity method investments $ 320 $ - $ - Earnings from equity method investments, net of distributions $ 2,477 $ ( 596 ) $ ( 274 ) (1) Pretax equity method earnings of GPCC were $ 3.8 million during the four months ended December 31, 2019. The company reports its proportional share of equity method investment income (loss) in the consolidated statements of operations. The company’s share of equity method investees other comprehensive income arising during the period is included in accumulated other comprehensive loss in the consolidated balance sheet. The following tables present summarized financial information of GPCC. Four Months Ended December 31, 2019 Total revenues $ 370,383 Total operating expenses 362,878 Net income $ 7,505 December 31, 2019 Balance sheet: Current assets $ 516,324 Noncurrent assets 73,922 Current liabilities 461,534 Noncurrent liabilities 390 Net assets $ 128,322 |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Information [Text Block] | 22. QUARTERLY FINANCIAL DATA (Unaudited) The following table includes unaudited financial data for each of the quarters within the years ended December 31, 2019 and 2018 (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 (1) December 31, 2019 September 30, 2019 June 30, 2019 March 31, 2019 Revenues $ 715,677 $ 632,350 $ 630,570 $ 438,641 Costs and expenses 730,599 674,715 677,215 477,279 Operating loss ( 14,922 ) ( 42,365 ) ( 46,645 ) ( 38,638 ) Other expense ( 2,286 ) ( 9,694 ) ( 10,759 ) ( 7,633 ) Income tax benefit (expense) (2) ( 19,514 ) 12,565 15,322 12,943 Net loss from continuing operations including noncontrolling interest ( 34,459 ) ( 38,850 ) ( 42,118 ) ( 33,402 ) Net income (loss) from discontinued operations, net of income taxes - 3,359 1,939 ( 4,469 ) Net loss attributable to Green Plains $ ( 39,749 ) $ ( 38,970 ) $ ( 45,342 ) $ ( 42,799 ) Basic earnings per share (3) : Loss per share from continuing operations $ ( 1.13 ) $ ( 1.15 ) $ ( 1.18 ) $ ( 0.95 ) Income (loss) per share from discontinued operations - 0.09 0.05 ( 0.11 ) Loss per share attributable to Green Plains $ ( 1.13 ) $ ( 1.06 ) $ ( 1.13 ) $ ( 1.06 ) Diluted earnings per share (3) : Loss per share from continuing operations $ ( 1.13 ) $ ( 1.15 ) $ ( 1.18 ) $ ( 0.95 ) Income (loss) per share from discontinued operations - 0.09 0.05 ( 0.11 ) Loss per share attributable to Green Plains $ ( 1.13 ) $ ( 1.06 ) $ ( 1.13 ) $ ( 1.06 ) Three Months Ended (1) December 31, 2018 September 30, 2018 June 30, 2018 March 31, 2018 Revenues $ 583,508 $ 789,048 $ 807,709 $ 803,667 Costs and expenses (4) 480,580 792,833 804,113 816,452 Operating income (loss) 102,928 ( 3,785 ) 3,596 ( 12,785 ) Other expense ( 28,292 ) ( 18,826 ) ( 18,971 ) ( 18,221 ) Income tax benefit (expense) ( 14,457 ) 14,941 12,498 7,165 Net income (loss) from continuing operations including noncontrolling interest 60,072 ( 7,920 ) ( 2,979 ) ( 23,978 ) Net income (loss) from discontinued operations, net of income taxes ( 215 ) 501 6,730 4,523 Net income (loss) attributable to Green Plains $ 53,503 $ ( 12,469 ) $ ( 994 ) $ ( 24,117 ) Basic earnings per share (3) : Income (loss) per share from continuing operations $ 1.33 $ ( 0.32 ) $ ( 0.19 ) $ ( 0.71 ) Income (loss) per share from discontinued operations ( 0.01 ) 0.01 0.17 0.11 Income (loss) per share attributable to Green Plains $ 1.32 $ ( 0.31 ) $ ( 0.02 ) $ ( 0.60 ) Diluted earnings per share (3) : Income (loss) per share from continuing operations $ 1.13 $ ( 0.32 ) $ ( 0.19 ) $ ( 0.71 ) Income (loss) per share from discontinued operations - 0.01 0.17 0.11 Income (loss) per share attributable to Green Plains $ 1.13 $ ( 0.31 ) $ ( 0.02 ) $ ( 0.60 ) (1) GPCC results prior to its disposition are classified as discontinued operations in current and prior period consolidated financial statements. (2) The fourth quarter of 2019 includes the recognition of a $25.3 million valuation allowance which impacted income tax expense. (3) Basic and diluted earnings per share are calculated independently for each of the quarters presented. Accordingly, the sum of the quarterly earnings per share amounts may not agree with the total year. (4) 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 . |
Basis Of Presentation And Des_2
Basis Of Presentation And Description Of Business (Policy) | 12 Months Ended |
Dec. 31, 2019 | |
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. As of December 31, 2019, the company owns a 49.0 % limited partner interest and a 2.0 % general partner interest in Green Plains Partners LP. Public investors own the remaining 49.0 % 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, 2019 and 2018, excluding intercompany balances, are $ 90.0 million and $ 67.3 million, respectively, and primarily consist of property and equipment, operating lease right-of-use assets and goodwill. The partnership’s consolidated total liabilities as of December 31, 2019 and 2018, excluding intercompany balances, are $ 180.9 million and $ 152.9 million, respectively, which primarily consist of long-term debt as discussed in Note 12 – Debt and operating lease liabilities. The liabilities recognized as a result of consolidating the partnership do not represent additional claims on our general assets. On September 1, 2019, the company, TGAM Agribusiness Fund Holdings-B LP (“TGAM”) and StepStone Atlantic Fund, L.P. (“StepStone”) formed a joint venture and entered into the Second Amended and Restated Limited Liability Company Agreement (the “LLC Agreement”) of Green Plains Cattle. GPCC was previously a wholly owned subsidiary of Green Plains. Green Plains also entered into a Securities Purchase Agreement with TGAM and StepStone, whereby TGAM and StepStone purchased an aggregate of 50 % of the membership interests of GPCC from Green Plains. After closing, GPCC is no longer consolidated in the company’s consolidated financial statements and the GPCC investment is accounted for using the equity method of accounting. Under this method, the investment is recorded at the acquisition cost plus the company’s share of equity in undistributed earnings or losses since acquisition and the company’s share of equity method investees other comprehensive income arising during the period, reduced by distributions received and the amortization of excess net investment. The company recognizes this investment on a separate line item in the consolidated balance sheet and recognizes its proportionate share of earnings on a separate line item in the consolidated statement of operations. The company does not consolidate any part of the assets or liabilities or operating results of its equity method investees. Additionally, the company concluded that the disposition of GPCC met the requirements under ASC 205-20 Presentation of Financial Statements – Discontinued Operations (“ASC 205-20”) to be presented as discontinued operations. As such, GPCC results prior to its disposition are classified as discontinued operations in current and prior period consolidated financial statements. See Note 5 - Acquisitions, Dispositions and Discontinued Operations for further details. 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 were reclassified to conform to the current year presentation, including the discontinued operations of GPCC. These reclassifications affected certain balance sheet line items, total revenues, costs and expenses. |
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, operating leases, 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 | Description of Business The company operates within four business 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, natural gas and other commodities, (3) food and ingredients, which includes food-grade corn oil 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. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2019 | |
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 maturities 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 acquisition and 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 derivatives 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, 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 over time as the 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 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, and process chemicals. 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 utilities, repairs and maintenance 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 sale contracts to attempt to minimize the effect of price changes on ethanol, grain and natural gas. 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, 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 and agribusiness and energy services 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. 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 receivable 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 $ 1.2 million and $ 13.7 million at December 31, 2019 and 2018, 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. |
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 of 2018, 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 consisting of property and equipment, operating lease right-of-use assets, 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 undiscounted 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 certain ethanol plants and its fuel terminal and distribution business. Effective January 1, 2018, the company early adopted the amended guidance in ASC 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 company is required to perform impairment tests related to goodwill annually, which it performs as of October 1, or sooner if an indicator of impairment occurs. Significant assumptions inherent in the valuation methodologies for goodwill were employed and include, but are not limited to, market capitalization, prospective financial information, growth rates, discount rates, inflationary factors, and cost of capital. Circumstances that may indicate impairment include a decline in the company’s future projected cash flows, a decision to suspend plant operations for an extended period of time, sustained decline in the company’s 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 goodwill and measure impairment, which includes the company’s market capitalization and 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. Leases On January 1, 2019, the company adopted the amended guidance in ASC 842, Leases , and all related amendments and applied it to all leases using the optional transition method which requires the amended guidance to be applied at the date of adoption. The standard does not require the guidance to be applied to the earliest comparative period presented in the financial statements. As such, comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The company leases certain facilities, parcels of land, and equipment. These leases are accounted for as operating leases, with lease expense recognized on a straight-line basis over the lease term. The term of the lease may include options to extend or terminate the lease when it is reasonably certain that such options will be exercised. For leases with initial terms greater than 12 months, the partnership records operating lease right-of-use assets and corresponding operating lease liabilities. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet. Operating lease right-of-use assets represent the right to control an underlying asset for the lease term and operating lease liabilities represent the obligation to make lease payments arising from the lease. These assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As the company’s leases do not provide an implicit rate, the incremental borrowing rate is used based on information available at commencement date to determine the present value of future payments. The partnership segment records the majority of it operating lease revenue from its storage and throughput services, rail transportation services and certain terminal services agreements with Green Plains Trade. In addition, the partnership may sublease certain of its railcars to third parties on a short-term basis. These subleases are classified as operating leases, with the associated sublease revenue recognized on a straight-line basis over the lease term. Please refer to Note 18 – Commitments and Contingencies to the consolidated financial statements for further details on operating lease expense and revenue. Investments in Equity Method Investees The company accounts for investments in which the company exercises significant influence using the equity method so long as the company (i) does not control the investee and (ii) is not the primary beneficiary of the entity. The company recognizes these investments as a separate line item in the consolidated balance sheets and its proportionate share of earnings on a separate line item in the consolidated statements of operations. The company’s share of equity method investees other comprehensive income arising during the period is included in accumulated other comprehensive loss in the consolidated balance sheet. The company recognizes losses in the value of equity method investments when there is evidence of an other-than-temporary decrease in value. Evidence of a loss might include, but would not necessarily be limited to, the inability to recover the carrying amount of the investment or the inability of the equity method investee to sustain an earnings capacity that justifies the carrying amount of the investment. The current fair value of an investment that is less than its carrying amount may indicate a loss in value of the investment. The company evaluates equity method investments for impairment if there is evidence an investment may be impaired. Distributions paid to the company from unconsolidated affiliates are classified as operating activities in the consolidated statements of cash flows until the cumulative distributions exceed the company’s proportionate share of income from the unconsolidated affiliate since the date of initial investment. The amount of cumulative distributions paid to the company that exceeds the cumulative proportionate share of income in each period represents a return of investment, which is classified as an investing activity in the consolidated statements of cash flows. |
Leases | Leases On January 1, 2019, the company adopted the amended guidance in ASC 842, Leases , and all related amendments and applied it to all leases using the optional transition method which requires the amended guidance to be applied at the date of adoption. The standard does not require the guidance to be applied to the earliest comparative period presented in the financial statements. As such, comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The company leases certain facilities, parcels of land, and equipment. These leases are accounted for as operating leases, with lease expense recognized on a straight-line basis over the lease term. The term of the lease may include options to extend or terminate the lease when it is reasonably certain that such options will be exercised. For leases with initial terms greater than 12 months, the partnership records operating lease right-of-use assets and corresponding operating lease liabilities. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet. Operating lease right-of-use assets represent the right to control an underlying asset for the lease term and operating lease liabilities represent the obligation to make lease payments arising from the lease. These assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As the company’s leases do not provide an implicit rate, the incremental borrowing rate is used based on information available at commencement date to determine the present value of future payments. The partnership segment records the majority of it operating lease revenue from its storage and throughput services, rail transportation services and certain terminal services agreements with Green Plains Trade. In addition, the partnership may sublease certain of its railcars to third parties on a short-term basis. These subleases are classified as operating leases, with the associated sublease revenue recognized on a straight-line basis over the lease term. Please refer to Note 18 – Commitments and Contingencies to the consolidated financial statements for further details on operating lease expense and revenue. |
Investments in Equity Method Investees | Investments in Equity Method Investees The company accounts for investments in which the company exercises significant influence using the equity method so long as the company (i) does not control the investee and (ii) is not the primary beneficiary of the entity. The company recognizes these investments as a separate line item in the consolidated balance sheets and its proportionate share of earnings on a separate line item in the consolidated statements of operations. The company’s share of equity method investees other comprehensive income arising during the period is included in accumulated other comprehensive loss in the consolidated balance sheet. The company recognizes losses in the value of equity method investments when there is evidence of an other-than-temporary decrease in value. Evidence of a loss might include, but would not necessarily be limited to, the inability to recover the carrying amount of the investment or the inability of the equity method investee to sustain an earnings capacity that justifies the carrying amount of the investment. The current fair value of an investment that is less than its carrying amount may indicate a loss in value of the investment. The company evaluates equity method investments for impairment if there is evidence an investment may be impaired. Distributions paid to the company from unconsolidated affiliates are classified as operating activities in the consolidated statements of cash flows until the cumulative distributions exceed the company’s proportionate share of income from the unconsolidated affiliate since the date of initial investment. The amount of cumulative distributions paid to the company that exceeds the cumulative proportionate share of income in each period represents a return of investment, which is classified as an investing activity in the consolidated statements of cash flows. |
