Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 15, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001337298 | ||
Entity Registrant Name | FUTUREFUEL CORP. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 0-52577 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 20-3340900 | ||
Entity Address, Address Line One | 8235 Forsyth Blvd., Suite 400 | ||
Entity Address, City or Town | St Louis | ||
Entity Address, State or Province | MO | ||
Entity Address, Postal Zip Code | 63105 | ||
City Area Code | 314 | ||
Local Phone Number | 854-8352 | ||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | FF | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 302,740,842 | ||
Entity Common Stock, Shares Outstanding | 43,763,243 | ||
Auditor Name | RSM US LLP | ||
Auditor Location | St. Louis, Missouri | ||
Auditor Firm ID | 49 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and cash equivalents | $ 137,521 | $ 198,122 |
Accounts receivable, inclusive of the blenders' tax credit of $8,232 and $8,300, and net of allowances for bad debt of $67 and $63, respectively | 29,316 | 21,387 |
Accounts receivable – related parties | 58 | 1,426 |
Inventory | 26,920 | 33,889 |
Income tax receivable | 9,760 | 17,668 |
Prepaid expenses | 3,588 | 3,967 |
Prepaid expenses – related parties | 4 | 0 |
Marketable securities | 47,190 | 64,404 |
Other current assets | 1,476 | 1,742 |
Total current assets | 255,833 | 342,605 |
Property, plant and equipment, net | 82,901 | 91,544 |
Intangible assets | 0 | 1,408 |
Other assets | 5,596 | 5,747 |
Total noncurrent assets | 88,497 | 98,699 |
Total Assets | 344,330 | 441,304 |
Liabilities and Stockholders’ Equity | ||
Accounts payable, inclusive of the blenders' tax credit rebates due customers of $890 and $1,116, respectively | 14,912 | 12,453 |
Accounts payable – related parties | 7,911 | 984 |
Deferred revenue – current | 6,151 | 3,976 |
Dividends payable | 0 | 10,498 |
Accrued expenses and other current liabilities | 6,081 | 5,077 |
Accrued expenses and other current liabilities – related parties | 1 | 0 |
Total current liabilities | 35,056 | 32,988 |
Deferred revenue – non-current | 16,755 | 21,861 |
Noncurrent deferred income tax liability | 1,870 | 12,332 |
Other noncurrent liabilities | 1,721 | 2,240 |
Total noncurrent liabilities | 20,346 | 36,433 |
Total liabilities | 55,402 | 69,421 |
Commitments and contingencies: | ||
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, none issued and outstanding | 0 | 0 |
Common stock, $0.0001 par value, 75,000,000 shares authorized, 43,763,243 and 43,743,243 issued and outstanding as of December 31, 2021 and 2020 | 4 | 4 |
Accumulated other comprehensive income | 178 | 208 |
Additional paid in capital | 282,443 | 282,215 |
Retained earnings | 6,303 | 89,456 |
Total stockholders’ equity | 288,928 | 371,883 |
Total Liabilities and Stockholders’ Equity | $ 344,330 | $ 441,304 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Allowance for bad debt | $ 67 | $ 63 |
Accounts receivable, tax credit | 8,232 | 8,300 |
Accounts payable, Blenders' Tax Credit Rebates | $ 890 | $ 1,116 |
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) | 43,763,243 | 43,743,243 |
Common stock, shares outstanding (in shares) | 43,763,243 | 43,743,243 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue | $ 321,386 | $ 204,505 | $ 205,226 |
Gross profit | 23,537 | 31,307 | 74,139 |
Selling, general, and administrative expenses | |||
Compensation expense | 2,586 | 2,760 | 3,028 |
Other expense | 3,920 | 2,600 | 1,904 |
Related party expense | 649 | 620 | 707 |
Research and development expenses | 3,484 | 2,988 | 3,191 |
Total operating expenses | 10,639 | 8,968 | 8,830 |
Income from operations | 12,898 | 22,339 | 65,309 |
Interest and dividend income | 3,119 | 5,648 | 10,050 |
Interest expense | (131) | (151) | (173) |
(Loss) gain on marketable securities | (70) | (4,375) | 4,619 |
Other income (expense) | 114 | 8,317 | (10) |
Other income | 3,032 | 9,439 | 14,486 |
Income before income taxes | 15,930 | 31,778 | 79,795 |
Income tax benefit | (10,325) | (14,786) | (8,386) |
Net income | $ 26,255 | $ 46,564 | $ 88,181 |
Earnings per common share | |||
Basic (in dollars per share) | $ 0.60 | $ 1.06 | $ 2.02 |
Diluted (in dollars per share) | $ 0.60 | $ 1.06 | $ 2.02 |
Weighted average shares outstanding | |||
Basic (in shares) | 43,756,065 | 43,743,243 | 43,743,243 |
Diluted (in shares) | 43,756,113 | 43,744,150 | 43,744,676 |
Net income | $ 26,255 | $ 46,564 | $ 88,181 |
Other comprehensive (loss) income from unrealized net (losses) gains on available-for- sale debt securities | (38) | (111) | 400 |
Income tax effect | 8 | 23 | (84) |
Total unrealized (losses) gains, net of tax | (30) | (88) | 316 |
Comprehensive income | 26,225 | 46,476 | 88,497 |
Non-related Parties [Member] | |||
Revenue | 320,125 | 202,529 | 202,048 |
Cost of goods sold | 274,293 | 158,730 | 107,028 |
Non-related Parties [Member] | Shipping and Handling [Member] | |||
Cost of goods sold | 6,787 | 7,401 | 6,933 |
Related Parties [Member] | |||
Revenue | 1,261 | 1,976 | 3,178 |
Cost of goods sold | 16,593 | 6,890 | 16,945 |
Related Parties [Member] | Shipping and Handling [Member] | |||
Cost of goods sold | $ 176 | $ 177 | $ 181 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Cash flows from operating activities | |||
Net income | $ 26,255 | $ 46,564 | $ 88,181 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 10,452 | 11,150 | 12,087 |
Amortization of deferred financing costs | 95 | 108 | 144 |
Benefit for deferred income taxes | (10,454) | (610) | (5,145) |
Change in fair value of equity securities | 904 | 246 | (6,281) |
Change in fair value of derivative instruments | 609 | (390) | (30) |
(Gain) loss on the sale of investments | (834) | 4,129 | 1,662 |
Stock based compensation | 0 | 49 | 21 |
Loss (gain) on disposal of property and equipment | 11 | 31 | (11) |
Impairment of intangible asset | 1,315 | 0 | 0 |
Noncash interest expense | 32 | 43 | 29 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (7,929) | 88,865 | (93,970) |
Accounts receivable – related parties | 1,368 | 3,176 | (2,758) |
Inventory | 6,969 | 3,684 | 1,723 |
Income tax receivable | 7,908 | (9,606) | (1,204) |
Prepaid expenses | 379 | (2,035) | (165) |
Prepaid expenses – related party | (4) | 12 | 0 |
Other assets | 732 | 658 | 206 |
Accounts payable | 2,095 | (48,639) | 41,453 |
Accounts payable - related parties | 6,927 | (271) | (434) |
Accrued expenses and other current liabilities | 870 | 456 | 1,087 |
Accrued expenses and other current liabilities – related parties | 1 | (64) | 64 |
Deferred revenue | (2,931) | (691) | 1,628 |
Other noncurrent liabilities | (686) | (462) | (3,649) |
Net cash provided by operating activities | 44,084 | 96,403 | 34,638 |
Cash flows from investing activities | |||
Collateralization of derivative instruments | (750) | 158 | (111) |
Purchase of marketable securities | (23,546) | (5,073) | (20,131) |
Proceeds from the sale of marketable securities | 40,652 | 9,803 | 31,419 |
Proceeds from the sale of property and equipment | 0 | 50 | 13 |
Proceeds from the sale of intangible assets | 93 | 0 | 0 |
Capital expenditures | (1,456) | (4,464) | (6,971) |
Net cash provided by investing activities | 14,993 | 474 | 4,219 |
Cash flows from financing activities | |||
Loan proceeds | 0 | 8,180 | 0 |
Payment on loan | 0 | (8,180) | 0 |
Minimum tax withholding on stock options exercised | (3) | 0 | 0 |
Deferred financing costs | 0 | (477) | 0 |
Proceeds from the issuance of stock | 231 | 0 | 0 |
Equipment financing proceeds | 0 | 119 | 0 |
Payment of dividends | (119,906) | (141,728) | (10,498) |
Net cash used in financing activities | (119,678) | (142,086) | (10,498) |
Net change in cash and cash equivalents | (60,601) | (45,209) | 28,359 |
Cash and cash equivalents at beginning of period | 198,122 | 243,331 | 214,972 |
Cash and cash equivalents at end of period | 137,521 | 198,122 | 243,331 |
Cash paid for interest | 47 | 2 | 0 |
Cash paid for income taxes | 83 | 661 | 2,372 |
Noncash investing and financing activities: | |||
Noncash capital expenditures | 364 | 0 | 207 |
Noncash operating leases | 269 | 442 | 432 |
Noncash items incurred for dividends | $ 0 | $ 10,498 | $ 10,498 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Common Stock [Member] | AOCI Attributable to Parent [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2018 | 43,743,243 | |||||||||||
Balance at Dec. 31, 2018 | $ 4 | $ (20) | $ 282,145 | $ 106,949 | $ 389,078 | |||||||
Dividends | (10,498) | (10,498) | ||||||||||
Stock based compensation | 21 | 21 | ||||||||||
Other comprehensive income | 316 | 316 | ||||||||||
Net income | 88,181 | 88,181 | ||||||||||
Balance (in shares) at Dec. 31, 2019 | 43,743,243 | |||||||||||
Balance at Dec. 31, 2019 | $ (12) | $ (12) | $ 4 | $ 296 | $ 282,166 | $ 184,620 | $ 467,086 | $ 4 | 296 | 282,166 | 184,632 | 467,098 |
Dividends | (141,728) | (141,728) | ||||||||||
Stock based compensation | 49 | 49 | ||||||||||
Other comprehensive income | (88) | (88) | ||||||||||
Net income | 46,564 | 46,564 | ||||||||||
Balance (in shares) at Dec. 31, 2020 | 43,743,243 | |||||||||||
Balance at Dec. 31, 2020 | $ 4 | 208 | 282,215 | 89,456 | 371,883 | |||||||
Dividends | (109,408) | (109,408) | ||||||||||
Other comprehensive income | (30) | (30) | ||||||||||
Net income | 26,255 | 26,255 | ||||||||||
Proceeds from the issuance of stock (in shares) | 20,000 | |||||||||||
Proceeds from the issuance of stock | 231 | 231 | ||||||||||
Minimum tax withholding | (3) | (3) | ||||||||||
Balance (in shares) at Dec. 31, 2021 | 43,763,243 | |||||||||||
Balance at Dec. 31, 2021 | $ 4 | $ 178 | $ 282,443 | $ 6,303 | $ 288,928 |
Note 1 - Description of Busines
Note 1 - Description of Business and Operations | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1 Description of business and operations FutureFuel Corp. (the “Company”) is a Delaware corporation with its wholly owned subsidiaries, FutureFuel Chemical Company; FFC Grain, L.L.C.; FutureFuel Warehouse Company, L.L.C.; and Legacy Regional Transport, L.L.C. The Company’s sole operating facility is FutureFuel Chemical Company located in Batesville, Arkansas, a manufacturer of specialty and performance chemicals and biofuels. |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies and Basis of Presentation | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2 Significant accounting policies and basis of presentation Financial Presentation The consolidated financial statements of FutureFuel Corp. and subsidiaries are prepared in conformity with accounting principles generally accepted ("GAAP") in the United States and include amounts that are based upon management estimates and judgments which could differ from actual future results. Intercompany transactions and balances are eliminated in consolidation. Certain reclassifications were made to prior year amounts to conform to the 2021 Cash and cash equivalents Cash equivalents consist of highly liquid investments with original maturities of three may Accounts receivable, allowance for doubtful accounts, and credit risk Accounts receivable are recorded at the invoiced amount and only bear interest if outstanding beyond the agreed upon payment terms. The Company has established procedures to monitor credit risk and has not may The Company adopted ASU 2016 13, Financial Instruments - Credit Losses, Measurement of Credit Losses on Financial Instruments on January 1, 2020 not Customer concentrations For the twelve December 31, 2021, 2020, 2019, 2021, one 2020 2019, December 31, 2021 2020, No 10% 2021 2020. 