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Effective Portion of Cash Flow
Hedges Recognized in

Three Months Ended
March 31,

Other Comprehensive Loss

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Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2014	Apr. 28, 2014
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2014
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2014
Entity Registrant Name	Green Plains Renewable Energy, Inc.
Entity Central Index Key	0001309402
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		37,406,235
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Trading Symbol	gpre

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2014	Dec. 31, 2013
Current assets
Cash and cash equivalents	$ 207,034	$ 272,027
Restricted cash	22,893	26,994
Accounts receivable, net of allowances of $302 and $308, respectively	112,420	106,808
Inventories	179,750	158,328
Prepaid expenses and other	10,597	12,893
Deferred income taxes	46,719	7,619
Derivative financial instruments	37,221	48,636
Total current assets	616,634	633,305
Property and equipment, net of accumulated depreciation of $229,888 and $215,519, respectively	804,897	806,046
Goodwill	40,877	40,877
Other assets	49,961	51,817
Total assets	1,512,369	1,532,045
Current liabilities
Accounts payable	84,398	112,001
Accrued and other liabilities	67,647	38,645
Unearned revenue	15,743	4,118
Short-term notes payable and other borrowings	128,429	171,500
Current maturities of long-term debt	134,639	82,933
Total current liabilities	430,856	409,197
Long-term debt	379,431	480,746
Deferred income taxes	100,650	91,294
Other liabilities	5,680	5,450
Total liabilities	916,617	986,687
Stockholders’ equity
Common stock, $0.001 par value; 75,000,000 shares authorized; 44,608,024 and 37,703,946 shares issued, and 37,408,024 and 30,503,946 shares outstanding, respectively	45	38
Additional paid-in capital	562,833	468,962
Retained earnings	190,312	148,505
Accumulated other comprehensive loss	(91,630)	(6,339)
Treasury stock, 7,200,000 shares	(65,808)	(65,808)
Total stockholders’ equity	595,752	545,358
Total liabilities and stockholders’ equity	$ 1,512,369	$ 1,532,045

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2014	Dec. 31, 2013
Consolidated Balance Sheets [Abstract]
Accounts receivable, allowances	$ 302	$ 308
Property and equipment, accumulated depreciation	$ 229,888	$ 215,519
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	44,608,024	37,703,946
Common stock, shares outstanding	37,408,024	30,503,946
Treasury stock, shares	7,200,000	7,200,000

Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Consolidated Statements Of Operations [Abstract]
Revenues	$ 733,889	$ 765,476
Cost of goods sold	633,140	738,262
Gross profit	100,749	27,214
Selling, general and administrative expenses	22,406	14,510
Operating income	78,343	12,704
Other income (expense)
Interest income	113	39
Interest expense	(9,759)	(8,070)
Other, net	1,031	(520)
Total other income (expense)	(8,615)	(8,551)
Income before income taxes	69,728	4,153
Income tax expense	26,525	1,598
Net income	$ 43,203	$ 2,555
Earnings per share:
Basic	$ 1.30	$ 0.09
Diluted	$ 1.04	$ 0.08
Weighted average shares outstanding:
Basic	33,153	29,933
Diluted	43,251	30,210
Cash dividend declared per share	$ 0.04

Consolidated Statements Of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Consolidated Statements Of Comprehensive Loss [Abstract]
Net income	$ 43,203	$ 2,555
Other comprehensive loss, net of tax:
Unrealized losses on derivatives arising during period, net of tax benefit of $86,015 and $8,502, respectively	(137,287)	(12,637)
Reclassification of realized losses on derivatives, net of tax benefit of $32,577 and $4,509, respectively	51,996	6,703
Other comprehensive loss, net of tax	(85,291)	(5,934)
Comprehensive loss	$ (42,088)	$ (3,379)

Consolidated Statements Of Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Consolidated Statements Of Comprehensive Loss [Abstract]
Unrealized loss on derivatives, tax	$ 86,015	$ 8,502
Income tax benefit	$ 32,577	$ 4,509