Discontinued Operations | Discontinued Operations In determining whether a disposal group should be presented as discontinued operations, the company makes a determination of whether such a group being disposed of comprises a component of the entity, or a group of components of the entity, that represents a strategic shift that has, or will have, a major effect on the company's operations and financial results. If these determinations are made affirmatively, the results of operations of the group being disposed of are aggregated for separate presentation apart from the continuing operations of the company for all periods presented in the consolidated financial statements. General corporate overhead is not allocated to discontinued operations. Net income from discontinued operations, net of income taxes, relates to the operations of GPCC, which was previously a wholly owned subsidiary of Green Plains until the formation of the GPCC joint venture and partial sale during the third quarter of 2019. The assets and liabilities of GPCC have been reclassified as assets and liabilities of discontinued operations in the prior year. See Note 5 - Acquisitions, Dispositions and Discontinued Operations for further details. The company entered into a shared service agreement whereby they will continue to provide certain administrative services to GPCC and will receive $ 400 thousand on a quarterly basis through September 1, 2024, with the option for automatic renewal for successive one year periods thereafter and the quarterly fee subject to adjustments annually based on services rendered or market rates. The company will continue to sell distillers grains and corn to GPCC, and will recognize these sales and related cost of goods in continuing operations within their consolidated results, whereas previously these were eliminated as intercompany transactions. |
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. |
Share-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, 2019, the company adopted the amended guidance in ASC 842, Leases. Please refer to Note 18 – Commitments and Contingencies for further details. |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 | |
Revenue [Abstract] | |
Disaggregatation Of Revenue By Major Source | The following tables disaggregate revenue by major source for the years ended December 31, 2019 and 2018 (in thousands): Twelve Months Ended December 31, 2019 (1) Ethanol Production Agribusiness & Energy Services Food & Ingredients Partnership Eliminations Total Revenues: Revenues from contracts with customers under ASC 606: Ethanol $ 620 $ - $ - $ - $ - $ 620 Distillers grains 70,729 - - - - 70,729 Service revenues - - - 6,422 - 6,422 Other 2,589 3,684 - - - 6,273 Intersegment revenues 100 - - 7,126 ( 7,226 ) - Total revenues from contracts with customers 74,038 3,684 - 13,548 ( 7,226 ) 84,044 Revenues from contracts accounted for as derivatives under ASC 815 (2) : Ethanol 1,338,093 522,572 - - - 1,860,665 Distillers grains 228,849 42,445 - - - 271,294 Corn oil 50,290 28,034 1,451 - - 79,775 Grain 175 63,233 - - - 63,408 Other 9,270 48,348 - - - 57,618 Intersegment revenues - 27,184 - - ( 27,184 ) - Total revenues from contracts accounted for as derivatives 1,626,677 731,816 1,451 - ( 27,184 ) 2,332,760 Leasing revenues under ASC 842 (3) - - - 68,839 ( 68,405 ) 434 Total Revenues $ 1,700,715 $ 735,500 $ 1,451 $ 82,387 $ ( 102,815 ) $ 2,417,238 Twelve Months Ended December 31, 2018 (1) 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 206,905 - - - - 206,905 Vinegar - - 108,011 - - 108,011 Service revenues - - - 5,180 - 5,180 Other 5,369 3,014 - - - 8,383 Intersegment revenues 186 24 - 9,030 ( 9,240 ) - Total revenues from contracts with customers 216,263 3,038 108,011 14,210 ( 9,240 ) 332,282 Revenues from contracts accounted for as derivatives under ASC 815 (2) : Ethanol 1,618,319 418,956 - - - 2,037,275 Distillers grains 198,738 141,140 - - - 339,878 Corn oil 66,567 22,623 13,110 - - 102,300 Grain 520 81,742 - - - 82,262 Other 20,254 68,380 - - - 88,634 Intersegment revenues - 33,077 - - ( 33,077 ) - Total revenues from contracts accounted for as derivatives 1,904,398 765,918 13,110 - ( 33,077 ) 2,650,349 Leasing revenues under ASC 840 (3) - - - 86,538 ( 85,237 ) 1,301 Total Revenues $ 2,120,661 $ 768,956 $ 121,121 $ 100,748 $ ( 127,554 ) $ 2,983,932 (1) Revenues include certain items which were previously considered intercompany transactions prior to the disposition of GPCC and therefore eliminated upon consolidation. These revenue transactions are now presented on a gross basis in product revenues. These revenue transactions total $ 14.5 million and $ 24.6 million for the years ended December 31, 2019 and 2018, respectively. (2) Revenues from contracts accounted for as derivatives represent physically settled derivative sales that are outside the scope of 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 Derecognition of Nonfinancial Assets . (3) Leasing revenues do not represent revenues recognized from contracts with customers under ASC 606, and are accounted for under ASC 842, Leases for 2019 and ASC 840, Leases for 2018. |
Acquisitions, Dispositions An_2
Acquisitions, Dispositions And Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Acquisition [Line Items] | |
Summarized Results Of Discontinued Operations | Year Ended December 31, 2019 (1) 2018 (1) 2017 (1) Product revenues $ 638,122 $ 884,072 $ 328,874 Costs and expenses Cost of goods sold (excluding depreciation and amortization expenses reflected below) 614,671 845,160 302,438 Selling, general and administrative expenses 5,931 7,775 4,659 Depreciation and amortization expenses 4,198 5,361 3,779 Total costs and expenses 624,800 858,296 310,876 Operating income 13,322 25,776 17,998 Other income (expense) Interest income 182 147 10 Interest expense ( 12,417 ) ( 13,576 ) ( 6,460 ) Other, net - 2,613 729 Total other expense ( 12,235 ) ( 10,816 ) ( 5,721 ) Income before income taxes 1,087 14,960 12,277 Income tax expense ( 258 ) ( 3,421 ) ( 7,279 ) Net income $ 829 $ 11,539 $ 4,998 (1) Product revenues, costs of goods sold and selling, general and administrative expenses include certain revenue and expense items which were previously considered intercompany transactions prior to the disposition of GPCC and therefore eliminated upon consolidation. These revenue and costs of goods sold transactions total $ 14.5 million, $ 24.6 million and $ 22.2 million for the years ended December 31, 2019, 2018 and 2017, respectively. |
Disposal Group, Not Discontinued Operations [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 16,142 Inventory 15,167 Prepaid expenses and other 853 Property and equipment 64,552 Other assets 79,389 Current liabilities ( 8,837 ) Deferred tax liabilities ( 26,617 ) Total identifiable net assets 142,756 Goodwill 142,002 Net assets disposed $ 284,758 |
Bluffton, Lakota and Riga Ethanol Plants [Member] | Disposal Group, Not Discontinued Operations [Member] | |
Business Acquisition [Line Items] | |
Amounts Of Identifiable Assets Disposed And Liabilities Relinquished | Amounts of Identifiable Assets Disposed and Liabilities Relinquished Inventory $ 36,812 Prepaid expenses and other 189 Property and equipment 184,970 Other assets 1,717 Current liabilities ( 746 ) Other liabilities ( 4,706 ) Total identifiable net assets 218,236 Goodwill 6,188 Net assets disposed $ 224,424 |
Green Plains Cattle Company LLC [Member] | Disposal Group, Not Discontinued Operations [Member] | |
Business Acquisition [Line Items] | |
Amounts Of Identifiable Assets Disposed And Liabilities Relinquished | Amounts of Identifiable Assets Disposed and Liabilities Relinquished Cash $ 2 Accounts receivable, net 17,920 Inventory 387,534 Derivative financial instruments 48,189 Property and equipment 71,678 Other assets 2,291 Current liabilities ( 49,297 ) Short-term notes payable and other borrowings ( 38 ) Current maturities of long-term debt ( 324,028 ) Long-term debt ( 80 ) Other liabilities ( 403 ) Total identifiable net assets disposed $ 153,768 |
Green Plains Cattle Company LLC [Member] | Discontinued Operations [Member] | |
Business Acquisition [Line Items] | |
Amounts Of Identifiable Assets Disposed And Liabilities Relinquished | December 31, 2018 Assets Cash and cash equivalents $ 2 Restricted cash 34,909 Accounts receivable, net of allowances 11,860 Inventories 432,283 Prepaid expenses and other 345 Current assets of discontinued operations $ 479,399 Property and equipment, net of accumulated depreciation and amortization $ 71,341 Other assets 1,719 Noncurrent assets of discontinued operations $ 73,060 Liabilities Accounts payable $ 21,072 Accrued and other liabilities 6,410 Derivative financial instruments 16,924 Short-term notes payable and other borrowings 374,492 Current maturities of long-term debt 38 Current liabilities of discontinued operations $ 418,936 Long-term debt $ 80 Other liabilities 2 Noncurrent liabilities of discontinued operations $ 82 |
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 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Assets And Liabilities Fair Value | Fair Value Measurements at December 31, 2019 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs (Level 1) (Level 2) Total Assets: Cash and cash equivalents $ 245,977 $ - $ 245,977 Restricted cash 23,919 - 23,919 Inventories carried at market - 73,318 73,318 Unrealized gains on derivatives - 14,515 14,515 Other assets 113 - 113 Total assets measured at fair value $ 270,009 $ 87,833 $ 357,842 Liabilities: Accounts payable (1) $ - $ 37,294 $ 37,294 Unrealized losses on derivatives - 7,771 7,771 Total liabilities measured at fair value $ - $ 45,065 $ 45,065 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 $ 251,681 $ - $ 251,681 Restricted cash 31,603 - 31,603 Inventories carried at market - 111,960 111,960 Unrealized gains on derivatives - 9,976 9,976 Other assets 114 1 115 Cash, cash equivalents and restricted cash of discontinued operations (2) 34,911 - 34,911 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 (1) Accounts payable is generally stated at historical amounts with the exception of $ 37.3 million and $ 16.6 million at December 31, 2019 and 2018, 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. (2) Includes $ 2 thousand of cash and cash equivalents and $ 34.9 million of restricted cash which is classified as current assets of discontinued operations in the December 31, 2018 consolidated balance sheet. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Information [Abstract] | |
Summary Of Financial Data | Year Ended December 31, 2019 (1) 2018 (1) 2017 (1) Revenues: Ethanol production: Revenues from external customers $ 1,700,615 $ 2,120,475 $ 2,507,589 Intersegment revenues 100 186 84 Total segment revenues 1,700,715 2,120,661 2,507,673 Agribusiness and energy services: Revenues from external customers 708,316 735,855 632,702 Intersegment revenues 27,184 33,101 36,059 Total segment revenues 735,500 768,956 668,761 Food and ingredients: Revenues from external customers 1,451 121,121 142,907 Intersegment revenues - - - Total segment revenues 1,451 121,121 142,907 Partnership: Revenues from external customers 6,856 6,481 6,277 Intersegment revenues 75,531 94,267 100,716 Total segment revenues 82,387 100,748 106,993 Revenues including intersegment activity 2,520,053 3,111,486 3,426,334 Intersegment eliminations ( 102,815 ) ( 127,554 ) ( 136,859 ) Revenues as reported $ 2,417,238 $ 2,983,932 $ 3,289,475 (1) Revenues include certain items which were previously considered intercompany transactions prior to the disposition of GPCC and therefore eliminated upon consolidation. These revenue transactions are now presented on a gross basis in product revenues. These revenue transactions total $ 14.5 million, $ 24.6 million and $ 22.2 million for years ended December 31, 2019, 2018 and 2017, respectively. Refer to Note 4 – Revenue , for further disaggregation of revenue by operating segment. Year Ended December 31, 2019 (1) 2018 (1) 2017 (1) Cost of goods sold: Ethanol production $ 1,791,099 $ 2,118,787 $ 2,434,001 Agribusiness and energy services 696,226 717,772 614,582 Food and ingredients 1,526 94,679 109,343 Partnership - - - Intersegment eliminations ( 103,904 ) ( 124,270 ) ( 136,744 ) $ 2,384,947 $ 2,806,968 $ 3,021,182 (1) Cost of goods sold include certain items which were previously considered intercompany transactions prior to the disposition of GPCC and therefore eliminated upon consolidation. These cost of goods sold transactions are now presented on a gross basis in cost of goods sold. These cost of goods sold transactions total $ 14.4 million, $ 24.5 million and $ 22.0 million for the years ended December 31, 2019, 2018 and 2017, respectively. Year Ended December 31, 2019 2018 2017 Operating income (loss): Ethanol production $ ( 178,575 ) $ ( 111,823 ) $ ( 45,074 ) Agribusiness and energy services 22,777 29,076 30,443 Food and ingredients ( 76 ) 14,354 17,963 Partnership 50,635 64,770 65,709 Intersegment eliminations 1,188 ( 3,110 ) ( 61 ) Corporate activities (1) ( 38,519 ) 96,687 ( 45,232 ) $ ( 142,570 ) $ 89,954 $ 23,748 (1) Corporate activates for fiscal year 2018 include a gain on the sale of assets related to the sale of three ethanol plants and Fleischmann’s Vinegar during the fourth quarter of 2018, which resulted in a net gain of $ 150.4 million. Year Ended December 31, 2019 2018 2017 Depreciation and amortization: Ethanol production $ 63,073 $ 80,227 $ 81,987 Agribusiness and energy services 2,222 2,470 3,462 Food and ingredients - 7,553 9,324 Partnership 3,441 4,442 5,111 Corporate activities 3,391 3,566 3,698 $ 72,127 $ 98,258 $ 103,582 Year Ended December 31, 2019 2018 2017 Capital expenditures: Ethanol production $ 72,374 $ 27,322 $ 28,996 Agribusiness and energy services 2,251 277 397 Food and ingredients - 9,025 13,467 Partnership 305 1,268 2,024 Corporate activities 1,542 451 3,115 $ 76,472 $ 38,343 $ 47,999 |
Summary Of Total Assets For Operating Segments | Year Ended December 31, 2019 2018 Total assets (1) : Ethanol production $ 884,293 $ 872,845 Agribusiness and energy services 410,400 399,633 Partnership 90,011 67,297 Corporate assets 324,280 334,236 Assets of discontinued operations - 552,459 Intersegment eliminations ( 10,766 ) ( 10,038 ) $ 1,698,218 $ 2,216,432 (1) Asset balances by segment exclude intercompany payable and receivable balances . |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventories [Abstract] | |
Schedule of Inventories | The components of inventories are as follows (in thousands): December 31, 2019 2018 Finished goods $ 85,975 $ 99,566 Commodities held for sale 42,836 62,896 Raw materials 77,900 98,174 Work-in-process 13,523 12,680 Supplies and parts 32,758 29,284 $ 252,992 $ 302,600 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property And Equipment [Abstract] | |
Schedule Of Components Of Property And Equipment | The components of property and equipment are as follows (in thousands): December 31, 2019 2018 Plant equipment $ 911,097 $ 884,738 Buildings and improvements 168,309 167,842 Land and improvements 92,321 92,154 Railroad track and equipment 34,404 34,163 Construction-in-progress 60,262 8,491 Computer hardware and software 19,368 18,444 Office furniture and equipment 3,716 3,639 Leasehold improvements and other 24,471 24,416 Total property and equipment 1,313,948 1,233,887 Less: accumulated depreciation and amortization ( 486,677 ) ( 418,652 ) Property and equipment, net $ 827,271 $ 815,235 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill And Intangible Assets [Abstract] | |