2019, one 2019 not December 31, 2020 2020 2019, not December 31, 2019 2019 Inventory Inventories are valued at the lower of cost or market. The Company determines the cost of raw materials, work in process, and finished goods inventories by the last-in, first first first Derivative instruments The Company records all derivative instruments at fair value. Fair value is determined by using the closing prices of the derivative instruments on the New York Mercantile Exchange at the end of an accounting period. Changes in the fair value of derivative instruments are recognized at the end of each accounting period and recorded in the statement of income as a component of cost of goods sold. In order to manage commodity price risk caused by market fluctuations in biofuel prices, future purchases of feedstock used in biodiesel production, physical feedstock, finished product inventories attributed to the process, and other petroleum products purchased or sold, the Company may 815 20 25, Derivatives and Hedging no 2021 2020. Marketable securities Investments consist of marketable equity and debt securities stated at fair value. The debt securities are designated as available-for-sale securities at the time of purchase based upon the intended holding period. Gains and losses from the sale of marketable securities and the changes in the fair value of equity securities are recognized as “gains (losses) on marketable securities” as a component of other income (expense) in the consolidated statements of income and comprehensive income. The cost basis used for all marketable securities is specific identification. Changes in the fair value of debt securities are recognized in “accumulated other comprehensive income” on the consolidated balance sheets, unless the Company determines that an unrealized loss is other-than-temporary. If the Company determines that an unrealized loss is other-than-temporary, the Company recognizes the loss as a component of other income (expense). See Notes 7 8 Fair value measurements The Company records recurring and non-recurring financial assets and liabilities as well as all non-financial assets and liabilities subject to fair value measurement at the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. These fair value principles prioritize valuation inputs across three 1 2 3 Property, plant and equipment Property, plant, and equipment is carried at cost. Maintenance and repairs are charged to earnings; replacements and betterments are capitalized. When the Company retires or otherwise disposes of an asset, it removes the cost of such asset and related accumulated depreciation from the accounts. The Company records any profit and loss on retirement or other disposition in earnings. Depreciation expense is calculated based on historical cost and the estimated useful lives of the assets, generally using the straight-line method with the following useful lives: Building & building equipment (years) 20 – 39 Machinery and equipment (years) 3 – 33 Transportation equipment (years) 5 – 33 Other (years) 5 – 33 Intangible assets Intangible assets are carried at cost. Amortization expense for definite-lived intangible assets is generally determined using a straight-line method over the estimated useful life of the asset. Impairment of assets Long-lived tangible assets The Company evaluates the carrying value of long-lived tangible assets when events or changes in circumstances indicate that the carrying value may not not Indefinite-lived intangible assets Intangible assets with indefinite lives are not may not fourth not not no 2021, 10 Asset retirement obligations and environmental costs The Company establishes reserves for closure/post-closure costs associated with the environmental and other assets it maintains, which include, but are not Environmental costs are capitalized if they extend the life of the related property, increase its capacity, and/or mitigate or prevent future contamination. The cost of operating and maintaining environmental control facilities is charged to expense. Litigation The Company and its operations from time to time may Revenue recognition In accordance with ASC Topic 606, Revenue from Contracts with Customers 30 75 2 10 The Company applies the practical expedient and excludes the value of unsatisfied performance obligations for (i) contracts with an original expected length of one Revenue within the biofuel segment includes a reduction for customer rebate amounts from the retroactive reinstatement of the BTC passed in law in December 2019. 3 “RFS2” 1.5 No Taxes collected from customers remitted to governmental authorities were excluded from revenue. Shipping and handling fees related to sales transactions were billed to customers and recorded as sales revenue. Cost of goods sold and distribution Cost of goods sold consists of raw and packaging materials, direct manufacturing costs, depreciation, analytical lab costs, inbound freight, purchasing, and other indirect costs necessary to manufacture products. Biodiesel cost of goods sold also includes a credit for the one December 2019, 2018 2019, December 31, 2022. 3 Distribution expense includes outbound freight costs, depreciation of distribution equipment, and other indirect costs necessary to distribute product. Selling, general, and administrative expenses Selling, general, and administrative expenses include personnel costs associated with sales, marketing, and administration; legal and related costs; consulting and professional service fees; advertising expenses; and other similar costs. Research and development expenses Research and development expenses include direct salaries, depreciation of equipment, material expenditures, contractor fees, and other indirect costs. All costs identified as research and development costs are charged to expense when incurred. Comprehensive income Comprehensive income is comprised of net income and other comprehensive income (loss) (“OCI”). Comprehensive income comprises all changes in stockholders’ equity from transactions and other events and circumstances from non-owner sources. The Company’s OCI comprises unrealized gains and losses resulting from its investments in marketable debt securities classified as available-for-sale (see Note 7 Unrealized gains and losses are determined using the specific identification method and are classified in OCI. Income taxes The income tax (benefit) provision is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for (benefit from) income taxes represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax bases of the Company's assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not not The Company recognizes income tax positions that meet the more likely than not Recently adopted accounting standards In December 2019 , 2019 12, 740 January 1, 2021 Recently issued accounting pronouncements Reference Rate Reform (ASU No. 2020 04 In March 2020, January 1, 2020 December 31, 2022. may . |
Note 3 - Government Tax Credits
Note 3 - Government Tax Credits | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | 3 Government tax credits Reinstatement of the Biodiesel Blenders' Tax Credit and Small Agri-Biodiesel Producer Tax Credit The BTC provides a one 0.1% The Further Consolidated Appropriations Act of 2020 December 20, 2019, 2018 2019 December 31, 2022. 2019, 2019 2019 2019 2018, 2021 2020. 2021 2020 As part of each law from which the BTC mentioned above was reinstated, small agri-biodiesel producers with production capacity not 60 $0.10 first 15 2021, 2020, 2019 |
Note 4 - Revenue Recognition
Note 4 - Revenue Recognition | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 4 Revenue recognition The majority of 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. Certain of the Company’s custom chemical contracts within the chemical segment contain a material right, as defined by Topic 606, 30 606. Contract Assets and Liabilities: Contract assets consist of unbilled amounts resulting from revenue recognized through bill-and-hold arrangements. The contract assets for 2021 2020 one 2021 2020, 2021 2020, The following table provides the balances of receivables, contract assets, and contract liabilities from contracts with customers. Contract balances Contract Assets and Liabilities December 31, 2021 2020 Trade receivables, included in accounts receivable* $ 20,780 $ 12,279 Contract assets, included in accounts receivable 362 808 Contract liabilities, included in Deferred revenue - short-term 5,944 3,769 Contract liabilities, included in Deferred revenue - long-term 13,059 17,943 * Exclusive of the BTC of $8,232 and $8,300, respectively, and net of allowances for bad debt of $67 and $63, respectively, as of the dates noted. Transaction price allocated to the remaining performance obligations As of December 31, 2021, two five one five 2 Disaggregation of revenue - contractual and non-contractual Twelve months ended December 31, 2021 2020 Contract revenue from customers with > 1-year arrangement $ 25,918 $ 25,831 Contract revenue from customer with < 1-year arrangement 295,246 180,469 Revenue from non-contractual arrangements 222 222 BTC rebates - (2,017 ) Total revenue $ 321,386 $ 204,505 Timing of revenue Twelve months ended December 31, 2021 2020 Bill-and-hold revenue $ 34,695 $ 32,779 Non-bill-and-hold revenue 286,691 171,726 Total revenue $ 321,386 $ 204,505 Bill-and-hold transactions consisted of four 2021, two 2020, three 2019 not December 31, 2021, 2020, 2019, not December 31, 2021 2020, not not The Company’s revenues for the years ended December 31, 2021, 2020, 2019 Twelve months ended December 31: 2021 2020 2019 United States $ 320,148 $ 203,365 $ 203,470 All Foreign Countries 1,238 1,140 1,756 Total $ 321,386 $ 204,505 $ 205,226 For the years ended December 31, 2021, 2020, 2019, no 1% |
Note 5 - Inventory
Note 5 - Inventory | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 5 Inventory The carrying values of inventory were as follows as of December 31: 2021 2020 At average cost (approximates current cost) Finished goods $ 12,132 $ 15,452 Work in process 462 1,632 Raw and indirect materials 30,117 22,674 42,711 39,758 LIFO reserve (15,791 ) (5,869 ) Total inventory $ 26,920 $ 33,889 In 2021, 2020, 2020 |
Note 6 - Derivative Instruments
Note 6 - Derivative Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 6 Derivative instruments Realized and unrealized gains and losses on derivative instruments and changes in fair value of the derivative instruments are recorded in the consolidated statements of income as a component of cost of goods sold and amounted to a loss of $10,377, gain of $4,379, and a loss of $1,301 for the years ended December 31, 2021, 2020, 2019, The volumes and carrying values of the Company’s derivative instruments were as follows at December 31: Asset/ (Liability) 2021 2020 Contract Quantity Fair Value Contract Quantity Fair Value Regulated fixed price future commitments, included in other current assets (in thousand barrels) 142 $ (485 ) 250 $ 124 The margin account maintained with a broker to collateralize these derivative instruments carried an account balance of $1,684 and $933 at December 31, 2021 2020, |
Note 7 - Marketable Securities
Note 7 - Marketable Securities | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Cash, Cash Equivalents, and Marketable Securities [Text Block] | 7 Marketable securities At December 31, 2021 2020, The Company has designated the trust preferred securities as being available-for-sale. Accordingly, these securities were recorded at fair value of $3,902 and $3,940 at December 31, 2021 2020, For the years ended December 31, 2021, 2020, 2019, 321, gain o In 2021, 2020, 2019, As of December 31, 2021, 10 |
Note 8 - Fair Value Measurement
Note 8 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 8 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 the Company. Unobservable inputs are inputs that reflect the Company’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 Marketable securities and derivative instruments were fair value measurements using inputs considered as Level 1. no 2 3 |
Note 9 - Property, Plant, and E
Note 9 - Property, Plant, and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 9 Property, plant, and equipment Property, plant, and equipment consisted of the following at December 31: 2021 2020 Land and land improvements $ 5,924 $ 5,924 Buildings and building equipment 27,229 27,187 Machinery and equipment 180,498 179,923 Construction in progress 1,024 256 Accumulated depreciation (131,774 ) (121,746 ) Total $ 82,901 $ 91,544 Depreciation expense totaled $10,452, $11,150, and $12,087 for the years ended December 31, 2021, 2020, 2019, |
