Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Nov. 09, 2018 | |
Document Information [Line Items] | ||
Entity Registrant Name | FUTUREFUEL CORP. | |
Entity Central Index Key | 1,337,298 | |
Trading Symbol | ff | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding (in shares) | 43,743,243 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Assets | ||
Cash and cash equivalents | $ 199,348 | $ 114,627 |
Accounts receivable, net of allowances for bad debt of $0 and $0, at September 30, 2018 and December 31, 2017, respectively | 18,942 | 21,973 |
Accounts receivable – related parties | 2,547 | 165 |
Inventory | 48,005 | 43,754 |
Income tax receivable | 479 | 6,937 |
Prepaid expenses | 470 | 1,660 |
Prepaid expenses – related parties | 12 | 12 |
Marketable securities | 103,102 | 120,699 |
Deferred financing costs | 144 | 144 |
Other current assets | 677 | 387 |
Total current assets | 373,726 | 310,358 |
Property, plant and equipment, net | 104,254 | 109,735 |
Intangible assets | 1,408 | 1,408 |
Deferred financing costs | 72 | 180 |
Other assets | 3,745 | 3,882 |
Total noncurrent assets | 109,479 | 115,205 |
Total Assets | 483,205 | 425,563 |
Liabilities and Stockholders’ Equity | ||
Accounts payable | 31,414 | 18,396 |
Accounts payable – related parties | 3,132 | 1,183 |
Deferred revenue – short-term | 7,114 | 2,736 |
Dividends payable | 2,626 | 10,498 |
Accrued expenses and other current liabilities | 7,853 | 2,468 |
Total current liabilities | 52,139 | 35,281 |
Deferred revenue – long-term | 14,651 | 16,522 |
Other noncurrent liabilities | 1,137 | 1,115 |
Noncurrent deferred income tax liability | 17,430 | 21,049 |
Total noncurrent liabilities | 33,218 | 38,686 |
Total liabilities | 85,357 | 73,967 |
Commitments and contingencies: | ||
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, none issued and outstanding | ||
Common stock, $0.0001 par value, 75,000,000 shares authorized, 43,743,243 and 43,741,670, issued and outstanding as of September 30, 2018 and December 31, 2017, respectively | 4 | 4 |
Accumulated other comprehensive income | 124 | 8,433 |
Additional paid in capital | 282,109 | 281,964 |
Retained earnings | 115,611 | 61,195 |
Total stockholders’ equity | 397,848 | 351,596 |
Total Liabilities and Stockholders’ Equity | $ 483,205 | $ 425,563 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Allowance for bad debt | $ 0 | $ 0 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 75,000,000 | 75,000,000 |
Common stock, shares issued (in shares) | 43,743,243 | 43,741,670 |
Common stock, shares outstanding (in shares) | 43,743,243 | 43,741,670 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |||
Revenue | $ 81,422 | $ 77,606 | [1] | $ 225,505 | $ 199,765 | [1] |
Cost of goods sold | 61,559 | 146,916 | ||||
Gross profit | 12,653 | 5,526 | 58,431 | 13,454 | ||
Selling, general, and administrative expenses | ||||||
Compensation expense | 933 | 876 | 3,054 | 3,170 | ||
Other expense | 476 | 477 | 1,482 | 1,562 | ||
Related party expense | 138 | 38 | 416 | 138 | ||
Research and development expenses | 877 | 935 | 2,843 | 2,535 | ||
Total expenses | 2,424 | 2,326 | 7,795 | 7,405 | ||
Income from operations | 10,229 | 3,200 | 50,636 | 6,049 | ||
Interest and dividend income | 2,543 | 1,965 | 6,688 | 5,679 | ||
Interest expense | (43) | (43) | (129) | (129) | ||
Gain/(loss) on marketable securities | 815 | 26 | (3,273) | (543) | ||
Other expense | (87) | (84) | (264) | (117) | ||
Total other income/(expense) | 3,228 | 1,864 | 3,022 | 4,890 | ||
Income before income taxes | 13,457 | 5,064 | 53,658 | 10,939 | ||
Provision for income taxes | 4,012 | 1,730 | 2,336 | 3,375 | ||
Net income | $ 9,445 | $ 3,334 | $ 51,322 | $ 7,564 | ||
Earnings per common share | ||||||
Earnings per common share, basic (in dollars per share) | $ 0.22 | $ 0.08 | $ 1.17 | $ 0.17 | ||
Earnings per common share, diluted (in dollars per share) | $ 0.22 | $ 0.08 | $ 1.17 | $ 0.17 | ||
Weighted average shares outstanding | ||||||
Weighted average shares outstanding, basic (in shares) | 43,724,195 | 43,705,234 | 43,719,215 | 43,662,672 | ||
Weighted average shares outstanding, diluted (in shares) | 43,732,920 | 43,714,753 | 43,725,370 | 43,671,420 | ||
Comprehensive Income | ||||||
Net income | $ 9,445 | $ 3,334 | $ 51,322 | $ 7,564 | ||
Other comprehensive income/(loss) from unrealized net gains/(losses) on available-for-sale debt securities | (27) | 1,006 | (46) | 7,102 | ||
Income tax effect | 6 | (353) | 10 | (2,490) | ||
Total unrealized gains/(losses), net of tax | (21) | 653 | (36) | 4,612 | ||
Comprehensive income | 9,424 | 3,987 | 51,286 | 12,176 | ||
Non-related Parties [Member] | ||||||
Revenue | 80,588 | 77,106 | 223,184 | 198,726 | ||
Cost of goods sold | 61,559 | 61,088 | 146,916 | 165,469 | ||
Non-related Parties [Member] | Shipping and Handling [Member] | ||||||
Cost of goods sold | 1,512 | 1,072 | 4,329 | 2,730 | ||
Related Parties [Member] | ||||||
Revenue | 834 | 500 | 2,321 | 1,039 | ||
Cost of goods sold | 5,651 | 9,880 | 15,682 | 17,995 | ||
Related Parties [Member] | Shipping and Handling [Member] | ||||||
Cost of goods sold | $ 47 | $ 40 | $ 147 | $ 117 | ||
[1] | Prior periods have not been adjusted under the modified retrospective method for Topic 606. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | ||
Cash flows provided by operating activities | |||
Net income | $ 51,322 | $ 7,564 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 8,244 | 8,735 | |
Amortization of deferred financing costs | 108 | 109 | |
Benefit for deferred income taxes | (3,609) | (1,303) | |
Change in fair value of equity securities | 5,597 | [1] | |
Change in fair value of derivative instruments | (2,290) | (60) | |
Other than temporary impairment of marketable securities | 177 | ||
Impairment of fixed assets | 258 | 28 | |
(Gain)/loss on the sale of investments | (2,324) | 366 | |
Stock based compensation | 321 | 878 | |
Loss on disposal of fixed assets | 41 | 145 | |
Noncash interest expense | 22 | 20 | |
Changes in operating assets and liabilities: | |||
Accounts receivable | 3,031 | 3,081 | |
Accounts receivable – related parties | (2,382) | (1,181) | |
Inventory | (4,251) | 8,570 | |
Income tax receivable | 6,458 | 5,546 | |
Prepaid expenses | 1,190 | 1,152 | |
Prepaid expenses – related parties | (4) | ||
Accrued interest on marketable securities | 9 | 22 | |
Other assets | (256) | 37 | |
Accounts payable | 13,018 | 1,425 | |
Accounts payable - related parties | 1,949 | 2,780 | |
Accrued expenses and other current liabilities | 5,385 | 1,587 | |
Accrued expenses and other current liabilities - related parties | (142) | ||
Deferred revenue | (2,672) | (3,220) | |
Other noncurrent liabilities | 128 | ||
Net cash provided by operating activities | 79,169 | 36,440 | |
Cash flows from investing activities | |||
Collateralization of derivative instruments | 2,384 | (760) | |
Purchase of marketable securities | (19,664) | (25,795) | |
Proceeds from the sale of marketable securities | 33,942 | 14,913 | |
Proceeds from the sale of fixed assets | 22 | 4 | |
Capital expenditures | (3,084) | (2,614) | |
Net cash provided by/(used in) investing activities | 13,600 | (14,252) | |
Cash flows from financing activities | |||
Minimum tax withholding on stock options exercised and awards vested | (176) | (121) | |
Excess tax benefits associated with stock options and awards | (31) | ||
Payment of dividends | (7,872) | (108,063) | |
Net cash used in financing activities | (8,048) | (108,215) | |
Net change in cash and cash equivalents | 84,721 | (86,027) | |
Cash and cash equivalents at beginning of period | 114,627 | 199,272 | |
Cash and cash equivalents at end of period | 199,348 | 113,245 | |
Cash paid for interest | |||
Cash paid for income taxes | $ 1,506 | $ 55 | |
[1] | Prior periods have not been adjusted under the modified retrospective method for Topic 321. |
Note 1 - Nature of Operations a
Note 1 - Nature of Operations and Basis of Presentation | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1 ) NATURE OF OPERATIONS AND BASIS OF PRESENTATION Organization FutureFuel Corp. (“FutureFuel”), through its wholly-owned subsidiary, FutureFuel Chemical Company (“FutureFuel Chemical”), owns and operates a chemical production facility located on approximately 2,200 six two The chemicals segment manufactures a diversified portfolio of chemical products that are sold to third The biofuels business segment primarily produces and sells biodiesel. FutureFuel Chemical also sells petrodiesel in blends with the company’s biodiesel and, from time to time, with no Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared by FutureFuel in accordance and consistent with the accounting policies stated in FutureFuel’s 2017 2017 In the opinion of FutureFuel, all normal recurring adjustments necessary for a fair presentation have been included in the unaudited consolidated financial statements. The unaudited consolidated financial statements have been prepared in compliance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with instructions to Form 10 not |
