Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 28, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-32924 | |
Entity Registrant Name | GREEN PLAINS INC. | |
Entity Incorporation, State or Country Code | IA | |
Entity Tax Identification Number | 84-1652107 | |
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 | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | GPRE | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 59,512,800 | |
Entity Central Index Key | 0001309402 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 354,204 | $ 444,661 |
Restricted cash | 54,139 | 55,615 |
Accounts receivable, net of allowances of $336 and $429, respectively | 106,546 | 108,610 |
Income taxes receivable | 771 | 1,286 |
Inventories | 279,707 | 278,950 |
Prepaid expenses and other | 23,052 | 19,837 |
Derivative financial instruments | 12,135 | 19,791 |
Total current assets | 830,554 | 928,750 |
Property and equipment, net of accumulated depreciation and amortization of $652,143 and $632,298, respectively | 1,028,491 | 1,029,327 |
Operating lease right-of-use assets | 84,362 | 73,244 |
Other assets | 91,425 | 91,810 |
Total assets | 2,034,832 | 2,123,131 |
Current liabilities | ||
Accounts payable | 128,557 | 234,301 |
Accrued and other liabilities | 47,258 | 44,443 |
Derivative financial instruments | 65,149 | 47,941 |
Operating lease current liabilities | 23,373 | 20,721 |
Short-term notes payable and other borrowings | 212,670 | 137,678 |
Current maturities of long-term debt | 1,832 | 1,838 |
Total current liabilities | 478,839 | 486,922 |
Long-term debt | 495,114 | 495,243 |
Operating lease long-term liabilities | 64,406 | 55,515 |
Other liabilities | 23,436 | 24,385 |
Total liabilities | 1,061,795 | 1,062,065 |
Commitments and contingencies (Note 12) | ||
Stockholders' equity | ||
Common stock, $0.001 par value; 150,000,000 shares authorized; 62,317,859 and 62,100,555 shares issued, and 59,512,800 and 59,295,496 shares outstanding, respectively | 62 | 62 |
Additional paid-in capital | 1,104,519 | 1,110,151 |
Retained deficit | (212,741) | (142,417) |
Accumulated other comprehensive loss | (37,678) | (26,591) |
Treasury stock, 2,805,059 shares | (31,174) | (31,174) |
Total Green Plains stockholders' equity | 822,988 | 910,031 |
Noncontrolling interests | 150,049 | 151,035 |
Total stockholders' equity | 973,037 | 1,061,066 |
Total liabilities and stockholders' equity | $ 2,034,832 | $ 2,123,131 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowances | $ 336 | $ 429 |
Property and equipment, accumulated depreciation and amortization | $ 652,143 | $ 632,298 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, issued (in shares) | 62,317,859 | 62,100,555 |
Common stock, outstanding (in shares) | 59,512,800 | 59,295,496 |
Treasury stock (in shares) | 2,805,059 | 2,805,059 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Revenues | $ 832,949 | $ 781,435 |
Costs and expenses | ||
Cost of goods sold (excluding depreciation and amortization expenses reflected below) | 825,005 | 772,509 |
Operations and maintenance expenses | 7,253 | 5,566 |
Selling, general and administrative expenses | 31,845 | 30,863 |
Depreciation and amortization expenses | 25,386 | 20,399 |
Total costs and expenses | 889,489 | 829,337 |
Operating loss | (56,540) | (47,902) |
Other income (expense) | ||
Interest income | 3,165 | 71 |
Interest expense | (9,738) | (8,806) |
Other, net | 189 | 411 |
Total other expense | (6,384) | (8,324) |
Loss before income taxes and income (loss) from equity method investees | (62,924) | (56,226) |
Income tax benefit (expense) | (3,429) | 1,153 |
Income (loss) from equity method investees | 104 | (799) |
Net loss | (66,249) | (55,872) |
Net income attributable to noncontrolling interests | 4,075 | 5,602 |
Net loss attributable to Green Plains | $ (70,324) | $ (61,474) |
Earnings per share | ||
Net loss attributable to Green Plains - basic (in dollars per share) | $ (1.20) | $ (1.16) |
Net loss attributable to Green Plains - diluted (in dollars per share) | $ (1.20) | $ (1.16) |
Weighted average shares outstanding | ||
Weighted-average shares outstanding - basic (in shares) | 58,549,000 | 52,887,000 |
Weighted-average shares outstanding - diluted (in shares) | 58,549,000 | 52,887,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (66,249) | $ (55,872) |
Other comprehensive income, net of tax | ||
Unrealized gains (losses) on derivatives arising during the period, net of tax benefit (expense) of $4,023 and ($1,921), respectively | (12,788) | 5,386 |
Reclassification of realized losses (gains) on derivatives, net of tax expense (benefit) of ($535) and $701, respectively | 1,701 | (1,965) |
Total other comprehensive income (loss), net of tax | (11,087) | 3,421 |
Comprehensive loss | (77,336) | (52,451) |
Comprehensive income attributable to noncontrolling interests | 4,075 | 5,602 |
Comprehensive loss attributable to Green Plains | $ (81,411) | $ (58,053) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Tax (expense) benefit on unrealized gains (losses) on derivatives arising during the period | $ 4,023 | $ (1,921) |
Tax (expense) benefit on reclassification of realized losses (gains) on derivatives | $ (535) | $ 701 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities | ||
Net loss | $ (66,249) | $ (55,872) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation and amortization | 25,386 | 20,399 |
Amortization of debt issuance costs and non-cash interest expense | 717 | 1,846 |
Deferred income tax expense (benefit) | 3,491 | (1,219) |
Stock-based compensation | 2,828 | 1,875 |
Loss (income) from equity method investees | (104) | 799 |
Other | 1,625 | (442) |
Changes in operating assets and liabilities | ||
Accounts receivable | 2,064 | (22,783) |
Inventories | (757) | (46,112) |
Derivative financial instruments | 10,287 | (3,788) |
Prepaid expenses and other assets | (3,215) | (4,192) |
Accounts payable and accrued liabilities | (94,131) | (52,661) |
Current income taxes | 452 | 265 |
Other | 638 | (655) |
Net cash used in operating activities | (116,968) | (162,540) |
Cash flows from investing activities | ||
Purchases of property and equipment, net | (32,591) | (61,984) |
Proceeds from the sale of marketable securities | 0 | 99,917 |
Investment in equity method investees, net | (2,829) | 0 |
Net cash provided by (used in) investing activities | (35,420) | 37,933 |
Cash flows from financing activities | ||
Proceeds from the issuance of long-term debt | 0 | 45,000 |
Payments of principal on long-term debt | (515) | (1,177) |
Proceeds from short-term borrowings | 359,908 | 1,075,119 |
Payments on short-term borrowings | (285,231) | (939,647) |
Payments of dividends and distributions | (5,305) | (5,122) |
Payments of loan fees | 0 | (2,522) |
Payments related to tax withholdings for stock-based compensation | (8,402) | (3,738) |
Net cash provided by financing activities | 60,455 | 167,913 |
Net change in cash and cash equivalents, and restricted cash | (91,933) | 43,306 |
Cash and cash equivalents, and restricted cash, beginning of period | 500,276 | 560,959 |
Cash and cash equivalents, and restricted cash, end of period | 408,343 | 604,265 |
Reconciliation of total cash and cash equivalents, and restricted cash | ||
Cash and cash equivalents | 354,204 | 509,195 |
Restricted cash | 54,139 | 95,070 |
Total cash and cash equivalents, and restricted cash | 408,343 | 604,265 |
Supplemental disclosures of cash flow | ||
Cash refunded for income taxes, net | (189) | (198) |
Cash paid for interest | 10,093 | 10,212 |
Capital expenditures in accounts payable | $ 5,481 | $ 14,620 |
Basis of Presentation, Descript
Basis of Presentation, Description of Business and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation, Description of Business and Summary of Significant Accounting Policies | BASIS OF PRESENTATION, DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES References to the Company References to “Green Plains” or the “company” in the consolidated financial statements and in these notes to the consolidated financial statements refer to Green Plains Inc., an Iowa corporation, and its subsidiaries. Consolidated Financial Statements The consolidated financial statements include the company’s accounts and all significant intercompany balances and transactions are eliminated. Unconsolidated entities are included in the financial statements on an equity basis. As of March 31, 2023, the company owns a 48.8% limited partner interest and a 2.0% general partner interest in Green Plains Partners LP. Public investors own the remaining 49.2% 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 the 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 March 31, 2023 and December 31, 2022, excluding intercompany balances, are $120.7 million and $108.7 million, respectively, and primarily consist of cash and cash equivalents, property and equipment, operating lease right-of-use assets and goodwill. The partnership’s consolidated total liabilities as of March 31, 2023 and December 31, 2022, excluding intercompany balances, are $137.2 million and $119.5 million, respectively, which primarily consist of long-term debt as discussed in Note 7 – Debt and operating lease liabilities. The liabilities recognized as a result of consolidating the partnership do not represent additional claims on the company’s general assets. The company also owns a majority interest in FQT, with their results being consolidated in our consolidated financial statements. The accompanying unaudited consolidated financial statements are prepared in accordance with GAAP for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Because they do not include all of the information and footnotes required by GAAP for complete financial statements, the unaudited consolidated financial statements should be read in conjunction with the company’s annual report on Form 10-K for the year ended December 31, 2022, filed with the SEC on February 10, 2023. The unaudited financial information reflects adjustments, which are, in the opinion of management, necessary for a fair presentation of results of operations, financial position and cash flows for the periods presented. The adjustments are normal and recurring in nature, unless otherwise noted. Interim period results are not necessarily indicative of the results to be expected for the entire year. 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. Certain accounting policies, including but not limited to those relating to impairment of goodwill, derivative financial instruments, and accounting for income taxes, are impacted significantly by judgments, assumptions and estimates used in the preparation of the consolidated financial statements. Description of Business Th e company operates within three operating segments: (1) ethanol production, which includes the production of ethanol, distillers grains, Ultra-High Protein, and renewable 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, renewable corn oil, natural gas and other commodities and (3) partnership, which includes fuel storage and transportation services. 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 and for payment towards a 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 balance sheets. Marketable Securities Marketable securities include highly liquid, fixed maturity investments with original maturities ranging from three to twelve months and are carried at amortized cost, reflecting the ability and intent to hold the securities to maturity. 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, Ultra-High Protein, renewable 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. 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. 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 materials, direct labor, shipping and plant overhead costs. 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. Direct labor includes all compensation and related benefits of non-management personnel involved in ethanol production. Shipping costs incurred by the company, including railcar costs, are also reflected in cost of goods sold. Plant overhead consists primarily of plant utilities, repairs and maintenance and outbound freight charges. 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, renewable corn oil, 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 basis 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 other agricultural and energy products. 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. Forward contracts are recorded at fair value unless the contracts qualify for, and the company elects, normal purchase or sale exceptions. 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 and the physical transaction is completed. 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 current liabilities at fair value. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | REVENUE Revenue by Source The following tables disaggregate revenue by major source (in thousands): Three Months Ended March 31, 2023 Ethanol Production Agribusiness & Energy Partnership Eliminations Total Revenues Revenues from contracts with customers under ASC 606 Ethanol $ — $ — $ — $ — $ — Distillers grains 25,010 52 — — 25,062 Renewable corn oil — — — — — Other 8,467 8,450 1,119 — 18,036 Intersegment revenues — — 1,783 (1,783) — Total revenues from contracts with customers 33,477 8,502 2,902 (1,783) 43,098 Revenues from contracts accounted for as derivatives under ASC 815 (1) Ethanol 498,187 88,639 — — 586,826 Distillers grains 111,925 11,311 — — 123,236 Renewable corn oil 44,296 716 — — 45,012 Other 7,609 27,168 — — 34,777 Intersegment revenues — 6,050 — (6,050) — Total revenues from contracts accounted for as derivatives 662,017 133,884 — (6,050) 789,851 Leasing revenues under ASC 842 (2) — — 17,873 (17,873) — Total Revenues $ 695,494 $ 142,386 $ 20,775 $ (25,706) $ 832,949 Three Months Ended March 31, 2022 Ethanol Production Agribusiness & Energy Partnership Eliminations Total Revenues Revenues from contracts with customers under ASC 606 Ethanol $ — $ — $ — $ — $ — Distillers grains 7,362 — — — 7,362 Renewable corn oil — — — — — Other 13,361 1,288 1,005 — 15,654 Intersegment revenues — — 1,885 (1,885) — Total revenues from contracts with customers 20,723 1,288 2,890 (1,885) 23,016 Revenues from contracts accounted for as derivatives under ASC 815 (1) Ethanol 471,922 95,660 — — 567,582 Distillers grains 98,512 15,126 — — 113,638 Renewable corn oil 40,889 2,406 — — 43,295 Other 5,507 28,397 — — 33,904 Intersegment revenues — 5,835 — (5,835) — Total revenues from contracts accounted for as derivatives 616,830 147,424 — (5,835) 758,419 Leasing revenues under ASC 842 (2) — — 16,210 (16,210) — Total Revenues $ 637,553 $ 148,712 $ 19,100 $ (23,930) $ 781,435 (1) Revenues from contracts accounted for as derivatives represent physically settled derivative sales that are outside the scope of ASC 606. (2) Leasing revenues do not represent revenues recognized from contracts with customers under ASC 606, and are accounted for under ASC 842, Leases . Major Customer Revenues from Customer A represented 14% of total revenues for the three months ended March 31, 2023, recorded within the ethanol production segment. No single customer’s revenue was over 10% of total revenues for the three months ended March 31, 2022. |
Fair Value Disclosures
