gpre-20200331x10q
false--12-31Q1202000013094020001309402us-gaap:TreasuryStockMember2020-01-012020-03-310001309402us-gaap:RetainedEarningsMember2020-03-310001309402us-gaap:ParentMember2020-03-310001309402us-gaap:NoncontrollingInterestMember2020-03-310001309402us-gaap:AdditionalPaidInCapitalMember2020-03-310001309402us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-310001309402us-gaap:RetainedEarningsMember2019-12-310001309402us-gaap:ParentMember2019-12-310001309402us-gaap:NoncontrollingInterestMember2019-12-310001309402us-gaap:AdditionalPaidInCapitalMember2019-12-310001309402us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310001309402us-gaap:RetainedEarningsMember2019-03-310001309402us-gaap:ParentMember2019-03-310001309402us-gaap:NoncontrollingInterestMember2019-03-310001309402us-gaap:AdditionalPaidInCapitalMember2019-03-310001309402us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-03-310001309402us-gaap:RetainedEarningsMember2018-12-310001309402us-gaap:ParentMember2018-12-310001309402us-gaap:NoncontrollingInterestMember2018-12-310001309402us-gaap:AdditionalPaidInCapitalMember2018-12-310001309402us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-310001309402us-gaap:TreasuryStockMember2020-03-310001309402us-gaap:CommonStockMember2020-03-310001309402us-gaap:TreasuryStockMember2019-12-310001309402us-gaap:CommonStockMember2019-12-310001309402us-gaap:TreasuryStockMember2019-03-310001309402us-gaap:CommonStockMember2019-03-310001309402us-gaap:TreasuryStockMember2018-12-310001309402us-gaap:CommonStockMember2018-12-310001309402us-gaap:PerformanceSharesMember2018-12-3100013094022019-01-012019-12-310001309402gpre:GreenPlainsPartnersLp2015LongTermIncentivePlanMember2020-03-310001309402us-gaap:PerformanceSharesMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2020-03-310001309402us-gaap:PerformanceSharesMember2020-03-310001309402gpre:RestrictedStockAwardsAndDeferredStockUnitsMember2020-03-310001309402us-gaap:PerformanceSharesMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2020-03-180001309402us-gaap:PerformanceSharesMember2019-12-310001309402gpre:RestrictedStockAwardsAndDeferredStockUnitsMember2019-12-310001309402us-gaap:PerformanceSharesMember2020-01-012020-03-310001309402gpre:RestrictedStockAwardsAndDeferredStockUnitsMember2020-01-012020-03-310001309402gpre:PerformanceSharesPredeterminedRonaMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2020-01-012020-03-310001309402gpre:ScheduleOfVolumesOfOpenCommodityDerivativePositionsMember2020-01-012020-03-310001309402srt:ParentCompanyMemberus-gaap:LimitedPartnerMemberus-gaap:IPOMember2015-07-012015-07-010001309402srt:ParentCompanyMemberus-gaap:GeneralPartnerMemberus-gaap:IPOMember2015-07-012015-07-010001309402us-gaap:IntersegmentEliminationMembergpre:PartnershipSegmentMember2020-01-012020-03-310001309402us-gaap:IntersegmentEliminationMembergpre:EthanolProductionMember2020-01-012020-03-310001309402us-gaap:IntersegmentEliminationMembergpre:AgribusinessAndEnergyServicesMember2020-01-012020-03-310001309402us-gaap:ServiceMember2020-01-012020-03-310001309402us-gaap:ProductMember2020-01-012020-03-310001309402us-gaap:OperatingSegmentsMember2020-01-012020-03-310001309402gpre:CattleMemberus-gaap:SegmentDiscontinuedOperationsMembergpre:GreenPlainsCattleCompanyLlcMember2019-01-012019-03-310001309402us-gaap:IntersegmentEliminationMembergpre:PartnershipSegmentMember2019-01-012019-03-310001309402us-gaap:IntersegmentEliminationMembergpre:EthanolProductionMember2019-01-012019-03-310001309402us-gaap:IntersegmentEliminationMembergpre:AgribusinessAndEnergyServicesMember2019-01-012019-03-310001309402us-gaap:ServiceMember2019-01-012019-03-310001309402us-gaap:ProductMember2019-01-012019-03-310001309402us-gaap:OperatingSegmentsMember2019-01-012019-03-310001309402gpre:ServiceRevenuesMembergpre:PartnershipSegmentMember2020-01-012