Note 2 - Reinstatement of the B
Note 2 - Reinstatement of the Biodiesel Blenders' Tax Credit and Small Agri-biodiesel Producer Tax Credit | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | 2 ) R EINSTATEMENT OF THE BIODIESEL BLENDERS’ TAX CREDIT AND SMALL AGRI-BIODIESEL PRODUCER TAX CREDIT The biodiesel Blenders’ Tax Credit (“BTC”) provides a $1.00 0.1% December 31, 2016 not 2017 2018 February 9, 2018. 2018, $28,869 $13,559 $42,428 twelve December 31, 2017. As part of the law from which the BTC was reinstated, small agri-biodiesel producers with production capacity not 60 $0.10 first 15 first three nine September 30, 2018. Neither the BTC nor the Small Agri-biodiesel Producer Tax Credit have been passed into law for 2018. |
Note 3 - Inventory
Note 3 - Inventory | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 3 ) INVENTORY The carrying values of inventory were as follows as of: September 30, 2018 December 31, 2017 At average cost (approximates current cost) Finished goods $ 18,668 $ 22,998 Work in process 1,858 1,735 Raw materials and supplies 38,221 27,143 58,747 51,876 LIFO reserve (10,742 ) (8,122 ) Total inventory $ 48,005 $ 43,754 Lower of Cost or Market ("LCM") adjustments are recorded as a decrease in inventory values and an increase in cost of goods sold. The inventory is relieved at the LCM adjusted cost basis when sold. There was no three nine September 30, 2018. three September 30, 2017, no nine September 30, 2017, $1,912 September 30, 2017. |
Note 4 - Derivative Instruments
Note 4 - Derivative Instruments | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 4 DERIVATIVE INSTRUMENTS FutureFuel is exposed to certain risks relating to its ongoing business operations. Commodity price risk is the primary risk managed by using derivative instruments. Regulated fixed price futures and option contracts are utilized to manage the price risk associated with future purchases of feedstock used in FutureFuel’s biodiesel production along with physical feedstock and finished product inventories attributed to this process. FutureFuel recognizes all derivative instruments as either assets or liabilities at fair value in its consolidated balance sheets. FutureFuel’s derivative instruments do not 815 20 25, Derivatives and Hedging None The fair value of FutureFuel’s derivative instruments is determined based on the closing prices of the derivative instruments on relevant commodity exchanges at the end of an accounting period. Realized gains and losses on derivative instruments and changes in fair value of the derivative instruments are recorded in the statements of operations as a component of cost of goods sold, and amounted to a loss of $676 $3,314 three September 30, 2018 2017, $3,947 $1,511 nine September 30, 2018 2017, The volumes and carrying values of FutureFuel’s derivative instruments were as follows at: September 30, 2018 December 31, 2017 Contract quantity Short Fair Value Contract quantity Short Fair Value Regulated options, included in other current assets - $ - 200 $ (2,428 ) Regulated fixed price future commitments, included in other current assets 31 $ (138 ) - $ - The margin account maintained with a broker to collateralize these derivative instruments carried an account balance of $276 $2,660 September 30, 2018 December 31, 2017, |
Note 5 - Marketable Securities
Note 5 - Marketable Securities | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Cash, Cash Equivalents, and Marketable Securities [Text Block] | 5 MARKETABLE SECURITIES At September 30, 2018 December 31, 2017, December 31, 2017. three nine September 30, 2018, 321, FutureFuel’s available for sale debt securities were comprised of the following at September 30, 2018 December 31, 2017: September 30, 2018 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Exchange traded debt $ 1,428 $ 83 $ (11 ) $ 1,500 Trust preferred 3,147 86 (1 ) 3,232 Total debt securities $ 4,575 $ 169 $ (12 ) $ 4,732 December 31, 2017 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Exchange traded debt $ 1,702 $ 158 $ - $ 1,860 Trust preferred 3,147 114 - 3,261 Total debt securities $ 4,849 $ 272 $ - $ 5,121 The aggregate fair value of debt securities with unrealized losses totaled $578 September 30, 2018, $14,103 December 31, 2017. September 30, 2018, $103 12 December 31, 2017, $2,903 12 $4 $124, September 30, 2018 December 31, 2017. |
Note 6 - Accrued Expenses and O
Note 6 - Accrued Expenses and Other Current Liabilities | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | 6 ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities, including those associated with related parties, consisted of the following at: September 30, 2018 December 31, 2017 Accrued employee liabilities $ 5,859 $ 976 Accrued property, franchise, motor fuel and other taxes 1,516 1,387 Other 478 105 Total $ 7,853 $ 2,468 |
Note 7 - Borrowings
Note 7 - Borrowings | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7 BORROWINGS On April 16, 2015, $150,000 May 25, 2016, $15,000. five $165,000, $30,000 $15,000 The interest rate floats at the following margins over LIBOR or base rate based upon the leverage ratio from time to time: Consolidated Leverage Ratio Adjusted LIBOR Rate Loans and Letter of Credit Fee Base Rate Loans Commitment Fee < 1.00:1.0 1.25% 0.25% 0.15% ≥ 1.00:1.0 And < 1.50:1.0 1.50% 0.50% 0.20% ≥ 1.50:1.0 And < 2.00:1.0 1.75% 0.75% 0.25% ≥ 2.00:1.0 And < 2.50:1.0 2.00% 1.00% 0.30% ≥ 2.50:1.0 2.25% 1.25% 0.35% The terms of the Credit Facility contain certain covenants and conditions including a maximum consolidated leverage ratio, a minimum consolidated fixed charge coverage ratio, and a minimum liquidity requirement. FutureFuel was in compliance with such covenants as of September 30, 2018. There were no September 30, 2018 December 31, 2017. |
Note 8 - Provision for Income T
Note 8 - Provision for Income Taxes | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 8 PROVISION FOR INCOME TAXES The following table summarizes the provision for income taxes. Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 Provision for income taxes $ 4,012 $ 1,730 $ 2,336 $ 3,375 Effective tax rate 29.8 % 34.2 % 4.4 % 30.9 % The effective tax rate for the three September 30, 2018 2017 three 2018 The effective tax rate for the nine September 30, 2018 2017 nine September 30, 2017 not 2018 December 31, 2017 February 9, 2018. not 2018 three March 31, 2018 nine September 30, 2018. Unrecognized tax benefits totaled $0 September 30, 2018 December 31, 2017. FutureFuel records interest and penalties, net, as a component of provision for income taxes. Interest and penalties amounted to $81 three nine September 30, 2018, $29 $402, three nine September 30 2017, In a decision dated November 1, 2018, November 22, 2016 As a result of the November 1, 2018 740, not no may $4,000 $4,500 fourth |
Note 9 - Earnings Per Share
Note 9 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 9 EARNINGS PER SHARE The Company computes earnings per share using the two No. 260, Earnings per Share two two no September 30, 2018 2017. Contingently issuable shares associated with outstanding service-based restricted stock units were not three nine September 30, 2018 2017 not Basic and diluted earnings per common share were computed as follows: Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 Numerator: Net income $ 9,445 $ 3,334 $ 51,322 $ 7,564 Less: distributed earnings allocated to non-vested stock - - - - Less: undistributed earnings allocated to non-vested restricted stock (4 ) (3 ) (26 ) (15 ) Numerator for basic earnings per share $ 9,441 $ 3,331 $ 51,296 $ 7,549 Effect of dilutive securities: Add: undistributed earnings allocated to non-vested restricted stock 4 3 26 15 Less: undistributed earnings reallocated to non-vested restricted stock (4 ) (3 ) (26 ) (15 ) Numerator for diluted earnings per share $ 9,441 $ 3,331 $ 51,296 $ 7,549 Denominator: Weighted average shares outstanding – basic 43,724,195 43,705,234 43,719,215 43,662,672 Effect of dilutive securities: Stock options and other awards 8,725 9,519 6,155 8,748 Weighted average shares outstanding – diluted 43,732,920 43,714,753 43,725,370 43,671,420 Basic earnings per share $ 0.22 $ 0.08 $ 1.17 $ 0.17 Diluted earnings per share $ 0.22 $ 0.08 $ 1.17 $ 0.17 Certain options to purchase FutureFuel’s common stock were not three nine September 30, 2018 2017 0 20,000 three nine September 30, 2018, 0 10,000 three nine September 30, 2017, |
Note 10 - Segment Information