Fair Value Disclosures | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | 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 as well as forward commodity purchase and sale contracts are valued at nearby futures values, plus or minus nearby basis values, which represent differences in local markets, including transportation or commodity quality or grade differences. 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 March 31, 2023 Quoted Prices in Significant Other Total Assets Cash and cash equivalents $ 354,204 $ — $ 354,204 Restricted cash 54,139 — 54,139 Inventories carried at market — 26,094 26,094 Derivative financial instruments - assets — 12,135 12,135 Other assets 110 — 110 Total assets measured at fair value $ 408,453 $ 38,229 $ 446,682 Liabilities Accounts payable (1) $ — $ 18,936 $ 18,936 Accrued and other liabilities (2) — 4,639 4,639 Derivative financial instruments - liabilities — 47,445 47,445 Other liabilities (2) — 4,570 4,570 Total liabilities measured at fair value $ — $ 75,590 $ 75,590 Fair Value Measurements at December 31, 2022 Quoted Prices in Significant Other Total Assets Cash and cash equivalents $ 444,661 $ — $ 444,661 Restricted cash 55,615 — 55,615 Inventories carried at market — 61,885 61,885 Derivative financial instruments - assets — 16,420 16,420 Other assets 110 1 111 Total assets measured at fair value $ 500,386 $ 78,306 $ 578,692 Liabilities Accounts payable (1) $ — $ 31,925 $ 31,925 Accrued and other liabilities (2) — 1,909 1,909 Derivative financial instruments - liabilities — 44,686 44,686 Other liabilities (2) — 6,640 6,640 Total liabilities measured at fair value $ — $ 85,160 $ 85,160 (1) Accounts payable is generally stated at historical amounts with the exception of $18.9 million and $31.9 million at March 31, 2023 and December 31, 2022, 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) As of March 31, 2023 and December 31, 2022, respectively, accrued and other liabilities includes $4.6 million and $1.9 million and other liabilities includes $4.6 million and $6.6 million of consideration related to potential earn-out payments recorded at fair value. As of March 31, 2023, the fair value of the company’s debt was approximately $736.7 million compared with a book value of $709.6 million. At December 31, 2022, the fair value of the company’s debt was approximately $654.5 million compared with a book value of $634.8 million. The company estimated the fair value of its outstanding debt using Level 2 inputs. The company believes the fair value of its accounts receivable approximated book value, which was $106.5 million and $108.6 million at March 31, 2023 and December 31, 2022, respectively. Although the company currently does not have any recurring Level 3 financial measurements, the fair values of tangible assets and goodwill acquired 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 | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION The company reports the financial and operating performance for the following three operating segments: (1) ethanol production, which includes the production of ethanol, distillers grains, Ultra-High Protein and renewable 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, Ultra-High Protein, renewable corn oil, natural gas and other commodities, and (3) 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, Ultra-High Protein and renewable corn oil for the ethanol production segment. The partnership segment provides fuel storage and transportation services for the ethanol production segment. These intersegment activities are treated like third-party transactions with origination, marketing and storage fees charged at estimated market values. Consequently, these transactions affect segment performance; however, they do not impact the company’s consolidated results since the revenues and corresponding costs are eliminated. The following tables set forth certain financial data for the company’s operating segments (in thousands): Three Months Ended 2023 2022 Revenues Ethanol production Revenues from external customers $ 695,494 $ 637,553 Intersegment revenues — — Total segment revenues 695,494 637,553 Agribusiness and energy services Revenues from external customers 136,336 142,877 Intersegment revenues 6,050 5,835 Total segment revenues 142,386 148,712 Partnership Revenues from external customers 1,119 1,005 Intersegment revenues 19,656 18,095 Total segment revenues 20,775 19,100 Revenues including intersegment activity 858,655 805,365 Intersegment eliminations (25,706) (23,930) $ 832,949 $ 781,435 Refer to Note 2 - Revenue , for further disaggregation of revenue by operating segment. Three Months Ended 2023 2022 Cost of goods sold Ethanol production $ 716,947 $ 661,560 Agribusiness and energy services 133,280 134,439 Intersegment eliminations (25,222) (23,490) $ 825,005 $ 772,509 Three Months Ended 2023 2022 Gross margin Ethanol production $ (21,453) $ (24,007) Agribusiness and energy services 9,106 14,273 Partnership 20,775 19,100 Intersegment eliminations (484) (440) $ 7,944 $ 8,926 Three Months Ended 2023 2022 Operating income (loss) Ethanol production (1) $ (53,362) $ (51,158) Agribusiness and energy services 4,126 10,408 Partnership 11,896 11,809 Intersegment eliminations (484) (440) Corporate activities (18,716) (18,521) $ (56,540) $ (47,902) (1) Operating loss for ethanol production includes an inventory lower of cost or net realizable value adjustment of $13.2 million for the three months ended March 31, 2022. Three Months Ended 2023 2022 Depreciation and amortization Ethanol production $ 22,938 $ 18,432 Agribusiness and energy services 813 464 Partnership 816 898 Corporate activities 819 605 $ 25,386 $ 20,399 The following table sets forth total assets by operating segment (in thousands): March 31, December 31, Total assets (1) Ethanol production $ 1,166,742 $ 1,157,791 Agribusiness and energy services 496,661 489,083 Partnership 120,741 108,680 Corporate assets 269,011 386,437 Intersegment eliminations (18,323) (18,860) $ 2,034,832 $ 2,123,131 |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES Inventories are carried at the lower of cost or net realizable value, except fair-value hedged inventories. There was a $12.3 million lower of cost or net realizable value inventory adjustment associated with finished goods in cost of goods sold within the ethanol production segment as of December 31, 2022. The components of inventories are as follows (in thousands): March 31, December 31, Finished goods $ 118,099 $ 97,719 Commodities held for sale 26,094 61,885 Raw materials 66,814 55,983 Work-in-process 21,593 18,499 Supplies and parts 47,107 44,864 $ 279,707 $ 278,950 |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | DERIVATIVE FINANCIAL INSTRUMENTS At March 31, 2023, the company’s consolidated balance sheet reflected unrealized losses of $37.7 million, net of tax, in accumulated other comprehensive loss. The company expects these items will be reclassified as operating income (loss) over the next 12 months as a result of hedged transactions that are forecasted to occur. The amount realized in operating income (loss) 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' March 31, December 31, March 31, December 31, Derivative financial instruments - forwards $ 12,135 $ 16,420 (1) $ 47,445 (2) $ 44,686 (3) Other assets — 1 — — Other liabilities — — 8 — Total $ 12,135 $ 16,421 $ 47,453 $ 44,686 (1) At December 31, 2022, 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 included $9.0 million of unrealized gains on derivative financial instruments designated as fair value hedging instruments, offset by $2.0 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments, and the balance representing economic hedges. (2) At March 31, 2023, derivative financial instruments, as reflected on the balance sheet, includes net unrealized losses on exchange-traded futures and options contracts of $17.7 million, which included $10.0 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments, $0.5 million of net unrealized gains on derivative financial instruments designated as fair value hedging instruments, and the balance representing economic hedges. (3) At December 31, 2022, derivative financial instruments, as reflected on the balance sheet, includes net unrealized losses on exchange-traded futures and options contracts of $3.3 million, which included $0.6 million of net unrealized losses on derivative financial instruments designated as fair value hedging instruments and the balance representing economic hedges. Refer to Note 3 - 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 (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Location of Gain (Loss) Reclassified from Accumulated Other Three Months Ended 2023 2022 Revenues $ — $ (628) Cost of goods sold (2,236) 3,294 Net gain (loss) recognized in loss before income taxes $ (2,236) $ 2,666 Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives Gain (Loss) Recognized in Other Comprehensive Income on Three Months Ended 2023 2022 Commodity contracts $ (16,811) $ 7,307 A portion of the company’s derivative instruments are considered economic hedges and as such are not designated as hedging instruments. The company uses exchange-traded futures and options contracts to manage its net position of product inventories and forward cash purchase and sales contracts to reduce price risk caused by market fluctuations. Derivatives, including exchange-traded contracts and forward commodity purchase or sale contracts, and inventories of certain agricultural products, which include amounts acquired under deferred pricing contracts, are stated at fair value. Fair value estimates are based on exchange-quoted prices, adjusted as appropriate for regional location basis value, which represent differences in local markets including transportation as well as quality or grade differences. Amount of Gain (Loss) Derivatives Not Designated as Location of Gain (Loss) Recognized in Income Three Months Ended 2023 2022 Exchange-traded futures and options Revenues $ (7,876) $ (2,745) Forwards Revenues 659 (2,613) Exchange-traded futures and options Cost of goods sold 8,366 (67,563) Forwards Cost of goods sold 426 19,161 Net gain (loss) recognized in loss before income taxes $ 1,575 $ (53,760) The following amounts were recorded on the consolidated balance sheets related to cumulative basis adjustments for the fair value hedged items (in thousands): March 31, 2023 December 31, 2022 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 $ 26,094 $ (586) $ 61,885 $ (13,776) Effect of Cash Flow and Fair Value Hedge Accounting on the Statements of Operations: Location and Amount of Gain (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships for the Three Months Ended March 31, 2023 2022 Revenue Cost of Revenue Cost of Gain (loss) on cash flow hedging relationships Commodity contracts Amount of gain (loss) on exchange-traded futures reclassified from accumulated other comprehensive income into income $ — $ (2,236) $ (628) $ 3,294 Gain (loss) on fair value hedging relationships Commodity contracts Fair-value hedged inventories — (9,357) — 18,386 Exchange-traded futures designated as hedging instruments — 10,678 — (17,244) Total amounts of income and expense line items presented in the statement of operations in which the effects of cash flow or fair value hedges are recorded $ — $ (915) $ (628) $ 4,436 The notional volume of open commodity derivative positions as of March 31, 2023 are as follows (in thousands): Exchange-Traded (1) Non-Exchange-Traded (2) Derivative Net Long & Long (Short) Unit of Commodity Futures (12,490) Bushels Corn Futures (3,545) (4) Bushels Corn Futures (43,428) Gallons Ethanol Futures (16,720) MmBTU Natural Gas Futures 920 (3) MmBTU Natural Gas Futures (163) (4) MmBTU Natural Gas Futures 1,680 (3) Gallons Natural Gasoline Options 9 Tons Soybean Meal Options 934 Pounds Soybean Oil Options (1,407) MmBTU Natural Gas Options (6,107) Bushels Corn Forwards 35,135 (98) Bushels Corn Forwards 145 (248,612) Gallons Ethanol Forwards 91 (313) Tons Distillers Grains Forwards 1,152 (40,466) Pounds Renewable Corn Oil Forwards 16,800 (2,968) MmBTU Natural Gas (1) Notional volume of exchange-traded futures and options are presented on a net long and (short) position basis. Options are presented on a delta-adjusted basis. (2) Notional volume of non-exchange-traded forward physical contracts are presented on a gross long and (short) position basis, including both fixed-price and basis contracts, for which only the basis portion of the contract price is fixed. (3) Notional volume of exchange-traded futures used for cash flow hedges. (4) Notional volume of exchange-traded futures used for fair value 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 $3.8 million and $0.8 million for the three months ended March 31, 2023 and 2022, respectively, on energy trading contracts. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | DEBT The components of long-term debt are as follows (in thousands): March 31, December 31, Corporate 2.25% convertible notes due 2027 (1) $ 230,000 $ 230,000 Green Plains SPE LLC $125.0 million junior secured mezzanine notes due 2026 (2) 125,000 125,000 Green Plains Wood River and Green Plains Shenandoah $75.0 million loan agreement (3) 74,250 74,625 Green Plains Partners $60.0 million term loan (4) 58,969 58,969 Other 14,934 15,097 Total book value of long-term debt 503,153 503,691 Unamortized debt issuance costs (6,207) (6,610) Less: current maturities of long-term debt (1,832) (1,838) Total long-term debt $ 495,114 $ 495,243 (1) Includes $4.9 million and $5.2 million of unamortized debt issuance costs as of March 31, 2023 and December 31, 2022, respectively. (2) Includes $0.6 million and $0.7 million of unamortized debt issuance costs as of March 31, 2023 and December 31, 2022, respectively. (3) Includes $0.3 million of unamortized debt issuance costs as of both March 31, 2023 and December 31, 2022. (4) Includes $0.4 million of unamortized debt issuance costs as of both March 31, 2023 and December 31, 2022. The components of short-term notes payable and other borrowings are as follows (in thousands): March 31, December 31, Green Plains Finance Company, Green Plains Grain and Green Plains Trade $350.0 million revolver $ 191,000 $ 115,000 Green Plains Commodity Management $40.0 million hedge line 21,670 22,678 $ 212,670 $ 137,678 Corporate Activities In March 2021, the company issued an aggregate $230.0 million of 2.25% convertible senior notes due in 2027, or the 2.25% notes. The 2.25% notes bear interest at a rate of 2.25% per year, payable on March 15 and September 15 of each year, beginning September 15, 2021, and mature on March 15, 2027. The 2.25% notes are senior, unsecured obligations of the company. The 2.25% notes are 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 stock (and cash in lieu of fractional shares). However, before September 15, 2026, the 2.25% notes will not be convertible unless certain conditions are satisfied. The initial conversion rate is 31.6206 shares of the company’s common stock per $1,000 principal amount of 2.25% notes (equivalent to an initial conversion price of approximately $31.62 per share of the company’s common stock), representing an approximately 37.5% premium over the offering price of the company’s common stock. The conversion rate is subject to adjustment upon the occurrence of certain events, including but not limited to; the event of a stock dividend or stock split; the issuance of additional rights, options and warrants; spinoffs; or a tender or exchange offering. 