020-03-310001309402gpre:IntersegmentRevenuesMembergpre:PartnershipSegmentMember2020-01-012020-03-310001309402gpre:IntersegmentRevenuesMembergpre:EthanolProductionMember2020-01-012020-03-310001309402gpre:ServiceRevenuesMember2020-01-012020-03-310001309402gpre:ServiceRevenuesMembergpre:PartnershipSegmentMember2019-01-012019-03-310001309402gpre:IntersegmentRevenuesMembergpre:PartnershipSegmentMember2019-01-012019-03-310001309402gpre:IntersegmentRevenuesMembergpre:EthanolProductionMember2019-01-012019-03-310001309402gpre:ServiceRevenuesMember2019-01-012019-03-310001309402us-gaap:RetainedEarningsMember2020-01-012020-03-310001309402gpre:AircraftLeaseMembersrt:BoardOfDirectorsChairmanMember2019-01-012019-03-310001309402us-gaap:CommodityContractMember2020-01-012020-03-310001309402us-gaap:CommodityContractMember2019-01-012019-03-310001309402gpre:PartnershipSegmentMember2020-01-012020-03-310001309402gpre:PartnershipSegmentMember2019-01-012019-03-310001309402us-gaap:NoncontrollingInterestMember2020-01-012020-03-310001309402us-gaap:NoncontrollingInterestMember2019-01-012019-03-310001309402gpre:IndirectInterestByMr.EjnarKnudsenMembergpre:Mr.EjnarKnudsenMembergpre:GreenPlainsCattleMember2020-03-310001309402gpre:GreenPlainsGrainMembersrt:MinimumMemberus-gaap:RevolvingCreditFacilityMembergpre:AgribusinessAndEnergyServicesMember2020-01-012020-03-310001309402gpre:GreenPlainsGrainMembersrt:MaximumMemberus-gaap:RevolvingCreditFacilityMembergpre:AgribusinessAndEnergyServicesMember2020-01-012020-03-310001309402srt:MinimumMemberus-gaap:RevolvingCreditFacilityMembergpre:PartnershipSegmentMember2020-01-012020-03-310001309402srt:MaximumMemberus-gaap:RevolvingCreditFacilityMembergpre:PartnershipSegmentMember2020-01-012020-03-310001309402gpre:GreenPlainsTradeMembergpre:FirstInLastOutFiloCreditFacilityMembergpre:AgribusinessAndEnergyServicesMember2020-03-310001309402gpre:GreenPlainsTradeMembergpre:CreditFacilityMembergpre:AgribusinessAndEnergyServicesMember2020-03-310001309402gpre:GreenPlainsCommodityManagementMemberus-gaap:RevolvingCreditFacilityMembergpre:AgribusinessAndEnergyServicesMember2020-03-310001309402srt:MinimumMember2020-03-310001309402srt:MaximumMember2020-03-310001309402gpre:NetOperatingLoss2019Member2020-01-012020-03-310001309402gpre:OtherEquityMethodInvestmentsMember2019-01-012019-03-310001309402gpre:NlrEnergyLogisticsLlcMember2019-01-012019-03-310001309402us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310001309402gpre:PartnershipSegmentMember2020-03-310001309402gpre:PartnershipSegmentMember2019-12-310001309402gpre:EthanolProductionMember2019-12-310001309402gpre:NlrEnergyLogisticsLlcMember2019-12-310001309402gpre:NlrEnergyLogisticsLlcMember2020-03-310001309402gpre:OptimalAquaLlcMember2019-12-310001309402us-gaap:RetainedEarningsMember2019-01-012019-03-310001309402us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:SalesMember2020-01-012020-03-310001309402us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:CostOfSalesMember2020-01-012020-03-310001309402us-gaap:NondesignatedMember2020-01-012020-03-310001309402us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:SalesMember2019-01-012019-03-310001309402us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:CostOfSalesMember2019-01-012019-03-310001309402us-gaap:CommodityContractMemberus-gaap:NondesignatedMembergpre:NetIncomeFromDiscontinuedOperationsNetOfIncomeTaxesMember2019-01-012019-03-310001309402us-gaap:NondesignatedMember2019-01-012019-03-310001309402us-gaap:CommodityContractMemberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CostOfSalesMember2020-01-012020-03-310001309402us-gaap:CommodityContractMemberus-gaap:FairValueHedgingMemberus-gaap:CostOfSalesMember2020-01-012020-03-310001309402us-gaap:CommodityContractMemberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CostOfSalesMember2019-01-012019-03-310001