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Cash flows from operating activities:
Net income	$ 43,203	$ 2,555
Adjustments to reconcile net income to net cash provided (used) by operating activities:
Depreciation and amortization	14,627	12,609
Amortization of debt issuance costs	966	1,055
Amortization of debt discount	1,039	34
Deferred income taxes	23,791	2,015
Stock-based compensation expense	2,139	883
Undistributed equity in loss of affiliates	(1,031)	520
Changes in operating assets and liabilities before effects of business combinations:
Accounts receivable	(3,764)	1,641
Inventories	(21,422)	6,628
Derivative financial instruments	(127,314)	(15,277)
Prepaid expenses and other assets	2,305	4,735
Accounts payable and accrued liabilities	2,806	(33,050)
Unearned revenues	11,625	3,365
Other	814	392
Net cash used by operating activities	(50,216)	(11,895)
Cash flows from investing activities:
Purchases of property and equipment	(14,777)	(1,904)
Distributions from (investments in) unconsolidated subsidiaries	12	(803)
Net cash used by investing activities	(14,765)	(2,707)
Cash flows from financing activities:
Proceeds from the issuance of long-term debt	127,842	21,400
Payments of principal on long-term debt	(88,848)	(32,815)
Proceeds from short-term borrowings	802,174	847,650
Payments on short-term borrowings	(845,244)	(860,456)
Payment of cash dividends	(1,396)
Change in restricted cash	4,101	13,991
Payments of loan fees	(37)	(40)
Proceeds from exercises of stock options	1,396	391
Net cash used by financing activities	(12)	(9,879)
Net change in cash and cash equivalents	(64,993)	(24,481)
Cash and cash equivalents, beginning of period	272,027	254,289
Cash and cash equivalents, end of period	207,034	229,808
Supplemental disclosures of cash flow:
Cash paid for income taxes	547	1,289
Cash paid for interest	7,990	$ 7,880
Supplemental noncash investing and financing activities:
Common stock issued for conversion of 5.75% Notes	$ 89,950