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 2.25% notes for redemption. On and after March 15, 2024, and prior to the maturity date, the company may redeem, for cash, all, but not less than all, of the 2.25% notes if the last reported sale price of the company’s common stock equals or exceeds 140% of the applicable conversion price on (i) at least 20 trading days during a 30 consecutive trading day period ending on the trading day immediately prior to the date the company delivers notice of the redemption; and (ii) the trading day immediately before the date of the redemption notice. The redemption price will equal 100% of the principal amount of the 2.25% 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” (as defined in the indenture for the 2.25% notes), holders of the 2.25% notes will have the right, at their option, to require the company to repurchase their 2.25% notes for cash at a price equal to 100% of the principal amount of the 2.25% notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. During June 2019, the company issued an aggregate $115.0 million of 4.00% convertible senior notes due in 2024, or the 4.00% notes. The 4.00% notes were 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 were 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. The initial conversion rate was 64.1540 shares of common stock per $1,000 of principal, which was equal to a conversion price of approximately $15.59 per share. During May 2021, the company entered into a privately negotiated agreement with certain noteholders of the company's 4.00% notes. Under this agreement, 3.6 million shares of the company's common stock were exchanged for $51.0 million in aggregate principal amount of the 4.00% notes. On May 25, 2022, the company gave notice calling for the redemption of its outstanding 4.00% notes, totaling an aggregate principal amount of $64.0 million. The final conversion rate was 66.4178 shares of common stock per $1,000 of principal. From July 1, 2022 through July 8, 2022, the remaining $64.0 million of the 4.00% notes were converted into approximately 4.3 million shares of common stock. Common stock held as treasury shares were exchanged for the 4.00% notes. Pursuant to the guidance within ASC 470, Debt , the company recorded the exchanges as a conversion. The 4.00% notes were retired effective July 8, 2022. 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 were senior, unsecured obligations of the company, with interest payable on March 1 and September 1 of each year. The notes were convertible at the Holder’s option. The initial conversion rate was 35.7143 shares of common stock per $1,000 of principal, which was equal to a conversion price of approximately $28.00 per share. In March 2021, concurrent with the issuance of the 2.25% notes, the company used approximately $156.5 million of the net proceeds of the 2.25% notes to repurchase approximately $135.7 million aggregate principal amount of the 4.125% notes, in privately negotiated transactions. During August 2022, the company entered into four privately negotiated exchange agreements with certain noteholders of the 4.125% notes to exchange approximately $32.6 million aggregate principal amount for approximately 1.2 million shares of the company's common stock. Pursuant to the guidance within ASC 470, Debt , the company recorded the exchanges as a conversion and recorded a loss of $419 thousand, which was recorded as a charge to interest expense in the consolidated financial statements during the year ended December 31, 2022. Additionally, on September 1, 2022, approximately $1.7 million aggregate principal amount of the 4.125% notes were settled through a combination of $1.7 million in cash and approximately 15 thousand shares of the company's common stock. The remaining $23 thousand aggregate principal amount and accrued interest were settled in cash. The 4.125% notes were fully retired effective September 1, 2022. Ethanol Production Segment On February 9, 2021, Green Plains SPE LLC, a wholly-owned special purpose subsidiary and parent of Green Plains Obion and Green Plains Mount Vernon, issued $125.0 million of junior secured mezzanine notes due 2026 (the “Junior Notes”) with BlackRock, a holder of a portion of the company’s common stock. The Junior Notes will mature on February 9, 2026 and are secured by a pledge of the membership interests in and the real property owned by Green Plains Obion and Green Plains Mount Vernon. The proceeds of the Junior Notes were used to construct high protein processing systems at the Green Plains Obion and Green Plains Mount Vernon facilities. The Junior Notes accrue interest at an annual rate of 11.75%. However, subject to the satisfaction of certain conditions, the Green Plains SPE LLC may elect to pay an amount in cash equal to interest accruing at a rate of 6.00% per annum plus an amount equal to interest accruing at a rate of 6.75% per annum to be paid in kind. The entire outstanding principal balance, plus any accrued and unpaid interest is due upon maturity. Green Plains SPE LLC is required to comply with certain financial covenants regarding minimum liquidity at Green Plains and a maximum aggregate loan to value. The Junior Notes can be retired or refinanced after 42 months with no prepayment premium. The Junior Notes have an unsecured parent guarantee from the company and have certain limitations on distributions, dividends or loans to the company unless there will not exist any event of default. At March 31, 2023, the interest rate on the Junior Notes was 11.75%. On September 3, 2020, Green Plains Wood River and Green Plains Shenandoah, wholly-owned subsidiaries of the company, entered into a loan agreement with MetLife Real Estate Lending LLC. The $75.0 million loan matures on September 1, 2035 and is secured by substantially all of the assets of the Wood River and Shenandoah facilities. The proceeds from the loan were used to add MSC TM technology at the Wood River and Shenandoah facilities as well as other capital expenditures. The loan bears interest at a fixed rate of 5.02%, plus an interest rate premium of 1.5% until the loan is fully drawn. The remaining availability was drawn in the first quarter of 2022. Beginning in the second quarter of 2022, the interest rate premium may be adjusted quarterly from 0.00% to 1.50% based on the leverage ratio of total funded debt to EBITDA of Wood River and Shenandoah. Principal payments of $1.5 million per year began 24 months from the closing date. Prepayments are prohibited until September 2024. Financial covenants of the loan agreement include a minimum loan to value ratio of 50%, a minimum fixed charge coverage ratio of 1.25x, a total debt service reserve of six months of future principal and interest payments and a minimum working capital requirement at Green Plains of not less than $0.10 per gallon of nameplate capacity or $95.8 million. The loan is guaranteed by the company and has certain limitations on distributions, dividends or loans to Green Plains by Wood River and Shenandoah unless immediately after giving effect to such action, there will not exist any event of default. At March 31, 2023, the interest rate on the loan was 6.52%. The company also has small equipment financing loans, finance leases on equipment or facilities, and other forms of debt financing. Agribusiness and Energy Services Segment On March 25, 2022, Green Plains Finance Company, Green Plains Grain and Green Plains Trade (collectively, the “Borrowers”), all wholly owned subsidiaries of the company, together with the company, as guarantor, entered into a five-year, $350.0 million senior secured sustainability-linked revolving Loan and Security Agreement (the “Facility”) with a group of financial institutions. This transaction refinanced the separate credit facilities previously held by Green Plains Grain and Green Plains Trade. The Facility matures on March 25, 2027. The Facility includes revolving commitments totaling $350.0 million and an accordion feature whereby amounts available under the Facility may be increased by up to $100.0 million of new lender commitments subject to certain conditions. Each SOFR rate loan shall bear interest for each day at a rate per annum equal to the Term SOFR rate for the outstanding period plus a Term SOFR adjustment and an applicable margin of 2.25% to 2.50%, which is dependent on undrawn availability under the Facility. Each base rate loan shall bear interest at a rate per annum equal to the base rate plus the applicable margin of 1.25% to 1.50%, which is dependent on undrawn availability under the Facility. The unused portion of the Facility is also subject to a commitment fee of 0.275% to 0.375%, dependent on undrawn availability. Additionally, the applicable margin and commitment fee are subject to certain increases or decreases of up to 0.10% and 0.025%, respectively, tied to the company’s achievement of certain sustainability criteria, including the reduction of GHG emissions, recordable incident rate reduction, increased renewable corn oil production and the implementation of technology to produce sustainable ingredients. The Facility contains customary affirmative and negative covenants, as well as the following financial covenants to be calculated as of the last day of any month: the current ratio of the Borrowers shall not be less than 1.00 to 1.00; the collateral coverage ratio of the Borrowers shall not be less than 1.20 to 1.00; and the debt to capitalization ratio of the company shall not be greater than 0.60 to 1.00. The Facility also includes customary events of default, including without limitation, failure to make required payments of principal or interest, material incorrect representations and warranties, breach of covenants, events of bankruptcy and other certain matters. The Facility is secured by the working capital assets of the Borrowers and is guaranteed by the company. At March 31, 2023, the interest rate on the Facility was 7.64%. Green Plains Commodity Management has an uncommitted $40.0 million revolving credit facility to finance margins related to its hedging programs. During the three months ended March 31, 2023, this revolving credit facility was extended five years to mature on April 30, 2028. Advances are subject to variable interest rates equal to SOFR plus 1.75%. At March 31, 2023, the interest rate on the facility was 6.57%. Green Plains Grain has a short-term inventory financing agreement with a financial institution. The company has accounted for the agreement as short-term notes, rather than revenues, and has elected the fair value option to offset fluctuations in market prices of the inventory. This agreement is subject to negotiated variable interest rates. The company had no outstanding short-term notes payable related to the inventory financing agreement as of March 31, 2023. Partnership Segment Green Plains Partners has a term loan to fund working capital, capital expenditures and other general partnership purposes. The term loan has a maturity date of July 20, 2026. Interest on the term loan is based on 3-month LIBOR plus 8.00%, with a 0% LIBOR floor and is payable on the 15th day of each March, June, September and December during the term. The term loan does not require any principal payments; however, the partnership has the option to prepay $1.5 million per quarter beginning twelve months after the closing date. On February 11, 2022, the term loan was modified to allow Green Plains Partners and its affiliates to repurchase outstanding notes. On the same day, the partnership purchased $1.0 million of the outstanding notes from the lenders and subsequently retired the notes. The partnership’s obligations under the term loan are secured by a first priority lien on (i) the equity interests of the partnership’s present and future subsidiaries, (ii) all of the partnership’s present and future personal property, such as investment property, general intangibles and contract rights, including rights under any agreements with Green Plains Trade, (iii) all proceeds and products of the equity interests of the partnership’s present and future subsidiaries and its personal property and (iv) substantially all of the partnership’s real property and material leases of real property. The terms impose affirmative and negative covenants, including restrictions on the partnership’s ability to incur additional debt, acquire and sell assets, create liens, invest capital, pay distributions and materially amend the partnership’s commercial agreements with Green Plains Trade. The term loan also requires the partnership to maintain a maximum consolidated leverage ratio and a minimum consolidated debt service coverage ratio as of the end of any fiscal quarter, each of which is calculated on a pro forma basis with respect to acquisitions and divestitures occurring during the applicable period. The maximum consolidated leverage ratio is required to be no more than 2.50x. The minimum debt service coverage ratio is required to be no less than 1.10x. The consolidated leverage ratio is calculated by dividing total funded indebtedness by the sum of the four preceding fiscal quarters’ consolidated EBITDA. The consolidated debt service coverage ratio is calculated by taking the sum of the four preceding fiscal quarters’ consolidated EBITDA minus income taxes and consolidated capital expenditures for such period divided by the sum of the four preceding fiscal quarters’ consolidated interest charges plus consolidated scheduled funded debt payments for such period. Under the terms of the loan, the partnership has no restrictions on the amount of quarterly distribution payments, so long as (i) no default has occurred and is continuing, or would result from payment of the distribution, and (ii) the partnership and its subsidiaries are in compliance with its financial covenants and remain in compliance after payment of the distribution. The term loan is not guaranteed by the company. At March 31, 2023, the interest rate on the term loan was 13.14%. Covenant Compliance The company was in compliance with its debt covenants as of March 31, 2023. Restricted Net Assets At March 31, 2023, there were approximately $118.7 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 | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | STOCK-BASED COMPENSATIONThe company has an equity incentive plan which reserved a total of 5.7 million shares of common stock for issuance pursuant to the plan, of which 1.4 million shares remain outstanding and available. 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. Restricted Stock Awards and Deferred Stock Units The restricted non-vested stock awards and deferred stock units activity for the three months ended March 31, 2023 is as follows: Non-Vested Weighted- Weighted-Average Non-Vested at December 31, 2022 813,033 $ 19.98 Granted 251,674 34.66 Forfeited (10,047) 29.24 Vested (393,276) 11.45 Non-Vested at March 31, 2023 661,384 $ 30.50 2.4 Performance Share Awards On March 9, 2023, March 14, 2022 and February 18, 2021, the board of directors granted performance shares to be awarded in the form of common stock to certain participants of the plan. These performance shares vest based on the level of achievement of certain performance goals, including the incremental value achieved from the company’s high-protein initiatives, annual production levels and return on investment (ROI). Performance shares granted in 2023, 2022 and 2021 do not contain market based factors requiring a Monte Carlo valuation model. The performance shares were granted at a target of 100%, but each performance share can be reduced or increased depending on results for the performance period. If the company achieves the maximum performance goals, the maximum amount of shares available to be issued pursuant to the 2023, 2022, and 2021 awards are 969,718 performance shares which represents approximately 222% of the 437,390 performance shares which remain outstanding. The actual number of performance shares that will ultimately vest is based on the actual performance targets achieved at the end of the performance period. On March 18, 2020, the board of directors granted performance shares to be awarded in the form of common stock to certain participants of the plan. The performance shares were granted at a target of 100%, but each performance share was reduced or increased depending on results for the performance period for the company’s total shareholder return relative to that of the company’s performance peer group. On March 17, 2023, based on the criteria discussed above, the 196,382 2020 performance shares vested at approximately 123%, which resulted in the issuance of 241,589 shares of common stock. The non-vested performance share award activity for the three months ended March 31, 2023 is as follows: Performance Weighted- Weighted-Average Non-Vested at December 31, 2022 482,811 $ 18.22 Granted 155,087 34.66 Forfeited (2,750) 29.47 Vested (197,758) 4.14 Non-Vested at March 31, 2023 437,390 $ 30.33 2.4 Green Plains Partners Green Plains Partners has a long-term incentive plan (LTIP) intended to promote the interests of the partnership, its general partner and affiliates by providing unit-based incentive compensation awards to employees, consultants and directors to encourage superior performance. The LTIP reserves 2,500,000 common limited partner units for issuance in the form of options, restricted units, phantom units, distribution equivalent rights, substitute awards, unit appreciation rights, unit awards, profit interest units or other unit-based awards. The partnership measures unit-based compensation related to equity awards in its consolidated financial statements over the requisite service period on a straight-line basis. There was no change in the number of non-vested unit-based awards for the three months ended March 31, 2023. Stock-Based and Unit Based Compensation Expense Compensation costs for stock-based and unit-based payment plans were $2.8 million and $1.9 million for the three months ended March 31, 2023 and 2022, respectively. At March 31, 2023, there was $24.8 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 2.4 years. The potential tax benefit related to stock-based payment is approximately 24.0% of these expenses. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 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 computes 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. The basic and diluted EPS are calculated as follows (in thousands): Three Months Ended 2023 2022 EPS - basic and diluted Net loss attributable to Green Plains $ (70,324) $ (61,474) Weighted average shares outstanding - basic and diluted 58,549 52,887 EPS - basic and diluted $ (1.20) $ (1.16) Anti-dilutive weighted-average convertible debt, warrants and stock-based compensation (1) 8,598 13,823 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | STOCKHOLDERS’ EQUITY Convertible Note Exchange On May 25, 2022, the company gave notice calling for the redemption of all its outstanding 4.00% Convertible Senior Notes due 2024, totaling an aggregate principal amount of $64.0 million. The conversion rate was 66.4178 shares of common stock per $1,000 of principal. From July 1, 2022 through July 8, 2022, all $64.0 million of the 4.00% convertible notes were converted into approximately 4.3 million shares of common stock. During August 2022, the company entered into four privately negotiated exchange agreements with certain noteholders of the 4.125% Convertible Senior Notes due 2022 to exchange approximately $32.6 million aggregate principal amount for approximately 1.2 million shares of the company's common stock. Additionally, on September 1, 2022, approximately $1.7 million aggregate principal amount was settled through a combination of $1.7 million in cash and approximately 15 thousand shares of the company's common stock. Components of stockholders’ equity for the three months ended March 31, 2023 and 2022 are as follows (in thousands): Common Stock Additional Retained Deficit Accumulated Other Treasury Stock Total Non- Total Shares Amount Shares Amount Balance, December 31, 2022 62,101 $ 62 $ 1,110,151 $ (142,417) $ (26,591) 2,805 $ (31,174) $ 910,031 $ 151,035 $ 1,061,066 Net loss — — — (70,324) — — — (70,324) 4,075 (66,249) Cash dividends and distributions declared — — — — — — — — (5,305) (5,305) Other comprehensive loss before reclassification — — — — (12,788) — — (12,788) — (12,788) Amounts reclassified from accumulated other comprehensive loss — — — — 1,701 — — 1,701 — 1,701 Other comprehensive loss, net of tax — — — — (11,087) — — (11,087) — (11,087) Investment in subsidiaries — — — — — — — — 185 185 Stock-based compensation 217 — (5,632) — — — — (5,632) 59 (5,573) Balance, March 31, 2022 62,318 $ 62 $ 1,104,519 $ (212,741) $ (37,678) 2,805 $ (31,174) $ 822,988 $ 150,049 $ 973,037 Common Stock Additional Retained Deficit Accumulated Other Treasury Stock Total Non- Total Shares Amount Shares Amount Balance, December 31, 2021 61,840 $ 62 $ 1,069,573 $ (15,199) $ (12,310) 8,244 $ (91,626) $ 950,500 $ 151,519 $ 1,102,019 Net loss — — — (61,474) — — — (61,474) 5,602 (55,872) Cash dividends and distributions declared — — — — — — — — (5,122) (5,122) Other comprehensive income before reclassification — — — — 5,386 — — 5,386 — 5,386 Amounts reclassified from accumulated other comprehensive loss — — — — (1,965) — — (1,965) — (1,965) Other comprehensive income, net of tax — — — — 3,421 — — 3,421 — 3,421 Investment in subsidiaries — — — — — — — — 24 24 Stock-based compensation 226 — (1,922) — — — — (1,922) 59 (1,863) Balance, March 31, 2022 62,066 $ 62 $ 1,067,651 $ (76,673) $ (8,889) 8,244 $ (91,626) $ 890,525 $ 152,082 $ 1,042,607 Amounts reclassified from accumulated other comprehensive loss are as follows (in thousands): Three Months Ended Statements of 2023 2022 Gains (losses) on cash flow hedges Commodity derivatives $ — $ (628) (1) Commodity derivatives (2,236) 3,294 (2) Total gains (losses) on cash flow hedges (2,236) 2,666 (3) Income tax benefit (expense) 535 (701) (4) Amounts reclassified from accumulated other comprehensive loss $ (1,701) $ 1,965 (1) Revenues (2) Costs of goods sold (3) Loss before income taxes and income (loss) from equity method investees (4) Income tax benefit (expense) |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The company records actual income tax expense or benefit during interim periods rather than on an annual effective tax rate method. Certain items are given discrete period treatment and the tax effect of those items are reported in full in the relevant interim period. 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. The Inflation Reduction Act (IRA), was signed into law on August 16, 2022. The IRA includes significant law changes relating to tax, climate change, energy and health care. The IRA significantly expands clean energy incentives by providing an estimated $370 billion of new energy related tax credits over the next ten years. It also permits more flexibility for taxpayers to use the credits with direct-pay and transferable credit options. In addition, the IRA includes key revenue-raising provisions which include a 15% book-income alternative minimum tax on corporations with adjusted financial statement income over $1 billion, a 1% excise tax on the value of certain net stock repurchases by publicly traded companies, and the reinstatement of Superfund excise taxes. The company expects it will benefit from certain energy related tax credits in future years and not be negatively impacted by the revenue raising provisions; however, the company does not have enough information to provide a reasonable estimate of future tax benefits at this time. The company recorded income tax expense of $3.4 million for the three months ended March 31, 2023, compared with income tax benefit of $1.2 million for the same period in 2022. The increase in the amount of tax expense recorded for the three months ended March 31, 2023 is primarily due to an increase in the valuation allowance recorded against deferred tax assets related to gains (losses) on derivatives. The effective tax rate can be affected by variances in the estimates and amounts of taxable income among the various states, entities and activity types, realization of tax credits, adjustments from resolution of tax matters under review, valuation allowances and the company’s assessment of its liability for uncertain tax positions. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Lease Expense The company leases certain facilities, parcels of land, and equipment, with remaining terms ranging from less than one year to approximately 14.6 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 components of lease expense are as follows (in thousands): Three Months Ended 2023 2022 Lease expense Operating lease expense $ 6,746 $ 4,998 Variable lease expense (benefit) (1) (131) 179 Total lease expense $ 6,615 $ 5,177 (1) Represents amounts incurred in excess of the minimum payments required for a certain building lease and for the handling and unloading of railcars for a certain land lease, offset by railcar lease abatements provided by the lessor when railcars are out of service during periods of maintenance or upgrade. Supplemental cash flow information related to operating leases is as follows (in thousands): Three Months Ended 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 6,197 $ 4,845 Right-of-use assets obtained in exchange for lease obligations Operating leases 16,658 4,709 Supplemental balance sheet information related to operating leases is as follows: March 31, December 31, Weighted average remaining lease term 4.8 years 4.9 years Weighted average discount rate 4.73 % 4.32 % Aggregate minimum lease payments under the operating lease agreements for the remainder of 2023 and in future years are as follows (in thousands): Year Ending December 31, Amount 2023 $ 20,195 2024 24,777 2025 20,201 2026 12,743 2027 9,149 Thereafter 11,980 Total 99,045 Less: Present value discount (11,266) Lease liabilities $ 87,779 Lease Revenue As described in Note 2 – Revenue , the majority of the partnership’s segment revenue is generated through 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. Commodities, Storage and Transportation As of March 31, 2023, the company had contracted future purchases of grain, ethanol, distillers grains, natural gas, and renewable corn oil, valued at approximately $364.2 million and future commitments for storage and transportation, valued at approximately $24.8 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. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS On May 3, 2023, the company submitted a proposal to the Board of Directors of Green Plains Holdings LLC, the general partner of Green Plains Partners LP, to acquire all of the publicly held common units of the partnership not already owned by the company in a stock-for-unit exchange. The company expects the proposed transaction to simplify its corporate structure and governance, generate near-term earnings and cash flow accretion, reduce selling and general administrative expenses related to the partnership, improve the credit quality of the combined enterprise, and align strategic interests between the company's shareholders and the partnership's unitholders by regaining full ownership and control of the company's total platform, including terminal operations. The proposed transaction is subject to the negotiation and execution of a definitive agreement and approval of such definitive agreement and transactions contemplated thereunder by the board of directors of the company, the board of directors of Green Plains Holdings LLC, and its conflicts committee. There can be no assurance that any such approvals will be forthcoming, that a definitive agreement will be executed, that any conditions to the consummation of the proposed transaction will be satisfied, or that any transaction will be consummated. |
Basis of Presentation, Descri_2
Basis of Presentation, Description of Business and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidated Financial Statements | Consolidated Financial Statements The consolidated financial statements include the company’s accounts and all significant intercompany balances and transactions are eliminated. Unconsolidated entities are included in the financial statements on an equity basis. As of March 31, 2023, the company owns a 48.8% limited partner interest and a 2.0% general partner interest in Green Plains Partners LP. Public investors own the remaining 49.2% 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 the 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 March 31, 2023 and December 31, 2022, excluding intercompany balances, are $120.7 million and $108.7 million, respectively, and primarily consist of cash and cash equivalents, property and equipment, operating lease right-of-use assets and goodwill. The partnership’s consolidated total liabilities as of March 31, 2023 and December 31, 2022, excluding intercompany balances, are $137.2 million and $119.5 million, respectively, which primarily consist of long-term debt as discussed in Note 7 – Debt and operating lease liabilities. The liabilities recognized as a result of consolidating the partnership do not represent additional claims on the company’s general assets. The company also owns a majority interest in FQT, with their results being consolidated in our consolidated financial statements. The accompanying unaudited consolidated financial statements are prepared in accordance with GAAP for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Because they do not include all of the information and footnotes required by GAAP for complete financial statements, the unaudited consolidated financial statements should be read in conjunction with the company’s annual report on Form 10-K for the year ended December 31, 2022, filed with the SEC on February 10, 2023. The unaudited financial information reflects adjustments, which are, in the opinion of management, necessary for a fair presentation of results of operations, financial position and cash flows for the periods presented. The adjustments are normal and recurring in nature, unless otherwise noted. Interim period results are not necessarily indicative of the results to be expected for the entire year. |
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. Certain accounting policies, including but not limited to those relating to impairment of goodwill, derivative financial instruments, and accounting for income taxes, are impacted significantly by judgments, assumptions and estimates used in the preparation of the consolidated financial statements. |
Description of Business | Description of Business Th e company operates within three operating segments: (1) ethanol production, which includes the production of ethanol, distillers grains, Ultra-High Protein, and renewable 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, renewable corn oil, natural gas and other commodities and (3) partnership, which includes fuel storage and transportation services. |
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 and for payment towards a 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 balance sheets. |
Marketable Securities | Marketable SecuritiesMarketable securities include highly liquid, fixed maturity investments with original maturities ranging from three to twelve months and are carried at amortized cost, reflecting the ability and intent to hold the securities to maturity. |