Note 10 - Intangible Assets
Note 10 - Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 10 Intangible assets In April 2015, no April 2021, $0. December 31, 2021 2020, |
Note 11 - Other Assets
Note 11 - Other Assets | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | 11 Other assets Other assets primarily comprise supplies and parts which are not twelve December 31, 2021 2020, |
Note 12 - Accrued Expenses and
Note 12 - Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | 12 Accrued expenses and other current liabilities Accrued expenses and other current liabilities consisted of the following at December 31: 2021 2020 Accrued employee liabilities $ 3,347 $ 2,609 Accrued property, franchise, motor fuel and other taxes 1,912 1,730 Lease liability, current 644 491 Other 178 247 Total $ 6,081 $ 5,077 |
Note 13 - Borrowings
Note 13 - Borrowings | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 13 Borrowings On March 30, 2020, April 16, 2015 ( five $100,000, March 30, 2025. 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 1.00% 0.00% 0.15% ≥ 1.00:1.0 And < 1.50:1.0 1.25% 0.25% 0.15% ≥ 1.50:1.0 And < 1.50:1.0 1.50% 0.50% 0.20% ≥ 2.00:1.0 And < 1.50:1.0 1.75% 0.75% 0.20% ≥ 2.50:1.0 2.00% 1.00% 0.25% The terms of the Credit Facility contain certain negative covenants and conditions including a maximum consolidated leverage ratio and a minimum consolidated interest coverage ratio. There were no December 31, 2021 2020. On March 27, 2020, April 10, 2020 . May 5, 2020 . At December 31, 2021 2020, 3 |
Note 14 - Asset Retirement Obli
Note 14 - Asset Retirement Obligations and Environmental Reserves | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Asset Retirement Obligation Disclosure [Text Block] | 14 Asset retirement obligations and environmental reserves The Batesville plant generates hazardous and non-hazardous wastes, the treatment, storage, transportation, and disposal of which are regulated by various governmental agencies. In addition, the Batesville plant may December 31, 2021 2020, 2021 2020 $0 2021 2020. |
Note 15 - Lease Commitments and
Note 15 - Lease Commitments and Purchase Obligations | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 15 Lease commitments and purchase obligations The Company leases railcars under multi-year arrangements primarily for delivery of feedstock and biodiesel within its biofuels segment. The lease fees are fixed with no no no one two not Following are supplemental income statement and cash flow information related to leases. Twelve Months Ended December 31, 2021 2020 Operating lease expense $ 887 $ 841 Short-term lease expense $ 23 $ 106 Cash paid for operating leases $ 887 $ 841 Right of use assets obtained in exchange for lease obligations $ 269 $ 442 Weighted average discount rate, per annum 3.6 % 3.7 % On December 31, 2021 2020, Following are maturities of lease liabilities at December 31, 2021. 2022 $ 669 2023 294 2024 25 Total 988 Less: imputed interest (32 ) Present value of lease liabilities $ 956 Purchase obligations The Company has entered into contracts for the purchase of goods and services including contracts for feedstocks for biodiesel, expansion of the Company’s specialty chemicals segment, and related infrastructure with less than one The Company holds one 2022 $ 37 2023 - 2026 117 Total $ 154 |
Note 16 - Income Tax (Benefit)
Note 16 - Income Tax (Benefit) Provision | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 16 Income tax (benefit) provision The following table summarizes the income tax (benefit) provision for the years ended: 2021 2020 2019 Income before taxes - U.S. $ 15,930 $ 31,778 $ 79,795 Income tax provision: Federal Current 142 (14,234 ) (2,811 ) Deferred (10,417 ) 1,120 (4,006 ) State and other Current (13 ) 59 (430 ) Deferred (37 ) (1, 731 ) (1,139 ) Total $ (10,325 ) $ (14,786 ) $ (8,386 ) Differences between the income tax (benefit) provision computed using the U.S. federal statutory income tax rate were as follows: 2021 2020 2019 Amount computed using the statutory rate of 21% for 2021, 2020, and 2019 21.0 % 21.0 % 21.0 % Agri-biodiesel production credit (7.4 ) (3.7 ) (3.0 ) Federal BTC benefit (75.2 ) (38.7 ) (23.4 ) State BTC benefit (8.9 ) (3.8 ) (5.8 ) Credit for increasing research activities (0.7 ) (0.5 ) (0.2 ) Dividends received deduction (1.6 ) (0.9 ) (0.4 ) State income taxes, net 3.5 (0.5 ) 4.0 State research credits - (1.0 ) (0.9 ) Deferred state rate change 5.0 - (1.6 ) CARES Act - (17.4 ) - Other (0.5 ) (1.0 ) (0.2 ) Income tax (benefit) provision (64.8 )% (46.5 )% (10.5 )% The income tax benefit in 2021 2020 2019. On March 27, 2020, 116 136 December 31, 2017 January 1, 2021 100% 5 2020 2019 2020 35% 21% fourth 2020, January 2021, 2019. 2021; December 31, 2021. fourth 2021, 2020. None December 31, 2021. not On December 20, 2019 2018 2019 December 31, 2022, not The Company’s effective tax rates for the years 2021 2020 2019 2018 2019. 3 December 31, 2021, 2020, 2019. 2019 The Company’s 2021 2019 one 2021 2021 10. The significant components of deferred tax assets and liabilities were as follows as of December 31: 2021 2020 Deferred tax assets Compensation $ 427 $ 270 Inventory reserves 685 729 Self-insurance 100 64 Asset retirement obligation 314 291 Deferred revenue 5,295 5,021 Federal net operating loss carryforwards 5,428 - State net operating loss carryforwards 2,311 1,891 Accrued expenses 759 - Stock based compensation 14 23 Federal credit carryforwards 3,598 1,659 State credit carryforwards 676 680 Derivative instruments 102 - Capital loss carryforwards 1,084 1,225 Intangible asset impairment 168 - Total deferred tax assets 20,961 11,853 Deferred tax liabilities Available for sale securities (47 ) (56 ) LIFO inventory (2,589 ) (2,748 ) Depreciation (18,266 ) (19,309 ) Trading securities (1,090 ) (1,285 ) Prepaid expenses (839 ) (701 ) Derivative instruments - (26 ) Other - (60 ) Total deferred tax liabilities (22,831 ) (24,185 ) Net deferred tax liabilities $ (1,870 ) $ (12,332 ) The federal net operating loss carryforward as of December 31, 2021 2021 2016 2019 2021 2024 2028. Federal tax credit carryforwards include primarily the Small Agri-biodiesel Producer Credit generated in 2020 2021 2040 2041. 2019 2020, 2028 2029. Capital loss carryforwards were generated in 2019 2020 2024 2025. The following table summarizes the Company’s unrecognized tax positions. 2021 2020 2019 Balance at January 1 $ - $ - $ 2,804 Increases to tax positions taken in the current year - - - Increases to tax positions taken in a prior year - - - Decrease due to resolution of tax positions taken in a prior year - - (2,804 ) Balance at December 31 $ - $ - $ - The Company does not 12 The Company records interest expense (income) and penalties, net, as a component of income tax (benefit) provision and had accrued interest and penalties of ($60), $27, and ($557) for December 31, 2021, 2020, 2019, December 31, 2021 2020, The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and with various state jurisdictions. In general, the Company is subject to U.S., state, and local examinations by tax authorities from 2017 2018 2019 |
Note 17 - Earnings Per Share
Note 17 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 17 Earnings per share In the year ended December 31, 2021, 2020 2019, There were no December 31, 2021, 2020 2019. Basic and diluted earnings per common share were computed as follows: For the twelve months ended December 31: 2021 2020 2019 Numerator: Net income $ 26,255 $ 46,564 $ 88,181 Denominator: Weighted average shares outstanding – basic 43,756,065 43,743,243 43,743,243 Effect of dilutive securities: Stock options 48 907 1,433 Weighted average shares outstanding – diluted 43,756,113 43,744,150 43,744,676 Basic earnings per share $ 0.60 $ 1.06 $ 2.02 Diluted earnings per share $ 0.60 $ 1.06 $ 2.02 Certain options to purchase the Company’s common stock were not December 31, 2021, 2020 2019 |
Note 18 - Stock-based Compensat
Note 18 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 18 Stock-based compensation The Board of Directors of the Company adopted an omnibus incentive plan which was approved by the shareholders of the Company at its 2017 September 7, 2017 ( ● Encourage ownership in the Company by key personnel whose long-term employment with or engagement by the Company or its subsidiaries is considered essential to its continued progress and, thereby, encourage recipients to act in the Company’s shareholders’ interests and share in its success; ● Encourage such persons to remain in the Company’s employ or in the employ of its subsidiaries; and ● Provide incentives to persons who are not The Incentive Plan authorizes the Company to issue stock options (including incentive stock options and nonqualified stock options), stock awards, and stock appreciation rights. Eligible participants in the plan include: (i) members of the Company’s board of directors and its executive officers; (ii) regular, active employees of the Company and any of its subsidiaries; and (iii) persons engaged by the Company or any of its subsidiaries to render services to the Company or its subsidiaries as an advisor or consultant. Awards under the Incentive Plan are limited to shares of the Company’s common stock, which may The Incentive Plan became effective upon its approval by the Company’s shareholders on September 7, 2017 ten The Company recognizes compensation expense in its financial statements for stock-based options based upon the grant-date fair value over the requisite service period. No stock awards were issued in 2021, 2020 2019. No stock options were granted under the Incentive Plan in 2021. January 2020 September 2019, 2020 January 2025. 2019 September 2024. 2020 2019, All of the options exercised in 2021 2020 2019. The assumptions used in the determination of the fair value of the options granted are provided in the following table: Assumptions 2021 Options January 2020 Options September 2019 Options Expected volatility rate n/a 31.53 % 31.28 % Expected dividend yield n/a 2.08 % 1.99 % Risk-free interest rate n/a 1.6 % 1.71 % Expected forfeiture rate n/a 0.00 % 0.00 % Expected term in years n/a 2.5 2.6 The volatility rate for the options granted in 2020 2019 The expected dividend yield is calculated using the Company’s expected dividend amount at the date of the option grant over the expected term divided by the fair market value of the Company’s common stock. For the years ended December 31, 2021, 2020, 2019, $0, December 31, 2020 2019, December 31, 2021 2020, A summary of the activity of the Company’s stock options and awards for the period beginning January 1, 2019 December 31, 2021 Weighted Average Options Exercise Price Outstanding at January 1, 2019 40,000 $ 14.55 Granted 10,000 $ 12.07 Exercised - $ - Canceled, forfeited, or expired - $ - Outstanding at December 31, 2019 50,000 $ 14.05 Granted 24,000 $ 11.56 Exercised - $ - Canceled, forfeited, or expired (30,000 ) $ 13.99 Outstanding at December 31, 2020 44,000 $ 12.73 Granted - $ - Exercised (20,000 ) $ 11.56 Canceled, forfeited, or expired - $ - Outstanding at December 31, 2021 24,000 $ 13.71 There were 4,330,167 no further awards available under the Prior Plan at December 31, 2021. December 31, 2021. Options Outstanding Options Exercisable Weighted Number Average Weighted Number Weighted Outstanding at Remaining Average Exercisable at Average Exercise December 31, Contractual Exercise December 31, Exercise Price 2021 Life Price 2021 Price $ 16.21 10,000 1.81 $ 16.21 10,000 $ 16.21 $ 12.07 10,000 2.71 $ 12.07 10,000 $ 12.07 $ 11.56 4,000 3.06 $ 11.56 4,000 $ 11.56 24,000 2.39 $ 13.71 24,000 $ 13.71 The aggregate intrinsic values of total options outstanding and exercisable at December 31, 2021 2020 December 31, 2021 2020, |
Note 19 - Stockholders' Equity
Note 19 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 19 Stockholders’ equity Mr. Paul A. Novelly, executive chairman of the board, or his affiliates are entitled to demand that the Company register under the Securities Act of 1933, |