Basis Of Presentation, Description Of Business And Summary Of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2014
Basis Of Presentation, Description Of Business And Summary Of Significant Accounting Policies [Abstract]
Basis Of Presentation, Description Of Business And Summary Of Significant Accounting Policies	1. BASIS OF PRESENTATION, DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES References to the Company References to “Green Plains” or the “Company” in the consolidated financial statements and in these notes to the consolidated financial statements refer to Green Plains Renewable Energy, Inc., an Iowa corporation, and its subsidiaries. Consolidated Financial Statements The consolidated financial statements include the accounts of the Company and its controlled subsidiaries. All significant intercompany balances and transactions have been eliminated on a consolidated basis for reporting purposes. Unconsolidated entities are included in the financial statements on an equity basis. Results for the interim periods presented are not necessarily indicative of results to be expected for the entire year. The accompanying unaudited consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles, or GAAP, for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The consolidated financial statements should be read in conjunction with the Company’s annual report on Form 10-K for the year ended December 31, 2013. The unaudited financial information reflects all adjustments which are, in the opinion of management, necessary for a fair presentation of the results of operations, financial position and cash flows for the periods presented. The adjustments are of a normal recurring nature, except as otherwise noted. Use of Estimates in the Preparation of Consolidated Financial Statements The preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Description of Business Green Plains is North America’s fourth largest ethanol producer. The Company operates its business within four segments: (1) production of ethanol and distillers grains, collectively referred to as ethanol production, (2) corn oil production, (3) grain handling and storage, collectively referred to as agribusiness, and (4) marketing, merchant trading and logistics services for Company-produced and third-party ethanol, distillers grains, corn oil and other commodities, and the operation of blending and terminaling facilities, collectively referred to as marketing and distribution. The Company also is a partner in a joint venture to commercialize advanced technologies for growing and harvesting of algal biomass. Revenue Recognition The Company recognizes revenue when all of the following criteria are satisfied: persuasive evidence of an arrangement exists; risk of loss and title transfer to the customer; the price is fixed and determinable; and collectability is reasonably assured. For sales of ethanol, distillers grains and other commodities by the Company’s marketing business, revenue is recognized when title to the product and risk of loss transfer to an external customer. Revenues related to marketing operations for third parties are recorded on a gross basis as the Company takes title to the product and assumes risk of loss. Unearned revenue is reflected on the consolidated balance sheets for goods in transit for which the Company has received payment and title has not been transferred to the customer. Revenues from the Company’s biofuel terminal operations, which include ethanol transload and splash blending services, are recognized as these services are rendered. The Company routinely enters into fixed-price, physical-delivery ethanol sales agreements. In certain instances, the Company intends to settle the transaction by open market purchases of ethanol rather than by delivery from its own production. These transactions are reported net as a component of revenues. Revenues also include realized gains and losses on related derivative financial instruments, ineffectiveness on cash flow hedges, and reclassifications of realized gains and losses on effective cash flow hedges from accumulated other comprehensive income (loss). Sales of agricultural commodities are recognized when title to the product and risk of loss transfer to the customer, which is dependent on the agreed upon sales terms with the customer. These sales terms provide for passage of title either at the time shipment is made or at the time the commodity has been delivered to its destination and final weights, grades and settlement prices have been agreed upon with the customer. Revenues related to grain merchandising are presented gross in the statements of operations with amounts billed for shipping and handling included in revenues and also as a component of cost of goods sold. Revenues from grain storage are recognized as services are rendered. Cost of Goods Sold Cost of goods sold includes costs for direct labor, materials and certain plant overhead costs. Direct labor includes all compensation and related benefits of non-management personnel involved in the operation of the Company’s ethanol plants. Grain purchasing and receiving costs, other than labor costs for grain buyers and scale operators, are also included in cost of goods sold. Direct materials consist of the costs of corn feedstock, denaturant, and process chemicals. Corn feedstock costs include unrealized gains and losses on related derivative financial instruments not designated as cash flow hedges, inbound freight charges, inspection costs and transfer costs. Corn feedstock costs also include realized gains and losses on related derivative financial instruments, ineffectiveness on cash flow hedges, and reclassifications of realized gains and losses on effective cash flow hedges from accumulated other comprehensive income (loss). Plant overhead costs primarily consist of plant utilities, plant depreciation and outbound freight charges. Shipping costs incurred directly by the Company, including railcar lease costs, are also reflected in cost of goods sold. The Company uses exchange-traded futures and options contracts to minimize the effects of changes in the prices of agricultural commodities on its agribusiness segment’s grain inventories and forward purchase and sale contracts. Exchange-traded futures and options contracts are valued at quoted market prices. These contracts are predominantly settled in cash. The Company is exposed to loss in the event of non-performance by the counter-party to forward purchase and forward sale contracts. Grain inventories held for sale, forward purchase contracts and forward sale contracts in the agribusiness segment are valued at market prices, where available, or other market quotes adjusted for differences, primarily transportation, between the exchange-traded market and the local markets on which the terms of the contracts are based. Changes in the fair value of grain inventories held for sale, forward purchase and sale contracts, and exchange-traded futures and options contracts in the agribusiness segment are recognized in earnings as a component of cost of goods sold. Derivative Financial Instruments To minimize the risk and the effects of the volatility of commodity price changes primarily related to corn, ethanol and natural gas, the Company uses various derivative financial instruments, including exchange-traded futures, and exchange-traded and over-the-counter options contracts. The Company monitors and manages this exposure as part of its overall risk management policy. As such, the Company seeks to reduce the potentially adverse effects that the volatility of these markets may have on its operating results. The Company may take hedging positions in these commodities as one way to mitigate risk. While the Company attempts to link its hedging activities to purchase and sales activities, there are situations in which these hedging activities can themselves result in losses. By using derivatives to hedge exposures to changes in commodity prices, the Company has exposures on these derivatives to credit and market risk. The Company is exposed to credit risk that the counterparty might fail to fulfill its performance obligations under the terms of the derivative contract. The Company minimizes its credit risk by entering into transactions with high quality counterparties, limiting the amount of financial exposure it has with each counterparty and monitoring the financial condition of its counterparties. Market risk is the risk that the value of the financial instrument might be adversely affected by a change in commodity prices or interest rates. The Company manages market risk by incorporating monitoring parameters within its risk management strategy that limit the types of derivative instruments and derivative strategies the Company uses, and the degree of market risk that may be undertaken by the use of derivative instruments. The Company evaluates its contracts that involve physical delivery to determine whether they may qualify for the normal purchase or normal sale exemption and are expected to be used or sold over a reasonable period in the normal course of business. Any contracts that do not meet the normal purchase or sale criteria are recorded at fair value with the change in fair value recorded in operating income unless the contracts qualify for, and the Company elects, hedge accounting treatment. Certain qualifying derivatives related to ethanol production are designated as cash flow hedges. Prior to entering into cash flow hedges, the Company evaluates the derivative instrument to ascertain its effectiveness. For cash flow hedges, any ineffectiveness is recognized in current period results, while other unrealized gains and losses are reflected in accumulated other comprehensive income until gains and losses from the underlying hedged transaction are realized. In the event that it becomes probable that a forecasted transaction will not occur, the Company would discontinue cash flow hedge treatment, which would affect earnings. These derivative financial instruments are recognized in current assets or other current liabilities at fair value. At times, the Company hedges its exposures to changes in the value of inventories and designates certain qualifying derivatives as fair value hedges. The carrying amount of the hedged inventory is adjusted through current period results for changes in the fair value arising from changes in underlying prices. Any ineffectiveness is recognized in current period results to the extent that the change in the fair value of the inventory is not offset by the change in the fair value of the derivative.

