GREEN PLAINS INC., 10-K filed on 2/9/2024
Annual Report
v3.24.0.1
Cover - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Feb. 05, 2024
Jun. 30, 2023
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2023    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-32924    
Entity Registrant Name GREEN PLAINS INC.    
Entity Incorporation, State or Country Code IA    
Entity Tax Identification Number 84-1652107    
Entity Address, Address Line One 1811 Aksarben Drive    
Entity Address, City or Town Omaha    
Entity Address, State or Province NE    
Entity Address, Postal Zip Code 68106    
City Area Code 402    
Local Phone Number 884-8700    
Title of 12(b) Security Common Stock, par value $0.001 per share    
Trading Symbol GPRE    
Security Exchange Name NASDAQ    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 1,869.1
Entity Common Stock, Shares Outstanding   64,264,356  
Documents Incorporated by Reference
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the registrant’s definitive Proxy Statement for the 2024 Annual Meeting of Shareholders are incorporated by reference in Part III herein. The company intends to file such Proxy Statement with the Securities and Exchange Commission no later than 120 days after the end of the period covered by this report on Form 10-K. 		   
Entity Central Index Key 0001309402    
Document Fiscal Year Focus 2023    
Document Fiscal Period Focus FY    
Amendment Flag false    
v3.24.0.1
Audit Information
 12 Months Ended
Dec. 31, 2023
Audit Information [Abstract]  
Auditor Name KPMG LLP
Auditor Location Omaha, NE
Auditor Firm ID 185
v3.24.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Current assets    
Cash and cash equivalents $ 349,574 $ 444,661
Restricted cash 29,188 55,615
Accounts receivable, net of allowances of $85 and $429, respectively 94,446 108,610
Income taxes receivable 822 1,286
Inventories 215,810 278,950
Prepaid expenses and other 23,118 19,837
Derivative financial instruments 19,772 19,791
Total current assets 732,730 928,750
Property and equipment, net 1,021,928 1,029,327
Operating lease right-of-use assets 73,993 73,244
Other assets 110,671 91,810
Total assets 1,939,322 2,123,131
Current liabilities    
Accounts payable 186,643 234,301
Accrued and other liabilities 57,029 44,443
Derivative financial instruments 10,577 47,941
Operating lease current liabilities 22,908 20,721
Short-term notes payable and other borrowings 105,973 137,678
Current maturities of long-term debt 1,832 1,838
Total current liabilities 384,962 486,922
Long-term debt 491,918 495,243
Operating lease long-term liabilities 53,879 55,515
Other liabilities 18,507 24,385
Total liabilities 949,266 1,062,065
Commitments and contingencies (Note 17)
Stockholders' equity    
Common stock, $0.001 par value; 150,000,000 shares authorized; ‎62,326,622 and 62,100,555 shares issued, and 59,521,563 ‎and 59,295,496 shares outstanding, respectively 62 62
Additional paid-in capital 1,113,806 1,110,151
Retained deficit (235,801) (142,417)
Accumulated other comprehensive loss (3,160) (26,591)
Treasury stock, 2,805,059 shares (31,174) (31,174)
Total Green Plains stockholders' equity 843,733 910,031
Noncontrolling interests 146,323 151,035
Total stockholders' equity 990,056 1,061,066
Total liabilities and stockholders' equity $ 1,939,322 $ 2,123,131
v3.24.0.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Statement of Financial Position [Abstract]    
Accounts receivable, allowances $ 85 $ 429
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, authorized (in shares) 150,000,000  
Common stock, issued (in shares) 62,326,622 62,100,555
Common stock, outstanding (in shares) 59,521,563 59,295,496
Treasury stock, common (in shares) 2,805,059  
v3.24.0.1
Consolidated Statements Of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Statement [Abstract]      
Revenues $ 3,295,743 $ 3,662,849 $ 2,827,168
Costs and expenses      
Cost of goods sold (excluding depreciation and amortization expenses reflected below) 3,103,838 3,525,011 2,625,109
Operations and maintenance expenses 27,154 25,158 23,061
Selling, general and administrative expenses 133,350 118,930 91,139
Gain on sale of assets, net (5,265) 0 (29,601)
Depreciation and amortization expenses 98,244 92,698 91,952
Total costs and expenses 3,357,321 3,761,797 2,801,660
Operating income (loss) (61,578) (98,948) 25,508
Other income (expense)      
Interest income 11,707 5,277 575
Interest expense (37,703) (32,642) (67,144)
Other, net 5,225 27,612 (1,940)
Total other income (expense) (20,771) 247 (68,509)
Loss before income taxes and income from equity method investees (82,349) (98,701) (43,001)
Income tax benefit (expense) 5,617 (4,747) (1,845)
Income from equity method investees 433 71 700
Net loss (76,299) (103,377) (44,146)
Net income attributable to noncontrolling interests 17,085 23,841 21,846
Net loss attributable to Green Plains $ (93,384) $ (127,218) $ (65,992)
Earnings per share      
Net loss attributable to Green Plains - basic (in dollars per share) $ (1.59) $ (2.29) $ (1.41)
Net loss attributable to Green Plains - diluted (in dollars per share) $ (1.59) $ (2.29) $ (1.41)
Weighted average shares outstanding      
Weighted-average shares outstanding - basic (in shares) 58,814,000 55,541,000 46,652,000
Weighted-average shares outstanding - diluted (in shares) 58,814,000 55,541,000 46,652,000
v3.24.0.1
Consolidated Statements of Comprehensive Loss - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Comprehensive Income [Abstract]      
Net loss $ (76,299) $ (103,377) $ (44,146)
Other comprehensive income (loss), net of tax      
Unrealized gains (losses) on derivatives arising during the period, net of tax benefit (expense) of ($2,021), $5,092 and $7,806, respectively 6,348 (16,109) (24,230)
Reclassification of realized losses on derivatives, net of tax benefit of ($5,438), ($578) and ($4,540), respectively 17,083 1,828 14,092
Other comprehensive loss, net of tax 23,431 (14,281) (10,138)
Comprehensive loss (52,868) (117,658) (54,284)
Comprehensive income attributable to noncontrolling interests 17,085 23,841 21,846
Comprehensive loss attributable to Green Plains $ (69,953) $ (141,499) $ (76,130)
v3.24.0.1
Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Comprehensive Income [Abstract]      
Tax (expense) benefit on unrealized gains (losses) on derivatives arising during the period $ (2,021) $ 5,092 $ 7,806
Tax expense (benefit) on reclassification of realized losses (gains) on derivatives $ (5,438) $ (578) $ (4,540)
v3.24.0.1
Consolidated Statements Of Stockholders' Equity - USD ($)
$ in Thousands
Total
4.00% Convertible Notes Due 2024
Total Green Plains Stockholders' Equity
Total Green Plains Stockholders' Equity
4.00% Convertible Notes Due 2024
Common Stock
Additional Paid-in Capital
Additional Paid-in Capital
4.00% Convertible Notes Due 2024
Retained Earnings (Deficit)
Accumulated Other Comprehensive Loss
Treasury Stock
Treasury Stock
4.00% Convertible Notes Due 2024
Non- Controlling Interests
Beginning balance (in shares) at Dec. 31, 2020         47,471,000              
Beginning balance at Dec. 31, 2020 $ 738,586   $ 608,774   $ 47 $ 691,393   $ 50,793 $ (2,172) $ (131,287)   $ 129,812
Treasury stock, beginning balance (in shares) at Dec. 31, 2020                   11,813,000    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net income (loss) (44,146)   (65,992)         (65,992)       21,846
Cash dividends and distributions declared (9,251)                     (9,251)
Other comprehensive income (loss) before reclassification (24,230)   (24,230)           (24,230)      
Amounts reclassified from accumulated other comprehensive loss 14,092   14,092           14,092      
Other comprehensive loss, net of tax (10,138)   (10,138)           (10,138)      
Stock-based compensation (in shares)         155,000              
Stock-based compensation 1,382   1,103     1,103           279
Issuance of common stock (in shares)         14,214,000              
Issuance of common stock, net of fees 355,978   355,978   $ 15 355,963            
Issuance of warrants 0   3,431     3,431           (3,431)
Exchange of convertible notes (in shares)                     (3,569,000)  
Exchange of convertible notes   $ 57,344   $ 57,344     $ 17,683       $ 39,661  
Investment in subsidiaries 12,264                     12,264
Ending balance (in shares) at Dec. 31, 2021         61,840,000              
Ending balance at Dec. 31, 2021 1,102,019   950,500   $ 62 1,069,573   (15,199) (12,310) $ (91,626)   151,519
Treasury stock, ending balance (in shares) at Dec. 31, 2021                   8,244,000    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net income (loss) (103,377)   (127,218)         (127,218)       23,841
Cash dividends and distributions declared (25,240)                     (25,240)
Other comprehensive income (loss) before reclassification (16,109)   (16,109)           (16,109)      
Amounts reclassified from accumulated other comprehensive loss 1,828   1,828           1,828      
Other comprehensive loss, net of tax (14,281)   (14,281)           (14,281)      
Redemption of 4.00% convertible notes due 2024   63,038   63,038     15,797       $ 47,241  
Stock Issued During Period, Share, Redemption Of Convertible Securities                     (4,251,000)  
Stock-based compensation (in shares)         261,000              
Stock-based compensation 5,265   5,025     5,025           240
Exchange of convertible notes (in shares)                     (1,188,000)  
Exchange of convertible notes   $ 32,967   $ 32,967     $ 19,756       $ 13,211  
Investment in subsidiaries $ 675                     675
Ending balance (in shares) at Dec. 31, 2022 59,295,496       62,101,000              
Ending balance at Dec. 31, 2022 $ 1,061,066   910,031   $ 62 1,110,151   (142,417) (26,591) $ (31,174)   151,035
Treasury stock, ending balance (in shares) at Dec. 31, 2022                   2,805,000    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net income (loss) (76,299)   (93,384)         (93,384)       17,085
Cash dividends and distributions declared (22,728)                     (22,728)
Other comprehensive income (loss) before reclassification 6,348   6,348           6,348      
Amounts reclassified from accumulated other comprehensive loss 17,083   17,083           17,083      
Other comprehensive loss, net of tax 23,431   23,431           23,431      
Stock-based compensation (in shares)         226,000              
Stock-based compensation 4,014   3,655     3,655           359
Investment in subsidiaries $ 572                     572
Ending balance (in shares) at Dec. 31, 2023 59,521,563       62,327,000              
Ending balance at Dec. 31, 2023 $ 990,056   $ 843,733   $ 62 $ 1,113,806   $ (235,801) $ (3,160) $ (31,174)   $ 146,323
Treasury stock, ending balance (in shares) at Dec. 31, 2023 2,805,059                 2,805,000    
v3.24.0.1
Consolidated Statements Of Stockholders' Equity (Parenthetical) - Convertible Notes - Corporate Activities
Dec. 31, 2022
4.00% Convertible Notes Due 2024  
Interest rate, stated percentage 4.00%
4.125% Convertible Notes Due 2022  
Interest rate, stated percentage 4.125%
v3.24.0.1
Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net loss $ (76,299) $ (103,377) $ (44,146)
Adjustments to reconcile net loss to net cash provided by operating activities      
Depreciation and amortization 98,244 92,698 91,952
Amortization of debt issuance costs and non-cash interest expense 2,693 3,894 8,402
Gain on the sale of assets, net (5,265) 0 (29,601)
Inventory lower of average cost or net realizable value adjustment 2,627 12,323 0
Loss on extinguishment of debt 0 419 32,645
Deferred income taxes (6,855) 4,515 1,233
Stock-based compensation 13,032 9,071 6,058
Loss from equity method investees (433) (71) (700)
Distribution from equity method investees 0 637 1,500
Other 2,203 (786) 1,590
Changes in operating assets and liabilities before effects of asset dispositions      
Accounts receivable 14,164 8,519 (64,095)
Inventories 53,472 (23,435) (20,543)
Derivative financial instruments (2,919) (7,145) 6,808
Prepaid expenses and other assets (3,704) (3,354) (578)
Accounts payable and accrued liabilities (34,573) 75,311 17,189
Current income tax expense (benefit) 497 841 (699)
Other (538) (351) (2,769)
Net cash provided by operating activities 56,346 69,709 4,246
Cash flows from investing activities      
Purchases of property and equipment, net (108,093) (212,366) (187,195)
Purchases of marketable securities 0 0 (124,859)
Proceeds from the sale of marketable securities 0 124,523 0
Proceeds from the sale of assets, net 25,403 0 87,217
Disposition of equity method investees 0 0 (2,948)
Investment in equity method investees (24,206) (17,156) 0
Other investing activities 0 (253) (8,500)
Net cash used in investing activities (106,896) (105,252) (236,285)
Cash flows from financing activities      
Proceeds from the issuance of long-term debt 0 45,000 367,701
Payments of principal on long-term debt (4,838) (1,751) (188,700)
Proceeds from short-term borrowings 1,190,999 1,863,315 3,473,541
Payments on short-term borrowings (1,223,785) (1,898,414) (3,445,634)
Payments on extinguishment of convertible debt 0 (1,766) (20,861)
Payments of dividends and distributions (22,728) (22,555) (9,251)
Proceeds from issuance of common stock, net 0 0 355,978
Payments of loan fees (16) (2,522) (9,195)
Payments related to tax withholdings for stock-based compensation (9,018) (3,806) (4,671)
Other financing activities (1,578) (2,641) (720)
Net cash provided by (used in) financing activities (70,964) (25,140) 518,188
Net change in cash and cash equivalents, and restricted cash (121,514) (60,683) 286,149
Cash and cash equivalents, and restricted cash, beginning of period 500,276 560,959 274,810
Cash and cash equivalents, and restricted cash, end of period 378,762 500,276 560,959
Reconciliation of total cash and cash equivalents, and restricted cash      
Cash and cash equivalents 349,574 444,661 426,220
Restricted cash 29,188 55,615 134,739
Total cash and cash equivalents, and restricted cash 378,762 500,276 560,959
Non-cash financing activity      
Exchange of 4.00% convertible notes due 2024 for shares of common stock held in treasury stock 0 64,000 51,000
Exchange of 4.125% convertible notes due 2022 for shares of common stock held in treasury stock 0 32,550 0
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]      
Assets acquired in acquisitions, net of cash 0 0 9,000
Less: noncontrolling interests assumed 0 0 (4,500)
Net assets acquired 0 0 4,500
Assets disposed of in sale 22,351 0 54,626
Less: liabilities relinquished (3,779) 0 (3,706)
Net assets disposed 18,572 0 50,920
Supplemental disclosures of cash flow      
Cash paid (refunded) for income taxes, net 1,242 583 1,479
Cash paid for interest 35,161 30,889 29,369
Capital expenditures in accounts payable 7,001 17,140 11,948
Cash premium paid for extinguishment of convertible notes $ 0 $ 0 $ 20,861
v3.24.0.1
Consolidated Statements Of Cash Flows (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Debt Instrument [Line Items]      
Cash premium paid for extinguishment of convertible notes $ 0 $ 0 $ 20,861
Non-cash asset retirement obligations additions $ 3,013 $ 2,018 $ 1,166
Convertible Notes | 4.00% Convertible Notes Due 2024 | Corporate, Non-Segment      
Debt Instrument [Line Items]      
Interest rate, stated percentage 4.00%    
Convertible Notes | 4.125% Convertible Notes Due 2022 | Corporate, Non-Segment      
Debt Instrument [Line Items]      
Interest rate, stated percentage 4.125%    
v3.24.0.1
Basis of Presentation and Description of Business
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation and Description of Business BASIS OF PRESENTATION AND DESCRIPTION OF BUSINESS
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 Inc., an Iowa corporation, and its subsidiaries.
Consolidated Financial Statements
The consolidated financial statements include the company’s accounts and all significant intercompany balances and transactions are eliminated. Unconsolidated entities are included in the financial statements on an equity basis. As of December 31, 2023, the company owns a 48.8% limited partner interest and a 2.0% general partner interest in Green Plains Partners LP. Public investors own the remaining 49.2% limited partner interest in the partnership. The company determined that the limited partners in the partnership with equity at risk lack the power, through voting rights or similar rights, to direct the activities that most significantly impact the partnership’s economic performance; therefore, the partnership is considered a variable interest entity. The company, through its ownership of the general partner interest in the partnership, has the power to direct the activities that most significantly affect economic performance and is obligated to absorb losses and has the right to receive benefits that could be significant to the partnership. Therefore, the company is considered the primary beneficiary and consolidates the partnership in the company’s financial statements. The assets of the partnership cannot be used by the company for general corporate purposes. The partnership’s consolidated total assets as of December 31, 2023 and 2022, excluding intercompany balances, are $102.8 million and $108.7 million, respectively, and primarily consist of cash and cash equivalents, property and equipment, operating lease right-of-use assets and goodwill. The partnership’s consolidated total liabilities as of December 31, 2023 and 2022, excluding intercompany balances, are $118.5 million and $119.5 million, respectively, which primarily consist of long-term debt as discussed in Note 12 – Debt and operating lease liabilities. The liabilities recognized as a result of consolidating the partnership do not represent additional claims on the company's general assets.
On September 16, 2023, the company entered into a Merger Agreement to acquire all of the publicly held common units of the partnership not already owned by the company and its affiliates. On January 9, 2024, the transactions contemplated by the Merger Agreement were completed. Refer to Note 5 - Merger and Dispositions included herein for more information.
The company also owns a majority interest in FQT, with their results being consolidated in our consolidated financial statements.
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, 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. The company bases its estimates on historical experience and assumptions it believes are proper and reasonable under the circumstances and regularly evaluates the appropriateness of its estimates and assumptions. Actual results could differ from those estimates. Certain accounting policies, including but not limited to those relating to derivative financial instruments and accounting for income taxes, are impacted significantly by judgments, assumptions and estimates used in the preparation of the consolidated financial statements.
Description of Business
The company operates within three operating segments: (1) ethanol production, which includes the production of ethanol, distillers grains, Ultra-High Protein and renewable corn oil, (2) agribusiness and energy services, which includes grain handling and storage, commodity marketing and merchant trading for company-produced and third-party ethanol, distillers grains, Ultra-High Protein, renewable corn oil, natural gas and other commodities and (3) partnership, which includes fuel storage and transportation services.
Ethanol Production Segment. The company is one of the largest ethanol producers in North America. The company operates ten ethanol plants in six states through separate wholly owned operating subsidiaries. The company’s ethanol plants
use a dry mill process to produce ethanol and co-products such as wet, modified wet or dried distillers grains and renewable corn oil. At capacity, the company expects to process approximately 310 million bushels of corn and produce approximately 903 million gallons of ethanol, 2.2 million tons of distillers grains and Ultra-High Protein, and 300 million pounds of renewable corn oil annually.
Agribusiness and Energy Services Segment. The company owns and operates grain handling and storage assets through its agribusiness and energy services segment, which has grain storage capacity of approximately 20.2 million bushels at the company’s ethanol plants. The company’s agribusiness operations provide synergies with the ethanol production segment as it supplies a portion of the feedstock needed to produce ethanol. The company has an in-house marketing business that is responsible for the sale, marketing and distribution of all ethanol, distillers grains, Ultra-High Protein and renewable corn oil produced at its ethanol plants. The company also purchases and sells ethanol, distillers grains, renewable corn oil, grain, natural gas and other commodities and participates in other merchant trading activities in various markets.
Partnership Segment. The company’s partnership segment provides fuel storage and transportation services by owning, operating, developing and acquiring ethanol and fuel storage tanks, terminals, transportation assets and other related assets and businesses. As of December 31, 2023, the partnership owns (i) 24 ethanol storage facilities located at or near the company’s ten ethanol plants, which have the ability to efficiently and effectively store and load railcars and tanker trucks with all of the ethanol produced at the company’s ethanol plants, (ii) two fuel terminal facilities, located near major rail lines, which enable the partnership to receive, store and deliver fuels from and to markets that seek access to renewable fuels, and (iii) transportation assets, including a leased railcar fleet of approximately 2,180 railcars which is utilized to transport ethanol from the company’s ethanol plants to refineries throughout the United States and international export terminals.
v3.24.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Cash and Cash Equivalents
Cash and cash equivalents includes bank deposits as well as short-term, highly liquid investments with original maturities of three months or less.
Restricted Cash
The company has restricted cash, which can only be used for funding letters of credit and for payment towards a credit agreement. Restricted cash also includes cash margins and securities pledged to commodity exchange clearinghouses. To the degree these segregated balances are cash and cash equivalents, they are considered restricted cash on the consolidated balance sheets.
Marketable Securities
Marketable securities include highly liquid, fixed maturity investments with original maturities ranging from three to twelve months and are carried at amortized cost, reflecting the ability and intent to hold the securities to maturity.
Revenue Recognition
The company recognizes revenue when obligations under the terms of a contract with a customer are satisfied. Generally this occurs with the transfer of control of products or services. Revenue is measured as the amount of consideration expected to be received in exchange for transferring goods or providing services. Sales, value add, and other taxes the company collects concurrent with revenue-producing activities are excluded from revenue.
Sales of ethanol, distillers grains, Ultra-High Protein, renewable corn oil, natural gas and other commodities by the company’s marketing business are recognized when obligations under the terms of a contract with a customer are satisfied. Generally, this occurs with the transfer of control of products or services. Revenues related to marketing for third parties are presented on a gross basis as the company controls the product prior to the sale to the end customer, takes title of the product and has inventory risk. Unearned revenue is recorded for goods in transit when the company has received payment but control has not yet been transferred to the customer. Revenues for receiving, storing, transferring and transporting ethanol and other fuels are recognized when the product is delivered to the customer.
The company routinely enters into physical-delivery energy commodity purchase and sale agreements. At times, the company settles these transactions by transferring its obligations to other counterparties rather than delivering the physical
commodity. Revenues include net gains or losses from derivatives related to products sold while cost of goods sold includes net gains or losses from derivatives related to commodities purchased. Revenues also include realized gains and losses on related derivative financial instruments and reclassifications of realized gains and losses on cash flow hedges from accumulated other comprehensive income or loss.
Sales of products, including agricultural commodities, are recognized when control of the product is transferred to the customer, which depends on the agreed upon shipment or delivery terms.
A substantial portion of the partnership revenues are derived from fixed-fee commercial agreements for storage, terminal or transportation services. The partnership recognizes revenue upon transfer of control of product from its storage tanks and fuel terminals, when railcar volumetric capacity is provided, and as truck transportation services are performed. To the extent shortfalls associated with minimum volume commitments in the previous four quarters continue to exist, volumes in excess of the minimum volume commitment are applied to those shortfalls. Remaining excess volumes generating operating lease revenue are recognized as incurred.
Shipping and Handling Costs
The company accounts for shipping and handling activities related to contracts with customers as costs to fulfill its promise to transfer the associated products. Accordingly, the company records customer payments associated with shipping and handling costs as a component of revenue, and classifies such costs as a component of cost of goods sold.
Cost of Goods Sold
Cost of goods sold includes materials, direct labor, shipping and plant overhead costs. Materials include the cost of corn feedstock, denaturant, and process chemicals. Corn feedstock costs include gains and losses on related derivative financial instruments not designated as cash flow hedges, inbound freight charges, inspection costs and transfer costs, as well as reclassifications of gains and losses on cash flow hedges from accumulated other comprehensive income or loss. Direct labor includes all compensation and related benefits of non-management personnel involved in ethanol production. Shipping costs incurred by the company, including railcar costs, are also reflected in cost of goods sold. Plant overhead consists primarily of plant utilities, repairs and maintenance and outbound freight charges.
The company uses exchange-traded futures and options contracts and forward purchase and sale contracts to attempt to minimize the effect of price changes on ethanol, renewable corn oil, grain and natural gas. Exchange-traded futures and options contracts are valued at quoted market prices and settled predominantly in cash. The company is exposed to loss when counterparties default on forward purchase and sale contracts. Grain inventories held for sale and forward purchase and sale contracts are valued at market prices when available or other market quotes adjusted for basis differences, primarily in transportation, between the exchange-traded market and local market where the terms of the contract is based. Changes in forward purchase contracts and exchange-traded futures and options contracts are recognized as a component of cost of goods sold.
Operations and Maintenance Expenses
In the partnership segment, transportation expenses represent the primary component of operations and maintenance expenses. Transportation expenses include railcar leases, freight and shipping of the company’s ethanol and co-products, as well as costs incurred storing ethanol at destination terminals.
Derivative Financial Instruments
The company uses various derivative financial instruments, including exchange-traded futures and exchange-traded and over-the-counter options contracts, to attempt to minimize risk and the effect of commodity price changes including but not limited to, corn, ethanol, natural gas and other agricultural and energy products. The company monitors and manages this exposure as part of its overall risk management policy to reduce the adverse effect market volatility may have on its operating results. The company may hedge these commodities as one way to mitigate risk; however, there may be situations when these hedging activities themselves result in losses.
By using derivatives to hedge exposures to changes in commodity prices, the company is exposed to credit and market risk. The company’s exposure to credit risk includes the counterparty’s failure 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 their financial condition. 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 parameters to monitor exposure within its risk management strategy, which limits the types of derivative instruments and strategies the company can use and the degree of market risk it can take using derivative instruments.
