gpre-20210331x10q
false--12-31Q120210001309402P3Y0001309402us-gaap:CorporateMember2021-03-310001309402us-gaap:TreasuryStockMember2020-01-012020-03-310001309402us-gaap:CommonStockMember2021-03-012021-03-010001309402us-gaap:RetainedEarningsMember2021-03-310001309402us-gaap:ParentMember2021-03-310001309402us-gaap:NoncontrollingInterestMember2021-03-310001309402us-gaap:AdditionalPaidInCapitalMember2021-03-310001309402us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001309402srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:RetainedEarningsMember2020-12-310001309402srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:ParentMember2020-12-310001309402srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AdditionalPaidInCapitalMember2020-12-310001309402srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:RetainedEarningsMember2020-12-310001309402srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:ParentMember2020-12-310001309402srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:NoncontrollingInterestMember2020-12-310001309402srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:AdditionalPaidInCapitalMember2020-12-310001309402srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001309402us-gaap:RetainedEarningsMember2020-12-310001309402us-gaap:ParentMember2020-12-310001309402us-gaap:NoncontrollingInterestMember2020-12-310001309402us-gaap:AdditionalPaidInCapitalMember2020-12-310001309402us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001309402srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-12-310001309402srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2020-12-310001309402us-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:AccumulatedOtherComprehensiveIncomeMember2019-12-310001309402gpre:GreenPlainsCommodityManagementMembergpre:OtherShortTermDebtMember2020-12-310001309402us-gaap:TreasuryStockMember2021-03-310001309402srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:TreasuryStockMember2020-12-310001309402srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:CommonStockMember2020-12-310001309402us-gaap:TreasuryStockMember2020-12-310001309402us-gaap:CommonStockMember2020-12-310001309402us-gaap:TreasuryStockMember2020-03-310001309402us-gaap:CommonStockMember2020-03-310001309402us-gaap:TreasuryStockMember2019-12-310001309402us-gaap:CommonStockMember2019-12-310001309402us-gaap:CommonStockMember2021-03-310001309402us-gaap:PerformanceSharesMember2019-12-310001309402gpre:GreenPlainsPartnersLp2015LongTermIncentivePlanMember2021-03-310001309402gpre:GreenPlainsPartnersLp2015LongTermIncentivePlanMember2021-01-012021-03-310001309402us-gaap:PerformanceSharesMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2021-03-310001309402us-gaap:PerformanceSharesMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2021-03-310001309402us-gaap:PerformanceSharesMember2021-03-310001309402gpre:RestrictedStockAwardsAndDeferredStockUnitsMember2021-03-310001309402us-gaap:PerformanceSharesMember2020-12-310001309402gpre:RestrictedStockAwardsAndDeferredStockUnitsMember2020-12-310001309402us-gaap:PerformanceSharesMember2021-01-012021-03-310001309402gpre:RestrictedStockAwardsAndDeferredStockUnitsMember2021-01-012021-03-310001309402gpre:PerformanceSharesPredeterminedRonaMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2021-01-012021-03-310001309402srt:ParentCompanyMemberus-gaap:LimitedPartnerMemberus-gaap:IPOMember2015-07-012015-07-010001309402srt:ParentCompanyMemberus-gaap:GeneralPartnerMemberus-gaap:IPOMember2015-07-012015-07-010001309402us-gaap:IntersegmentEliminationMembergpre:PartnershipSegmentMember2021-01-012021-03-310001309402us-gaap:IntersegmentEliminationMembergpre:AgribusinessAndEnergyServicesMember2021-01-012021-03-310001309402us-gaap:ServiceMember2021-01-012021-03-310001309402us-gaap:ProductMember2021-01-012021-03-310001309402us-gaap:OperatingSegmentsMember2021-01-012021-03-310001309402us-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:ServiceRevenuesMembergpre:PartnershipSegmentMember2021-01-012021-03-310001309402gpre:ServiceRevenuesMembergpre:EthanolProductionMember2021-01-012021-03-310001309402gpre:IntersegmentRevenuesMembergpre:PartnershipSegmentMember2021-01-012