Acquisitions and Dispositions

3 Months Ended

Mar. 31, 2014

Disposition Of Assets [Abstract]

Acquisition

2. ACQUISITION

Acquisition of Fairmont and Wood River Ethanol Plants

In November 2013, the Company acquired two ethanol plants, located in Fairmont, Minnesota and Wood River, Nebraska, with a combined annual production capacity of 230 million gallons, from Ethanol Holding Company, LLC, an entity composed of the predecessor owners’ lender group. Consideration of $108.0 million, which included a preliminary amount for working capital, was paid in cash and acquisition-related costs of $0.8 million were recorded in selling, general and administrative expenses. The Company issued approximately $77.0 million of short-term notes payable and term debt shortly after the acquisition, with the acquired assets serving as collateral for these loans, and entered into capital leases totaling $10.0 million for grain facilities that were previously leased by the predecessor owner of the acquired assets. At the time of acquisition, the ethanol plant in Fairmont, Minnesota was not operational; however, upon completion of certain maintenance and enhancement projects, the Company began operations at the plant in early January 2014. The following is a summary of assets acquired and liabilities assumed (in thousands):



Amounts of Identifiable Assets Acquired and Liabilities Assumed
Accounts receivable	$	119
Inventory		8,680
Prepaid expenses and other		2,696
Property and equipment, net		105,956
Other assets		4,193

Current liabilities		(4,260)
Long-term portion of capital leases and
tax increment financing bond		(7,895)
Other liabilities		(1,489)
Total identifiable net assets	$	108,000

The amounts above reflect an updated preliminary purchase price allocation, which did not change materially from the initial allocation. Later this year, upon finalization of the purchase price, including working capital adjustments, the Company will complete the allocation, which it does not expect to differ materially from the preliminary amounts shown above.

Fair Value Disclosures

3 Months Ended

Mar. 31, 2014

Fair Value Disclosures [Abstract]

Fair Value Disclosures

3. FAIR VALUE DISCLOSURES

The following methods, assumptions and valuation techniques were used in estimating the fair value of the Company’s financial instruments:

Level 1 – unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 1 unrealized gains and losses on commodity derivatives relate to exchange-traded open trade equity and option values in the Company’s brokerage accounts.

Level 2 – directly or indirectly observable inputs such as quoted prices for similar assets or liabilities in active markets other than quoted prices included within Level 1; quoted prices for identical or similar assets in markets that are not active; and other inputs that are observable or can be substantially corroborated by observable market data by correlation or other means. Grain inventories held for sale in the agribusiness segment are valued at nearby futures values, plus or minus nearby basis levels.

Level 3 – unobservable inputs that are supported by little or no market activity and that are a significant component of the fair value of the assets or liabilities. The Company currently does not have any recurring Level 3 financial instruments.

There have been no changes in valuation techniques and inputs used in measuring fair value. The following tables set forth the Company’s assets and liabilities by level for the periods indicated (in thousands):



	Fair Value Measurements at March 31, 2014
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Reclassification for Balance Sheet
	(Level 1)		(Level 2)		Presentation		Total
Assets:
Cash and cash equivalents	$	207,034	$	-	$	-	$	207,034
Restricted cash		22,893		-		-		22,893
Margin deposits		130,425		-		(130,425)		-
Inventories carried at market		-		24,959		-		24,959
Unrealized gains on derivatives		58,091		10,783		(31,653)		37,221
Other assets (1)		2,319		-		-		2,319
Total assets measured at fair value	$	420,762	$	35,742	$	(162,078)	$	294,426

Liabilities:
Unrealized losses on derivatives	$	162,078	$	37,793	$	(162,078)	$	37,793
Other		25		-		-		25
Total liabilities measured at fair value	$	162,103	$	37,793	$	(162,078)	$	37,818

(1) Represents long-term restricted cash related to the $22.0 million revenue bond of Green Plains Bluffton.