Forward contracts are recorded at fair value unless the contracts qualify for, and the company elects, normal purchase or sale exceptions. Changes in fair value are recorded in operating income unless the contracts qualify for, and the company elects, cash flow hedge accounting treatment.
Certain qualifying derivatives related to ethanol production and agribusiness and energy services are designated as cash flow hedges. The company evaluates the derivative instrument to ascertain its effectiveness prior to entering into cash flow hedges. Unrealized gains and losses are reflected in accumulated other comprehensive income or loss until the gain or loss from the underlying hedged transaction is realized and the physical transaction is completed. When it becomes probable a forecasted transaction will not occur, the cash flow hedge treatment is discontinued, which affects earnings. These derivative financial instruments are recognized in current assets or current liabilities at fair value.
At times, the company hedges its exposure to changes in inventory values and designates qualifying derivatives as fair value hedges. The carrying amount of the hedged inventory is adjusted in the current period for changes in fair value. Estimated fair values carried at market are based on exchange-quoted prices, adjusted as appropriate for regional location basis values which represent differences in local markets including transportation as well as quality or grade differences. Basis values are generally determined using inputs from broker quotations or other market transactions. However, a portion of the value may be derived using unobservable inputs. Ineffectiveness of the hedges is recognized in the current period to the extent the change in fair value of the inventory is not offset by the change in fair value of the derivative.
Concentrations of Credit Risk
The company is exposed to credit risk resulting from the possibility that another party may fail to perform according to the terms of the company’s contract. The company sells ethanol, distillers grains, Ultra-High Protein and renewable corn oil and markets products for third parties, which can result in concentrations of credit risk from a variety of customers, including major integrated oil companies, large independent refiners, petroleum wholesalers and other marketers. The company also sells grain to large commercial buyers, including other ethanol plants. Although payments are typically received within fifteen days of the sale, the company continually monitors its exposure. The company is also exposed to credit risk on prepayments of undelivered inventories with a few major suppliers of petroleum products and agricultural inputs.
The company has master netting arrangements with various counterparties. On the consolidated balance sheets, the associated net amount for each counterparty is reflected as either an accounts receivable or accounts payable. If the amount for each counterparty were reflected on a gross basis, the company’s accounts receivable and accounts payable would increase by $1.2 million and $12.7 million at December 31, 2023 and 2022, respectively.
Inventories
Corn held for ethanol production, ethanol, distillers grain, Ultra-High Protein, and renewable corn oil inventories are recorded at the lower of average cost or net realizable value, except fair-value hedged inventories. Raw materials and finished goods inventories are valued at the lower of average cost or net realizable value.
Property and Equipment
Property and equipment are stated at cost less accumulated depreciation. Depreciation is generally calculated using the straight-line method over the following estimated useful life of the assets:
Years
Buildings and improvements
10-40
Plant equipment
15-40
Other machinery and equipment
5-7
Land improvements
15-40
Railroad track and equipment
20-30
Computer hardware and software
3-5
Office furniture and equipment
5-7
Property and equipment is capitalized at cost. Land improvements, interest incurred during construction and other property improvements are capitalized and depreciated. Betterment of property assets are those that extend the useful life, increase the capacity or improve the operating efficiency or improve the safety of our operations. Costs of repairs and normal maintenance are charged to expense when incurred. The company periodically evaluates whether events and circumstances have occurred that warrant a revision of the estimated useful life of its fixed assets.
Intangible Assets
Our intangible assets consist primarily of customer relationships, intellectual property, research and development technology and licenses. These intangible assets were capitalized at fair market value and are being amortized over their estimated useful lives.
Impairment of Long-Lived Assets
The company reviews its long-lived assets, currently consisting of property and equipment, operating lease right-of-use assets, intangible assets and equity method investments, for impairment whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. Recoverability of assets to be held and used is measured by comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Significant management judgment is required to determine the fair value of our long-lived assets and measure impairment, which includes projected cash flows. Fair value is determined by using various valuation techniques, including discounted cash flow models, sales of comparable properties and third-party independent appraisals. Changes in estimated fair value could result in an impairment of the asset. There were no material impairment charges recorded for the periods reported.
Goodwill
Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. The determination of goodwill takes into consideration the fair value of net tangible and intangible assets. The company’s goodwill is related to certain acquisitions within our ethanol production and partnership segments.
The company is required to perform impairment tests related to goodwill annually, which it performs as of October 1, or if an indicator of impairment occurs. Circumstances that may indicate impairment include a decline in the company’s future projected cash flows, a decision to suspend plant operations for an extended period of time, sustained decline in the company’s market capitalization or market prices for similar assets or businesses, or a significant adverse change in legal or regulatory matters or business climate. Significant management judgment is required to determine the fair value of goodwill and measure impairment, which include, but are not limited to, market capitalization, prospective financial information, growth rates, discount rates, inflationary factors, and cost of capital. Fair value is determined by using various valuation techniques, including discounted cash flow models, sales of comparable properties and third-party independent appraisals. Changes in estimated fair value could result in a write-down of the asset.
Leases
The company leases certain facilities, parcels of land, and equipment. These leases are accounted for as operating leases, with lease expense recognized on a straight-line basis over the lease term. The term of the lease may include options to extend or terminate the lease when it is reasonably certain that such options will be exercised. For leases with initial terms greater than 12 months, the company records operating lease right-of-use assets and corresponding operating lease liabilities. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet. The company did not incur any material short-term lease expense for the years ended December 31, 2023, 2022 or 2021.
Operating lease right-of-use assets represent the right to control an underlying asset for the lease term and operating lease liabilities represent the obligation to make lease payments arising from the lease. These assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As the company’s leases do not provide an implicit rate, the incremental borrowing rate is used based on information available at commencement date to determine the present value of future payments.
The company elected to utilize a portfolio approach for lease classification, which allows for an entity to group together leases with similar characteristics provided that its application does not create a material difference when compared to accounting for the leases at a contract level. For railcar leases, the company elected to combine the railcars within each rider and account for each rider as an individual lease.
From a lessee perspective, the company combines both the lease and non-lease components and accounts for them as one lease. Certain of the company’s railcar agreements provide for maintenance costs to be the responsibility of the company as incurred or charged by the lessor. This maintenance cost is a non-lease component that the company combines with the monthly rental payment and accounts for the total cost as operating lease expense. In addition, the company has a land lease that contains a non-lease component for the handling and unloading services the landlord provides. The company combines the cost of services with the land lease cost and accounts for the total as operating lease expense.
The partnership segment records the majority of its operating lease revenue from its storage and throughput services, rail transportation services and certain terminal services agreements with Green Plains Trade. In addition, the partnership may sublease certain of its railcars to third parties on a short-term basis. These subleases are classified as operating leases, with the associated sublease revenue recognized on a straight-line basis over the lease term.
Investments in Equity Method Investees
The company accounts for investments in which the company exercises significant influence using the equity method so long as the company (i) does not control the investee and (ii) is not the primary beneficiary of the entity. The company recognizes these investments as a separate line item in the consolidated balance sheets and its proportionate share of earnings on a separate line item in the consolidated statements of operations. The company’s share of equity method investees other comprehensive income arising during the period is included in accumulated other comprehensive loss in the consolidated balance sheet.
The company recognizes losses in the value of equity method investments when there is evidence of an other-than-temporary decrease in value. Evidence of a loss might include, but would not necessarily be limited to, the inability to recover the carrying amount of the investment or the inability of the equity method investee to sustain an earnings capacity that justifies the carrying amount of the investment. The current fair value of an investment that is less than its carrying amount may indicate a loss in value of the investment. The company evaluates equity method investments for impairment if there is evidence an investment may be impaired. Distributions paid to the company from unconsolidated affiliates are classified as operating activities in the consolidated statements of cash flows until the cumulative distributions exceed the company’s proportionate share of income from the unconsolidated affiliate since the date of initial investment. The amount of cumulative distributions paid to the company that exceeds the cumulative proportionate share of income in each period represents a return of investment, which is classified as an investing activity in the consolidated statements of cash flows.
Our equity method investments, which consist primarily of our 50% investment in GP Turnkey Tharaldson LLC, totaled $41.7 million and $17.3 million as of December 31, 2023 and 2022, respectively, and are reflected in other assets on the consolidated balance sheet. Interest capitalized related to our equity method investments during the year ended December 31, 2023 totaled $1.4 million.
Financing Costs
Fees and costs related to securing debt are recorded as financing costs. Debt issuance costs are stated at cost and are amortized using the effective interest method for term loans and the straight-line basis over the life of the agreements for revolving credit arrangements and convertible notes.
Selling, General and Administrative Expenses
Selling, general and administrative expenses consist of various expenses including employee salaries, incentives and benefits; office expenses; director compensation; professional fees for accounting, legal, consulting, and investor relations activities.
Stock-Based Compensation
The company recognizes compensation cost using a fair value based method whereby compensation cost is measured at the grant date based on the market price of the award on the date of the award agreement, and is recognized over the service period on a straight-line basis, which is usually the vesting period.
Income Taxes
The provision for income taxes is computed using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences attributable to temporary differences between the financial reporting carrying amount of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operating results in the period of enactment. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized.
The company recognizes uncertainties in income taxes within the financial statements under a process by which the likelihood of a tax position is gauged based upon the technical merits of the position, and then a subsequent measurement relates the maximum benefit and the degree of likelihood to determine the amount of benefit recognized in the financial statements.
Recent Accounting Pronouncements
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for public entities for fiscal years beginning after December 15, 2024, and for interim periods for fiscal years beginning after December 15, 2025. The ASU indicates that all entities will apply its guidance prospectively with an option for retroactive application to each period in the financial statements. Early adoption is permitted. The company is currently evaluating the impact of this ASU.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures, which improves reportable segment disclosure requirements through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for public entities that are required to report segment information in accordance with Topic 280 for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The company is currently evaluating the impact of this ASU.
In March 2020, the FASB issued amended guidance in ASC 848, Reference Rate Reform, and a subsequent update in January 2021 and October 2022, which provides optional expedients and exceptions to U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burden related to the expected market transition from the LIBOR and other interbank offered rates to alternative reference rates. The expedients and exceptions provided by the amended guidance do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2024, except for hedging relationships existing as of December 31, 2024, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The guidance is effective upon issuance and to be applied prospectively from any date beginning March 12, 2020 through December 31, 2024. The company adopted the amended guidance for the fiscal year-ended December 31, 2023, which had no material impact on the company’s
consolidated financial statements.
In December 2019, the FASB issued amended guidance in ASC 740, Income Taxes - Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in ASC 740. The amendments also improve consistent application of and simplify U.S. GAAP for other areas of ASC 740 by clarifying and amending existing guidance. The amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. The company adopted the amended guidance for the fiscal year-ended December 31, 2022, which had no material impact on the company’s consolidated financial statements.
v3.24.0.1
Green Plains Partners LP
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Green Plains Partners LP GREEN PLAINS PARTNERS LP
The partnership is a fee-based master limited partnership formed by Green Plains to provide fuel storage and transportation services by owning, operating, developing and acquiring ethanol and fuel storage tanks, terminals, transportation assets and other related assets and businesses. The partnership’s assets currently include (i) 24 ethanol storage facilities, located at or near the company’s ten ethanol plants, which have the ability to efficiently and effectively store and load railcars and tanker trucks with all of the ethanol produced at the company’s ethanol plants, (ii) two fuel terminal facilities, located near major rail lines, which enable the partnership to receive, store and deliver fuels from and to markets that seek access to renewable fuels, and (iii) transportation assets, including a leased railcar fleet of approximately 2,180 railcars, which are contracted to transport ethanol from the company’s ethanol plants to refineries throughout the United States and international export terminals. The partnership is the company’s primary downstream logistics provider to support its approximately 903 mmgy ethanol marketing and distribution business since the partnership’s assets are the principal method of storing and delivering the ethanol the company produces.
As of December 31, 2023, the company owns a 48.8% limited partner interest, consisting of 11,586,548 common units, and a 2.0% general partner interest in the partnership. The public owns the remaining 49.2% limited partner interest in the partnership. On January 9, 2024, the company acquired 100% of the common units of the partnership, not already owned by the company, refer to Note 5 - Acquisition and Dispositions included herein for more information. The partnership is consolidated in the company’s financial statements.
A substantial portion of the partnership’s revenues are derived from long-term, fee-based commercial agreements with Green Plains Trade, a subsidiary of the company. The partnership’s agreements with Green Plains Trade include the following:
•Storage and throughput agreement, expiring on June 30, 2029;
•Rail transportation services agreement, expiring on June 30, 2029;
•Terminal services agreement for the Birmingham, Alabama unit train terminal, expiring December 31, 2024; and
•Terminal services agreement for the Collins, Mississippi terminal, expiring on December 31, 2024.
The partnership’s storage and throughput agreement, and certain terminal services agreements, including the terminal services agreement for the Birmingham facility, are supported by minimum volume commitments. The partnership’s rail transportation services agreement is supported by minimum take-or-pay capacity commitments. The company also has agreements which establish fees for general and administrative, and operational and maintenance services it provides. These transactions are eliminated when the company consolidates its financial results.
The company consolidates the financial results of the partnership and records a noncontrolling interest in the partnership held by public common unitholders. Noncontrolling interest on the consolidated statements of operations includes the portion of net income attributable to the economic interest held by the partnership’s public common unitholders. Noncontrolling interest on the consolidated balance sheets includes the portion of net assets attributable to the partnership’s public common unitholders.
v3.24.0.1
Revenue
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Revenue REVENUE
Revenue Recognition
Revenue is recognized when obligations under the terms of a contract with a customer are satisfied. Generally this occurs with the transfer of control of products or services. Revenue is measured as the amount of consideration expected to be
received in exchange for transferring goods or providing services. Sales, value add, and other taxes the company collects concurrent with revenue-producing activities are excluded from revenue.
Revenue by Source
The following tables disaggregate revenue by major source (in thousands):
Twelve Months Ended December 31, 2023
Ethanol ProductionAgribusiness & Energy ServicesPartnershipEliminationsTotal
Revenues
Revenues from contracts with customers under ASC 606
Ethanol$— $— $— $— $— 
Distillers grains85,474 — — — 85,474 
Renewable corn oil— — — — — 
Other31,109 15,593 4,113 — 50,815 
Intersegment revenues— 239 5,698 (5,937)— 
Total revenues from contracts with customers116,583 15,832 9,811 (5,937)136,289 
Revenues from contracts accounted for as derivatives under ASC 815 (1)
Ethanol2,117,296 388,764 — — 2,506,060 
Distillers grains377,357 34,818 — — 412,175 
Renewable corn oil179,424 8,048 — — 187,472 
Other25,213 28,534 — — 53,747 
Intersegment revenues— 24,907 — (24,907)— 
Total revenues from contracts accounted for as derivatives2,699,290 485,071 — (24,907)3,159,454 
Leasing revenues under ASC 842 (2)
— — 71,272 (71,272)— 
Total Revenues$2,815,873 $500,903 $81,083 $(102,116)$3,295,743 
Twelve Months Ended December 31, 2022
Ethanol ProductionAgribusiness & Energy ServicesPartnershipEliminationsTotal
Revenues
Revenues from contracts with customers under ASC 606
Ethanol$— $— $— $— $— 
Distillers grains28,634 — — — 28,634 
Renewable corn oil— — — — — 
Other38,132 7,787 4,003 — 49,922 
Intersegment revenues— 229 7,950 (8,179)— 
Total revenues from contracts with customers66,766 8,016 11,953 (8,179)78,556 
Revenues from contracts accounted for as derivatives under ASC 815 (1)
Ethanol2,286,886 481,392 — — 2,768,278 
Distillers grains493,605 45,766 — — 539,371 
Renewable corn oil195,114 3,954 — — 199,068 
Other27,821 49,755 — — 77,576 
Intersegment revenues— 26,732 — (26,732)— 
Total revenues from contracts accounted for as derivatives3,003,426 607,599 — (26,732)3,584,293 
Leasing revenues under ASC 842 (2)
— — 67,814 (67,814)— 
Total Revenues$3,070,192 $615,615 $79,767 $(102,725)$3,662,849 
Twelve Months Ended December 31, 2021
Ethanol ProductionAgribusiness & Energy ServicesPartnershipEliminationsTotal
Revenues
Revenues from contracts with customers under ASC 606
Ethanol$— $— $— $— $— 
Distillers grains19,535 — — — 19,535 
Renewable corn oil— — — — — 
Other48,361 14,090 4,191 — 66,642 
Intersegment revenues— — 8,028 (8,028)— 
Total revenues from contracts with customers67,896 14,090 12,219 (8,028)86,177 
Revenues from contracts accounted for as derivatives under ASC 815 (1)
Ethanol1,589,649 498,367 — — 2,088,016 
Distillers grains355,230 40,763 — — 395,993 
Renewable corn oil113,249 32,528 — — 145,777 
Other27,344 83,778 — — 111,122 
Intersegment revenues— 21,958 — (21,958)— 
Total revenues from contracts accounted for as derivatives2,085,472 677,394 — (21,958)2,740,908 
Leasing revenues under ASC 842 (2)
— — 66,233 (66,150)83 
Total Revenues$2,153,368 $691,484 $78,452 $(96,136)$2,827,168 
(1)Revenues from contracts accounted for as derivatives represent physically settled derivative sales that are outside the scope of ASC 606.
(2)Leasing revenues do not represent revenues recognized from contracts with customers under ASC 606, and are accounted for under ASC 842, Leases.
Major Customer
Revenues from Customer A and Customer B represented 15% and 10% of total revenues for the year ended December 31, 2023, respectively, which are recorded within the ethanol production segment. Revenues from Customer A represented 13% of total revenues for the year ended December 31, 2022, which are recorded within the ethanol production segment. There were no customers that accounted for more than 10% of total revenues for the year ended December 31, 2021.
Payment Terms
The company has standard payment terms, which vary depending upon the nature of the services provided, with the majority falling within 10 to 30 days after transfer of control or completion of services. In instances where the timing of revenue recognition differs from the timing of invoicing, the company has determined that contracts generally do not include a significant financing component.
Contract Liabilities
The company records unearned revenue when consideration is received, or such consideration is unconditionally due, from a customer prior to transferring goods or services to the customer under the terms of service and lease agreements. Unearned revenue from service agreements, which represents a contract liability, is recorded for fees that have been charged to the customer prior to the completion of performance obligations. Unearned revenue is generally recognized in the subsequent quarter and is not material to the company. The company expects to recognize all of the unearned revenue associated with service agreements as of December 31, 2023, in the subsequent quarter when the inventory is withdrawn from the partnership’s tank storage.
v3.24.0.1
Acquisitions and Dispositions
 12 Months Ended
Dec. 31, 2023
Business Combinations [Abstract]  
Acquisitions and Dispositions ACQUISITION AND DISPOSITIONS
Green Plains Partners Merger
On September 16, 2023, the company entered into a Merger Agreement to acquire all of the publicly held common units of the partnership not already owned by the company and its affiliates, which would result in the partnership becoming a wholly owned subsidiary of the company.
On January 9, 2024, the transactions contemplated by the Merger Agreement were completed and the company issued approximately 4.7 million shares of common stock to acquire all of the publicly held common units of the partnership not already owned by the company prior to the Merger at a fixed exchange ratio of 0.405 shares of the company's common stock, par value $0.001 per share, along with $2.50 of cash consideration for each partnership common unit. The total consideration as a result of the Merger was $143.1 million, which was comprised of $29.2 million in cash and $113.9 million of common stock exchanged. As a result of the Merger, the partnership's common units are no longer publicly traded.
The interests in the partnership owned by the company and its subsidiaries remain outstanding as limited partner interests in the surviving entity. The General Partner of the partnership will continue to own the non-economic general partner interest in the surviving entity.
Since the company controlled the partnership prior to the Merger and continues to control the partnership after the Merger, the company will account for the change in its ownership interest in the partnership as an equity transaction in 2024, which will be reflected as a reduction of noncontrolling interest with a corresponding increase to common stock and additional paid-in capital. No gain or loss will be recognized in the consolidated statements of operations as a result of the Merger.
Prior to the effective time of the Merger on January 9, 2024, public unitholders owned a 49.2% limited partner interest, the company owned a 48.8% limited partner interest and a 2.0% general partner interest in the partnership. The earnings of the partnership that were attributed to its common units held by the public for the year ended December 31, 2023 are reflected in net income attributable to noncontrolling interest in the consolidated statements of operations. There were no changes in the company's ownership interest in the partnership during the years ended December 31, 2023 and 2022.
The company recorded transaction costs of $5.1 million related to the Merger during the year ended December 31, 2023. Of these transaction costs, $3.1 million is recorded within selling, general and administrative expenses in the consolidated statements of operations, while $2.0 million is recorded in other assets in the consolidated balance sheets for the year ended December 31, 2023, and will be recorded as an offset to the issuance of common stock in 2024 within additional paid-in capital. The company anticipates an additional $5.5 million in estimated fees that will be recorded as an offset to the issuance of common stock within additional paid-in capital during the first quarter of 2024. The transaction costs included financial advisory services, legal services and other professional fees.
Disposition of the Atkinson Ethanol Plant
On September 7, 2023, the company completed the sale of the plant located in Atkinson, Nebraska and certain related assets and transfer of liabilities ("the Atkinson Transaction") for a sale price of $22.9 million, plus working capital of $1.1 million. Correspondingly, the company entered into a separate asset purchase agreement with the partnership for $2.1 million to acquire the storage assets and the associated railcar operating leases. The divested assets were reported within the company’s ethanol production, agribusiness and energy services and partnership segments. The company recorded a pretax gain on the sale of the Atkinson plant of $4.1 million recorded within corporate activities.
The assets sold and liabilities transferred of the Atkinson plant at closing on September 7, 2023 were as follows: (in thousands):
Amounts of Identifiable Assets Disposed and Liabilities Relinquished
Inventories$3,164
Prepaid expenses and other423
Property, plant and equipment15,199
Operating lease right-of-use assets3,428
Accrued and other liabilities(162)
Operating lease current liabilities(1,332)
Operating lease long-term liabilities(2,096)
Other liabilities(189)
Total identifiable net assets disposed$18,435
Disposition of the Ord Ethanol Plant
On March 22, 2021, the company completed the sale of the plant located in Ord, Nebraska and certain related assets, to GreenAmerica Biofuels Ord LLC (the “Ord Transaction”) for a sale price of $64.0 million, plus working capital of $9.8 million. Correspondingly, the company entered into a separate asset purchase agreement with the Partnership to acquire the storage assets and assign the rail transportation assets to be disposed of in the Ord Transaction for $27.5 million, which was used to pay down a portion of the partnership’s credit facility. The divested assets were reported within the company’s ethanol production, agribusiness and energy services and partnership segments. The company recorded a pretax gain on the sale of the Ord plant of $35.9 million within corporate activities.
The asset and liabilities of the Ord ethanol plant at closing on March 22, 2021 were as follows: (in thousands):
Amounts of Identifiable Assets Disposed and Liabilities Relinquished
Inventories$10,400
Prepaid expenses and other632
Property, plant and equipment24,285
Operating lease right-of-use-assets1,811
Accrued and other liabilities(156)
Operating lease current liabilities(1,021)
Operating lease long-term liabilities(790)
Total identifiable net assets disposed$35,161
v3.24.0.1
Fair Value Disclosures
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Fair Value Disclosures 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 the company can access at the measurement date.
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 through correlation or other means. Fair value hedged inventories in the agribusiness and energy services segment as well as forward commodity purchase and sale contracts are valued at nearby futures values, plus or minus nearby basis values, which represent differences in local markets including transportation or commodity quality or grade differences.
Level 3 – unobservable inputs that are supported by little or no market activity and comprise a significant component of the fair value of the assets or liabilities. The company currently does not have any recurring Level 3 financial instruments.
Derivative contracts include exchange-traded commodity futures and options contracts and forward commodity purchase and sale contracts. Exchange-traded futures and options contracts are valued based on unadjusted quoted prices in active markets and are classified in Level 1. The majority of the company’s exchange-traded futures and options contracts are cash-settled on a daily basis.
There have been no changes in valuation techniques and inputs used in measuring fair value. The company’s assets and liabilities by level are as follows (in thousands):
Fair Value Measurements at December 31, 2023
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Total
Assets
Cash and cash equivalents$349,574 $— $349,574 
Restricted cash29,188 — 29,188 
Inventories carried at market— 45,898 45,898 
Derivative financial instruments - assets— 13,311 13,311 
Total assets measured at fair value$378,762 $59,209 $437,971 
Liabilities
Accounts payable (1)
$— $54,716 $54,716 
Accrued and other liabilities (2)
— 9,917 9,917 
Derivative financial instruments - liabilities— 10,577 10,577 
Other liabilities (2)
— 659 659 
Total liabilities measured at fair value$— $75,869 $75,869 
Fair Value Measurements at December 31, 2022
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Total
Assets
Cash and cash equivalents$444,661$—$444,661
Restricted cash55,615—55,615
Inventories carried at market—61,88561,885
Derivative financial instruments - assets—16,42016,420
Other assets1101111
Total assets measured at fair value$500,386$78,306$578,692
Liabilities
Accounts payable (1)
$—$31,925$31,925
Accrued and other liabilities (2)
—1,9091,909
Derivative financial instruments - liabilities—44,68644,686
Other liabilities (2)
—6,6406,640
Total liabilities measured at fair value$—$85,160$85,160
(1)Accounts payable is generally stated at historical amounts with the exception of $54.7 million and $31.9 million at December 31, 2023 and 2022, respectively, related to certain delivered inventory for which the payable fluctuates based on changes in commodity prices. These payables are hybrid financial instruments for which the company has elected the fair value option.