309402us-gaap:CommodityContractMemberus-gaap:FairValueHedgingMemberus-gaap:CostOfSalesMember2019-01-012019-03-310001309402us-gaap:CostOfSalesMember2019-01-012019-03-310001309402us-gaap:SalesMember2020-01-012020-03-310001309402us-gaap:CostOfSalesMember2020-01-012020-03-310001309402gpre:NetIncomeFromDiscontinuedOperationsNetOfIncomeTaxesMember2019-01-012019-03-310001309402us-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2020-03-310001309402us-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2019-12-310001309402us-gaap:IntersegmentEliminationMembergpre:IntersegmentRevenuesMember2020-01-012020-03-310001309402gpre:ProductsAndServicesOtherMembergpre:EthanolProductionMember2020-01-012020-03-310001309402gpre:ProductsAndServicesOtherMembergpre:AgribusinessAndEnergyServicesMember2020-01-012020-03-310001309402gpre:IntersegmentRevenuesMembergpre:AgribusinessAndEnergyServicesMember2020-01-012020-03-310001309402gpre:GrainMembergpre:EthanolProductionMember2020-01-012020-03-310001309402gpre:GrainMembergpre:AgribusinessAndEnergyServicesMember2020-01-012020-03-310001309402gpre:EthanolMembergpre:EthanolProductionMember2020-01-012020-03-310001309402gpre:EthanolMembergpre:AgribusinessAndEnergyServicesMember2020-01-012020-03-310001309402gpre:DistillerGrainsMembergpre:EthanolProductionMember2020-01-012020-03-310001309402gpre:DistillerGrainsMembergpre:AgribusinessAndEnergyServicesMember2020-01-012020-03-310001309402gpre:CornOilMembergpre:EthanolProductionMember2020-01-012020-03-310001309402gpre:CornOilMembergpre:AgribusinessAndEnergyServicesMember2020-01-012020-03-310001309402gpre:ProductsAndServicesOtherMember2020-01-012020-03-310001309402gpre:GrainMember2020-01-012020-03-310001309402gpre:EthanolProductionMember2020-01-012020-03-310001309402gpre:EthanolMember2020-01-012020-03-310001309402gpre:DistillerGrainsMember2020-01-012020-03-310001309402gpre:CornOilMember2020-01-012020-03-310001309402gpre:AgribusinessAndEnergyServicesMember2020-01-012020-03-310001309402us-gaap:IntersegmentEliminationMembergpre:IntersegmentRevenuesMember2019-01-012019-03-310001309402gpre:ProductsAndServicesOtherMembergpre:EthanolProductionMember2019-01-012019-03-310001309402gpre:ProductsAndServicesOtherMembergpre:AgribusinessAndEnergyServicesMember2019-01-012019-03-310001309402gpre:IntersegmentRevenuesMembergpre:AgribusinessAndEnergyServicesMember2019-01-012019-03-310001309402gpre:GrainMembergpre:EthanolProductionMember2019-01-012019-03-310001309402gpre:GrainMembergpre:AgribusinessAndEnergyServicesMember2019-01-012019-03-310001309402gpre:EthanolMembergpre:EthanolProductionMember2019-01-012019-03-310001309402gpre:EthanolMembergpre:AgribusinessAndEnergyServicesMember2019-01-012019-03-310001309402gpre:DistillerGrainsMembergpre:EthanolProductionMember2019-01-012019-03-310001309402gpre:DistillerGrainsMembergpre:AgribusinessAndEnergyServicesMember2019-01-012019-03-310001309402gpre:CornOilMembergpre:FoodAndIngredientsMember2019-01-012019-03-310001309402gpre:CornOilMembergpre:EthanolProductionMember2019-01-012019-03-310001309402gpre:CornOilMembergpre:AgribusinessAndEnergyServicesMember2019-01-012019-03-310001309402gpre:ProductsAndServicesOtherMember2019-01-012019-03-310001309402gpre:GrainMember2019-01-012019-03-310001309402gpre:FoodAndIngredientsMember2019-01-012019-03-310001309402gpre:EthanolProductionMember2019-01-012019-03-310001309402gpre:EthanolMember2019-01-012019-03-310001309402gpre:DistillerGrainsMember2019-01-012019-03-310001309402gpre:CornOilMember2019-01-012019-03-310001309402gpre:AgribusinessAndEnergyServicesMember2019-01-012019-03-310001309402us-gaap:OperatingSegmentsMembergpre:PartnershipSegmentMember2020-01-012020-03-310001309402us-gaap:CorporateMember2020-01-012020-03-310001309402us-gaap:OperatingSegmentsMembergpre:PartnershipSegmentMember2019-01-012019-03-310001309402us-gaap:CorporateMember2019-01-012