021-03-310001309402gpre:ServiceRevenuesMember2021-01-012021-03-310001309402gpre:ServiceRevenuesMembergpre:PartnershipSegmentMember2020-01-012020-03-310001309402gpre:IntersegmentRevenuesMembergpre:PartnershipSegmentMember2020-01-012020-03-310001309402gpre:IntersegmentRevenuesMembergpre:EthanolProductionMember2020-01-012020-03-310001309402gpre:ServiceRevenuesMember2020-01-012020-03-310001309402gpre:CreditFacilityMembergpre:StorageAssetsLocatedAdjacentToOrdPlantMembergpre:TermLoanMembergpre:PartnershipSegmentMember2021-01-012021-03-310001309402srt:MaximumMembergpre:CreditFacilityMembergpre:PartnershipSegmentMember2021-03-310001309402gpre:CreditFacilityMembergpre:ExpectedByFourthQuarterOf2021Membergpre:PartnershipSegmentMember2021-03-310001309402us-gaap:RetainedEarningsMember2021-01-012021-03-310001309402us-gaap:RetainedEarningsMember2020-01-012020-03-310001309402gpre:ConvertibleNotesDue2027Memberus-gaap:ConvertibleNotesPayableMemberus-gaap:CorporateMember2021-03-012021-03-310001309402gpre:AircraftLeaseMembersrt:BoardOfDirectorsChairmanMember2020-01-012020-03-310001309402us-gaap:CommodityContractMember2021-01-012021-03-310001309402us-gaap:CommodityContractMember2020-01-012020-03-310001309402gpre:PartnershipSegmentMember2021-01-012021-03-310001309402gpre:PartnershipSegmentMember2020-01-012020-03-310001309402us-gaap:NoncontrollingInterestMember2020-01-012020-03-310001309402gpre:IndirectInterestByMr.EjnarKnudsenMembergpre:Mr.EjnarKnudsenMembergpre:GreenPlainsCattleMember2020-03-310001309402gpre:GreenPlainsGrainMembersrt:MinimumMemberus-gaap:RevolvingCreditFacilityMembergpre:AgribusinessAndEnergyServicesMember2021-01-012021-03-310001309402gpre:GreenPlainsGrainMembersrt:MaximumMemberus-gaap:RevolvingCreditFacilityMembergpre:AgribusinessAndEnergyServicesMember2021-01-012021-03-310001309402gpre:GreenPlainsWoodRiverAndGreenPlainsShenandoahMembersrt:MinimumMembergpre:DelayedDrawLoanAgreementMember2021-01-012021-03-310001309402gpre:GreenPlainsWoodRiverAndGreenPlainsShenandoahMembersrt:MaximumMembergpre:DelayedDrawLoanAgreementMember2021-01-012021-03-310001309402gpre:GreenPlainsTradeMembergpre:FirstInLastOutFiloCreditFacilityMembergpre:AgribusinessAndEnergyServicesMember2021-03-310001309402gpre:GreenPlainsTradeMembergpre:CreditFacilityMembergpre:AgribusinessAndEnergyServicesMember2021-03-310001309402gpre:GreenPlainsCommodityManagementMemberus-gaap:RevolvingCreditFacilityMembergpre:AgribusinessAndEnergyServicesMember2021-03-310001309402srt:MinimumMembergpre:RailcarOperatingLeaseMember2021-03-310001309402srt:MaximumMembergpre:RailcarOperatingLeaseMember2021-03-310001309402gpre:NetOperatingLoss2019Member2020-01-012020-03-310001309402us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310001309402us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310001309402gpre:OrdEthanolPlantMember2021-03-222021-03-220001309402gpre:OrdEthanolPlantMembergpre:PartnershipSegmentMember2021-03-220001309402us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:SalesMember2021-01-012021-03-310001309402us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberus-gaap:CostOfSalesMember2021-01-012021-03-310001309402us-gaap:NondesignatedMember2021-01-012021-03-310001309402us-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:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CostOfSalesMember2021-01-012021-03-310001309402us-gaap:CommodityContractMemberus-gaap:FairValueHedgingMemberus-gaap:CostOfSalesMember2021-01-012021-03-310001309402us-gaap:CommodityContractMemberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CostOfSalesMember2020-01-012020-03-310001309402us-gaap:CommodityContractMemberus-gaap:FairValueHedgingMemberus-gaap:CostOfSalesMember2020-01-012020-03-310001309402us-gaap:SalesMember2021-01-012021-03-310001309402us-gaap:CostOfSalesMember2021-01-012021-03-310001309402us-gaap:SalesMember2020-01-012020-03-310001309402us-gaap:CostOfSalesMember2020-01-012020-03-310001309402us-gaap:OtherAssetsMember2021-03-310001309402us-gaap:DerivativeFinancialInstrumentsAssetsMember2021-03-310001309402us-gaap:OtherAssetsMember2020-12-310001309402us-gaap:IntersegmentEliminationMembergpre:IntersegmentRevenuesMember2021-01-012021-03-310001309402gpre:ProductsAndServicesOtherMembergpre:EthanolProductionMember2021-01-012021-03-310001309402gpre:ProductsAndServicesOtherMembergpre:AgribusinessAndEnergyServicesMember2021-01-012021-03-310001309402gpre:IntersegmentRevenuesMembergpre:AgribusinessAndEnergyServicesMember2021-01-012021-03-310001309402gpre:GrainMembergpre:AgribusinessAndEnergyServicesMember2021-01-012021-03-310001309402gpre:EthanolMembergpre:EthanolProductionMember2021-01-012021-03-310001309402gpre:EthanolMembergpre:AgribusinessAndEnergyServicesMember2021-01-012021-03-310001309402gpre:DistillerGrainsMembergpre:EthanolProductionMember2021-01-012021-03-310001309402gpre:DistillerGrainsMembergpre:AgribusinessAndEnergyServicesMember2021-01-012021-03-310001309402gpre:CornOilMembergpre:EthanolProductionMember2021-01-012021-03-310001309402gpre:CornOilMembergpre:AgribusinessAndEnergyServicesMember2021-01-012021-03-310001309402gpre:ProductsAndServicesOtherMember2021-01-012021-03-310001309402gpre:GrainMember2021-01-012021-03-310001309402gpre:EthanolProductionMember2021-01-012021-03-310001309402gpre:EthanolMember2021-01-012021-03-310001309402gpre:DistillerGrainsMember2021-01-012021-03-310001309402gpre:CornOilMember2021-01-012021-03-310001309402gpre:AgribusinessAndEnergyServicesMember2021-01-012021-03-310001309402us-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:OperatingSegmentsMembergpre:PartnershipSegmentMember2021-01-012021-03-310001309402us-gaap:CorporateMember2021-01-012021-03-310001309402us-gaap:OperatingSegmentsMembergpre:PartnershipSegmentMember2020-01-012020-03-310001309402us-gaap:CorporateMember2020-01-012020-03-310001309402gpre:CreditFacilityMemberus-gaap:RevolvingCreditFacilityMembergpre:PartnershipSegmentMember2021-01-012021-03-310001309402gpre:CreditFacilityMembergpre:TermLoanMembergpre:PartnershipSegmentMember2020-10-152020-10-150001309402gpre:CreditFacilityMembergpre:TermLoanPaymentsBeginningInMay152021Membergpre:TermLoanMembergpre:PartnershipSegmentMember2021-01-012021-03-310001309402gpre:GreenPlainsTradeMembergpre:CreditFacilityMembergpre:AgribusinessAndEnergyServicesMember2021-01-012021-03-310001309402gpre:GreenPlainsCommodityManagementMemberus-gaap:RevolvingCreditFacilityMembergpre:AgribusinessAndEnergyServicesMember2021-01-012021-03-310001309402gpre:FourPercentConvertibleNotesDue2024Memberus-gaap:ConvertibleNotesPayableMemberus-gaap:CorporateMember2021-01-012021-03-310001309402srt:MinimumMembergpre:CreditFacilityMembergpre:PartnershipSegmentMember2021-01-012021-03-310001309402gpre:GreenPlainsSpeLlcMemberus-gaap:JuniorSubordinatedDebtMembergpre:PaidInKindMember2021-01-012021-03-310001309402gpre:GreenPlainsSpeLlcMemberus-gaap:JuniorSubordinatedDebtMembergpre:ElectToPayInCashMember2021-01-012021-03-310001309402gpre:GreenPlainsSpeLlcMemberus-gaap:JuniorSubordinatedDebtMember2021-01-012021-03-310001309402gpre:GreenPlainsTradeMembergpre:Revolver300.0MillionMember2021-03-310001309402gpre:GreenPlainsGrainMembergpre:Revolver100.0MillionMember2021-03-310001309402gpre:GreenPlainsGrainMembergpre:InventoryFinancing50.0MillionMember2021-03-310001309402gpre:GreenPlainsCommodityManagementMembergpre:HedgeLine30.0MillionMember2021-03-310001309402gpre:GreenPlainsSpeLlcMemberus-gaap:JuniorSubordinatedDebtMember2021-02-090001309402gpre:GreenPlainsTradeMembergpre:Revolver300.0MillionMember2020-12-310001309402gpre:GreenPlainsGrainMembergpre:Revolver100.0MillionMember2020-12-310001309402gpre:GreenPlainsCommodityManagementMembergpre:HedgeLine30.0MillionMember2020-12-310001309402gpre:FourPercentConvertibleNotesDue2024Memberus-gaap:ConvertibleNotesPayableMemberus-gaap:CorporateMember2021-03-310001309402gpre:CreditFacilityMemberus-gaap:RevolvingCreditFacilityMembergpre:PartnershipSegmentMember2021-03-310001309402gpre:CreditFacilityMembergpre:TermLoanMembergpre:PartnershipSegmentMember2021-03-310001309402gpre:ConvertibleNotesDue2027Memberus-gaap:ConvertibleNotesPayableMemberus-gaap:CorporateMember2021-03-310001309402gpre:ConvertibleNotes4.125Due2022Memberus-gaap:ConvertibleNotesPayableMemberus-gaap:CorporateMember2021-03-310001309402gpre:PartnershipSegmentMembergpre:CreditFacilityMember2021-03-310001309402gpre:GreenPlainsSpeLlcMemberus-gaap:JuniorSubordinatedDebtMember