Note 10 - Segment Information | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 10 SEGMENT INFORMATION FutureFuel has two Chemicals FutureFuel’s chemicals segment manufactures diversified chemical products that are sold externally to third two Biofuels FutureFuel’s biofuels business segment primarily manufactures and markets biodiesel. Biodiesel revenues are generated through the sale of biodiesel to customers through FutureFuel’s distribution network at the Batesville Plant, through distribution facilities available at leased oil storage facilities, and through a network of remotely located tanks. Biofuels revenues also include the sale of biodiesel blends with petrodiesel, petrodiesel with no not not may Summary of long-lived assets and revenues by geographic area All of FutureFuel’s long-lived assets are located in the United States. Most of FutureFuel’s sales are transacted with control and title passing at the time of shipment from the Batesville Plant, although some sales are transacted with control and title passing at the delivery point. While many of FutureFuel’s chemicals are utilized to manufacture products that are shipped, further processed, and/or consumed throughout the world, the chemical products, with limited exceptions, generally leave the United States only after ownership has transferred from FutureFuel to the customer. FutureFuel is rarely the exporter of record, never the importer of record into foreign countries, and is not Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 United States $ 81,152 $ 76,711 $ 223,943 $ 197,044 All Foreign Countries 270 895 1,562 2,721 Total $ 81,422 $ 77,606 $ 225,505 $ 199,765 Revenues from a single foreign country during the three nine September 30, 2018 2017 not 1% Summary of business by segment Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 Revenue Custom chemicals $ 23,973 $ 23,593 $ 74,465 $ 65,189 Performance chemicals 4,049 4,574 14,165 12,686 Chemicals revenue 28,022 28,167 88,630 77,875 Biofuels revenue 53,400 49,439 136,875 121,890 Total Revenue $ 81,422 $ 77,606 $ 225,505 $ 199,765 Segment gross profit/(loss) Chemicals $ 8,898 $ 8,060 $ 24,470 $ 20,401 Biofuels 3,755 (2,534 ) 33,961 (6,947 ) Total gross profit 12,653 5,526 58,431 13,454 Corporate expenses (2,424 ) (2,326 ) (7,795 ) (7,405 ) Income before interest and taxes 10,229 3,200 50,636 6,049 Interest and other income 3,358 1,965 6,688 5,679 Interest and other expense (130 ) (101 ) (3,666 ) (789 ) Provision for income taxes (4,012 ) (1,730 ) (2,336 ) (3,375 ) Net income $ 9,445 $ 3,334 $ 51,322 $ 7,564 Depreciation is allocated to segment costs of goods sold based on plant usage. The total assets and capital expenditures of FutureFuel have not |
Note 11 - Fair Value Measuremen
Note 11 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 1 1 ) FAIR VALUE MEASUREMENTS Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. Fair value accounting pronouncements also include a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability developed based on market data obtained from sources independent of FutureFuel. Unobservable inputs are inputs that reflect FutureFuel’s assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. The hierarchy is broken down into three 1 2 not 3 The following tables provide information by level for assets and liabilities that are measured at fair value, on a recurring basis, at September 30, 2018 December 31, 2017. Asset (Liability) Fair Value Measurements Using Fair Value at Inputs Considered as: Description September 30, 2018 Level 1 Level 2 Level 3 Derivative instruments $ (138 ) $ (138 ) $ - $ - Preferred stock, and other equity instruments $ 98,370 $ 98,370 $ - $ - Trust preferred and exchange traded debt instruments $ 4,732 $ 4,732 $ - $ - Asset (Liability) Fair Value Measurements Using Fair Value at Inputs Considered as: Description December 31, 2017 Level 1 Level 2 Level 3 Derivative instruments $ (2,428 ) $ (2,428 ) $ - $ - Preferred stock, and other equity instruments $ 115,578 $ 115,578 $ - $ - Trust preferred and exchange traded debt instruments $ 5,121 $ 5,121 $ - $ - |
Note 12 - Reclassifications Fro
Note 12 - Reclassifications From Accumulated Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 1 2 ) RECLASSIFICATIONS FROM ACCUMULATED OTHER COMPREHENSIVE INCOME: The following tables summarize changes in accumulated other comprehensive income from unrealized gains and losses on available-for-sale securities in the three nine September 30, 2018 2017. Changes in Accumulated Other Comprehensive Income From Unrealized Gains and Losses on Available-for-Sale Securities For the three September 30, 2018 2017 (net of tax) 2018 2017 Balance at July 1 $ 145 $ 7,499 Other comprehensive income before reclassifications (21 ) 670 Amounts reclassified from accumulated other comprehensive income - (17 ) Net current-period other comprehensive income (21 ) 653 Balance at September 30 $ 124 $ 8,152 Changes in Accumulated Other Comprehensive Income From Unrealized Gains and Losses on Available-for-Sale Securities For the nine September 30, 2018 2017 (net of tax) 2018 2017 Balance at January 1 [1] $ 160 $ 3,540 Other comprehensive income before reclassifications (36 ) 4,259 Amounts reclassified from accumulated other comprehensive income - 353 Net current-period other comprehensive income (36 ) 4,612 Balance at September 30 $ 124 $ 8,152 [1] 2018 $8,273 2016 01. 18 The following tables summarize amounts reclassified from accumulated other comprehensive income in the three nine September 30, 2018 2017: Reclassifications from Accumulated Other Comprehensive Income for the three nine months ended September 30, 2018 2017 Three months ended September 30, 2018 2017 Affected Line Item in Statement of Operations Unrealized gains on available-for-sale debt securities $ - $ 26 Gain/(loss) on marketable securities Total before tax - 26 Tax provision - (9 ) Total reclassifications $ - $ 17 Nine months ended September 30, 2018 2017 Affected Line Item in Statement of Operations Unrealized losses on available-for-sale debt securities $ - $ (543 ) Gain/(loss) on marketable securities Total before tax - (543 ) Tax benefit - 190 Total reclassifications $ - $ (353 ) *Effective January 1, 2018, 320 321. not 321. 18 |
Note 13 - Legal Matters
Note 13 - Legal Matters | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 13 ) LEGAL MATTERS From time to time, FutureFuel and its operations are parties to, or targets of, lawsuits, claims, investigations, regulatory matters, and proceedings, which are being handled and defended in the ordinary course of business. While FutureFuel is unable to predict the outcomes of these matters, it does not |
Note 14 - Related Party Transac
Note 14 - Related Party Transactions | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 14 ) RELATED PARTY TRANSACTIONS FutureFuel enters into transactions with companies affiliated with or controlled by a director and significant shareholder. Revenues, expenses, prepaid amounts, and unpaid amounts related to these transactions are captured in the accompanying consolidated financial statements as related party line items. Related party revenues are the result of sales of biodiesel, petrodiesel, blends, other petroleum products, and other similar or related products to these related parties. Related party cost of goods sold and distribution are the result of sales of biodiesel, petrodiesel, blends, and other petroleum products to these related parties along with the associated expense from the purchase of natural gas, storage and terminalling services, and income tax and consulting services by FutureFuel from these related parties. Notes to Consolidated Financial Statements of FutureFuel Corp. (Dollars in thousands, except per share amounts) (Unaudited) |
Note 15 - Intangible Asset
Note 15 - Intangible Asset | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 15 ) INTANGIBLE ASSET In April 2015, $1,408. no $1,408 September 30, 2018 December 31, 2017. 350 30 35 18 35 20. |
Note 16 - Recently Issued Accou
Note 16 - Recently Issued Accounting Statements | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | 16 ) RECENTLY ISSUED ACCOUNTING STATEMENTS The following table provides a brief description of recent Accounting Standard Updates ("ASU") issued by the FASB: Standard Description Effective Date Effect on the Financial Statements or Other Significant Matters In February 2016, 2016 02, July 2018, 2018 11, The new guidance supersedes the lease guidance under FASB ASC Topic 840, 842, Annual periods beginning after December 15, 2018. The Company is currently evaluating its population of leases, and is continuing to assess all potential impacts of the standard, but currently believes the most significant impact relates to its accounting for logistics equipment. The Company anticipates recognition of additional assets and corresponding liabilities related to leases upon adoption. The Company plans to adopt the standard effective January 1, 2019. In February 2018, 2018 02, The amendments in this Update allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act passed by congress on December 22, 2017 Annual periods beginning after December 15, 2018. The Company is currently evaluating the impact of this standard. The Company plans to adopt the standard on January 1, 2019. In June 2018, 2018 07, This Update is part of the FASB Simplification Initiative. Under the new standard, Topic 718 no 718 505 50. Annual periods beginning after December 15, 2018. The Company believes the adoption of the standard will have minimal impact on our financial statements. The Company plans to adopt the standard effective January 1, 2019. |