(2)As of December 31, 2023 and 2022, respectively, accrued and other liabilities includes $9.9 million and $1.9 million and other liabilities includes $0.7 million and $6.6 million of consideration related to potential earn-out payments recorded at fair value.
The fair value of the company’s debt was approximately $585.0 million compared with a book value of $599.7 million at December 31, 2023. The fair value of the company’s debt was approximately $654.5 million compared with a book value of $634.8 million at December 31, 2022. The company estimated the fair value of its outstanding debt using Level 2 inputs. The company believes the fair value of its accounts receivable approximated book value, which was $94.4 million and $108.6 million, respectively, at December 31, 2023 and 2022.
Although the company currently does not have any recurring Level 3 financial measurements, the fair values of tangible assets and goodwill acquired represent Level 3 measurements which were derived using a combination of the income approach, market approach and cost approach for the specific assets or liabilities being valued.
v3.24.0.1
Segment Information
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segment Information SEGMENT INFORMATION
The company reports the financial and operating performance for the following three operating segments: (1) ethanol production, which includes the production of ethanol, distillers grains, Ultra-High Protein and renewable corn oil, (2) agribusiness and energy services, which includes grain handling and storage, commodity marketing and merchant trading for company-produced and third-party ethanol, distillers grains, Ultra-High Protein, renewable corn oil, natural gas and other commodities, and (3) partnership, which includes fuel storage and transportation services.
Corporate activities include selling, general and administrative expenses, consisting primarily of compensation, professional fees and overhead costs not directly related to a specific operating segment.
During the normal course of business, the operating segments conduct business with each other. For example, the agribusiness and energy services segment procures grain and natural gas and sells products, including ethanol, distillers grains, Ultra-High Protein and renewable corn oil for the ethanol production segment. The partnership segment provides fuel storage and transportation services for the ethanol production segment. These intersegment activities are treated like third-party transactions with origination, marketing and storage fees charged at estimated market values. Consequently, these transactions affect segment performance; however, they do not impact the company’s consolidated results since the revenues and corresponding costs are eliminated.
The following tables set forth certain financial data for the company’s operating segments (in thousands):
Year Ended December 31,
202320222021
Revenues
Ethanol production
Revenues from external customers$2,815,873$3,070,192$2,153,368
Intersegment revenues———
Total segment revenues2,815,8733,070,1922,153,368
Agribusiness and energy services:
Revenues from external customers 475,757588,654669,526
Intersegment revenues25,14626,96121,958
Total segment revenues500,903615,615691,484
Partnership
Revenues from external customers4,1134,0034,274
Intersegment revenues76,97075,76474,178
Total segment revenues81,08379,76778,452
Revenues including intersegment activity3,397,8593,765,5742,923,304
Intersegment eliminations(102,116)(102,725)(96,136)
$3,295,743$3,662,849$2,827,168
Refer to Note 4 – Revenue, for further disaggregation of revenue by operating segment.
Year Ended December 31,
202320222021
Cost of goods sold
Ethanol production$2,751,292$3,068,366$2,063,283
Agribusiness and energy services454,776562,950657,375
Intersegment eliminations(102,230)(106,305)(95,549)
$3,103,838$3,525,011$2,625,109
Year Ended December 31,
202320222021
Gross margin  
Ethanol production$64,581 $1,826 $90,085 
Agribusiness and energy services46,127 52,665 34,109 
Partnership81,083 79,767 78,452 
Intersegment eliminations114 3,580 (587)
$191,905 $137,838 $202,059 
Year Ended December 31,
202320222021
Operating income (loss)
Ethanol production (1)
$(66,931)$(117,764)$(27,996)
Agribusiness and energy services28,10036,41517,458
Partnership46,85947,69948,672
Intersegment eliminations114 3,580 (587)
Corporate activities (2)
(69,720)(68,878)(12,039)
$(61,578)$(98,948)$25,508 
(1)Operating loss for ethanol production includes an inventory lower of average cost or net realizable value adjustment of $2.6 million and $12.3 million for the year-ended December 31, 2023 and 2022, respectively.
(2)Corporate activities for the year-ended December 31, 2023 and 2021 includes a $4.1 million and $29.6 million net gain on sale of assets, respectively.
Year Ended December 31,
202320222021
Depreciation and amortization
Ethanol production$89,537$81,545$82,969
Agribusiness and energy services2,3603,4662,535
Partnership3,1754,0933,737
Corporate activities3,1723,5942,711
$98,244$92,698$91,952
Year Ended December 31,
202320222021
Capital expenditures
Ethanol production$106,293$210,256$181,731
Agribusiness and energy services5121,6472,896
Partnership1,175641668
Corporate activities494751,976
$108,474$212,619$187,271
The following table sets forth total assets by operating segment (in thousands):
Year Ended December 31,
20232022
Total assets (1)
Ethanol production$1,173,218$1,157,791
Agribusiness and energy services413,937489,083
Partnership102,776108,680
Corporate assets254,300386,437
Intersegment eliminations(4,909)(18,860)
$1,939,322$2,123,131
(1)Asset balances by segment exclude intercompany balances.
v3.24.0.1
Inventories
 12 Months Ended
Dec. 31, 2023
Inventory Disclosure [Abstract]  
Inventories INVENTORIES
Inventories are carried at the lower of average cost or net realizable value, except fair-value hedged inventories. As of December 31, 2023 and 2022, respectively, the company recorded a $2.6 million and a $12.3 million lower of average cost or net realizable value inventory adjustment associated with finished goods in cost of goods within the ethanol production segment.
The components of inventories are as follows (in thousands):
December 31,
20232022
Finished goods$73,975$97,719
Commodities held for sale45,89861,885
Raw materials32,82055,983
Work-in-process14,45418,499
Supplies and parts48,66344,864
$215,810$278,950
v3.24.0.1
Property and Equipment
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Property and Equipment PROPERTY AND EQUIPMENT
The components of property and equipment are as follows (in thousands):
December 31,
20232022
Plant equipment$1,175,566$1,089,890
Buildings and improvements218,269186,391
Land and improvements107,39990,944
Railroad track and equipment32,75233,136
Construction-in-progress115,243207,366
Computer hardware and software23,64521,312
Office furniture and equipment3,5803,512
Leasehold improvements and other31,55129,074
Total property and equipment1,708,0051,661,625
Less: accumulated depreciation and amortization(686,077)(632,298)
Property and equipment, net$1,021,928$1,029,327
Interest capitalized during the years ended December 31, 2023, 2022 and 2021 totaled $3.6 million, $11.3 million and $7.3 million, respectively.
v3.24.0.1
Goodwill And Intangible Assets
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets GOODWILL AND INTANGIBLE ASSETS
Goodwill
The company has two reporting units, to which goodwill was assigned. We are required to perform impairment tests related to our goodwill annually, which we perform as of October 1, or if an indicator of impairment occurs. The company and the partnership performed their annual goodwill assessments as of October 1, 2023 and 2022 using qualitative assessments, which resulted in no indication of goodwill impairment.
The carrying amount of goodwill attributable to the ethanol production segment for both of the years ended December 31, 2023 and 2022 was $18.5 million, and for the partnership segment was $10.6 million. The company records goodwill within other assets on the consolidated balance sheets.
Intangible Assets
The company recognized certain intangible assets in connection with the FQT acquisition during the fourth quarter of 2020. The components of the FQT intangible assets are as follows (in thousands):
December 31,
20232022
Customer relationships and backlog$17,628 $17,628 
Intellectual property9,700 9,700 
Trade name1,300 1,300 
Total28,628 28,628 
Accumulated amortization(13,483)(10,640)
Total FQT intangible assets, net$15,145 $17,988 
Weighted average remaining amortization period9.9 years11.0 years
The company recognized $2.8 million, $4.8 million, and $5.7 million of amortization expense associated with these intangible assets during the years ended December 31, 2023, 2022 and 2021, respectively. The company expects estimated amortization expense of $2.5 million, $2.2 million, $2.0 million, $1.8 million and $1.6 million, respectively, for the years ended December 31, 2024, 2025, 2026, 2027 and 2028, as well as $5.0 million thereafter. The company’s intangible assets are recorded within other assets on the consolidated balance sheets.
v3.24.0.1
Derivative Financial Instruments
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments DERIVATIVE FINANCIAL INSTRUMENTS
At December 31, 2023, the company’s consolidated balance sheet reflected unrealized losses of $3.2 million, net of tax, in accumulated other comprehensive loss. The company expects these items will be reclassified as operating income (loss) over the next 12 months as a result of hedged transactions that are forecasted to occur. The amount realized in operating income (loss) will differ as commodity prices change.
Fair Values of Derivative Instruments
The fair values of the company’s derivative financial instruments and the line items on the consolidated balance sheets where they are reported are as follows (in thousands):
Asset Derivatives'
Fair Value at December 31,
Liability Derivatives'
Fair Value at December 31,
2023202220232022
Derivative financial instruments - forwards$13,311
(1)
$16,420
(2)
$10,577

$44,686
(3)
Other assets—1——
Other liabilities——2—
Total$13,311$16,421$10,579$44,686
(1)At December 31, 2023, derivative financial instruments, as reflected on the balance sheet, includes net unrealized gains on exchange-traded futures and options contracts of $6.5 million, which include $0.7 million of net unrealized gains on derivative financial instruments designated as cash flow hedging instruments, $0.7 million of unrealized gains on derivative financial instruments designated as fair value hedging instruments, and the balance representing economic hedges.
(2)At December 31, 2022, derivative financial instruments, as reflected on the balance sheet, includes net unrealized gains on exchange-traded futures and options contracts of $3.4 million, which include $9.0 million of unrealized gains on derivative financial instruments designated as fair value hedging instruments, partially offset by $2.0 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments, and the balance representing economic hedges.
(3)At December 31, 2022, derivative financial instruments, as reflected on the balance sheet, includes net unrealized losses on exchange-traded futures and options contracts of $3.3 million, which include $0.6 million of net unrealized losses on derivative financial instruments designated as fair value hedging instruments and the balance representing economic hedges.
Refer to Note 6 - Fair Value Disclosures, which contains fair value information related to derivative financial instruments.
Effect of Derivative Instruments on Consolidated Balance Sheets, Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income
The gains or losses recognized in income and other comprehensive income related to the company’s derivative financial instruments and the line items on the consolidated financial statements where they are reported are as follows (in thousands):
Location of Gain (Loss) Reclassified from
Accumulated Other Comprehensive Income into Income		Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
Year Ended December 31,
202320222021
Revenues$2,482 $3,347 $(60,261)
Cost of goods sold(25,003)(5,753)41,629 
Net loss recognized in loss before income taxes$(22,521)$(2,406)$(18,632)
Gain (Loss) Recognized in
Other Comprehensive Income on Derivatives		Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives
Year Ended December 31,
202320222021
Commodity Contracts$8,369 $(21,201)$(32,036)
A portion of the company's derivative instruments are considered economic hedges and as such are not designated as hedging instruments. The company uses exchange-traded futures and options contracts to manage its net position of product inventories and forward cash purchase and sales contracts to reduce price risk caused by market fluctuations. Derivatives, including exchange traded contracts and forward commodity purchase or sale contracts, and inventories of certain agricultural products, which include amounts acquired under deferred pricing contracts, are stated at fair value. Fair value estimates are based on exchange-quoted prices, adjusted as appropriate for regional location basis value, which represent differences in local markets including transportation as well as quality or grade differences.
Derivatives Not Designated
as Hedging Instruments		Location of Gain (Loss)
Recognized in
Income on Derivatives		Amount of Gain (Loss) Recognized in Income on Derivatives
Year Ended December 31,
202320222021
Exchange-traded futures and optionsRevenues$(2,552)$2,470 $(201,249)
ForwardsRevenues4,842 (7,404)7,106 
Exchange-traded futures and optionsCost of goods sold45,065 (59,697)12,879 
ForwardsCost of goods sold(4,265)(6,381)(6,381)
Net gain (loss) recognized in loss before income taxes$43,090 $(71,012)$(187,645)
The following amounts were recorded on the consolidated balance sheets related to cumulative basis adjustments for the fair value hedged items (in thousands):
December 31, 2023December 31, 2022
Line Item in the Consolidated Balance Sheet in Which the Hedged Item is IncludedCarrying Amount of the Hedged AssetsCumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged LiabilitiesCarrying Amount of the Hedged AssetsCumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liabilities
Inventories$45,898 $(1,104)$61,885 $(13,776)
Effect of Cash Flow and Fair Value Hedge Accounting on the Statements of Operations
Location and Amount of Gain (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships for the Year Ended December 31, 2023
RevenueCost of
Goods Sold
Gain (loss) on cash flow hedging relationships
Commodity contracts
Amount of gain (loss) on exchange-traded futures reclassified from accumulated other comprehensive income into income$2,482$(25,003)
Gain (loss) on fair value hedging relationships:
Commodity contracts
Fair value hedged inventories—(11,657)
Exchange-traded futures designated as hedging instruments—14,417
Total amounts of income and expense line items presented in the consolidated statement of operations in which the effects of cash flow or fair value hedges are recorded$2,482$(22,243)
Location and Amount of Gain (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships for the Year Ended December 31, 2022
RevenueCost of
Goods Sold
Gain (loss) on cash flow hedging relationships
Commodity contracts
Amount of gain (loss) on exchange traded futures reclassified from accumulated other comprehensive income into income$3,347$(5,753)
Gain (loss) on fair value hedging relationships
Commodity contracts
Fair value hedged inventories—735
Exchange-traded futures designated as hedging instruments—5,677 
Total amounts of income and expense line items presented in the consolidated statement of operations in which the effects of cash flow or fair value hedges are recorded$3,347$659
Location and Amount of Gain (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships for the Year Ended December 31, 2021
RevenueCost of
Goods Sold
Gain (loss) on cash flow hedging relationships
Commodity contracts
Amount of gain (loss) on exchange-traded futures reclassified from accumulated other comprehensive income into income$(60,261)$41,629
Gain (loss) on fair value hedging relationships
Commodity contracts
Fair value hedged inventories—20,567 
Exchange-traded futures designated as hedging instruments—(14,695)
Total amounts of income and expense line items presented in the consolidated statement of operations in which the effects of cash flow or fair value hedges are recorded$(60,261)$47,501
The notional volume of open commodity derivative positions as of December 31, 2023 are as follows (in thousands):
Exchange-Traded (1)
Non-Exchange-Traded (2)
Derivative InstrumentsNet Long & (Short)Long(Short)Unit of MeasureCommodity
Futures(7,760)BushelsCorn
Futures13,350 
(3)
BushelsCorn
Futures(5,475)
(4)
BushelsCorn
Futures(26,838)GallonsEthanol
Futures(38,304)
(3)
GallonsEthanol
Futures(1,145)MmBTUNatural Gas
Futures4,690
(3)
MmBTUNatural Gas
Futures(5,465)
(4)
MmBTUNatural Gas
Options(4,365)PoundsSoybean Oil
Forwards22,847— BushelsCorn
Forwards48(217,246)GallonsEthanol
Forwards99(335)TonsDistillers Grains
Forwards—(42,301)PoundsRenewable Corn Oil
Forwards10,571(39)MmBTUNatural Gas
(1)Notional volume of exchange-traded futures and options are presented on a net long and (short) position basis. Options are presented on a delta-adjusted basis.
(2)Notional volume of non-exchange-traded forward physical contracts are presented on a gross long and (short) position basis, including both fixed-price and basis contracts, for which only the basis portion of the contract price is fixed.
(3)Notional volume of exchange-traded futures used for cash flow hedges.
(4)Notional volume of exchange-traded 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. Included in revenues are net gains of $4.8 million, $4.0 million, and $1.1 million for the years ended December 31, 2023, 2022 and 2021, respectively, on energy trading contracts.
v3.24.0.1
Debt
 12 Months Ended
Dec. 31, 2023
Long-Term Debt, Current and Noncurrent [Abstract]  
Debt DEBT
The components of long-term debt are as follows (in thousands):
December 31,
20232022
Corporate
2.25% convertible notes due 2027 (1)
$230,000$230,000
Green Plains SPE LLC
$125.0 million junior secured mezzanine notes due 2026 (2)
125,000125,000
Green Plains Wood River and Green Plains Shenandoah
$75.0 million loan agreement (3)
73,12574,625
Green Plains Partners
$60.0 million term loan (4)
55,96958,969
Other14,66915,097
Total book value of long-term debt498,763503,691
Unamortized debt issuance costs(5,013)(6,610)
Less: current maturities of long-term debt(1,832)(1,838)
Total long-term debt$491,918$495,243
(1)The 2.25% notes had $4.0 million and $5.2 million of unamortized debt issuance costs as of December 31, 2023 and 2022, respectively.
(2)The junior notes had $0.4 million and $0.7 million of unamortized debt issuance costs as of December 31, 2023 and 2022, respectively.
(3)The loan had $0.3 million of unamortized debt issuance costs as of both December 31, 2023 and 2022.
(4)The term loan had $0.3 million and $0.4 million of unamortized debt issuance costs as of December 31, 2023 and 2022, respectively.
Scheduled long-term debt repayments excluding the effects of debt issuance costs, are as follows (in thousands):
Year Ending December 31,
Amount
2024$1,922
20251,918
2026182,886
2027231,910
20281,830
Thereafter78,297
Total$498,763
The components of short-term notes payable and other borrowings are as follows (in thousands):
December 31,
20232022
Green Plains Finance Company, Green Plains Grain and Green Plains Trade
$350.0 million revolver
$99,000$115,000
Green Plains Commodity Management
$40.0 million hedge line
6,97322,678
$105,973$137,678
Corporate Activities
In March 2021, the company issued an aggregate $230.0 million of 2.25% convertible senior notes due in 2027, or the 2.25% notes. The 2.25% notes bear interest at a rate of 2.25% per year, payable on March 15 and September 15 of each year,
beginning September 15, 2021, and mature on March 15, 2027. The 2.25% notes are senior, unsecured obligations of the company. The 2.25% notes are convertible, at the option of the holders, into consideration consisting of, at the company’s election, cash, shares of the company’s common stock, or a combination of cash and stock (and cash in lieu of fractional shares). However, before September 15, 2026, the 2.25% notes will not be convertible unless certain conditions are satisfied. The initial conversion rate is 31.6206 shares of the company’s common stock per $1,000 principal amount of 2.25% notes (equivalent to an initial conversion price of approximately $31.62 per share of the company’s common stock), representing an approximately 37.5% premium over the offering price of the company’s common stock. The conversion rate is subject to adjustment upon the occurrence of certain events, including but not limited to; the event of a stock dividend or stock split; the issuance of additional rights, options and warrants; spinoffs; or a tender or exchange offering. In addition, the company may be obligated to increase the conversion rate for any conversion that occurs in connection with certain corporate events, including the company’s calling the 2.25% notes for redemption.
On and after March 15, 2024, and prior to the maturity date, the company may redeem, for cash, all, but not less than all, of the 2.25% notes if the last reported sale price of the company’s common stock equals or exceeds 140% of the applicable conversion price on (i) at least 20 trading days during a 30 consecutive trading day period ending on the trading day immediately prior to the date the company delivers notice of the redemption; and (ii) the trading day immediately before the date of the redemption notice. The redemption price will equal 100% of the principal amount of the 2.25% notes to be redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date. In addition, upon the occurrence of a “fundamental change” (as defined in the indenture for the 2.25% notes), holders of the 2.25% notes will have the right, at their option, to require the company to repurchase their 2.25% notes for cash at a price equal to 100% of the principal amount of the 2.25% notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date.
In June 2019, the company issued $115.0 million of 4.00% convertible senior notes due in 2024, or the 4.00% notes. During May 2021, the company entered into a privately negotiated agreement with certain noteholders of the company’s 4.00% notes. Under this agreement, approximately 3.6 million shares of the company’s common stock were exchanged for $51.0 million in aggregate principal amount of the 4.00% notes.
On May 25, 2022, the company gave notice calling for the redemption of its outstanding 4.00% notes, totaling an aggregate principal amount of $64.0 million. The final conversion rate was 66.4178 shares of common stock per $1,000 of principal. From July 1, 2022 through July 8, 2022, the remaining $64.0 million of the 4.00% notes were converted into approximately 4.3 million shares of common stock. Common stock held as treasury shares were exchanged for the 4.00% notes. Pursuant to the guidance within ASC 470, Debt, the company recorded the exchanges as a conversion. The 4.00% notes were retired effective July 8, 2022.
In August 2016, the company issued $170.0 million of 4.125% convertible senior notes due in 2022, or the 4.125% notes. The 4.125% notes were senior, unsecured obligations of the company. In March 2021, concurrent with the issuance of the 2.25% notes, the company used approximately $156.5 million of the net proceeds of the 2.25% notes to repurchase approximately $135.7 million aggregate principal amount of the 4.125% notes, in privately negotiated transactions. Pursuant to the guidance within ASC 470, Debt, we recorded a loss upon extinguishment of $22.1 million in interest expense, which included $1.2 million of unamortized debt issuance costs related to the principal balance extinguished.
During August 2022, the company entered into four privately negotiated exchange agreements with certain noteholders of the 4.125% notes to exchange approximately $32.6 million aggregate principal amount for approximately 1.2 million shares of the company's common stock. Pursuant to the guidance within ASC 470, Debt, the company recorded the exchanges as a conversion and recorded a loss of $419 thousand, which was recorded as a charge to interest expense in the consolidated financial statements during the year ended December 31, 2022. Additionally, on September 1, 2022, approximately $1.7 million aggregate principal amount of the 4.125% notes were settled through a combination of $1.7 million in cash and approximately 15 thousand shares of the company's common stock. The remaining $23 thousand aggregate principal amount and accrued interest were settled in cash. The 4.125% notes were fully retired effective September 1, 2022.
Ethanol Production Segment
On February 9, 2021, Green Plains SPE LLC, a wholly-owned special purpose subsidiary and parent of Green Plains Obion and Green Plains Mount Vernon, issued $125.0 million of junior secured mezzanine notes due 2026 (the “Junior Notes”) with BlackRock, a holder of a portion of the company’s common stock.
The Junior Notes will mature on February 9, 2026 and are secured by a pledge of the membership interests in and the real property owned by Green Plains Obion and Green Plains Mount Vernon. The proceeds of the Junior Notes were used to construct high protein processing systems at the Green Plains Obion and Green Plains Mount Vernon facilities. The Junior Notes accrue interest at an annual rate of 11.75%. However, subject to the satisfaction of certain conditions, the Green Plains SPE LLC may elect to pay an amount in cash equal to interest accruing at a rate of 6.00% per annum plus an amount equal to interest accruing at a rate of 6.75% per annum to be paid in kind. The entire outstanding principal balance, plus any accrued and unpaid interest is due upon maturity. Green Plains SPE LLC is required to comply with certain financial covenants regarding minimum liquidity at Green Plains and a maximum aggregate loan to value. The Junior Notes can be retired or refinanced after 42 months with no prepayment premium. The Junior Notes have an unsecured parent guarantee from the company and have certain limitations on distributions, dividends or loans to the company unless there will not exist any event of default. At December 31, 2023, the interest rate on the Junior Notes was 11.75%.
On September 3, 2020, Green Plains Wood River and Green Plains Shenandoah, wholly-owned subsidiaries of the company, entered into a $75.0 million loan agreement with MetLife Real Estate Lending LLC. The loan matures on September 1, 2035 and is secured by substantially all of the assets of the Wood River and Shenandoah facilities. The proceeds from the loan were used to add MSC™ technology at the Wood River and Shenandoah facilities as well as other capital expenditures.
The loan bears interest at a fixed rate of 5.02%, plus an interest rate premium of 1.5% until the loan is fully drawn. The remaining availability was drawn in the first quarter of 2022. Beginning in the second quarter of 2022, the interest rate premium may be adjusted quarterly from 0.00% to 1.50% based on the leverage ratio of total funded debt to EBITDA of Wood River and Shenandoah. Principal payments of $1.5 million per year began in October 2022. Prepayments are prohibited until September 2024. Financial covenants of the loan agreement include a minimum loan to value ratio of 50%, a minimum fixed charge coverage ratio of 1.25x, a total debt service reserve of six months of future principal and interest payments and a minimum working capital requirement at Green Plains of not less than $0.10 per gallon of nameplate capacity or $90.3 million. The loan is guaranteed by the company and has certain limitations on distributions, dividends or loans to Green Plains by Wood River and Shenandoah unless immediately after giving effect to such action, there will not exist any event of default. At December 31, 2023, the interest rate on the loan was 5.02%.