2021-03-310001309402us-gaap:OtherDebtSecuritiesMember2021-03-310001309402gpre:FourPercentConvertibleNotesDue2024Memberus-gaap:ConvertibleNotesPayableMemberus-gaap:CorporateMember2020-12-310001309402gpre:ConvertibleNotes4.125Due2022Memberus-gaap:ConvertibleNotesPayableMemberus-gaap:CorporateMember2020-12-310001309402gpre:PartnershipSegmentMembergpre:CreditFacilityMember2020-12-310001309402gpre:GreenPlainsWoodRiverAndGreenPlainsShenandoahMembergpre:DelayedDrawLoanAgreementMember2020-12-310001309402us-gaap:OtherDebtSecuritiesMember2020-12-310001309402srt:MinimumMembergpre:CreditFacilityMemberus-gaap:RevolvingCreditFacilityMembergpre:PartnershipSegmentMemberus-gaap:PrimeRateMember2021-01-012021-03-310001309402srt:MinimumMembergpre:CreditFacilityMembergpre:InterestRateAfterApril12021Membergpre:PartnershipSegmentMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-01-012021-03-310001309402srt:MaximumMembergpre:CreditFacilityMemberus-gaap:RevolvingCreditFacilityMembergpre:PartnershipSegmentMemberus-gaap:PrimeRateMember2021-01-012021-03-310001309402srt:MaximumMembergpre:CreditFacilityMembergpre:InterestRateAfterApril12021Membergpre:PartnershipSegmentMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-01-012021-03-310001309402srt:MinimumMembergpre:CreditFacilityMembergpre:PartnershipSegmentMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-01-012021-03-310001309402srt:MaximumMembergpre:CreditFacilityMembergpre:PartnershipSegmentMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-01-012021-03-310001309402gpre:GreenPlainsTradeMembergpre:FirstInLastOutFiloCreditFacilityMembergpre:AgribusinessAndEnergyServicesMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-01-012021-03-310001309402gpre:GreenPlainsTradeMembergpre:CreditFacilityMembergpre:AgribusinessAndEnergyServicesMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-01-012021-03-310001309402gpre:GreenPlainsGrainMemberus-gaap:RevolvingCreditFacilityMembergpre:AgribusinessAndEnergyServicesMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-01-012021-03-310001309402gpre:GreenPlainsGrainMemberus-gaap:RevolvingCreditFacilityMembergpre:AgribusinessAndEnergyServicesMemberus-gaap:BaseRateMember2021-01-012021-03-310001309402gpre:GreenPlainsCommodityManagementMemberus-gaap:RevolvingCreditFacilityMembergpre:AgribusinessAndEnergyServicesMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-01-012021-03-310001309402us-gaap:CommodityContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310001309402us-gaap:CommodityContractMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310001309402us-gaap:OperatingSegmentsMembergpre:EthanolProductionMember2021-01-012021-03-310001309402us-gaap:OperatingSegmentsMembergpre:AgribusinessAndEnergyServicesMember2021-01-012021-03-310001309402us-gaap:IntersegmentEliminationMember2021-01-012021-03-310001309402us-gaap:OperatingSegmentsMembergpre:EthanolProductionMember2020-01-012020-03-310001309402us-gaap:OperatingSegmentsMembergpre:AgribusinessAndEnergyServicesMember2020-01-012020-03-310001309402us-gaap:IntersegmentEliminationMember2020-01-012020-03-310001309402gpre:CustomerMemberus-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2021-01-012021-03-310001309402gpre:CustomerMemberus-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2020-01-012020-03-310001309402us-gaap:CommonStockMember2021-03-0100013094022019-12-3100013094022020-03-310001309402us-gaap:FairValueInputsLevel1Member2021-03-310001309402us-gaap:FairValueInputsLevel1Member2020-12-310001309402us-gaap:OperatingSegmentsMembergpre:PartnershipSegmentMember2021-03-310001309402us-gaap:OperatingSegmentsMembergpre:EthanolProductionMember2021-03-310001309402us-gaap:OperatingSegmentsMembergpre:AgribusinessAndEnergyServicesMember2021-03-310001309402us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2021-03-310001309402us-gaap:IntersegmentEliminationMember2021-03-310001309402us-gaap:CorporateNonSegmentMember2021-03-310001309402us-gaap:OperatingSegmentsMembergpre:PartnershipSegmentMember2020-12-310001309402us-gaap:OperatingSegmentsMembergpre:EthanolProductionMember2020-12-310001309402us-gaap:OperatingSegmentsMembergpre:AgribusinessAndEnergyServicesMember2020-12-310001309