Note 17 - Revenue Recognition
Note 17 - Revenue Recognition | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 17 ) R EVENUE RECOGNITION On January 1, 2018, 2014 09 606” 605” A select number of FutureFuel custom chemical contracts within the chemical segment contain a material right as defined by Topic 606 30 606 January 1, 2018, $6,900 $5,178. 606 one 605 606 $3,251 $3,293 $356 January 1, 2018. The majority of our revenue is from short term contracts with revenue recognized when a single performance obligation to transfer product under the terms of a contract with a customer are satisfied. Accordingly, FutureFuel recognizes revenue when control is transferred to the customer, which is when products are considered to meet customer specification and title and risk of loss are transferred. This typically occurs at the time of shipment or delivery, however, for certain contracts, this occurs upon delivery of the material to a FutureFuel storage location, ready for customer pickup and separated from other FutureFuel inventory. Revenue is measured as the amount of consideration FutureFuel expects to receive in exchange for transferring products and is generally based upon a negotiated price. FutureFuel sells its products directly to customers generally under agreements with payment terms of 30 75 3 10 no 606 605. Contract Assets and Liabilities: Contract assets consist of unbilled amounts typically resulting from revenue recognized through bill and hold arrangements. The contract assets are recorded as accounts receivable on the consolidated balance sheet. Contract liabilities consist of advance payments related to material rights. These amounts were historically recorded as deferred revenue which primarily related to upfront capital payments. The contract liabilities are recorded as deferred revenue in the consolidated balance sheets and are reduced as FutureFuel transfers product to the customer under the renewal option approach. These contract assets and liabilities are reported on the consolidated balance sheets on a contract-by-contract basis at the end of each reporting period. The following table reflects the changes in FutureFuel’s contract assets and contract liabilities for the three nine September 30, 2018. no 605: Contract assets - short-term (included in accounts receivable) Three months ended September 30, 2018 Beginning balance at June 30, 2018 $ 1,110 Additions 656 Reductions (1,110 ) Ending balance at September 30, 2018 $ 656 Nine months ended September 30, 2018 Beginning balance at January 1, 2018 $ 505 Additions 2,417 Reductions (2,266 ) Ending balance at September 30, 2018 $ 656 As Reported Under Prior Standard Contract Liabilities Topic 606 Topic 605 Change Beginning balance at July 1, 2018 $ 18,155 $ 13,098 $ 5,057 Additions 474 310 164 Revenue recognized for the three months ended September 30, 2018 (1,486 ) (965 ) (521 ) Ending balance at September 30, 2018 $ 17,143 $ 12,443 $ 4,700 Beginning balance at January 1, 2018 $ 21,013 $ 14,469 $ 6,544 Additions 932 768 164 Revenue recognized for the nine months ended September 30, 2018 (4,802 ) (2,794 ) (2,008 ) Ending balance at September 30, 2018 $ 17,143 $ 12,443 $ 4,700 Transaction price allocated to the remaining performance obligations As of September 30, 2018, $17,143 one five 40% 12 60% one 5 We applied the practical expedient in ASC 606 10 50 14 one Disaggregation of revenue – contractual and non-contractual Three months ended September 30, Nine months ended September 30, 2018 2017 (a) 2018 2017 (a) Contract revenue from customers with > 1 year arrangements $ 14,587 $ 14,779 $ 47,745 $ 40,706 Contract revenue from customers with < 1 year arrangement 66,780 62,772 191,194 158,894 Revenue from non-contractual arrangements 55 55 165 165 BTC rebate - - (13,599 ) - Total revenue $ 81,422 $ 77,606 $ 225,505 $ 199,765 Timing of revenue Three months ended September 30, Nine months ended September 30, 2018 2017 (a) 2018 2017 (a) Bill and hold revenue $ 11,576 $ 4,519 $ 32,470 $ 12,477 Non-bill and hold revenue 69,846 73,087 193,035 187,288 Total revenue $ 81,422 $ 77,606 $ 225,505 $ 199,765 (a) Prior periods have not 606. For both long term and short-term contracts, FutureFuel has elected to account for shipping and handling as activities to fulfill the promise to transfer the good. As such, shipping and handling fees billed to customers in a sales transaction are recorded in net sales and shipping and handling costs incurred are recorded in cost of goods sold and distribution. FutureFuel has elected to exclude from net sales any taxes which it collects concurrent with revenue-producing activities. These accounting policy elections are consistent with the manner in which FutureFuel historically recorded shipping and handling fees and taxes. The following table summarizes the impacts of Topic 606 three nine September 30, 2018. Three months ended September 30, 2018 Balances Prior to Adoption of Topic 606 Adjustments As Reported Revenue $ 80,521 $ 67 $ 80,588 Cost of goods sold 61,879 (320 ) 61,559 Gross profit 12,266 387 12,653 Income from operations 9,842 387 10,229 Income before income taxes 13,070 387 13,457 Provision for income taxes 3,915 97 4,012 Net income $ 9,155 $ 290 $ 9,445 Basic earnings per share $ 0.21 $ 0.01 $ 0.22 Diluted earnings per share $ 0.21 $ 0.01 $ 0.22 Comprehensive income $ 9,134 $ 290 $ 9,424 Nine months ended September 30, 2018 Balances Prior to Adoption of Topic 606 Adjustments As Reported Revenue $ 220,520 $ 2,664 $ 223,184 Cost of goods sold 146,823 93 146,916 Gross profit 55,860 2,571 58,431 Income from operations 48,065 2,571 50,636 Income before income taxes 51,087 2,571 53,658 Provision for income taxes 1,750 586 2,336 Net income $ 49,337 $ 1,985 $ 51,322 Basic earnings per share $ 1.13 $ 0.04 $ 1.17 Diluted earnings per share $ 1.13 $ 0.04 $ 1.17 Comprehensive income $ 49,301 $ 1,985 $ 51,286 The following table summarizes the impacts of Topic 606 606 September 30, 2018. Balances Prior to Adoption of Topic 606 Adjustments As Re ported Accounts receivable $ 18,286 $ 656 $ 18,942 Inventory 48,453 (448 ) 48,005 Income tax receivable 519 (40 ) 479 Total current assets 373,558 168 373,726 Total assets 483,037 168 483,205 Accounts payable 31,578 (164 ) 31,414 Deferred revenue - short term 2,690 4,424 7,114 Total current liabilities 47,879 4,260 52,139 Deferred revenue - long term 14,375 276 14,651 Noncurrent deferred income tax liability 18,605 (1,175 ) 17,430 Total noncurrent liabilities 34,117 (899 ) 33,218 Total liabilities 81,996 3,361 85,357 Retained earnings 118,804 (3,193 ) 115,611 Total stockholders' equity 401,041 (3,193 ) 397,848 Total liabilities and stockholders' equity $ 483,037 $ 168 $ 483,205 The following table summarizes the impacts of our adoption of Topic 606 nine September 30, 2018: Balances Prior to Adoption of As Reported Topic 606 Adjustments or Restated Change in net income $ 49,337 $ 1,985 $ 51,322 Benefit for deferred income taxes (2,434 ) (1,175 ) (3,609 ) Changes in operating assets and liabilities: Accounts receivables 3,687 (656 ) 3,031 Inventory (4,699 ) 448 (4,251 ) Income tax receivable 6,418 40 6,458 Accounts payable 13,182 (164 ) 13,018 Deferred revenue (2,194 ) (478 ) (2,672 ) Net cash provided by operating activities $ 79,169 $ - $ 79,169 |
Note 18 - Change in Accounting
Note 18 - Change in Accounting Principle | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Accounting Changes and Error Corrections [Text Block] | 1 8 ) CHANGE IN ACCOUNTING PRINCIPLE In January 2016, 2016 01, 825 10 December 15, 2017, The new accounting standard related to the recognition and measurement of financial assets and liabilities makes the following changes to prior guidance and requires: ● certain equity investments to be measured at fair value with changes in fair value now recognized in net income. However, equity investments that do not may ● a qualitative assessment of equity investments without readily determinable fair values to identify impairment; and ● separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or in the accompanying notes to the financial statements. We adopted the new accounting standard utilizing the modified retrospective method, and, therefore, no $13,139 $8,273 Three months ended September 30, Nine months ended September 30, 2018 2017* 2018 2017* Net gains/(losses) recognized on equity securities $ 815 $ 26 $ (3,273 ) $ (543 ) Less: net gains/(losses) recognized during the period on equity securities sold during the period - 26 2,324 (543 ) Unrealized gains/(losses) during the reporting period on equity securities held at the reporting date $ 815 $ - $ (5,597 ) $ - *Prior periods have not 321. |