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, Ultra-High Protein, renewable 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. 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. 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 materials, direct labor, shipping and plant overhead costs. 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. Direct labor includes all compensation and related benefits of non-management personnel involved in ethanol production. Shipping costs incurred by the company, including railcar costs, are also reflected in cost of goods sold. Plant overhead consists primarily of plant utilities, repairs and maintenance and outbound freight charges. 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, renewable corn oil, 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 basis 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 other agricultural and energy products. 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. Forward contracts are recorded at fair value unless the contracts qualify for, and the company elects, normal purchase or sale exceptions. 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 and the physical transaction is completed. 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 current liabilities at fair value. |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue by Major Source | The following tables disaggregate revenue by major source (in thousands): Three Months Ended March 31, 2023 Ethanol Production Agribusiness & Energy Partnership Eliminations Total Revenues Revenues from contracts with customers under ASC 606 Ethanol $ — $ — $ — $ — $ — Distillers grains 25,010 52 — — 25,062 Renewable corn oil — — — — — Other 8,467 8,450 1,119 — 18,036 Intersegment revenues — — 1,783 (1,783) — Total revenues from contracts with customers 33,477 8,502 2,902 (1,783) 43,098 Revenues from contracts accounted for as derivatives under ASC 815 (1) Ethanol 498,187 88,639 — — 586,826 Distillers grains 111,925 11,311 — — 123,236 Renewable corn oil 44,296 716 — — 45,012 Other 7,609 27,168 — — 34,777 Intersegment revenues — 6,050 — (6,050) — Total revenues from contracts accounted for as derivatives 662,017 133,884 — (6,050) 789,851 Leasing revenues under ASC 842 (2) — — 17,873 (17,873) — Total Revenues $ 695,494 $ 142,386 $ 20,775 $ (25,706) $ 832,949 Three Months Ended March 31, 2022 Ethanol Production Agribusiness & Energy Partnership Eliminations Total Revenues Revenues from contracts with customers under ASC 606 Ethanol $ — $ — $ — $ — $ — Distillers grains 7,362 — — — 7,362 Renewable corn oil — — — — — Other 13,361 1,288 1,005 — 15,654 Intersegment revenues — — 1,885 (1,885) — Total revenues from contracts with customers 20,723 1,288 2,890 (1,885) 23,016 Revenues from contracts accounted for as derivatives under ASC 815 (1) Ethanol 471,922 95,660 — — 567,582 Distillers grains 98,512 15,126 — — 113,638 Renewable corn oil 40,889 2,406 — — 43,295 Other 5,507 28,397 — — 33,904 Intersegment revenues — 5,835 — (5,835) — Total revenues from contracts accounted for as derivatives 616,830 147,424 — (5,835) 758,419 Leasing revenues under ASC 842 (2) — — 16,210 (16,210) — Total Revenues $ 637,553 $ 148,712 $ 19,100 $ (23,930) $ 781,435 (1) Revenues from contracts accounted for as derivatives represent physically settled derivative sales that are outside the scope of ASC 606. (2) Leasing revenues do not represent revenues recognized from contracts with customers under ASC 606, and are accounted for under ASC 842, Leases . |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities at Fair Value | The company’s assets and liabilities by level are as follows (in thousands): Fair Value Measurements at March 31, 2023 Quoted Prices in Significant Other Total Assets Cash and cash equivalents $ 354,204 $ — $ 354,204 Restricted cash 54,139 — 54,139 Inventories carried at market — 26,094 26,094 Derivative financial instruments - assets — 12,135 12,135 Other assets 110 — 110 Total assets measured at fair value $ 408,453 $ 38,229 $ 446,682 Liabilities Accounts payable (1) $ — $ 18,936 $ 18,936 Accrued and other liabilities (2) — 4,639 4,639 Derivative financial instruments - liabilities — 47,445 47,445 Other liabilities (2) — 4,570 4,570 Total liabilities measured at fair value $ — $ 75,590 $ 75,590 Fair Value Measurements at December 31, 2022 Quoted Prices in Significant Other Total Assets Cash and cash equivalents $ 444,661 $ — $ 444,661 Restricted cash 55,615 — 55,615 Inventories carried at market — 61,885 61,885 Derivative financial instruments - assets — 16,420 16,420 Other assets 110 1 111 Total assets measured at fair value $ 500,386 $ 78,306 $ 578,692 Liabilities Accounts payable (1) $ — $ 31,925 $ 31,925 Accrued and other liabilities (2) — 1,909 1,909 Derivative financial instruments - liabilities — 44,686 44,686 Other liabilities (2) — 6,640 6,640 Total liabilities measured at fair value $ — $ 85,160 $ 85,160 (1) Accounts payable is generally stated at historical amounts with the exception of $18.9 million and $31.9 million at March 31, 2023 and December 31, 2022, 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) As of March 31, 2023 and December 31, 2022, respectively, accrued and other liabilities includes $4.6 million and $1.9 million and other liabilities includes $4.6 million and $6.6 million of consideration related to potential earn-out payments recorded at fair value. |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule Of Financial Data | The following tables set forth certain financial data for the company’s operating segments (in thousands): Three Months Ended 2023 2022 Revenues Ethanol production Revenues from external customers $ 695,494 $ 637,553 Intersegment revenues — — Total segment revenues 695,494 637,553 Agribusiness and energy services Revenues from external customers 136,336 142,877 Intersegment revenues 6,050 5,835 Total segment revenues 142,386 148,712 Partnership Revenues from external customers 1,119 1,005 Intersegment revenues 19,656 18,095 Total segment revenues 20,775 19,100 Revenues including intersegment activity 858,655 805,365 Intersegment eliminations (25,706) (23,930) $ 832,949 $ 781,435 Refer to Note 2 - Revenue , for further disaggregation of revenue by operating segment. Three Months Ended 2023 2022 Cost of goods sold Ethanol production $ 716,947 $ 661,560 Agribusiness and energy services 133,280 134,439 Intersegment eliminations (25,222) (23,490) $ 825,005 $ 772,509 Three Months Ended 2023 2022 Gross margin Ethanol production $ (21,453) $ (24,007) Agribusiness and energy services 9,106 14,273 Partnership 20,775 19,100 Intersegment eliminations (484) (440) $ 7,944 $ 8,926 Three Months Ended 2023 2022 Operating income (loss) Ethanol production (1) $ (53,362) $ (51,158) Agribusiness and energy services 4,126 10,408 Partnership 11,896 11,809 Intersegment eliminations (484) (440) Corporate activities (18,716) (18,521) $ (56,540) $ (47,902) (1) Operating loss for ethanol production includes an inventory lower of cost or net realizable value adjustment of $13.2 million for the three months ended March 31, 2022. Three Months Ended 2023 2022 Depreciation and amortization Ethanol production $ 22,938 $ 18,432 Agribusiness and energy services 813 464 Partnership 816 898 Corporate activities 819 605 $ 25,386 $ 20,399 |
Schedule Of Total Assets For Operating Segments | The following table sets forth total assets by operating segment (in thousands): March 31, December 31, Total assets (1) Ethanol production $ 1,166,742 $ 1,157,791 Agribusiness and energy services 496,661 489,083 Partnership 120,741 108,680 Corporate assets 269,011 386,437 Intersegment eliminations (18,323) (18,860) $ 2,034,832 $ 2,123,131 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | The components of inventories are as follows (in thousands): March 31, December 31, Finished goods $ 118,099 $ 97,719 Commodities held for sale 26,094 61,885 Raw materials 66,814 55,983 Work-in-process 21,593 18,499 Supplies and parts 47,107 44,864 $ 279,707 $ 278,950 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value of Derivative Financial Instruments | The fair values of the company’s derivative financial instruments and the line items on the consolidated balance sheets where they are reported are as follows (in thousands): Asset Derivatives' Liability Derivatives' March 31, December 31, March 31, December 31, Derivative financial instruments - forwards $ 12,135 $ 16,420 (1) $ 47,445 (2) $ 44,686 (3) Other assets — 1 — — Other liabilities — — 8 — Total $ 12,135 $ 16,421 $ 47,453 $ 44,686 (1) At December 31, 2022, 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 included $9.0 million of unrealized gains on derivative financial instruments designated as fair value hedging instruments, offset by $2.0 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments, and the balance representing economic hedges. (2) At March 31, 2023, derivative financial instruments, as reflected on the balance sheet, includes net unrealized losses on exchange-traded futures and options contracts of $17.7 million, which included $10.0 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments, $0.5 million of net unrealized gains on derivative financial instruments designated as fair value hedging instruments, and the balance representing economic hedges. (3) At December 31, 2022, derivative financial instruments, as reflected on the balance sheet, includes net unrealized losses on exchange-traded futures and options contracts of $3.3 million, which included $0.6 million of net unrealized losses on derivative financial instruments designated as fair value hedging instruments and the balance representing economic hedges. |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | 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 (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Location of Gain (Loss) Reclassified from Accumulated Other Three Months Ended 2023 2022 Revenues $ — $ (628) Cost of goods sold (2,236) 3,294 Net gain (loss) recognized in loss before income taxes $ (2,236) $ 2,666 Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives Gain (Loss) Recognized in Other Comprehensive Income on Three Months Ended 2023 2022 Commodity contracts $ (16,811) $ 7,307 Amount of Gain (Loss) Derivatives Not Designated as Location of Gain (Loss) Recognized in Income Three Months Ended 2023 2022 Exchange-traded futures and options Revenues $ (7,876) $ (2,745) Forwards Revenues 659 (2,613) Exchange-traded futures and options Cost of goods sold 8,366 (67,563) Forwards Cost of goods sold 426 19,161 Net gain (loss) recognized in loss before income taxes $ 1,575 $ (53,760) The following amounts were recorded on the consolidated balance sheets related to cumulative basis adjustments for the fair value hedged items (in thousands): March 31, 2023 December 31, 2022 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 $ 26,094 $ (586) $ 61,885 $ (13,776) Effect of Cash Flow and Fair Value Hedge Accounting on the Statements of Operations: Location and Amount of Gain (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships for the Three Months Ended March 31, 2023 2022 Revenue Cost of Revenue Cost of Gain (loss) on cash flow hedging relationships Commodity contracts Amount of gain (loss) on exchange-traded futures reclassified from accumulated other comprehensive income into income $ — $ (2,236) $ (628) $ 3,294 Gain (loss) on fair value hedging relationships Commodity contracts Fair-value hedged inventories — (9,357) — 18,386 Exchange-traded futures designated as hedging instruments — 10,678 — (17,244) Total amounts of income and expense line items presented in the statement of operations in which the effects of cash flow or fair value hedges are recorded $ — $ (915) $ (628) $ 4,436 |
Schedule of Open Position Derivative Financial Instruments | The notional volume of open commodity derivative positions as of March 31, 2023 are as follows (in thousands): Exchange-Traded (1) Non-Exchange-Traded (2) Derivative Net Long & Long (Short) Unit of Commodity Futures (12,490) Bushels Corn Futures (3,545) (4) Bushels Corn Futures (43,428) Gallons Ethanol Futures (16,720) MmBTU Natural Gas Futures 920 (3) MmBTU Natural Gas Futures (163) (4) MmBTU Natural Gas Futures 1,680 (3) Gallons Natural Gasoline Options 9 Tons Soybean Meal Options 934 Pounds Soybean Oil Options (1,407) MmBTU Natural Gas Options (6,107) Bushels Corn Forwards 35,135 (98) Bushels Corn Forwards 145 (248,612) Gallons Ethanol Forwards 91 (313) Tons Distillers Grains Forwards 1,152 (40,466) Pounds Renewable Corn Oil Forwards 16,800 (2,968) MmBTU Natural Gas (1) Notional volume of exchange-traded futures and options are presented on a net long and (short) position basis. Options are presented on a delta-adjusted basis. (2) Notional volume of non-exchange-traded forward physical contracts are presented on a gross long and (short) position basis, including both fixed-price and basis contracts, for which only the basis portion of the contract price is fixed. (3) Notional volume of exchange-traded futures used for cash flow hedges. (4) Notional volume of exchange-traded futures used for fair value hedges. |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Components of Long-Term Debt | The components of long-term debt are as follows (in thousands): March 31, December 31, Corporate 2.25% convertible notes due 2027 (1) $ 230,000 $ 230,000 Green Plains SPE LLC $125.0 million junior secured mezzanine notes due 2026 (2) 125,000 125,000 Green Plains Wood River and Green Plains Shenandoah $75.0 million loan agreement (3) 74,250 74,625 Green Plains Partners $60.0 million term loan (4) 58,969 58,969 Other 14,934 15,097 Total book value of long-term debt 503,153 503,691 Unamortized debt issuance costs (6,207) (6,610) Less: current maturities of long-term debt (1,832) (1,838) Total long-term debt $ 495,114 $ 495,243 (1) Includes $4.9 million and $5.2 million of unamortized debt issuance costs as of March 31, 2023 and December 31, 2022, respectively. (2) Includes $0.6 million and $0.7 million of unamortized debt issuance costs as of March 31, 2023 and December 31, 2022, respectively. (3) Includes $0.3 million of unamortized debt issuance costs as of both March 31, 2023 and December 31, 2022. (4) Includes $0.4 million of unamortized debt issuance costs as of both March 31, 2023 and December 31, 2022. |
Schedule of Components of Short-term Notes Payable and Other Borrowings | The components of short-term notes payable and other borrowings are as follows (in thousands): March 31, December 31, Green Plains Finance Company, Green Plains Grain and Green Plains Trade $350.0 million revolver $ 191,000 $ 115,000 Green Plains Commodity Management $40.0 million hedge line 21,670 22,678 $ 212,670 $ 137,678 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Non-Vested Stock Award and Deferred Stock Unit Activity | The restricted non-vested stock awards and deferred stock units activity for the three months ended March 31, 2023 is as follows: Non-Vested Weighted- Weighted-Average Non-Vested at December 31, 2022 813,033 $ 19.98 Granted 251,674 34.66 Forfeited (10,047) 29.24 Vested (393,276) 11.45 Non-Vested at March 31, 2023 661,384 $ 30.50 2.4 |
Schedule of Non-Vested Performance Share Award Activity | The non-vested performance share award activity for the three months ended March 31, 2023 is as follows: Performance Weighted- Weighted-Average Non-Vested at December 31, 2022 482,811 $ 18.22 Granted 155,087 34.66 Forfeited (2,750) 29.47 Vested (197,758) 4.14 Non-Vested at March 31, 2023 437,390 $ 30.33 2.4 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings Per Share | The basic and diluted EPS are calculated as follows (in thousands): Three Months Ended 2023 2022 EPS - basic and diluted Net loss attributable to Green Plains $ (70,324) $ (61,474) Weighted average shares outstanding - basic and diluted 58,549 52,887 EPS - basic and diluted $ (1.20) $ (1.16) Anti-dilutive weighted-average convertible debt, warrants and stock-based compensation (1) 8,598 13,823 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stockholders' Equity | Components of stockholders’ equity for the three months ended March 31, 2023 and 2022 are as follows (in thousands): Common Stock Additional Retained Deficit Accumulated Other Treasury Stock Total Non- Total Shares Amount Shares Amount Balance, December 31, 2022 62,101 $ 62 $ 1,110,151 $ (142,417) $ (26,591) 2,805 $ (31,174) $ 910,031 $ 151,035 $ 1,061,066 Net loss — — — (70,324) — — — (70,324) 4,075 (66,249) Cash dividends and distributions declared — — — — — — — — (5,305) (5,305) Other comprehensive loss before reclassification — — — — (12,788) — — (12,788) — (12,788) Amounts reclassified from accumulated other comprehensive loss — — — — 1,701 — — 1,701 — 1,701 Other comprehensive loss, net of tax — — — — (11,087) — — (11,087) — (11,087) Investment in subsidiaries — — — — — — — — 185 185 Stock-based compensation 217 — (5,632) — — — — (5,632) 59 (5,573) Balance, March 31, 2022 62,318 $ 62 $ 1,104,519 $ (212,741) $ (37,678) 2,805 $ (31,174) $ 822,988 $ 150,049 $ 973,037 Common Stock Additional Retained Deficit Accumulated Other Treasury Stock Total Non- Total Shares Amount Shares Amount Balance, December 31, 2021 61,840 $ 62 $ 1,069,573 $ (15,199) $ (12,310) 8,244 $ (91,626) $ 950,500 $ 151,519 $ 1,102,019 Net loss — — — (61,474) — — — (61,474) 5,602 (55,872) Cash dividends and distributions declared — — — — — — — — (5,122) (5,122) Other comprehensive income before reclassification — — — — 5,386 — — 5,386 — 5,386 Amounts reclassified from accumulated other comprehensive loss — — — — (1,965) — — (1,965) — (1,965) Other comprehensive income, net of tax — — — — 3,421 — — 3,421 — 3,421 Investment in subsidiaries — — — — — — — — 24 24 Stock-based compensation 226 — (1,922) — — — — (1,922) 59 (1,863) Balance, March 31, 2022 62,066 $ 62 $ 1,067,651 $ (76,673) $ (8,889) 8,244 $ (91,626) $ 890,525 $ 152,082 $ 1,042,607 |