	Fair Value Measurements at December 31, 2013
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Reclassification for Balance Sheet
	(Level 1)		(Level 2)		Presentation		Total
Assets:
Cash and cash equivalents	$	272,027	$	-	$	-	$	272,027
Restricted cash		26,994		-		-		26,994
Margin deposits		77,102		-		(77,102)		-
Inventories carried at market		-		23,782		-		23,782
Unrealized gains on derivatives		3,629		18,712		26,295		48,636
Other assets (1)		2,200		-		-		2,200
Total assets measured at fair value	$	381,952	$	42,494	$	(50,807)	$	373,639

Liabilities:
Unrealized losses on derivatives	$	50,807	$	4,612	$	(50,807)	$	4,612
Other		9		-		-		9
Total liabilities measured at fair value	$	50,816	$	4,612	$	(50,807)	$	4,621

(1) Represents long-term restricted cash related to the $22.0 million revenue bond of Green Plains Bluffton.

The Company believes the fair value of its debt approximated its book value of $642.5 million at March 31, 2014 and the fair value of its debt approximated $775.7 million compared to a book value of $735.2 million at December 31, 2013. The Company estimates the fair value of its outstanding debt using Level 2 inputs. The Company believes the fair values of its accounts receivable and accounts payable approximated book value, which were $112.4 million and $84.4 million, respectively, at March 31, 2014 and $106.8 million and $112.0 million, respectively, at December 31, 2013.

Although the Company currently does not have any recurring Level 3 financial measurements, the fair values of the tangible assets and goodwill acquired and the equity component of convertible debt represent Level 3 measurements and were derived using a combination of the income approach, the market approach and the cost approach as considered appropriate for the specific assets or liabilities being valued.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Segment Information

3 Months Ended

Mar. 31, 2014

Segment Information [Abstract]

Segment Information

4. SEGMENT INFORMATION

Company management reviews financial and operating performance in the following four separate operating segments: (1) production of ethanol and distillers grains, collectively referred to as ethanol production, (2) corn oil production, (3) grain handling and storage, collectively referred to as agribusiness, and (4) marketing, merchant trading and logistics services for Company-produced and third-party ethanol, distillers grains, corn oil and other commodities, and the operation of blending and terminaling facilities, collectively referred to as marketing and distribution. Selling, general and administrative expenses, primarily consisting of compensation of corporate employees, professional fees and overhead costs not directly related to a specific operating segment, are reflected in the table below as corporate activities.

During the normal course of business, the Company enters into transactions between segments. Examples of these intersegment transactions include, but are not limited to, the ethanol production segment selling ethanol to the marketing and distribution segment and the agribusiness segment selling grain to the ethanol production segment. These intersegment activities are recorded by each segment at prices approximating market and treated as if they are third-party transactions. Consequently, these transactions impact segment performance. However, revenues and corresponding costs are eliminated in consolidation and do not impact the Company’s consolidated results.

The following tables set forth certain financial data for the Company’s operating segments for the periods indicated (in thousands):


	Three Months Ended March 31,
	2014		2013
Revenues:
Ethanol production:
Revenues from external customers (1)	$	(27,431)	$	44,408
Intersegment revenues		565,803		464,651
Total segment revenues		538,372		509,059
Corn oil production:
Revenues from external customers (1)		7		-
Intersegment revenues		16,384		15,699
Total segment revenues		16,391		15,699
Agribusiness:
Revenues from external customers (1)		18,241		22,125
Intersegment revenues		304,238		64,919
Total segment revenues		322,479		87,044
Marketing and distribution:
Revenues from external customers (1)		743,072		698,943
Intersegment revenues		33,465		1,289
Total segment revenues		776,537		700,232
Revenues including intersegment activity		1,653,779		1,312,034
Intersegment eliminations		(919,890)		(546,558)
Revenues as reported	$	733,889	$	765,476

(1)

Revenues from external customers include realized gains and losses from derivative financial instruments.