Note 20 - Employee Benefit Plan
Note 20 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 20 Employee benefit plans Defined contribution savings plan The Company currently offers its employees a company 401 December 31, 2021, 2020, 2019, |
Note 21 - Related Party Transac
Note 21 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 21 Related party transactions The Company enters into transactions with companies affiliated with or controlled by a director or significant stockholder. Revenues, expenses, accounts receivable, prepaid amounts, and unpaid amounts related to these transactions are captured on the consolidated financial statements as related party line items. These related party transactions are summarized in the following table and further described below. Related party balance sheet accounts 2021 2020 Accounts receivable Biodiesel, petrodiesel, blends and other petroleum products $ 58 $ 1,426 Total accounts receivable $ 58 $ 1,426 Prepaid expenses Administrative services and other $ 4 $ - Total prepaid expenses $ 4 $ - Accounts payable Natural gas and fuel purchases $ 7,900 $ 973 Travel and administrative services $ 11 $ 11 Total accounts payable $ 7,911 $ 984 Accrued liabilities Travel and administrative services $ 1 $ - Total accrued liabilities $ 1 $ - Related party income statement accounts For the years ended December 31: 2021 2020 2019 Revenues Biodiesel, petrodiesel, blends and other petroleum products $ 1,261 $ 1,976 $ 3,178 Total revenues $ 1,261 $ 1,976 $ 3,178 Cost of goods sold Biodiesel, petrodiesel, blends, and other petroleum products $ 5,233 $ 3,865 $ 12,647 Natural gas purchases 11,360 3,025 4,298 Total cost of goods sold $ 16,593 $ 6,890 $ 16,945 Distribution Distribution and related services $ 176 $ 177 $ 181 Total distribution $ 176 $ 177 $ 181 Selling, general and administrative expenses Commodity trading advisory fees $ 308 $ 308 $ 307 Travel and administrative services 221 192 280 Income tax, consulting services and other 120 120 120 Total selling, general, and administrative expenses $ 649 $ 620 $ 707 Biodiesel, petrodiesel, blends, and other petroleum products The Company enters into agreements to buy and sell biofuels (biodiesel, petrodiesel, biodiesel/petrodiesel blends, RINs, and biodiesel production byproducts) and other petroleum products, such as gasoline, with an affiliate from time to time. Such agreements are priced at the then-current market price of the product as determined from bids from other customers and/or market pricing services. Cost of goods sold related to these sales includes variable costs and allocated fixed costs. The revenue amounts presented in the table above result when the Company sells biodiesel, petrodiesel, blends, and other petroleum products to a related party regardless of who the material was purchased from. Likewise, cost of goods sold amounts result when biodiesel, petrodiesel, blends, and other petroleum products are purchased from a related party regardless of who the material was sold to. Natural gas purchases The Company uses natural gas to generate steam for its manufacturing process and to support certain of its air and waste treatment utilities. This natural gas is purchased through an affiliate provider of natural gas marketing services. Expenses related to these purchases include the cost of the natural gas only; transportation charges are paid to an independent third 24, not Distribution and related services Distribution and related services comprise barge transportation and related unloading charges for petrodiesel that were arranged and paid for by an affiliate and subsequently rebilled to the Company. Additionally, the Company leases oil storage capacity from an affiliate under a storage and throughput agreement. This agreement provides for the storage of biodiesel, diesel or biodiesel/petrodiesel blends, methanol, and biodiesel feedstocks in above-ground storage tankage at designated facilities of the affiliate. Expenses related to this agreement include monthly lease charges, generally on a per-barrel basis, and associated heating, throughput, and other customary terminalling charges. Commodity trading advisory fees The Company entered into a commodity trading advisory agreement with an affiliate. Pursuant to the terms of this agreement, the affiliate provides advice to the Company concerning the purchase, sale, exchange, conversion, and/or hedging of commodities as requested from time to time. Travel and administrative services The Company reimburses an affiliate for legal, trading, travel and other administrative services incurred on its behalf. Such reimbursement is performed at cost with the affiliate realizing no Income tax and consulting services An affiliate provides professional services to the Company, primarily in the area of income tax preparation and consulting. The Company also receives certain finance and accounting expertise from this affiliate as requested. Expenses related to these services comprise an agreed quarterly fee plus reimbursement of expense, at cost and are reported as selling, general, and administrative expenses. |
Note 22 - Segment Information
Note 22 - Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 22 Segment information The Company has two reportable segments organized along similar product lines – chemicals and biofuels. The accounting policies of the segments are the same as those described in the summary of significant accounting policies in Note 2. Chemicals The Company’s chemicals segment manufactures diversified chemical products that are sold to third Biofuels The Company’s biofuels segment manufactures and markets biodiesel. Biodiesel revenues are generated through the sale of biodiesel to customers through the Company’s distribution network at the Batesville plant, through distribution facilities available at leased oil storage facilities, and through a network of remotely located tanks. Results of the biofuels business segment also reflect the sale of biodiesel blends with petrodiesel, petrodiesel with no Summary of business by segment Twelve months ended December 31, 2021 2020 2019 Revenue Custom chemicals $ 50,675 $ 63,894 $ 90,962 Performance chemicals 16,867 15,284 13,865 Chemicals revenue 67,542 79,178 104,827 Biofuels revenue 253,844 125,327 100,399 Total Revenue $ 321,386 $ 204,505 $ 205,226 Segment gross profit Chemicals $ 13,970 $ 25,518 $ 29,923 Biofuels 9,567 5,789 44,216 Total gross profit $ 23,537 $ 31,307 $ 74,139 Depreciation is allocated to segment cost of goods sold based on plant usage. The total assets and capital expenditures of the Company have not |
Note 23 - Quarterly Financial I
Note 23 - Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 23 Quarterly financial information (unaudited) Quarter 1st 2nd 3rd 4th 2021 Revenues $ 41,516 $ 74,118 $ 98,682 $ 107,070 Gross (loss) profit $ (10,736 ) $ (43 ) $ 8,192 $ 26,124 Net (loss) income $ (8,773 ) $ 3,481 $ 9,202 $ 22,345 Net income per common share: Basic $ (0.20 ) $ 0.08 $ 0.21 $ 0.51 Diluted $ (0.20 ) $ 0.08 $ 0.21 $ 0.51 2020 Revenues $ 53,082 $ 47,422 $ 54,138 $ 49,863 Gross profit $ 16,399 $ 911 $ 6,446 $ 7,551 Net income $ 19,043 $ 15,159 $ 6,890 $ 5,472 Net income per common share: Basic $ 0.44 $ 0.35 $ 0.16 $ 0.13 Diluted $ 0.44 $ 0.35 $ 0.16 $ 0.13 Earnings per share is computed independently for each of the quarters presented. Therefore, the sum of the quarterly amounts will not |
Note 24 - Legal Proceedings
Note 24 - Legal Proceedings | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 24 Legal proceedings The Company is not may not As a result of the extraordinary increase in natural gas prices in February 2021, February 2021 The natural gas expense was a component of Cost of goods sold-related parties in the Consolidated Statements of Operations and Comprehensive Income in the period ended December 31, 2021. 21, not During the twelve December 31, 2020, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Financial Presentation The consolidated financial statements of FutureFuel Corp. and subsidiaries are prepared in conformity with accounting principles generally accepted ("GAAP") in the United States and include amounts that are based upon management estimates and judgments which could differ from actual future results. Intercompany transactions and balances are eliminated in consolidation. Certain reclassifications were made to prior year amounts to conform to the 2021 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents Cash equivalents consist of highly liquid investments with original maturities of three may |
Receivable [Policy Text Block] | Accounts receivable, allowance for doubtful accounts, and credit risk Accounts receivable are recorded at the invoiced amount and only bear interest if outstanding beyond the agreed upon payment terms. The Company has established procedures to monitor credit risk and has not may The Company adopted ASU 2016 13, Financial Instruments - Credit Losses, Measurement of Credit Losses on Financial Instruments on January 1, 2020 not |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Customer concentrations For the twelve December 31, 2021, 2020, 2019, 2021, one 2020 2019, December 31, 2021 2020, No 10% 2021 2020. 2019, one 2019 not December 31, 2020 2020 2019, not December 31, 2019 2019 |
Inventory, Policy [Policy Text Block] | Inventory Inventories are valued at the lower of cost or market. The Company determines the cost of raw materials, work in process, and finished goods inventories by the last-in, first first first |
Derivatives, Policy [Policy Text Block] | Derivative instruments The Company records all derivative instruments at fair value. Fair value is determined by using the closing prices of the derivative instruments on the New York Mercantile Exchange at the end of an accounting period. Changes in the fair value of derivative instruments are recognized at the end of each accounting period and recorded in the statement of income as a component of cost of goods sold. In order to manage commodity price risk caused by market fluctuations in biofuel prices, future purchases of feedstock used in biodiesel production, physical feedstock, finished product inventories attributed to the process, and other petroleum products purchased or sold, the Company may 815 20 25, Derivatives and Hedging no 2021 2020. |
Marketable Securities, Policy [Policy Text Block] | Marketable securities Investments consist of marketable equity and debt securities stated at fair value. The debt securities are designated as available-for-sale securities at the time of purchase based upon the intended holding period. Gains and losses from the sale of marketable securities and the changes in the fair value of equity securities are recognized as “gains (losses) on marketable securities” as a component of other income (expense) in the consolidated statements of income and comprehensive income. The cost basis used for all marketable securities is specific identification. Changes in the fair value of debt securities are recognized in “accumulated other comprehensive income” on the consolidated balance sheets, unless the Company determines that an unrealized loss is other-than-temporary. If the Company determines that an unrealized loss is other-than-temporary, the Company recognizes the loss as a component of other income (expense). See Notes 7 8 |