Schedule of Reclassification From Accumulated Other Comprehensive Loss | Amounts reclassified from accumulated other comprehensive loss are as follows (in thousands): Three Months Ended Statements of 2023 2022 Gains (losses) on cash flow hedges Commodity derivatives $ — $ (628) (1) Commodity derivatives (2,236) 3,294 (2) Total gains (losses) on cash flow hedges (2,236) 2,666 (3) Income tax benefit (expense) 535 (701) (4) Amounts reclassified from accumulated other comprehensive loss $ (1,701) $ 1,965 (1) Revenues (2) Costs of goods sold (3) Loss before income taxes and income (loss) from equity method investees (4) Income tax benefit (expense) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Components of Lease Expense | The components of lease expense are as follows (in thousands): Three Months Ended 2023 2022 Lease expense Operating lease expense $ 6,746 $ 4,998 Variable lease expense (benefit) (1) (131) 179 Total lease expense $ 6,615 $ 5,177 (1) Represents amounts incurred in excess of the minimum payments required for a certain building lease and 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. |
Schedule of Supplemental Cash Flow Information Related to Operating Leases | Supplemental cash flow information related to operating leases is as follows (in thousands): Three Months Ended 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 6,197 $ 4,845 Right-of-use assets obtained in exchange for lease obligations Operating leases 16,658 4,709 |
Schedule of Supplemental Balance Sheet Information Related to Operating Leases | Supplemental balance sheet information related to operating leases is as follows: March 31, December 31, Weighted average remaining lease term 4.8 years 4.9 years Weighted average discount rate 4.73 % 4.32 % |
Schedule of Aggregate Minimum Lease Payments | Aggregate minimum lease payments under the operating lease agreements for the remainder of 2023 and in future years are as follows (in thousands): Year Ending December 31, Amount 2023 $ 20,195 2024 24,777 2025 20,201 2026 12,743 2027 9,149 Thereafter 11,980 Total 99,045 Less: Present value discount (11,266) Lease liabilities $ 87,779 |
Basis of Presentation, Descri_3
Basis of Presentation, Description of Business and Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 USD ($) segment | Dec. 31, 2022 USD ($) | |
Variable Interest Entity [Line Items] | ||
Total assets | $ 2,034,832 | $ 2,123,131 |
Total liabilities | $ 1,061,795 | 1,062,065 |
Number of operating segments | segment | 3 | |
Green Plains Partners L.P. | ||
Variable Interest Entity [Line Items] | ||
Total assets | $ 120,700 | 108,700 |
Total liabilities | $ 137,200 | $ 119,500 |
IPO | Limited Partner | ||
Variable Interest Entity [Line Items] | ||
Ownership interest, percentage | 48.80% | |
IPO | Limited Partner | Parent Company | ||
Variable Interest Entity [Line Items] | ||
Ownership interest, public, percentage | 49.20% | |
IPO | General Partner | Parent Company | ||
Variable Interest Entity [Line Items] | ||
Ownership interest, percentage | 2% |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue by Major Source (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | $ 43,098 | $ 23,016 |
Total revenues from contracts accounted for as derivatives | 789,851 | 758,419 |
Leasing revenues under ASC 842 | 0 | 0 |
Total Revenues | 832,949 | 781,435 |
Ethanol | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Total revenues from contracts accounted for as derivatives | 586,826 | 567,582 |
Distillers grains | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 25,062 | 7,362 |
Total revenues from contracts accounted for as derivatives | 123,236 | 113,638 |
Renewable corn oil | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Total revenues from contracts accounted for as derivatives | 45,012 | 43,295 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 18,036 | 15,654 |
Total revenues from contracts accounted for as derivatives | 34,777 | 33,904 |
Ethanol Production | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 33,477 | 20,723 |
Total revenues from contracts accounted for as derivatives | 662,017 | 616,830 |
Leasing revenues under ASC 842 | 0 | 0 |
Total Revenues | 695,494 | 637,553 |
Ethanol Production | Ethanol | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Total revenues from contracts accounted for as derivatives | 498,187 | 471,922 |
Ethanol Production | Distillers grains | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 25,010 | 7,362 |
Total revenues from contracts accounted for as derivatives | 111,925 | 98,512 |
Ethanol Production | Renewable corn oil | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Total revenues from contracts accounted for as derivatives | 44,296 | 40,889 |
Ethanol Production | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 8,467 | 13,361 |
Total revenues from contracts accounted for as derivatives | 7,609 | 5,507 |
Ethanol Production | Intersegment revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Total revenues from contracts accounted for as derivatives | 0 | 0 |
Agribusiness & Energy Services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 8,502 | 1,288 |
Total revenues from contracts accounted for as derivatives | 133,884 | 147,424 |
Leasing revenues under ASC 842 | 0 | 0 |
Total Revenues | 142,386 | 148,712 |
Agribusiness & Energy Services | Ethanol | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Total revenues from contracts accounted for as derivatives | 88,639 | 95,660 |
Agribusiness & Energy Services | Distillers grains | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 52 | 0 |
Total revenues from contracts accounted for as derivatives | 11,311 | 15,126 |
Agribusiness & Energy Services | Renewable corn oil | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Total revenues from contracts accounted for as derivatives | 716 | 2,406 |
Agribusiness & Energy Services | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 8,450 | 1,288 |
Total revenues from contracts accounted for as derivatives | 27,168 | 28,397 |
Agribusiness & Energy Services | Intersegment revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Total revenues from contracts accounted for as derivatives | 6,050 | 5,835 |
Partnership | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 2,902 | 2,890 |
Total revenues from contracts accounted for as derivatives | 0 | 0 |
Leasing revenues under ASC 842 | 17,873 | 16,210 |
Total Revenues | 20,775 | 19,100 |
Partnership | Ethanol | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Total revenues from contracts accounted for as derivatives | 0 | 0 |
Partnership | Distillers grains | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Total revenues from contracts accounted for as derivatives | 0 | 0 |
Partnership | Renewable corn oil | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Total revenues from contracts accounted for as derivatives | 0 | 0 |
Partnership | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 1,119 | 1,005 |
Total revenues from contracts accounted for as derivatives | 0 | 0 |
Partnership | Intersegment revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 1,783 | 1,885 |
Total revenues from contracts accounted for as derivatives | 0 | 0 |
Eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | (1,783) | (1,885) |
Total revenues from contracts accounted for as derivatives | (6,050) | (5,835) |
Leasing revenues under ASC 842 | (17,873) | (16,210) |
Total Revenues | (25,706) | (23,930) |
Eliminations | Ethanol | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Total revenues from contracts accounted for as derivatives | 0 | 0 |
Eliminations | Distillers grains | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Total revenues from contracts accounted for as derivatives | 0 | 0 |
Eliminations | Renewable corn oil | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Total revenues from contracts accounted for as derivatives | 0 | 0 |
Eliminations | Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | 0 | 0 |
Total revenues from contracts accounted for as derivatives | 0 | 0 |
Eliminations | Intersegment revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues from contracts with customers | (1,783) | (1,885) |
Total revenues from contracts accounted for as derivatives | (6,050) | (5,835) |
Eliminations | Ethanol Production | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenues | 0 | 0 |
Eliminations | Agribusiness & Energy Services | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenues | (6,050) | (5,835) |
Eliminations | Partnership | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenues | $ (19,656) | $ (18,095) |
Revenue - Narrative (Details)
Revenue - Narrative (Details) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue Benchmark | Customer A | Customer Concentration Risk | |
Disaggregation of Revenue [Line Items] | |
Concentration risk | 14% |
Fair Value Disclosures - Assets
Fair Value Disclosures - Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and cash equivalents | $ 354,204 | $ 444,661 |
Restricted cash | 54,139 | 55,615 |
Inventories carried at market | 26,094 | 61,885 |
Derivative financial instruments - assets | 12,135 | 16,420 |
Other assets | 110 | 111 |
Total assets measured at fair value | 446,682 | 578,692 |
Liabilities | ||
Accounts payable | 18,936 | 31,925 |
Accrued and other liabilities | 4,639 | 1,909 |
Derivative financial instruments - liabilities | 47,445 | 44,686 |
Other liabilities | 4,570 | 6,640 |
Total liabilities measured at fair value | 75,590 | 85,160 |
Potential Earn-Out Payments | ||
Liabilities | ||
Accrued and other liabilities | 4,600 | 1,900 |
Other liabilities | 4,600 | 6,600 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets | ||
Cash and cash equivalents | 354,204 | 444,661 |
Restricted cash | 54,139 | 55,615 |
Inventories carried at market | 0 | 0 |
Derivative financial instruments - assets | 0 | 0 |
Other assets | 110 | 110 |
Total assets measured at fair value | 408,453 | 500,386 |
Liabilities | ||
Accounts payable | 0 | 0 |
Accrued and other liabilities | 0 | 0 |
Derivative financial instruments - liabilities | 0 | 0 |
Other liabilities | 0 | 0 |
Total liabilities measured at fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Inventories carried at market | 26,094 | 61,885 |
Derivative financial instruments - assets | 12,135 | 16,420 |
Other assets | 0 | 1 |
Total assets measured at fair value | 38,229 | 78,306 |
Liabilities | ||
Accounts payable | 18,936 | 31,925 |
Accrued and other liabilities | 4,639 | 1,909 |
Derivative financial instruments - liabilities | 47,445 | 44,686 |
Other liabilities | 4,570 | 6,640 |
Total liabilities measured at fair value | $ 75,590 | $ 85,160 |
Fair Value Disclosures - Narrat
Fair Value Disclosures - Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value Disclosures [Abstract] | ||
Fair value of debt | $ 736.7 | $ 654.5 |
Book value of debt | 709.6 | 634.8 |
Fair value of accounts receivable | $ 106.5 | $ 108.6 |
Segment Information - Narrative
Segment Information - Narrative (Details) | 3 Months Ended |
Mar. 31, 2023 segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 3 |
Segment Information - Summary O
Segment Information - Summary Of Financial Data of Operating Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 832,949 | $ 781,435 | |
Cost of goods sold | 825,005 | 772,509 | |
Gross Profit | 7,944 | 8,926 | |
Operating income (loss) | (56,540) | (47,902) | |
Lower of cost or market adjustment | $ 12,300 | ||
Depreciation and amortization | 25,386 | 20,399 | |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 858,655 | 805,365 | |
Eliminations | |||
Segment Reporting Information [Line Items] | |||
Revenues | (25,706) | (23,930) | |
Cost of goods sold | (25,222) | (23,490) | |
Gross Profit | 484 | 440 | |
Operating income (loss) | 484 | 440 | |
Corporate Activities | |||
Segment Reporting Information [Line Items] | |||
Operating income (loss) | (18,716) | (18,521) | |
Depreciation and amortization | 819 | 605 | |
Ethanol Production | |||
Segment Reporting Information [Line Items] | |||
Revenues | 695,494 | 637,553 | |
Lower of cost or market adjustment | 13,200 | ||
Ethanol Production | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 695,494 | 637,553 | |
Cost of goods sold | 716,947 | 661,560 | |
Gross Profit | (21,453) | (24,007) | |
Operating income (loss) | (53,362) | (51,158) | |
Depreciation and amortization | 22,938 | 18,432 | |
Ethanol Production | Eliminations | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 0 | |
Agribusiness & Energy Services | |||
Segment Reporting Information [Line Items] | |||
Revenues | 142,386 | 148,712 | |
Agribusiness & Energy Services | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 136,336 | 142,877 | |
Cost of goods sold | 133,280 | 134,439 | |
Gross Profit | 9,106 | 14,273 | |
Operating income (loss) | 4,126 | 10,408 | |
Depreciation and amortization | 813 | 464 | |
Agribusiness & Energy Services | Eliminations | |||
Segment Reporting Information [Line Items] | |||
Revenues | (6,050) | (5,835) | |
Partnership | |||
Segment Reporting Information [Line Items] | |||
Revenues | 20,775 | 19,100 | |
Partnership | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,119 | 1,005 | |
Gross Profit | 20,775 | 19,100 | |
Operating income (loss) | 11,896 | 11,809 | |
Depreciation and amortization | 816 | 898 | |
Partnership | Eliminations | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ (19,656) | $ (18,095) |
Segment Information - Summary_2
Segment Information - Summary Of Total Assets for Operating Segments (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 2,034,832 | $ 2,123,131 |
Operating Segments | Ethanol Production | ||
Segment Reporting Information [Line Items] | ||
Total assets | 1,166,742 | 1,157,791 |
Operating Segments | Agribusiness & Energy Services | ||
Segment Reporting Information [Line Items] | ||
Total assets | 496,661 | 489,083 |
Operating Segments | Partnership | ||
Segment Reporting Information [Line Items] | ||
Total assets | 120,741 | 108,680 |
Corporate assets | ||
Segment Reporting Information [Line Items] | ||
Total assets | 269,011 | 386,437 |
Eliminations | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ (18,323) | $ (18,860) |
Inventories - Narrative (Detail
Inventories - Narrative (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Inventory Disclosure [Abstract] | |
Lower of cost or market adjustment | $ 12.3 |
Inventories - Schedule Of Inven
Inventories - Schedule Of Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 118,099 | $ 97,719 |
Commodities held for sale | 26,094 | 61,885 |
Raw materials | 66,814 | 55,983 |
Work-in-process | 21,593 | 18,499 |
Supplies and parts | 47,107 | 44,864 |
Inventories | $ 279,707 | $ 278,950 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Accumulated other comprehensive loss | $ 37,678 | $ 26,591 | |
Energy trading contracts, gain (loss) | $ 3,800 | $ 800 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Derivatives, Fair Value [Line Items] | ||
Asset derivatives, fair value | $ 12,135 | $ 16,421 |
Liability derivatives, fair value | 47,453 | 44,686 |