019-03-310001309402gpre:GreenPlainsCommodityManagementMemberus-gaap:RevolvingCreditFacilityMembergpre:AgribusinessAndEnergyServicesMember2020-01-012020-03-310001309402gpre:PartnershipSegmentMemberus-gaap:RevolvingCreditFacilityMember2020-01-012020-03-310001309402gpre:GreenPlainsTradeMembergpre:Revolver300.0MillionMember2020-03-310001309402gpre:GreenPlainsGrainMembergpre:Revolver100.0MillionMember2020-03-310001309402gpre:GreenPlainsGrainMembergpre:InventoryFinancing50.0MillionMember2020-03-310001309402gpre:GreenPlainsCommodityManagementMembergpre:HedgeLine30.0MillionMember2020-03-310001309402gpre:GreenPlainsTradeMembergpre:Revolver300.0MillionMember2019-12-310001309402gpre:GreenPlainsGrainMembergpre:Revolver100.0MillionMember2019-12-310001309402gpre:GreenPlainsGrainMembergpre:InventoryFinancing50.0MillionMember2019-12-310001309402gpre:GreenPlainsCommodityManagementMembergpre:HedgeLine30.0MillionMember2019-12-310001309402gpre:ConvertibleNotes4.125Due2022Memberus-gaap:ConvertibleNotesPayableMemberus-gaap:CorporateMember2020-03-310001309402gpre:PartnershipSegmentMemberus-gaap:RevolvingCreditFacilityMember2020-03-310001309402us-gaap:OtherDebtSecuritiesMember2020-03-310001309402gpre:FourPercentConvertibleNotesDue2024Memberus-gaap:ConvertibleNotesPayableMemberus-gaap:CorporateMember2019-12-310001309402gpre:ConvertibleNotes4.125Due2022Memberus-gaap:ConvertibleNotesPayableMemberus-gaap:CorporateMember2019-12-310001309402gpre:PartnershipSegmentMemberus-gaap:RevolvingCreditFacilityMember2019-12-310001309402us-gaap:OtherDebtSecuritiesMember2019-12-310001309402srt:MinimumMemberus-gaap:RevolvingCreditFacilityMembergpre:PartnershipSegmentMemberus-gaap:LondonInterbankOfferedRateLIBORMember2020-01-012020-03-310001309402srt:MinimumMemberus-gaap:RevolvingCreditFacilityMembergpre:PartnershipSegmentMemberus-gaap:BaseRateMember2020-01-012020-03-310001309402srt:MaximumMemberus-gaap:RevolvingCreditFacilityMembergpre:PartnershipSegmentMemberus-gaap:LondonInterbankOfferedRateLIBORMember2020-01-012020-03-310001309402srt:MaximumMemberus-gaap:RevolvingCreditFacilityMembergpre:PartnershipSegmentMemberus-gaap:BaseRateMember2020-01-012020-03-310001309402gpre:GreenPlainsTradeMembergpre:FirstInLastOutFiloCreditFacilityMembergpre:AgribusinessAndEnergyServicesMemberus-gaap:LondonInterbankOfferedRateLIBORMember2020-01-012020-03-310001309402gpre:GreenPlainsTradeMembergpre:CreditFacilityMembergpre:AgribusinessAndEnergyServicesMemberus-gaap:LondonInterbankOfferedRateLIBORMember2020-01-012020-03-310001309402gpre:GreenPlainsGrainMemberus-gaap:RevolvingCreditFacilityMembergpre:AgribusinessAndEnergyServicesMemberus-gaap:LondonInterbankOfferedRateLIBORMember2020-01-012020-03-310001309402gpre:GreenPlainsGrainMemberus-gaap:RevolvingCreditFacilityMembergpre:AgribusinessAndEnergyServicesMemberus-gaap:BaseRateMember2020-01-012020-03-310001309402gpre:GreenPlainsCommodityManagementMemberus-gaap:RevolvingCreditFacilityMembergpre:AgribusinessAndEnergyServicesMemberus-gaap:LondonInterbankOfferedRateLIBORMember2020-01-012020-03-310001309402us-gaap:CommodityContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310001309402us-gaap:OperatingSegmentsMembergpre:EthanolProductionMember2020-01-012020-03-310001309402us-gaap:OperatingSegmentsMembergpre:AgribusinessAndEnergyServicesMember2020-01-012020-03-310001309402us-gaap:IntersegmentEliminationMember2020-01-012020-03-310001309402us-gaap:OperatingSegmentsMembergpre:FoodAndIngredientsMember2019-01-012019-03-310001309402us-gaap:OperatingSegmentsMembergpre:EthanolProductionMember2019-01-012019-03-310001309402us-gaap:OperatingSegmentsMembergpre:AgribusinessAndEnergyServicesMember2019-01-012019-03-310001309402us-gaap:IntersegmentEliminationMember2019-01-012019-03-3100013094022018-12-3100013094022019-03-310001309402us-gaap:FairValueInputsLevel1Member2020-03-310001309402us-gaap:FairValueInputsLevel1Member2019-12-310001309402us-gaap:OperatingSegmentsMembergpre:PartnershipSegmentMember2020-03-310001309402us-gaap:OperatingSegmentsMembergpre:EthanolProductionMember2020-03-310001309402us-gaap:OperatingSegmentsMembergpre:AgribusinessAndEnergyServicesMember2020-03-310001309402us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-03-310001309402us-gaap:IntersegmentEliminationMember2020-03-310001309402us-gaap:CorporateNonSegmentMember2020-03-310001309402us-gaap:OperatingSegmentsMembergpre:PartnershipSegmentMember2019-12-310001309402us-gaap:OperatingSegmentsMembergpre:EthanolProductionMember2019-12-310001309402us-gaap:OperatingSegmentsMembergpre:AgribusinessAndEnergyServicesMember2019-12-310001309402us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2019-12-310001309402us-gaap:IntersegmentEliminationMember2019-12-310001309402us-gaap:CorporateNonSegmentMember2019-12-310001309402gpre:GreenPlainsCattleCompanyLlcMember2020-03-310001309402gpre:GreenPlainsCattleCompanyLlcMember2019-12-310001309402us-gaap:AdditionalPaidInCapitalMember2020-01-012020-03-310001309402gpre:AircraftLeaseMember2020-03-310001309402gpre:AircraftLeaseMember2019-12-310001309402us-gaap:CommonStockMember2020-01-012020-03-310001309402us-gaap:CommonStockMember2019-01-012019-03-310001309402us-gaap:PerformanceSharesMember2019-01-012019-12-310001309402us-gaap:PerformanceSharesMember2018-01-012018-12-310001309402us-gaap:PerformanceSharesMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2020-03-182020-03-180001309402us-gaap:PerformanceSharesMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2020-01-012020-03-310001309402us-gaap:LimitedPartnerMemberus-gaap:IPOMember2015-07-012015-07-010001309402us-gaap:AdditionalPaidInCapitalMember2019-01-012019-03-310001309402gpre:OptimalAquaLlcMember2020-03-310001309402us-gaap:ParentMember2020-01-012020-03-310001309402us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310001309402us-gaap:ParentMember2019-01-012019-03-310001309402us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-01-012019-03-3100013094022019-01-012019-03-310001309402us-gaap:SalesRevenueNetMember2020-01-012020-03-310001309402us-gaap:SalesRevenueNetMember2019-01-012019-03-310001309402gpre:NlrEnergyLogisticsLlcMember2020-01-012020-03-310001309402us-gaap:DerivativeFinancialInstrumentsAssetsMember2020-03-310001309402us-gaap:DerivativeFinancialInstrumentsAssetsMember2019-12-310001309402srt:MaximumMemberus-gaap:RevolvingCreditFacilityMembergpre:PartnershipSegmentMember2020-03-310001309402us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2019-01-012019-03-310001309402gpre:GreenPlainsGrainMemberus-gaap:RevolvingCreditFacilityMembergpre:AgribusinessAndEnergyServicesMember2020-03-310001309402us-gaap:FairValueInputsLevel2Member2020-03-310001309402us-gaap:FairValueInputsLevel2Member2019-12-3100013094022019-12-310001309402srt:MinimumMemberus-gaap:RevolvingCreditFacilityMembergpre:PartnershipSegmentMember2020-03-310001309402gpre:GreenPlainsCattleMember2020-01-012020-03-310001309402gpre:GreenPlainsCattleCompanyLlcMember2020-01-012020-03-310001309402gpre:GreenPlainsTradeMemberus-gaap:RevolvingCreditFacilityMembergpre:AgribusinessAndEnergyServicesMember2020-03-310001309402gpre:GreenPlainsGrainMembergpre:AgribusinessAndEnergyServicesMember2020-03-310001309402gpre:GreenPlainsCattleCompanyLlcMember2019-09-012019-09-010001309402gpre:GreenPlainsCattleCompanyLlcMember2019-09-012019-09-010001309402us-gaap:SegmentDiscontinuedOperationsMembergpre:GreenPlainsCattleCompanyLlcMember2019-01-012019-03-310001309402us-gaap:DisposalGroupNotDiscontinuedOperationsMembergpre:GreenPlainsCattleCompanyLlcMember2019-09-010001309402gpre:EthanolInGallonsMemberus-gaap:FairValueHedgingMemberus-gaap:FutureMemberus-gaap:ShortMemberus-gaap:ExchangeTradedMember2020-03-310001309402gpre:SoybeanMealInTonsMemberus-gaap:OptionMemberus-gaap:LongMemberus-gaap:ExchangeTradedMember2020-03-310001309402gpre:NaturalGasMemberus-gaap:OptionMemberus-gaap:LongMemberus-gaap:ExchangeTradedMember2020-03-310001309402gpre:NaturalGasMemberus-gaap:FutureMemberus-gaap:ShortMemberus-gaap:ExchangeTradedMember2020-03-310001309402gpre:NaturalGasMemberus-gaap:FutureMemberus-gaap:LongMemberus-gaap:ExchangeTradedMember2020-03-310001309402gpre:NaturalGasMemberus-gaap:ForwardContractsMemberus-gaap:ShortMemberus-gaap:OverTheCounterMember2020-03-310001309402gpre:NaturalGasMemberus-gaap:ForwardContractsMemberus-gaap:LongMemberus-gaap:OverTheCounterMember2020-03-310001309402gpre:EthanolInGallonsMemberus-gaap:OptionMemberus-gaap:ShortMemberus-gaap:ExchangeTradedMember2020-03-310001309402gpre:EthanolInGallonsMemberus-gaap:FutureMemberus-gaap:ShortMemberus-gaap:ExchangeTradedMember2020-03-310001309402gpre:EthanolInGallonsMemberus-gaap:ForwardContractsMemberus-gaap:ShortMemberus-gaap:OverTheCounterMember2020-03-310001309402gpre:EthanolInGallonsMemberus-gaap:ForwardContractsMemberus-gaap:LongMemberus-gaap:OverTheCounterMember2020-03-310001309402gpre:DistillersGrainsInTonsMemberus-gaap:ForwardContractsMemberus-gaap:ShortMemberus-gaap:OverTheCounterMember2020-03-310001309402gpre:DistillersGrainsInTonsMemberus-gaap:ForwardContractsMemberus-gaap:LongMemberus-gaap:OverTheCounterMember2020-03-310001309402gpre:CornOilInPoundsMemberus-gaap:ForwardContractsMemberus-gaap:ShortMemberus-gaap:OverTheCounterMember2020-03-310001309402gpre:CornOilInPoundsMemberus-gaap:ForwardContractsMemberus-gaap:LongMemberus-gaap:OverTheCounterMember2020-03-310001309402gpre:CornMemberus-gaap:OptionMemberus-gaap:ShortMemberus-gaap:ExchangeTradedMember2020-03-310001309402gpre:CornMemberus-gaap:FutureMemberus-gaap:LongMemberus-gaap:ExchangeTradedMember2020-03-310001309402gpre:CornAndSoybeansMemberus-gaap:FutureMemberus-gaap:ShortMemberus-gaap:ExchangeTradedMember2020-03-310001309402gpre:CornAndSoybeansMemberus-gaap:ForwardContractsMemberus-gaap:ShortMemberus-gaap:OverTheCounterMember2020-03-310001309402gpre:CornAndSoybeansMemberus-gaap:ForwardContractsMemberus-gaap:LongMemberus-gaap:OverTheCounterMember2020-03-310001309402gpre:GreenPlainsGrainMemberus-gaap:RevolvingCreditFacilityMembergpre:AgribusinessAndEnergyServicesMember2020-01-012020-03-310001309402gpre:GreenPlainsGrainMembergpre:SeasonalBorrowingsMembergpre:AgribusinessAndEnergyServicesMember2020-01-012020-03-310001309402us-gaap:RevolvingCreditFacilityMembergpre:PartnershipSegmentMember2020-01-012020-03-310001309402gpre:FourPercentConvertibleNotesDue2024Memberus-gaap:ConvertibleNotesPayableMemberus-gaap:CorporateMember2020-01-012020-03-310001309402gpre:FourPercentConvertibleNotesDue2024Memberus-gaap:ConvertibleNotesPayableMemberus-gaap:CorporateMember2020-03-310001309402gpre:ConvertibleNotes4.125Due2022Memberus-gaap:ConvertibleNotesPayableMemberus-gaap:CorporateMember2016-08-310001309402gpre:ConvertibleNotes4.125Due2022Memberus-gaap:ConvertibleNotesPayableMemberus-gaap:CorporateMember2020-01-012020-03-310001309402gpre:ConvertibleNotes4.125Due2022Memberus-gaap:ConvertibleNotesPayableMemberus-gaap:CorporateMember2016-08-012016-08-310001309402gpre:BioprocessAlgaeMember2020-01-012020-03-310001309402us-gaap:RevolvingCreditFacilityMembergpre:PartnershipSegmentMember2020-03-3100013094022020-03-272020-03-2700013094022020-03-262020-03-2600013094022020-03-310001309402gpre:GreenPlainsGrainMembergpre:AgribusinessAndEnergyServicesMember2020-01-012020-03-310001309402gpre:GreenPlainsTradeMemberus-gaap:RevolvingCreditFacilityMembergpre:AgribusinessAndEnergyServicesMember2020-01-012020-03-310001309402gpre:AircraftLeaseMembersrt:BoardOfDirectorsChairmanMember2020-01-012020-03-3100013094022020-05-0100013094022020-01-012020-03-31gpre:segmentiso4217:USDxbrli:sharesgpre:customergpre:itemgpre:contractiso4217:USDxbrli:purexbrli:shares