Fair Value Measurement, Policy [Policy Text Block] | Fair value measurements The Company records recurring and non-recurring financial assets and liabilities as well as all non-financial assets and liabilities subject to fair value measurement at the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. These fair value principles prioritize valuation inputs across three 1 2 3 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, plant and equipment Property, plant, and equipment is carried at cost. Maintenance and repairs are charged to earnings; replacements and betterments are capitalized. When the Company retires or otherwise disposes of an asset, it removes the cost of such asset and related accumulated depreciation from the accounts. The Company records any profit and loss on retirement or other disposition in earnings. Depreciation expense is calculated based on historical cost and the estimated useful lives of the assets, generally using the straight-line method with the following useful lives: Building & building equipment (years) 20 – 39 Machinery and equipment (years) 3 – 33 Transportation equipment (years) 5 – 33 Other (years) 5 – 33 |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangible assets Intangible assets are carried at cost. Amortization expense for definite-lived intangible assets is generally determined using a straight-line method over the estimated useful life of the asset. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of assets Long-lived tangible assets The Company evaluates the carrying value of long-lived tangible assets when events or changes in circumstances indicate that the carrying value may not not Indefinite-lived intangible assets Intangible assets with indefinite lives are not may not fourth not not no 2021, 10 |
Asset Retirement Obligation [Policy Text Block] | Asset retirement obligations and environmental costs The Company establishes reserves for closure/post-closure costs associated with the environmental and other assets it maintains, which include, but are not Environmental costs are capitalized if they extend the life of the related property, increase its capacity, and/or mitigate or prevent future contamination. The cost of operating and maintaining environmental control facilities is charged to expense. |
Commitments and Contingencies, Policy [Policy Text Block] | Litigation The Company and its operations from time to time may |
Revenue from Contract with Customer [Policy Text Block] | Revenue recognition In accordance with ASC Topic 606, Revenue from Contracts with Customers 30 75 2 10 The Company applies the practical expedient and excludes the value of unsatisfied performance obligations for (i) contracts with an original expected length of one Revenue within the biofuel segment includes a reduction for customer rebate amounts from the retroactive reinstatement of the BTC passed in law in December 2019. 3 “RFS2” 1.5 No Taxes collected from customers remitted to governmental authorities were excluded from revenue. Shipping and handling fees related to sales transactions were billed to customers and recorded as sales revenue. |
Cost of Goods and Service [Policy Text Block] | Cost of goods sold and distribution Cost of goods sold consists of raw and packaging materials, direct manufacturing costs, depreciation, analytical lab costs, inbound freight, purchasing, and other indirect costs necessary to manufacture products. Biodiesel cost of goods sold also includes a credit for the one December 2019, 2018 2019, December 31, 2022. 3 Distribution expense includes outbound freight costs, depreciation of distribution equipment, and other indirect costs necessary to distribute product. |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Selling, general, and administrative expenses Selling, general, and administrative expenses include personnel costs associated with sales, marketing, and administration; legal and related costs; consulting and professional service fees; advertising expenses; and other similar costs. |
Research and Development Expense, Policy [Policy Text Block] | Research and development expenses Research and development expenses include direct salaries, depreciation of equipment, material expenditures, contractor fees, and other indirect costs. All costs identified as research and development costs are charged to expense when incurred. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive income Comprehensive income is comprised of net income and other comprehensive income (loss) (“OCI”). Comprehensive income comprises all changes in stockholders’ equity from transactions and other events and circumstances from non-owner sources. The Company’s OCI comprises unrealized gains and losses resulting from its investments in marketable debt securities classified as available-for-sale (see Note 7 Unrealized gains and losses are determined using the specific identification method and are classified in OCI. |
Income Tax, Policy [Policy Text Block] | Income taxes The income tax (benefit) provision is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for (benefit from) income taxes represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax bases of the Company's assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not not The Company recognizes income tax positions that meet the more likely than not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently adopted accounting standards In December 2019 , 2019 12, 740 January 1, 2021 Recently issued accounting pronouncements Reference Rate Reform (ASU No. 2020 04 In March 2020, January 1, 2020 December 31, 2022. may . |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies and Basis of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Property Plant And Equipment Estimated Useful Lives [Table Text Block] | Building & building equipment (years) 20 – 39 Machinery and equipment (years) 3 – 33 Transportation equipment (years) 5 – 33 Other (years) 5 – 33 |
Note 4 - Revenue Recognition (T
Note 4 - Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Contract Assets and Liabilities December 31, 2021 2020 Trade receivables, included in accounts receivable* $ 20,780 $ 12,279 Contract assets, included in accounts receivable 362 808 Contract liabilities, included in Deferred revenue - short-term 5,944 3,769 Contract liabilities, included in Deferred revenue - long-term 13,059 17,943 |
Disaggregation of Revenue [Table Text Block] | Disaggregation of revenue - contractual and non-contractual Twelve months ended December 31, 2021 2020 Contract revenue from customers with > 1-year arrangement $ 25,918 $ 25,831 Contract revenue from customer with < 1-year arrangement 295,246 180,469 Revenue from non-contractual arrangements 222 222 BTC rebates - (2,017 ) Total revenue $ 321,386 $ 204,505 Timing of revenue Twelve months ended December 31, 2021 2020 Bill-and-hold revenue $ 34,695 $ 32,779 Non-bill-and-hold revenue 286,691 171,726 Total revenue $ 321,386 $ 204,505 |
Revenue from External Customers by Geographic Areas [Table Text Block] | Twelve months ended December 31: 2021 2020 2019 United States $ 320,148 $ 203,365 $ 203,470 All Foreign Countries 1,238 1,140 1,756 Total $ 321,386 $ 204,505 $ 205,226 |
Note 5 - Inventory (Tables)
Note 5 - Inventory (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | 2021 2020 At average cost (approximates current cost) Finished goods $ 12,132 $ 15,452 Work in process 462 1,632 Raw and indirect materials 30,117 22,674 42,711 39,758 LIFO reserve (15,791 ) (5,869 ) Total inventory $ 26,920 $ 33,889 |
Note 6 - Derivative Instrumen_2
Note 6 - Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | Asset/ (Liability) 2021 2020 Contract Quantity Fair Value Contract Quantity Fair Value Regulated fixed price future commitments, included in other current assets (in thousand barrels) 142 $ (485 ) 250 $ 124 |
Note 9 - Property, Plant, and_2
Note 9 - Property, Plant, and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2021 2020 Land and land improvements $ 5,924 $ 5,924 Buildings and building equipment 27,229 27,187 Machinery and equipment 180,498 179,923 Construction in progress 1,024 256 Accumulated depreciation (131,774 ) (121,746 ) Total $ 82,901 $ 91,544 |
Note 12 - Accrued Expenses an_2
Note 12 - Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | 2021 2020 Accrued employee liabilities $ 3,347 $ 2,609 Accrued property, franchise, motor fuel and other taxes 1,912 1,730 Lease liability, current 644 491 Other 178 247 Total $ 6,081 $ 5,077 |
Note 13 - Borrowings (Tables)
Note 13 - Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 1.00% 0.00% 0.15% ≥ 1.00:1.0 And < 1.50:1.0 1.25% 0.25% 0.15% ≥ 1.50:1.0 And < 1.50:1.0 1.50% 0.50% 0.20% ≥ 2.00:1.0 And < 1.50:1.0 1.75% 0.75% 0.20% ≥ 2.50:1.0 2.00% 1.00% 0.25% |
Note 15 - Lease Commitments a_2
Note 15 - Lease Commitments and Purchase Obligations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Twelve Months Ended December 31, 2021 2020 Operating lease expense $ 887 $ 841 Short-term lease expense $ 23 $ 106 Cash paid for operating leases $ 887 $ 841 Right of use assets obtained in exchange for lease obligations $ 269 $ 442 Weighted average discount rate, per annum 3.6 % 3.7 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2022 $ 669 2023 294 2024 25 Total 988 Less: imputed interest (32 ) Present value of lease liabilities $ 956 |
Contractual Obligation, Fiscal Year Maturity [Table Text Block] | 2022 $ 37 2023 - 2026 117 Total $ 154 |
Note 16 - Income Tax (Benefit_2
Note 16 - Income Tax (Benefit) Provision (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2021 2020 2019 Income before taxes - U.S. $ 15,930 $ 31,778 $ 79,795 Income tax provision: Federal Current 142 (14,234 ) (2,811 ) Deferred (10,417 ) 1,120 (4,006 ) State and other Current (13 ) 59 (430 ) Deferred (37 ) (1, 731 ) (1,139 ) Total $ (10,325 ) $ (14,786 ) $ (8,386 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2021 2020 2019 Amount computed using the statutory rate of 21% for 2021, 2020, and 2019 21.0 % 21.0 % 21.0 % Agri-biodiesel production credit (7.4 ) (3.7 ) (3.0 ) Federal BTC benefit (75.2 ) (38.7 ) (23.4 ) State BTC benefit (8.9 ) (3.8 ) (5.8 ) Credit for increasing research activities (0.7 ) (0.5 ) (0.2 ) Dividends received deduction (1.6 ) (0.9 ) (0.4 ) State income taxes, net 3.5 (0.5 ) 4.0 State research credits - (1.0 ) (0.9 ) Deferred state rate change 5.0 - (1.6 ) CARES Act - (17.4 ) - Other (0.5 ) (1.0 ) (0.2 ) Income tax (benefit) provision (64.8 )% (46.5 )% (10.5 )% |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2021 2020 Deferred tax assets Compensation $ 427 $ 270 Inventory reserves 685 729 Self-insurance 100 64 Asset retirement obligation 314 291 Deferred revenue 5,295 5,021 Federal net operating loss carryforwards 5,428 - State net operating loss carryforwards 2,311 1,891 Accrued expenses 759 - Stock based compensation 14 23 Federal credit carryforwards 3,598 1,659 State credit carryforwards 676 680 Derivative instruments 102 - Capital loss carryforwards 1,084 1,225 Intangible asset impairment 168 - Total deferred tax assets 20,961 11,853 Deferred tax liabilities Available for sale securities (47 ) (56 ) LIFO inventory (2,589 ) (2,748 ) Depreciation (18,266 ) (19,309 ) Trading securities (1,090 ) (1,285 ) Prepaid expenses (839 ) (701 ) Derivative instruments - (26 ) Other - (60 ) Total deferred tax liabilities (22,831 ) (24,185 ) Net deferred tax liabilities $ (1,870 ) $ (12,332 ) |
Summary of Income Tax Contingencies [Table Text Block] | 2021 2020 2019 Balance at January 1 $ - $ - $ 2,804 Increases to tax positions taken in the current year - - - Increases to tax positions taken in a prior year - - - Decrease due to resolution of tax positions taken in a prior year - - (2,804 ) Balance at December 31 $ - $ - $ - |
Note 17 - Earnings Per Share (T
Note 17 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the twelve months ended December 31: 2021 2020 2019 Numerator: Net income $ 26,255 $ 46,564 $ 88,181 Denominator: Weighted average shares outstanding – basic 43,756,065 43,743,243 43,743,243 Effect of dilutive securities: Stock options 48 907 1,433 Weighted average shares outstanding – diluted 43,756,113 43,744,150 43,744,676 Basic earnings per share $ 0.60 $ 1.06 $ 2.02 Diluted earnings per share $ 0.60 $ 1.06 $ 2.02 |
Note 18 - Stock-based Compens_2
Note 18 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Assumptions 2021 Options January 2020 Options September 2019 Options Expected volatility rate n/a 31.53 % 31.28 % Expected dividend yield n/a 2.08 % 1.99 % Risk-free interest rate n/a 1.6 % 1.71 % Expected forfeiture rate n/a 0.00 % 0.00 % Expected term in years n/a 2.5 2.6 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Average Options Exercise Price Outstanding at January 1, 2019 40,000 $ 14.55 Granted 10,000 $ 12.07 Exercised - $ - Canceled, forfeited, or expired - $ - Outstanding at December 31, 2019 50,000 $ 14.05 Granted 24,000 $ 11.56 Exercised - $ - Canceled, forfeited, or expired (30,000 ) $ 13.99 Outstanding at December 31, 2020 44,000 $ 12.73 Granted - $ - Exercised (20,000 ) $ 11.56 Canceled, forfeited, or expired - $ - Outstanding at December 31, 2021 24,000 $ 13.71 |