Schedule of Changes in Carrying Amount of Goodwill Attributable to Each Business Segment | Ethanol Food and Production Ingredients Partnership Total Balance, December 31, 2017 $ 30,279 $ 142,002 $ 10,598 $ 182,879 Dispositions (1) ( 6,188 ) ( 142,002 ) - ( 148,190 ) Balance, December 31, 2018 $ 24,091 $ - $ 10,598 $ 34,689 Balance, December 31, 2019 $ 24,091 $ - $ 10,598 $ 34,689 (1) As of December 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. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Schedule Of Fair Values Of Derivative Financial Instruments | Asset Derivatives' Liability Derivatives' Fair Value at December 31, Fair Value at December 31, 2019 2018 2019 2018 Derivative financial instruments $ 14,515 (1) $ 9,976 (2) $ 7,771 $ 7,852 Other assets - 1 - - Other liabilities - - - 2 Total $ 14,515 $ 9,977 $ 7,771 $ 7,854 (1) At December 31, 2019, derivative financial instruments, as reflected on the balance sheet, includes net unrealized gains on exchange traded futures and options contracts of $ 3.4 million, which include $ 0.1 million of net unrealized gains on derivative financial instruments designated as cash flow hedging instruments. (2) 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. |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | Effect of Derivative Instruments on Consolidated Balance Sheets, Consolidated Statements of Operations and Consolidated Statements of 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 2019 2018 2017 Revenues $ - $ 3,648 $ 42,710 Cost of goods sold - 1,258 ( 11,765 ) Net income (loss) from discontinued operations, net of income taxes 48,797 ( 14,462 ) ( 24,714 ) Net gain (loss) recognized in loss before tax $ 48,797 $ ( 9,556 ) $ 6,231 Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivatives Gain or (Loss) Recognized in Year Ended December 31, Other Comprehensive Income on Derivatives 2019 2018 2017 Commodity Contracts $ 70,404 $ ( 9,642 ) $ ( 8,015 ) Location of Gain or Amount of Gain or (Loss) Recognized in Income on Derivatives Derivatives Not Designated (Loss) Recognized in Year Ended December 31, as Hedging Instruments Income on Derivatives 2019 2018 2017 Commodity contracts Revenues $ ( 10,202 ) $ 11,565 $ ( 12,588 ) Commodity contracts Costs of goods sold ( 2,442 ) 21,101 25,825 Commodity contracts Net income (loss) from discontinued operations, net of income taxes ( 2,470 ) ( 3,607 ) 1,258 $ ( 15,114 ) $ 29,059 $ 14,495 The following amounts were recorded on the consolidated balance sheets related to cumulative basis adjustments for the fair value hedged items (in thousands): December 31, 2019 December 31, 2018 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 Carrying Amount of the Hedged Assets Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets Inventories $ 55,021 $ ( 2,808 ) $ 89,188 $ 2,430 Effect of Cash Flow and Fair Value Hedge Accounting on the Statements of Operations Location and Amount of Gain Recognized in Income on Cash Flow and Fair Value Hedging Relationships for the Year Ended December 31, 2019 Revenue Cost of Goods Sold Net Income (Loss) from Discontinued Operations, Net of Income Taxes Gain on cash flow hedging relationships: Commodity contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income $ - $ - $ 48,797 Gain (loss) on fair value hedging relationships: Commodity contracts: Hedged item - ( 844 ) - Derivatives designated as hedging instruments - 4,254 - Total amounts of income and expense line items presented in the consolidated statement of operations in which the effects of cash flow or fair value hedges are recorded $ - $ 3,410 $ 48,797 Location and Amount of Gain or (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships for the Year Ended December 31, 2018 Revenue Cost of Goods Sold Net Income (Loss) from Discontinued Operations, Net of Income Taxes Gain (loss) on cash flow hedging relationships: Commodity contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income $ 3,648 $ 1,258 $ ( 14,462 ) Gain (loss) on fair value hedging relationships: Commodity contracts: Hedged item - 13,681 - Derivatives designated as hedging instruments - ( 12,304 ) - Total amounts of income and expense line items presented in the consolidated statement of operations in which the effects of cash flow or fair value hedges are recorded $ 3,648 $ 2,635 $ ( 14,462 ) Location and Amount of Gain or (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships for the Year Ended December 31, 2017 Revenue Cost of Goods Sold Net Income (Loss) from Discontinued Operations, Net of Income Taxes Gain (loss) on cash flow hedging relationships: Commodity contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income $ 42,710 $ ( 11,765 ) $ ( 24,714 ) Gain (loss) on fair value hedging relationships: Commodity contracts: Hedged item 1,451 ( 6,229 ) - Derivatives designated as hedging instruments ( 1,734 ) 8,530 - Total amounts of income and expense line items presented in the consolidated statement of operations in which the effects of cash flow or fair value hedges are recorded $ 42,427 $ ( 9,464 ) $ ( 24,714 ) |
Schedule Of Volumes of Open Commodity Derivative Positions [Member] | |
Schedule Of Open Position Derivative Financial Instruments | The open commodity derivative positions as of December 31, 2019, are as follows (in thousands): December 31, 2019 Exchange Traded Non-Exchange Traded Derivative Instruments Net Long & (Short) (1) Long (2) (Short) (2) Unit of Measure Commodity Futures 22,445 Bushels Corn and Soybeans Futures ( 7,000 ) (3) Bushels Corn Futures ( 9,702 ) Gallons Ethanol Futures ( 41,664 ) (4) Gallons Ethanol Futures ( 8,428 ) mmBTU Natural Gas Futures ( 9,088 ) (3) mmBTU Natural Gas Options ( 201 ) Bushels Corn Options ( 20,954 ) Gallons Ethanol Forwards 29,511 ( 1,374 ) Bushels Corn and Soybeans Forwards 26,208 ( 389,298 ) Gallons Ethanol Forwards 137 ( 592 ) Tons Distillers Grains Forwards 3,840 ( 131,616 ) Pounds Corn Oil Forwards 12,539 ( 1,736 ) 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 or non-exchange traded forwards used for fair value hedges. (4) Futures used for cash flow hedges. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt [Abstract] | |
Schedule Of The Components Of Long-Term Debt | December 31, 2019 2018 Corporate: 3.25 % convertible notes due 2019 (1) $ - $ 53,457 4.125 % convertible notes due 2022 (2) 149,256 142,708 4.00 % convertible notes due 2024 (3) 83,497 - Green Plains Partners: $ 200.0 million revolving credit facility (4) 132,100 134,000 $ 8.1 million promissory note - 8,100 Other 16,512 17,804 Total 381,365 356,069 Unamortized debt issuance costs ( 4,820 ) ( 3,190 ) Less: current portion of long-term debt ( 132,555 ) ( 54,769 ) Total long-term debt $ 243,990 $ 298,110 (1) Includes $ 0.4 million of unamortized debt issuance costs as of December 31, 2018. (2) Includes $ 2.0 million and $ 2.8 million of unamortized debt issuance costs as of December 31, 2019 and 2018, respectively. (3) Includes $ 2.8 million of unamortized debt issuance costs as of December 31, 2019. (4) The Green Plains Partners revolving credit facility is included in current maturities of long-term debt balance on the consolidated balance sheet as of December 31, 2019 as its maturity date is July 1, 2020 . |
Schedule Of Maturities Of Long-Term Debt | Year Ending December 31, Amount 2020 $ 132,555 2021 354 2022 170,345 2023 337 2024 115,331 Thereafter 14,690 Total $ 433,612 |
Schedule Of Short-term Notes Payable And Other Borrowings | December 31, 2019 2018 Green Plains Cattle: $ 500.0 million revolver (1) $ - $ - Green Plains Trade: $ 300.0 million revolver 138,204 108,485 Green Plains Grain: $ 100.0 million revolver 40,000 41,000 $ 50.0 million inventory financing - - Green Plains Commodity Management: $ 30.0 million hedge line 9,608 14,266 Total short-term notes payable and other borrowings $ 187,812 $ 163,751 (1) As part of the GPCC disposition during the three months ended September 30, 2019, the December 31, 2018 outstanding balance of the Green Plains Cattle revolver of $ 374.5 million has been reclassified to current liabilities of discontinued operations. Refer to Note 5 – Acquisitions, Dispositions and Discontinued Operations for further discussion on discontinued operations. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Schedule of Non-Vest 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, 2018 882,288 $ 19.12 Granted 497,118 15.40 Forfeited ( 138,110 ) 17.55 Vested ( 489,981 ) 18.31 Nonvested at December 31, 2019 751,315 $ 17.48 1.6 |
The Weighted Average Assumptions Used by the Company in Applying the Monte Carlo Valuation Model for Performance Share Grants | FY 2019 Performance Awards FY 2018 Performance Awards Risk-free interest rate 2.45 % 2.44 % Dividend yield 3.13 % 2.64 % Expected volatility 41.69 % 45.11 % Monte Carlo valuation 99.62 % 97.39 % Closing stock price on the date of grant $ 15.34 $ 18.15 |
Schedule Of Non-Vested Performance Share Award Activity | Performance Shares Weighted- Average Grant- Date Fair Value Weighted-Average Remaining Vesting Term (in years) Nonvested at December 31, 2018 134,022 $ 17.92 Granted 216,703 15.43 Forfeited ( 65,322 ) 16.38 Nonvested at December 31, 2019 285,403 $ 16.38 1.9 |
Schedule Of Stock Option Activity | The activity related to the exercisable stock options for the year ended December 31, 2019, is as follows: Shares Weighted- Average Exercise Price Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2018 128,750 $ 12.72 1.0 $ 89 Exercised ( 118,750 ) 12.36 - 340 Outstanding at December 31, 2019 10,000 $ 16.95 0.2 $ - Exercisable at December 31, 2019 (1) 10,000 $ 16.95 0.2 $ - (1) The weighted average exercise price for options exercisable at December 31, 2019 was above the company’s stock price at December 31, 2019. |
Green Plains Partners LP [Member] | |
Schedule Of Non-Vested Performance Share Award Activity | Non-Vested Shares and Deferred Stock Units Weighted- Average Grant-Date Fair Value Weighted-Average Remaining Vesting Term (in years) Non-Vested at December 31, 2018 18,582 $ 16.96 Granted 22,856 14.00 Vested ( 18,582 ) 16.96 Nonvested at December 31, 2019 22,856 $ 14.00 0.5 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 2018 2017 Basic EPS: Net income (loss) from continuing operations (1) $ ( 167,689 ) $ 4,384 $ 56,063 Net income from discontinued operations 829 11,539 4,998 Net income (loss) attributable to Green Plains $ ( 166,860 ) $ 15,923 $ 61,061 Weighted average shares outstanding - basic 38,111 40,320 39,247 EPS from continuing operations - basic $ ( 4.40 ) $ 0.11 $ 1.43 EPS from discontinued operations - basic 0.02 0.28 0.13 EPS - basic $ ( 4.38 ) $ 0.39 $ 1.56 Diluted EPS: Net income (loss) from continuing operations (1) $ ( 167,689 ) $ 4,384 $ 56,063 Interest and amortization on convertible debt, net of tax effect: 3.25 % notes - - 4,433 4.125 % notes - - 8,159 Net income (loss) from continuing operations -diluted $ ( 167,689 ) $ 4,384 $ 68,655 Net income from discontinued operations - diluted 829 11,539 4,998 Net income (loss) attributable to Green Plains - diluted $ ( 166,860 ) $ 15,923 $ 73,653 Weighted average shares outstanding - basic 38,111 40,320 39,247 Effect of dilutive convertible debt: 3.25 % notes - - 4,209 4.125 % notes - - 6,071 Effect of dilutive stock-based compensation awards - 934 713 Weighted average shares outstanding - diluted 38,111 41,254 50,240 EPS from continuing operations - diluted $ ( 4.40 ) $ 0.11 $ 1.37 EPS from discontinued operations - diluted 0.02 0.28 0.10 EPS - diluted $ ( 4.38 ) $ 0.39 $ 1.47 Anti-dilutive weighted-average convertible debt and stock-based compensation (2) 10,560 7,283 - (1) Net income (loss) from continuing operations can be recalculated from the consolidated statements of operations by taking the net income (loss) from continuing operations including noncontrolling interest less net income attributable to noncontrolling interests. (2) The effect related to the company’s convertible debt and stock-based compensation awards have been excluded from diluted EPS for the periods presented as the inclusion of these shares would have been antidilutive. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity [Abstract] | |
Reclassification From Accumulated Other Comprehensive Income (Loss) | Year Ended December 31, Statements of Operations 2019 2018 2017 Classification Gains (losses) on cash flow hedges: Commodity derivatives $ - $ 3,648 $ 42,710 (1) Commodity derivatives - 1,258 ( 11,765 ) (2) Total gains on cash flow hedges from continuing operations - 4,906 30,945 (3) Gains (losses) on cash flow hedges from discontinued operations, net of income taxes 38,795 ( 10,092 ) ( 15,566 ) (4) Income tax benefit - 1,483 11,454 (5) Amounts reclassified from accumulated other comprehensive income (loss) $ 38,795 $ ( 6,669 ) $ 3,925 (1) Revenues (2) Costs of goods sold (3) Income (loss) from continuing operations before income taxes and income (loss) from equity method investees (4) Net income from discontinued operations, net of income taxes (5) Income tax benefit |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes [Abstract] | |
Schedule Of Income Tax Expense | Income tax expense (benefit) consists of the following (in thousands): Year Ended December 31, 2019 2018 2017 Current $ ( 2,177 ) $ 7,758 $ ( 43,705 ) Deferred ( 18,881 ) ( 24,484 ) ( 81,077 ) Total ( 21,058 ) ( 16,726 ) ( 124,782 ) Less: Income tax expense - discontinued operations 258 3,421 7,279 Income tax benefit - continuing operations $ ( 21,316 ) $ ( 20,147 ) $ ( 132,061 ) |
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 | Year Ended December 31, 2019 2018 2017 Tax expense at federal statutory rate $ ( 36,317 ) $ 1,060 $ ( 19,400 ) State income tax expense, net of federal benefit ( 7,839 ) 702 ( 1,159 ) Nondeductible compensation 762 921 222 Noncontrolling interests ( 3,961 ) ( 4,370 ) ( 7,199 ) Unrecognized tax benefits 36 15,148 25,720 R&D credits ( 323 ) ( 34,979 ) ( 74,033 ) Increase in valuation allowance 25,314 - - Disposition of subsidiary ( 373 ) ( 1,022 ) - Tax Cuts and Jobs Act impact - 278 ( 57,223 ) Stock compensation 369 993 - Audit adjustments - 559 - Amended return adjustments - 374 - Other 1,016 189 1,011 Income tax benefit $ ( 21,316 ) $ ( 20,147 ) $ ( 132,061 ) |
Schedule Of Significant Components Of Deferred Tax Assets And Liabilities | Year Ended December 31, 2019 2018 2017 Tax expense at federal statutory rate $ ( 36,317 ) $ 1,060 $ ( 19,400 ) State income tax expense, net of federal benefit ( 7,839 ) 702 ( 1,159 ) Nondeductible compensation 762 921 222 Noncontrolling interests ( 3,961 ) ( 4,370 ) ( 7,199 ) Unrecognized tax benefits 36 15,148 25,720 R&D credits ( 323 ) ( 34,979 ) ( 74,033 ) Increase in valuation allowance 25,314 - - Disposition of subsidiary ( 373 ) ( 1,022 ) - Tax Cuts and Jobs Act impact - 278 ( 57,223 ) Stock compensation 369 993 - Audit adjustments - 559 - Amended return adjustments - 374 - Other 1,016 189 1,011 Income tax benefit $ ( 21,316 ) $ ( 20,147 ) $ ( 132,061 ) Significant components of deferred tax assets and liabilities are as follows (in thousands): December 31, 2019 2018 Deferred tax assets: Net operating loss carryforwards - Federal $ 27,935 $ - Net operating loss carryforwards - State 8,788 4,004 Tax credit carryforwards - Federal 49,937 47,956 Tax credit carryforwards - State 7,750 9,369 Derivative financial instruments 342 - Deferred revenue 795 2,236 Interest expense carryforward 5,539 2,048 Investment in partnerships 46,774 50,009 Inventory valuation 1,560 3,603 Stock-based compensation 1,347 1,458 Accrued expenses 4,325 5,439 Leases 6,993 2,516 Other 51 43 Total 162,136 128,681 Valuation allowance ( 33,337 ) ( 7,413 ) Total deferred tax assets 128,799 121,268 Deferred tax liabilities: Convertible debt ( 12,266 ) ( 7,508 ) Fixed assets ( 107,909 ) ( 118,330 ) Derivative financial instruments - ( 1,573 ) Organizational and start-up costs ( 4,484 ) ( 3,980 ) Right-of-use assets ( 4,140 ) - Total deferred tax liabilities ( 128,799 ) ( 131,391 ) Deferred income taxes $ - $ ( 10,123 ) |
Reconciliation Of The Beginning And Ending Amounts Of Unrecognized Tax Benefits | Unrecognized Tax Benefits Balance at January 1, 2019 $ 51,558 Additions for prior year tax positions 6 Additions for current year tax positions 32 Balance at December 31, 2019 $ 51,596 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies [Abstract] | |
Lease Standard Impact On Consolidated Balance Sheet | Balance at Adjustments Balance at December 31, Due to January 1, 2018 ASC 842 2019 (audited) Assets Operating lease right-of-use assets $ - $ 60,557 $ 60,557 Other assets 365 ( 365 ) - Liabilities Accounts payable 196 ( 196 ) - Operating lease current liabilities - 17,650 17,650 Operating lease long-term liabilities - 45,571 45,571 Other liabilities 3,240 ( 3,240 ) - |
Components Of Lease Expense | Year Ended December 31, 2019 Lease expense Operating lease expense $ 20,806 Variable lease expense (1) 824 Total lease expense $ 21,630 (1) Represents amounts incurred in excess of the minimum payments required for the handling and unloading of railcars for a certain land lease, offset by railcar lease abatements provided by the lessor when railcars are out of service during periods of maintenance or upgrade. |
Supplemental Cash Flow Information Related To Operating Leases | Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 21,459 Right-of-use assets obtained in exchange for lease obligations: Operating leases 11,176 Right-of-use assets and lease obligations derecognized due to lease modifications: Operating leases 1,726 |
Supplemental Balance Sheet Information Related To Operating Leases | December 31, 2019 Weighted average remaining lease term 6.6 years Weighted average discount rate 5.46 % |
Schedule of Aggregate Minimum Lease Payments | Year Ending December 31, Amount 2020 $ 18,867 2021 11,008 2022 8,993 2023 5,832 2024 3,955 Thereafter 17,972 Total 66,627 Less: Present value discount ( 11,687 ) Lease liabilities $ 54,940 |
Schedule of Aggregate Minimum Lease Payments Under ASC 840 | Year Ending December 31, Amount 2019 $ 22,934 2020 16,855 2021 9,194 2022 6,706 2023 2,976 Thereafter 20,041 Total $ 78,706 |
Equity Method Investments (Tabl
Equity Method Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments [Abstract] | |
Summary Of Equity Method Investments | Ownership as of Year Ended December 31, December 31, 2019 2019 2018 Green Plains Cattle Company LLC (1) 50 % $ 64,161 $ - JGP Energy Partners LLC (2) 0 % - 25,362 Optimal Aqua LLC 50 % 508 704 NLR Energy Logistics LLC 50 % 4,329 3,648 Total $ 68,998 $ 29,714 (1) The equity method investment in GPCC is offset by the impact of AOCI. (2) On December 11, 2019, the company completed the sale of our 50 % joint venture interest in JGP Energy Partners LLC. |
Earnings From Equity Method Investments | Year Ended December 31, 2019 2018 2017 Green Plains Cattle Company LLC (1) $ 2,839 $ - $ - NLR Energy Logistics LLC 516 ( 13 ) ( 11 ) All others ( 558 ) ( 583 ) ( 263 ) Total income (loss) from equity method investments, net of income taxes $ 2,797 $ ( 596 ) $ ( 274 ) Distributions from equity method investments $ 320 $ - $ - Earnings from equity method investments, net of distributions $ 2,477 $ ( 596 ) $ ( 274 ) (1) Pretax equity method earnings of GPCC were $ 3.8 million during the four months ended December 31, 2019. |
Summary Of Financial Information Of Equity Method Investment | Four Months Ended December 31, 2019 Total revenues $ 370,383 Total operating expenses 362,878 Net income $ 7,505 December 31, 2019 Balance sheet: Current assets $ 516,324 Noncurrent assets 73,922 Current liabilities 461,534 Noncurrent liabilities 390 Net assets $ 128,322 |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Data [Abstract] | |