402us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-12-310001309402us-gaap:IntersegmentEliminationMember2020-12-310001309402us-gaap:CorporateNonSegmentMember2020-12-310001309402us-gaap:AdditionalPaidInCapitalMember2020-01-012020-03-310001309402gpre:GreenPlainsPartnersLimitedPartnershipMembergpre:OrdEthanolPlantMember2021-03-310001309402gpre:AircraftLeaseMember2021-03-310001309402gpre:AircraftLeaseMember2020-12-3100013094022021-03-222021-03-220001309402us-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:CashFlowHedgingMember2021-03-310001309402us-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2021-03-310001309402us-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2020-12-310001309402us-gaap:CommonStockMember2021-01-012021-03-310001309402us-gaap:CommonStockMember2020-01-012020-03-310001309402us-gaap:PerformanceSharesMember2019-01-012019-12-310001309402us-gaap:PerformanceSharesMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2021-01-012021-03-310001309402us-gaap:PerformanceSharesMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2021-01-012021-03-310001309402us-gaap:LimitedPartnerMemberus-gaap:IPOMember2015-07-012015-07-010001309402gpre:GreenPlainsCattleMember2020-01-012020-03-310001309402us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310001309402us-gaap:ParentMember2020-01-012020-03-310001309402us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-3100013094022020-01-012020-03-310001309402srt:MinimumMember2021-01-012021-03-310001309402srt:MaximumMember2021-01-012021-03-310001309402gpre:NonEmployeesMembergpre:WarrantsMember2021-03-310001309402gpre:ExercisePriceTwoMembergpre:WarrantsMember2021-03-310001309402gpre:ExercisePriceThreeMembergpre:WarrantsMember2021-03-310001309402gpre:ExercisePriceOneMembergpre:WarrantsMember2021-03-310001309402gpre:WarrantsMember2021-03-310001309402gpre:AircraftLeaseMembersrt:BoardOfDirectorsChairmanMember2020-01-012020-12-310001309402gpre:GreenPlainsGrainMember2021-03-310001309402us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:CashFlowHedgingMember2020-12-310001309402us-gaap:DerivativeFinancialInstrumentsAssetsMember2020-12-310001309402gpre:GreenPlainsGrainMemberus-gaap:RevolvingCreditFacilityMembergpre:AgribusinessAndEnergyServicesMember2021-03-310001309402gpre:RailcarOperatingLeaseMember2021-03-310001309402us-gaap:NoncontrollingInterestMember2021-01-012021-03-310001309402us-gaap:FairValueInputsLevel2Member2021-03-310001309402us-gaap:FairValueInputsLevel2Member2020-12-310001309402gpre:GreenPlainsTradeMemberus-gaap:RevolvingCreditFacilityMembergpre:AgribusinessAndEnergyServicesMember2021-03-310001309402gpre:GreenPlainsGrainMembergpre:AgribusinessAndEnergyServicesMember2021-03-310001309402gpre:ExercisePriceOneMembergpre:WarrantsMember2021-01-012021-03-310001309402gpre:ExercisePriceTwoMember2021-01-012021-03-310001309402gpre:ExercisePriceThreeMember2021-01-012021-03-310001309402gpre:WarrantsMember2021-01-012021-03-310001309402gpre:GreenPlainsCattleCompanyLlcMember2020-10-012020-10-010001309402gpre:GreenPlainsCattleCompanyLlcMember2020-01-012020-03-3100013094022021-03-220001309402gpre:OrdEthanolPlantMember2021-03-220001309402gpre:NaturalGasMemberus-gaap:CashFlowHedgingMemberus-gaap:FutureMemberus-gaap:ShortMemberus-gaap:ExchangeTradedMember2021-03-310001309402gpre:EthanolInGallonsMemberus-gaap:CashFlowHedgingMemberus-gaap:FutureMemberus-gaap:ShortMemberus-gaap:ExchangeTradedMember2021-03-310001309402gpre:SoybeanOilMemberus-gaap:OptionMemberus-gaap:LongMemberus-gaap:ExchangeTradedMember2021-03-310001309402gpre:SoybeanOilMemberus-gaap:FutureMemberus-gaap:ShortMemberus-gaap:ExchangeTradedMember2021-03-310001309402gpre:SoybeanMealInTonsMemberus-gaap:OptionMemberus-gaap:LongMemberus-gaap:ExchangeTradedMember2021-03-310001309402gpre:SoybeanMealInTonsMemberus-gaap:FutureMemberus-gaap:LongMemberus-gaap:ExchangeTradedMember2021-03-310001309402gpre:NaturalGasMemberus-gaap:OptionMemberus-gaap:LongMemberus-gaap:ExchangeTradedMember2021-03-310001309402gpre:NaturalGasMemberus-gaap:FutureMemberus-gaap:LongMemberus-gaap:ExchangeTradedMember2021-03-310001309402gpre:NaturalGasMemberus-gaap:ForwardContractsMemberus-gaap:ShortMemberus-gaap:OverTheCounterMember