	Three Months Ended March 31,
	2014		2013
Gross profit:
Ethanol production	$	71,688	$	1,230
Corn oil production		7,815		7,909
Agribusiness		2,976		1,226
Marketing and distribution		40,716		17,055
Intersegment eliminations		(22,446)		(206)
	$	100,749	$	27,214
Operating income (loss):
Ethanol production	$	66,226	$	(2,349)
Corn oil production		7,708		7,810
Agribusiness		935		369
Marketing and distribution		32,494		12,986
Intersegment eliminations		(22,386)		(161)
Corporate activities		(6,634)		(5,951)
	$	78,343	$	12,704

The following table sets forth revenues by product line for the periods indicated (in thousands):



	Three Months Ended March 31,
	2014		2013
Revenues:
Ethanol	$	530,039	$	579,493
Distillers grains		136,992		131,548
Corn oil		17,132		17,096
Grain		29,201		26,320
Other		20,525		11,019
	$	733,889	$	765,476

The following table sets forth total assets by operating segment (in thousands):



	March 31,		December 31,
	2014		2013
Total assets:
Ethanol production	$	879,027	$	911,315
Corn oil production		35,197		28,569
Agribusiness		101,255		165,570
Marketing and distribution		308,802		258,361
Corporate assets		217,456		175,210
Intersegment eliminations		(29,368)		(6,980)
	$	1,512,369	$	1,532,045

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
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+ Details

Inventories

3 Months Ended

Mar. 31, 2014

Inventories [Abstract]

Inventories

5. INVENTORIES

Inventories are carried at the lower of cost or market, except grain held for sale, which is valued at market value. The components of inventories are as follows (in thousands):


	March 31,		December 31,
	2014		2013
Finished goods	$	70,325	$	56,664
Grain held for sale		24,959		23,782
Raw materials		54,885		51,726
Work-in-process		13,156		11,506
Supplies and parts		16,425		14,650
	$	179,750	$	158,328

Goodwill	3 Months Ended
Goodwill	Mar. 31, 2014
Goodwill [Abstract]
Goodwill	6. GOODWILL The Company did not have any changes in the total carrying amount of goodwill, which was $40.9 million during the three months ended March 31, 2014. Goodwill of $30.3 million is attributable to the ethanol production segment and $10.6 million is attributable to the marketing and distribution segment.

Derivative Financial Instruments

3 Months Ended

Mar. 31, 2014

Derivative Financial Instruments [Abstract]

Derivative Financial Instruments

7. DERIVATIVE FINANCIAL INSTRUMENTS

At March 31, 2014, the Company’s consolidated balance sheet reflects unrealized losses, net of tax, of $91.6 million in accumulated other comprehensive loss. The Company expects that all of the unrealized losses at March 31, 2014 will be reclassified into operating income over the next 12 months as a result of hedged transactions that are forecasted to occur. The amount ultimately realized in operating income, however, will differ as commodity prices change.

Fair Values of Derivative Instruments

The following table provides information about the fair values of the Company’s derivative financial instruments and the line items on the consolidated balance sheets in which the fair values are reflected (in thousands):


	Asset Derivatives'						Liability Derivatives'
	Fair Value						Fair Value
	March 31,			December 31,			March 31,		December 31,
	2014			2013			2014		2013
Derivative financial instruments (1)	$	(93,204)	(2)	$	(28,466)	(3)	$	-	$	-
Accrued and other liabilities		-			-			37,794		4,612
Total	$	(93,204)		$	(28,466)		$	37,794	$	4,612

(1) Derivative financial instruments as reflected on the consolidated balance sheets are net of related margin deposit assets of $130.4 million and $77.1 million at March 31, 2014 and December 31, 2013, respectively.

(2) Balance at March 31, 2014 includes $150.6 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments.

(3)Balance at December 31, 2013 includes $47.1 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments.

Refer to Note 3 - Fair Value Disclosures, which also contains fair value information related to derivative financial instruments.

Effect of Derivative Instruments on Consolidated Statements of Operations and Consolidated Statements of Stockholders’ Equity and Comprehensive Income

The following tables provide information about gains or losses recognized in income and other comprehensive income on the Company’s derivative financial instruments and the line items in the financial statements in which such gains and losses are reflected (in thousands):



Gains (Losses) on Derivative Instruments Not	Three Months Ended March 31,
Designated in a Hedging Relationship	2014		2013
Revenues	$	18,250	$	(11,669)
Cost of goods sold		(1,163)		11,017
Net increase (decrease) recognized in earnings before tax	$	17,087	$	(652)



Gains (Losses) Due to Ineffectiveness	Three Months Ended March 31,
of Cash Flow Hedges	2014		2013
Revenues	$	(346)	$	(6)
Cost of goods sold		860		(25)
Net increase (decrease) recognized in earnings before tax	$	514	$	(31)