Schedule Of Quarterly Financial Information | Three Months Ended (1) December 31, 2019 September 30, 2019 June 30, 2019 March 31, 2019 Revenues $ 715,677 $ 632,350 $ 630,570 $ 438,641 Costs and expenses 730,599 674,715 677,215 477,279 Operating loss ( 14,922 ) ( 42,365 ) ( 46,645 ) ( 38,638 ) Other expense ( 2,286 ) ( 9,694 ) ( 10,759 ) ( 7,633 ) Income tax benefit (expense) (2) ( 19,514 ) 12,565 15,322 12,943 Net loss from continuing operations including noncontrolling interest ( 34,459 ) ( 38,850 ) ( 42,118 ) ( 33,402 ) Net income (loss) from discontinued operations, net of income taxes - 3,359 1,939 ( 4,469 ) Net loss attributable to Green Plains $ ( 39,749 ) $ ( 38,970 ) $ ( 45,342 ) $ ( 42,799 ) Basic earnings per share (3) : Loss per share from continuing operations $ ( 1.13 ) $ ( 1.15 ) $ ( 1.18 ) $ ( 0.95 ) Income (loss) per share from discontinued operations - 0.09 0.05 ( 0.11 ) Loss per share attributable to Green Plains $ ( 1.13 ) $ ( 1.06 ) $ ( 1.13 ) $ ( 1.06 ) Diluted earnings per share (3) : Loss per share from continuing operations $ ( 1.13 ) $ ( 1.15 ) $ ( 1.18 ) $ ( 0.95 ) Income (loss) per share from discontinued operations - 0.09 0.05 ( 0.11 ) Loss per share attributable to Green Plains $ ( 1.13 ) $ ( 1.06 ) $ ( 1.13 ) $ ( 1.06 ) Three Months Ended (1) December 31, 2018 September 30, 2018 June 30, 2018 March 31, 2018 Revenues $ 583,508 $ 789,048 $ 807,709 $ 803,667 Costs and expenses (4) 480,580 792,833 804,113 816,452 Operating income (loss) 102,928 ( 3,785 ) 3,596 ( 12,785 ) Other expense ( 28,292 ) ( 18,826 ) ( 18,971 ) ( 18,221 ) Income tax benefit (expense) ( 14,457 ) 14,941 12,498 7,165 Net income (loss) from continuing operations including noncontrolling interest 60,072 ( 7,920 ) ( 2,979 ) ( 23,978 ) Net income (loss) from discontinued operations, net of income taxes ( 215 ) 501 6,730 4,523 Net income (loss) attributable to Green Plains $ 53,503 $ ( 12,469 ) $ ( 994 ) $ ( 24,117 ) Basic earnings per share (3) : Income (loss) per share from continuing operations $ 1.33 $ ( 0.32 ) $ ( 0.19 ) $ ( 0.71 ) Income (loss) per share from discontinued operations ( 0.01 ) 0.01 0.17 0.11 Income (loss) per share attributable to Green Plains $ 1.32 $ ( 0.31 ) $ ( 0.02 ) $ ( 0.60 ) Diluted earnings per share (3) : Income (loss) per share from continuing operations $ 1.13 $ ( 0.32 ) $ ( 0.19 ) $ ( 0.71 ) Income (loss) per share from discontinued operations - 0.01 0.17 0.11 Income (loss) per share attributable to Green Plains $ 1.13 $ ( 0.31 ) $ ( 0.02 ) $ ( 0.60 ) (1) GPCC results prior to its disposition are classified as discontinued operations in current and prior period consolidated financial statements. (2) The fourth quarter of 2019 includes the recognition of a $25.3 million valuation allowance which impacted income tax expense. (3) Basic and diluted earnings per share are calculated independently for each of the quarters presented. Accordingly, the sum of the quarterly earnings per share amounts may not agree with the total year. (4) 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 . |
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 | Sep. 09, 2019 | Sep. 01, 2019 | Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($)itemsegmentstateTlbbugal | |
Variable Interest Entity [Line Items] | |||||
Asset | $ | [1] | $ 2,216,432 | $ 1,698,218 | ||
Total liabilities | $ | 1,153,443 | $ 832,932 | |||
Number Of Ethanol Plants | 13 | ||||
Number Of Fuel Terminal Facilities | 7 | ||||
Number Of Leased Railcars | 2,630 | ||||
Number of operating segments | segment | 4 | ||||
Number Of Ethanol Storage Facilities | 32 | ||||
Ethanol Production [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Number Of Ethanol Plants | 13 | ||||
Number of States in which Entity Operates | state | 7 | ||||
Annual Corn Consumption Capacity Bushels | bu | 387 | ||||
Expected Annual Ethanol Production | gal | 1.1 | ||||
Annual Distillers Grains Production Capacity, Tons | T | 2.9 | ||||
Annual Corn Oil Production Pounds | lb | 292 | ||||
Agribusiness and Energy Services [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Total Grain Storage Capacity | bu | 43.5 | ||||
Ethanol Plant Storage Capacity | bu | 35.9 | ||||
Grain Elevator Storage Capacity | bu | 7.6 | ||||
Number Of Grain Elevators | 3 | ||||
Partnership [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Number Of Non-Operational Ethanol Production Plant | 1 | ||||
Number Of Fuel Terminal Facilities | 7 | ||||
Number Of Leased Railcars | 2,630 | ||||
Number Of Ethanol Storage Facilities | 32 | ||||
Green Plains Partners L.P. [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Asset | $ | 67,300 | $ 90,000 | |||
Total liabilities | $ | $ 152,900 | $ 180,900 | |||
BioProcess Algae [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Less than wholy owned subsidiary, parent ownership perecentage | 90.00% | ||||
Green Plains Cattle Company LLC [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Percent membership interest sold | 50.00% | 50.00% | |||
IPO [Member] | Limited Partner [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Ownership interest, percentage | 49.00% | ||||
Ownership interest, public, percentage | 49.00% | ||||
IPO [Member] | Limited Partner [Member] | Parent Company [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Ownership interest, percentage | 49.00% | 49.00% | |||
IPO [Member] | General Partner [Member] | Parent Company [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Ownership interest, percentage | 2.00% | 2.00% | |||
[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 | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Concentration of Credit Risk, Master Netting Arrangements [Member] | ||
Significant Accounting Policies [Line Items] | ||
Fair Value, Concentration of Risk, Accounts Receivable | $ 1,200 | |
Fair Value, Concentration of Risk, Accounts Payable | $ 13,700 | |
Administrative Service [Member] | ||
Significant Accounting Policies [Line Items] | ||
Revenues | $ 400 |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies (Schedule Of Estimated Useful Lives Of Assets) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Plant, Buildings And Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 40 years |
Plant, Buildings And Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 10 years |
Production Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 40 years |
Production Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 15 years |
Other Machinery and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 7 years |
Other Machinery and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 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] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Computer Hardware And Software [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Office Furniture and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 7 years |
Office Furniture and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Green Plains Partners LP (Narra
Green Plains Partners LP (Narrative) (Details) gal in Billions | Dec. 31, 2018 | Dec. 31, 2019itemsharesgal |
Subsidiary, Sale of Stock [Line Items] | ||
Number Of Ethanol Storage Facilities | 32 | |
Number Of Ethanol Plants | 13 | |
Number Of Fuel Terminal Facilities | 7 | |
Number of non-operational ethanol plant | 1 | |
Number Of Leased Railcars | 2,630 | |
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, percentage | 49.00% | |
Ownership interest, public, percentage | 49.00% | |
Limited Partner [Member] | IPO [Member] | Parent Company [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Ownership interest, percentage | 49.00% | 49.00% |
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% | 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) - customer | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Number of significant customers | 1 | 0 | 0 |
Concentration risk, percentage | 11.00% | ||
Significant customer, percentage benchmark | 10.00% | 10.00% | 10.00% |
Minimum [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue, Performance Obligation, Payment Terms | 10 days | ||
Maximum [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue, Performance Obligation, Payment Terms | 30 days |
Revenue (Disaggregatation Of Re
Revenue (Disaggregatation Of Revenue By Major Source) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2019 | [1] | Sep. 30, 2019 | [1] | Jun. 30, 2019 | [1] | Mar. 31, 2019 | [1] | Dec. 31, 2018 | [1] | Sep. 30, 2018 | [1] | Jun. 30, 2018 | [1] | Mar. 31, 2018 | [1] | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||||||||||
Total revenues from contracts with customers | $ 84,044 | $ 332,282 | |||||||||||||||||
Total revenues from contracts accounted for as derivatives | 2,332,760 | 2,650,349 | |||||||||||||||||
Leasing revenues under ASC 842 | 434 | 1,301 | |||||||||||||||||
Total Revenues | $ 715,677 | $ 632,350 | $ 630,570 | $ 438,641 | $ 583,508 | $ 789,048 | $ 807,709 | $ 803,667 | 2,417,238 | 2,983,932 | $ 3,289,475 | ||||||||
Ethanol [Member] | |||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||
Total revenues from contracts with customers | 620 | 3,803 | |||||||||||||||||
Total revenues from contracts accounted for as derivatives | 1,860,665 | 2,037,275 | |||||||||||||||||
Distillers Grains [Member] | |||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||
Total revenues from contracts with customers | 70,729 | 206,905 | |||||||||||||||||
Total revenues from contracts accounted for as derivatives | 271,294 | 339,878 | |||||||||||||||||
Corn Oil [Member] | |||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||
Total revenues from contracts accounted for as derivatives | 79,775 | 102,300 | |||||||||||||||||
Grain [Member] | |||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||
Total revenues from contracts accounted for as derivatives | 63,408 | 82,262 | |||||||||||||||||
Vinegar [Member] | |||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||
Total revenues from contracts with customers | 108,011 | ||||||||||||||||||
Service Revenues [Member] | |||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||
Total revenues from contracts with customers | 6,422 | 5,180 | |||||||||||||||||
Other [Member] | |||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||
Total revenues from contracts with customers | 6,273 | 8,383 | |||||||||||||||||
Total revenues from contracts accounted for as derivatives | 57,618 | 88,634 | |||||||||||||||||
Ethanol Production [Member] | |||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||
Total revenues from contracts with customers | 74,038 | 216,263 | |||||||||||||||||
Total revenues from contracts accounted for as derivatives | 1,626,677 | 1,904,398 | |||||||||||||||||
Total Revenues | 1,700,715 | 2,120,661 | 2,507,673 | ||||||||||||||||
Ethanol Production [Member] | Ethanol [Member] | |||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||
Total revenues from contracts with customers | 620 | 3,803 | |||||||||||||||||
Total revenues from contracts accounted for as derivatives | 1,338,093 | 1,618,319 | |||||||||||||||||
Ethanol Production [Member] | Distillers Grains [Member] | |||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||
Total revenues from contracts with customers | 70,729 | 206,905 | |||||||||||||||||
Total revenues from contracts accounted for as derivatives | 228,849 | 198,738 | |||||||||||||||||
Ethanol Production [Member] | Corn Oil [Member] | |||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||
Total revenues from contracts accounted for as derivatives | 50,290 | 66,567 | |||||||||||||||||
Ethanol Production [Member] | Grain [Member] | |||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||
Total revenues from contracts accounted for as derivatives | 175 | 520 | |||||||||||||||||
Ethanol Production [Member] | Other [Member] | |||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||
Total revenues from contracts with customers | 2,589 | 5,369 | |||||||||||||||||
Total revenues from contracts accounted for as derivatives | 9,270 | 20,254 | |||||||||||||||||
Ethanol Production [Member] | Intersegment Revenues [Member] | |||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||
Total revenues from contracts with customers | 100 | 186 | |||||||||||||||||
Agribusiness and Energy Services [Member] | |||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||
Total revenues from contracts with customers | 3,684 | 3,038 | |||||||||||||||||
Total revenues from contracts accounted for as derivatives | 731,816 | 765,918 | |||||||||||||||||
Total Revenues | 735,500 | 768,956 | 668,761 | ||||||||||||||||
Agribusiness and Energy Services [Member] | Ethanol [Member] | |||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||
Total revenues from contracts accounted for as derivatives | 522,572 | 418,956 | |||||||||||||||||
Agribusiness and Energy Services [Member] | Distillers Grains [Member] | |||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||
Total revenues from contracts accounted for as derivatives | 42,445 | 141,140 | |||||||||||||||||
Agribusiness and Energy Services [Member] | Corn Oil [Member] | |||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||
Total revenues from contracts accounted for as derivatives | 28,034 | 22,623 | |||||||||||||||||
Agribusiness and Energy Services [Member] | Grain [Member] | |||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||
Total revenues from contracts accounted for as derivatives | 63,233 | 81,742 | |||||||||||||||||
Agribusiness and Energy Services [Member] | Other [Member] | |||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||
Total revenues from contracts with customers | 3,684 | 3,014 | |||||||||||||||||
Total revenues from contracts accounted for as derivatives | 48,348 | 68,380 | |||||||||||||||||
Agribusiness and Energy Services [Member] | Intersegment Revenues [Member] | |||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||
Total revenues from contracts with customers | 24 | ||||||||||||||||||
Total revenues from contracts accounted for as derivatives | 27,184 | 33,077 | |||||||||||||||||
Food And Ingredients [Member] | |||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||
Total revenues from contracts with customers | 108,011 | ||||||||||||||||||
Total revenues from contracts accounted for as derivatives | 1,451 | 13,110 | |||||||||||||||||
Total Revenues | 1,451 | 121,121 | 142,907 | ||||||||||||||||
Food And Ingredients [Member] | Corn Oil [Member] | |||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||
Total revenues from contracts accounted for as derivatives | 1,451 | 13,110 | |||||||||||||||||
Food And Ingredients [Member] | Vinegar [Member] | |||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||
Total revenues from contracts with customers | 108,011 | ||||||||||||||||||
Partnership [Member] | |||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||
Total revenues from contracts with customers | 13,548 | 14,210 | |||||||||||||||||
Leasing revenues under ASC 842 | 68,839 | 86,538 | |||||||||||||||||
Total Revenues | 82,387 | 100,748 | 106,993 | ||||||||||||||||
Partnership [Member] | Service Revenues [Member] | |||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||
Total revenues from contracts with customers | 6,422 | 5,180 | |||||||||||||||||
Partnership [Member] | Intersegment Revenues [Member] | |||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||
Total revenues from contracts with customers | 7,126 | 9,030 | |||||||||||||||||
Intersegment Eliminations [Member] | |||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||
Total revenues from contracts with customers | (7,226) | (9,240) | |||||||||||||||||
Total revenues from contracts accounted for as derivatives | (27,184) | (33,077) | |||||||||||||||||
Leasing revenues under ASC 842 | (68,405) | (85,237) | |||||||||||||||||
Total Revenues | (102,815) | (127,554) | (136,859) | ||||||||||||||||
Intersegment Eliminations [Member] | Intersegment Revenues [Member] | |||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||
Total revenues from contracts with customers | (7,226) | (9,240) | |||||||||||||||||
Total revenues from contracts accounted for as derivatives | (27,184) | (33,077) | |||||||||||||||||
Intersegment Eliminations [Member] | Ethanol Production [Member] | |||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||
Total Revenues | (100) | (186) | (84) | ||||||||||||||||
Intersegment Eliminations [Member] | Agribusiness and Energy Services [Member] | |||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||
Total Revenues | (27,184) | (33,101) | (36,059) | ||||||||||||||||
Intersegment Eliminations [Member] | Partnership [Member] | |||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||
Total Revenues | (75,531) | (94,267) | (100,716) | ||||||||||||||||
Green Plains Cattle Company LLC [Member] | Cattle [Member] | |||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||
Total Revenues | 14,500 | 24,600 | $ 22,200 | ||||||||||||||||
Discontinued Operations [Member] | Green Plains Cattle Company LLC [Member] | Cattle [Member] | |||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||
Total Revenues | $ 14,500 | $ 24,600 | |||||||||||||||||
[1] | GPCC results prior to its disposition are classified as discontinued operations in current and prior period consolidated financial statements. |
Acquisitions, Dispositions An_3
Acquisitions, Dispositions And Discontinued Operations (Narrative) (Details) $ in Thousands, shares in Millions | Sep. 01, 2019USD ($) | Nov. 27, 2018USD ($) | Nov. 15, 2018USD ($)propertyshares | Sep. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($)item | Aug. 01, 2018USD ($)item | May 16, 2017USD ($)item |
Business Acquisition [Line Items] | ||||||||||
Gain (Loss) on Disposition of Assets | $ 150,400 | $ 150,351 | ||||||||
Number of ethanol plants | item | 13 | |||||||||
Reversal of accumulated other comprehensive income | $ 16,016 | 16,016 | $ 11,064 | |||||||
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 payment | 106,600 | |||||||||
Working capital payments | 900 | |||||||||
Total identifiable net assets | $ 122,778 | |||||||||
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 | |||||||||
Total identifiable net assets | $ 59,282 | |||||||||
Fleischmann's Vinegar [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Working capital payments | $ 300 | $ 300 | ||||||||
Gain (Loss) on Disposition of Assets | $ 58,200 | |||||||||
Disposal Of Assets, Transaction Costs | 7,400 | |||||||||
Assets to be disposed of in the sale | $ 354,000 | |||||||||
Bluffton, Lakota and Riga Ethanol Plants [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Consideration paid for business acquisition | $ 120,900 | |||||||||
Working capital payments | $ 3,400 | |||||||||
Gain (Loss) on Disposition of Assets | 92,200 | |||||||||
Disposal Of Assets, Transaction Costs | $ 4,200 | |||||||||
Number of ethanol plants | property | 3 | |||||||||
Assets to be disposed of in the sale | $ 323,200 | |||||||||
Partners' Capital Account, Units | shares | 8.7 | |||||||||
General Partner's Interest Percent | 2.00% | |||||||||
Disposal Group, Including Discontinued Operation, Additional Consideration | $ 2,700 | |||||||||