The company also has small equipment financing loans, finance leases on equipment or facilities, and other forms of debt financing.
Agribusiness and Energy Services Segment
On March 25, 2022, Green Plains Finance Company, Green Plains Grain and Green Plains Trade (collectively, the “Borrowers”), all wholly owned subsidiaries of the company, together with the company, as guarantor, entered into a five-year, $350.0 million senior secured sustainability-linked revolving Loan and Security Agreement (the “Facility”) with a group of financial institutions. This transaction refinanced the separate credit facilities previously held by Green Plains Grain and Green Plains Trade. The Facility matures on March 25, 2027.
The Facility includes revolving commitments totaling $350.0 million and an accordion feature whereby amounts available under the Facility may be increased by up to $100.0 million of new lender commitments subject to certain conditions. Each SOFR rate loan shall bear interest for each day at a rate per annum equal to the Term SOFR rate for the outstanding period plus a Term SOFR adjustment and an applicable margin of 2.25% to 2.50%, which is dependent on undrawn availability under the Facility. Each base rate loan shall bear interest at a rate per annum equal to the base rate plus the applicable margin of 1.25% to 1.50%, which is dependent on undrawn availability under the Facility. The unused portion of the Facility is also subject to a commitment fee of 0.275% to 0.375%, dependent on undrawn availability. Additionally, the applicable margin and commitment fee are subject to certain increases or decreases of up to 0.10% and 0.025%, respectively, tied to the company’s achievement of certain sustainability criteria, including the reduction of GHG emissions, recordable incident rate reduction, increased renewable corn oil production and the implementation of technology to produce sustainable ingredients.
The Facility contains customary affirmative and negative covenants, as well as the following financial covenants to be calculated as of the last day of any month: the current ratio of the Borrowers shall not be less than 1.00 to 1.00; the collateral coverage ratio of the Borrowers shall not be less than 1.20 to 1.00; and the debt to capitalization ratio of the company shall not be greater than 0.60 to 1.00.
The Facility also includes customary events of default, including without limitation, failure to make required payments of principal or interest, material incorrect representations and warranties, breach of covenants, events of bankruptcy and other
certain matters. The Facility is secured by the working capital assets of the Borrowers and is guaranteed by the company. At December 31, 2023, the interest rate on the Facility was 9.41%.
Green Plains Commodity Management has an uncommitted $40.0 million revolving credit facility to finance margins related to its hedging programs, which is secured by cash and securities held in its brokerage accounts. During the first quarter of 2023, this revolving credit facility was extended five years to mature on April 30, 2028. Advances are subject to variable interest rates equal to SOFR plus 1.75%. At December 31, 2023, the interest rate on the facility was 7.15%.
Green Plains Grain has a short-term inventory financing agreement with a financial institution. The company has accounted for the agreement as short-term notes, rather than revenues, and has elected the fair value option to offset fluctuations in market prices of the inventory. This agreement is subject to negotiated variable interest rates. The company had no outstanding short-term notes payable related to the inventory financing agreement as of December 31, 2023.
Partnership Segment
Green Plains Partners has a term loan to fund working capital, capital expenditures and other general partnership purposes. The term loan has a maturity date of July 20, 2026. Interest on the term loan is based on 3-month SOFR plus 8.26%, and is payable on the 15th day of each March, June, September and December. The term loan does not require any principal payments; however, the partnership has the option to prepay $1.5 million per quarter beginning twelve months after the closing date. The partnership repurchased $1.0 million of the outstanding notes during the six months ended September 30, 2022. Prepayments totaling $3.0 million were made during the year ended December 31, 2023.
The partnership’s obligations under the term loan are secured by a first priority lien on (i) the equity interests of the partnership’s present and future subsidiaries, (ii) all of the partnership’s present and future personal property, such as investment property, general intangibles and contract rights, including rights under any agreements with Green Plains Trade, (iii) all proceeds and products of the equity interests of the partnership’s present and future subsidiaries and its personal property and (iv) substantially all of the partnership’s real property and material leases of real property. The terms impose affirmative and negative covenants, including restrictions on the partnership’s ability to incur additional debt, acquire and sell assets, create liens, invest capital, pay distributions and materially amend the partnership’s commercial agreements with Green Plains Trade. The term loan also requires the partnership to maintain a maximum consolidated leverage ratio and a minimum consolidated debt service coverage ratio as of the end of any fiscal quarter, each of which is calculated on a pro forma basis with respect to acquisitions and divestitures occurring during the applicable period. The maximum consolidated leverage ratio is required to be no more than 2.50x. The minimum debt service coverage ratio is required to be no less than 1.10x. The consolidated leverage ratio is calculated by dividing total funded indebtedness by the sum of the four preceding fiscal quarters’ consolidated EBITDA. The consolidated debt service coverage ratio is calculated by taking the sum of the four preceding fiscal quarters’ consolidated EBITDA minus income taxes and consolidated capital expenditures for such period divided by the sum of the four preceding fiscal quarters’ consolidated interest charges plus consolidated scheduled funded debt payments for such period.
Under the terms of the loan, the partnership has no restrictions on the amount of quarterly distribution payments, so long as (i) no default has occurred and is continuing, or would result from payment of the distribution, and (ii) the partnership and its subsidiaries are in compliance with its financial covenants and remain in compliance after payment of the distribution. The term loan is not guaranteed by the company. On April 19, 2023, the term loan was amended to change the underlying floating interest rate to a SOFR-based rate from a LIBOR-based rate. The impact of the amendment was not material to interest expense. On October 30, 2023, the partnership entered into an amendment to the term loan to include written consent from the lenders to permit the Merger to be completed. At December 31, 2023, the interest rate on the term loan was 13.65%.
Covenant Compliance
The company was in compliance with its debt covenants as of December 31, 2023.
Restricted Net Assets
At December 31, 2023, there were approximately $126.8 million of net assets at the company’s subsidiaries that could not be transferred to the parent company in the form of dividends, loans or advances due to restrictions contained in the credit facilities of these subsidiaries.
v3.24.0.1
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Stock-Based Compensation STOCK-BASED COMPENSATION
The company has an equity incentive plan, which reserved a total of 5.7 million shares of common stock for issuance pursuant to the plan, of which 1.4 million shares remain available for issuance as of December 31, 2023. The plan provides for shares, including options to purchase shares of common stock, stock appreciation rights tied to the value of common stock, restricted stock, performance share awards, and restricted and deferred stock unit awards, to be granted to eligible employees, non-employee directors and consultants. The company measures stock-based compensation at fair value on the grant date, with no adjustments for estimated forfeitures. The company records noncash compensation expense related to equity awards in its consolidated financial statements over the requisite period on a straight-line basis.
Grants under the equity incentive plans may include stock options, stock awards, performance share awards or deferred stock units:
•Restricted Stock Awards – Restricted stock awards may be granted to directors and employees that vest immediately or over a period of time as determined by the compensation committee. Stock awards granted to date vested immediately and over a period of time, and included sale restrictions. Compensation expense is recognized on the grant date if fully vested or over the requisite vesting period.
•Deferred Stock Units – Deferred stock units may be granted to directors and employees that vest immediately or over a period of time as determined by the compensation committee. Deferred stock units granted to date vest over a period of time with underlying shares of common stock that are issuable after the vesting date. Compensation expense is recognized on the grant date if fully vested, or over the requisite vesting period.
•Performance Share Awards – Performance share awards may be granted to directors and employees that cliff-vest after a period of time as determined by the compensation committee. Performance share awards granted to date cliff-vest after a period of time, and include sale restrictions. Compensation expense is recognized over the requisite vesting period.
•Stock Options – Stock options may be granted that can be exercised immediately in installments or at a fixed future date. Certain options are exercisable regardless of employment status while others expire following termination. Options issued to date could have been exercised immediately or at future vesting dates, and expired five years to eight years after the grant date. Compensation expense for stock options that vest over time was recognized on a straight-line basis over the requisite service period.
Restricted Stock Awards and Deferred Stock Units
The restricted non-vested stock awards and deferred stock units activity for the year ended December 31, 2023, is as follows:
Non-Vested
Shares and
Deferred
Stock Units		Weighted-
Average Grant-
Date Fair Value		Weighted-Average
Remaining
Vesting Term
(in years)
Non-Vested at December 31, 2022
813,033$19.98
Granted299,46933.72
Forfeited(42,393)29.44
Vested(462,215)13.79
Non-Vested at December 31, 2023
607,894$30.791.3
Performance Share Awards
On March 9, 2023, March 14, 2022, and February 18, 2021, the board of directors granted performance shares to be awarded in the form of common stock to certain participants of the plan. These performance shares vest based on the level of achievement of certain performance goals, including EBITDA, return on investment from the company's high-protein and clean sugar initiatives and annual production levels. Performance shares granted in 2023, 2022 and 2021 do not contain
market-based factors requiring a Monte Carlo valuation model. The performance shares were granted at a target of 100%, but each performance share can be reduced or increased depending on the results for the performance period. If the company achieves the maximum performance goals, the maximum amount of shares available to be issued pursuant to the 2023, 2022 and 2021 awards are 904,418 performance shares, which represents approximately 223% of the 404,740 performance shares which remain outstanding. The actual number of performance shares that will ultimately vest is based on the actual performance targets achieved at the end of the performance period.
On March 18, 2020, the board of directors granted performance shares to be awarded in the form of common stock to certain participants of the plan. The performance shares were granted at a target of 100%, but each performance share was reduced or increased depending on results for the performance period for the company's total shareholder return relative to that of the company's performance peer group. On March 17, 2023, based on the criteria discussed above, the 196,382 2020 performance shares vested at approximately 123%, which resulted in the issuance of 241,589 shares of common stock.
The non-vested performance share award activity for the year ended December 31, 2023, is as follows:
Performance
Shares		Weighted-
Average Grant-
Date Fair Value		Weighted-Average
Remaining
Vesting Term
(in years)
Non-Vested at December 31, 2022
482,811$18.22
Granted200,29427.74
Forfeited(13,069)27.50
Vested(265,296)6.21
Non-Vested at December 31, 2023
404,740$30.511.3
Green Plains Partners
Green Plains Partners has a long-term incentive plan (LTIP) intended to promote the interests of the partnership, its general partner and affiliates by providing unit-based incentive compensation awards to employees, consultants and directors to encourage superior performance. The LTIP reserves 2.5 million common limited partner units of which 2.3 million units remain available for issuance as of December 31, 2023, in the form of options, restricted units, phantom units, distribution equivalent rights, substitute awards, unit appreciation rights, unit awards, profit interest units or other unit-based awards. The partnership measures unit-based compensation related to equity awards in its consolidated financial statements over the requisite service period on a straight-line basis. As a result of the Merger, the LTIP units available for issuance were converted to 1.2 million shares available for issuance under the company's equity incentive plan.
The non-vested unit-based awards activity for the year ended December 31, 2023, are as follows:
Non-Vested UnitsWeighted-
Average
Grant-Date
Fair Value		Weighted-Average
Remaining
Vesting Term
(in years)
Non-Vested at December 31, 2022
19,707$12.18
Granted18,54912.94
Vested(19,707)12.18
Non-Vested at December 31, 2023 (1)
18,549$12.940.5
(1)Pursuant to the Merger Agreement, each of these unvested awards became fully vested at the effective time of the Merger on January 9, 2024.
Stock-Based and Unit-Based Compensation Expense
Compensation costs for stock-based and unit-based payment plans during the years ended December 31, 2023, 2022 and 2021, were approximately $13.0 million, $9.1 million and $6.1 million, respectively. At December 31, 2023, there was $15.6 million of unrecognized compensation costs from stock-based compensation related to non-vested awards. This compensation is expected to be recognized over a weighted-average period of approximately 1.3 years. The potential tax benefit related to stock-based payment is approximately 24.2% of these expenses.
v3.24.0.1
Earnings Per Share
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Earnings Per Share EARNINGS PER SHARE
Basic earnings per share, or EPS, is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period.
The company computes diluted EPS by dividing net income on an if-converted basis, adjusted to add back net interest expense related to the convertible debt instruments, by the weighted average number of common shares outstanding during the period, adjusted to include the shares that would be issued if the convertible debt instruments were converted to common shares and the effect of any outstanding dilutive securities.
The basic and diluted EPS are calculated as follows (in thousands):
Year Ended December 31,
202320222021
EPS - basic and diluted
Net loss attributable to Green Plains$(93,384)$(127,218)$(65,992)
Weighted average shares outstanding - basic and diluted58,814 55,541 46,652 
EPS - basic and diluted$(1.59)$(2.29)$(1.41)
Anti-dilutive weighted-average convertible debt, warrants and stock-based compensation (1)
8,419 8,556 12,952 
(1)The effect related to the company's convertible debt, warrants and certain stock-based compensation award has been excluded from diluted EPS for the periods presented as the inclusion of these shares would have been antidilutive.
v3.24.0.1
Stockholders' Equity
 12 Months Ended
Dec. 31, 2023
Stockholders' Equity Note [Abstract]  
Stockholders' Equity STOCKHOLDERS’ EQUITY
Public Offerings of Common Stock
On March 1, 2021, the company completed an offering of 8,751,500 shares of our common stock, par value $0.001 per share, in a public offering at a price of $23.00 per share (the “March Common Stock Offering”). The March Common Stock Offering resulted in net proceeds of $191.1 million, after deducting underwriting discounts and commissions and the company’s offering expenses.
On August 9, 2021, the company completed an offering of 5,462,500 shares of our common stock, par value $0.001 per share, in a public offering at a price of $32.00 per share (the “August Common Stock Offering”). The August Common Stock Offering resulted in net proceeds of $164.9 million, after deducting underwriting discounts and commissions and the company’s offering expenses.
Warrants
During the three months ended March 31, 2021, in connection with certain agreements, the company issued warrants in a private placement to purchase shares of its common stock. The company measures the fair value of the warrants using the Black-Scholes option pricing model as of the issuance date. Exercisable warrants are equity based and recorded as a reduction in additional paid-in capital.
The company has reserved 2,550,000 shares of common stock for the exercise of warrants to non-employees, of which 2,275,000 are exercisable, treated as equity based awards and recorded as a reduction in additional paid-in capital. The
remaining 275,000 warrants, of which 111,111 are exercisable as a result of achieving certain earn-out provisions and 163,889 are contingent upon certain earn-out provisions, are treated as liability based awards, and valued quarterly using the company’s stock price. These warrants could potentially dilute basic earnings per share in future periods. The exercise price of the warrants is $22.00 and expiration dates are December 8, 2025 for 275,000 warrants, February 9, 2026 for 275,000 warrants and April 28, 2026 for 2,000,000 warrants.
Convertible Note Exchange
On May 18, 2021, the company closed on a privately negotiated exchange agreement with certain noteholders of the company’s 4.00% notes, pursuant to which the noteholders agreed to exchange $51.0 million in aggregate principal for 3.6 million shares of the company’s common stock at an implied price of $26.80.
On May 25, 2022, the company gave notice calling for the redemption of all its outstanding 4.00% Convertible Senior Notes due 2024, totaling an aggregate principal amount of $64.0 million. The conversion rate was 66.4178 shares of common stock per $1,000 of principal. From July 1, 2022 through July 8, 2022, all $64.0 million of the 4.00% convertible notes were converted into approximately 4.3 million shares of common stock.
During August 2022, the company entered into four privately negotiated exchange agreements with certain noteholders of the 4.125% Convertible Senior Notes due 2022 to exchange approximately $32.6 million aggregate principal amount for approximately 1.2 million shares of the company's common stock. Additionally, on September 1, 2022, approximately $1.7 million aggregate principal amount was settled through a combination of $1.7 million in cash and approximately 15 thousand shares of the company's common stock.
Treasury Stock
The company holds 2.8 million shares of its common stock at a cost of $31.2 million. Treasury stock is recorded at cost and reduces stockholders’ equity in the consolidated balance sheets. When shares are reissued, the company will use the weighted average cost method for determining the cost basis. The difference between the cost and the issuance price is added or deducted from additional paid-in capital.
Share Repurchase Program
The company’s board of directors authorized a share repurchase program of up to $200.0 million. Under the program, the company may repurchase shares in open market transactions, privately negotiated transactions, accelerated share buyback programs, tender offers or by other means. The timing and amount of repurchase transactions are determined by its management based on market conditions, share price, legal requirements and other factors. The program may be suspended, modified or discontinued at any time without prior notice. The company did not repurchase any shares of common stock during 2023, 2022 or 2021. Since inception, the company has repurchased 7.4 million shares of common stock for approximately $92.8 million under the program.
Dividends and Distributions
The partnership agreement provides for a quarterly distribution to be paid within 45 days after the end of the quarter, provided the partnership has sufficient available cash. Available cash generally means, all cash and cash equivalents on hand at the end of that quarter less cash reserves established by the general partner of the partnership plus all or any portion of the cash on hand resulting from working capital borrowings made subsequent to the end of that quarter. As a result of the Merger on January 9, 2024, the partnership became an indirect wholly owned subsidiary of the company, is no longer publicly traded, and as such, it will not make any public dividends and distributions in the future.
Accumulated Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive income (loss) are associated primarily with gains and losses on derivative financial instruments. Amounts reclassified from accumulated other comprehensive income (loss) are as follows (in thousands):
Year Ended December 31,
Statements of Operations
Classification
202320222021
Gains (losses) on cash flow hedges
Commodity derivatives$2,482 $3,347$(60,261)(1)
Commodity derivatives(25,003)(5,753)41,629(2)
Total losses on cash flow hedges(22,521)(2,406)(18,632)(3)
Income tax benefit(5,438)(578)(4,540)(4)
Amounts reclassified from accumulated other comprehensive loss$(17,083)$(1,828)$(14,092) 
(1)Revenues
(2)Cost of goods sold
(3)Loss before income taxes and income from equity method investees
(4)Income tax benefit (expense)
At December 31, 2023 and 2022, the company’s consolidated balance sheets reflected unrealized losses of $3.2 million and $26.6 million, net of tax, in accumulated other comprehensive loss, respectively.
v3.24.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the carrying amounts of existing assets and liabilities and their respective tax bases, and net operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted rates expected to be applicable to taxable income in the years those temporary differences are recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in income during the period that includes the enactment date. A valuation allowance is recorded by the company when it is more likely than not that some portion or all of a deferred tax asset will not be realized.
Green Plains Partners is a limited partnership, which is treated as a flow-through entity for federal income tax purposes and is not subject to federal income taxes. As a result, the consolidated financial statements do not reflect such income taxes on pre-tax income or loss attributable to the noncontrolling interest in the partnership.
The IRA, was signed into law on August 16, 2022. The IRA includes significant law changes relating to tax, climate change, energy and health care. The IRA significantly expands clean energy incentives by providing an estimated $370 billion of new energy related tax credits over the next ten years. It also permits more flexibility for taxpayers to use the credits with direct-pay and transferable credit options. In addition, the IRA includes key revenue-raising provisions which include a 15% book-income alternative minimum tax on corporations with adjusted financial statement income over $1 billion, a 1% excise tax on the value of certain net stock repurchases by publicly traded companies, and the reinstatement of Superfund excise taxes. The company expects it will benefit from certain energy related tax credits in future years and not be negatively impacted by the revenue raising provisions; however, the company does not have enough information to provide a reasonable estimate of future tax benefits at this time.
On January 9, 2024, the transactions contemplated by the Merger Agreement were completed as described in more detail in Note 5 - Acquisition and Dispositions included herein. For income tax purposes, the total consideration given by the company in exchange for the remaining interest in the partnership, creates a tax basis in the acquired interest. Because the GAAP basis in the acquired interest is less than the total consideration, a new deferred tax asset will be created. It is expected that the company's valuation allowance on deferred tax assets will increase by a corresponding amount, which is not expected to have a material impact on the company's consolidated financial statements.
Income tax expense (benefit) consists of the following (in thousands):
Year Ended December 31,
202320222021
Current$1,238$232 $612 
Deferred(6,855)4,515 1,233 
Total income tax expense (benefit)$(5,617)$4,747 $1,845 
Differences between income tax expense (benefit) at the statutory federal income tax rate and as presented on the consolidated statements of operations are summarized as follows (in thousands):
Year Ended December 31,
202320222021
Tax expense at federal statutory rate$(17,293)$(21,222)$(8,883)
State income tax expense (benefit), net of federal benefit(662)746 516 
Nondeductible compensation2,7871,2211,037
Noncontrolling interests(3,660)(5,245)(4,587)
Unrecognized tax benefits— — (170)
Increase in valuation allowance15,89227,77815,301
Stock compensation(4,440)1,105(1,954)
Other1,759364585
Income tax expense (benefit)$(5,617)$4,747 $1,845 
Significant components of deferred tax assets and liabilities are as follows (in thousands):
December 31,
20232022
Deferred tax assets
Net operating loss carryforwards - Federal$7,824$12,098
Net operating loss carryforwards - State12,90913,862
Tax credit carryforwards - Federal63,05063,857
Tax credit carryforwards - State5,2255,906
Derivative financial instruments—7,160
Section 174 capitalized expenses63,26742,115
Interest expense carryforward16,99615,300
Investment in partnerships49,73545,445
Inventory valuation2,0793,491
Stock-based compensation2,371—
Accrued expenses5,2004,770
Lease obligations9,5148,820
Organizational and start-up costs335473
Other824810
Total239,329224,107
Valuation allowance(117,258)(101,118)
Total deferred tax assets122,071122,989
Deferred tax liabilities
Fixed assets(114,690)(116,781)
Derivative financial instruments(1,238)— 
Right-of-use assets(6,746)(6,035)
Stock-based compensation— (173)
Total deferred tax liabilities(122,674)(122,989)
Deferred income taxes$(603)$—
At December 31, 2023, the company has federal R&D credits of $63.1 million which will begin to expire in 2033. The company also has $5.2 million of state credits which will expire, subject to taxable income, beginning in 2025. The company has federal net operating losses of $7.8 million which do not have an expiration date.
The company increased the valuation allowance associated with its net deferred tax assets due to uncertainty that it will realize these assets in the future. The valuation allowance on deferred tax assets was recognized as a result of negative evidence, including cumulative losses in recent years, outweighing the more subjective positive evidence. Management considers whether it is more likely than not that some or all of the deferred tax assets will be realized, which is dependent on the generation of future taxable income and other tax attributes during the periods those temporary differences become deductible. Scheduled reversals of deferred tax liabilities, projected future taxable income, and tax planning strategies are considered to make this assessment. The company will continue to regularly assess the realizability of deferred tax assets. Changes in earnings performance and future earnings projections, among other factors, may cause the company to adjust its valuation allowance on deferred tax assets, which would impact the company’s results of operations in the period it is determined that these factors have changed.
The company’s federal income tax returns for the tax years ended December 31, 2014 through 2018 are currently under audit. The company’s federal income tax returns for the tax years ended December 31, 2019 through 2022 are still subject to audit.
Unrecognized tax benefits were $51.4 million as of both December 31, 2023 and 2022. Recognition of these tax benefits
would favorably impact the company’s effective tax rate. Unrecognized tax benefits were recorded as a reduction of the deferred asset associated with the federal tax credit carryforwards. Interest and penalties associated with uncertain tax positions are accrued as part of income taxes payable. Approximately $51.4 million in unrecognized tax benefits related to R&D credits are currently under audit. In addition, the results of the current audit may cause the company to significantly increase or decrease the unrecognized tax benefits associated with R&D credits for periods not under audit. At this time, the company does not have enough information to be able to estimate the potential adjustment.
v3.24.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies COMMITMENTS AND CONTINGENCIES
Lease Expense
The company leases certain facilities, parcels of land, and equipment, with remaining terms ranging from less than one year to 13.9 years. The land and facility leases include renewal options. The renewal options are included in the lease term only for those sites or locations in which they are reasonably certain to be renewed. Equipment renewals are not considered reasonably certain to be exercised as they typically renew with significantly different underlying terms.
The company may sublease certain of its railcars to third parties on a short-term basis. The subleases are classified as operating leases, with the associated sublease income being recognized on a straight-line basis over the lease term.
The components of lease expense are as follows (in thousands):
Year Ended December 31,
202320222021
Lease expense
Operating lease expense$27,773$22,116$19,587
Variable lease expense (benefit) (1)
(97)1,3941,225
Total lease expense$27,676$23,510$20,812
(1)Represents amounts incurred in excess of the minimum payments required for a certain building lease and for the handling and unloading of railcars for a certain land lease, offset by railcar lease abatements provided by the lessor when railcars are out of service during periods of maintenance or upgrade.