Gains (Losses) Reclassified from Accumulated Other Comprehensive Loss	Three Months Ended March 31,
into Net Income	2014		2013
Revenues	$	(88,146)	$	(10,379)
Cost of goods sold		3,573		(833)
Net decrease recognized in earnings before tax	$	(84,573)	$	(11,212)



Gains (Losses) from Fair Value	Three Months Ended March 31,
Hedges of Inventory	2014		2013
Revenues (effect of change in inventory value)	$	-	$	301
Revenues (effect of fair value hedge)		-		(301)
Cost of goods sold (effect of change in inventory value)		3,146		-
Cost of goods sold (effect of fair value hedge)		(2,778)		-
Ineffectiveness recognized in earnings before tax	$	368	$	-

There were no gains or losses due to the discontinuance of cash flow hedge or fair value hedge treatment during the three months ended March 31, 2014 and 2013.

The following table summarizes volumes of open commodity derivative positions as of March 31, 2014 (in thousands):



March 31, 2014
	Exchange Traded		Non-Exchange Traded
Derivative Instruments	Net Long & (Short) (1)		Long (2)	(Short) (2)	Unit of Measure	Commodity
Futures	(5,345)				Bushels	Corn, Soybeans and Wheat
Futures	63,950	(3)			Bushels	Corn
Futures	(3,315)	(4)			Bushels	Corn
Futures	54,684				Gallons	Ethanol
Futures	(235,620)	(3)			Gallons	Ethanol
Futures	98				mmBTU	Natural Gas
Options	7,242				Bushels	Corn, Soybeans and Wheat
Options	6,659				Gallons	Ethanol
Options	(42)				mmBTU	Natural Gas
Forwards			10,127	(4,709)	Bushels	Corn and Soybeans
Forwards			5,386	(129,584)	Gallons	Ethanol
Forwards			91	(399)	Tons	Distillers Grains
Forwards			(37,491)	3,408	Pounds	Corn Oil

(1)

Exchange traded futures and options are presented on a net long and (short) position basis. Options are presented on a delta-adjusted basis.

(2)

Non-exchange traded forwards are presented on a gross long and (short) position basis including both fixed-price and basis contracts.

(3)

Futures used for cash flow hedges.

(4)

Futures used for fair value hedges.

Energy trading contracts that do not involve physical delivery are presented net in revenues on the consolidated statements of operations. Revenues and cost of goods sold under such contracts are summarized in the table below for the periods indicated (in thousands):



	Three Months Ended March 31,
	2014		2013
Revenues	$	3,620	$	1,982
Cost of goods sold		4,744		1,962

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Debt

3 Months Ended

Mar. 31, 2014

Debt [Abstract]

Debt

8. DEBT

The principal balances of the components of long-term debt are as follows (in thousands):


	March 31,		December 31,
	2014		2013
Green Plains Bluffton:
$70.0 million term loan	$	25,847	$	26,621
$20.0 million revolving term loan		20,000		15,000
$22.0 million revenue bond		14,865		15,780
Green Plains Central City:
$55.0 million term loan		31,668		33,100
$30.5 million revolving term loan		28,639		17,739
Equipment financing loan		18		36
Green Plains Fairmont and Green Plains Wood River:
$50.0 million term loan		47,500		50,000
$27.0 million term loan		26,270		26,756
Tax increment financing bond		4,199		3,626
Capital leases on grain facilities		9,994		9,994
Capital leases on equipment and other		4,439		5,489
Green Plains Holdings II:
$46.8 million term loans		34,760		15,914
$20.0 million revolving term loan		19,954		31,960
Green Plains Obion:
$60.0 million term loan		1,479		3,879
$37.4 million revolving term loan		37,400		28,400
Equipment financing loan		83		126
Economic development grant		1,223		1,245
Green Plains Ord:
$25.0 million term loan		14,488		15,143
$13.0 million revolving term loan		12,151		2,151
Green Plains Otter Tail:
$30.3 million term loan		16,926		17,960
$19.2 million note payable		19,175		19,151
Equipment financing loan		13		-
Green Plains Shenandoah:
$17.0 million revolving term loan		15,200		9,000
Green Plains Superior:
$40.0 million term loan		8,375		9,750
$10.0 million revolving term loan		10,000		8,000
Equipment financing loan		-		18
Corporate:
$90.0 million convertible notes		-		90,000
$120.0 million convertible notes		97,670		96,653
Capital lease		133		188
Other		11,601		10,000
Total long-term debt		514,070		563,679
Less: current portion of long-term debt		(134,639)		(82,933)
Long-term debt	$	379,431	$	480,746

Short-term notes payable and other borrowings at March 31, 2014 included working capital revolvers at Green Plains Grain and Green Plains Trade with outstanding balances of $55.0 million and $61.5 million, respectively. Green Plains Grain also had $11.9 million in outstanding short-term inventory financing arrangements at March 31, 2014. Short-term notes payable and other borrowings at December 31, 2013 included working capital revolvers at Green Plains Grain and Green Plains Trade with outstanding balances of $95.0 million and $76.5 million, respectively.