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Options Outstanding Options Exercisable Weighted Number Average Weighted Number Weighted Outstanding at Remaining Average Exercisable at Average Exercise December 31, Contractual Exercise December 31, Exercise Price 2021 Life Price 2021 Price $ 16.21 10,000 1.81 $ 16.21 10,000 $ 16.21 $ 12.07 10,000 2.71 $ 12.07 10,000 $ 12.07 $ 11.56 4,000 3.06 $ 11.56 4,000 $ 11.56 24,000 2.39 $ 13.71 24,000 $ 13.71 |
Note 21 - Related Party Trans_2
Note 21 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | 2021 2020 Accounts receivable Biodiesel, petrodiesel, blends and other petroleum products $ 58 $ 1,426 Total accounts receivable $ 58 $ 1,426 Prepaid expenses Administrative services and other $ 4 $ - Total prepaid expenses $ 4 $ - Accounts payable Natural gas and fuel purchases $ 7,900 $ 973 Travel and administrative services $ 11 $ 11 Total accounts payable $ 7,911 $ 984 Accrued liabilities Travel and administrative services $ 1 $ - Total accrued liabilities $ 1 $ - |
Condensed Income Statement [Table Text Block] | For the years ended December 31: 2021 2020 2019 Revenues Biodiesel, petrodiesel, blends and other petroleum products $ 1,261 $ 1,976 $ 3,178 Total revenues $ 1,261 $ 1,976 $ 3,178 Cost of goods sold Biodiesel, petrodiesel, blends, and other petroleum products $ 5,233 $ 3,865 $ 12,647 Natural gas purchases 11,360 3,025 4,298 Total cost of goods sold $ 16,593 $ 6,890 $ 16,945 Distribution Distribution and related services $ 176 $ 177 $ 181 Total distribution $ 176 $ 177 $ 181 Selling, general and administrative expenses Commodity trading advisory fees $ 308 $ 308 $ 307 Travel and administrative services 221 192 280 Income tax, consulting services and other 120 120 120 Total selling, general, and administrative expenses $ 649 $ 620 $ 707 |
Note 22 - Segment Information (
Note 22 - Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Twelve months ended December 31, 2021 2020 2019 Revenue Custom chemicals $ 50,675 $ 63,894 $ 90,962 Performance chemicals 16,867 15,284 13,865 Chemicals revenue 67,542 79,178 104,827 Biofuels revenue 253,844 125,327 100,399 Total Revenue $ 321,386 $ 204,505 $ 205,226 Segment gross profit Chemicals $ 13,970 $ 25,518 $ 29,923 Biofuels 9,567 5,789 44,216 Total gross profit $ 23,537 $ 31,307 $ 74,139 |
Note 23 - Quarterly Financial_2
Note 23 - Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Quarter 1st 2nd 3rd 4th 2021 Revenues $ 41,516 $ 74,118 $ 98,682 $ 107,070 Gross (loss) profit $ (10,736 ) $ (43 ) $ 8,192 $ 26,124 Net (loss) income $ (8,773 ) $ 3,481 $ 9,202 $ 22,345 Net income per common share: Basic $ (0.20 ) $ 0.08 $ 0.21 $ 0.51 Diluted $ (0.20 ) $ 0.08 $ 0.21 $ 0.51 2020 Revenues $ 53,082 $ 47,422 $ 54,138 $ 49,863 Gross profit $ 16,399 $ 911 $ 6,446 $ 7,551 Net income $ 19,043 $ 15,159 $ 6,890 $ 5,472 Net income per common share: Basic $ 0.44 $ 0.35 $ 0.16 $ 0.13 Diluted $ 0.44 $ 0.35 $ 0.16 $ 0.13 |
Note 2 - Significant Accounti_3
Note 2 - Significant Accounting Policies and Basis of Presentation (Details Textual) $ in Thousands | 2 Months Ended | 3 Months Ended | 4 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021USD ($) | [1] | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | [1] | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Oct. 31, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 107,070 | $ 74,118 | $ 41,516 | $ 49,863 | $ 54,138 | $ 47,422 | $ 53,082 | $ 98,682 | $ 321,386 | $ 204,505 | $ 205,226 | ||
Environmental Assets [Member] | |||||||||||||
Property, Plant and Equipment, Useful Life (Year) | 27 years | ||||||||||||
Biodiesel [Member] | Three Customers [Member] | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 133,231 | ||||||||||||
Biodiesel [Member] | One Customer [Member] | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 25,460 | $ 22,351 | |||||||||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Chemicals [Member] | |||||||||||||
Number Of Major Customers | 0 | 0 | 1 | ||||||||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | One Customer [Member] | Chemicals [Member] | |||||||||||||
Concentration Risk, Percentage | 22.00% | ||||||||||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | One Product Contract [Member] | |||||||||||||
Concentration Risk, Percentage | 7.00% | 5.00% | |||||||||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | One Product Contract [Member] | Chemicals [Member] | |||||||||||||
Concentration Risk, Percentage | 17.00% | 10.00% | |||||||||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Biodiesel [Member] | |||||||||||||
Number Of Major Customers | 3 | ||||||||||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Biodiesel [Member] | Three Customers [Member] | |||||||||||||
Concentration Risk, Percentage | 41.00% | ||||||||||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Biodiesel [Member] | One Customer [Member] | |||||||||||||
Concentration Risk, Percentage | 12.00% | 11.00% | |||||||||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Chemicals [Member] | One Customer [Member] | |||||||||||||
Concentration Risk, Percentage | 11.00% | ||||||||||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Biodiesel [Member] | One Customer [Member] | |||||||||||||
Concentration Risk, Percentage | 28.00% | 2.00% | |||||||||||
Product Concentration Risk [Member] | Revenue Benchmark [Member] | Two Product Contract [Member] | |||||||||||||
Concentration Risk, Percentage | 7.00% | ||||||||||||
Product Concentration Risk [Member] | Revenue Benchmark [Member] | Two Product Contract [Member] | Chemicals [Member] | |||||||||||||
Concentration Risk, Percentage | 15.00% | ||||||||||||
[1] | The fourth quarter of 2019 includes the retroactive reinstatement of the BTC in revenue and gross profit (see Note 3 for further information). |
Note 2 - Significant Accounti_4
Note 2 - Significant Accounting Policies and Basis of Presentation - Estimated Useful Lives of Property, Plant, and Equipment (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Building and Building Improvements [Member] | Minimum [Member] | |
Estimated useful life (Year) | 20 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Estimated useful life (Year) | 39 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Estimated useful life (Year) | 3 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Estimated useful life (Year) | 33 years |
Transportation Equipment [Member] | Minimum [Member] | |
Estimated useful life (Year) | 5 years |
Transportation Equipment [Member] | Maximum [Member] | |
Estimated useful life (Year) | 33 years |
Other Capitalized Property Plant and Equipment [Member] | Minimum [Member] | |
Estimated useful life (Year) | 5 years |
Other Capitalized Property Plant and Equipment [Member] | Maximum [Member] | |
Estimated useful life (Year) | 33 years |
Note 3 - Government Tax Credi_2
Note 3 - Government Tax Credits (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Biodiesel Blenders Credit [Member] | |||
Benefit From Tax Credit, Pretax | $ 57,872 | ||
Biodiesel Blenders Credit [Member] | Tax Year 2019 [Member] | |||
Benefit From Tax Credit, Pretax | $ 26,571 | ||
Biodiesel Blenders Credit [Member] | Tax Year 2018 [Member] | |||
Benefit From Tax Credit, Pretax | $ 31,301 | ||
Small Agri Biodiesel Producers Credit [Member] | |||
Benefit From Tax Credit, Pretax | $ 1,500 |
Note 4 - Revenue Recognition 1
Note 4 - Revenue Recognition 1 (Details Textual) - USD ($) $ in Thousands | 2 Months Ended | 3 Months Ended | 4 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Oct. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Increase (Decrease) in Contract with Customer, Liability | $ (2,931) | $ (691) | $ 1,628 | ||||||||||
Contract with Customer, Liability, Revenue Recognized | 3,824 | 4,520 | |||||||||||
Accounts Receivable, Blenders' Tax Credit | $ 8,232 | $ 8,300 | 8,232 | 8,300 | |||||||||
Accounts Receivable, Allowance for Credit Loss, Ending Balance | 67 | 63 | 67 | 63 | |||||||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 107,070 | [1] | $ 74,118 | $ 41,516 | 49,863 | [1] | $ 54,138 | $ 47,422 | $ 53,082 | $ 98,682 | 321,386 | 204,505 | 205,226 |
Bill and Hold Arrangements [Member] | Four Customers [Member] | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 34,695 | ||||||||||||
Contract with Customer, Liability, Total | $ 3,154 | 3,154 | |||||||||||
Bill and Hold Arrangements [Member] | Two Customers [Member] | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 32,779 | ||||||||||||
Contract with Customer, Liability, Total | $ 2,628 | 2,628 | |||||||||||
Bill and Hold Arrangements [Member] | Three Customers [Member] | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 51,700 | ||||||||||||
Chemicals [Member] | |||||||||||||
Increase (Decrease) in Contract with Customer, Liability | $ 1,114 | $ 4,051 | |||||||||||
[1] | The fourth quarter of 2019 includes the retroactive reinstatement of the BTC in revenue and gross profit (see Note 3 for further information). |
Note 4 - Revenue Recognition 2
Note 4 - Revenue Recognition 2 (Details Textual) | Dec. 31, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | Minimum [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 2 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-12-31 | |
Revenue, Remaining Performance Obligation, Percentage | 69.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-12-31 | Minimum [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-12-31 | Maximum [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 5 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Amount | $ 19,003 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 12 months |
Revenue, Remaining Performance Obligation, Percentage | 31.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Maximum [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 5 years |
Note 4 - Revenue Recognition -
Note 4 - Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Trade receivables, included in accounts receivable* | [1] | $ 20,780 | $ 12,279 |
Contract assets, included in accounts receivable | 362 | 808 | |
Contract liabilities, included in Deferred revenue - short-term | 5,944 | 3,769 | |
Contract liabilities, included in Deferred revenue - long-term | $ 13,059 | $ 17,943 | |
[1] | Exclusive of the BTC of $12,679 and $8,300, respectively, and net of allowances for bad debt of $55 and $63, respectively, as of the dates noted. |
Note 4 - Revenue Recognition _2
Note 4 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 2 Months Ended | 3 Months Ended | 4 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | [1] | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | [1] | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Oct. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue | $ 107,070 | $ 74,118 | $ 41,516 | $ 49,863 | $ 54,138 | $ 47,422 | $ 53,082 | $ 98,682 | $ 321,386 | $ 204,505 | $ 205,226 | ||
Revenue from non-contractual arrangements | 222 | 222 | |||||||||||
BTC rebates | (2,017) | ||||||||||||
Bill and Hold Revenue [Member] | |||||||||||||
Revenue | 34,695 | 32,779 | |||||||||||
Non-bill and Hold Revenue [Member] | |||||||||||||
Revenue | 286,691 | 171,726 | |||||||||||
Long-term Contract Revenue [Member] | |||||||||||||
Revenue | 25,918 | 25,831 | |||||||||||
Short-term Contract Revenue [Member] | |||||||||||||
Revenue | $ 295,246 | $ 180,469 | |||||||||||
[1] | The fourth quarter of 2019 includes the retroactive reinstatement of the BTC in revenue and gross profit (see Note 3 for further information). |
Note 4 - Revenue Recognition _3