Note 3 - Inventory (Tables)
Note 3 - Inventory (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, 2018 December 31, 2017 At average cost (approximates current cost) Finished goods $ 18,668 $ 22,998 Work in process 1,858 1,735 Raw materials and supplies 38,221 27,143 58,747 51,876 LIFO reserve (10,742 ) (8,122 ) Total inventory $ 48,005 $ 43,754 |
Note 4 - Derivative Instrumen_2
Note 4 - Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | September 30, 2018 December 31, 2017 Contract quantity Short Fair Value Contract quantity Short Fair Value Regulated options, included in other current assets - $ - 200 $ (2,428 ) Regulated fixed price future commitments, included in other current assets 31 $ (138 ) - $ - |
Note 5 - Marketable Securities
Note 5 - Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Marketable Securities [Table Text Block] | September 30, 2018 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Exchange traded debt $ 1,428 $ 83 $ (11 ) $ 1,500 Trust preferred 3,147 86 (1 ) 3,232 Total debt securities $ 4,575 $ 169 $ (12 ) $ 4,732 December 31, 2017 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Exchange traded debt $ 1,702 $ 158 $ - $ 1,860 Trust preferred 3,147 114 - 3,261 Total debt securities $ 4,849 $ 272 $ - $ 5,121 |
Note 6 - Accrued Expenses and_2
Note 6 - Accrued Expenses and Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | September 30, 2018 December 31, 2017 Accrued employee liabilities $ 5,859 $ 976 Accrued property, franchise, motor fuel and other taxes 1,516 1,387 Other 478 105 Total $ 7,853 $ 2,468 |
Note 7 - Borrowings (Tables)
Note 7 - Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | Consolidated Leverage Ratio Adjusted LIBOR Rate Loans and Letter of Credit Fee Base Rate Loans Commitment Fee < 1.00:1.0 1.25% 0.25% 0.15% ≥ 1.00:1.0 And < 1.50:1.0 1.50% 0.50% 0.20% ≥ 1.50:1.0 And < 2.00:1.0 1.75% 0.75% 0.25% ≥ 2.00:1.0 And < 2.50:1.0 2.00% 1.00% 0.30% ≥ 2.50:1.0 2.25% 1.25% 0.35% |
Note 8 - Provision for Income_2
Note 8 - Provision for Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 Provision for income taxes $ 4,012 $ 1,730 $ 2,336 $ 3,375 Effective tax rate 29.8 % 34.2 % 4.4 % 30.9 % |
Note 9 - Earnings Per Share (Ta
Note 9 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 Numerator: Net income $ 9,445 $ 3,334 $ 51,322 $ 7,564 Less: distributed earnings allocated to non-vested stock - - - - Less: undistributed earnings allocated to non-vested restricted stock (4 ) (3 ) (26 ) (15 ) Numerator for basic earnings per share $ 9,441 $ 3,331 $ 51,296 $ 7,549 Effect of dilutive securities: Add: undistributed earnings allocated to non-vested restricted stock 4 3 26 15 Less: undistributed earnings reallocated to non-vested restricted stock (4 ) (3 ) (26 ) (15 ) Numerator for diluted earnings per share $ 9,441 $ 3,331 $ 51,296 $ 7,549 Denominator: Weighted average shares outstanding – basic 43,724,195 43,705,234 43,719,215 43,662,672 Effect of dilutive securities: Stock options and other awards 8,725 9,519 6,155 8,748 Weighted average shares outstanding – diluted 43,732,920 43,714,753 43,725,370 43,671,420 Basic earnings per share $ 0.22 $ 0.08 $ 1.17 $ 0.17 Diluted earnings per share $ 0.22 $ 0.08 $ 1.17 $ 0.17 |
Note 10 - Segment Information (
Note 10 - Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 United States $ 81,152 $ 76,711 $ 223,943 $ 197,044 All Foreign Countries 270 895 1,562 2,721 Total $ 81,422 $ 77,606 $ 225,505 $ 199,765 |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 Revenue Custom chemicals $ 23,973 $ 23,593 $ 74,465 $ 65,189 Performance chemicals 4,049 4,574 14,165 12,686 Chemicals revenue 28,022 28,167 88,630 77,875 Biofuels revenue 53,400 49,439 136,875 121,890 Total Revenue $ 81,422 $ 77,606 $ 225,505 $ 199,765 Segment gross profit/(loss) Chemicals $ 8,898 $ 8,060 $ 24,470 $ 20,401 Biofuels 3,755 (2,534 ) 33,961 (6,947 ) Total gross profit 12,653 5,526 58,431 13,454 Corporate expenses (2,424 ) (2,326 ) (7,795 ) (7,405 ) Income before interest and taxes 10,229 3,200 50,636 6,049 Interest and other income 3,358 1,965 6,688 5,679 Interest and other expense (130 ) (101 ) (3,666 ) (789 ) Provision for income taxes (4,012 ) (1,730 ) (2,336 ) (3,375 ) Net income $ 9,445 $ 3,334 $ 51,322 $ 7,564 |
Note 11 - Fair Value Measurem_2
Note 11 - Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Asset (Liability) Fair Value Measurements Using Fair Value at Inputs Considered as: Description September 30, 2018 Level 1 Level 2 Level 3 Derivative instruments $ (138 ) $ (138 ) $ - $ - Preferred stock, and other equity instruments $ 98,370 $ 98,370 $ - $ - Trust preferred and exchange traded debt instruments $ 4,732 $ 4,732 $ - $ - Asset (Liability) Fair Value Measurements Using Fair Value at Inputs Considered as: Description December 31, 2017 Level 1 Level 2 Level 3 Derivative instruments $ (2,428 ) $ (2,428 ) $ - $ - Preferred stock, and other equity instruments $ 115,578 $ 115,578 $ - $ - Trust preferred and exchange traded debt instruments $ 5,121 $ 5,121 $ - $ - |
Note 12 - Reclassifications F_2
Note 12 - Reclassifications From Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | 2018 2017 Balance at July 1 $ 145 $ 7,499 Other comprehensive income before reclassifications (21 ) 670 Amounts reclassified from accumulated other comprehensive income - (17 ) Net current-period other comprehensive income (21 ) 653 Balance at September 30 $ 124 $ 8,152 2018 2017 Balance at January 1 [1] $ 160 $ 3,540 Other comprehensive income before reclassifications (36 ) 4,259 Amounts reclassified from accumulated other comprehensive income - 353 Net current-period other comprehensive income (36 ) 4,612 Balance at September 30 $ 124 $ 8,152 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Three months ended September 30, 2018 2017 Affected Line Item in Statement of Operations Unrealized gains on available-for-sale debt securities $ - $ 26 Gain/(loss) on marketable securities Total before tax - 26 Tax provision - (9 ) Total reclassifications $ - $ 17 Nine months ended September 30, 2018 2017 Affected Line Item in Statement of Operations Unrealized losses on available-for-sale debt securities $ - $ (543 ) Gain/(loss) on marketable securities Total before tax - (543 ) Tax benefit - 190 Total reclassifications $ - $ (353 ) |
Note 17 - Revenue Recognition (
Note 17 - Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Contract with Customer, Asset and Liability [Table Text Block] | Three months ended September 30, 2018 Beginning balance at June 30, 2018 $ 1,110 Additions 656 Reductions (1,110 ) Ending balance at September 30, 2018 $ 656 Nine months ended September 30, 2018 Beginning balance at January 1, 2018 $ 505 Additions 2,417 Reductions (2,266 ) Ending balance at September 30, 2018 $ 656 As Reported Under Prior Standard Contract Liabilities Topic 606 Topic 605 Change Beginning balance at July 1, 2018 $ 18,155 $ 13,098 $ 5,057 Additions 474 310 164 Revenue recognized for the three months ended September 30, 2018 (1,486 ) (965 ) (521 ) Ending balance at September 30, 2018 $ 17,143 $ 12,443 $ 4,700 Beginning balance at January 1, 2018 $ 21,013 $ 14,469 $ 6,544 Additions 932 768 164 Revenue recognized for the nine months ended September 30, 2018 (4,802 ) (2,794 ) (2,008 ) Ending balance at September 30, 2018 $ 17,143 $ 12,443 $ 4,700 |