Ethanol Production Segment

Term Loans

Scheduled principal payments are as follows:


•	Green Plains Bluffton	$0.3 million per month
•	Green Plains Central City	$0.5 million per month
•	Green Plains Fairmont and Green Plains	$2.5 million per quarter, decreasing
	Wood River $50.0 million term loan	to $1.3 million per quarter in 2015
•	Green Plains Fairmont and Green Plains
	Wood River $27.0 million term loan	$0.2 million per month
•	Green Plains Holdings II	$1.8 million per quarter
•	Green Plains Obion	$2.4 million per quarter
•	Green Plains Ord	$0.2 million per month
•	Green Plains Otter Tail	$0.4 million per month
•	Green Plains Superior	$1.4 million per quarter

Final maturity dates (at the latest) are as follows:


•	Green Plains Bluffton	January 31, 2015
•	Green Plains Central City	July 1, 2016
•	Green Plains Fairmont and Green Plains
	Wood River $50.0 million term loan	November 27, 2015
•	Green Plains Fairmont and Green Plains
	Wood River $27.0 million term loan	November 27, 2014
•	Green Plains Holdings II	July 1, 2019
•	Green Plains Obion	May 20, 2014
•	Green Plains Ord	July 1, 2016
•	Green Plains Otter Tail	September 1, 2018
•	Green Plains Superior	July 20, 2015

Revolving Term Loans – The revolving term loans are generally available for advances throughout the life of the commitment, subject, in certain cases, to borrowing base restrictions. Allowable advances under the Green Plains Shenandoah loan agreement are reduced by $0.4 million each quarter. Allowable advances under the Green Plains Superior loan agreement are reduced by $2.5 million each six-month period commencing on the first day of the month beginning six months after repayment of the term loan, but in no event later than January 1, 2016. Allowable advances under the Green Plains Obion loan agreement are reduced by $4.7 million on a semi-annual basis commencing on March 1, 2015. Interest-only payments are due each month on all revolving term loans until the final maturity date for the Green Plains Bluffton, Green Plains Central City, Green Plains Ord, Green Plains Shenandoah, and Green Plains Superior loan agreements.

Final maturity dates (at the latest) are as follows:


•	Green Plains Bluffton	January 31, 2015
•	Green Plains Central City	July 1, 2016
•	Green Plains Holdings II	July 1, 2019
•	Green Plains Obion	June 1, 2018
•	Green Plains Ord	July 1, 2016
•	Green Plains Shenandoah	September 20, 2018
•	Green Plains Superior	July 1, 2017

Green Plains Bluffton issued a $22.0 million Subordinate Solid Waste Disposal Facility Revenue Bond with the City of Bluffton, Indiana. The revenue bond requires: (1) semi-annual principal and interest payments of approximately $1.5 million through March 1, 2019, and (2) a final principal and interest payment of $3.745 million on September 1, 2019. The revenue bond bears interest at 7.50% per annum. At March 31, 2014, Green Plains Bluffton had $2.5 million of cash, presented as restricted cash with the long-term portion in other assets on the consolidated balance sheet, the use of which was restricted for principal and interest payments towards the revenue bond.

Green Plains Otter Tail issued $19.2 million in senior notes under New Market Tax Credits financing. The notes bear interest at an annual rate equal to the prime rate (as defined) plus 1.5%, but not less than 4.0%, payable monthly, and require monthly principal payments of approximately $0.3 million beginning in September 2014. These senior notes, which were scheduled to mature in September 2018, were extinguished on April 25, 2014, with $2.2 million of the outstanding obligation forgiven according to terms of the financing.

Allowable dividends or other annual distributions from each respective subsidiary, subject to certain additional restrictions including compliance with all loan covenants, terms and conditions, are as follows:


•	Green Plains Bluffton	Up to 35% of net profit before tax, and up to an additional 15% of net profit before tax,
		after free cash flow payment is made
•	Green Plains Central City