2021-03-310001309402gpre:NaturalGasMemberus-gaap:ForwardContractsMemberus-gaap:LongMemberus-gaap:OverTheCounterMember2021-03-310001309402gpre:EthanolInGallonsMemberus-gaap:OptionMemberus-gaap:ShortMemberus-gaap:ExchangeTradedMember2021-03-310001309402gpre:EthanolInGallonsMemberus-gaap:FutureMemberus-gaap:ShortMemberus-gaap:ExchangeTradedMember2021-03-310001309402gpre:EthanolInGallonsMemberus-gaap:ForwardContractsMemberus-gaap:ShortMemberus-gaap:OverTheCounterMember2021-03-310001309402gpre:DistillersGrainsInTonsMemberus-gaap:ForwardContractsMemberus-gaap:ShortMemberus-gaap:OverTheCounterMember2021-03-310001309402gpre:DistillersGrainsInTonsMemberus-gaap:ForwardContractsMemberus-gaap:LongMemberus-gaap:OverTheCounterMember2021-03-310001309402gpre:CornOilInPoundsMemberus-gaap:ForwardContractsMemberus-gaap:ShortMemberus-gaap:OverTheCounterMember2021-03-310001309402gpre:CornOilInPoundsMemberus-gaap:ForwardContractsMemberus-gaap:LongMemberus-gaap:OverTheCounterMember2021-03-310001309402gpre:CornMemberus-gaap:OptionMemberus-gaap:LongMemberus-gaap:ExchangeTradedMember2021-03-310001309402gpre:CornMemberus-gaap:FutureMemberus-gaap:ShortMemberus-gaap:ExchangeTradedMember2021-03-310001309402gpre:CornMemberus-gaap:FutureMemberus-gaap:LongMemberus-gaap:ExchangeTradedMember2021-03-310001309402gpre:CornAndSoybeansMemberus-gaap:FutureMemberus-gaap:ShortMemberus-gaap:ExchangeTradedMember2021-03-310001309402gpre:CornAndSoybeansMemberus-gaap:ForwardContractsMemberus-gaap:ShortMemberus-gaap:OverTheCounterMember2021-03-310001309402gpre:CornAndSoybeansMemberus-gaap:ForwardContractsMemberus-gaap:LongMemberus-gaap:OverTheCounterMember2021-03-310001309402srt:RestatementAdjustmentMember2020-12-310001309402gpre:CreditFacilityMembergpre:TermLoanMembergpre:PartnershipSegmentMember2021-01-012021-03-310001309402gpre:CreditFacilityMembergpre:PartnershipSegmentMember2021-01-012021-03-310001309402gpre:GreenPlainsWoodRiverAndGreenPlainsShenandoahMembergpre:DelayedDrawLoanAgreementMember2021-03-310001309402gpre:CreditFacilityMembergpre:InterestRateAfterApril12021Membergpre:PartnershipSegmentMemberus-gaap:LondonInterbankOfferedRateLIBORMember2021-01-012021-03-310001309402gpre:GreenPlainsWoodRiverAndGreenPlainsShenandoahMembergpre:DelayedDrawLoanAgreementMember2021-01-012021-03-310001309402gpre:GreenPlainsGrainMemberus-gaap:RevolvingCreditFacilityMembergpre:AgribusinessAndEnergyServicesMember2021-01-012021-03-310001309402gpre:GreenPlainsGrainMembergpre:SeasonalBorrowingsMembergpre:AgribusinessAndEnergyServicesMember2021-01-012021-03-310001309402gpre:FourPercentConvertibleNotesDue2024Memberus-gaap:ConvertibleNotesPayableMemberus-gaap:CorporateMember2019-06-012019-06-300001309402gpre:ConvertibleNotesDue2027Memberus-gaap:ConvertibleNotesPayableMemberus-gaap:CorporateMember2021-01-012021-03-310001309402gpre:FourPercentConvertibleNotesDue2024Memberus-gaap:ConvertibleNotesPayableMemberus-gaap:CorporateMember2019-06-300001309402gpre:ConvertibleNotes4.125Due2022Memberus-gaap:ConvertibleNotesPayableMemberus-gaap:CorporateMember2016-08-310001309402gpre:ConvertibleNotes4.125Due2022Memberus-gaap:ConvertibleNotesPayableMemberus-gaap:CorporateMember2021-01-012021-03-310001309402gpre:ConvertibleNotes4.125Due2022Memberus-gaap:ConvertibleNotesPayableMemberus-gaap:CorporateMember2016-08-012016-08-310001309402gpre:CreditFacilityMembergpre:PartnershipSegmentMember2021-03-310001309402srt:MinimumMembergpre:CreditFacilityMembergpre:PartnershipSegmentMember2021-03-3100013094022020-03-272020-03-2700013094022020-03-262020-03-260001309402gpre:GreenPlainsGrainMembergpre:AgribusinessAndEnergyServicesMember2021-01-012021-03-310001309402gpre:GreenPlainsTradeMemberus-gaap:RevolvingCreditFacilityMembergpre:AgribusinessAndEnergyServicesMember2021-01-012021-03-310001309402gpre:AircraftLeaseMembersrt:BoardOfDirectorsChairmanMember2021-01-012021-03-310001309402us-gaap:ParentMember2021-01-012021-03-310001309402us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-3100013094022021-03-3100013094022020-12-3100013094022021-04-2900013094022021-01-012021-03-31gpre:itemiso4217:USDxbrli:sharesgpre:contractxbrli:pureiso4217:USDxbrli: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, 2021