Green Plains Cattle Company LLC [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Consideration paid for business acquisition | $ 76,900 | |||||||||
Gain (Loss) on Disposition of Assets | $ 0 | |||||||||
Percent membership interest sold | 50.00% | |||||||||
General Partner [Member] | Bluffton, Lakota and Riga Ethanol Plants [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Partners' Capital Account, Units | shares | 0.2 | |||||||||
Corporate Activities [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 | |||||||||
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 |
Acquisitions, Dispositions An_4
Acquisitions, Dispositions And Discontinued Operations (Schedule Of Identifiable Assets Acquired And Liabilities Assumed) (Details) - USD ($) $ in Thousands | Aug. 01, 2018 | May 16, 2017 |
Asset Purchase Agreement With Bartlett Cattle Company L.P. [Member] | ||
Business Acquisition [Line Items] | ||
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] | ||
Inventory | $ 22,450 | |
Prepaid expenses and other | 52 | |
Property and equipment, net | 36,960 | |
Current liabilities | (180) | |
Total identifiable net assets | $ 59,282 |
Acquisitions, Dispositions An_5
Acquisitions, Dispositions And Discontinued Operations (Amount Of Identifiable Assets Disposed And Liabilities Relinquished) (Details) - USD ($) $ in Thousands | Sep. 01, 2019 | Dec. 31, 2018 | Nov. 27, 2018 | Nov. 15, 2018 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Current liabilities | $ (418,936) | |||
Fleischmann's Vinegar [Member] | Disposal Group, Not Discontinued Operations [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Cash | $ 2,107 | |||
Accounts receivable, net | 16,142 | |||
Inventory | 15,167 | |||
Prepaid expenses and other | 853 | |||
Property and equipment | 64,552 | |||
Other assets | 79,389 | |||
Current liabilities | (8,837) | |||
Deferred tax liabilities | (26,617) | |||
Total identifiable net assets disposed | 142,756 | |||
Goodwill | 142,002 | |||
Net assets disposed | $ 284,758 | |||
Bluffton, Lakota and Riga Ethanol Plants [Member] | Disposal Group, Not Discontinued Operations [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Inventory | $ 36,812 | |||
Prepaid expenses and other | 189 | |||
Property and equipment | 184,970 | |||
Other assets | 1,717 | |||
Current liabilities | (746) | |||
Other liabilities | (4,706) | |||
Total identifiable net assets disposed | 218,236 | |||
Goodwill | 6,188 | |||
Net assets disposed | $ 224,424 | |||
Green Plains Cattle Company LLC [Member] | Disposal Group, Not Discontinued Operations [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Cash | $ 2 | |||
Accounts receivable, net | 17,920 | |||
Inventory | 387,534 | |||
Derivative financial instruments | 48,189 | |||
Property and equipment | 71,678 | |||
Other assets | 2,291 | |||
Current liabilities | (49,297) | |||
Short-term notes payable and other borrowings | (38) | |||
Current maturities of long-term debt | (324,028) | |||
Long-term debt | (80) | |||
Other liabilities | (403) | |||
Total identifiable net assets disposed | $ 153,768 |
Acquisitions, Dispositions An_6
Acquisitions, Dispositions And Discontinued Operations (Assets And Liabilities Attributable To Discontinued Operations) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Current assets of discontinued operations | $ 479,399 |
Noncurrent assets held for sale | 73,060 |
Disposal Group, Including Discontinued Operation, Liabilities, Current, Total | 418,936 |
Noncurrent liabilities held for sale | 82 |
Green Plains Cattle Company LLC [Member] | Discontinued Operations [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Cash and cash equivalents | 2 |
Restricted cash | 34,909 |
Accounts receivable, net of allowances | 11,860 |
Inventories | 432,283 |
Prepaid expenses and other | 345 |
Current assets of discontinued operations | 479,399 |
Property and equipment, net of accumulated depreciation and amortization | 71,341 |
Other assets | 1,719 |
Noncurrent assets held for sale | 73,060 |
Accounts payable | 21,072 |
Accrued and other liabilities | 6,410 |
Derivative financial instruments | 16,924 |
Short-term notes payable and other borrowings | 374,492 |
Current maturities of long-term debt | 38 |
Disposal Group, Including Discontinued Operation, Liabilities, Current, Total | 418,936 |
Long-term debt | 80 |
Other liabilities | 2 |
Noncurrent liabilities held for sale | $ 82 |
Acquisitions, Dispositions An_7
Acquisitions, Dispositions And Discontinued Operations (Summarized Results Of Discontinued Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||
Sep. 30, 2019 | [1] | Jun. 30, 2019 | [1] | Mar. 31, 2019 | [1] | Dec. 31, 2018 | [1] | Sep. 30, 2018 | [1] | Jun. 30, 2018 | [1] | Mar. 31, 2018 | [1] | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
Income tax expense | $ (258) | $ (3,421) | $ (7,279) | ||||||||||||||
Net income | $ 3,359 | $ 1,939 | $ (4,469) | $ (215) | $ 501 | $ 6,730 | $ 4,523 | 829 | 11,539 | 4,998 | |||||||
Discontinued Operations [Member] | Green Plains Cattle Company LLC [Member] | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
Product revenues | 638,122 | 884,072 | 328,874 | ||||||||||||||
Cost of goods sold (excluding depreciation and amortization expenses reflected below) | 614,671 | 845,160 | 302,438 | ||||||||||||||
Selling, general and administrative | 5,931 | 7,775 | 4,659 | ||||||||||||||
Depreciation and amortization expenses | 4,198 | 5,361 | 3,779 | ||||||||||||||
Total costs and expenses | 624,800 | 858,296 | 310,876 | ||||||||||||||
Operating income | 13,322 | 25,776 | 17,998 | ||||||||||||||
Interest income | 182 | 147 | 10 | ||||||||||||||
Income expense | (12,417) | (13,576) | (6,460) | ||||||||||||||
Other, net | 2,613 | 729 | |||||||||||||||
Total other expense | (12,235) | (10,816) | (5,721) | ||||||||||||||
Income before income taxes | 1,087 | 14,960 | 12,277 | ||||||||||||||
Income tax expense | (258) | (3,421) | (7,279) | ||||||||||||||
Net income | 829 | 11,539 | 4,998 | ||||||||||||||
Cattle [Member] | Discontinued Operations [Member] | Green Plains Cattle Company LLC [Member] | |||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||
Cost of goods sold (excluding depreciation and amortization expenses reflected below) | $ 14,500 | $ 24,600 | $ 22,200 | ||||||||||||||
[1] | GPCC results prior to its disposition are classified as discontinued operations in current and prior period consolidated financial statements. |
Fair Value Disclosures (Narrati
Fair Value Disclosures (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value Disclosures [Abstract] | ||
Fair value of debt | $ 564.4 | $ 516.6 |
Fair value of accounts receivable | $ 107.2 | $ 88.5 |
Fair Value Disclosures (Schedul
Fair Value Disclosures (Schedule Of Assets And Liabilities Fair Value) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Assets: | |||
Cash and cash equivalents | $ 245,977 | $ 251,681 | |
Restricted cash | 23,919 | 31,603 | |
Inventories carried at market | 73,318 | 111,960 | |
Unrealized gains on derivatives | 14,515 | 9,976 | |
Other assets | 113 | 115 | |
Cash, cash equivalents and restricted cash of discontinued operations | [1] | 34,911 | |
Total assets measured at fair value | 357,842 | 440,246 | |
Liabilities: | |||
Accounts payable | [2] | 37,294 | 16,573 |
Unrealized losses on derivatives | 7,771 | 7,852 | |
Other liabilities | 2 | ||
Total liabilities measured at fair value | 45,065 | 24,427 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Assets: | |||
Cash and cash equivalents | 245,977 | 251,681 | |
Restricted cash | 23,919 | 31,603 | |
Other assets | 113 | 114 | |
Cash, cash equivalents and restricted cash of discontinued operations | [1] | 34,911 | |
Total assets measured at fair value | 270,009 | 318,309 | |
Significant Other Observable Inputs (Level 2) [Member] | |||
Assets: | |||
Inventories carried at market | 73,318 | 111,960 | |
Unrealized gains on derivatives | 14,515 | 9,976 | |
Other assets | 1 | ||
Total assets measured at fair value | 87,833 | 121,937 | |
Liabilities: | |||
Accounts payable | [2] | 37,294 | 16,573 |
Unrealized losses on derivatives | 7,771 | 7,852 | |
Other liabilities | 2 | ||
Total liabilities measured at fair value | $ 45,065 | 24,427 | |
Green Plains Cattle Company LLC [Member] | Discontinued Operations [Member] | |||
Liabilities: | |||
Cash and cash equivalents | 2 | ||
Restricted cash classified as current assets of discontinued operations | $ 34,909 | ||
[1] | Includes $ 2 thousand of cash and cash equivalents and $ 34.9 million of restricted cash which is classified as current assets of discontinued operations in the December 31, 2018 consolidated balance sheet. | ||
[2] | Accounts payable is generally stated at historical amounts with the exception of $ 37.3 million and $ 16.6 million at December 31, 2019 and 2018, 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, 2019segment | |
Segment Information [Abstract] | |
Number of operating segments | 4 |
Segment Information (Summary Of
Segment Information (Summary Of Financial Data) (Details) $ in Thousands | Sep. 01, 2019USD ($) | Dec. 31, 2019USD ($) | [1] | Sep. 30, 2019USD ($) | [1] | Jun. 30, 2019USD ($) | [1] | Mar. 31, 2019USD ($) | [1] | Dec. 31, 2018USD ($)property | Sep. 30, 2018USD ($) | [1] | Jun. 30, 2018USD ($) | [1] | Mar. 31, 2018USD ($) | [1] | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)item | Dec. 31, 2017USD ($) | |
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Revenues | $ 715,677 | $ 632,350 | $ 630,570 | $ 438,641 | $ 583,508 | [1] | $ 789,048 | $ 807,709 | $ 803,667 | $ 2,417,238 | $ 2,983,932 | $ 3,289,475 | ||||||||
Cost of goods sold | 2,384,947 | 2,806,968 | 3,021,182 | |||||||||||||||||
Operating income (loss) | $ (14,922) | $ (42,365) | $ (46,645) | $ (38,638) | $ 102,928 | [1] | $ (3,785) | $ 3,596 | $ (12,785) | (142,570) | 89,954 | 23,748 | ||||||||
Depreciation and amortization | 72,127 | 98,258 | 103,582 | |||||||||||||||||
Capital expenditures | 76,472 | $ 38,343 | 47,999 | |||||||||||||||||
Number of ethanol plants sold | 3 | 3 | ||||||||||||||||||
Gain on disposal of assets | $ 150,400 | $ 150,351 | ||||||||||||||||||
Operating Segments [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Revenues | 2,520,053 | 3,111,486 | 3,426,334 | |||||||||||||||||
Intersegment Eliminations [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Revenues | (102,815) | (127,554) | (136,859) | |||||||||||||||||
Cost of goods sold | (103,904) | (124,270) | (136,744) | |||||||||||||||||
Operating income (loss) | 1,188 | (3,110) | (61) | |||||||||||||||||
Ethanol Production [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Revenues | 1,700,715 | 2,120,661 | 2,507,673 | |||||||||||||||||
Ethanol Production [Member] | Operating Segments [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Revenues | 1,700,615 | 2,120,475 | 2,507,589 | |||||||||||||||||
Cost of goods sold | 1,791,099 | 2,118,787 | 2,434,001 | |||||||||||||||||
Operating income (loss) | (178,575) | (111,823) | (45,074) | |||||||||||||||||
Depreciation and amortization | 63,073 | 80,227 | 81,987 | |||||||||||||||||
Capital expenditures | 72,374 | 27,322 | 28,996 | |||||||||||||||||
Ethanol Production [Member] | Intersegment Eliminations [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Revenues | (100) | (186) | (84) | |||||||||||||||||
Agribusiness and Energy Services [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Revenues | 735,500 | 768,956 | 668,761 | |||||||||||||||||
Agribusiness and Energy Services [Member] | Operating Segments [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Revenues | 708,316 | 735,855 | 632,702 | |||||||||||||||||
Cost of goods sold | 696,226 | 717,772 | 614,582 | |||||||||||||||||
Operating income (loss) | 22,777 | 29,076 | 30,443 | |||||||||||||||||
Depreciation and amortization | 2,222 | 2,470 | 3,462 | |||||||||||||||||
Capital expenditures | 2,251 | 277 | 397 | |||||||||||||||||
Agribusiness and Energy Services [Member] | Intersegment Eliminations [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Revenues | (27,184) | (33,101) | (36,059) | |||||||||||||||||
Food And Ingredients [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Revenues | 1,451 | 121,121 | 142,907 | |||||||||||||||||
Food And Ingredients [Member] | Operating Segments [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Revenues | 1,451 | 121,121 | 142,907 | |||||||||||||||||
Cost of goods sold | 1,526 | 94,679 | 109,343 | |||||||||||||||||
Operating income (loss) | (76) | 14,354 | 17,963 | |||||||||||||||||
Depreciation and amortization | 7,553 | 9,324 | ||||||||||||||||||
Capital expenditures | 9,025 | 13,467 | ||||||||||||||||||
Partnership [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Revenues | 82,387 | 100,748 | 106,993 | |||||||||||||||||
Partnership [Member] | Operating Segments [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Revenues | 6,856 | 6,481 | 6,277 | |||||||||||||||||
Operating income (loss) | 50,635 | 64,770 | 65,709 | |||||||||||||||||
Depreciation and amortization | 3,441 | 4,442 | 5,111 | |||||||||||||||||
Capital expenditures | 305 | 1,268 | 2,024 | |||||||||||||||||
Partnership [Member] | Intersegment Eliminations [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Revenues | (75,531) | (94,267) | (100,716) | |||||||||||||||||
Corporate Activities [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Operating income (loss) | (38,519) | 96,687 | (45,232) | |||||||||||||||||
Depreciation and amortization | 3,391 | 3,566 | 3,698 | |||||||||||||||||
Capital expenditures | 1,542 | 451 | 3,115 | |||||||||||||||||
Green Plains Cattle Company LLC [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Gain on disposal of assets | $ 0 | |||||||||||||||||||
Green Plains Cattle Company LLC [Member] | Cattle [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Revenues | 14,500 | 24,600 | 22,200 | |||||||||||||||||
Cost of goods sold | $ 14,400 | $ 24,500 | $ 22,000 | |||||||||||||||||
[1] | GPCC results prior to its disposition are classified as discontinued operations in current and prior period consolidated financial statements. |
Segment Information (Summary _2
Segment Information (Summary Of Total Assets For Operating Segments) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Total assets | [1] | $ 1,698,218 | $ 2,216,432 |
Operating Segments [Member] | Ethanol Production [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | [1] | 884,293 | 872,845 |
Operating Segments [Member] | Agribusiness and Energy Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | [1] | 410,400 | 399,633 |
Operating Segments [Member] | Partnership [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | [1] | 90,011 | 67,297 |
Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | [1] | (10,766) | (10,038) |
Corporate, Non-Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | [1] | $ 324,280 | 334,236 |
Discontinued Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | [1] | $ 552,459 | |
[1] | Asset balances by segment exclude intercompany payable and receivable balances |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Inventories [Abstract] | ||
Lower of cost or market adjustment | $ 6.6 | $ 6 |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Inventories [Abstract] | ||
Finished goods | $ 85,975 | $ 99,566 |
Commodities held for sale | 42,836 | 62,896 |
Raw materials | 77,900 | 98,174 |
Work-in-process | 13,523 | 12,680 |
Supplies and parts | 32,758 | 29,284 |
Inventories | $ 252,992 | $ 302,600 |
Property And Equipment (Schedul
Property And Equipment (Schedule Of Components Of Property And Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 1,313,948 | $ 1,233,887 |
Less: accumulated depreciation and amortization | (486,677) | (418,652) |
Property and equipment, net | 827,271 | 815,235 |
Plant Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 911,097 | 884,738 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 168,309 | 167,842 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 92,321 | 92,154 |
Railroad Track and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 34,404 | 34,163 |
Construction-in-Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 60,262 | 8,491 |
Computer Hardware And Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 19,368 | 18,444 |
Office Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 3,716 | 3,639 |
Leasehold Improvements And Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 24,471 | $ 24,416 |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets (Narrative) (Details) - Fleischmann’s Vinegar Company, Inc. [Member} - USD ($) $ in Millions | Nov. 27, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Trade Names [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Intangible assets disposed | $ 10.5 | ||
Amortization from intangible assets disposed | $ 4.4 | $ 5.3 | |
Customer Relationships [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Intangible assets disposed | 68.9 | ||
Amortization from intangible assets disposed | $ 11.1 |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets (Schedule Of Changes In Carrying Amount Of Goodwill Attributable To Each Business Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2019 | ||
Goodwill [Line Items] | |||
Goodwill, Beginning Balance | $ 182,879 | ||
Dispositions | [1] | (148,190) | |
Goodwill, Ending Balance | 34,689 | ||
Goodwill | 34,689 | $ 34,689 | |
Ethanol Production [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Beginning Balance | 30,279 | ||
Dispositions | [1] | (6,188) | |
Goodwill, Ending Balance | 24,091 | ||
Goodwill | 24,091 | 24,091 | |
Food And Ingredients [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Beginning Balance | 142,002 | ||
Dispositions | [1] | (142,002) | |
Goodwill | 142,002 | ||
Partnership [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Beginning Balance | 10,598 | ||
Goodwill, Ending Balance | 10,598 | ||
Goodwill | 10,598 | $ 10,598 | |
Fleischmann's Vinegar [Member] | |||
Goodwill [Line Items] | |||
Dispositions | (142,000) | ||
Bluffton, Lakota and Riga Ethanol Plants [Member] | |||
Goodwill [Line Items] | |||
Dispositions | $ (6,200) | ||
[1] | As of December 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. |