         

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________

FORM 10-Q

Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

For the Quarterly Period Ended March 31, 2020

Commission File Number 001-32924

Green Plains Inc.

(Exact name of registrant as specified in its charter)

Iowa

84-1652107

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

1811 Aksarben Drive, Omaha, NE 68106

(402) 884-8700

(Address of principal executive offices, including zip code)

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, par value $0.001 per share

GPRE

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

x Yes o No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

x Yes o No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

    

Large accelerated filer o

Accelerated filer x

Non-accelerated filer o

Smaller reporting company o

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

o Yes x No

The number of shares of common stock, par value $0.001 per share, outstanding as of May 1, 2020, was 35,494,087 shares.


TABLE OF CONTENTS

Page

Commonly Used Defined Terms

2

PART I – FINANCIAL INFORMATION

Item 1.

Financial Statements

Consolidated Balance Sheets

3

Consolidated Statements of Operations

4

Consolidated Statements of Comprehensive Income

5

Consolidated Statements of Cash Flows

6

Notes to Consolidated Financial Statements

8

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations 

33

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

46

Item 4.

Controls and Procedures

47

PART II – OTHER INFORMATION

Item 1.

Legal Proceedings

49

Item 1A.

Risk Factors

49

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

51

Item 3.

Defaults Upon Senior Securities

52

Item 4.

Mine Safety Disclosures

52

Item 5.

Other Information

52

 

Item 6.

Exhibits

52

Signatures

53

1


Commonly Used Defined Terms

The abbreviations, acronyms and industry terminology used in this quarterly report are defined as follows:

Green Plains Inc., Subsidiaries, and Partners:

Green Plains; the company

Green Plains Inc. and its subsidiaries

BioProcess Algae

BioProcess Algae LLC

Green Plains Cattle; GPCC

Green Plains Cattle Company LLC

Green Plains Grain

Green Plains Grain Company LLC

Green Plains Partners; the partnership

Green Plains Partners LP

Green Plains Trade

Green Plains Trade Group LLC

Accounting Defined Terms:

ASC

Accounting Standards Codification

Bgy

Billion gallons per year

EBITDA

Earnings before interest, income taxes, depreciation and amortization

EPS

Earnings per share

Exchange Act

Securities Exchange Act of 1934, as amended

GAAP

U.S. Generally Accepted Accounting Principles

LIBOR

London Interbank Offered Rate

LTIP

Long-Term Incentive Plan

R&D Credits

Research and development tax credits

SEC

Securities and Exchange Commission

Industry and Other Defined Terms:

CAFE

Corporate Average Fuel Economy

the CARES Act

Coronavirus Aid, Relief, and Economic Security Act

COVID-19

Coronavirus Disease 2019

D.C.

District of Columbia

E10

Gasoline blended with up to 10% ethanol by volume

E15

Gasoline blended with up to 15% ethanol by volume

E85

Gasoline blended with up to 85% ethanol by volume

EIA

U.S. Energy Information Administration

EPA

U.S. Environmental Protection Agency

GATT

General Agreement on Tariffs and Trade

MmBtu

Million British Thermal Units

Mmg

Million gallons

MTBE

Methyl tertiary-butyl ether

MVC

Minimum volume commitment

RFS II

Renewable Fuels Standard II

RIN

Renewable identification number

RVO

Renewable volume obligation

U.S.

United States

USDA

U.S. Department of Agriculture

WTO

World Trade Organization


2


PART 1 – FINANCIAL INFORMATION

Item 1. Financial Statements.

GREEN PLAINS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share amounts)

March 31,
2020

December 31,
2019

(unaudited)

ASSETS

Current assets

Cash and cash equivalents

$

194,333 

$

245,977 

Restricted cash

11,191 

23,919 

Accounts receivable, net of allowances of $196 and $166, respectively

34,447 

107,183 

Income taxes receivable

42,367 

6,216 

Inventories

214,336 

252,992 

Prepaid expenses and other

12,550 

13,685 

Derivative financial instruments

57,161 

17,941 

Total current assets

566,385 

667,913 

Property and equipment, net of accumulated depreciation
and amortization of $504,325 and $486,677, respectively

843,466 

827,271 

Operating lease right-of-use assets

53,909 

52,476 

Investment in equity method investees

131,113 

68,998 

Other assets

43,225 

81,560 

Total assets

$

1,638,098 

$

1,698,218 

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Accounts payable

$

96,053 

$

156,693 

Accrued and other liabilities

35,637 

39,384 

Derivative financial instruments

15,589 

8,721 

Operating lease current liabilities

16,094 

16,626 

Short-term notes payable and other borrowings

167,043 

187,812 

Current maturities of long-term debt

130,785 

132,555 

Total current liabilities

461,201 

541,791 

Long-term debt

247,210 

243,990 

Operating lease long-term liabilities

40,383 

38,314 

Other liabilities

9,224 

8,837 

Total liabilities

758,018 

832,932 

Commitments and contingencies (Note 14)

 

 

Stockholders' equity

Common stock, $0.001 par value; 75,000,000 shares authorized;
47,307,248 and 46,964,115 shares issued, and 35,494,087
and 36,031,933 shares outstanding, respectively

47 

47 

Additional paid-in capital

734,616 

734,580 

Retained earnings

131,705 

148,150 

Accumulated other comprehensive income (loss)

30,939 

(11,064)

Treasury stock, 11,813,161 and 10,932,182 shares, respectively

(131,287)

(119,808)

Total Green Plains stockholders' equity

766,020 

751,905 

Noncontrolling interests

114,060 

113,381 

Total stockholders' equity

880,080 

865,286 

Total liabilities and stockholders' equity

$

1,638,098 

$

1,698,218 

See accompanying notes to the consolidated financial statements.