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 April 29, 2021, was 44,626,860 shares.


TABLE OF CONTENTS

Page

Commonly Used Defined Terms

2

PART I – FINANCIAL INFORMATION

Item 1.

Financial Statements

3

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 

32

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

53

Signatures

55

1


Commonly Used Defined Terms

Green Plains Inc. and Subsidiaries:

Green Plains; the company

Green Plains Inc. and its subsidiaries

BioProcess Algae

BioProcess Algae LLC

FQT

Fluid Quip Technologies, LLC

Green Plains Cattle; GPCC

Green Plains Cattle Company LLC

Green Plains Commodity Management

Green Plains Commodity Management LLC

Green Plains Grain

Green Plains Grain Company LLC

Green Plains Mount Vernon; Mount Vernon

Green Plains Mount Vernon LLC

Green Plains Obion; Obion

Green Plains Obion LLC

Green Plains Partners; the partnership

Green Plains Partners LP

Green Plains Shenandoah; Shenandoah

Green Plains Shenandoah LLC

Green Plains Trade

Green Plains Trade Group LLC

Green Plains Wood River; Wood River

Green Plains Wood River LLC

Accounting Defined Terms:

ASC

Accounting Standards Codification

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

SEC

Securities and Exchange Commission

Industry and Other Defined Terms:

CAFE

Corporate Average Fuel Economy

CARB

California Air Resources Board

the CARES Act

Coronavirus Aid, Relief, and Economic Security Act

COVID-19

Coronavirus Disease 2019

CST

Clean Sugar Technology

DOE

Department of Energy

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

GNS

Grain Neutral Spirits

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

SRE

Small refinery exemption

U.S.

United States

USDA

U.S. Department of Agriculture

2


PART 1 – FINANCIAL INFORMATION

Item 1. Financial Statements.

GREEN PLAINS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share amounts)

March 31,
2021

December 31,
2020

(unaudited)

ASSETS

Current assets

Cash and cash equivalents

$

446,833 

$

233,860 

Restricted cash

207,593 

40,950 

Accounts receivable, net of allowances of $198 and $143, respectively

62,519 

55,568 

Income taxes receivable

483 

661 

Inventories

258,759 

269,491 

Prepaid expenses and other

14,988 

16,531 

Derivative financial instruments

19,365 

25,292 

Total current assets

1,010,540 

642,353 

Property and equipment, net of accumulated depreciation
and amortization of $523,375 and $530,194, respectively

799,546 

801,690 

Operating lease right-of-use assets

64,597 

61,883 

Other assets

69,943 

72,991 

Total assets

$

1,944,626 

$

1,578,917 

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Accounts payable

$

92,972 

$

140,058 

Accrued and other liabilities

36,236 

38,471 

Derivative financial instruments

41,098 

20,265 

Operating lease current liabilities

15,627 

14,902 

Short-term notes payable and other borrowings

174,104 

140,808 

Current maturities of long-term debt

61,442 

98,052 

Total current liabilities

421,479 

452,556 

Long-term debt

537,880 

287,299 

Operating lease long-term liabilities

51,682 

49,549 

Other liabilities

13,056 

12,849 

Total liabilities

1,024,097 

802,253 

Commitments and contingencies (Note 13)