Derivative Financial Instruments, Assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives, fair value | 12,135 | 16,420 |
Net unrealized losses on derivative financial instruments | 9,000 | |
Net unrealized loss on exchange traded futures and options contracts | 3,400 | |
Derivative Financial Instruments, Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives, fair value | 47,445 | 44,686 |
Net unrealized gains on exchange traded futures and options contracts included in balance sheet | 17,700 | |
Net unrealized losses on derivative financial instruments | 10,000 | 600 |
Net unrealized losses on exchange traded futures and options contracts | 3,300 | |
Derivative Financial Instruments, Liabilities | Fair Value Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Unrealized gains (losses) on derivative financial instruments designated as fair value instruments | 500 | (2,000) |
Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives, fair value | 0 | 1 |
Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives, fair value | $ 8 | $ 0 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Gain (Loss) in Statement of Financial Performance (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | $ (2,236) | $ 2,666 | |
Carrying Amount of the Hedged Assets | 26,094 | $ 61,885 | |
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets | (586) | $ (13,776) | |
Not Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Location of Gain (Loss) Recognized in Income on Derivatives | 1,575 | (53,760) | |
Commodity contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in Other Comprehensive Income on Derivatives | (16,811) | 7,307 | |
Revenues | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | 0 | (628) | |
Total amounts of income and expense line items presented in the statement of operations in which the effects of cash flow or fair value hedges are recorded | 0 | (628) | |
Revenues | Commodity contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on fair value hedges recognized in earnings | 0 | 0 | |
Revenues | Exchange-traded futures and options | Not Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Location of Gain (Loss) Recognized in Income on Derivatives | (7,876) | (2,745) | |
Revenues | Forwards | Not Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Location of Gain (Loss) Recognized in Income on Derivatives | 659 | (2,613) | |
Revenues | Exchange Future | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | 0 | (628) | |
Gain (loss) on fair value hedges recognized in earnings | 0 | 0 | |
Cost of goods sold | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | (2,236) | 3,294 | |
Total amounts of income and expense line items presented in the statement of operations in which the effects of cash flow or fair value hedges are recorded | (915) | 4,436 | |
Cost of goods sold | Commodity contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on fair value hedges recognized in earnings | (9,357) | 18,386 | |
Cost of goods sold | Exchange-traded futures and options | Not Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Location of Gain (Loss) Recognized in Income on Derivatives | 8,366 | (67,563) | |
Cost of goods sold | Forwards | Not Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Location of Gain (Loss) Recognized in Income on Derivatives | 426 | 19,161 | |
Cost of goods sold | Exchange Future | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | (2,236) | 3,294 | |
Gain (loss) on fair value hedges recognized in earnings | $ 10,678 | $ (17,244) |
Derivative Financial Instrume_6
Derivative Financial Instruments - Open Position Derivative Financial Instruments (Details) contract in Thousands | Mar. 31, 2023 contract |
Corn | Exchange Traded | Short | Futures | |
Derivative [Line Items] | |
Open commodity derivative positions, long (short) (in contracts) | 12,490 |
Corn | Exchange Traded | Short | Fair Value Hedging | Futures | |
Derivative [Line Items] | |
Open commodity derivative positions, long (short) (in contracts) | 3,545 |
Corn | Non-Exchange Traded | Long | Forwards | |
Derivative [Line Items] | |
Open commodity derivative positions, long (short) (in contracts) | 35,135 |
Corn | Non-Exchange Traded | Short | Forwards | |
Derivative [Line Items] | |
Open commodity derivative positions, long (short) (in contracts) | 98 |
Ethanol | Exchange Traded | Short | Futures | |
Derivative [Line Items] | |
Open commodity derivative positions, long (short) (in contracts) | 43,428 |
Ethanol | Non-Exchange Traded | Long | Forwards | |
Derivative [Line Items] | |
Open commodity derivative positions, long (short) (in contracts) | 145 |
Ethanol | Non-Exchange Traded | Short | Forwards | |
Derivative [Line Items] | |
Open commodity derivative positions, long (short) (in contracts) | 248,612 |
Natural Gas | Exchange Traded | Long | Futures | |
Derivative [Line Items] | |
Open commodity derivative positions, long (short) (in contracts) | (16,720) |
Natural Gas | Exchange Traded | Long | Cash Flow Hedging | Futures | |
Derivative [Line Items] | |
Open commodity derivative positions, long (short) (in contracts) | 920 |
Natural Gas | Exchange Traded | Long | Fair Value Hedging | Futures | |
Derivative [Line Items] | |
Open commodity derivative positions, long (short) (in contracts) | (1,680) |
Natural Gas | Exchange Traded | Short | Fair Value Hedging | Futures | |
Derivative [Line Items] | |
Open commodity derivative positions, long (short) (in contracts) | 163 |
Natural Gas | Exchange Traded | Short | Fair Value Hedging | Equity Option | |
Derivative [Line Items] | |
Open commodity derivative positions, long (short) (in contracts) | 1,407 |
Natural Gas | Non-Exchange Traded | Long | Forwards | |
Derivative [Line Items] | |
Open commodity derivative positions, long (short) (in contracts) | 16,800 |
Natural Gas | Non-Exchange Traded | Short | Forwards | |
Derivative [Line Items] | |
Open commodity derivative positions, long (short) (in contracts) | 2,968 |
Soybean Meal | Exchange Traded | Long | Fair Value Hedging | Equity Option | |
Derivative [Line Items] | |
Open commodity derivative positions, long (short) (in contracts) | (9) |
Soybean Oil in Pounds | Exchange Traded | Long | Fair Value Hedging | Equity Option | |
Derivative [Line Items] | |
Open commodity derivative positions, long (short) (in contracts) | (934) |
Distillers Grains in Tons | Non-Exchange Traded | Long | Forwards | |
Derivative [Line Items] | |
Open commodity derivative positions, long (short) (in contracts) | 91 |
Distillers Grains in Tons | Non-Exchange Traded | Short | Forwards | |
Derivative [Line Items] | |
Open commodity derivative positions, long (short) (in contracts) | 313 |
Corn Oil | Exchange Traded | Short | Fair Value Hedging | Equity Option | |
Derivative [Line Items] | |
Open commodity derivative positions, long (short) (in contracts) | 6,107 |
Corn Oil | Non-Exchange Traded | Long | Forwards | |
Derivative [Line Items] | |
Open commodity derivative positions, long (short) (in contracts) | 1,152 |
Corn Oil | Non-Exchange Traded | Short | Forwards | |
Derivative [Line Items] | |
Open commodity derivative positions, long (short) (in contracts) | 40,466 |
Debt - Components of Long-Term
Debt - Components of Long-Term Debt (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 01, 2022 | Aug. 31, 2022 | Jul. 08, 2022 | May 25, 2022 | May 31, 2021 | Mar. 31, 2021 | Feb. 09, 2021 | Jun. 30, 2019 | Aug. 31, 2016 |
Debt Instrument [Line Items] | |||||||||||
Total book value of long-term debt | $ 503,153,000 | $ 503,691,000 | |||||||||
Unamortized debt issuance costs | 6,207,000 | 6,610,000 | |||||||||
Less: current maturities of long-term debt | (1,832,000) | (1,838,000) | |||||||||
Total long-term debt | 495,114,000 | 495,243,000 | |||||||||
Credit Facility | Partnership | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Face amount | 60,000,000 | ||||||||||
Unamortized debt issuance costs | $ 400,000 | 400,000 | |||||||||
Convertible Notes | 2.25% Convertible Notes Due 2027 | Corporate Activities | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate, stated percentage | 2.25% | 2.25% | |||||||||
Face amount | $ 230,000,000 | ||||||||||
Total book value of long-term debt | $ 230,000,000 | 230,000,000 | |||||||||
Unamortized debt issuance costs | $ 4,900,000 | 5,200,000 | |||||||||
Convertible Notes | 4.00% Convertible Notes Due 2024 | Corporate Activities | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate, stated percentage | 4% | 4% | 4% | ||||||||
Face amount | $ 64,000,000 | $ 115,000,000 | |||||||||
Convertible Notes | 4.125% Convertible Notes Due 2022 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate, stated percentage | 4.125% | ||||||||||
Face amount | $ 23,000 | ||||||||||
Convertible Notes | 4.125% Convertible Notes Due 2022 | Corporate Activities | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate, stated percentage | 4.125% | 4.125% | 4.125% | ||||||||
Face amount | $ 170,000,000 | ||||||||||
$125.0 Million Junior Secured Mezzanine Notes Due 2026 | Green Plains SPE LLC | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate, stated percentage | 11.75% | ||||||||||
Face amount | $ 125,000,000 | $ 125,000,000 | |||||||||
Total book value of long-term debt | 125,000,000 | 125,000,000 | |||||||||
Unamortized debt issuance costs | $ 600,000 | 700,000 | |||||||||
$75.0 Million Loan Agreement | Green Plains Wood River and Green Plains Shenandoah | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate, stated percentage | 5.02% | ||||||||||
Face amount | $ 75,000,000 | ||||||||||
Total book value of long-term debt | 74,250,000 | 74,625,000 | |||||||||
Unamortized debt issuance costs | 300,000 | 300,000 | |||||||||
$60.0 Million Term Loan | Partnership | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total book value of long-term debt | 58,969,000 | 58,969,000 | |||||||||
Other Debt Obligations | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total book value of long-term debt | $ 14,934,000 | $ 15,097,000 |
Debt - Components of Short-term
Debt - Components of Short-term Notes Payable and Other Borrowings (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Short-term notes payable and other borrowings | $ 212,670,000 | $ 137,678,000 |
$350.0 million revolver | ||
Debt Instrument [Line Items] | ||
Face amount | 350,000,000 | |
Short-term notes payable and other borrowings | 191,000,000 | 115,000,000 |
Green Plains Commodity Management | $40.0 million hedge line | ||
Debt Instrument [Line Items] | ||
Face amount | 40,000,000 | |
Short-term notes payable and other borrowings | $ 21,670,000 | $ 22,678,000 |
Debt - Corporate Activities Nar
Debt - Corporate Activities Narrative (Details) | 1 Months Ended | 12 Months Ended | ||||||||
Sep. 01, 2022 USD ($) shares | Jul. 08, 2022 USD ($) shares | May 25, 2022 USD ($) | Aug. 31, 2022 USD ($) privatelyNegotiatedExchangeAgreement shares | May 31, 2021 USD ($) shares | Mar. 31, 2021 USD ($) day $ / shares | Jun. 30, 2019 USD ($) $ / shares | Aug. 31, 2016 USD ($) $ / shares | Dec. 31, 2022 USD ($) | Mar. 31, 2023 | |
Debt Instrument [Line Items] | ||||||||||
Number of privately negotiated exchange agreements | privatelyNegotiatedExchangeAgreement | 4 | |||||||||
4.125% Convertible Notes Due 2022 | Convertible Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Face amount | $ 23,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.125% | |||||||||
Common stock for conversion (in shares) | shares | 15,000 | 1,200,000 | ||||||||
Debt conversion, converted instrument, amount | $ 1,700,000 | |||||||||
Aggregate principal | $ 32,600,000 | |||||||||
Payments on extinguishment of convertible debt | $ 1,700,000 | |||||||||
Corporate Activities | 2.25% Convertible Notes Due 2027 | Convertible Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Face amount | $ 230,000,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.25% | 2.25% | ||||||||
Convertible rate | 3.16206% | |||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 31.62 | |||||||||
Debt Instrument Applicable Conversion Price Percentage | 37.50% | |||||||||
Percent of excess of applicable conversion price | 140% | |||||||||
Convertible threshold trading days (in days) | day | 20 | |||||||||
Consecutive convertible threshold trading days (in days) | day | 30 | |||||||||
Redemption price, percentage | 100% | |||||||||
Percent of principal amount, cash price for repurchase | 100% | |||||||||
Net proceeds from debt | $ 156,500,000 | |||||||||
Corporate Activities | 4.00% Convertible Notes Due 2024 | Convertible Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Face amount | $ 64,000,000 | $ 115,000,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4% | 4% | 4% | |||||||
Common stock for conversion (in shares) | shares | 4,300,000 | 3,600,000 | ||||||||
Convertible rate | 6.64178% | 6.4154% | ||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 15.59 | |||||||||
Debt conversion amount | $ 64,000,000 | $ 64,000,000 | $ 51,000,000 | |||||||
Debt conversion, converted instrument, amount | $ 64,000,000 | |||||||||
Loss on extinguishment debt | $ 419,000 | |||||||||
Corporate Activities | 4.125% Convertible Notes Due 2022 | Convertible Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Face amount | $ 170,000,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.125% | 4.125% | 4.125% | |||||||
Common stock for conversion (in shares) | shares | 15,000 | 1,200,000 | ||||||||
Convertible rate | 3.57143% | |||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 28 | |||||||||
Debt conversion amount | $ 1,700,000 | $ 32,600,000 | ||||||||
Outstanding amount repurchased | $ 135,700,000 |
Debt - Ethanol Production Segme
Debt - Ethanol Production Segment, Partnership Segment, Covenant Compliance, and Restricted Net Assets Narrative (Details) | 3 Months Ended | |||
Jul. 20, 2021 USD ($) | Mar. 31, 2023 USD ($) $ / gal | Feb. 11, 2022 USD ($) | Feb. 09, 2021 USD ($) | |
Debt Instrument [Line Items] | ||||
Amount of restricted net assets | $ 118,700,000 | |||
BlackRock | Partnership | Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, debt purchased | $ 1,000,000 | |||
$125.0 Million Junior Secured Mezzanine Notes Due 2026 | Green Plains SPE LLC | ||||
Debt Instrument [Line Items] | ||||
Face amount | $ 125,000,000 | $ 125,000,000 | ||
Interest rate, stated percentage | 11.75% | |||
Debt instrument, term | 42 months | |||
$125.0 Million Junior Secured Mezzanine Notes Due 2026 | Green Plains SPE LLC | Elect To Pay In Cash | ||||
Debt Instrument [Line Items] | ||||
Interest rate, basis spread on variable rate, percentage | 6% | |||
$125.0 Million Junior Secured Mezzanine Notes Due 2026 | Green Plains SPE LLC | Paid In Kind | ||||
Debt Instrument [Line Items] | ||||
Interest rate, basis spread on variable rate, percentage | 6.75% | |||
$75.0 Million Loan Agreement | Green Plains Wood River and Green Plains Shenandoah | ||||
Debt Instrument [Line Items] | ||||
Face amount | $ 75,000,000 | |||
Interest rate, stated percentage | 5.02% | |||
Interest rate premium | 1.50% | |||
Annual principal payments | $ 1,500,000 | |||
Months before first payment after closing | 24 months | |||
Minimum loan to value ratio, percent | 50% | |||
Fixed charge coverage ratio | 1.25 | |||
Debt service reserve term of future payments | 6 months | |||
Minimum working capital required for compliance, per gallon (in dollars per gallon) | $ / gal | 0.10 | |||
Minimum working capital required for compliance | $ 95,800,000 | |||
Interest rate of delayed draw loan | 6.52% | |||
$75.0 Million Loan Agreement | Green Plains Wood River and Green Plains Shenandoah | Minimum | ||||
Debt Instrument [Line Items] | ||||
Unused capacity fee, percentage | 0% | |||
$75.0 Million Loan Agreement | Green Plains Wood River and Green Plains Shenandoah | Maximum | ||||
Debt Instrument [Line Items] | ||||
Unused capacity fee, percentage | 1.50% | |||
$60.0 Million Term Loan | Partnership | ||||
Debt Instrument [Line Items] | ||||
Option to prepay per quarter, amount | $ 1,500,000 | |||