Derivative Financial Instrume_3
Derivative Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Financial Instruments [Abstract] | |||
Accumulated other comprehensive loss | $ 11,064 | $ 16,016 | |
Gain or loss from discontinuing cash flow hedge treatment | 0 | 0 | $ 0 |
Energy trading contracts, gain (loss) | $ 12,300 | $ 23,100 | $ 35,400 |
Derivative Financial Instrume_4
Derivative Financial Instruments (Schedule Of Fair Values Of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | |||
Derivatives, Fair Value [Line Items] | ||||
Asset Derivatives, Fair Value | $ 14,515 | $ 9,977 | ||
Liability Derivatives, Fair Value | 7,771 | 7,854 | ||
Net unrealized losses on cash flow hedges | 100 | |||
Unrealized Gain (Loss) on Commodity Contracts | 3,400 | 16,300 | ||
Derivative Financial Instruments [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Asset Derivatives, Fair Value | 14,515 | [1] | 9,976 | [2] |
Liability Derivatives, Fair Value | 7,771 | 7,852 | ||
Other Assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Asset Derivatives, Fair Value | 1 | |||
Other Liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Asset Derivatives, Fair Value | ||||
Liability Derivatives, Fair Value | $ 2 | |||
[1] | At December 31, 2019, derivative financial instruments, as reflected on the balance sheet, includes net unrealized gains on exchange traded futures and options contracts of $ 3.4 million, which include $ 0.1 million of net unrealized gains on derivative financial instruments designated as cash flow hedging instruments. | |||
[2] | 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. |
Derivative Financial Instrume_5
Derivative Financial Instruments (Schedule Of Derivative Instruments, Gain (Loss) In Statement Of Financial Performance) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | $ 48,797 | $ (9,556) | $ 6,231 |
Carrying Amount of the Hedged Assets, Inventories | 55,021 | 89,188 | |
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets | (2,808) | 2,430 | |
Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Recognized in Income on Derivatives | (15,114) | 29,059 | 14,495 |
Revenue [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | 3,648 | 42,710 | |
Gains (Losses) Due to Ineffectiveness of Cash Flow Hedges | 3,648 | 42,427 | |
Cost of Goods Sold [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | 1,258 | (11,765) | |
Gains (Losses) Due to Ineffectiveness of Cash Flow Hedges | 3,410 | 2,635 | (9,464) |
Net Income (Loss) From Discontinued Operations, Net Of Income Taxes [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | 48,797 | (14,462) | (24,714) |
Gains (Losses) Due to Ineffectiveness of Cash Flow Hedges | 48,797 | (14,462) | (24,714) |
Commodity Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Loss Recognized in Other Comprehensive Income on Derivatives | 70,404 | (9,642) | (8,015) |
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 | (10,202) | 11,565 | (12,588) |
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 | (2,442) | 21,101 | 25,825 |
Commodity Contracts [Member] | Net Income (Loss) From Discontinued Operations, Net Of Income Taxes [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Recognized in Income on Derivatives | (2,470) | (3,607) | 1,258 |
Commodity Contracts [Member] | Fair Value Hedging [Member] | Revenue [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) Due to Ineffectiveness of Cash Flow Hedges | 1,451 | ||
Commodity Contracts [Member] | Fair Value Hedging [Member] | Revenue [Member] | Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) Due to Ineffectiveness of Cash Flow Hedges | (1,734) | ||
Commodity Contracts [Member] | Fair Value Hedging [Member] | Cost of Goods Sold [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) Due to Ineffectiveness of Cash Flow Hedges | (844) | 13,681 | (6,229) |
Commodity Contracts [Member] | Fair Value Hedging [Member] | Cost of Goods Sold [Member] | Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) Due to Ineffectiveness of Cash Flow Hedges | $ 4,254 | $ (12,304) | $ 8,530 |
Derivative Financial Instrume_6
Derivative Financial Instruments (Schedule Of Open Position Derivative Financial Instruments) (Details) lb in Thousands, gal in Thousands, bu in Thousands, T in Thousands, MMBTU in Thousands | Dec. 31, 2019lbgalTbuMMBTU | |
Corn [Member] | Exchange Traded [Member] | Long [Member] | Cash Flow Hedges [Member] | Options [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | bu | 201 | [1] |
Corn [Member] | Exchange Traded [Member] | Long [Member] | Fair Value Hedging [Member] | Futures [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | bu | 7,000 | [1],[2],[3] |
Ethanol [Member] | Exchange Traded [Member] | Long [Member] | Options [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | gal | 20,954 | [1] |
Ethanol [Member] | Exchange Traded [Member] | Short [Member] | Futures [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | gal | 9,702 | [1] |
Ethanol [Member] | Exchange Traded [Member] | Short [Member] | Cash Flow Hedges [Member] | Futures [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | gal | 41,664 | [1],[3] |
Ethanol [Member] | Non-Exchange Traded [Member] | Long [Member] | Forwards [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | gal | 26,208 | [4] |
Ethanol [Member] | Non-Exchange Traded [Member] | Short [Member] | Forwards [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | gal | 389,298 | [4] |
Natural Gas In MMBTU [Member] | Exchange Traded [Member] | Short [Member] | Cash Flow Hedges [Member] | Futures [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | MMBTU | 8,428 | [1] |
Natural Gas In MMBTU [Member] | Exchange Traded [Member] | Short [Member] | Fair Value Hedging [Member] | Futures [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | MMBTU | 9,088 | [1],[2],[3] |
Natural Gas In MMBTU [Member] | Non-Exchange Traded [Member] | Long [Member] | Forwards [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | MMBTU | 12,539 | [4] |
Natural Gas In MMBTU [Member] | Non-Exchange Traded [Member] | Short [Member] | Forwards [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | MMBTU | 1,736 | [4] |
Corn And Soybeans In Bushels [Member] | Exchange Traded [Member] | Short [Member] | Futures [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | bu | 22,445 | [1] |
Corn And Soybeans In Bushels [Member] | Non-Exchange Traded [Member] | Long [Member] | Forwards [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | bu | 29,511 | [4] |
Corn And Soybeans In Bushels [Member] | Non-Exchange Traded [Member] | Short [Member] | Forwards [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | bu | 1,374 | [4] |
DDG [Member] | Non-Exchange Traded [Member] | Long [Member] | Forwards [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | T | 137 | [4] |
DDG [Member] | Non-Exchange Traded [Member] | Short [Member] | Forwards [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | T | 592 | [4] |
Corn Oil [Member] | Non-Exchange Traded [Member] | Long [Member] | Forwards [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | lb | 3,840 | [4] |
Corn Oil [Member] | Non-Exchange Traded [Member] | Short [Member] | Forwards [Member] | ||
Derivative [Line Items] | ||
Volumes of open commodity derivatives | lb | 131,616 | [4] |
[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 or non-exchange traded forwards used for fair value hedges. | |
[3] | Futures used for cash flow hedges. | |
[4] | Non-exchange traded forwards are presented on a gross long and (short) position basis including both fixed-price and basis contracts. |
Debt (Narrative - Corporate Act
Debt (Narrative - Corporate Activities) (Details) - USD ($) | Jun. 21, 2019 | Aug. 31, 2016 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jul. 19, 2019 |
Debt Instrument [Line Items] | |||||||
Payments of principal on long-term debt | $ 45,702,000 | $ 576,389,000 | $ 510,209,000 | ||||
Loss on extinguishment of 3.25% convertible notes due 2018 | 1,291,000 | ||||||
Cash payment for conversion of 3.25% convertible notes due 2018 | $ 8,523,000 | ||||||
Long-term Debt | $ 433,612,000 | ||||||
Convertible Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Loss on extinguishment of 3.25% convertible notes due 2018 | $ 1,600,000 | ||||||
Interest Expense, Debt | 1,600,000 | ||||||
Unamortized debt issuance costs | $ 100,000 | ||||||
4.00% Convertible Notes Due 2024 [Member] | Convertible Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, stated percentage | 4.00% | ||||||
4.00% Convertible Notes Due 2024 [Member] | Corporate Activities [Member] | Convertible Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ 105,000,000 | ||||||
Interest rate, stated percentage | 4.00% | 4.00% | |||||
Outstanding amount repurchased | $ 56,800,000 | ||||||
Debt Instrument, Maturity Date | Jul. 1, 2024 | ||||||
Common stock for conversion, shares | 64.1540 | ||||||
Debt Instrument Convertible Conversion Price Benchmark1 | $ 1,000 | ||||||
Debt conversion price | $ 15.59 | ||||||
Debt Conversion, Sale Price Of Common Stock Percent, Minimum | 140.00% | ||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||
Long-term Debt | $ 115,000,000 | ||||||
Debt Instrument, Additional Aggregate Principal Amount | $ 10,000,000 | ||||||
3.25% Convertible Notes Due 2019 [Member] | Convertible Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, stated percentage | 3.25% | 3.25% | |||||
3.25% Convertible Notes Due 2019 [Member] | Corporate Activities [Member] | Convertible Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate, stated percentage | 3.25% | 3.25% | |||||
Payments of principal on long-term debt | $ 57,800,000 | ||||||
Debt Instrument, Maturity Date | Oct. 1, 2019 | ||||||
4.125% 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% | 4.125% | ||||
Debt conversion, principal amounts for integral multiples | $ 1,000 | ||||||
Common stock for conversion, shares | 35.7143 | ||||||
Debt conversion price | $ 28 | ||||||
Conversion price percentage | 140.00% | ||||||
Principal amount of notes, percentage | 100.00% |
Debt (Narrative - Agribusiness
Debt (Narrative - Agribusiness And Energy Services Segment) (Details) | Jun. 27, 2019USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2018USD ($) |
Debt Instrument [Line Items] | ||||
Short-term notes payable and other borrowings | $ 187,812,000 | $ 163,751,000 | ||
Long-term debt, net | 433,612,000 | |||
Agribusiness and Energy Services [Member] | Green Plains Grain [Member] | ||||
Debt Instrument [Line Items] | ||||
Minimum working capital required for compliance | $ 18,000,000 | |||
Percent Of Sum Of Total Commitment Plus Aggregate Seasonal Line Commitments | 18.00% | |||
Minimum Net Worth Required For Compliance, Percent | 21.00% | |||
Fixed charge coverage ratio | 1.25 | |||
Annual leverage ratio | 6 | |||
Maximum Capital Expenditures Per Year Under Agreement | $ 8,000,000 | |||
Maximum Unused Amounts For Capital Expenditures Under Agreements | 8,000,000 | |||
Maximum Long Term Indebtness Benchmark Under Agreement | $ 10,000,000 | |||
Maximum Long Term Debt Capitalization Under Agreement | 40.00% | |||
Short-term notes payable and other borrowings | $ 0 | |||
Agribusiness and Energy Services [Member] | Green Plains Grain [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 125,000,000 | $ 100,000,000 | ||
Debt Instrument, Maturity Date | Jul. 26, 2019 | Jun. 28, 2022 | ||
Additional amounts available under facility, accordion feature | $ 75,000,000 | |||
Line of credit, maximum borrowing capacity | $ 225,000,000 | |||
Agribusiness and Energy Services [Member] | Green Plains Grain [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate, basis spread on variable rate, percentage | 3.00% | |||
Agribusiness and Energy Services [Member] | 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% | |||
Agribusiness and Energy Services [Member] | Green Plains Grain [Member] | Revolving Credit Facility [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Unused capacity fee, percentage | 0.375% | |||
Agribusiness and Energy Services [Member] | Green Plains Grain [Member] | Revolving Credit Facility [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Unused capacity fee, percentage | 0.50% | |||
Agribusiness and Energy Services [Member] | Green Plains Grain [Member] | Seasonal Borrowings [Member] | ||||
Debt Instrument [Line Items] | ||||
Additional amounts available under facility, accordion feature | $ 50,000,000 | |||
Agribusiness and Energy Services [Member] | Green Plains Trade [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Additional amounts available under facility, accordion 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 | |||
Availability Benchmark Period Under Agreement | 30 days | |||
Unused capacity fee, percentage | 0.375% | |||
Agribusiness and Energy Services [Member] | Green Plains Trade [Member] | Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Maturity Date | Jul. 28, 2022 | |||
Interest rate, basis spread on variable rate, percentage | 2.25% | |||
Line of credit, maximum borrowing capacity | $ 285,000,000 | |||
Agribusiness and Energy Services [Member] | Green Plains Trade [Member] | First-in-last-out (FILO) Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate, basis spread on variable rate, percentage | 3.25% | |||
Line of credit, maximum borrowing capacity | $ 15,000,000 | |||
Agribusiness and Energy Services [Member] | 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 | $ 30,000,000 | $ 20,000,000 | ||
Agribusiness and Energy Services [Member] | 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% | |||
$50.0 Million Inventory Financing [Member] | Green Plains Grain [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 50,000,000 |
Debt (Narrative - Food And Ingr
Debt (Narrative - Food And Ingredients Segment, Partnership Segment, Covenant Compliance, And Restricted Net Assets) (Details) | Aug. 28, 2019USD ($) | Aug. 27, 2019 | Dec. 31, 2019USD ($) | Jun. 30, 2013USD ($) |
Debt Instrument [Line Items] | ||||
Restricted assets | $ 67,400,000 | |||
Birmingham BioEnergy Partners LLC Member] | Notes Receivable [Member] | ||||
Debt Instrument [Line Items] | ||||
Note receivable | 8,100,000 | $ 8,100,000 | ||
Birmingham BioEnergy Partners LLC Member] | Notes Payable to Banks [Member] | Promissory Note [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | 10,000,000 | |||
Birmingham BioEnergy Partners LLC Member] | Notes Payable to Banks [Member] | Promissory Note I [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | 1,900,000 | 1,900,000 | ||
Birmingham BioEnergy Partners LLC Member] | Notes Payable to Banks [Member] | Promissory Note II [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | 8,100,000 | $ 8,100,000 | ||
Food And Ingredients Segment [Member] | Green Plains Cattle [Member] | ||||
Debt Instrument [Line Items] | ||||
Change in control percentage benchmark | 35.00% | 100.00% | ||
Food And Ingredients Segment [Member] | Green Plains Cattle [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit, maximum borrowing capacity | $ 500,000,000 | |||
Partnership [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit, maximum borrowing capacity | 200,000,000 | |||
Additional amounts available under facility, accordion feature | 20,000,000 | |||
Line of credit, outstanding | $ 132,100,000 | |||
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] | Revolving Credit Facility [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Unused capacity fee, percentage | 0.35% | |||
Partnership [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] | 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] | Revolving Credit Facility [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Unused capacity fee, percentage | 0.50% | |||
Partnership [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] | Revolving Credit Facility [Member] | Maximum [Member] | Base Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate, basis spread on variable rate, percentage | 2.00% |
Debt (Schedule Of The Component
Debt (Schedule Of The Components Of Long-Term Debt) (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2019 | Jun. 21, 2019 | Dec. 31, 2018 | Aug. 31, 2016 | ||
Debt Instrument [Line Items] | |||||
Total face value of long-term debt | $ 381,365,000 | $ 356,069,000 | |||
Unamortized debt issuance costs | (4,820,000) | (3,190,000) | |||
Less: current portion of long-term debt | (132,555,000) | (54,769,000) | |||
Total long-term debt | $ 243,990,000 | $ 298,110,000 | |||
Convertible Notes [Member] | 3.25% Convertible Notes Due 2019 [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate, stated percentage | 3.25% | 3.25% | |||
Convertible Notes [Member] | 3.25% Convertible Notes Due 2019 [Member] | Corporate Activities [Member] | |||||
Debt Instrument [Line Items] | |||||
Total face value of long-term debt | [1] | $ 53,457,000 | |||
Unamortized debt issuance costs | $ (400,000) | ||||
Interest rate, stated percentage | 3.25% | 3.25% | |||
Debt Instrument, Maturity Date | Oct. 1, 2019 | ||||
Convertible Notes [Member] | 4.125% Convertible Notes Due 2022 [Member] | Corporate Activities [Member] | |||||
Debt Instrument [Line Items] | |||||
Total face value of long-term debt | [2] | $ 149,256,000 | $ 142,708,000 | ||
Unamortized debt issuance costs | $ (2,000,000) | $ (2,800,000) | |||
Interest rate, stated percentage | 4.125% | 4.125% | 4.125% | ||
Debt instrument, face amount | $ 170,000,000 | ||||
Convertible Notes [Member] | 4.00% Convertible Notes Due 2024 [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate, stated percentage | 4.00% | ||||
Convertible Notes [Member] | 4.00% Convertible Notes Due 2024 [Member] | Corporate Activities [Member] | |||||
Debt Instrument [Line Items] | |||||
Total face value of long-term debt | [3] | $ 83,497,000 | |||
Unamortized debt issuance costs | $ (2,800,000) | ||||
Interest rate, stated percentage | 4.00% | 4.00% | |||
Debt instrument, face amount | $ 105,000,000 | ||||
Debt Instrument, Maturity Date | Jul. 1, 2024 | ||||
$8.1 Million Promissory Note [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 8,100,000 | ||||
Other Debt Obligations [Member] | |||||