Disaggregation of Revenue [Table Text Block] | Three months ended September 30, Nine months ended September 30, 2018 2017 (a) 2018 2017 (a) Contract revenue from customers with > 1 year arrangements $ 14,587 $ 14,779 $ 47,745 $ 40,706 Contract revenue from customers with < 1 year arrangement 66,780 62,772 191,194 158,894 Revenue from non-contractual arrangements 55 55 165 165 BTC rebate - - (13,599 ) - Total revenue $ 81,422 $ 77,606 $ 225,505 $ 199,765 Three months ended September 30, Nine months ended September 30, 2018 2017 (a) 2018 2017 (a) Bill and hold revenue $ 11,576 $ 4,519 $ 32,470 $ 12,477 Non-bill and hold revenue 69,846 73,087 193,035 187,288 Total revenue $ 81,422 $ 77,606 $ 225,505 $ 199,765 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | Three months ended September 30, 2018 Balances Prior to Adoption of Topic 606 Adjustments As Reported Revenue $ 80,521 $ 67 $ 80,588 Cost of goods sold 61,879 (320 ) 61,559 Gross profit 12,266 387 12,653 Income from operations 9,842 387 10,229 Income before income taxes 13,070 387 13,457 Provision for income taxes 3,915 97 4,012 Net income $ 9,155 $ 290 $ 9,445 Basic earnings per share $ 0.21 $ 0.01 $ 0.22 Diluted earnings per share $ 0.21 $ 0.01 $ 0.22 Comprehensive income $ 9,134 $ 290 $ 9,424 Nine months ended September 30, 2018 Balances Prior to Adoption of Topic 606 Adjustments As Reported Revenue $ 220,520 $ 2,664 $ 223,184 Cost of goods sold 146,823 93 146,916 Gross profit 55,860 2,571 58,431 Income from operations 48,065 2,571 50,636 Income before income taxes 51,087 2,571 53,658 Provision for income taxes 1,750 586 2,336 Net income $ 49,337 $ 1,985 $ 51,322 Basic earnings per share $ 1.13 $ 0.04 $ 1.17 Diluted earnings per share $ 1.13 $ 0.04 $ 1.17 Comprehensive income $ 49,301 $ 1,985 $ 51,286 Balances Prior to Adoption of Topic 606 Adjustments As Re ported Accounts receivable $ 18,286 $ 656 $ 18,942 Inventory 48,453 (448 ) 48,005 Income tax receivable 519 (40 ) 479 Total current assets 373,558 168 373,726 Total assets 483,037 168 483,205 Accounts payable 31,578 (164 ) 31,414 Deferred revenue - short term 2,690 4,424 7,114 Total current liabilities 47,879 4,260 52,139 Deferred revenue - long term 14,375 276 14,651 Noncurrent deferred income tax liability 18,605 (1,175 ) 17,430 Total noncurrent liabilities 34,117 (899 ) 33,218 Total liabilities 81,996 3,361 85,357 Retained earnings 118,804 (3,193 ) 115,611 Total stockholders' equity 401,041 (3,193 ) 397,848 Total liabilities and stockholders' equity $ 483,037 $ 168 $ 483,205 Balances Prior to Adoption of As Reported Topic 606 Adjustments or Restated Change in net income $ 49,337 $ 1,985 $ 51,322 Benefit for deferred income taxes (2,434 ) (1,175 ) (3,609 ) Changes in operating assets and liabilities: Accounts receivables 3,687 (656 ) 3,031 Inventory (4,699 ) 448 (4,251 ) Income tax receivable 6,418 40 6,458 Accounts payable 13,182 (164 ) 13,018 Deferred revenue (2,194 ) (478 ) (2,672 ) Net cash provided by operating activities $ 79,169 $ - $ 79,169 |
Note 18 - Change in Accountin_2
Note 18 - Change in Accounting Principle (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Gain (Loss) on Securities [Table Text Block] | Three months ended September 30, Nine months ended September 30, 2018 2017* 2018 2017* Net gains/(losses) recognized on equity securities $ 815 $ 26 $ (3,273 ) $ (543 ) Less: net gains/(losses) recognized during the period on equity securities sold during the period - 26 2,324 (543 ) Unrealized gains/(losses) during the reporting period on equity securities held at the reporting date $ 815 $ - $ (5,597 ) $ - |
Note 1 - Nature of Operations_2
Note 1 - Nature of Operations and Basis of Presentation (Details Textual) | 9 Months Ended |
Sep. 30, 2018a | |
Number of Operating Segments | 2 |
Batesville, Arkansas [Member] | |
Area of Land | 2,200 |
Note 2 - Reinstatement of the_2
Note 2 - Reinstatement of the Biodiesel Blenders' Tax Credit and Small Agri-biodiesel Producer Tax Credit (Details Textual) $ in Thousands, gal in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018USD ($) | Dec. 31, 2017$ / itemgal | |
Biodiesel Blenders Credit [Member] | ||
Benefit From Tax Credit, Pretax | $ 28,869 | |
Income Tax Credits and Adjustments | 42,428 | |
Biodiesel Blenders Credit [Member] | Owed to Customers [Member] | ||
Income Tax Credits and Adjustments | $ 13,559 | |
Small Agri Biodiesel Producers Credit [Member] | ||
Tax Credit Per Gallon Of Agri Biodiesel Sold | $ / item | 0.1 | |
Number of Gallons Sold | gal | 15 |
Note 3 - Inventory (Details Tex
Note 3 - Inventory (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Inventory Write-down | $ 0 | $ 0 | $ 0 | $ 1,912 |
Note 3 - Inventory - Carrying V
Note 3 - Inventory - Carrying Values of Inventory (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Finished goods | $ 18,668 | $ 22,998 |
Work in process | 1,858 | 1,735 |
Raw materials and supplies | 38,221 | 27,143 |
Inventory, gross | 58,747 | 51,876 |
LIFO reserve | (10,742) | (8,122) |
Total inventory | $ 48,005 | $ 43,754 |
Note 4 - Derivative Instrumen_3
Note 4 - Derivative Instruments (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net, Total | $ (676) | $ (3,314) | $ (3,947) | $ (1,511) | |
Restricted Cash and Cash Equivalents, Total | $ 276 | $ 276 | $ 2,660 |
Note 4 - Derivative Instrumen_4
Note 4 - Derivative Instruments - Carrying Value of Derivative Instruments (Details) $ in Thousands | Sep. 30, 2018USD ($) | Dec. 31, 2017USD ($) |
Commodity Option [Member] | ||
Quantity (contracts) Short | 200 | |
Fair Value Liabilities | $ (2,428) | |
Future [Member] | ||
Quantity (contracts) Short | 31 | |
Fair Value Liabilities | ||
Fair Value Liabilities | $ (138) |
Note 5 - Marketable Securitie_2
Note 5 - Marketable Securities (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | $ 578 | $ 14,103 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 103 | 2,903 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 4 | $ 124 |
Note 5 - Marketable Securitie_3
Note 5 - Marketable Securities - Marketable Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Adjusted Cost | $ 4,575 | $ 4,849 |
Unrealized Gains | 169 | 272 |
Unrealized Losses | (12) | |
Fair Value | 4,732 | 5,121 |
Corporate Debt Securities [Member] | ||
Adjusted Cost | 1,428 | 1,702 |
Unrealized Gains | 83 | 158 |
Unrealized Losses | (11) | |
Fair Value | 1,500 | 1,860 |
Trust Preferred Securities [Member] | ||
Adjusted Cost | 3,147 | 3,147 |
Unrealized Gains | 86 | 114 |
Unrealized Losses | (1) | |
Fair Value | $ 3,232 | $ 3,261 |
Note 6 - Accrued Expenses and_3
Note 6 - Accrued Expenses and Other Current Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Accrued employee liabilities | $ 5,859 | $ 976 |
Accrued property, franchise, motor fuel and other taxes | 1,516 | 1,387 |
Other | 478 | 105 |
Total | $ 7,853 | $ 2,468 |
Note 7 - Borrowings (Details Te
Note 7 - Borrowings (Details Textual) - Revolving Credit Facility [Member] - USD ($) $ in Thousands | May 25, 2016 | Sep. 30, 2018 | Dec. 31, 2017 | May 25, 2015 | Apr. 16, 2015 |
Long-term Line of Credit, Total | $ 0 | $ 0 | |||
Regions Bank and PNC Bank N.A. [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 165,000 | $ 150,000 | |||
Line of Credit, Additional Borrowing Capacity | $ 15,000 | ||||
Line of Credit Facility, Expiration Period | 5 years | ||||
Line of Credit Facility Sublimit for Letters of Credit | $ 30,000 | ||||
Line of Credit Facility Swingline Loans | $ 15,000 |
Note 7 - Borrowings - Leverage
Note 7 - Borrowings - Leverage Ratio (Details) | 9 Months Ended |
Sep. 30, 2018 | |
Leverage Ratio1 [Member] | |
Commitment fee | 0.15% |
Leverage Ratio1 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Spread on variable rate | 1.25% |
Leverage Ratio1 [Member] | Base Rate [Member] | |
Spread on variable rate | 0.25% |
Leverage Ratio1 [Member] | Minimum [Member] | |
Leverage ratio | 1 |
Leverage Ratio 2 [Member] | |
Commitment fee | 0.20% |
Leverage Ratio 2 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Spread on variable rate | 1.50% |
Leverage Ratio 2 [Member] | Base Rate [Member] | |
Spread on variable rate | 0.50% |
Leverage Ratio 2 [Member] | Minimum [Member] | |
Leverage ratio | 1 |
Leverage Ratio 2 [Member] | Maximum [Member] | |
Leverage ratio | 1.5 |
Leverage Ratio 3 [Member] | |
Commitment fee | 0.25% |
Leverage Ratio 3 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Spread on variable rate | 1.75% |
Leverage Ratio 3 [Member] | Base Rate [Member] | |
Spread on variable rate | 0.75% |
Leverage Ratio 3 [Member] | Minimum [Member] | |
Leverage ratio | 1.5 |
Leverage Ratio 3 [Member] | Maximum [Member] | |
Leverage ratio | 2 |
Leverage Ratio 4 [Member] | |
Commitment fee | 0.30% |
Leverage Ratio 4 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Spread on variable rate | 2.00% |
Leverage Ratio 4 [Member] | Base Rate [Member] | |
Spread on variable rate | 1.00% |
Leverage Ratio 4 [Member] | Minimum [Member] | |
Leverage ratio | 2 |
Leverage Ratio 4 [Member] | Maximum [Member] | |
Leverage ratio | 2.5 |
Leverage Ratio 5 [Member] | |
Commitment fee | 0.35% |
Leverage Ratio 5 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Spread on variable rate | 2.25% |
Leverage Ratio 5 [Member] | Base Rate [Member] | |
Spread on variable rate | 1.25% |
Leverage Ratio 5 [Member] | Minimum [Member] | |
Leverage ratio | 2.5 |
Note 8 - Provision for Income_3
Note 8 - Provision for Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Dec. 31, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Unrecognized Tax Benefits, Ending Balance | $ 0 | $ 0 | $ 0 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | $ 81,000 | $ 29,000 | $ 81,000 | $ 402,000 | ||
Minimum [Member] | Scenario, Forecast [Member] | ||||||
Tax Adjustments, Settlements, and Unusual Provisions | $ 4,000,000 | |||||
Maximum [Member] | Scenario, Forecast [Member] | ||||||