Option for prepayment, period after closing date | 12 months | |||
$60.0 Million Term Loan | Minimum | Partnership | ||||
Debt Instrument [Line Items] | ||||
Minimum debt service coverage ratio | 1.10 | |||
$60.0 Million Term Loan | Maximum | Partnership | ||||
Debt Instrument [Line Items] | ||||
Maximum consolidated leverage ratio | 2.50 | |||
$60.0 Million Term Loan | LIBOR | Partnership | ||||
Debt Instrument [Line Items] | ||||
Interest rate, basis spread on variable rate, percentage | 8% | |||
$60.0 Million Term Loan | LIBOR | Minimum | Partnership | ||||
Debt Instrument [Line Items] | ||||
Interest rate, basis spread on variable rate, percentage | 0% | |||
Term Loan | ||||
Debt Instrument [Line Items] | ||||
Interest rate, stated percentage | 13.14% |
Debt - Agribusiness And Energy
Debt - Agribusiness And Energy Services Segment Narrative (Details) - USD ($) | 3 Months Ended | ||
Mar. 25, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||
Short-term note payable | $ 212,670,000 | $ 137,678,000 | |
Agribusiness & Energy Services | Green Plains Commodity Management | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Line of credit, maximum borrowing capacity | $ 40,000,000 | ||
Extended maturity period | 5 years | ||
Agribusiness & Energy Services | Green Plains Commodity Management | Revolving Credit Facility | LIBOR | |||
Debt Instrument [Line Items] | |||
Interest rate, basis spread on variable rate, percentage | 1.75% | ||
$350.0 million revolver | |||
Debt Instrument [Line Items] | |||
Short-term note payable | $ 191,000,000 | $ 115,000,000 | |
$350.0 million revolver | Agribusiness & Energy Services | |||
Debt Instrument [Line Items] | |||
Minimum current ratio required | 1 | ||
Minimum collateral coverage ratio required | 1.20 | ||
Maximum debt to capitalization ratio required | 0.60 | ||
Interest rate, stated percentage | 7.64% | ||
$350.0 million revolver | Agribusiness & Energy Services | Credit Facility | |||
Debt Instrument [Line Items] | |||
Debt instrument, term | 5 years | ||
Line of credit, maximum borrowing capacity | $ 350,000,000 | ||
Interest rate, stated percentage | 6.57% | ||
$350.0 million revolver | Agribusiness & Energy Services | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Line of credit, maximum borrowing capacity | $ 350,000,000 | ||
Additional amounts available under facility, accordion feature | $ 100,000,000 | ||
$350.0 million revolver | Agribusiness & Energy Services | Revolving Credit Facility | Minimum | |||
Debt Instrument [Line Items] | |||
Unused capacity fee, percentage | 0.275% | ||
Change in control percentage benchmark | (0.025%) | ||
$350.0 million revolver | Agribusiness & Energy Services | Revolving Credit Facility | Minimum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||
Debt Instrument [Line Items] | |||
Interest rate, basis spread on variable rate, percentage | 2.25% | ||
$350.0 million revolver | Agribusiness & Energy Services | Revolving Credit Facility | Minimum | Base Rate | |||
Debt Instrument [Line Items] | |||
Interest rate, basis spread on variable rate, percentage | 1.25% | ||
$350.0 million revolver | Agribusiness & Energy Services | Revolving Credit Facility | Maximum | |||
Debt Instrument [Line Items] | |||
Unused capacity fee, percentage | 0.375% | ||
Change in control percentage benchmark | 0.10% | ||
$350.0 million revolver | Agribusiness & Energy Services | Revolving Credit Facility | Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||
Debt Instrument [Line Items] | |||
Interest rate, basis spread on variable rate, percentage | 2.50% | ||
$350.0 million revolver | Agribusiness & Energy Services | Revolving Credit Facility | Maximum | Base Rate | |||
Debt Instrument [Line Items] | |||
Interest rate, basis spread on variable rate, percentage | 1.50% | ||
Inventory Financing, $50.0 Million | Green Plains Grain | |||
Debt Instrument [Line Items] | |||
Short-term note payable | $ 0 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |||||
Mar. 17, 2023 | May 25, 2022 | Mar. 18, 2020 | Jun. 30, 2019 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares authorized | 5,700,000 | ||||||
Number of shares remaining available | 1,400,000 | ||||||
Compensation costs expensed | $ 2.8 | $ 1.9 | |||||
Unrecognized compensation costs | $ 24.8 | ||||||
Compensation expected to be recognized, weighted-average period in years | 2 years 4 months 24 days | ||||||
Potential tax benefit, percentage | 24% | ||||||
Corporate Activities | 4.00% Convertible Notes Due 2024 | Convertible Notes | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Convertible rate | 6.64178% | 6.4154% | |||||
Green Plains Partners Long-Term Incentive Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares authorized | 2,500,000 | ||||||
Performance Shares | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Non-vested, shares outstanding (in shares) | 437,390 | 482,811 | |||||
Vested (in shares) | 197,758 | ||||||
Performance Shares | Share-based Compensation Award, Tranche One | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Target percentage | 100% | ||||||
Number of Shares authorized, achievement of maximum goals | 969,718 | ||||||
Achievement of maximum goals percentage | 222% | ||||||
Non-vested, shares outstanding (in shares) | 437,390 | ||||||
Performance Shares | Share-based Compensation Award, Tranche Two | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Target percentage | 100% | ||||||
Vested (in shares) | 196,382 | ||||||
Vested target percentage | 123% | ||||||
Issuance of common stock (in shares) | 241,589 |
Stock-Based Compensation - Non-
Stock-Based Compensation - Non-Vested Stock Award and Deferred Stock Unit Activity (Details) | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Restricted Stock Awards And Deferred Stock Units | |
Non-Vested Shares and Deferred Stock Units | |
Non-vested, beginning balance (in shares) | shares | 813,033 |
Granted (in shares) | shares | 251,674 |
Forfeited (in shares) | shares | (10,047) |
Vested (in shares) | shares | (393,276) |
Non-vested, ending balance (in shares) | shares | 661,384 |
Weighted- Average Grant- Date Fair Value | |
Non-vested, beginning balance (in dollars per share) | $ / shares | $ 19.98 |
Granted (in dollars per share) | $ / shares | 34.66 |
Forfeited (in dollars per share) | $ / shares | 29.24 |
Vested (in dollars per share) | $ / shares | 11.45 |
Non-vested, ending balance (in dollars per share) | $ / shares | $ 30.50 |
Non-vested, weighted-average remaining vesting term (in years) | 2 years 4 months 24 days |
Performance Shares | |
Non-Vested Shares and Deferred Stock Units | |
Non-vested, beginning balance (in shares) | shares | 482,811 |
Granted (in shares) | shares | 155,087 |
Forfeited (in shares) | shares | (2,750) |
Vested (in shares) | shares | (197,758) |
Non-vested, ending balance (in shares) | shares | 437,390 |
Weighted- Average Grant- Date Fair Value | |
Non-vested, beginning balance (in dollars per share) | $ / shares | $ 18.22 |
Granted (in dollars per share) | $ / shares | 34.66 |
Forfeited (in dollars per share) | $ / shares | 29.47 |
Vested (in dollars per share) | $ / shares | 4.14 |
Non-vested, ending balance (in dollars per share) | $ / shares | $ 30.33 |
Non-vested, weighted-average remaining vesting term (in years) | 2 years 4 months 24 days |
Stock-Based Compensation - No_2
Stock-Based Compensation - Non-Vested Performance Share Award Activity (Details) - Performance Shares | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Performance Shares | |
Non-vested, beginning balance (in shares) | shares | 482,811 |
Granted (in shares) | shares | 155,087 |
Forfeited (in shares) | shares | (2,750) |
Vested (in shares) | shares | (197,758) |
Non-vested, ending balance (in shares) | shares | 437,390 |
Weighted- Average Grant- Date Fair Value | |
Non-vested, beginning balance (in dollars per share) | $ / shares | $ 18.22 |
Granted (in dollars per share) | $ / shares | 34.66 |
Forfeited (in dollars per share) | $ / shares | 29.47 |
Vested (in dollars per share) | $ / shares | 4.14 |
Non-vested, ending balance (in dollars per share) | $ / shares | $ 30.33 |
Non-vested, weighted-average remaining vesting term (in years) | 2 years 4 months 24 days |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
EPS - basic and diluted | ||
Net loss attributable to Green Plains | $ (70,324) | $ (61,474) |
Net loss attributable to Green Plains | $ (70,324) | $ (61,474) |
Weighted average shares outstanding - basic (in shares) | 58,549,000 | 52,887,000 |
Weighted average shares outstanding - diluted (in shares) | 58,549,000 | 52,887,000 |
EPS - basic (in dollars per share) | $ (1.20) | $ (1.16) |
EPS - diluted (in dollars per share) | $ (1.20) | $ (1.16) |
Anti-dilutive weighted-average convertible debt, warrants and stock-based compensation (in shares) | 8,598,000 | 13,823,000 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - Convertible Notes - USD ($) $ in Millions | 1 Months Ended | ||||||
Sep. 01, 2022 | Jul. 08, 2022 | May 25, 2022 | Aug. 31, 2022 | May 31, 2021 | Jun. 30, 2019 | Aug. 31, 2016 | |
4.00% Convertible Notes Due 2024 | Corporate Activities | |||||||
Class of Stock [Line Items] | |||||||
Interest rate, stated percentage | 4% | 4% | 4% | ||||
Debt conversion amount | $ 64 | $ 64 | $ 51 | ||||
Convertible rate | 6.64178% | 6.4154% | |||||
Common stock for conversion (in shares) | 4,300,000 | 3,600,000 | |||||
Debt conversion, converted instrument, amount | $ 64 | ||||||
4.125% Convertible Notes Due 2022 | |||||||
Class of Stock [Line Items] | |||||||
Interest rate, stated percentage | 4.125% | ||||||
Common stock for conversion (in shares) | 15,000 | 1,200,000 | |||||
Debt conversion, converted instrument, amount | $ 1.7 | ||||||
4.125% Convertible Notes Due 2022 | Corporate Activities | |||||||
Class of Stock [Line Items] | |||||||
Interest rate, stated percentage | 4.125% | 4.125% | 4.125% | ||||
Debt conversion amount | $ 1.7 | $ 32.6 | |||||
Convertible rate | 3.57143% | ||||||
Common stock for conversion (in shares) | 15,000 | 1,200,000 | |||||
4.125% Convertible Notes Due 2022 | Corporate Activities | Cash Settlement | |||||||
Class of Stock [Line Items] | |||||||
Debt conversion, converted instrument, amount | $ 1.7 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Stockholders' Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Stockholders' Equity [Line Items] | ||
Beginning balance | $ 1,061,066 | $ 1,102,019 |
Treasury stock, beginning balance (in shares) | 2,805,059 | |
Net loss | $ (66,249) | (55,872) |
Cash dividends and distributions declared | (5,305) | (5,122) |
Other comprehensive loss before reclassification | (12,788) | 5,386 |
Amounts reclassified from accumulated other comprehensive loss | 1,701 | (1,965) |
Total other comprehensive income (loss), net of tax | (11,087) | 3,421 |
Investment in subsidiaries | 185 | 24 |
Stock-based compensation | $ (5,573) | (1,863) |
Treasury stock, ending balance (in shares) | 2,805,059 | |
Ending balance | $ 973,037 | 1,042,607 |
Total Green Plains Stockholders' Equity | ||
Stockholders' Equity [Line Items] | ||
Beginning balance | 910,031 | 950,500 |
Net loss | (70,324) | (61,474) |
Other comprehensive loss before reclassification | (12,788) | 5,386 |
Amounts reclassified from accumulated other comprehensive loss | 1,701 | (1,965) |
Total other comprehensive income (loss), net of tax | (11,087) | 3,421 |
Stock-based compensation | (5,632) | (1,922) |
Ending balance | $ 822,988 | $ 890,525 |
Common Stock | ||
Stockholders' Equity [Line Items] | ||
Common stock, beginning balance (shares) | 62,101,000 | 61,840,000 |
Beginning balance | $ 62 | $ 62 |
Stock-based compensation (in shares) | 217,000 | 226,000 |
Common stock, ending balance (shares) | 62,318,000 | 62,066,000 |
Ending balance | $ 62 | $ 62 |
Additional Paid-in Capital | ||
Stockholders' Equity [Line Items] | ||
Beginning balance | 1,110,151 | 1,069,573 |
Stock-based compensation | (5,632) | (1,922) |
Ending balance | 1,104,519 | 1,067,651 |
Retained Deficit | ||
Stockholders' Equity [Line Items] | ||
Beginning balance | (142,417) | (15,199) |
Net loss | (70,324) | (61,474) |
Ending balance | (212,741) | (76,673) |
Accumulated Other Comprehensive Loss | ||
Stockholders' Equity [Line Items] | ||
Beginning balance | (26,591) | (12,310) |
Other comprehensive loss before reclassification | (12,788) | 5,386 |
Amounts reclassified from accumulated other comprehensive loss | 1,701 | (1,965) |
Total other comprehensive income (loss), net of tax | (11,087) | 3,421 |
Ending balance | (37,678) | (8,889) |
Treasury Stock | ||
Stockholders' Equity [Line Items] | ||
Beginning balance | $ (31,174) | $ (91,626) |
Treasury stock, beginning balance (in shares) | 2,805,000 | 8,244,000 |
Treasury stock, ending balance (in shares) | 2,805,000 | 8,244,000 |
Ending balance | $ (31,174) | $ (91,626) |
Non- Controlling Interests | ||
Stockholders' Equity [Line Items] | ||
Beginning balance | 151,035 | 151,519 |
Net loss | 4,075 | 5,602 |
Cash dividends and distributions declared | (5,305) | (5,122) |
Investment in subsidiaries | 185 | 24 |
Stock-based compensation | 59 | 59 |
Ending balance | $ 150,049 | $ 152,082 |
Stockholders' Equity - Reclassi
Stockholders' Equity - Reclassification From Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Commodity derivatives | $ 832,949 | $ 781,435 |
Income tax benefit (expense) | 3,429 | (1,153) |
Net loss | (66,249) | (55,872) |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Income tax benefit (expense) | 535 | (701) |
Net loss | (1,701) | 1,965 |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total gains (losses) on cash flow hedges | (2,236) | 2,666 |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Commodity contracts | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Commodity derivatives | 0 | (628) |
Commodity derivatives | $ (2,236) | $ 3,294 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Aug. 16, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |||
Incentives related tax credits | $ 370,000,000 | ||
Prior period reclassification adjustment | $ 1,000,000 | ||
Income tax benefit (expense) | $ (3,429) | $ 1,153 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Trading Activity, Gains and Losses, Net [Line Items] | |
Contracted future purchases | $ 364.2 |
Future commitments for storage and transportation value | $ 24.8 |
Minimum | |
Trading Activity, Gains and Losses, Net [Line Items] | |
Operating lease remaining lease term | 1 year |
Maximum | |
Trading Activity, Gains and Losses, Net [Line Items] | |
Operating lease remaining lease term | 14 years 7 months 6 days |
Commitments and Contingencies_2
Commitments and Contingencies - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Operating lease expense | $ 6,746 | $ 4,998 |
Variable lease expense (benefit) | (131) | 179 |
Total lease expense | $ 6,615 | $ 5,177 |
Commitments and Contingencies_3
Commitments and Contingencies - Supplemental Cash Flow Information Related To Operating Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Cash paid for amounts included in the measurement of lease liabilities : Operating cash flows from operating leases | $ 6,197 | $ 4,845 |
Right-of-use assets obtained in exchange for lease obligations: Operating leases | $ 16,658 | $ 4,709 |
Commitments and Contingencies_4
Commitments and Contingencies - Supplemental Balance Sheet Information Related to Operating Leases (Details) | Mar. 31, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Weighted average remaining lease term | 4 years 9 months 18 days | 4 years 10 months 24 days |
Weighted average discount rate | 4.73% | 4.32% |
Commitments and Contingencies_5
Commitments and Contingencies - Aggregate Minimum Lease Payments (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2023 | $ 20,195 |
2024 | 24,777 |
2025 | 20,201 |
2026 | 12,743 |
2027 | 9,149 |
Thereafter | 11,980 |
Total | 99,045 |
Less: Present value discount | (11,266) |
Lease liabilities | $ 87,779 |