Debt Instrument [Line Items] | |||||
Total face value of long-term debt | $ 16,512,000 | 17,804,000 | |||
Partnership [Member] | Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Total face value of long-term debt | [4] | 132,100,000 | 134,000,000 | ||
Debt instrument, face amount | $ 200,000,000 | 200,000,000 | |||
Debt Instrument, Maturity Date | Jul. 1, 2020 | ||||
Partnership [Member] | $8.1 Million Promissory Note [Member] | |||||
Debt Instrument [Line Items] | |||||
Total face value of long-term debt | $ 8,100,000 | ||||
[1] | Includes $ 0.4 million of unamortized debt issuance costs as of December 31, 2018. | ||||
[2] | Includes $ 2.0 million and $ 2.8 million of unamortized debt issuance costs as of December 31, 2019 and 2018, respectively. | ||||
[3] | Includes $ 2.8 million of unamortized debt issuance costs as of December 31, 2019. | ||||
[4] | The Green Plains Partners revolving credit facility is included in current maturities of long-term debt balance on the consolidated balance sheet as of December 31, 2019 as its maturity date is July 1, 2020 . |
Debt (Schedule Of Maturities Of
Debt (Schedule Of Maturities Of Long-Term Debt) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Debt Disclosure [Abstract] | |
2020 | $ 132,555 |
2021 | 354 |
2022 | 170,345 |
2023 | 337 |
2024 | 115,331 |
Thereafter | 14,690 |
Total face value of long-term debt | $ 433,612 |
Debt (Schedule Of Short-term No
Debt (Schedule Of Short-term Notes Payable And Other Borrowings) (Details) - USD ($) | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | |||
Short-term notes payable and other borrowings | $ 187,812,000 | $ 163,751,000 | |
Current liabilities of discontinued operations | 418,936,000 | ||
Green Plains Cattle [Member] | $500.0 Million Revolver [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | 500,000,000 | ||
Green Plains Grain [Member] | $100.0 Million Revolver [Member] | |||
Debt Instrument [Line Items] | |||
Short-term notes payable and other borrowings | 40,000,000 | 41,000,000 | |
Debt instrument, face amount | 100,000,000 | 100,000,000 | |
Green Plains Grain [Member] | $50.0 Million Inventory Financing [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | 50,000,000 | ||
Green Plains Trade [Member] | $300.0 Million Revolver [Member] | |||
Debt Instrument [Line Items] | |||
Short-term notes payable and other borrowings | 138,204,000 | 108,485,000 | |
Debt instrument, face amount | 300,000,000 | 300,000,000 | |
Green Plains Commodity Management [Member] | $30.0 Million Hedge Line [Member] | |||
Debt Instrument [Line Items] | |||
Short-term notes payable and other borrowings | 9,608,000 | 14,266,000 | |
Debt instrument, face amount | $ 30,000,000 | 30,000,000 | |
Restatement Adjustment [Member] | Green Plains Cattle [Member] | $500.0 Million Revolver [Member] | |||
Debt Instrument [Line Items] | |||
Current liabilities of discontinued operations | $ 374,500,000 | $ 374,500,000 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
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 |
Compensation costs expensed | $ 9.7 | $ 11.4 | $ 12.2 |
Unrecognized compensation costs | $ 9.8 | ||
Compensation expected to be recognized, weighted-average period in years | 1 year 8 months 12 days | ||
Potential tax benefit, percentage | 24.30% | ||
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] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
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 | 428,104 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Achievement of Maximum Goals Percentage | 150.00% | ||
Non-vested, shares outstanding | 285,403 | 134,022 | |
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 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 Rights, Percentage | 50.00% | ||
Performance Shares, Predetermined RONA [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 | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 8 years | ||
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule Of Non-Vested Stock Award And DSU Activity) (Details) | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Restricted Stock Awards And Deferred Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-vested, shares or units | shares | 882,288 |
Non-vested, Weighted-Average Grant-Date Fair Value | $ / shares | $ 19.12 |
Granted, shares or units | shares | 497,118 |
Granted, Weighted-Average Grant-Date Fair Value | $ / shares | $ 15.40 |
Forfeited, shares or units | shares | (138,110) |
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares | $ 17.55 |
Vested, shares or units | shares | (489,981) |
Vested, Weighted-Average Grant-Date Fair Value | $ / shares | $ 18.31 |
Non-vested, shares or units | shares | 751,315 |
Non-vested, Weighted-Average Grant-Date Fair Value | $ / shares | $ 17.48 |
Non-vested, Weighted-Average Remaining Vesting Term (in years) | 1 year 7 months 6 days |
Green Plains Partners LP [Member] | Long Term Incentive Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-vested, shares or units | shares | 18,582 |
Non-vested, Weighted-Average Grant-Date Fair Value | $ / shares | $ 16.96 |
Granted, shares or units | shares | 22,856 |
Granted, Weighted-Average Grant-Date Fair Value | $ / shares | $ 14 |
Vested, shares or units | shares | (18,582) |
Vested, Weighted-Average Grant-Date Fair Value | $ / shares | $ 16.96 |
Non-vested, shares or units | shares | 22,856 |
Non-vested, Weighted-Average Grant-Date Fair Value | $ / shares | $ 14 |
Non-vested, Weighted-Average Remaining Vesting Term (in years) | 6 months |
Stock-Based Compensation (The W
Stock-Based Compensation (The Weighted Average Assumptions Used By The Company In Applying The Monte Carlo Valuation Model For Performance Share Grants) (Details) - Performance Shares [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 2.45% | 2.44% |
Dividend yield | 3.13% | 2.64% |
Expected volatility | 41.69% | 45.11% |
Monte Carlo valuation | 99.62% | 97.39% |
Closing stock price on the date of grant | $ 15.34 | $ 18.15 |
Stock-Based Compensation (Sch_2
Stock-Based Compensation (Schedule Of Non-Vested Performance Share Award Activity) (Details) - Performance Shares [Member] | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-vested, shares or units | shares | 134,022 |
Non-vested, Weighted-Average Grant-Date Fair Value | $ / shares | $ 17.92 |
Granted, shares or units | shares | 216,703 |
Granted, Weighted-Average Grant-Date Fair Value | $ / shares | $ 15.43 |
Forfeited, shares or units | shares | (65,322) |
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares | $ 16.38 |
Non-vested, shares or units | shares | 285,403 |
Non-vested, Weighted-Average Grant-Date Fair Value | $ / shares | $ 16.38 |
Non-vested, Weighted-Average Remaining Vesting Term (in years) | 1 year 10 months 24 days |
Stock-Based Compensation (Sch_3
Stock-Based Compensation (Schedule Of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Stock-Based Compensation [Abstract] | |||
Outstanding, Shares | 128,750 | ||
Outstanding, Weighted Average Exercise Price | $ 12.72 | ||
Outstanding, Weighted Average Remaining Contractual Term | 2 months 12 days | 1 year | |
Outstanding, Aggregate Intrinsic Value | $ 89 | ||
Exercised, Shares | (118,750) | ||
Exercised, Weighted Average Exercise price | $ 12.36 | ||
Exercised, Aggregate Intrinsic Value | $ 340 | ||
Outstanding, Shares | 10,000 | 128,750 | |
Outstanding, Weighted Average Exercise Price | $ 16.95 | $ 12.72 | |
Outstanding, Weighted Average Remaining Contractual Term | 2 months 12 days | 1 year | |
Outstanding, Aggregate Intrinsic Value | $ 89 | ||
Exercisable, Shares | [1] | 10,000 | |
Exercisable, Weighted Average Exercise Price | [1] | $ 16.95 | |
Exercisable, Weighted Average Remaining Contractual | [1] | 2 months 12 days | |
[1] | The weighted average exercise price for options exercisable at December 31, 2019 was above the company’s stock price at December 31, 2019. |
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, 2019 | Sep. 30, 2019 | [2] | Jun. 30, 2019 | [2] | Mar. 31, 2019 | [2] | Dec. 31, 2018 | Sep. 30, 2018 | [2] | Jun. 30, 2018 | [2] | Mar. 31, 2018 | [2] | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Aug. 31, 2016 | ||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Net income (loss) from continuing operations | [1] | $ (167,689) | $ 4,384 | $ 56,063 | |||||||||||||||||
Net income from discontinued operations, net of income taxes | 829 | 11,539 | 4,998 | ||||||||||||||||||
Net income (loss) attributable to Green Plains | $ (39,749) | [2] | $ (38,970) | $ (45,342) | $ (42,799) | $ 53,503 | [2] | $ (12,469) | $ (994) | $ (24,117) | $ (166,860) | $ 15,923 | $ 61,061 | ||||||||
EPS from continuing operations - basic | $ (1.13) | [2],[3] | $ (1.15) | [3] | $ (1.18) | [3] | $ (0.95) | [3] | $ 1.33 | [2],[3] | $ (0.32) | [3] | $ (0.19) | [3] | $ (0.71) | [3] | $ (4.40) | $ 0.11 | $ 1.43 | ||
EPS from discontinued operations - basic | 0.09 | [3] | 0.05 | [3] | (0.11) | [3] | (0.01) | [2],[3] | 0.01 | [3] | 0.17 | [3] | 0.11 | [3] | 0.02 | 0.28 | 0.13 | ||||
Net income (loss) attributable to Green Plains - basic | (1.13) | [2],[3] | (1.06) | [3] | (1.13) | [3] | (1.06) | [3] | 1.32 | [2],[3] | (0.31) | [3] | (0.02) | [3] | (0.60) | [3] | $ (4.38) | $ 0.39 | $ 1.56 | ||
Net income (loss) from continuing operations -diluted | $ (167,689) | $ 4,384 | $ 68,655 | ||||||||||||||||||
Net income from discontinued operations -diluted | 829 | 11,539 | 4,998 | ||||||||||||||||||
Net income (loss) attributable to Green Plains - diluted | $ (166,860) | $ 15,923 | $ 73,653 | ||||||||||||||||||
Weighted average shares outstanding - basic | 38,111 | 40,320 | 39,247 | ||||||||||||||||||
Dilutive effect of convertible debt and stock-based compensation | 934 | 713 | |||||||||||||||||||
Weighted average shares outstanding - diluted | 38,111 | 41,254 | 50,240 | ||||||||||||||||||
EPS from continuing operations - diluted | (1.13) | [2],[3] | (1.15) | [3] | (1.18) | [3] | (0.95) | [3] | 1.13 | [2],[3] | (0.32) | [3] | (0.19) | [3] | (0.71) | [3] | $ (4.40) | $ 0.11 | $ 1.37 | ||
EPS from discontinued operations - diluted | 0.09 | [3] | 0.05 | [3] | (0.11) | [3] | 0.01 | [3] | 0.17 | [3] | 0.11 | [3] | 0.02 | 0.28 | 0.10 | ||||||
Net income (loss) attributable to Green Plains - diluted | $ (1.13) | [2],[3] | $ (1.06) | [3] | $ (1.13) | [3] | $ (1.06) | [3] | $ 1.13 | [2],[3] | $ (0.31) | [3] | $ (0.02) | [3] | $ (0.60) | [3] | $ (4.38) | $ 0.39 | $ 1.47 | ||
Anti-dilutive weighted-average convertible debt and stock-based compensation | [4] | 10,560 | 7,283 | ||||||||||||||||||
Convertible Notes [Member] | 3.25% Convertible Notes Due 2019 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | 3.25% | 3.25% | 3.25% | |||||||||||||||||
Corporate Activities [Member] | Convertible Notes [Member] | 3.25% Convertible Notes Due 2019 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Interest and amortization on convertible debt, net of tax effect | $ 4,433 | ||||||||||||||||||||
Dilutive effect of convertible debt and stock-based compensation | 4,209 | ||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | 3.25% | 3.25% | 3.25% | |||||||||||||||||
Corporate Activities [Member] | Convertible Notes [Member] | 4.125% Convertible Notes Due 2022 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Interest and amortization on convertible debt, net of tax effect | $ 8,159 | ||||||||||||||||||||
Dilutive effect of convertible debt and stock-based compensation | 6,071 | ||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.125% | 4.125% | 4.125% | 4.125% | 4.125% | ||||||||||||||||
[1] | Net income (loss) from continuing operations can be recalculated from the consolidated statements of operations by taking the net income (loss) from continuing operations including noncontrolling interest less net income attributable to noncontrolling interests. | ||||||||||||||||||||
[2] | GPCC results prior to its disposition are classified as discontinued operations in current and prior period consolidated financial statements. | ||||||||||||||||||||
[3] | Basic and diluted earnings per share are calculated independently for each of the quarters presented. Accordingly, the sum of the quarterly earnings per share amounts may not agree with the total year. | ||||||||||||||||||||
[4] | The effect related to the company’s convertible debt and stock-based compensation awards have been excluded from diluted EPS for the periods presented as the inclusion of these shares would have been antidilutive. |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 16, 2020 | Dec. 31, 2019 | Dec. 31, 2019 | Oct. 30, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Dividends Payable [Line Items] | ||||||
Treasury stock, shares | 10,932,182 | 10,932,182 | 5,535,574 | |||
Treasury Stock, Value | $ 119,808 | $ 119,808 | $ 58,162 | |||
Stock Repurchase Program, Authorized Amount, Increase (Decrease) | $ 100,000 | |||||
Stock Repurchase Program, Authorized Amount | $ 200,000 | $ 200,000 | $ 100,000 | |||
Repurchase of common stock, Shares | 5,396,608 | 6,515,957 | ||||
Repurchase of common stock | $ 61,600 | $ 81,400 | ||||
Unrealized losses, net of tax | $ (11,064) | $ (11,064) | $ (16,016) | |||
Subsequent Event [Member] | Green Plains Partners LP [Member] | ||||||
Dividends Payable [Line Items] | ||||||
Quarterly cash distribution per unit declared | $ 0.475 |
Stockholders' Equity (Reclassif
Stockholders' Equity (Reclassification From Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||||||||
Cost of goods sold | [1] | $ 730,599 | $ 674,715 | $ 677,215 | $ 477,279 | $ 480,580 | [2] | $ 792,833 | [2] | $ 804,113 | [2] | $ 816,452 | [2] | |||||||
Income tax benefit | $ 19,514 | [1],[3] | $ (12,565) | [1],[3] | $ (15,322) | [1],[3] | $ (12,943) | [1],[3] | $ 14,457 | [1] | $ (14,941) | [1] | $ (12,498) | [1] | $ (7,165) | [1] | $ (21,316) | $ (20,147) | $ (132,061) | |
Net income (loss) | (148,000) | 36,734 | 81,631 | |||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) [Member] | ||||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||||||||
Loss from continuing operations before income taxes and income (loss) from equity method investees | [4] | 4,906 | 30,945 | |||||||||||||||||
Net income from discontinued operations, net of taxes | [5] | 38,795 | (10,092) | (15,566) | ||||||||||||||||
Income tax benefit | [6] | 1,483 | 11,454 | |||||||||||||||||
Net income (loss) | $ 38,795 | (6,669) | 3,925 | |||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) [Member] | Commodity Contracts [Member] | ||||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||||||||
Revenues | [7] | 3,648 | 42,710 | |||||||||||||||||
Cost of goods sold | [8] | $ 1,258 | $ (11,765) | |||||||||||||||||
[1] | GPCC results prior to its disposition are classified as discontinued operations in current and prior period consolidated financial statements. | |||||||||||||||||||
[2] | 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 | |||||||||||||||||||
[3] | The fourth quarter of 2019 includes the recognition of a $25.3 million valuation allowance which impacted income tax expense. | |||||||||||||||||||
[4] | Income (loss) from continuing operations before income taxes and income (loss) from equity method investees | |||||||||||||||||||
[5] | Net income from discontinued operations, net of income taxes | |||||||||||||||||||
[6] | Income tax benefit | |||||||||||||||||||
[7] | Revenues | |||||||||||||||||||
[8] | Costs of goods sold |
Restructuring Activities (Narra
Restructuring Activities (Narrative) (Details) $ in Millions | Dec. 31, 2018USD ($) |
Restructuring Cost and Reserve [Line Items] | |
Severance cost recognized | $ 4.2 |
Severance Costs - Selling, General And Administration [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Severance cost recognized | 3.8 |
Severance Costs - Costs Of Goods Sold [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Severance cost recognized | 0.4 |
Corporate Activities [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Severance cost recognized | 3.1 |
Agribusiness and Energy Services [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Severance cost recognized | 0.7 |
Ethanol Production [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Severance cost recognized | 0.4 |
Accrued and Other Liabilities [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Severance cost recognized | $ 2.7 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Tax Credit Carryforward [Line Items] | ||
Increase in valuation allowance | $ 25,314 | |
Deferred Tax Assets Tax Credit Carryforwards Domestic | 49,937 | $ 47,956 |
Deferred Tax Assets Tax Credit Carryforwards State And Local | 7,750 | 9,369 |
Net operating loss carryforwards - Federal | 27,935 | |
Uncategorized Tax Benefits | 51,596 | 51,558 |
Deferred Tax Assets, Valuation Allowance | 33,337 | $ 7,413 |
Reduction of the deferred asset associated with the federal tax credit carryforwards | 40,800 | |
Reasonably possible amount in unrecognized tax benefit that with be settled within the coming year | 12,500 | |
Begin To Expire In 2033 [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Deferred Tax Assets Tax Credit Carryforwards Domestic | 49,700 | |
Begin To Expire In 2021 [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Deferred Tax Assets Tax Credit Carryforwards State And Local | $ 7,800 |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Tax Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2019 | [1],[2] | Sep. 30, 2019 | [1],[2] | Jun. 30, 2019 | [1],[2] | Mar. 31, 2019 | [1],[2] | Dec. 31, 2018 | [2] | Sep. 30, 2018 | [2] | Jun. 30, 2018 | [2] | Mar. 31, 2018 | [2] | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Abstract] | |||||||||||||||||||
Current | $ (2,177) | $ 7,758 | $ (43,705) | ||||||||||||||||
Deferred | (18,881) | (24,484) | (81,077) | ||||||||||||||||
Total | (21,058) | (16,726) | (124,782) | ||||||||||||||||
Less: Income tax expense - discontinued operations | 258 | 3,421 | 7,279 | ||||||||||||||||
Income tax expense (benefit) | $ 19,514 | $ (12,565) | $ (15,322) | $ (12,943) | $ 14,457 | $ (14,941) | $ (12,498) | $ (7,165) | $ (21,316) | $ (20,147) | $ (132,061) | ||||||||
[1] | The fourth quarter of 2019 includes the recognition of a $25.3 million valuation allowance which impacted income tax expense. | ||||||||||||||||||