Note 4 - Revenue Recognition - Revenues Based Upon the Billing Addresses of Customers (Details) - USD ($) $ in Thousands | 2 Months Ended | 3 Months Ended | 4 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | [1] | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | [1] | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Oct. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue | $ 107,070 | $ 74,118 | $ 41,516 | $ 49,863 | $ 54,138 | $ 47,422 | $ 53,082 | $ 98,682 | $ 321,386 | $ 204,505 | $ 205,226 | ||
UNITED STATES | |||||||||||||
Revenue | 320,148 | 203,365 | 203,470 | ||||||||||
Non-US [Member] | |||||||||||||
Revenue | $ 1,238 | $ 1,140 | $ 1,756 | ||||||||||
[1] | The fourth quarter of 2019 includes the retroactive reinstatement of the BTC in revenue and gross profit (see Note 3 for further information). |
Note 5 - Inventory (Details Tex
Note 5 - Inventory (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Effect of LIFO Inventory Liquidation on Income | $ 3,836 | $ (424) |
Note 5 - Inventory - Carrying V
Note 5 - Inventory - Carrying Values of Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Finished goods | $ 12,132 | $ 15,452 |
Work in process | 462 | 1,632 |
Raw and indirect materials | 30,117 | 22,674 |
Inventory, gross | 42,711 | 39,758 |
LIFO reserve | (15,791) | (5,869) |
Total inventory | $ 26,920 | $ 33,889 |
Note 6 - Derivative Instrumen_3
Note 6 - Derivative Instruments (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2012 | |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net, Total | $ (10,377) | $ 4,379 | $ (1,301) | |
Restricted Cash and Cash Equivalents, Total | $ 933 | $ 1,684 |
Note 6 - Derivative Instrumen_4
Note 6 - Derivative Instruments - Carrying Value of Derivative Instruments (Details) - Future [Member] Pure in Thousands, $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Regulated fixed price future commitments, included in other current assets (in thousand barrels) | 142 | 250 |
Regulated fixed price future commitments, included in other current assets (in thousand barrels) | $ (485) | $ 124 |
Note 7 - Marketable Securities
Note 7 - Marketable Securities (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Marketable Securities, Total | $ 47,190 | $ 64,404 | |
Debt Securities, Available-for-sale, Total | 3,902 | 3,940 | |
Debt Securities, Available-for-sale, Unrealized Gain (Loss), Total | 226 | 264 | |
Equity Securities, FV-NI, Unrealized Gain (Loss), Total | (904) | (246) | $ 6,281 |
Debt Securities, Available-for-sale, Realized Gain (Loss), Total | 0 | $ 99 | $ 0 |
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 10 | 3,676 | ||
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10 | $ 3,902 |
Note 9 - Property, Plant, and_3
Note 9 - Property, Plant, and Equipment (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Depreciation, Total | $ 10,452 | $ 11,150 | $ 12,087 |
Note 9 - Property, Plant, and_4
Note 9 - Property, Plant, and Equipment - Property, Plant, and Equipment Summary (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Land and land improvements | $ 5,924 | $ 5,924 |
Buildings and building equipment | 27,229 | 27,187 |
Machinery and equipment | 180,498 | 179,923 |
Construction in progress | 1,024 | 256 |
Accumulated depreciation | (131,774) | (121,746) |
Total | $ 82,901 | $ 91,544 |
Note 10 - Intangible Assets (De
Note 10 - Intangible Assets (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Apr. 30, 2021 | Apr. 30, 2015 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Payments to Acquire Intangible Assets | $ 1,408 | ||||
Intangible Assets, Value, Decrease, Due to Sale | $ 93 | ||||
Impairment of Intangible Assets (Excluding Goodwill), Total | $ 1,315 | $ 0 | $ 0 | ||
Intangible Assets, Net (Excluding Goodwill), Total | 0 | $ 1,408 | |||
Other Expense [Member] | |||||
Impairment of Intangible Assets (Excluding Goodwill), Total | $ 1,315 |
Note 11 - Other Assets (Details
Note 11 - Other Assets (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other Assets, Noncurrent, Total | $ 5,596 | $ 5,747 |
Other Assets [Member] | ||
Other Assets, Noncurrent, Total | $ 4,425 | $ 4,127 |
Note 12 - Accrued Expenses an_3
Note 12 - Accrued Expenses and Other Current Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accrued employee liabilities | $ 3,347 | $ 2,609 |
Accrued property, franchise, motor fuel and other taxes | 1,912 | 1,730 |
Other | 178 | 247 |
Total | 6,081 | 5,077 |
Other Current Liabilities [Member] | ||
Lease liability, current | $ 644 | $ 491 |
Note 13 - Borrowings (Details T
Note 13 - Borrowings (Details Textual) - USD ($) $ in Thousands | Apr. 10, 2020 | Mar. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
Paycheck Protection Program, CARES Act [Member] | ||||
Proceeds from Issuance of Long-term Debt, Total | $ 8,180 | |||
Domestic Financing Company for Computer Technology [Member] | Secured Debt [Member] | ||||
Long-term Debt, Total | $ 86 | $ 119 | ||
Regions Bank and PNC Bank N.A. [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility, Expiration Period (Year) | 5 years | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 | |||
Line of Credit Facility Sublimit for Letters of Credit | 30,000 | |||
Line of Credit Facility Swingline Loans | 15,000 | |||
Line of Credit Facility, Increase (Decrease) in Maximum Borrowing Amount | $ 65,000 | |||
Debt Instrument, Increase (Decrease) in Stated Interest Rate | (0.25%) | |||
Long-term Line of Credit, Total | $ 0 | $ 0 |
Note 13 - Borrowings - Leverage
Note 13 - Borrowings - Leverage Ratio (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Leverage Ratio1 [Member] | |
Commitment Fee | 0.15% |
Leverage Ratio1 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Spread on variable rate | 1.00% |
Leverage Ratio1 [Member] | Base Rate [Member] | |
Spread on variable rate | 0.00% |
Leverage Ratio1 [Member] | Maximum [Member] | |
Leverage ratio | 1 |
Leverage Ratio 2 [Member] | |
Commitment Fee | 0.15% |
Leverage Ratio 2 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Spread on variable rate | 1.25% |
Leverage Ratio 2 [Member] | Base Rate [Member] | |
Spread on variable rate | 0.25% |
Leverage Ratio 2 [Member] | Maximum [Member] | |
Leverage ratio | 1.50 |
Leverage Ratio 2 [Member] | Minimum [Member] | |
Leverage ratio | 1 |
Leverage Ratio 3 [Member] | |
Commitment Fee | 0.20% |
Leverage Ratio 3 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Spread on variable rate | 1.50% |
Leverage Ratio 3 [Member] | Base Rate [Member] | |
Spread on variable rate | 0.50% |
Leverage Ratio 3 [Member] | Maximum [Member] | |
Leverage ratio | 2 |
Leverage Ratio 3 [Member] | Minimum [Member] | |
Leverage ratio | 1.50 |
Leverage Ratio 4 [Member] | |
Commitment Fee | 0.20% |
Leverage Ratio 4 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Spread on variable rate | 1.75% |
Leverage Ratio 4 [Member] | Base Rate [Member] | |
Spread on variable rate | 0.75% |
Leverage Ratio 4 [Member] | Maximum [Member] | |
Leverage ratio | 2.50 |
Leverage Ratio 4 [Member] | Minimum [Member] | |
Leverage ratio | 2 |
Leverage Ratio 5 [Member] | |
Commitment Fee | 0.25% |
Leverage Ratio 5 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Spread on variable rate | 2.00% |
Leverage Ratio 5 [Member] | Base Rate [Member] | |
Spread on variable rate | 1.00% |
Leverage Ratio 5 [Member] | Minimum [Member] | |
Leverage ratio | 2.50 |
Note 14 - Asset Retirement Ob_2
Note 14 - Asset Retirement Obligations and Environmental Reserves (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Asset Retirement Obligation, Ending Balance | $ 1,363 | $ 1,331 |
Asset Retirement Obligation, Accretion Expense | 32 | 43 |
Asset Retirement Obligation, Revision of Estimate | $ 0 | $ 0 |
Note 15 - Lease Commitments a_3
Note 15 - Lease Commitments and Purchase Obligations (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 1 year 8 months 12 days | |
Other Noncurrent Assets [Member] | ||
Operating Lease, Right-of-Use Asset | $ 956 | $ 1,311 |
Operating Lease, Liability, Current | 312 | 820 |
Other Current Liabilities [Member] | ||
Operating Lease, Liability, Current | $ 644 | $ 491 |
Minimum [Member] | ||
Lessee, Operating Lease, Remaining Lease Term (Year) | 1 year | |
Maximum [Member] | ||
Lessee, Operating Lease, Remaining Lease Term (Year) | 2 years |
Note 15 - Lease Commitments a_4
Note 15 - Lease Commitments and Purchase Obligations - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating lease expense | $ 887 | $ 841 | |
Short-term lease expense | 23 | 106 | |
Cash paid for operating leases | 887 | 841 | |
Noncash operating leases | $ 269 | $ 442 | $ 432 |
Weighted average discount rate, per annum | 3.60% | 3.70% |
Note 15 - Lease Commitments a_5
Note 15 - Lease Commitments and Purchase Obligations - Maturities of Lease Liabilities (Details) $ in Thousands | Dec. 31, 2021USD ($) |
2022 | $ 669 |
2023 | 294 |
2024 | 25 |
Total | 988 |
Less: imputed interest | (32) |
Other Current Liabilities and Other Noncurrent Liabilities [Member] | |
Present value of lease liabilities | $ 956 |
Note 15 - Lease Commitments a_6
Note 15 - Lease Commitments and Purchase Obligations - Payment Obligations (Details) $ in Thousands | Dec. 31, 2021USD ($) |
2022 | $ 37 |
2023 - 2026 | 117 |
Total | $ 154 |
Note 16 - Income Tax (Benefit_3
Note 16 - Income Tax (Benefit) Provision (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Jan. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Expense (Benefit), Total | $ (10,325) | $ (14,786) | $ (8,386) | |||
Effective Income Tax Rate Reconciliation, Percent, Total | (64.80%) | (46.50%) | (10.50%) | |||
Income Tax Examination, Refund Claim | $ 1,211 | $ 8,463 | $ 7,695 | |||
Proceeds from Income Tax Refunds | $ 7,695 | |||||
Income Taxes Receivable | $ 1,211 | $ 1,211 | ||||
Operating Loss Carryforward, Percent Limited to Taxable Income | 80.00% | 80.00% | ||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | $ (60) | $ 27 | $ (557) | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 0 | $ 0 | ||||
Open Tax Year | 2017 2018 2019 2020 2021 |
Note 16 - Income Tax (Benefit_4
Note 16 - Income Tax (Benefit) Provision - Summary of Provisions for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income before taxes - U.S. | $ 15,930 | $ 31,778 | $ 79,795 |
Current | 142 | (14,234) | (2,811) |
Deferred | (10,417) | 1,120 | (4,006) |
Current | (13) | 59 | (430) |
Deferred | (37) | (1,731) | (1,139) |
Total | $ (10,325) | $ (14,786) | $ (8,386) |
Note 16 - Income Tax (Benefit_5
Note 16 - Income Tax (Benefit) Provision - Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Amount computed using the statutory rate of 21% for 2021, 2020, and 2019 | 21.00% | 21.00% | 21.00% |
Agri-biodiesel production credit | (7.40%) | (3.70%) | (3.00%) |
Federal BTC benefit | (75.20%) | (38.70%) | (23.40%) |
State BTC benefit | (8.90%) | (3.80%) | (5.80%) |
Credit for increasing research activities | (0.70%) | (0.50%) | (0.20%) |
Dividends received deduction | (1.60%) | (0.90%) | (0.40%) |
State income taxes, net | 3.50% | (0.50%) | 4.00% |
State research credits | 0.00% | (1.00%) | (0.90%) |
Deferred state rate change | 5.00% | 0.00% | (1.60%) |
CARES Act | 0.00% | (17.40%) | 0.00% |
Other | (0.50%) | (1.00%) | (0.20%) |
Effective Income Tax Rate Reconciliation, Percent, Total | (64.80%) | (46.50%) | (10.50%) |
Note 16 - Income Tax (Benefit_6
Note 16 - Income Tax (Benefit) Provision - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Compensation | $ 427 | $ 270 |
Inventory reserves | 685 | 729 |
Self-insurance | 100 | 64 |
Asset retirement obligation | 314 | 291 |
Deferred revenue | 5,295 | 5,021 |
Federal net operating loss carryforwards | 5,428 | 0 |
State net operating loss carryforwards | 2,311 | 1,891 |
Accrued expenses | 759 | 0 |
Stock based compensation | 14 | 23 |
Federal credit carryforwards | 3,598 | 1,659 |
State credit carryforwards | 676 | 680 |
Derivative instruments | 102 | 0 |
Capital loss carryforwards | 1,084 | 1,225 |
Intangible asset impairment | 168 | 0 |
Total deferred tax assets | 20,961 | 11,853 |
Available for sale securities | (47) | (56) |
LIFO inventory | (2,589) | (2,748) |
Depreciation | (18,266) | (19,309) |
Trading securities | (1,090) | (1,285) |
Prepaid expenses | (839) | (701) |
Derivative instruments | 0 | (26) |
Other | 0 | (60) |