Supplemental cash flow information related to operating leases is as follows (in thousands):
Year Ended December 31,
202320222021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$27,275$21,459$19,579
Right-of-use assets obtained in exchange for lease obligations
Operating leases28,47128,56520,291
Right-of-use assets and lease obligations derecognized due to lease modifications
Operating leases3,428—1,889
Supplemental balance sheet information related to operating leases is as follows:
2023 2022
Weighted average remaining lease term4.5 years 4.9 years
Weighted average discount rate5.16% 4.32%
Aggregate minimum lease payments under the operating lease agreements for future fiscal years as of December 31, 2023 are as follows (in thousands):
Year Ending December 31,
Amount
2024$26,033
202521,464
202615,009
202711,429
20284,358
Thereafter8,597
Total86,890
Less: Present value discount(10,103)
Lease liabilities$76,787
Lease Revenue
As described in Note 4 – Revenue, the majority of the partnership’s segment revenue is generated though their storage and throughput services and rail transportation services agreements with Green Plains Trade and are accounted for as lease revenue. Leasing revenues do not represent revenues recognized from contracts with customers under ASC 606, and are accounted for under ASC 842, Leases. Lease revenue associated with agreements with Green Plains Trade are eliminated upon consolidation. The remaining lease revenue is not material to the company.
Commodities, Storage and Transportation
As of December 31, 2023, the company had contracted future purchases of grain, ethanol, distillers grains, and natural gas valued at approximately $166.4 million and future commitments for storage and transportation, valued at approximately $27.0 million.
Government Assistance
During the year ended December 31, 2023 and 2022, respectively, the company received relief grants of $3.4 million and $27.7 million from the USDA related to the Biofuel Producer Program. The grants received were recorded as other income and the company has no further reporting or other obligations related to the receipt of these grants.
Legal
The company is currently involved in litigation that has arisen in the ordinary course of business, but does not believe any pending litigation will have a material adverse effect on its financial position, results of operations or cash flows.
v3.24.0.1
Employee Benefit Plans
 12 Months Ended
Dec. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Employee Benefit Plans EMPLOYEE BENEFIT PLANS
The company offers eligible employees a comprehensive employee benefits plan that includes health, dental, vision, life and accidental death, short-term disability and long-term disability insurance, and flexible spending accounts. The company also offers a 401(k) plan enabling eligible employees to save for retirement on a tax-deferred basis up to the limits allowed under the Internal Revenue Code. During 2022, the company increased the employer match from 4% to 6% of eligible employee contributions for employees with less than 5 years of service, and up to 8% of eligible employee contributions after 5 years of service. Employee and employer contributions are 100% vested immediately. Employer contributions to the 401(k) plan for the years ended December 31, 2023, 2022 and 2021 were $3.9 million, $3.5 million and $1.9 million, respectively.
The company contributes to a defined benefit pension plan. Since January 2009, the benefits under the plan were frozen; however, the company remains obligated to ensure the plan is funded according to its requirements. As of December 31, 2023, the plan’s assets were $4.6 million and liabilities were $5.6 million. At December 31, 2023 and 2022, net liabilities of $1.0 million and $1.3 million, respectively, were included in other liabilities on the consolidated balance sheets.
v3.24.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pay vs Performance Disclosure      
Net loss attributable to Green Plains $ (93,384) $ (127,218) $ (65,992)
v3.24.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2023
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.0.1
Summary of Significant Accounting Policies (Policy)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Consolidated Financial Statements
Consolidated Financial Statements
The consolidated financial statements include the company’s accounts and all significant intercompany balances and transactions are eliminated. Unconsolidated entities are included in the financial statements on an equity basis. As of December 31, 2023, the company owns a 48.8% limited partner interest and a 2.0% general partner interest in Green Plains Partners LP. Public investors own the remaining 49.2% limited partner interest in the partnership. The company determined that the limited partners in the partnership with equity at risk lack the power, through voting rights or similar rights, to direct the activities that most significantly impact the partnership’s economic performance; therefore, the partnership is considered a variable interest entity. The company, through its ownership of the general partner interest in the partnership, has the power to direct the activities that most significantly affect economic performance and is obligated to absorb losses and has the right to receive benefits that could be significant to the partnership. Therefore, the company is considered the primary beneficiary and consolidates the partnership in the company’s financial statements. The assets of the partnership cannot be used by the company for general corporate purposes. The partnership’s consolidated total assets as of December 31, 2023 and 2022, excluding intercompany balances, are $102.8 million and $108.7 million, respectively, and primarily consist of cash and cash equivalents, property and equipment, operating lease right-of-use assets and goodwill. The partnership’s consolidated total liabilities as of December 31, 2023 and 2022, excluding intercompany balances, are $118.5 million and $119.5 million, respectively, which primarily consist of long-term debt as discussed in Note 12 – Debt and operating lease liabilities. The liabilities recognized as a result of consolidating the partnership do not represent additional claims on the company's general assets.
On September 16, 2023, the company entered into a Merger Agreement to acquire all of the publicly held common units of the partnership not already owned by the company and its affiliates. On January 9, 2024, the transactions contemplated by the Merger Agreement were completed. Refer to Note 5 - Merger and Dispositions included herein for more information.
The company also owns a majority interest in FQT, with their results being consolidated in our consolidated financial statements.
Use of Estimates in the Preparation of Consolidated Financial Statements
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, 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. The company bases its estimates on historical experience and assumptions it believes are proper and reasonable under the circumstances and regularly evaluates the appropriateness of its estimates and assumptions. Actual results could differ from those estimates. Certain accounting policies, including but not limited to those relating to derivative financial instruments and accounting for income taxes, are impacted significantly by judgments, assumptions and estimates used in the preparation of the consolidated financial statements.
Description of Business
Description of Business
The company operates within three operating segments: (1) ethanol production, which includes the production of ethanol, distillers grains, Ultra-High Protein and renewable corn oil, (2) agribusiness and energy services, which includes grain handling and storage, commodity marketing and merchant trading for company-produced and third-party ethanol, distillers grains, Ultra-High Protein, renewable corn oil, natural gas and other commodities and (3) partnership, which includes fuel storage and transportation services.
Cash and Cash Equivalents
Cash and Cash Equivalents
Cash and cash equivalents includes bank deposits as well as short-term, highly liquid investments with original maturities of three months or less.
Restricted Cash
Restricted Cash
The company has restricted cash, which can only be used for funding letters of credit and for payment towards a credit agreement. Restricted cash also includes cash margins and securities pledged to commodity exchange clearinghouses. To the degree these segregated balances are cash and cash equivalents, they are considered restricted cash on the consolidated balance sheets.
Marketable Securities
Marketable Securities
Marketable securities include highly liquid, fixed maturity investments with original maturities ranging from three to twelve months and are carried at amortized cost, reflecting the ability and intent to hold the securities to maturity.
Revenue Recognition
Revenue Recognition
The company recognizes revenue when obligations under the terms of a contract with a customer are satisfied. Generally this occurs with the transfer of control of products or services. Revenue is measured as the amount of consideration expected to be received in exchange for transferring goods or providing services. Sales, value add, and other taxes the company collects concurrent with revenue-producing activities are excluded from revenue.
Sales of ethanol, distillers grains, Ultra-High Protein, renewable corn oil, natural gas and other commodities by the company’s marketing business are recognized when obligations under the terms of a contract with a customer are satisfied. Generally, this occurs with the transfer of control of products or services. Revenues related to marketing for third parties are presented on a gross basis as the company controls the product prior to the sale to the end customer, takes title of the product and has inventory risk. Unearned revenue is recorded for goods in transit when the company has received payment but control has not yet been transferred to the customer. Revenues for receiving, storing, transferring and transporting ethanol and other fuels are recognized when the product is delivered to the customer.
The company routinely enters into physical-delivery energy commodity purchase and sale agreements. At times, the company settles these transactions by transferring its obligations to other counterparties rather than delivering the physical
commodity. Revenues include net gains or losses from derivatives related to products sold while cost of goods sold includes net gains or losses from derivatives related to commodities purchased. Revenues also include realized gains and losses on related derivative financial instruments and reclassifications of realized gains and losses on cash flow hedges from accumulated other comprehensive income or loss.
Sales of products, including agricultural commodities, are recognized when control of the product is transferred to the customer, which depends on the agreed upon shipment or delivery terms.
A substantial portion of the partnership revenues are derived from fixed-fee commercial agreements for storage, terminal or transportation services. The partnership recognizes revenue upon transfer of control of product from its storage tanks and fuel terminals, when railcar volumetric capacity is provided, and as truck transportation services are performed. To the extent shortfalls associated with minimum volume commitments in the previous four quarters continue to exist, volumes in excess of the minimum volume commitment are applied to those shortfalls. Remaining excess volumes generating operating lease revenue are recognized as incurred.
Shipping and Handling Costs
Shipping and Handling Costs
The company accounts for shipping and handling activities related to contracts with customers as costs to fulfill its promise to transfer the associated products. Accordingly, the company records customer payments associated with shipping and handling costs as a component of revenue, and classifies such costs as a component of cost of goods sold.
Cost of Goods Sold
Cost of Goods Sold
Cost of goods sold includes materials, direct labor, shipping and plant overhead costs. Materials include the cost of corn feedstock, denaturant, and process chemicals. Corn feedstock costs include gains and losses on related derivative financial instruments not designated as cash flow hedges, inbound freight charges, inspection costs and transfer costs, as well as reclassifications of gains and losses on cash flow hedges from accumulated other comprehensive income or loss. Direct labor includes all compensation and related benefits of non-management personnel involved in ethanol production. Shipping costs incurred by the company, including railcar costs, are also reflected in cost of goods sold. Plant overhead consists primarily of plant utilities, repairs and maintenance and outbound freight charges.
The company uses exchange-traded futures and options contracts and forward purchase and sale contracts to attempt to minimize the effect of price changes on ethanol, renewable corn oil, grain and natural gas. Exchange-traded futures and options contracts are valued at quoted market prices and settled predominantly in cash. The company is exposed to loss when counterparties default on forward purchase and sale contracts. Grain inventories held for sale and forward purchase and sale contracts are valued at market prices when available or other market quotes adjusted for basis differences, primarily in transportation, between the exchange-traded market and local market where the terms of the contract is based. Changes in forward purchase contracts and exchange-traded futures and options contracts are recognized as a component of cost of goods sold.
Operations and Maintenance Expenses
Operations and Maintenance Expenses
In the partnership segment, transportation expenses represent the primary component of operations and maintenance expenses. Transportation expenses include railcar leases, freight and shipping of the company’s ethanol and co-products, as well as costs incurred storing ethanol at destination terminals.
Derivative Financial Instruments
Derivative Financial Instruments
The company uses various derivative financial instruments, including exchange-traded futures and exchange-traded and over-the-counter options contracts, to attempt to minimize risk and the effect of commodity price changes including but not limited to, corn, ethanol, natural gas and other agricultural and energy products. The company monitors and manages this exposure as part of its overall risk management policy to reduce the adverse effect market volatility may have on its operating results. The company may hedge these commodities as one way to mitigate risk; however, there may be situations when these hedging activities themselves result in losses.
By using derivatives to hedge exposures to changes in commodity prices, the company is exposed to credit and market risk. The company’s exposure to credit risk includes the counterparty’s failure 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 their financial condition. 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 parameters to monitor exposure within its risk management strategy, which limits the types of derivative instruments and strategies the company can use and the degree of market risk it can take using derivative instruments.
Forward contracts are recorded at fair value unless the contracts qualify for, and the company elects, normal purchase or sale exceptions. Changes in fair value are recorded in operating income unless the contracts qualify for, and the company elects, cash flow hedge accounting treatment.
Certain qualifying derivatives related to ethanol production and agribusiness and energy services are designated as cash flow hedges. The company evaluates the derivative instrument to ascertain its effectiveness prior to entering into cash flow hedges. Unrealized gains and losses are reflected in accumulated other comprehensive income or loss until the gain or loss from the underlying hedged transaction is realized and the physical transaction is completed. When it becomes probable a forecasted transaction will not occur, the cash flow hedge treatment is discontinued, which affects earnings. These derivative financial instruments are recognized in current assets or current liabilities at fair value.
At times, the company hedges its exposure to changes in inventory values and designates qualifying derivatives as fair value hedges. The carrying amount of the hedged inventory is adjusted in the current period for changes in fair value. Estimated fair values carried at market are based on exchange-quoted prices, adjusted as appropriate for regional location basis values which represent differences in local markets including transportation as well as quality or grade differences. Basis values are generally determined using inputs from broker quotations or other market transactions. However, a portion of the value may be derived using unobservable inputs. Ineffectiveness of the hedges is recognized in the current period to the extent the change in fair value of the inventory is not offset by the change in fair value of the derivative.
Concentrations of Credit Risk
Concentrations of Credit Risk
The company is exposed to credit risk resulting from the possibility that another party may fail to perform according to the terms of the company’s contract. The company sells ethanol, distillers grains, Ultra-High Protein and renewable corn oil and markets products for third parties, which can result in concentrations of credit risk from a variety of customers, including major integrated oil companies, large independent refiners, petroleum wholesalers and other marketers. The company also sells grain to large commercial buyers, including other ethanol plants. Although payments are typically received within fifteen days of the sale, the company continually monitors its exposure. The company is also exposed to credit risk on prepayments of undelivered inventories with a few major suppliers of petroleum products and agricultural inputs.
The company has master netting arrangements with various counterparties. On the consolidated balance sheets, the associated net amount for each counterparty is reflected as either an accounts receivable or accounts payable. If the amount for each counterparty were reflected on a gross basis, the company’s accounts receivable and accounts payable would increase by $1.2 million and $12.7 million at December 31, 2023 and 2022, respectively.
Inventories
Inventories
Corn held for ethanol production, ethanol, distillers grain, Ultra-High Protein, and renewable corn oil inventories are recorded at the lower of average cost or net realizable value, except fair-value hedged inventories. Raw materials and finished goods inventories are valued at the lower of average cost or net realizable value.
Property and Equipment
Property and Equipment
Property and equipment are stated at cost less accumulated depreciation. Depreciation is generally calculated using the straight-line method over the following estimated useful life of the assets:
Years
Buildings and improvements
10-40
Plant equipment
15-40
Other machinery and equipment
5-7
Land improvements
15-40
Railroad track and equipment
20-30
Computer hardware and software
3-5
Office furniture and equipment
5-7
Property and equipment is capitalized at cost. Land improvements, interest incurred during construction and other property improvements are capitalized and depreciated. Betterment of property assets are those that extend the useful life, increase the capacity or improve the operating efficiency or improve the safety of our operations. Costs of repairs and normal maintenance are charged to expense when incurred. The company periodically evaluates whether events and circumstances have occurred that warrant a revision of the estimated useful life of its fixed assets.
Intangible Assets
Intangible Assets
Our intangible assets consist primarily of customer relationships, intellectual property, research and development technology and licenses. These intangible assets were capitalized at fair market value and are being amortized over their estimated useful lives.
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets
The company reviews its long-lived assets, currently consisting of property and equipment, operating lease right-of-use assets, intangible assets and equity method investments, for impairment whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. Recoverability of assets to be held and used is measured by comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Significant management judgment is required to determine the fair value of our long-lived assets and measure impairment, which includes projected cash flows. Fair value is determined by using various valuation techniques, including discounted cash flow models, sales of comparable properties and third-party independent appraisals. Changes in estimated fair value could result in an impairment of the asset. There were no material impairment charges recorded for the periods reported.
Goodwill
Goodwill
Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. The determination of goodwill takes into consideration the fair value of net tangible and intangible assets. The company’s goodwill is related to certain acquisitions within our ethanol production and partnership segments.
The company is required to perform impairment tests related to goodwill annually, which it performs as of October 1, or if an indicator of impairment occurs. Circumstances that may indicate impairment include a decline in the company’s future projected cash flows, a decision to suspend plant operations for an extended period of time, sustained decline in the company’s market capitalization or market prices for similar assets or businesses, or a significant adverse change in legal or regulatory matters or business climate. Significant management judgment is required to determine the fair value of goodwill and measure impairment, which include, but are not limited to, market capitalization, prospective financial information, growth rates, discount rates, inflationary factors, and cost of capital. Fair value is determined by using various valuation techniques, including discounted cash flow models, sales of comparable properties and third-party independent appraisals. Changes in estimated fair value could result in a write-down of the asset.
Leases
Leases
The company leases certain facilities, parcels of land, and equipment. These leases are accounted for as operating leases, with lease expense recognized on a straight-line basis over the lease term. The term of the lease may include options to extend or terminate the lease when it is reasonably certain that such options will be exercised. For leases with initial terms greater than 12 months, the company records operating lease right-of-use assets and corresponding operating lease liabilities. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet. The company did not incur any material short-term lease expense for the years ended December 31, 2023, 2022 or 2021.
Operating lease right-of-use assets represent the right to control an underlying asset for the lease term and operating lease liabilities represent the obligation to make lease payments arising from the lease. These assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As the company’s leases do not provide an implicit rate, the incremental borrowing rate is used based on information available at commencement date to determine the present value of future payments.
The company elected to utilize a portfolio approach for lease classification, which allows for an entity to group together leases with similar characteristics provided that its application does not create a material difference when compared to accounting for the leases at a contract level. For railcar leases, the company elected to combine the railcars within each rider and account for each rider as an individual lease.
From a lessee perspective, the company combines both the lease and non-lease components and accounts for them as one lease. Certain of the company’s railcar agreements provide for maintenance costs to be the responsibility of the company as incurred or charged by the lessor. This maintenance cost is a non-lease component that the company combines with the monthly rental payment and accounts for the total cost as operating lease expense. In addition, the company has a land lease that contains a non-lease component for the handling and unloading services the landlord provides. The company combines the cost of services with the land lease cost and accounts for the total as operating lease expense.
The partnership segment records the majority of its operating lease revenue from its storage and throughput services, rail transportation services and certain terminal services agreements with Green Plains Trade. In addition, the partnership may sublease certain of its railcars to third parties on a short-term basis. These subleases are classified as operating leases, with the associated sublease revenue recognized on a straight-line basis over the lease term.
Investments in Equity Method Investees
Investments in Equity Method Investees
The company accounts for investments in which the company exercises significant influence using the equity method so long as the company (i) does not control the investee and (ii) is not the primary beneficiary of the entity. The company recognizes these investments as a separate line item in the consolidated balance sheets and its proportionate share of earnings on a separate line item in the consolidated statements of operations. The company’s share of equity method investees other comprehensive income arising during the period is included in accumulated other comprehensive loss in the consolidated balance sheet.
The company recognizes losses in the value of equity method investments when there is evidence of an other-than-temporary decrease in value. Evidence of a loss might include, but would not necessarily be limited to, the inability to recover the carrying amount of the investment or the inability of the equity method investee to sustain an earnings capacity that justifies the carrying amount of the investment. The current fair value of an investment that is less than its carrying amount may indicate a loss in value of the investment. The company evaluates equity method investments for impairment if there is evidence an investment may be impaired. Distributions paid to the company from unconsolidated affiliates are classified as operating activities in the consolidated statements of cash flows until the cumulative distributions exceed the company’s proportionate share of income from the unconsolidated affiliate since the date of initial investment. The amount of cumulative distributions paid to the company that exceeds the cumulative proportionate share of income in each period represents a return of investment, which is classified as an investing activity in the consolidated statements of cash flows.
Financing Costs
Financing Costs
Fees and costs related to securing debt are recorded as financing costs. Debt issuance costs are stated at cost and are amortized using the effective interest method for term loans and the straight-line basis over the life of the agreements for revolving credit arrangements and convertible notes.
Selling, General and Administrative Expenses
Selling, General and Administrative Expenses
Selling, general and administrative expenses consist of various expenses including employee salaries, incentives and benefits; office expenses; director compensation; professional fees for accounting, legal, consulting, and investor relations activities.
Stock-Based Compensation
Stock-Based Compensation
The company recognizes compensation cost using a fair value based method whereby compensation cost is measured at the grant date based on the market price of the award on the date of the award agreement, and is recognized over the service period on a straight-line basis, which is usually the vesting period.
Income Taxes
Income Taxes
The provision for income taxes is computed using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences attributable to temporary differences between the financial reporting carrying amount of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operating results in the period of enactment. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized.
The company recognizes uncertainties in income taxes within the financial statements under a process by which the likelihood of a tax position is gauged based upon the technical merits of the position, and then a subsequent measurement relates the maximum benefit and the degree of likelihood to determine the amount of benefit recognized in the financial statements.
Recent Accounting Pronouncements
Recent Accounting Pronouncements
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for public entities for fiscal years beginning after December 15, 2024, and for interim periods for fiscal years beginning after December 15, 2025. The ASU indicates that all entities will apply its guidance prospectively with an option for retroactive application to each period in the financial statements. Early adoption is permitted. The company is currently evaluating the impact of this ASU.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures, which improves reportable segment disclosure requirements through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for public entities that are required to report segment information in accordance with Topic 280 for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The company is currently evaluating the impact of this ASU.
In March 2020, the FASB issued amended guidance in ASC 848, Reference Rate Reform, and a subsequent update in January 2021 and October 2022, which provides optional expedients and exceptions to U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burden related to the expected market transition from the LIBOR and other interbank offered rates to alternative reference rates. The expedients and exceptions provided by the amended guidance do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2024, except for hedging relationships existing as of December 31, 2024, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The guidance is effective upon issuance and to be applied prospectively from any date beginning March 12, 2020 through December 31, 2024. The company adopted the amended guidance for the fiscal year-ended December 31, 2023, which had no material impact on the company’s
consolidated financial statements.
In December 2019, the FASB issued amended guidance in ASC 740, Income Taxes - Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in ASC 740. The amendments also improve consistent application of and simplify U.S. GAAP for other areas of ASC 740 by clarifying and amending existing guidance. The amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. The company adopted the amended guidance for the fiscal year-ended December 31, 2022, which had no material impact on the company’s consolidated financial statements.
v3.24.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Schedule of Estimated Useful Lives of Assets Depreciation is generally calculated using the straight-line method over the following estimated useful life of the assets:
Years
Buildings and improvements
10-40
Plant equipment
15-40
Other machinery and equipment
5-7
Land improvements
15-40
Railroad track and equipment
20-30
Computer hardware and software
3-5
Office furniture and equipment
5-7
v3.24.0.1
Revenue (Tables)
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue by Major Source
The following tables disaggregate revenue by major source (in thousands):
Twelve Months Ended December 31, 2023
Ethanol ProductionAgribusiness & Energy ServicesPartnershipEliminationsTotal
Revenues
Revenues from contracts with customers under ASC 606
Ethanol$— $— $— $— $— 
Distillers grains85,474 — — — 85,474 
Renewable corn oil— — — — — 
Other31,109 15,593 4,113 — 50,815 
Intersegment revenues— 239 5,698 (5,937)— 
Total revenues from contracts with customers116,583 15,832 9,811 (5,937)136,289 
Revenues from contracts accounted for as derivatives under ASC 815 (1)
Ethanol2,117,296 388,764 — — 2,506,060 
Distillers grains377,357 34,818 — — 412,175 
Renewable corn oil179,424 8,048 — — 187,472 
Other25,213 28,534 — — 53,747 
Intersegment revenues— 24,907 — (24,907)— 
Total revenues from contracts accounted for as derivatives2,699,290 485,071 — (24,907)3,159,454 
Leasing revenues under ASC 842 (2)
— — 71,272 (71,272)— 
Total Revenues$2,815,873 $500,903 $81,083 $(102,116)$3,295,743 
Twelve Months Ended December 31, 2022
Ethanol ProductionAgribusiness & Energy ServicesPartnershipEliminationsTotal
Revenues
Revenues from contracts with customers under ASC 606
Ethanol$— $— $— $— $— 
Distillers grains28,634 — — — 28,634 
Renewable corn oil— — — — — 
Other38,132 7,787 4,003 — 49,922 
Intersegment revenues— 229 7,950 (8,179)— 
Total revenues from contracts with customers66,766 8,016 11,953 (8,179)78,556 
Revenues from contracts accounted for as derivatives under ASC 815 (1)
Ethanol2,286,886 481,392 — — 2,768,278 
Distillers grains493,605 45,766 — — 539,371 
Renewable corn oil195,114 3,954 — — 199,068 
Other27,821 49,755 — — 77,576 
Intersegment revenues— 26,732 — (26,732)— 
Total revenues from contracts accounted for as derivatives3,003,426 607,599 — (26,732)3,584,293 
Leasing revenues under ASC 842 (2)
— — 67,814 (67,814)— 
Total Revenues$3,070,192 $615,615 $79,767 $(102,725)$3,662,849 
Twelve Months Ended December 31, 2021
Ethanol ProductionAgribusiness & Energy ServicesPartnershipEliminationsTotal
Revenues
Revenues from contracts with customers under ASC 606
Ethanol$— $— $— $— $— 
Distillers grains19,535 — — — 19,535 
Renewable corn oil— — — — — 
Other48,361 14,090 4,191 — 66,642 
Intersegment revenues— — 8,028 (8,028)— 
Total revenues from contracts with customers67,896 14,090 12,219 (8,028)86,177 
Revenues from contracts accounted for as derivatives under ASC 815 (1)
Ethanol1,589,649 498,367 — — 2,088,016 
Distillers grains355,230 40,763 — — 395,993 
Renewable corn oil113,249 32,528 — — 145,777 
Other27,344 83,778 — — 111,122 
Intersegment revenues— 21,958 — (21,958)— 
Total revenues from contracts accounted for as derivatives2,085,472 677,394 — (21,958)2,740,908 
Leasing revenues under ASC 842 (2)
— — 66,233 (66,150)83 
Total Revenues$2,153,368 $691,484 $78,452 $(96,136)$2,827,168 
(1)Revenues from contracts accounted for as derivatives represent physically settled derivative sales that are outside the scope of ASC 606.