3


GREEN PLAINS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited and in thousands, except per share amounts)

Three Months Ended
March 31,

2020

2019

Revenues

Product revenues

$

631,581

$

436,336

Service revenues

1,288

2,305

Total revenues

632,869

438,641

Costs and expenses

Cost of goods sold (excluding depreciation and amortization expenses reflected below)

617,228

434,391

Operations and maintenance expenses

6,160

6,864

Selling, general and administrative expenses

21,638

18,400

Goodwill impairment

24,091

-

Depreciation and amortization expenses

18,080

17,624

Total costs and expenses

687,197

477,279

Operating loss from continuing operations

(54,328)

(38,638)

Other income (expense)

Interest income

593

1,186

Interest expense

(9,697)

(9,731)

Other, net

836

912

Total other expense

(8,268)

(7,633)

Loss from continuing operations before income taxes and income (loss) from equity method investees

(62,596)

(46,271)

Income tax benefit

44,283

12,943

Income (loss) from equity method investees, net of income taxes

7,966

(74)

Net loss from continuing operations including noncontrolling interest

(10,347)

(33,402)

Net loss from discontinued operations, net of income taxes

-

(4,469)

Net loss

(10,347)

(37,871)

Net income attributable to noncontrolling interests

6,098

4,928

Net loss attributable to Green Plains

$

(16,445)

$

(42,799)

Earnings per share - basic and diluted

Net loss from continuing operations

$

(0.47)

$

(0.95)

Net loss from discontinued operations

-

(0.11)

Net loss attributable to Green Plains

$

(0.47)

$

(1.06)

Weighted average shares outstanding:

Basic

34,665

40,315

Diluted

34,665

40,315

See accompanying notes to the consolidated financial statements.


4


GREEN PLAINS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited and in thousands)

Three Months Ended
March 31,

2020

2019

Net loss

$

(10,347)

$

(37,871)

Other comprehensive income (loss), net of tax:

Unrealized gains (losses) on derivatives arising during the period, net of tax benefit (expense) of ($1,447) and $2,080, respectively

4,532

(6,883)

Reclassification of realized losses (gains) on derivatives, net of tax expense (benefit) of $1,432 and ($3,140), respectively

(4,485)

10,376

Other comprehensive income (loss), net of tax

47

3,493

Share of equity method investees other comprehensive income arising during the period, net of tax expense of $13,359, and $0, respectively

41,956

-

Total other comprehensive income, net of tax

42,003

3,493

Comprehensive income (loss) attributable to Green Plains

31,656

(34,378)

Comprehensive income attributable to noncontrolling interests

6,098

4,928

Comprehensive income (loss) attributable to Green Plains

$

25,558

$

(39,306)

See accompanying notes to the consolidated financial statements.


5


GREEN PLAINS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited and in thousands)

Three Months Ended
March 31,

2020

2019

Cash flows from operating activities:

Net loss from continuing operations including noncontrolling interest

$

(10,347)

$

(33,402)

Net loss from discontinued operations, net of income taxes

-

(4,469)

Net loss

(10,347)

(37,871)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

Depreciation and amortization

18,080

17,624

Amortization of debt issuance costs and debt discount

5,099

3,262

Goodwill impairment

24,091

-

Deferred income taxes

(23,895)

(12,927)

Stock-based compensation

1,324

2,485

Income (loss) from equity method investees, net of income taxes

(7,966)

74

Distribution from equity method investment

3,247

-

Other

6

(81)

Changes in operating assets and liabilities before effects of business combinations and dispositions:

Accounts receivable

72,684

30,456

Inventories

38,626

36,569

Derivative financial instruments

(32,290)

18,141

Prepaid expenses and other assets

1,135

2,637

Accounts payable and accrued liabilities

(58,652)

(59,456)

Current income taxes

(13,251)

(1,564)

Other

(114)

2,843

Net cash provided by operating activities - continuing operations

17,777

2,192

Net cash used in operating activities - discontinued operations

-

(22,975)

Net cash provided by (used in) operating activities

17,777

(20,783)

Cash flows from investing activities:

Purchases of property and equipment, net

(38,792)

(9,388)

Proceeds from the sale of assets, net

-

3,155

Other investing activities

(1,098)

-

Net cash used in investing activities - continuing operations

(39,890)

(6,233)

Net cash used in investing activities - discontinued operations

-

(1,421)

Net cash used investing activities

(39,890)

(7,654)

Cash flows from financing activities:

Proceeds from the issuance of long-term debt

-

30,600

Payments of principal on long-term debt

(21)

(29,781)

Proceeds from short-term borrowings

820,264

525,456

Payments on short-term borrowings

(844,316)

(555,687)

Payments for repurchase of common stock

(11,479)

-

Payments of cash dividends and distributions

(5,498)

(10,334)

Proceeds from disgorgement of shareholder short-swing profits

-

6,699

Payments related to tax withholdings for stock-based compensation

(1,209)

(1,978)

Net cash used in financing activities - continuing operations

(42,259)

(35,025)

Net cash provided by financing activities - discontinued operations

-