 

 

Stockholders' equity

Common stock, $0.001 par value; 75,000,000 shares authorized;
56,452,866 and 47,470,505 shares issued, and 44,639,705
and 35,657,344 shares outstanding, respectively

56 

47 

Additional paid-in capital

882,949 

740,889 

Retained earnings

44,248 

39,375 

Accumulated other comprehensive loss

(8,398)

(2,172)

Treasury stock, 11,813,161 shares

(131,287)

(131,287)

Total Green Plains stockholders' equity

787,568 

646,852 

Noncontrolling interests

132,961 

129,812 

Total stockholders' equity

920,529 

776,664 

Total liabilities and stockholders' equity

$

1,944,626 

$

1,578,917 

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,

2021

2020

Revenues

Product revenues

$

551,980

$

631,581

Service revenues

1,660

1,288

Total revenues

553,640

632,869

Costs and expenses

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

509,233

617,228

Operations and maintenance expenses

5,754

6,160

Selling, general and administrative expenses

23,518

21,638

Gain on sale of assets, net

(36,893)

-

Goodwill impairment

-

24,091

Depreciation and amortization expenses

20,681

18,080

Total costs and expenses

522,293

687,197

Operating income (loss)

31,347

(54,328)

Other income (expense)

Interest income

30

593

Interest expense

(31,679)

(9,697)

Other, net

10

836

Total other expense

(31,639)

(8,268)

Loss before income taxes and income from equity method investees

(292)

(62,596)

Income tax benefit (expense)

(1,862)

44,283

Income from equity method investees, net of income taxes

175

7,966

Net loss

(1,979)

(10,347)

Net income attributable to noncontrolling interests

4,566

6,098

Net loss attributable to Green Plains

$

(6,545)

$

(16,445)

Earnings per share:

Net loss attributable to Green Plains - basic and diluted

$

(0.17)

$

(0.47)

Weighted average shares outstanding:

Basic and diluted

37,695

34,665

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,

2021

2020

Net loss

$

(1,979)

$

(10,347)

Other comprehensive income (loss), net of tax:

Unrealized gains (losses) on derivatives arising during the period, net of tax benefit (expense) of $1,527 and ($1,447), respectively

(4,849)

4,532

Reclassification of realized gains on derivatives, net of tax expense of $434 and $1,432, respectively

(1,377)

(4,485)

Other comprehensive income (loss), net of tax

(6,226)

47

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

-

41,956

Total other comprehensive income (loss), net of tax

(6,226)

42,003

Comprehensive income (loss)

(8,205)

31,656

Comprehensive income attributable to noncontrolling interests

4,566

6,098

Comprehensive income (loss) attributable to Green Plains

$

(12,771)

$

25,558

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,

2021

2020

Cash flows from operating activities:

Net loss

$

(1,979)

$

(10,347)

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

Depreciation and amortization

20,681

18,080

Amortization of debt issuance costs and debt discount

2,672

5,099

Gain on sale of assets, net

(36,303)

-

Loss on extinguishment of convertible notes

22,100

-

Goodwill impairment

-

24,091

Deferred income taxes

1,960

(23,895)

Stock-based compensation

882

1,324

Income from equity method investees, net of income taxes

(175)

(7,966)

Distribution from equity method investees, net of income taxes

-

3,247

Other

(82)

6

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

Accounts receivable

(6,874)

72,684

Inventories

332

38,626

Derivative financial instruments

18,574

(32,290)

Prepaid expenses and other assets

917

1,135

Accounts payable and accrued liabilities

(62,032)

(58,652)

Current income taxes

177

(13,251)

Other

2,169

(114)

Net cash provided by (used in) operating activities

(36,981)

17,777

Cash flows from investing activities:

Purchases of property and equipment, net

(31,524)

(38,792)

Proceeds from the sale of assets, net

73,846

-

Other investing activities

-

(1,098)

Net cash provided by (used in) investing activities

42,322

(39,890)

Cash flows from financing activities:

Proceeds from the issuance of long-term debt

355,000

-

Payments of principal on long-term debt

(135,835)

(21)

Proceeds from short-term borrowings

686,486

820,264

Payments on short-term borrowings

(691,166)

(844,316)

Payments on extinguishment of convertible debt

(20,861)

-

Payments for repurchase of common stock

-

(11,479)

Payments of cash distributions

(1,395)

(5,498)

Proceeds from issuance of common stock, net

191,134

-

Payments of loan fees

(8,614)

-

Payments related to tax withholdings for stock-based compensation

(3,804)

(1,209)