(2)Leasing revenues do not represent revenues recognized from contracts with customers under ASC 606, and are accounted for under ASC 842, Leases.
v3.24.0.1
Acquisitions and Dispositions (Tables)
 12 Months Ended
Dec. 31, 2023
Business Combinations [Abstract]  
Amounts Of Identifiable Assets Disposed And Liabilities Relinquished
The assets sold and liabilities transferred of the Atkinson plant at closing on September 7, 2023 were as follows: (in thousands):
Amounts of Identifiable Assets Disposed and Liabilities Relinquished
Inventories$3,164
Prepaid expenses and other423
Property, plant and equipment15,199
Operating lease right-of-use assets3,428
Accrued and other liabilities(162)
Operating lease current liabilities(1,332)
Operating lease long-term liabilities(2,096)
Other liabilities(189)
Total identifiable net assets disposed$18,435
The asset and liabilities of the Ord ethanol plant at closing on March 22, 2021 were as follows: (in thousands):
Amounts of Identifiable Assets Disposed and Liabilities Relinquished
Inventories$10,400
Prepaid expenses and other632
Property, plant and equipment24,285
Operating lease right-of-use-assets1,811
Accrued and other liabilities(156)
Operating lease current liabilities(1,021)
Operating lease long-term liabilities(790)
Total identifiable net assets disposed$35,161
v3.24.0.1
Fair Value Disclosures (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Fair Value The company’s assets and liabilities by level are as follows (in thousands):
Fair Value Measurements at December 31, 2023
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Total
Assets
Cash and cash equivalents$349,574 $— $349,574 
Restricted cash29,188 — 29,188 
Inventories carried at market— 45,898 45,898 
Derivative financial instruments - assets— 13,311 13,311 
Total assets measured at fair value$378,762 $59,209 $437,971 
Liabilities
Accounts payable (1)
$— $54,716 $54,716 
Accrued and other liabilities (2)
— 9,917 9,917 
Derivative financial instruments - liabilities— 10,577 10,577 
Other liabilities (2)
— 659 659 
Total liabilities measured at fair value$— $75,869 $75,869 
Fair Value Measurements at December 31, 2022
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Total
Assets
Cash and cash equivalents$444,661$—$444,661
Restricted cash55,615—55,615
Inventories carried at market—61,88561,885
Derivative financial instruments - assets—16,42016,420
Other assets1101111
Total assets measured at fair value$500,386$78,306$578,692
Liabilities
Accounts payable (1)
$—$31,925$31,925
Accrued and other liabilities (2)
—1,9091,909
Derivative financial instruments - liabilities—44,68644,686
Other liabilities (2)
—6,6406,640
Total liabilities measured at fair value$—$85,160$85,160
(1)Accounts payable is generally stated at historical amounts with the exception of $54.7 million and $31.9 million at December 31, 2023 and 2022, respectively, related to certain delivered inventory for which the payable fluctuates based on changes in commodity prices. These payables are hybrid financial instruments for which the company has elected the fair value option.
(2)As of December 31, 2023 and 2022, respectively, accrued and other liabilities includes $9.9 million and $1.9 million and other liabilities includes $0.7 million and $6.6 million of consideration related to potential earn-out payments recorded at fair value.
v3.24.0.1
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Schedule Of Financial Data
The following tables set forth certain financial data for the company’s operating segments (in thousands):
Year Ended December 31,
202320222021
Revenues
Ethanol production
Revenues from external customers$2,815,873$3,070,192$2,153,368
Intersegment revenues———
Total segment revenues2,815,8733,070,1922,153,368
Agribusiness and energy services:
Revenues from external customers 475,757588,654669,526
Intersegment revenues25,14626,96121,958
Total segment revenues500,903615,615691,484
Partnership
Revenues from external customers4,1134,0034,274
Intersegment revenues76,97075,76474,178
Total segment revenues81,08379,76778,452
Revenues including intersegment activity3,397,8593,765,5742,923,304
Intersegment eliminations(102,116)(102,725)(96,136)
$3,295,743$3,662,849$2,827,168
Refer to Note 4 – Revenue, for further disaggregation of revenue by operating segment.
Year Ended December 31,
202320222021
Cost of goods sold
Ethanol production$2,751,292$3,068,366$2,063,283
Agribusiness and energy services454,776562,950657,375
Intersegment eliminations(102,230)(106,305)(95,549)
$3,103,838$3,525,011$2,625,109
Year Ended December 31,
202320222021
Gross margin  
Ethanol production$64,581 $1,826 $90,085 
Agribusiness and energy services46,127 52,665 34,109 
Partnership81,083 79,767 78,452 
Intersegment eliminations114 3,580 (587)
$191,905 $137,838 $202,059 
Year Ended December 31,
202320222021
Operating income (loss)
Ethanol production (1)
$(66,931)$(117,764)$(27,996)
Agribusiness and energy services28,10036,41517,458
Partnership46,85947,69948,672
Intersegment eliminations114 3,580 (587)
Corporate activities (2)
(69,720)(68,878)(12,039)
$(61,578)$(98,948)$25,508 
(1)Operating loss for ethanol production includes an inventory lower of average cost or net realizable value adjustment of $2.6 million and $12.3 million for the year-ended December 31, 2023 and 2022, respectively.
(2)Corporate activities for the year-ended December 31, 2023 and 2021 includes a $4.1 million and $29.6 million net gain on sale of assets, respectively.
Year Ended December 31,
202320222021
Depreciation and amortization
Ethanol production$89,537$81,545$82,969
Agribusiness and energy services2,3603,4662,535
Partnership3,1754,0933,737
Corporate activities3,1723,5942,711
$98,244$92,698$91,952
Year Ended December 31,
202320222021
Capital expenditures
Ethanol production$106,293$210,256$181,731
Agribusiness and energy services5121,6472,896
Partnership1,175641668
Corporate activities494751,976
$108,474$212,619$187,271
Schedule Of Total Assets For Operating Segments
The following table sets forth total assets by operating segment (in thousands):
Year Ended December 31,
20232022
Total assets (1)
Ethanol production$1,173,218$1,157,791
Agribusiness and energy services413,937489,083
Partnership102,776108,680
Corporate assets254,300386,437
Intersegment eliminations(4,909)(18,860)
$1,939,322$2,123,131
(1)Asset balances by segment exclude intercompany balances.
v3.24.0.1
Inventories (Tables)
 12 Months Ended
Dec. 31, 2023
Inventory Disclosure [Abstract]  
Schedule of Inventories
The components of inventories are as follows (in thousands):
December 31,
20232022
Finished goods$73,975$97,719
Commodities held for sale45,89861,885
Raw materials32,82055,983
Work-in-process14,45418,499
Supplies and parts48,66344,864
$215,810$278,950
v3.24.0.1
Property and Equipment (Tables)
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Schedule of Components of Property and Equipment
The components of property and equipment are as follows (in thousands):
December 31,
20232022
Plant equipment$1,175,566$1,089,890
Buildings and improvements218,269186,391
Land and improvements107,39990,944
Railroad track and equipment32,75233,136
Construction-in-progress115,243207,366
Computer hardware and software23,64521,312
Office furniture and equipment3,5803,512
Leasehold improvements and other31,55129,074
Total property and equipment1,708,0051,661,625
Less: accumulated depreciation and amortization(686,077)(632,298)
Property and equipment, net$1,021,928$1,029,327
v3.24.0.1
Goodwill And Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Components of the FQT Intangible Assets The components of the FQT intangible assets are as follows (in thousands):
December 31,
20232022
Customer relationships and backlog$17,628 $17,628 
Intellectual property9,700 9,700 
Trade name1,300 1,300 
Total28,628 28,628 
Accumulated amortization(13,483)(10,640)
Total FQT intangible assets, net$15,145 $17,988 
Weighted average remaining amortization period9.9 years11.0 years
v3.24.0.1
Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Values of Derivative Financial Instruments
The fair values of the company’s derivative financial instruments and the line items on the consolidated balance sheets where they are reported are as follows (in thousands):
Asset Derivatives'
Fair Value at December 31,
Liability Derivatives'
Fair Value at December 31,
2023202220232022
Derivative financial instruments - forwards$13,311
(1)
$16,420
(2)
$10,577

$44,686
(3)
Other assets—1——
Other liabilities——2—
Total$13,311$16,421$10,579$44,686
(1)At December 31, 2023, derivative financial instruments, as reflected on the balance sheet, includes net unrealized gains on exchange-traded futures and options contracts of $6.5 million, which include $0.7 million of net unrealized gains on derivative financial instruments designated as cash flow hedging instruments, $0.7 million of unrealized gains on derivative financial instruments designated as fair value hedging instruments, and the balance representing economic hedges.
(2)At December 31, 2022, derivative financial instruments, as reflected on the balance sheet, includes net unrealized gains on exchange-traded futures and options contracts of $3.4 million, which include $9.0 million of unrealized gains on derivative financial instruments designated as fair value hedging instruments, partially offset by $2.0 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments, and the balance representing economic hedges.
(3)At December 31, 2022, derivative financial instruments, as reflected on the balance sheet, includes net unrealized losses on exchange-traded futures and options contracts of $3.3 million, which include $0.6 million of net unrealized losses on derivative financial instruments designated as fair value hedging instruments and the balance representing economic hedges.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The gains or losses recognized in income and other comprehensive income related to the company’s derivative financial instruments and the line items on the consolidated financial statements where they are reported are as follows (in thousands):
Location of Gain (Loss) Reclassified from
Accumulated Other Comprehensive Income into Income		Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
Year Ended December 31,
202320222021
Revenues$2,482 $3,347 $(60,261)
Cost of goods sold(25,003)(5,753)41,629 
Net loss recognized in loss before income taxes$(22,521)$(2,406)$(18,632)
Gain (Loss) Recognized in
Other Comprehensive Income on Derivatives		Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives
Year Ended December 31,
202320222021
Commodity Contracts$8,369 $(21,201)$(32,036)
A portion of the company's derivative instruments are considered economic hedges and as such are not designated as hedging instruments. The company uses exchange-traded futures and options contracts to manage its net position of product inventories and forward cash purchase and sales contracts to reduce price risk caused by market fluctuations. Derivatives, including exchange traded contracts and forward commodity purchase or sale contracts, and inventories of certain agricultural products, which include amounts acquired under deferred pricing contracts, are stated at fair value. Fair value estimates are based on exchange-quoted prices, adjusted as appropriate for regional location basis value, which represent differences in local markets including transportation as well as quality or grade differences.
Derivatives Not Designated
as Hedging Instruments		Location of Gain (Loss)
Recognized in
Income on Derivatives		Amount of Gain (Loss) Recognized in Income on Derivatives
Year Ended December 31,
202320222021
Exchange-traded futures and optionsRevenues$(2,552)$2,470 $(201,249)
ForwardsRevenues4,842 (7,404)7,106 
Exchange-traded futures and optionsCost of goods sold45,065 (59,697)12,879 
ForwardsCost of goods sold(4,265)(6,381)(6,381)
Net gain (loss) recognized in loss before income taxes$43,090 $(71,012)$(187,645)
The following amounts were recorded on the consolidated balance sheets related to cumulative basis adjustments for the fair value hedged items (in thousands):
December 31, 2023December 31, 2022
Line Item in the Consolidated Balance Sheet in Which the Hedged Item is IncludedCarrying Amount of the Hedged AssetsCumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged LiabilitiesCarrying Amount of the Hedged AssetsCumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liabilities
Inventories$45,898 $(1,104)$61,885 $(13,776)
Effect of Cash Flow and Fair Value Hedge Accounting on the Statements of Operations
Location and Amount of Gain (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships for the Year Ended December 31, 2023
RevenueCost of
Goods Sold
Gain (loss) on cash flow hedging relationships
Commodity contracts
Amount of gain (loss) on exchange-traded futures reclassified from accumulated other comprehensive income into income$2,482$(25,003)
Gain (loss) on fair value hedging relationships:
Commodity contracts
Fair value hedged inventories—(11,657)
Exchange-traded futures designated as hedging instruments—14,417
Total amounts of income and expense line items presented in the consolidated statement of operations in which the effects of cash flow or fair value hedges are recorded$2,482$(22,243)
Location and Amount of Gain (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships for the Year Ended December 31, 2022
RevenueCost of
Goods Sold
Gain (loss) on cash flow hedging relationships
Commodity contracts
Amount of gain (loss) on exchange traded futures reclassified from accumulated other comprehensive income into income$3,347$(5,753)
Gain (loss) on fair value hedging relationships
Commodity contracts
Fair value hedged inventories—735
Exchange-traded futures designated as hedging instruments—5,677 
Total amounts of income and expense line items presented in the consolidated statement of operations in which the effects of cash flow or fair value hedges are recorded$3,347$659
Location and Amount of Gain (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships for the Year Ended December 31, 2021
RevenueCost of
Goods Sold
Gain (loss) on cash flow hedging relationships
Commodity contracts
Amount of gain (loss) on exchange-traded futures reclassified from accumulated other comprehensive income into income$(60,261)$41,629
Gain (loss) on fair value hedging relationships
Commodity contracts
Fair value hedged inventories—20,567 
Exchange-traded futures designated as hedging instruments—(14,695)
Total amounts of income and expense line items presented in the consolidated statement of operations in which the effects of cash flow or fair value hedges are recorded$(60,261)$47,501
Schedule of Open Position Derivative Financial Instruments
The notional volume of open commodity derivative positions as of December 31, 2023 are as follows (in thousands):
Exchange-Traded (1)
Non-Exchange-Traded (2)
Derivative InstrumentsNet Long & (Short)Long(Short)Unit of MeasureCommodity
Futures(7,760)BushelsCorn
Futures13,350 
(3)
BushelsCorn
Futures(5,475)
(4)
BushelsCorn
Futures(26,838)GallonsEthanol
Futures(38,304)
(3)
GallonsEthanol
Futures(1,145)MmBTUNatural Gas
Futures4,690
(3)
MmBTUNatural Gas
Futures(5,465)
(4)
MmBTUNatural Gas
Options(4,365)PoundsSoybean Oil
Forwards22,847— BushelsCorn
Forwards48(217,246)GallonsEthanol
Forwards99(335)TonsDistillers Grains
Forwards—(42,301)PoundsRenewable Corn Oil
Forwards10,571(39)MmBTUNatural Gas
(1)Notional volume of exchange-traded futures and options are presented on a net long and (short) position basis. Options are presented on a delta-adjusted basis.
(2)Notional volume of non-exchange-traded forward physical contracts are presented on a gross long and (short) position basis, including both fixed-price and basis contracts, for which only the basis portion of the contract price is fixed.
(3)Notional volume of exchange-traded futures used for cash flow hedges.
(4)Notional volume of exchange-traded futures used for fair value hedges.
v3.24.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2023
Long-Term Debt, Current and Noncurrent [Abstract]  
Schedule of the Components of Long-Term Debt
The components of long-term debt are as follows (in thousands):
December 31,
20232022
Corporate
2.25% convertible notes due 2027 (1)
$230,000$230,000
Green Plains SPE LLC
$125.0 million junior secured mezzanine notes due 2026 (2)
125,000125,000
Green Plains Wood River and Green Plains Shenandoah
$75.0 million loan agreement (3)
73,12574,625
Green Plains Partners
$60.0 million term loan (4)
55,96958,969
Other14,66915,097
Total book value of long-term debt498,763503,691
Unamortized debt issuance costs(5,013)(6,610)
Less: current maturities of long-term debt(1,832)(1,838)
Total long-term debt$491,918$495,243
(1)The 2.25% notes had $4.0 million and $5.2 million of unamortized debt issuance costs as of December 31, 2023 and 2022, respectively.
(2)The junior notes had $0.4 million and $0.7 million of unamortized debt issuance costs as of December 31, 2023 and 2022, respectively.
(3)The loan had $0.3 million of unamortized debt issuance costs as of both December 31, 2023 and 2022.
(4)The term loan had $0.3 million and $0.4 million of unamortized debt issuance costs as of December 31, 2023 and 2022, respectively.
Schedule of Maturities of Long-Term Debt
Scheduled long-term debt repayments excluding the effects of debt issuance costs, are as follows (in thousands):
Year Ending December 31,
Amount
2024$1,922
20251,918
2026182,886
2027231,910
20281,830
Thereafter78,297
Total$498,763
Schedule of Short-term Notes Payable and Other Borrowings
The components of short-term notes payable and other borrowings are as follows (in thousands):
December 31,
20232022
Green Plains Finance Company, Green Plains Grain and Green Plains Trade
$350.0 million revolver
$99,000$115,000
Green Plains Commodity Management
$40.0 million hedge line
6,97322,678
$105,973$137,678
v3.24.0.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Non-Vested Stock Award and DSU Activity
The restricted non-vested stock awards and deferred stock units activity for the year ended December 31, 2023, is as follows:
Non-Vested
Shares and
Deferred
Stock Units		Weighted-
Average Grant-
Date Fair Value		Weighted-Average
Remaining
Vesting Term
(in years)
Non-Vested at December 31, 2022
813,033$19.98
Granted299,46933.72
Forfeited(42,393)29.44
Vested(462,215)13.79
Non-Vested at December 31, 2023
607,894$30.791.3
Schedule of Non-Vested Performance Share Award Activity
The non-vested performance share award activity for the year ended December 31, 2023, is as follows:
Performance
Shares		Weighted-
Average Grant-
Date Fair Value		Weighted-Average
Remaining
Vesting Term
(in years)
Non-Vested at December 31, 2022
482,811$18.22
Granted200,29427.74
Forfeited(13,069)27.50
Vested(265,296)6.21
Non-Vested at December 31, 2023
404,740$30.511.3
The non-vested unit-based awards activity for the year ended December 31, 2023, are as follows:
Non-Vested UnitsWeighted-
Average
Grant-Date
Fair Value		Weighted-Average
Remaining
Vesting Term
(in years)
Non-Vested at December 31, 2022
19,707$12.18
Granted18,54912.94
Vested(19,707)12.18
Non-Vested at December 31, 2023 (1)
18,549$12.940.5
(1)Pursuant to the Merger Agreement, each of these unvested awards became fully vested at the effective time of the Merger on January 9, 2024.
v3.24.0.1
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Schedule Of Basic And Diluted Earnings Per Share
The basic and diluted EPS are calculated as follows (in thousands):
Year Ended December 31,
202320222021
EPS - basic and diluted
Net loss attributable to Green Plains$(93,384)$(127,218)$(65,992)
Weighted average shares outstanding - basic and diluted58,814 55,541 46,652 
EPS - basic and diluted$(1.59)$(2.29)$(1.41)
Anti-dilutive weighted-average convertible debt, warrants and stock-based compensation (1)
8,419 8,556 12,952 
(1)The effect related to the company's convertible debt, warrants and certain stock-based compensation award has been excluded from diluted EPS for the periods presented as the inclusion of these shares would have been antidilutive.
v3.24.0.1
Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2023
Stockholders' Equity Note [Abstract]  
Schedule of Reclassification From Accumulated Other Comprehensive Income (Loss) Amounts reclassified from accumulated other comprehensive income (loss) are as follows (in thousands):
Year Ended December 31,
Statements of Operations
Classification
202320222021
Gains (losses) on cash flow hedges
Commodity derivatives$2,482 $3,347$(60,261)(1)
Commodity derivatives(25,003)(5,753)41,629(2)
Total losses on cash flow hedges(22,521)(2,406)(18,632)(3)
Income tax benefit(5,438)(578)(4,540)(4)
Amounts reclassified from accumulated other comprehensive loss$(17,083)$(1,828)$(14,092) 
(1)Revenues
(2)Cost of goods sold
(3)Loss before income taxes and income from equity method investees
(4)Income tax benefit (expense)
v3.24.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Expense
Income tax expense (benefit) consists of the following (in thousands):
Year Ended December 31,
202320222021
Current$1,238$232 $612 
Deferred(6,855)4,515 1,233 
Total income tax expense (benefit)$(5,617)$4,747 $1,845 
Schedule of Differences Between the Income Tax Expense (Benefit) Computed at the Statutory Federal income Tax Rate and as Presented on the Consolidated Statements of Operations
Differences between income tax expense (benefit) at the statutory federal income tax rate and as presented on the consolidated statements of operations are summarized as follows (in thousands):
Year Ended December 31,
202320222021
Tax expense at federal statutory rate$(17,293)$(21,222)$(8,883)
State income tax expense (benefit), net of federal benefit(662)746 516 
Nondeductible compensation2,7871,2211,037
Noncontrolling interests(3,660)(5,245)(4,587)
Unrecognized tax benefits— — (170)
Increase in valuation allowance15,89227,77815,301
Stock compensation(4,440)1,105(1,954)
Other1,759364585
Income tax expense (benefit)$(5,617)$4,747 $1,845 
Schedule of Significant Components of Deferred Tax Assets and Liabilities
Significant components of deferred tax assets and liabilities are as follows (in thousands):
December 31,
20232022
Deferred tax assets
Net operating loss carryforwards - Federal$7,824$12,098
Net operating loss carryforwards - State12,90913,862
Tax credit carryforwards - Federal63,05063,857
Tax credit carryforwards - State5,2255,906
Derivative financial instruments—7,160
Section 174 capitalized expenses63,26742,115
Interest expense carryforward16,99615,300
Investment in partnerships49,73545,445
Inventory valuation2,0793,491
Stock-based compensation2,371—
Accrued expenses5,2004,770
Lease obligations9,5148,820
Organizational and start-up costs335473
Other824810
Total239,329224,107
Valuation allowance(117,258)(101,118)
Total deferred tax assets122,071122,989
Deferred tax liabilities
Fixed assets(114,690)(116,781)
Derivative financial instruments(1,238)— 
Right-of-use assets(6,746)(6,035)
Stock-based compensation— (173)
Total deferred tax liabilities(122,674)(122,989)
Deferred income taxes$(603)$—
v3.24.0.1
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Components of Lease Expense
The components of lease expense are as follows (in thousands):
Year Ended December 31,
202320222021
Lease expense
Operating lease expense$27,773$22,116$19,587
Variable lease expense (benefit) (1)
(97)1,3941,225
Total lease expense$27,676$23,510$20,812
(1)Represents amounts incurred in excess of the minimum payments required for a certain building lease and for the handling and unloading of railcars for a certain land lease, offset by railcar lease abatements provided by the lessor when railcars are out of service during periods of maintenance or upgrade.
Schedule of Supplemental Cash Flow Information Related to Operating Leases
Supplemental cash flow information related to operating leases is as follows (in thousands):
Year Ended December 31,
202320222021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$27,275$21,459$19,579
Right-of-use assets obtained in exchange for lease obligations
Operating leases28,47128,56520,291
Right-of-use assets and lease obligations derecognized due to lease modifications
Operating leases3,428—1,889
Schedule of Supplemental Balance Sheet Information Related to Operating Leases
Supplemental balance sheet information related to operating leases is as follows:
2023 2022
Weighted average remaining lease term4.5 years 4.9 years
Weighted average discount rate5.16% 4.32%
Schedule of Aggregate Minimum Lease Payments
Aggregate minimum lease payments under the operating lease agreements for future fiscal years as of December 31, 2023 are as follows (in thousands):
Year Ending December 31,
Amount
2024$26,033
202521,464
202615,009
202711,429
20284,358
Thereafter8,597
Total86,890
Less: Present value discount(10,103)
Lease liabilities$76,787
v3.24.0.1
Basis of Presentation and Description of Business - Narrative (Details)
$ in Thousands, lb in Millions, gal in Millions, bu in Millions, T in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
railcar
segment
operationalEthanolProductionPlant
ethanolPlant
ethanolStorageFacility
fuelTerminalFacility
state
lb
T
gal
bu
Dec. 31, 2022
USD ($)
Variable Interest Entity [Line Items]    
Total assets $ 1,939,322 $ 2,123,131
Total liabilities $ 949,266 1,062,065
Number of operating segments | segment 3  
Number of ethanol plants | operationalEthanolProductionPlant 10  
Number of ethanol storage facilities | ethanolStorageFacility 24  
Number of fuel terminal facilities | fuelTerminalFacility 2  
Number of leased railcars | railcar 2,180  
Ethanol Production    
Variable Interest Entity [Line Items]    
Number of ethanol plants | ethanolPlant 10  
Number of states in which entity operates | state 6  
Annual corn consumption capacity bushels | bu 310.0  
Expected annual ethanol production | gal 903  
Annual distillers grains production capacity, tons | T 2.2  
Annual corn oil production pounds | lb 300  
Agribusiness & Energy Services    
Variable Interest Entity [Line Items]    
Ethanol plant storage capacity | bu 20.2  
Partnership    
Variable Interest Entity [Line Items]    
Number of ethanol plants | operationalEthanolProductionPlant 10  
Number of ethanol storage facilities | ethanolStorageFacility 24  
Number of fuel terminal facilities | fuelTerminalFacility 2  
Number of leased railcars | railcar 2,180  
Green Plains Partners L.P.    