[2] | GPCC results prior to its disposition are classified as discontinued operations in current and prior period consolidated financial statements. |
Income Taxes (Schedule Of Diffe
Income Taxes (Schedule Of Differences Between The Income Tax Expense (Benefit)Computed At The Statutory Federal income Tax Rate And As Presented On The Consolidated Statements Of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2019 | [1],[2] | Sep. 30, 2019 | [1],[2] | Jun. 30, 2019 | [1],[2] | Mar. 31, 2019 | [1],[2] | Dec. 31, 2018 | [2] | Sep. 30, 2018 | [2] | Jun. 30, 2018 | [2] | Mar. 31, 2018 | [2] | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Abstract] | |||||||||||||||||||
Tax expense at federal statutory rate | $ (36,317) | $ 1,060 | $ (19,400) | ||||||||||||||||
State income tax expense, net of federal benefit | (7,839) | 702 | (1,159) | ||||||||||||||||
Nondeductible compensation | 762 | 921 | 222 | ||||||||||||||||
Noncontrolling interests | (3,961) | (4,370) | (7,199) | ||||||||||||||||
Unrecognized tax benefit | 36 | 15,148 | 25,720 | ||||||||||||||||
R&D Credits | (323) | (34,979) | (74,033) | ||||||||||||||||
Increase in valuation allowance | 25,314 | ||||||||||||||||||
Disposition of subsidiary | (373) | (1,022) | |||||||||||||||||
Tax Cuts and Jobs Act impact | 278 | (57,223) | |||||||||||||||||
Stock compensation | 369 | 993 | |||||||||||||||||
Audit adjustments | 559 | ||||||||||||||||||
Amended return adjustments | 374 | ||||||||||||||||||
Other | 1,016 | 189 | 1,011 | ||||||||||||||||
Income tax expense (benefit) | $ 19,514 | $ (12,565) | $ (15,322) | $ (12,943) | $ 14,457 | $ (14,941) | $ (12,498) | $ (7,165) | $ (21,316) | $ (20,147) | $ (132,061) | ||||||||
[1] | The fourth quarter of 2019 includes the recognition of a $25.3 million valuation allowance which impacted income tax expense. | ||||||||||||||||||
[2] | GPCC results prior to its disposition are classified as discontinued operations in current and prior period consolidated financial statements. |
Income Taxes (Schedule Of Signi
Income Taxes (Schedule Of Significant Components Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred Tax Assets, Gross [Abstract] | ||
Net operating loss carryforwards - Federal | $ 27,935 | |
Net operating loss carryforwards - State | 8,788 | $ 4,004 |
Tax credit carryforwards - Federal | 49,937 | 47,956 |
Tax credit carryforwards - State | 7,750 | 9,369 |
Derivative financial instruments | 342 | |
Deferred revenue | 795 | 2,236 |
Interest expense carryforward | 5,539 | 2,048 |
Investment in partnerships | 46,774 | 50,009 |
Inventory valuation | 1,560 | 3,603 |
Stock-based compensation | 1,347 | 1,458 |
Accrued expenses | 4,325 | 5,439 |
Leases | 6,993 | 2,516 |
Other | 51 | 43 |
Total deferred tax assets | 162,136 | 128,681 |
Valuation allowance | (33,337) | (7,413) |
Total deferred tax assets | 128,799 | 121,268 |
Deferred tax liabilities | ||
Convertible debt | (12,266) | (7,508) |
Fixed assets | (107,909) | (118,330) |
Derivative financial instruments | (1,573) | |
Organizational and start-up costs | (4,484) | (3,980) |
Right-of-use assets | (4,140) | |
Total deferred tax liabilities | $ (128,799) | (131,391) |
Deferred income taxes | $ (10,123) |
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, 2019USD ($) | |
Income Taxes [Abstract] | |
Unrecognized Tax Benefits, Beginning Balance | $ 51,558 |
Additions for prior year tax positions | 6 |
Additions for current year tax positions | 32 |
Unrecognized Tax Benefits, Ending Balance | $ 51,596 |
Commitments And Contingencies_2
Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Asset | [1] | $ 1,698,218 | $ 2,216,432 | |
Liabilities | 832,932 | $ 1,153,443 | ||
Short-term lease expense | 0 | |||
Contracted future purchases | $ 265,900 | |||
Minimum [Member] | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Lessee, Operating Lease, Term of Contract | 1 year | |||
Maximum [Member] | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Lessee, Operating Lease, Term of Contract | 17 years 10 months 24 days | |||
Restatement Adjustment [Member] | Accounting Standards Update 2016-02 [Member] | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Asset | $ 60,200 | |||
Liabilities | $ 60,200 | |||
[1] | Asset balances by segment exclude intercompany payable and receivable balances |
Commitments And Contingencies_3
Commitments And Contingencies (Lease Standard Impact On Consolidated Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease right-of-use assets | $ 52,476 | $ 60,557 | |
Other assets | $ 365 | ||
Accounts payable | 196 | ||
Operating lease current liabilities | 16,626 | 17,650 | |
Operating lease long-term liabilities | $ 38,314 | 45,571 | |
Other liabilities | $ 3,240 | ||
Accounting Standards Update 2016-02 [Member] | Restatement Adjustment [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease right-of-use assets | 60,557 | ||
Other assets | (365) | ||
Accounts payable | (196) | ||
Operating lease current liabilities | 17,650 | ||
Operating lease long-term liabilities | 45,571 | ||
Other liabilities | $ (3,240) |
Commitments And Contingencies_4
Commitments And Contingencies (Components Of Lease Expense) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($) | ||
Commitments And Contingencies [Abstract] | ||
Operating lease expense | $ 20,806 | |
Variable lease expense | 824 | [1] |
Total lease expense | $ 21,630 | |
[1] | Represents amounts incurred in excess of the minimum payments required for the handling and unloading of railcars for a certain land lease, offset by railcar lease abatements provided by the lessor when railcars are out of service during periods of maintenance or upgrade. |
Commitments And Contingencies_5
Commitments And Contingencies (Supplemental Cash Flow Information Related To Operating Leases) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Commitments And Contingencies [Abstract] | |
Operating cash flows from operating leases | $ 21,459 |
Right-of-use assets obtained in exchange for lease obligations: Operating leases | 11,176 |
Right-of-use assets and lease obligations derecognized due to lease modifications: Operating leases | $ 1,726 |
Commitments And Contingencies_6
Commitments And Contingencies (Supplemental Balance Sheet Information Related To Operating Leases) (Details) | Dec. 31, 2019 |
Commitments And Contingencies [Abstract] | |
Weighted average remaining lease term, Operating leases | 6 years 7 months 6 days |
Weighted average discount rate, Operating leases | 5.46% |
Commitments And Contingencies_7
Commitments And Contingencies (Schedule Of Aggregate Minimum Lease Payments) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Commitments And Contingencies [Abstract] | |
2020 | $ 18,867 |
2021 | 11,008 |
2022 | 8,993 |
2023 | 5,832 |
2024 | 3,955 |
Thereafter | 17,972 |
Total | 66,627 |
Less: Present value discount | (11,687) |
Lease liabilities | $ 54,940 |
Commitments And Contingencies_8
Commitments And Contingencies (Schedule Of Aggregate Minimum Lease Payments Under ASC 840) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Commitments And Contingencies [Abstract] | |
2019 | $ 22,934 |
2020 | 16,855 |
2021 | 9,194 |
2022 | 6,706 |
2023 | 2,976 |
Thereafter | 20,041 |
Total | $ 78,706 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
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 | $ 1.6 | $ 2 | $ 2 |
Defined benefit pension plan, assets | 5.5 | ||
Defined benefit pension plan, liabilities | 6.7 | ||
Net liabilities included on the balane sheet | $ (1.2) | $ (1.6) |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2019USD ($)item | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Related Party Transaction [Line Items] | |||
Noncontrolling interests | $ 113,381,000 | $ 116,170,000 | |
Outstanding accounts payable | 156,693,000 | 135,829,000 | |
Green Plains Cattle [Member] | |||
Related Party Transaction [Line Items] | |||
Amount paid on behalf of third party | 2,200,000 | ||
Reduction in selling, general and administrative expenses | 500,000 | ||
Revenues and cost of goods sold subsequent to disposition | 4,000,000 | ||
Green Plains Cattle [Member] | Mr. Ejnar Knudsen [Member] | |||
Related Party Transaction [Line Items] | |||
Noncontrolling interests | $ 100,000 | ||
Green Plains Cattle [Member] | Mr. Ejnar Knudsen [Member] | Indirect Interest By Mr. Ejnar Knudsen [Member] | |||
Related Party Transaction [Line Items] | |||
Indirect ownership interest percentage | 0.0736% | ||
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 year under lease | 125 hours | ||
Cash payments | $ 129,000 | 159,000 | $ 182,000 |
Outstanding accounts payable | $ 17,000 | $ 0 |
Equity Method Investments (Narr
Equity Method Investments (Narrative) (Details) $ in Millions | Sep. 09, 2019 | Sep. 01, 2019 | Dec. 31, 2019USD ($)item | Dec. 11, 2019 | ||
Green Plains Cattle Company LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Disposal Groups Including Discontinued Operations, Percent Sold | 50.00% | 50.00% | ||||
Number of cattle capacity to support | 355,000 | |||||
Number of bushels of gain storage capacity | 24,100,000 | |||||
Equity method investment, ownership interest | [1] | 50.00% | ||||
JGP Energy Partners LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity method investment, ownership interest | 0.00% | [2] | 50.00% | |||
Recognized gain from sale of interest | $ | $ 4.8 | |||||
Number Of Barrels Of Storage | 550 | |||||
Optimal Aqua LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity method investment, ownership interest | 50.00% | |||||
NLR Energy Logistics LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity method investment, ownership interest | 50.00% | |||||
Number Of Units Cars, Area Capacity | 110 | |||||
Number Of Barrels Of Storage | 100,000 | |||||
[1] | The equity method investment in GPCC is offset by the impact of AOCI. | |||||
[2] | On December 11, 2019, the company completed the sale of our 50 % joint venture interest in JGP Energy Partners LLC. |
Equity Method Investments (Summ
Equity Method Investments (Summary Of Equity Method Investments) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 11, 2019 | Dec. 31, 2018 | ||
Schedule of Equity Method Investments [Line Items] | |||||
Investment balance in joint venture | $ 68,998 | $ 29,714 | |||
Green Plains Cattle Company LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investment balance in joint venture | [1] | $ 64,161 | |||
Equity method investment, ownership interest | [1] | 50.00% | |||
JGP Energy Partners LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investment balance in joint venture | [2] | 25,362 | |||
Equity method investment, ownership interest | 0.00% | [2] | 50.00% | ||
Optimal Aqua LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investment balance in joint venture | $ 508 | 704 | |||
Equity method investment, ownership interest | 50.00% | ||||
NLR Energy Logistics LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investment balance in joint venture | $ 4,329 | $ 3,648 | |||
Equity method investment, ownership interest | 50.00% | ||||
[1] | The equity method investment in GPCC is offset by the impact of AOCI. | ||||
[2] | On December 11, 2019, the company completed the sale of our 50 % joint venture interest in JGP Energy Partners LLC. |
Equity Method Investments (Earn
Equity Method Investments (Earnings From Equity Method Investments) (Details) - USD ($) $ in Thousands | 4 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Schedule of Equity Method Investments [Line Items] | |||||
Total income (loss) from equity method investments, net of income taxes | $ 2,797 | $ (596) | $ (274) | ||
Distributions from equity method investments | 320 | ||||
Earnings from equity method investments, net of distributions | 2,477 | (596) | (274) | ||
Green Plains Cattle Company LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total income (loss) from equity method investments, net of income taxes | [1] | 2,839 | |||
Pre-Tax Equity Method Earnings | $ 3,800 | ||||
NLR Energy Logistics LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total income (loss) from equity method investments, net of income taxes | 516 | (13) | (11) | ||
All Others [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Total income (loss) from equity method investments, net of income taxes | $ (558) | $ (583) | $ (263) | ||
[1] | Pretax equity method earnings of GPCC were $ 3.8 million during the four months ended December 31, 2019. |
Equity Method Investments (Su_2
Equity Method Investments (Summary Of Statement Of Operations Data Of Equity Method Investee) (Details) - Green Plains Cattle Company LLC [Member] $ in Thousands | 4 Months Ended |
Dec. 31, 2019USD ($) | |
Schedule of Equity Method Investments [Line Items] | |
Total revenues | $ 370,383 |
Total operating expenses | 362,878 |
Net income | $ 7,505 |
Equity Method Investments (Su_3
Equity Method Investments (Summary Of Balance Sheet Of Equity Method Investment) (Details) - Green Plains Cattle Company LLC [Member] $ in Thousands | Dec. 31, 2019USD ($) |
Schedule of Equity Method Investments [Line Items] | |
Current assets | $ 516,324 |
Noncurrent assets | 73,922 |
Current liabilities | 461,534 |
Noncurrent liabilities | 390 |
Net assets | $ 128,322 |
Quarterly Financial Data (Detai
Quarterly Financial Data (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2019USD ($)$ / shares | Sep. 30, 2019USD ($)$ / shares | Jun. 30, 2019USD ($)$ / shares | Mar. 31, 2019USD ($)$ / shares | Dec. 31, 2018USD ($)property$ / shares | Sep. 30, 2018USD ($)$ / shares | Jun. 30, 2018USD ($)$ / shares | Mar. 31, 2018USD ($)$ / shares | Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2018USD ($)item$ / shares | Dec. 31, 2017USD ($)$ / shares | ||||||||||
Quarterly Financial Data [Abstract] | ||||||||||||||||||||
Revenues | $ 715,677 | [1] | $ 632,350 | [1] | $ 630,570 | [1] | $ 438,641 | [1] | $ 583,508 | [1] | $ 789,048 | [1] | $ 807,709 | [1] | $ 803,667 | [1] | $ 2,417,238 | $ 2,983,932 | $ 3,289,475 | |
Cost of goods sold | [1] | 730,599 | 674,715 | 677,215 | 477,279 | 480,580 | [2] | 792,833 | [2] | 804,113 | [2] | 816,452 | [2] | |||||||
Operating income (loss) | (14,922) | [1] | (42,365) | [1] | (46,645) | [1] | (38,638) | [1] | 102,928 | [1] | (3,785) | [1] | 3,596 | [1] | (12,785) | [1] | (142,570) | 89,954 | 23,748 | |
Other expense | (2,286) | [1] | (9,694) | [1] | (10,759) | [1] | (7,633) | [1] | (28,292) | [1] | (18,826) | [1] | (18,971) | [1] | (18,221) | [1] | (30,372) | (84,310) | (78,902) | |
Income tax benefit (expense) | (19,514) | [1],[3] | 12,565 | [1],[3] | 15,322 | [1],[3] | 12,943 | [1],[3] | (14,457) | [1] | 14,941 | [1] | 12,498 | [1] | 7,165 | [1] | 21,316 | 20,147 | 132,061 | |
Net lincome (oss) from continuing operations including noncontrolling interest | (34,459) | [1] | (38,850) | [1] | (42,118) | [1] | (33,402) | [1] | 60,072 | [1] | (7,920) | [1] | (2,979) | [1] | (23,978) | [1] | (148,829) | 25,195 | 76,633 | |
Net income from discontinued operations, net of income taxes | 3,359 | [1] | 1,939 | [1] | (4,469) | [1] | (215) | [1] | 501 | [1] | 6,730 | [1] | 4,523 | [1] | 829 | 11,539 | 4,998 | |||
Net loss attributable to Green Plains | $ (39,749) | [1] | $ (38,970) | [1] | $ (45,342) | [1] | $ (42,799) | [1] | $ 53,503 | [1] | $ (12,469) | [1] | $ (994) | [1] | $ (24,117) | [1] | $ (166,860) | $ 15,923 | $ 61,061 | |
Net income (loss) continuing operations - basic | $ / shares | $ (1.13) | [1],[4] | $ (1.15) | [1],[4] | $ (1.18) | [1],[4] | $ (0.95) | [1],[4] | $ 1.33 | [1],[4] | $ (0.32) | [1],[4] | $ (0.19) | [1],[4] | $ (0.71) | [1],[4] | $ (4.40) | $ 0.11 | $ 1.43 | |
Net income from discontiued operations - basic | $ / shares | 0.09 | [1],[4] | 0.05 | [1],[4] | (0.11) | [1],[4] | (0.01) | [1],[4] | 0.01 | [1],[4] | 0.17 | [1],[4] | 0.11 | [1],[4] | 0.02 | 0.28 | 0.13 | |||
Net loss attributable to Green Plains - basic | $ / shares | (1.13) | [1],[4] | (1.06) | [1],[4] | (1.13) | [1],[4] | (1.06) | [1],[4] | 1.32 | [1],[4] | (0.31) | [1],[4] | (0.02) | [1],[4] | (0.60) | [1],[4] | (4.38) | 0.39 | 1.56 | |
Net income (loss) from continuing operations - diluted | $ / shares | (1.13) | [1],[4] | (1.15) | [1],[4] | (1.18) | [1],[4] | (0.95) | [1],[4] | 1.13 | [1],[4] | (0.32) | [1],[4] | (0.19) | [1],[4] | (0.71) | [1],[4] | (4.40) | 0.11 | 1.37 | |
Net income from discontinued operations - diluted | $ / shares | 0.09 | [1],[4] | 0.05 | [1],[4] | (0.11) | [1],[4] | 0.01 | [1],[4] | 0.17 | [1],[4] | 0.11 | [1],[4] | 0.02 | 0.28 | 0.10 | |||||
Net loss attributable to Green Plains - diluted | $ / shares | $ (1.13) | [1],[4] | $ (1.06) | [1],[4] | $ (1.13) | [1],[4] | $ (1.06) | [1],[4] | $ 1.13 | [1],[4] | $ (0.31) | [1],[4] | $ (0.02) | [1],[4] | $ (0.60) | [1],[4] | $ (4.38) | $ 0.39 | $ 1.47 | |
Number of ethanol plants sold | 3 | 3 | ||||||||||||||||||
Gain on disposal of assets | $ 150,400 | $ 150,351 | ||||||||||||||||||
[1] | GPCC results prior to its disposition are classified as discontinued operations in current and prior period consolidated financial statements. | |||||||||||||||||||
[2] | 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 | |||||||||||||||||||
[3] | The fourth quarter of 2019 includes the recognition of a $25.3 million valuation allowance which impacted income tax expense. | |||||||||||||||||||
[4] | Basic and diluted earnings per share are calculated independently for each of the quarters presented. Accordingly, the sum of the quarterly earnings per share amounts may not agree with the total year. |
Uncategorized Items - gpre-2019
Label | Element | Value |
Restricted Cash and Cash Equivalents, Current | us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue | $ 45,709,000 |
Restricted Cash and Cash Equivalents, Current | us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue | 66,512,000 |
Cash and Cash Equivalents, at Carrying Value, Including Discontinued Operations | us-gaap_CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations | 251,683,000 |
Cash and Cash Equivalents, at Carrying Value, Including Discontinued Operations | us-gaap_CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations | $ 266,651,000 |