Total deferred tax liabilities | (22,831) | (24,185) |
Net deferred tax liabilities | $ (1,870) | $ (12,332) |
Note 16 - Income Tax (Benefit_7
Note 16 - Income Tax (Benefit) Provision - Unrecognized Tax Benefits Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Balance | $ 0 | $ 0 | $ 2,804 |
Increases to tax positions taken in the current year | 0 | 0 | 0 |
Increases to tax positions taken in a prior year | 0 | 0 | 0 |
Decrease due to resolution of tax positions taken in a prior year | 0 | 0 | (2,804) |
Balance | $ 0 | $ 0 | $ 0 |
Note 17 - Earnings Per Share (D
Note 17 - Earnings Per Share (Details Textual) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement, Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 28,953 | 43,500 | 35,000 |
Note 17 - Earnings Per Share -
Note 17 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 2 Months Ended | 3 Months Ended | 4 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | [1] | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | [1] | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Oct. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net income | $ 22,345 | $ 3,481 | $ (8,773) | $ 5,472 | $ 6,890 | $ 15,159 | $ 19,043 | $ 9,202 | $ 26,255 | $ 46,564 | $ 88,181 | ||
Weighted average shares outstanding – basic (in shares) | 43,756,065 | 43,743,243 | 43,743,243 | ||||||||||
Stock options (in shares) | 48 | 907 | 1,433 | ||||||||||
Weighted average shares outstanding – diluted (in shares) | 43,756,113 | 43,744,150 | 43,744,676 | ||||||||||
Basic (in dollars per share) | $ 0.51 | $ 0.08 | $ (0.20) | $ 0.13 | $ 0.16 | $ 0.35 | $ 0.44 | $ 0.21 | $ 0.60 | $ 1.06 | $ 2.02 | ||
Diluted (in dollars per share) | $ 0.51 | $ 0.08 | $ (0.20) | $ 0.13 | $ 0.16 | $ 0.35 | $ 0.44 | $ 0.21 | $ 0.60 | $ 1.06 | $ 2.02 | ||
[1] | The fourth quarter of 2019 includes the retroactive reinstatement of the BTC in revenue and gross profit (see Note 3 for further information). |
Note 18 - Stock-based Compens_3
Note 18 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Sep. 07, 2017 | Jan. 31, 2020 | Sep. 30, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum | 10.00% | |||||
Share Based Compensation Arrangement By Share Based Payment Award Award Term (Year) | 10 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period (in shares) | 0 | 0 | 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 24,000 | 10,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 2.05 | $ 2.24 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 20,000 | 0 | 0 | |||
Share-based Payment Arrangement, Expense | $ 0 | $ 49 | $ 21 | |||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 0 | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 4,330,167 | |||||
Restricted Stock [Member] | ||||||
Share-based Payment Arrangement, Expense, Tax Benefit | $ 0 | $ 34 | ||||
Prior Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 0 | |||||
New Members of Board of Directors [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 24,000 | 10,000 |
Note 18 - Stock-based Compens_4
Note 18 - Stock-based Compensation - Assumptions Used in the Determination of the Fair Value of the Options Granted (Details) | 1 Months Ended | |
Jan. 31, 2020 | Sep. 30, 2019 | |
September 2019 Options [Member] | ||
Expected volatility rate | 31.53% | |
Expected dividend yield | 2.08% | |
Risk-free interest rate | 1.60% | |
Expected forfeiture rate | 0.00% | |
Expected term in years (Year) | 2 years 6 months | |
October 2018 Options [Member] | ||
Expected volatility rate | 31.28% | |
Expected dividend yield | 1.99% | |
Risk-free interest rate | 1.71% | |
Expected forfeiture rate | 0.00% | |
Expected term in years (Year) | 2 years 7 months 6 days |
Note 18 - Stock Based Compensat
Note 18 - Stock Based Compensation - Stock Option Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Outstanding (in shares) | 44,000 | 50,000 | 40,000 |
Outstanding, weighted average exercise price (in dollars per share) | $ 12.73 | $ 14.05 | $ 14.55 |
Granted (in shares) | 0 | 24,000 | 10,000 |
Granted, weighted average exercise price (in dollars per share) | $ 11.56 | $ 12.07 | |
Canceled, forfeited, or expired (in shares) | (30,000) | ||
Canceled, forfeited, or expired, weighted average exercise price (in dollars per share) | $ 13.99 | ||
Exercised (in shares) | (20,000) | 0 | 0 |
Exercised, weighted average exercise price (in dollars per share) | $ 11.56 | ||
Outstanding (in shares) | 24,000 | 44,000 | 50,000 |
Outstanding, weighted average exercise price (in dollars per share) | $ 13.71 | $ 12.73 | $ 14.05 |
Note 18 - Stock-based Compens_5
Note 18 - Stock-based Compensation - Stock Options Activities, by Exercise Price Range (Details) | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Number outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 13.71 |
Number outstanding (in shares) | shares | 24,000 |
Number outstanding, weighted average remaining contractual life (Year) | 2 years 4 months 20 days |
Number exercisable (in shares) | shares | 24,000 |
Number exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 13.71 |
Price Range 1 [Member] | |
Number outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 16.21 |
Number outstanding (in shares) | shares | 10,000 |
Number outstanding, weighted average remaining contractual life (Year) | 1 year 9 months 21 days |
Number exercisable (in shares) | shares | 10,000 |
Number exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 16.21 |
Price Range 2 [Member] | |
Number outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 12.07 |
Number outstanding (in shares) | shares | 10,000 |
Number outstanding, weighted average remaining contractual life (Year) | 2 years 8 months 15 days |
Number exercisable (in shares) | shares | 10,000 |
Number exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 12.07 |
Price Range3 [Member] | |
Number outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 11.56 |
Number outstanding (in shares) | shares | 4,000 |
Number outstanding, weighted average remaining contractual life (Year) | 3 years 21 days |
Number exercisable (in shares) | shares | 4,000 |
Number exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 11.56 |
Note 19 - Stockholders' Equity
Note 19 - Stockholders' Equity (Details Textual) | Dec. 31, 2021shares |
Additional Shares Available for Trading if Exercise Registration Rights (in shares) | 17,725,100 |
Note 20 - Employee Benefit Pl_2
Note 20 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 6.00% | ||
Defined Contribution Plan, Cost | $ 1,770 | $ 1,906 | $ 1,771 |
Note 21 - Related Party Trans_3
Note 21 - Related Party Transactions - Related Party Balance Sheet Accounts (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts receivable – related parties | $ 58 | $ 1,426 |
Prepaid expenses – related parties | 4 | 0 |
Accounts payable – related parties | 7,911 | 984 |
Accrued liabilities, related parties | 1 | 0 |
Affiliated Entity [Member] | Administrative Servicesand Other [Member] | ||
Prepaid expenses – related parties | 4 | 0 |
Affiliated Entity [Member] | Travel and Administrative Services [Member] | ||
Accounts payable – related parties | 11 | 11 |
Accrued liabilities, related parties | 1 | 0 |
Affiliated Entity [Member] | Biodiesel [Member] | ||
Accounts receivable – related parties | 58 | 1,426 |
Affiliated Entity [Member] | Natural Gas Purchases [Member] | ||
Accounts payable – related parties | $ 7,900 | $ 973 |
Note 21 - Related Party Trans_4
Note 21 - Related Party Transactions - Related Party Income Statement Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | |||
Biodiesel, petrodiesel, blends and other petroleum products | $ 1,261 | $ 1,976 | $ 3,178 |
Cost of goods sold, related parties | 16,593 | 6,890 | 16,945 |
Distribution, related parties | 176 | 177 | 181 |
Selling, general, and administrative expenses, related parties | 649 | 620 | 707 |
Affiliated Entity [Member] | Biodeisel, Petrodiesel Blends, and Other Petroleum Products [Member] | |||
Revenues | |||
Biodiesel, petrodiesel, blends and other petroleum products | 1,261 | 1,976 | 3,178 |
Cost of goods sold, related parties | 5,233 | 3,865 | 12,647 |
Affiliated Entity [Member] | Natural Gas Purchases [Member] | |||
Revenues | |||
Cost of goods sold, related parties | 11,360 | 3,025 | 4,298 |
Affiliated Entity [Member] | Distribution Related [Member] | |||
Revenues | |||
Distribution, related parties | 176 | 177 | 181 |
Affiliated Entity [Member] | Commodity Trading Advisory Fees [Member] | |||
Revenues | |||
Selling, general, and administrative expenses, related parties | 308 | 308 | 307 |
Affiliated Entity [Member] | Travel and Administrative Services [Member] | |||
Revenues | |||
Selling, general, and administrative expenses, related parties | 221 | 192 | 280 |
Affiliated Entity [Member] | Income Tax Consulting Services and Other [Member] | |||
Revenues | |||
Cost of goods sold, related parties | $ 120 | $ 120 | $ 120 |
Note 22 - Segment Information_2
Note 22 - Segment Information (Details Textual) | 12 Months Ended |
Dec. 31, 2021 | |
Number of Reportable Segments | 2 |
Chemicals [Member] | |
Number of Reportable Segments | 2 |
Note 22 - Segment Information -
Note 22 - Segment Information - Summary of Business by Segment (Details) - USD ($) $ in Thousands | 2 Months Ended | 3 Months Ended | 4 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | [1] | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | [1] | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Oct. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 107,070 | $ 74,118 | $ 41,516 | $ 49,863 | $ 54,138 | $ 47,422 | $ 53,082 | $ 98,682 | $ 321,386 | $ 204,505 | $ 205,226 | ||
Gross profit | $ 26,124 | $ (43) | $ (10,736) | $ 7,551 | $ 6,446 | $ 911 | $ 16,399 | $ 8,192 | 23,537 | 31,307 | 74,139 | ||
Operating Segments [Member] | Chemicals [Member] | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 67,542 | 79,178 | 104,827 | ||||||||||
Gross profit | 13,970 | 25,518 | 29,923 | ||||||||||
Operating Segments [Member] | Chemicals [Member] | Custom Chemicals [Member] | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 50,675 | 63,894 | 90,962 | ||||||||||
Operating Segments [Member] | Chemicals [Member] | Performance Chemicals [Member] | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 16,867 | 15,284 | 13,865 | ||||||||||
Operating Segments [Member] | Biofuels [Member] | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 253,844 | 125,327 | 100,399 | ||||||||||
Gross profit | $ 9,567 | $ 5,789 | $ 44,216 | ||||||||||
[1] | The fourth quarter of 2019 includes the retroactive reinstatement of the BTC in revenue and gross profit (see Note 3 for further information). |
Note 23 - Quarterly Financial_3
Note 23 - Quarterly Financial Information (Unaudited) - Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 2 Months Ended | 3 Months Ended | 4 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | [1] | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | [1] | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Oct. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 107,070 | $ 74,118 | $ 41,516 | $ 49,863 | $ 54,138 | $ 47,422 | $ 53,082 | $ 98,682 | $ 321,386 | $ 204,505 | $ 205,226 | ||
Gross profit | 26,124 | (43) | (10,736) | 7,551 | 6,446 | 911 | 16,399 | 8,192 | 23,537 | 31,307 | 74,139 | ||
Net income | $ 22,345 | $ 3,481 | $ (8,773) | $ 5,472 | $ 6,890 | $ 15,159 | $ 19,043 | $ 9,202 | $ 26,255 | $ 46,564 | $ 88,181 | ||
Basic (in dollars per share) | $ 0.51 | $ 0.08 | $ (0.20) | $ 0.13 | $ 0.16 | $ 0.35 | $ 0.44 | $ 0.21 | $ 0.60 | $ 1.06 | $ 2.02 | ||
Diluted (in dollars per share) | $ 0.51 | $ 0.08 | $ (0.20) | $ 0.13 | $ 0.16 | $ 0.35 | $ 0.44 | $ 0.21 | $ 0.60 | $ 1.06 | $ 2.02 | ||
[1] | The fourth quarter of 2019 includes the retroactive reinstatement of the BTC in revenue and gross profit (see Note 3 for further information). |
Note 24 - Legal Proceedings (De
Note 24 - Legal Proceedings (Details Textual) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Nonoperating Income (Expense) [Member] | |
Legal Resolution of a Prior Year Contractual Matter, Accrual Amount | $ 8,350 |