Tax Adjustments, Settlements, and Unusual Provisions | $ 4,500,000 |
Note 8 - Provision for Income_4
Note 8 - Provision for Income Taxes - Summary of Provisions for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Provision for income taxes | $ 4,012 | $ 1,730 | $ 2,336 | $ 3,375 |
Effective tax rate | 29.80% | 34.20% | 4.40% | 30.90% |
Note 9 - Earnings Per Share (De
Note 9 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 20,000 | 10,000 |
Note 9 - Earnings Per Share - C
Note 9 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Net income | $ 9,445 | $ 3,334 | $ 51,322 | $ 7,564 |
Less: distributed earnings allocated to non-vested stock | ||||
Less: undistributed earnings allocated to non-vested restricted stock | (4) | (3) | (26) | (15) |
Numerator for basic earnings per share | 9,441 | 3,331 | 51,296 | 7,549 |
Effect of dilutive securities: | ||||
Add: undistributed earnings allocated to non-vested restricted stock | 4 | 3 | 26 | 15 |
Less: undistributed earnings reallocated to non-vested restricted stock | (4) | (3) | (26) | (15) |
Numerator for diluted earnings per share | $ 9,441 | $ 3,331 | $ 51,296 | $ 7,549 |
Weighted average shares outstanding – basic (in shares) | 43,724,195 | 43,705,234 | 43,719,215 | 43,662,672 |
Stock options and other awards (in shares) | 8,725 | 9,519 | 6,155 | 8,748 |
Weighted average shares outstanding – diluted (in shares) | 43,732,920 | 43,714,753 | 43,725,370 | 43,671,420 |
Basic earnings per share (in dollars per share) | $ 0.22 | $ 0.08 | $ 1.17 | $ 0.17 |
Diluted earnings per share (in dollars per share) | $ 0.22 | $ 0.08 | $ 1.17 | $ 0.17 |
Note 10 - Segment Information_2
Note 10 - Segment Information (Details Textual) | 9 Months Ended |
Sep. 30, 2018 | |
Number of Reportable Segments | 2 |
Chemicals [Member] | |
Number of Reportable Segments | 2 |
Note 10 - Segment Information -
Note 10 - Segment Information - Revenues by Geographical Areas (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |||
Revenues | $ 81,422 | $ 77,606 | [1] | $ 225,505 | $ 199,765 | [1] |
UNITED STATES | ||||||
Revenues | 81,152 | 76,711 | 223,943 | 197,044 | ||
All Foreign Countries [Member] | ||||||
Revenues | $ 270 | $ 895 | $ 1,562 | $ 2,721 | ||
[1] | Prior periods have not been adjusted under the modified retrospective method for Topic 606. |
Note 10 - Segment Information_3
Note 10 - Segment Information - Summary of Business by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |||
Revenues | $ 81,422 | $ 77,606 | [1] | $ 225,505 | $ 199,765 | [1] |
Segment gross profit/(loss) | ||||||
Gross profit | 12,653 | 5,526 | 58,431 | 13,454 | ||
Income before interest and taxes | 10,229 | 3,200 | 50,636 | 6,049 | ||
Interest and other income | 3,358 | 1,965 | 6,688 | 5,679 | ||
Interest and other expense | (130) | (101) | (3,666) | (789) | ||
Provision for income taxes | (4,012) | (1,730) | (2,336) | (3,375) | ||
Net income | 9,445 | 3,334 | 51,322 | 7,564 | ||
Operating Segments [Member] | Chemicals [Member] | ||||||
Revenues | 28,022 | 28,167 | 88,630 | 77,875 | ||
Segment gross profit/(loss) | ||||||
Gross profit | 8,898 | 8,060 | 24,470 | 20,401 | ||
Operating Segments [Member] | Chemicals [Member] | Custom Chemicals [Member] | ||||||
Revenues | 23,973 | 23,593 | 74,465 | 65,189 | ||
Operating Segments [Member] | Chemicals [Member] | Performance Chemicals [Member] | ||||||
Revenues | 4,049 | 4,574 | 14,165 | 12,686 | ||
Operating Segments [Member] | Biofuels [Member] | ||||||
Revenues | 53,400 | 49,439 | 136,875 | 121,890 | ||
Segment gross profit/(loss) | ||||||
Gross profit | 3,755 | (2,534) | 33,961 | (6,947) | ||
Corporate, Non-Segment [Member] | ||||||
Segment gross profit/(loss) | ||||||
Corporate expenses | $ (2,424) | $ (2,326) | $ (7,795) | $ (7,405) | ||
[1] | Prior periods have not been adjusted under the modified retrospective method for Topic 606. |
Note 11 - Fair Value Measurem_3
Note 11 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Trust preferred and exchange traded debt instruments | $ 4,732 | $ 5,121 |
Fair Value, Measurements, Recurring [Member] | ||
Derivative instruments | (138) | (2,428) |
Preferred stock, and other equity instruments | 98,370 | 115,578 |
Trust preferred and exchange traded debt instruments | 4,732 | 5,121 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative instruments | (138) | (2,428) |
Preferred stock, and other equity instruments | 98,370 | 115,578 |
Trust preferred and exchange traded debt instruments | 4,732 | 5,121 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative instruments | ||
Preferred stock, and other equity instruments | ||
Trust preferred and exchange traded debt instruments | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative instruments | ||
Preferred stock, and other equity instruments | ||
Trust preferred and exchange traded debt instruments |
Note 12 - Reclassifications F_3
Note 12 - Reclassifications From Accumulated Other Comprehensive Income (Details Textual) $ in Thousands | Jan. 01, 2018USD ($) |
Accounting Standards Update 2016-01 [Member] | AOCI Attributable to Parent [Member] | |
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (8,273) |
Note 12 - Reclassifications F_4
Note 12 - Reclassifications From Accumulated Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |||
Beginning balance | $ 351,596 | |||||
Ending balance | $ 397,848 | 397,848 | ||||
AOCI Attributable to Parent [Member] | ||||||
Beginning balance | 145 | $ 7,499 | 160 | [1] | $ 3,540 | [1] |
Other comprehensive income before reclassifications | (21) | 670 | (36) | 4,259 | ||
Amounts reclassified from accumulated other comprehensive income | (17) | 353 | ||||
Net current-period other comprehensive income | (21) | 653 | (36) | 4,612 | ||
Ending balance | $ 124 | $ 8,152 | $ 124 | $ 8,152 | ||
[1] | The beginning balance for 2018 was decreased $8,273 to reflect the impact of the adoption of ASU 2016-01. See Note 18 for additional information. |
Note 12 - Reclassifications F_5
Note 12 - Reclassifications From Accumulated Other Comprehensive Income - Reclassifications From Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Gain/(loss) on marketable securities | $ 815 | $ 26 | $ (3,273) | $ (543) |
Total before tax | 13,457 | 5,064 | 53,658 | 10,939 |
Tax (provision) benefit | (4,012) | (1,730) | (2,336) | (3,375) |
Net income | 9,445 | 3,334 | 51,322 | 7,564 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Gain/(loss) on marketable securities | 26 | (543) | ||
Total before tax | 26 | (543) | ||
Tax (provision) benefit | (9) | 190 | ||
Net income | $ 17 | $ (353) |
Note 15 - Intangible Asset (Det
Note 15 - Intangible Asset (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | ||
Apr. 30, 2015 | Sep. 30, 2018 | Dec. 31, 2017 | |
Payments to Acquire Intangible Assets | $ 1,408 | ||
Intangible Assets, Net (Excluding Goodwill), Total | $ 1,408 | $ 1,408 |
Note 17 - Revenue Recognition 1
Note 17 - Revenue Recognition 1 (Details Textual) - USD ($) | Jan. 01, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Contract with Customer, Liability, Current | $ 17,143,000 | $ 18,155,000 | $ 21,013,000 | |
Inventory, Net, Total | 48,005,000 | $ 43,754,000 | ||
Contract with Customer, Asset, Net, Total | 0 | |||
Revenue, Remaining Performance Obligation, Amount | $ 17,143 | |||
Minimum [Member] | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | |||
Maximum [Member] | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 5 years | |||
Accounting Standards Update 2014-09 [Member] | ||||
Cumulative Effect on Retained Earnings, before Tax | $ (6,900,000) | |||
Cumulative Effect on Retained Earnings, Net of Tax, Total | (5,178,000) | |||
Contract with Customer, Liability, Current | 3,251,000 | |||
Contract with Customer, Liability, Noncurrent | 3,293,000 | |||
Inventory, Net, Total | $ (356,000) |
Note 17 - Revenue Recognition 2
Note 17 - Revenue Recognition 2 (Details Textual) | Sep. 30, 2018 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-10-01 | |
Revenue, Remaining Performance Obligation, Percentage | 40.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | |
Revenue, Remaining Performance Obligation, Percentage | 60.00% |
Note 17 - Revenue Recognition -
Note 17 - Revenue Recognition - Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2018 | Sep. 30, 2018 | |
Beginning balance | $ 1,110 | $ 505 |
Contract assets, additions | 656 | 2,417 |
Reductions | (1,110) | (2,266) |
Ending balance | 656 | 656 |
Contract liabilities, current | 18,155 | 21,013 |
Contract liabilities, additions | 474 | 932 |
Revenue recognized, current | (1,486) | (4,802) |
Contract liabilities, current | 17,143 | 17,143 |
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||
Contract liabilities, current | 13,098 | 14,469 |
Contract liabilities, additions | 310 | 768 |
Revenue recognized, current | (965) | (2,794) |
Contract liabilities, current | 12,443 | 12,443 |