Variable Interest Entity [Line Items]    
Total assets $ 102,800 108,700
Total liabilities $ 118,500 $ 119,500
IPO | Limited Partner    
Variable Interest Entity [Line Items]    
Ownership interest, percentage 48.80%  
IPO | Limited Partner | Parent Company    
Variable Interest Entity [Line Items]    
Ownership interest, public, percentage 49.20%  
IPO | General Partner | Parent Company    
Variable Interest Entity [Line Items]    
Ownership interest, percentage 2.00%  
v3.24.0.1
Summary of Significant Accounting Policies - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]        
Stockholders' equity $ 990,056 $ 1,061,066 $ 1,102,019 $ 738,586
Long-term debt 491,918 495,243    
Equity method investments 41,700 17,300    
Interest costs related to equity method investments $ 1,400      
GP Turnkey Tharaldson LLC        
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]        
Equity method investment percentage 50.00%      
Additional Paid-in Capital        
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]        
Stockholders' equity $ 1,113,806 1,110,151 1,069,573 691,393
Retained Earnings (Deficit)        
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]        
Stockholders' equity (235,801) (142,417) $ (15,199) $ 50,793
Fair Value, Concentration of Credit Risk, Master Netting Arrangements        
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]        
Fair value, concentration of risk, accounts receivable 12,700 12,700    
Fair value, concentration of risk, accounts payable $ 1,200 $ 1,200    
v3.24.0.1
Summary of Significant Accounting Policies - Schedule Of Estimated Useful Lives Of Assets (Details)
Dec. 31, 2023
Buildings and improvements | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 10 years
Buildings and improvements | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 40 years
Plant equipment | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 15 years
Plant equipment | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 40 years
Other machinery and equipment | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 5 years
Other machinery and equipment | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 7 years
Land improvements | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 15 years
Land improvements | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 40 years
Railroad track and equipment | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 20 years
Railroad track and equipment | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 30 years
Computer hardware and software | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 3 years
Computer hardware and software | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 5 years
Office furniture and equipment | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 5 years
Office furniture and equipment | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 7 years
v3.24.0.1
Green Plains Partners LP - Narrative (Details)
gal in Billions
 12 Months Ended
Dec. 31, 2023
ethanolStorageFacility
fuelTerminalFacility
operationalEthanolProductionPlant
railcar
shares
gal
Subsidiary, Sale of Stock [Line Items]  
Number of ethanol storage facilities | ethanolStorageFacility 24
Number of ethanol plants | operationalEthanolProductionPlant 10
Number of fuel terminal facilities | fuelTerminalFacility 2
Number of leased railcars | railcar 2,180
Parent Company  
Subsidiary, Sale of Stock [Line Items]  
Number of gallons of ethanol produced per year | gal 903
IPO | Limited Partner  
Subsidiary, Sale of Stock [Line Items]  
Ownership interest, percentage 48.80%
IPO | Parent Company | Limited Partner  
Subsidiary, Sale of Stock [Line Items]  
Ownership interest, public, percentage 49.20%
IPO | Parent Company | Limited Partner | Common Stock  
Subsidiary, Sale of Stock [Line Items]  
Number of units issued as part of the transaction | shares 11,586,548
IPO | Parent Company | General Partner  
Subsidiary, Sale of Stock [Line Items]  
Ownership interest, percentage 2.00%
v3.24.0.1
Revenue - Disaggregation Of Revenue By Major Source (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers $ 136,289 $ 78,556 $ 86,177
Total revenues from contracts accounted for as derivatives 3,159,454 3,584,293 2,740,908
Leasing revenues under ASC 842 0 0 83
Total Revenues 3,295,743 3,662,849 2,827,168
Ethanol      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 0 0 0
Total revenues from contracts accounted for as derivatives 2,506,060 2,768,278 2,088,016
Distillers grains      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 85,474 28,634 19,535
Total revenues from contracts accounted for as derivatives 412,175 539,371 395,993
Renewable corn oil      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 0 0 0
Total revenues from contracts accounted for as derivatives 187,472 199,068 145,777
Other      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 50,815 49,922 66,642
Total revenues from contracts accounted for as derivatives 53,747 77,576 111,122
Operating Segments      
Disaggregation of Revenue [Line Items]      
Total Revenues 3,397,859 3,765,574 2,923,304
Operating Segments | Ethanol      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers   0  
Operating Segments | Renewable corn oil      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers   0  
Eliminations      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers (5,937) (8,179) (8,028)
Total revenues from contracts accounted for as derivatives (24,907) (26,732) (21,958)
Leasing revenues under ASC 842 (71,272) (67,814) (66,150)
Total Revenues (102,116) (102,725) (96,136)
Eliminations | Ethanol      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 0 0 0
Total revenues from contracts accounted for as derivatives 0 0 0
Eliminations | Distillers grains      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 0 0 0
Total revenues from contracts accounted for as derivatives 0 0 0
Eliminations | Renewable corn oil      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 0 0 0
Total revenues from contracts accounted for as derivatives 0 0 0
Eliminations | Other      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 0 0 0
Total revenues from contracts accounted for as derivatives 0 0 0
Eliminations | Intersegment revenues      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers (5,937) (8,179) (8,028)
Total revenues from contracts accounted for as derivatives (24,907) (26,732) (21,958)
Ethanol Production      
Disaggregation of Revenue [Line Items]      
Total Revenues 2,815,873 3,070,192 2,153,368
Ethanol Production | Operating Segments      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 116,583 66,766 67,896
Total revenues from contracts accounted for as derivatives 2,699,290 3,003,426 2,085,472
Leasing revenues under ASC 842 0 0 0
Total Revenues 2,815,873 3,070,192 2,153,368
Ethanol Production | Operating Segments | Ethanol      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 0 0 0
Total revenues from contracts accounted for as derivatives 2,117,296 2,286,886 1,589,649
Ethanol Production | Operating Segments | Distillers grains      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 85,474 28,634 19,535
Total revenues from contracts accounted for as derivatives 377,357 493,605 355,230
Ethanol Production | Operating Segments | Renewable corn oil      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 0 0 0
Total revenues from contracts accounted for as derivatives 179,424 195,114 113,249
Ethanol Production | Operating Segments | Other      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 31,109 38,132 48,361
Total revenues from contracts accounted for as derivatives 25,213 27,821 27,344
Ethanol Production | Operating Segments | Intersegment revenues      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 0 0 0
Total revenues from contracts accounted for as derivatives 0 0 0
Ethanol Production | Eliminations      
Disaggregation of Revenue [Line Items]      
Total Revenues 0 0 0
Agribusiness & Energy Services      
Disaggregation of Revenue [Line Items]      
Total Revenues 475,757 588,654 669,526
Agribusiness & Energy Services | Operating Segments      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 15,832 8,016 14,090
Total revenues from contracts accounted for as derivatives 485,071 607,599 677,394
Leasing revenues under ASC 842 0 0 0
Total Revenues 500,903 615,615 691,484
Agribusiness & Energy Services | Operating Segments | Ethanol      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 0 0 0
Total revenues from contracts accounted for as derivatives 388,764 481,392 498,367
Agribusiness & Energy Services | Operating Segments | Distillers grains      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 0 0 0
Total revenues from contracts accounted for as derivatives 34,818 45,766 40,763
Agribusiness & Energy Services | Operating Segments | Renewable corn oil      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 0 0 0
Total revenues from contracts accounted for as derivatives 8,048 3,954 32,528
Agribusiness & Energy Services | Operating Segments | Other      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 15,593 7,787 14,090
Total revenues from contracts accounted for as derivatives 28,534 49,755 83,778
Agribusiness & Energy Services | Operating Segments | Intersegment revenues      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 239 229 0
Total revenues from contracts accounted for as derivatives 24,907 26,732 21,958
Agribusiness & Energy Services | Eliminations      
Disaggregation of Revenue [Line Items]      
Total Revenues 25,146 26,961 21,958
Partnership      
Disaggregation of Revenue [Line Items]      
Total Revenues 4,113 4,003 4,274
Partnership | Operating Segments      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 9,811 11,953 12,219
Total revenues from contracts accounted for as derivatives 0 0 0
Leasing revenues under ASC 842 71,272 67,814 66,233
Total Revenues 81,083 79,767 78,452
Partnership | Operating Segments | Ethanol      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 0   0
Total revenues from contracts accounted for as derivatives 0 0 0
Partnership | Operating Segments | Distillers grains      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 0 0 0
Total revenues from contracts accounted for as derivatives 0 0 0
Partnership | Operating Segments | Renewable corn oil      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 0   0
Total revenues from contracts accounted for as derivatives 0 0 0
Partnership | Operating Segments | Other      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 4,113 4,003 4,191
Total revenues from contracts accounted for as derivatives 0 0 0
Partnership | Operating Segments | Intersegment revenues      
Disaggregation of Revenue [Line Items]      
Total revenues from contracts with customers 5,698 7,950 8,028
Total revenues from contracts accounted for as derivatives 0 0 0
Partnership | Eliminations      
Disaggregation of Revenue [Line Items]      
Total Revenues $ 76,970 $ 75,764 $ 74,178
v3.24.0.1
Revenue - Narrative (Details)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Minimum      
Disaggregation of Revenue [Line Items]      
Revenue, performance obligation, payment terms 10 days    
Maximum      
Disaggregation of Revenue [Line Items]      
Revenue, performance obligation, payment terms 30 days    
Revenue Benchmark | Customer A | Customer Concentration Risk      
Disaggregation of Revenue [Line Items]      
Concentration risk, percentage 15.00% 13.00% 0.00%
v3.24.0.1
Acquisitions and Dispositions - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands, shares in Millions
 12 Months Ended
Jan. 09, 2024
Jan. 08, 2024
Sep. 07, 2023
Mar. 22, 2021
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Aug. 09, 2021
Mar. 01, 2021
Business Acquisition [Line Items]                  
Common stock, par value (in dollars per share)         $ 0.001 $ 0.001      
Other long term other assets         $ 110,671 $ 91,810      
Gain (loss) on disposal of assets         5,265 0 $ 29,601    
Accrued liabilities         57,029 44,443      
Long-term debt         491,918 495,243      
Noncontrolling interests         146,323 151,035      
Selling, general and administrative expenses         133,350 118,930 $ 91,139    
Common Stock                  
Business Acquisition [Line Items]                  
Common stock, par value (in dollars per share)               $ 0.001 $ 0.001
Ord Ethanol Plant                  
Business Acquisition [Line Items]                  
Assets to be disposed of in the sale     $ 22,900 $ 64,000          
Working capital     1,100 9,800          
Gain (loss) on disposal of assets     4,100 35,900 4,100 $ 29,600      
Ord Ethanol Plant | Partnership                  
Business Acquisition [Line Items]                  
Assets to be disposed of in the sale     $ 2,100 $ 27,500          
Green Plains Partners Merger                  
Business Acquisition [Line Items]                  
Acquisition related costs         5,100        
Estimated fees         5,500        
Other long term other assets         2,000        
Selling, general and administrative expenses         $ 3,100        
Green Plains Partners Merger | Subsequent Event                  
Business Acquisition [Line Items]                  
Shares issued 4.7                
Cash consideration per partnership common unit $ 2.50                
Consideration transferred $ 143,100                
Consideration paid for business acquisition 29,200                
Common stock exchanged $ 113,900                
Green Plains Partners Merger | Green Plains Partners LP | Subsequent Event                  
Business Acquisition [Line Items]                  
Limited partner interest   48.80%              
General partnership interest   2.00%              
Green Plains Partners Merger | Common Stock | Subsequent Event                  
Business Acquisition [Line Items]                  
Exchange ratio for common stock $ 0.405                
Common stock, par value (in dollars per share) $ 0.001                
Green Plains Partners Merger | Public Unitholders | Green Plains Partners LP | Subsequent Event                  
Business Acquisition [Line Items]                  
Limited partner interest   49.20%              
v3.24.0.1
Acquisitions and Dispositions - Amounts Of Identifiable Assets Disposed And Liabilities Relinquished (Details) - USD ($)
$ in Thousands
Sep. 07, 2023
Dec. 28, 2020
Ord Ethanol Plant    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Inventories $ 3,164  
Prepaid expenses and other 423  
Property, plant and equipment 15,199  
Operating lease right-of-use assets 3,428  
Accrued and other liabilities (162)  
Operating lease current liabilities (1,332)  
Operating lease long-term liabilities (2,096)  
Other liabilities (189)  
Total identifiable net assets disposed $ 18,435  
Hereford Ethanol Plant | Disposal Group, Not Discontinued Operations    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Inventories   $ 10,400
Prepaid expenses and other   632
Property, plant and equipment   24,285
Operating lease right-of-use assets   1,811
Accrued and other liabilities   (156)
Operating lease current liabilities   (1,021)
Operating lease long-term liabilities   (790)
Total identifiable net assets disposed   $ 35,161
v3.24.0.1
Fair Value Disclosures - Schedule Of Assets And Liabilities Fair Value (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Assets    
Derivative financial instruments $ 19,772 $ 19,791
Liabilities    
Accounts payable 54,700 31,900
Derivative financial instruments 10,577 47,941
Fair Value, Recurring    
Assets    
Cash and cash equivalents 349,574 444,661
Restricted cash 29,188 55,615
Inventories carried at market 45,898 61,885
Derivative financial instruments 13,311 16,420
Other assets   111
Total assets measured at fair value 437,971 578,692
Liabilities    
Accounts payable 54,716 31,925
Accured and other liabilities 9,917 1,909
Derivative financial instruments 10,577 44,686
Other liabilities 659 6,640
Total liabilities measured at fair value 75,869 85,160
Potential Earn-Out Payments    
Liabilities    
Accured and other liabilities 9,900 1,900
Other liabilities 700 6,600
Quoted Prices in ‎Active Markets for ‎Identical Assets (Level 1) | Fair Value, Recurring    
Assets    
Cash and cash equivalents 349,574 444,661
Restricted cash 29,188 55,615
Inventories carried at market 0 0
Derivative financial instruments 0 0
Other assets   110
Total assets measured at fair value 378,762 500,386
Liabilities    
Accounts payable 0 0
Accured and other liabilities 0 0
Derivative financial instruments 0 0
Other liabilities 0 0
Total liabilities measured at fair value 0 0
Significant Other ‎Observable Inputs (Level 2) | Fair Value, Recurring    
Assets    
Cash and cash equivalents 0 0
Restricted cash 0 0
Inventories carried at market 45,898 61,885
Derivative financial instruments 13,311 16,420
Other assets   1
Total assets measured at fair value 59,209 78,306
Liabilities    
Accounts payable 54,716 31,925
Accured and other liabilities 9,917 1,909
Derivative financial instruments 10,577 44,686
Other liabilities 659 6,640
Total liabilities measured at fair value $ 75,869 $ 85,160
v3.24.0.1
Fair Value Disclosures - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Fair Value Disclosures [Abstract]    
Fair value of debt $ 585.0 $ 654.5
Book value of debt 599.7 634.8
Fair value of accounts receivable $ 94.4 $ 108.6
v3.24.0.1
Segment Information - Narrative (Details)
 12 Months Ended
Dec. 31, 2023
segment
Segment Reporting [Abstract]  
Number of operating segments 3
v3.24.0.1
Segment Information - Summary Of Financial Data (Details) - USD ($)
 12 Months Ended
Sep. 07, 2023
Mar. 22, 2021
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Segment Reporting Information [Line Items]          
Revenues     $ 3,295,743,000 $ 3,662,849,000 $ 2,827,168,000
Cost of goods sold     3,103,838,000 3,525,011,000 2,625,109,000
Gross Profit     191,905,000 137,838,000 202,059,000
Operating income (loss)     (61,578,000) (98,948,000) 25,508,000
Lower of cost or market adjustment     2,600,000 12,300,000  
Gain (loss) on disposal of assets     5,265,000 0 29,601,000
Depreciation and amortization     98,244,000 92,698,000 91,952,000
Capital expenditures     108,474,000 212,619,000 187,271,000
Ord Ethanol Plant          
Segment Reporting Information [Line Items]          
Gain (loss) on disposal of assets $ 4,100,000 $ 35,900,000 4,100,000 29,600,000  
Operating Segments          
Segment Reporting Information [Line Items]          
Revenues     3,397,859,000 3,765,574,000 2,923,304,000
Eliminations          
Segment Reporting Information [Line Items]          
Revenues     (102,116,000) (102,725,000) (96,136,000)
Cost of goods sold     (102,230,000) (106,305,000) (95,549,000)
Gross Profit     (114,000) (3,580,000) 587,000
Operating income (loss)     114,000 3,580,000 (587,000)
Corporate, Non-Segment          
Segment Reporting Information [Line Items]          
Operating income (loss)     (69,720,000) (68,878,000) (12,039,000)
Depreciation and amortization     3,172,000 3,594,000 2,711,000
Capital expenditures     494,000 75,000 1,976,000
Ethanol Production          
Segment Reporting Information [Line Items]          
Revenues     2,815,873,000 3,070,192,000 2,153,368,000
Ethanol Production | Operating Segments          
Segment Reporting Information [Line Items]          
Revenues     2,815,873,000 3,070,192,000 2,153,368,000
Cost of goods sold     2,751,292,000 3,068,366,000 2,063,283,000
Gross Profit     64,581,000 1,826,000 90,085,000
Operating income (loss)     (66,931,000) (117,764,000) (27,996,000)
Depreciation and amortization     89,537,000 81,545,000 82,969,000
Capital expenditures     106,293,000 210,256,000 181,731,000
Ethanol Production | Eliminations          
Segment Reporting Information [Line Items]          
Revenues     0 0 0
Agribusiness & Energy Services          
Segment Reporting Information [Line Items]          
Revenues     475,757,000 588,654,000 669,526,000
Agribusiness & Energy Services | Operating Segments          
Segment Reporting Information [Line Items]          
Revenues     500,903,000 615,615,000 691,484,000
Cost of goods sold     454,776,000 562,950,000 657,375,000
Gross Profit     46,127,000 52,665,000 34,109,000
Operating income (loss)     28,100,000 36,415,000 17,458,000
Depreciation and amortization     2,360,000 3,466,000 2,535,000
Capital expenditures     512,000 1,647,000 2,896,000
Agribusiness & Energy Services | Eliminations          
Segment Reporting Information [Line Items]          
Revenues     25,146,000 26,961,000 21,958,000
Partnership          
Segment Reporting Information [Line Items]          
Revenues     4,113,000 4,003,000 4,274,000
Partnership | Operating Segments          
Segment Reporting Information [Line Items]          
Revenues     81,083,000 79,767,000 78,452,000
Gross Profit     81,083,000 79,767,000 78,452,000
Operating income (loss)     46,859,000 47,699,000 48,672,000
Depreciation and amortization     3,175,000 4,093,000 3,737,000
Capital expenditures     1,175,000 641,000 668,000
Partnership | Eliminations          
Segment Reporting Information [Line Items]          
Revenues     $ 76,970,000 $ 75,764,000 $ 74,178,000
v3.24.0.1
Segment Information - Summary Of Total Assets For Operating Segments (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]    
Total assets $ 1,939,322 $ 2,123,131
Operating Segments | Ethanol Production    
Segment Reporting Information [Line Items]    
Total assets 1,173,218 1,157,791
Operating Segments | Agribusiness & Energy Services    
Segment Reporting Information [Line Items]    
Total assets 413,937 489,083
Operating Segments | Partnership    
Segment Reporting Information [Line Items]    
Total assets 102,776 108,680
Corporate, Non-Segment    
Segment Reporting Information [Line Items]    
Total assets 254,300 386,437
Eliminations    
Segment Reporting Information [Line Items]    
Total assets $ (4,909) $ (18,860)
v3.24.0.1
Inventories - Narrative (Details) - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Inventory Disclosure [Abstract]    
Lower of cost or market adjustment $ 2,600,000 $ 12,300,000
v3.24.0.1
Inventories - Schedule Of Inventories (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Inventory Disclosure [Abstract]    
Finished goods $ 73,975 $ 97,719
Commodities held for sale 45,898 61,885
Raw materials 32,820 55,983
Work-in-process 14,454 18,499
Supplies and parts 48,663 44,864
Inventories $ 215,810 $ 278,950
v3.24.0.1
Property and Equipment - Schedule Of Components Of Property And Equipment (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]    
Total property and equipment $ 1,708,005 $ 1,661,625
Less: accumulated depreciation and amortization (686,077) (632,298)
Property and equipment, net 1,021,928 1,029,327
Plant equipment    
Property, Plant and Equipment [Line Items]    
Total property and equipment 1,175,566 1,089,890
Buildings and improvements    
Property, Plant and Equipment [Line Items]    
Total property and equipment 218,269 186,391
Land and improvements    
Property, Plant and Equipment [Line Items]    
Total property and equipment 107,399 90,944
Railroad track and equipment    
Property, Plant and Equipment [Line Items]    
Total property and equipment 32,752 33,136
Construction-in-progress    
Property, Plant and Equipment [Line Items]    
Total property and equipment 115,243 207,366
Computer hardware and software    
Property, Plant and Equipment [Line Items]    
Total property and equipment 23,645 21,312
Office furniture and equipment    
Property, Plant and Equipment [Line Items]    
Total property and equipment 3,580 3,512
Leasehold improvements and other    
Property, Plant and Equipment [Line Items]    
Total property and equipment $ 31,551 $ 29,074
v3.24.0.1
Property and Equipment - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Property, Plant and Equipment [Abstract]      
Capitalized interest $ 3.6 $ 11.3 $ 7.3
v3.24.0.1
Goodwill and Intangible Assets - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
reportingUnit
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Number of reporting units | reportingUnit 2    
Finite-lived intangible assets, accumulated amortization $ 13,483 $ 10,640  
Weighted average remaining amortization period 9 years 10 months 24 days 11 years  
Ethanol Production      
Goodwill $ 18,500    
Partnership      
Goodwill 10,600    
Fluid Quip Technologies, LLC      
Amortization of intangible assets 2,800 $ 4,800 $ 5,700
Finite-lived intangible asset, expected amortization, year one 2,500    
Finite-lived intangible asset, expected amortization, year two 2,200    
Finite-lived intangible asset, expected amortization, year three 2,000    
Finite-lived intangible asset, expected amortization, year four 1,800    
Finite-lived intangible asset, expected amortization, year five 1,600    
Finite-lived intangible asset, expected amortization, after year five $ 5,000    
v3.24.0.1
Goodwill and Intangible Assets - Components of the FQT Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]    
Total $ 28,628 $ 28,628
Accumulated amortization (13,483) (10,640)
Total FQT intangible assets, net $ 15,145 $ 17,988
Weighted average remaining amortization period 9 years 10 months 24 days 11 years
Customer relationships and backlog    
Finite-Lived Intangible Assets [Line Items]    
Total $ 17,628 $ 17,628
Intellectual property    
Finite-Lived Intangible Assets [Line Items]    
Total 9,700 9,700
Trade name    
Finite-Lived Intangible Assets [Line Items]    
Total $ 1,300 $ 1,300
v3.24.0.1
Derivative Financial Instruments - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]      
Accumulated other comprehensive loss $ 3,160 $ 26,591  
Energy trading contracts, gain (loss) $ 4,800 $ 4,000 $ 1,100
v3.24.0.1
Derivative Financial Instruments - Schedule Of Fair Values Of Derivative Financial Instruments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Derivatives, Fair Value [Line Items]    
Asset derivatives, fair value $ 13,311 $ 16,421
Liability derivatives, fair value 10,579 44,686
Net unrealized gains on exchange traded futures and options contracts included in balance sheet 6,500 3,400
Net unrealized loss on derivative financial instruments 700 (2,000)
Fair Value Hedging    
Derivatives, Fair Value [Line Items]    
Unrealized gain (loss) on derivatives 700 9,000
Derivative Financial Instruments    
Derivatives, Fair Value [Line Items]    
Asset derivatives, fair value 13,311 16,420
Liability derivatives, fair value 10,577 44,686
Other Assets    
Derivatives, Fair Value [Line Items]    
Asset derivatives, fair value 0 1
Liability derivatives, fair value 0 0
Other Liabilities    
Derivatives, Fair Value [Line Items]    
Asset derivatives, fair value 0 0
Liability derivatives, fair value $ 2 0
Net unrealized loss on exchange traded futures and options contracts included in balance sheet   3,300
Other Liabilities | Fair Value Hedging    
Derivatives, Fair Value [Line Items]    
Unrealized gain (loss) on derivatives   $ 600
v3.24.0.1