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ||
Contract liabilities, current | 5,057 | 6,544 |
Contract liabilities, additions | 164 | 164 |
Revenue recognized, current | (521) | (2,008) |
Contract liabilities, current | $ 4,700 | $ 4,700 |
Note 17 - Revenue Recognition_2
Note 17 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | [1] | Sep. 30, 2018 | Sep. 30, 2017 | [1] | |
Revenue | $ 81,422 | $ 77,606 | $ 225,505 | $ 199,765 | ||
Revenue from non-contractual arrangements | 55 | 55 | 165 | 165 | ||
BTC rebate | (13,599) | |||||
Bill and Hold Revenue [Member] | ||||||
Revenue | 11,576 | 4,519 | 32,470 | 12,477 | ||
Non-bill and Hold Revenue [Member] | ||||||
Revenue | 69,846 | 73,087 | 193,035 | 187,288 | ||
Long-term Contract Revenue [Member] | ||||||
Revenue | 14,587 | 14,779 | 47,745 | 40,706 | ||
Short-term Contract Revenue [Member] | ||||||
Revenue | $ 66,780 | $ 62,772 | $ 191,194 | $ 158,894 | ||
[1] | Prior periods have not been adjusted under the modified retrospective method for Topic 606. |
Note 17 - Revenue Recognition_3
Note 17 - Revenue Recognition - Adoption of ASC 606 (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Jan. 01, 2018 | Dec. 31, 2017 | |||
Revenue | $ 81,422,000 | $ 77,606,000 | [1] | $ 225,505,000 | $ 199,765,000 | [1] | ||
Cost of goods sold | 61,559,000 | 146,916,000 | ||||||
Gross profit | 12,653,000 | 5,526,000 | 58,431,000 | 13,454,000 | ||||
Income from operations | 10,229,000 | 3,200,000 | 50,636,000 | 6,049,000 | ||||
Total before tax | 13,457,000 | 5,064,000 | 53,658,000 | 10,939,000 | ||||
Provision for income taxes | 4,012,000 | 1,730,000 | 2,336,000 | 3,375,000 | ||||
Net income | $ 9,445,000 | $ 3,334,000 | $ 51,322,000 | $ 7,564,000 | ||||
Basic earnings per share (in dollars per share) | $ 0.22 | $ 0.08 | $ 1.17 | $ 0.17 | ||||
Diluted earnings per share (in dollars per share) | $ 0.22 | $ 0.08 | $ 1.17 | $ 0.17 | ||||
Comprehensive income | $ 9,424,000 | $ 3,987,000 | $ 51,286,000 | $ 12,176,000 | ||||
Accounts receivable | 18,942,000 | 18,942,000 | $ 21,973,000 | |||||
Inventory | 48,005,000 | 48,005,000 | 43,754,000 | |||||
Income tax receivable | 479,000 | 479,000 | 6,937,000 | |||||
Total current assets | 373,726,000 | 373,726,000 | 310,358,000 | |||||
Total assets | 483,205,000 | 483,205,000 | 425,563,000 | |||||
Accounts payable | 31,414,000 | 31,414,000 | 18,396,000 | |||||
Deferred revenue – short-term | 7,114,000 | 7,114,000 | 2,736,000 | |||||
Total current liabilities | 52,139,000 | 52,139,000 | 35,281,000 | |||||
Deferred revenue – long-term | 14,651,000 | 14,651,000 | 16,522,000 | |||||
Noncurrent deferred income tax liability | 17,430,000 | 17,430,000 | 21,049,000 | |||||
Total noncurrent liabilities | 33,218,000 | 33,218,000 | 38,686,000 | |||||
Total liabilities | 85,357,000 | 85,357,000 | 73,967,000 | |||||
Retained earnings | 115,611,000 | 115,611,000 | 61,195,000 | |||||
Total stockholders' equity | 397,848,000 | 397,848,000 | 351,596,000 | |||||
Total liabilities and stockholders' equity | 483,205,000 | 483,205,000 | $ 425,563,000 | |||||
Change in net income | 9,445,000 | 3,334,000 | 51,322,000 | 7,564,000 | ||||
Benefit for deferred income taxes | (3,609,000) | (1,303,000) | ||||||
Accounts receivable | 3,031,000 | 3,081,000 | ||||||
Inventory | (4,251,000) | 8,570,000 | ||||||
Income tax receivable | 6,458,000 | 5,546,000 | ||||||
Accounts payable | 13,018,000 | 1,425,000 | ||||||
Deferred revenue | (2,672,000) | (3,220,000) | ||||||
Net cash provided by operating activities | 79,169,000 | 36,440,000 | ||||||
Accounting Standards Update 2014-09 [Member] | ||||||||
Inventory | $ (356,000) | |||||||
Non-related Parties [Member] | ||||||||
Revenue | 80,588,000 | 77,106,000 | 223,184,000 | 198,726,000 | ||||
Cost of goods sold | 61,559,000 | $ 61,088,000 | 146,916,000 | $ 165,469,000 | ||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||||||||
Cost of goods sold | 61,879,000 | 146,823,000 | ||||||
Gross profit | 12,266,000 | 55,860,000 | ||||||
Income from operations | 9,842,000 | 48,065,000 | ||||||
Total before tax | 13,070,000 | 51,087,000 | ||||||
Provision for income taxes | 3,915,000 | 1,750,000 | ||||||
Net income | $ 9,155,000 | $ 49,337,000 | ||||||
Basic earnings per share (in dollars per share) | $ 0.21 | $ 1.13 | ||||||
Diluted earnings per share (in dollars per share) | $ 0.21 | $ 1.13 | ||||||
Comprehensive income | $ 9,134,000 | $ 49,301,000 | ||||||
Accounts receivable | 18,286,000 | 18,286,000 | ||||||
Inventory | 48,453,000 | 48,453,000 | ||||||
Income tax receivable | 519,000 | 519,000 | ||||||
Total current assets | 373,558,000 | 373,558,000 | ||||||
Total assets | 483,037,000 | 483,037,000 | ||||||
Accounts payable | 31,578,000 | 31,578,000 | ||||||
Deferred revenue – short-term | 2,690,000 | 2,690,000 | ||||||
Total current liabilities | 47,879,000 | 47,879,000 | ||||||
Deferred revenue – long-term | 14,375,000 | 14,375,000 | ||||||
Noncurrent deferred income tax liability | 18,605,000 | 18,605,000 | ||||||
Total noncurrent liabilities | 34,117,000 | 34,117,000 | ||||||
Total liabilities | 81,996,000 | 81,996,000 | ||||||
Retained earnings | 118,804,000 | 118,804,000 | ||||||
Total stockholders' equity | 401,041,000 | 401,041,000 | ||||||
Total liabilities and stockholders' equity | 483,037,000 | 483,037,000 | ||||||
Change in net income | 9,155,000 | 49,337,000 | ||||||
Benefit for deferred income taxes | (2,434,000) | |||||||
Accounts receivable | 3,687,000 | |||||||
Inventory | (4,699,000) | |||||||
Income tax receivable | 6,418,000 | |||||||
Accounts payable | 13,182,000 | |||||||
Deferred revenue | (2,194,000) | |||||||
Net cash provided by operating activities | 79,169,000 | |||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Non-related Parties [Member] | ||||||||
Revenue | 80,521,000 | 220,520,000 | ||||||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||||||||
Cost of goods sold | (320,000) | 93,000 | ||||||
Gross profit | 387,000 | 2,571,000 | ||||||
Income from operations | 387,000 | 2,571,000 | ||||||
Total before tax | 387,000 | 2,571,000 | ||||||
Provision for income taxes | 97,000 | 586,000 | ||||||
Net income | $ 290,000 | $ 1,985,000 | ||||||
Basic earnings per share (in dollars per share) | $ 0.01 | $ 0.04 | ||||||
Diluted earnings per share (in dollars per share) | $ 0.01 | $ 0.04 | ||||||
Comprehensive income | $ 290,000 | $ 1,985,000 | ||||||
Accounts receivable | 656,000 | 656,000 | ||||||
Inventory | (448,000) | (448,000) | ||||||
Income tax receivable | (40,000) | (40,000) | ||||||
Total current assets | 168,000 | 168,000 | ||||||
Total assets | 168,000 | 168,000 | ||||||
Accounts payable | (164,000) | (164,000) | ||||||
Deferred revenue – short-term | 4,424,000 | 4,424,000 | ||||||
Total current liabilities | 4,260,000 | 4,260,000 | ||||||
Deferred revenue – long-term | 276,000 | 276,000 | ||||||
Noncurrent deferred income tax liability | (1,175,000) | (1,175,000) | ||||||
Total noncurrent liabilities | (899,000) | (899,000) | ||||||
Total liabilities | 3,361,000 | 3,361,000 | ||||||
Retained earnings | (3,193,000) | (3,193,000) | ||||||
Total stockholders' equity | (3,193,000) | (3,193,000) | ||||||
Total liabilities and stockholders' equity | 168,000 | 168,000 | ||||||
Change in net income | 290,000 | 1,985,000 | ||||||
Benefit for deferred income taxes | (1,175,000) | |||||||
Accounts receivable | (656,000) | |||||||
Inventory | 448,000 | |||||||
Income tax receivable | 40,000 | |||||||
Accounts payable | (164,000) | |||||||
Deferred revenue | (478,000) | |||||||
Net cash provided by operating activities | ||||||||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Non-related Parties [Member] | Accounting Standards Update 2014-09 [Member] | ||||||||
Revenue | $ 67,000 | $ 2,664,000 | ||||||
[1] | Prior periods have not been adjusted under the modified retrospective method for Topic 606. |
Note 18 - Change in Accountin_3
Note 18 - Change in Accounting Principle (Details Textual) - Accounting Standards Update 2016-01 [Member] $ in Thousands | Jan. 01, 2018USD ($) |
Cumulative Effect on Retained Earnings, before Tax | $ 13,139 |
Cumulative Effect on Retained Earnings, Net of Tax, Total | $ 8,273 |
Note 18 - Change in Accountin_4
Note 18 - Change in Accounting Principle - Unrealized Gains and Losses on Equity Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | [1] | Sep. 30, 2018 | Sep. 30, 2017 | [1] | |
Net gains/(losses) recognized on equity securities | $ 815 | $ 26 | $ (3,273) | $ (543) | ||
Less: net gains/(losses) recognized during the period on equity securities sold during the period | 26 | 2,324 | (543) | |||
Unrealized gains/(losses) during the reporting period on equity securities held at the reporting date | $ 815 | $ (5,597) | ||||
[1] | Prior periods have not been adjusted under the modified retrospective method for Topic 321. |