Derivative Financial Instruments - Schedule Of Derivative Instruments, Gain (Loss) in Statement of Financial Performance (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]      
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income $ (22,521) $ (2,406) $ (18,632)
Carrying Amount of the Hedged Assets 45,898 61,885  
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liabilities $ (1,104) $ (13,776)  
Hedged Asset, Statement of Financial Position [Extensible Enumeration] Inventories Carrying Amount Inventories Carrying Amount  
Not Designated as Hedging Instrument      
Derivative Instruments, Gain (Loss) [Line Items]      
Location of Gain (Loss) Recognized in Income on Derivatives $ 43,090 $ (71,012) (187,645)
Revenue      
Derivative Instruments, Gain (Loss) [Line Items]      
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income 2,482 3,347 (60,261)
Total amounts of income and expense line items presented in the consolidated statement of operations in which the effects of cash flow or fair value hedges are recorded $ 2,482 $ 3,347 $ (60,261)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Revenues Revenues Revenues
Cost of Goods Sold      
Derivative Instruments, Gain (Loss) [Line Items]      
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income $ (25,003) $ (5,753) $ 41,629
Total amounts of income and expense line items presented in the consolidated statement of operations in which the effects of cash flow or fair value hedges are recorded $ (22,243) $ 659 $ 47,501
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Cost of goods sold (excluding depreciation and amortization expenses reflected below) Cost of goods sold (excluding depreciation and amortization expenses reflected below) Cost of goods sold (excluding depreciation and amortization expenses reflected below)
Commodity derivatives      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (Loss) Recognized in Other Comprehensive Income on Derivatives $ 8,369 $ (21,201) $ (32,036)
Commodity derivatives | Revenue | Not Designated as Hedging Instrument      
Derivative Instruments, Gain (Loss) [Line Items]      
Location of Gain (Loss) Recognized in Income on Derivatives (2,552) 2,470 (201,249)
Commodity derivatives | Cost of Goods Sold | Not Designated as Hedging Instrument      
Derivative Instruments, Gain (Loss) [Line Items]      
Location of Gain (Loss) Recognized in Income on Derivatives (4,265) (6,381) (6,381)
Commodity derivatives | Fair Value Hedging | Revenue      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (loss) on fair value hedges recognized in earnings 0 0 0
Commodity derivatives | Fair Value Hedging | Cost of Goods Sold      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (loss) on fair value hedges recognized in earnings (11,657) 735 20,567
Commodity derivatives | Fair Value Hedging | Cost of Goods Sold | Designated as Hedging Instrument      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (loss) on fair value hedges recognized in earnings   5,677 (14,695)
Forwards | Revenue | Not Designated as Hedging Instrument      
Derivative Instruments, Gain (Loss) [Line Items]      
Location of Gain (Loss) Recognized in Income on Derivatives 4,842 (7,404) 7,106
Exchange Traded Futures and Options | Cost of Goods Sold | Not Designated as Hedging Instrument      
Derivative Instruments, Gain (Loss) [Line Items]      
Location of Gain (Loss) Recognized in Income on Derivatives 45,065 (59,697) 12,879
Exchange Future | Fair Value Hedging | Revenue | Designated as Hedging Instrument      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (loss) on fair value hedges recognized in earnings 0 $ 0 $ 0
Exchange Future | Fair Value Hedging | Cost of Goods Sold | Designated as Hedging Instrument      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (loss) on fair value hedges recognized in earnings $ 14,417    
v3.24.0.1
Derivative Financial Instruments - Schedule Of Open Position Derivative Financial Instruments (Details)
lb in Thousands, gal in Thousands, bu in Thousands, T in Thousands, MMBTU in Thousands
Dec. 31, 2023
gal
lb
T
MMBTU
bu
Corn | Exchange Traded | Short | Futures  
Derivative [Line Items]  
Volumes of open commodity derivatives | bu 7,760
Corn | Exchange Traded | Short | Cash Flow Hedges | Futures  
Derivative [Line Items]  
Volumes of open commodity derivatives | bu 13,350
Corn | Exchange Traded | Short | Fair Value Hedging | Futures  
Derivative [Line Items]  
Volumes of open commodity derivatives | bu 5,475
Corn | Non-Exchange Traded | Short | Forwards  
Derivative [Line Items]  
Volumes of open commodity derivatives | bu 0
Corn | Non-Exchange Traded | Long | Forwards  
Derivative [Line Items]  
Volumes of open commodity derivatives | bu 22,847
Ethanol | Exchange Traded | Short | Futures  
Derivative [Line Items]  
Volumes of open commodity derivatives | gal 26,838
Ethanol | Exchange Traded | Short | Cash Flow Hedges | Futures  
Derivative [Line Items]  
Volumes of open commodity derivatives | gal 38,304
Ethanol | Non-Exchange Traded | Short | Forwards  
Derivative [Line Items]  
Volumes of open commodity derivatives | gal 217,246
Ethanol | Non-Exchange Traded | Long | Forwards  
Derivative [Line Items]  
Volumes of open commodity derivatives | gal 48
Natural Gas | Exchange Traded | Short | Futures  
Derivative [Line Items]  
Volumes of open commodity derivatives | MMBTU 1,145
Natural Gas | Exchange Traded | Short | Fair Value Hedging | Futures  
Derivative [Line Items]  
Volumes of open commodity derivatives | MMBTU 5,465
Natural Gas | Exchange Traded | Long | Cash Flow Hedges | Futures  
Derivative [Line Items]  
Volumes of open commodity derivatives | MMBTU 4,690
Natural Gas | Non-Exchange Traded | Short | Forwards  
Derivative [Line Items]  
Volumes of open commodity derivatives | MMBTU 39
Natural Gas | Non-Exchange Traded | Long | Forwards  
Derivative [Line Items]  
Volumes of open commodity derivatives | MMBTU 10,571
Soybean Oil | Exchange Traded | Long | Options  
Derivative [Line Items]  
Volumes of open commodity derivatives | lb 4,365
Distillers Grains | Non-Exchange Traded | Short | Forwards  
Derivative [Line Items]  
Volumes of open commodity derivatives | T 335
Distillers Grains | Non-Exchange Traded | Long | Forwards  
Derivative [Line Items]  
Volumes of open commodity derivatives | T 99
Renewable Corn Oil | Non-Exchange Traded | Short | Forwards  
Derivative [Line Items]  
Volumes of open commodity derivatives | lb 42,301
Renewable Corn Oil | Non-Exchange Traded | Long | Forwards  
Derivative [Line Items]  
Volumes of open commodity derivatives | lb 0
v3.24.0.1
Debt - Narrative (Details)
 1 Months Ended 12 Months Ended
Sep. 01, 2022
USD ($)
shares
Jul. 08, 2022
USD ($)
shares
May 25, 2022
USD ($)
May 18, 2021
USD ($)
shares
Aug. 31, 2022
USD ($)
shares
May 31, 2021
USD ($)
shares
Mar. 31, 2021
USD ($)
item
$ / shares
Jun. 30, 2019
USD ($)
shares
Aug. 31, 2016
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Mar. 31, 2022
USD ($)
Dec. 31, 2020
USD ($)
Debt Instrument [Line Items]                            
Stockholders' equity                   $ 990,056,000 $ 1,061,066,000 $ 1,102,019,000   $ 738,586,000
Long-term debt                   491,918,000 495,243,000      
Loss on extinguishment debt                   0 419,000 32,645,000    
Exchange of 4.00% convertible notes due 2024 for shares of common stock held in treasury stock                   0 64,000,000 51,000,000    
Additional Paid-in Capital                            
Debt Instrument [Line Items]                            
Stockholders' equity                   1,113,806,000 1,110,151,000 1,069,573,000   691,393,000
Retained Earnings (Deficit)                            
Debt Instrument [Line Items]                            
Stockholders' equity                   $ (235,801,000) $ (142,417,000) $ (15,199,000)   $ 50,793,000
Green Plains SPE LLC                            
Debt Instrument [Line Items]                            
Debt interest rate                   11.75%        
Corporate Activities                            
Debt Instrument [Line Items]                            
Debt issuance costs             $ 1,200,000              
Loss on extinguishment debt             22,100,000              
Ethanol Production Segment                            
Debt Instrument [Line Items]                            
Debt interest rate                   5.02%        
Partnership                            
Debt Instrument [Line Items]                            
Debt interest rate                   13.65%        
Partnership | Medium-term Notes                            
Debt Instrument [Line Items]                            
Payment for Debt Extinguishment or Debt Prepayment Cost                   $ 3,000,000        
2.25% Convertible Notes Due 2027 | Corporate Activities | Convertible Notes                            
Debt Instrument [Line Items]                            
Debt instrument, face amount             $ 230,000,000              
Interest rate, stated percentage             2.25%     2.25%     2.25%  
Debt instrument convertible rate             3.16206%              
Debt conversion price | $ / shares             $ 31.62              
Conversion price percentage             37.50%              
Percent of excess of applicable conversion price             140.00%              
Debt instrument, convertible, threshold trading days | item             20              
Debt instrument, convertible, threshold consecutive trading days | item             30              
Redemption price, percentage             100.00%              
Percent of principal amount, cash price for repurchase             100.00%              
Net proceeds from debt             $ 156,500,000              
4.00% Convertible Notes Due 2024 | Convertible Notes | Corporate, Non-Segment                            
Debt Instrument [Line Items]                            
Debt instrument, face amount   $ 64,000,000 $ 64,000,000         $ 115,000,000            
Interest rate, stated percentage   4.00%           4.00%   4.00%        
Debt instrument convertible rate     6.64178%                      
Common stock for conversion, shares | shares   4,300,000                        
Debt conversion amount   $ 64,000,000 $ 64,000,000                      
Loss on extinguishment debt                   $ 419,000        
4.00% Convertible Notes Due 2024 | Corporate Activities | Convertible Notes                            
Debt Instrument [Line Items]                            
Interest rate, stated percentage       4.00%   4.00%         4.00%      
Debt instrument convertible rate     6.64178%                      
Common stock for conversion, shares | shares       3,600,000   3,600,000   0.066154            
Debt conversion amount       $ 51,000,000   $ 51,000,000                
4.125% Convertible Notes Due 2022 | Convertible Notes                            
Debt Instrument [Line Items]                            
Debt instrument, face amount $ 23,000                          
Interest rate, stated percentage 4.125%                          
Common stock for conversion, shares | shares 15,000       1,200,000                  
Debt instrument, exchange amount         $ 32,600,000                  
Exchange of 4.00% convertible notes due 2024 for shares of common stock held in treasury stock $ 1,700,000                          
4.125% Convertible Notes Due 2022 | Convertible Notes | Corporate, Non-Segment                            
Debt Instrument [Line Items]                            
Interest rate, stated percentage         4.125%     4.125%   4.125%        
Common stock for conversion, shares | shares 15,000       1,200,000                  
Debt conversion amount $ 1,700,000       $ 32,600,000                  
4.125% Convertible Notes Due 2022 | Corporate Activities | Convertible Notes                            
Debt Instrument [Line Items]                            
Debt instrument, face amount                 $ 170,000,000          
Interest rate, stated percentage                 4.125%       4.125%  
Debt instrument convertible rate                 3.57143%          
Outstanding amount repurchased                         $ 135,700,000  
v3.24.0.1
Debt - Schedule Of The Components Of Long-Term Debt (Details) - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Sep. 01, 2022
Mar. 31, 2022
May 31, 2021
May 18, 2021
Mar. 31, 2021
Feb. 09, 2021
Aug. 31, 2016
Debt Instrument [Line Items]                  
Total book value of long-term debt $ 498,763,000 $ 503,691,000              
Unamortized debt issuance costs 5,013,000 6,610,000              
Less: current maturities of long-term debt (1,832,000) (1,838,000)              
Total long-term debt $ 491,918,000 495,243,000              
Convertible Notes | 2.25% Convertible Notes Due 2027 | Corporate Activities                  
Debt Instrument [Line Items]                  
Interest rate, stated percentage 2.25%     2.25%     2.25%    
Debt instrument, face amount             $ 230,000,000    
Total book value of long-term debt $ 230,000,000 230,000,000              
Unamortized debt issuance costs (4,000,000) $ (5,200,000)              
Convertible Notes | 4.00% Convertible Notes Due 2024 | Corporate Activities                  
Debt Instrument [Line Items]                  
Interest rate, stated percentage   4.00%     4.00% 4.00%      
Convertible Notes | 4.125% Convertible Notes Due 2022                  
Debt Instrument [Line Items]                  
Interest rate, stated percentage     4.125%            
Debt instrument, face amount     $ 23,000            
Convertible Notes | 4.125% Convertible Notes Due 2022 | Corporate Activities                  
Debt Instrument [Line Items]                  
Interest rate, stated percentage       4.125%         4.125%
Debt instrument, face amount                 $ 170,000,000
Other Debt Obligations                  
Debt Instrument [Line Items]                  
Total book value of long-term debt 14,669,000 $ 15,097,000              
Green Plains SPE LLC | $125.0 Million Junior Secured Mezzanine Notes Due 2026                  
Debt Instrument [Line Items]                  
Interest rate, stated percentage               11.75%  
Debt instrument, face amount 125,000,000                
Total book value of long-term debt 125,000,000 125,000,000              
Unamortized debt issuance costs 400,000 700,000              
Green Plains Wood River and Green Plains Shenandoah | $75.0 Million Delayed Draw Loan Agreement                  
Debt Instrument [Line Items]                  
Debt instrument, face amount 75,000,000                
Total book value of long-term debt 73,125,000 74,625,000              
Unamortized debt issuance costs 300,000 300,000              
Credit Facility | Partnership                  
Debt Instrument [Line Items]                  
Debt instrument, face amount 60,000,000                
Total book value of long-term debt 55,969,000 58,969,000              
Unamortized debt issuance costs $ 300,000 $ 400,000              
v3.24.0.1
Debt - Schedule Of Maturities Of Long-Term Debt (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Debt Disclosure [Abstract]  
2024 $ 1,922
2025 1,918
2026 182,886
2027 231,910
2028 1,830
Thereafter 78,297
Total $ 498,763
v3.24.0.1
Debt - Schedule Of Short-term Notes Payable And Other Borrowings (Details) - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Short-term notes payable and other borrowings $ 105,973,000 $ 137,678,000
Revolver350.0 Million    
Debt Instrument [Line Items]    
Short-term notes payable and other borrowings 99,000,000 115,000,000
Debt instrument, face amount 350,000,000  
$40.0 Million Hedge Line | Green Plains Commodity Management    
Debt Instrument [Line Items]    
Short-term notes payable and other borrowings 6,973,000 $ 22,678,000
Debt instrument, face amount $ 40,000,000  
v3.24.0.1
Debt - Ethanol Production Segment, Partnership Segment, Covenant Compliance, and Restricted Net Assets Narrative (Details)
Jul. 20, 2021
USD ($)
Feb. 09, 2021
USD ($)
Sep. 03, 2020
USD ($)
$ / gal
Dec. 31, 2023
USD ($)
Feb. 11, 2022
USD ($)
Debt Instrument [Line Items]          
Restricted assets       $ 126,800,000  
Green Plains SPE LLC | $125.0 Million Junior Secured Mezzanine Notes Due 2026          
Debt Instrument [Line Items]          
Debt instrument, face amount       125,000,000  
Debt maturity dates   Feb. 09, 2026      
Interest rate, stated percentage   11.75%      
Debt instrument, term   42 months      
Green Plains SPE LLC | $125.0 Million Junior Secured Mezzanine Notes Due 2026 | Elect To Pay In Cash          
Debt Instrument [Line Items]          
Interest rate, stated percentage   6.00%      
Green Plains SPE LLC | $125.0 Million Junior Secured Mezzanine Notes Due 2026 | Paid In Kind          
Debt Instrument [Line Items]          
Interest rate, stated percentage   6.75%      
Green Plains Wood River and Green Plains Shenandoah | $75.0 Million Delayed Draw Loan Agreement          
Debt Instrument [Line Items]          
Debt instrument, face amount       $ 75,000,000  
Ethanol Production Segment | Green Plains SPE LLC | $125.0 Million Junior Secured Mezzanine Notes Due 2026          
Debt Instrument [Line Items]          
Debt instrument, face amount   $ 125,000,000      
Ethanol Production Segment | Green Plains Wood River and Green Plains Shenandoah | $75.0 Million Delayed Draw Loan Agreement          
Debt Instrument [Line Items]          
Debt instrument, face amount     $ 75,000,000    
Debt maturity dates     Sep. 01, 2035    
Interest rate, stated percentage     5.02%    
Interest rate premium     1.50%    
Annual principal payments     $ 1,500,000    
Minimum loan to value ratio, percent     50.00%    
Fixed charge coverage ratio     1.25    
Debt service reserve term of future payments     6 months    
Minimum working capital required for compliance, per gallon | $ / gal     0.10    
Minimum working capital required for compliance     $ 90,300,000    
Ethanol Production Segment | Green Plains Wood River and Green Plains Shenandoah | $75.0 Million Delayed Draw Loan Agreement | Minimum          
Debt Instrument [Line Items]          
Interest rate premium     0.00%    
Ethanol Production Segment | Green Plains Wood River and Green Plains Shenandoah | $75.0 Million Delayed Draw Loan Agreement | Maximum          
Debt Instrument [Line Items]          
Interest rate premium     1.50%    
Partnership | Credit Facility          
Debt Instrument [Line Items]          
Interest rate, basis spread on variable rate, percentage 8.26%        
Option to prepay per quarter, amount $ 1,500,000        
Partnership | Minimum | Credit Facility          
Debt Instrument [Line Items]          
Consolidated debt service coverage ratio         2.50
Partnership | Maximum | Credit Facility          
Debt Instrument [Line Items]          
Consolidated debt service coverage ratio         1.10
Partnership | Medium-term Notes          
Debt Instrument [Line Items]          
Debt instrument, option for prepayment, period after closing date 12 months        
Partnership | Blackrock | Credit Facility          
Debt Instrument [Line Items]          
Debt instrument, debt purchased         $ 1,000,000
v3.24.0.1
Debt - Agribusiness And Energy Services Segment (Details) - USD ($)
 12 Months Ended
Mar. 25, 2022
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]      
Short-term notes payable and other borrowings   $ 105,973,000 $ 137,678,000
Agribusiness & Energy Services | Revolving Credit Facility      
Debt Instrument [Line Items]      
Facility's interest rate   0.0941  
Agribusiness & Energy Services | Green Plains Commodity Management | Revolving Credit Facility      
Debt Instrument [Line Items]      
Line of credit, maximum borrowing capacity   40,000,000  
Facility's interest rate   $ 0.0715  
Agribusiness & Energy Services | Green Plains Commodity Management | Revolving Credit Facility | SOFR      
Debt Instrument [Line Items]      
Interest rate, basis spread on variable rate, percentage   1.75%  
Revolver350.0 Million      
Debt Instrument [Line Items]      
Debt instrument, face amount   $ 350,000,000  
Short-term notes payable and other borrowings   99,000,000 $ 115,000,000
Revolver350.0 Million | Agribusiness & Energy Services      
Debt Instrument [Line Items]      
Minimum current ratio required 1.00    
Minimum collateral coverage ratio required 1.20    
Maximum debt to capitalization ratio required 0.60    
Revolver350.0 Million | Agribusiness & Energy Services | Credit Facility      
Debt Instrument [Line Items]      
Debt instrument, term 5 years    
Line of credit, maximum borrowing capacity $ 350,000,000    
Revolver350.0 Million | Agribusiness & Energy Services | Revolving Credit Facility      
Debt Instrument [Line Items]      
Additional amounts available under facility, accordion feature $ 100,000,000    
Revolver350.0 Million | Agribusiness & Energy Services | Revolving Credit Facility | Minimum      
Debt Instrument [Line Items]      
Unused capacity fee, percentage 0.275%    
Change in control percentage benchmark 0.025%    
Revolver350.0 Million | Agribusiness & Energy Services | Revolving Credit Facility | Minimum | SOFR      
Debt Instrument [Line Items]      
Interest rate, basis spread on variable rate, percentage 2.25%    
Revolver350.0 Million | Agribusiness & Energy Services | Revolving Credit Facility | Minimum | Base Rate      
Debt Instrument [Line Items]      
Interest rate, basis spread on variable rate, percentage 1.25%    
Revolver350.0 Million | Agribusiness & Energy Services | Revolving Credit Facility | Maximum      
Debt Instrument [Line Items]      
Unused capacity fee, percentage 0.375%    
Change in control percentage benchmark 0.10%    
Revolver350.0 Million | Agribusiness & Energy Services | Revolving Credit Facility | Maximum | SOFR      
Debt Instrument [Line Items]      
Interest rate, basis spread on variable rate, percentage 2.50%    
Revolver350.0 Million | Agribusiness & Energy Services | Revolving Credit Facility | Maximum | Base Rate      
Debt Instrument [Line Items]      
Interest rate, basis spread on variable rate, percentage 1.50%    
Inventory Financing, $50.0 Million | Green Plains Grain      
Debt Instrument [Line Items]      
Short-term notes payable and other borrowings   $ 0  
v3.24.0.1
Stock-Based Compensation - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 17, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
May 06, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Number of shares or units authorized         5,700,000
Compensation costs expensed   $ 13.0 $ 9.1 $ 6.1  
Unrecognized compensation costs   $ 15.6      
Compensation expected to be recognized, weighted-average period in years   1 year 3 months 18 days      
Potential tax benefit, percentage   24.20%      
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant   1,400,000      
Green Plains Partners Long-Term Incentive Plan          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Number of shares or units authorized   2,500,000      
Common Stock, Capital Shares Reserved for Future Issuance   2,300,000      
Green Plains Partners Long-Term Incentive Plan | Green Plains Partners Merger          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Common Stock, Capital Shares Reserved for Future Issuance   1,200,000      
Performance Shares          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Vested (in shares)   265,296      
Non-vested, shares outstanding   404,740 482,811    
Performance Shares | Share-based Compensation Award, Tranche One          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Granted shares   100.00%      
Maximum amount of shares available to be issued   904,418      
Maximum amount of shares available to be issued (in percent)   223.00%      
Non-vested, shares outstanding   404,740      
Performance Shares | Share-based Compensation Award, Tranche Two          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Granted shares   100.00%      
Vested (in shares) 196,382        
Issuance of common stock (in shares) 241,589        
Performance Shares | Share-based Payment Arrangement, Tranche Three          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Granted shares   123.00%      
Minimum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Expiration period   5 years      
Maximum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Expiration period   8 years      
v3.24.0.1
Stock-Based Compensation - Schedule Of Non-Vested Stock Award And DSU Activity (Details)
 12 Months Ended
Dec. 31, 2023
$ / shares
shares
Restricted Stock Awards And Deferred Stock Units  
Non-Vested ‎Shares and ‎Deferred ‎Stock Units  
Outstanding at December 31, 2021 (in shares) | shares 813,033
Granted (in shares) | shares 299,469
Forfeited(in shares) | shares (42,393)
Vested (in shares) | shares (462,215)
Outstanding at December 31, 2022 (in shares) | shares 607,894
Weighted- ‎Average Grant- ‎Date Fair Value  
Outstanding, Weighted average grant date fair value at December 31, 2021 ($ per share) | $ / shares $ 19.98
Granted, Weighted average grant date fair value ($ per share) | $ / shares 33.72
Forfeited, Weighted average grant date fair value ($ per share) | $ / shares 29.44
Vested, Weighted-Average Grant-Date Fair Value | $ / shares 13.79
Outstanding, Weighted average grant date fair value at December 31, 2022 ($ per share) | $ / shares $ 30.79
Non-vested, Weighted-Average Remaining Vesting Term (in years) 1 year 3 months 18 days
Long Term Incentive Plan | Green Plains Partners LP  
Non-Vested ‎Shares and ‎Deferred ‎Stock Units  
Outstanding at December 31, 2021 (in shares) | shares 19,707
Granted (in shares) | shares 18,549
Vested (in shares) | shares (19,707)
Outstanding at December 31, 2022 (in shares) | shares 18,549
Weighted- ‎Average Grant- ‎Date Fair Value  
Outstanding, Weighted average grant date fair value at December 31, 2021 ($ per share) | $ / shares $ 12.18
Granted, Weighted average grant date fair value ($ per share) | $ / shares 12.94
Vested, Weighted-Average Grant-Date Fair Value | $ / shares 12.18
Outstanding, Weighted average grant date fair value at December 31, 2022 ($ per share) | $ / shares $ 12.94
Non-vested, Weighted-Average Remaining Vesting Term (in years) 6 months
v3.24.0.1
Stock-Based Compensation - Schedule Of Non-Vested Performance Share Award Activity (Details) - Performance Shares
 12 Months Ended
Dec. 31, 2023
$ / shares
shares
Performance ‎Shares  
Outstanding at December 31, 2021 (in shares) | shares 482,811
Granted (in shares) | shares 200,294
Forfeited(in shares) | shares (13,069)
Vested (in shares) | shares (265,296)
Outstanding at December 31, 2022 (in shares) | shares 404,740
Weighted- ‎Average Grant- ‎Date Fair Value  
Outstanding, Weighted average grant date fair value at December 31, 2021 ($ per share) | $ / shares $ 18.22
Granted, Weighted average grant date fair value ($ per share) | $ / shares 27.74
Forfeited, Weighted average grant date fair value ($ per share) | $ / shares 27.50
Vested, Weighted-Average Grant-Date Fair Value | $ / shares 6.21
Outstanding, Weighted average grant date fair value at December 31, 2022 ($ per share) | $ / shares $ 30.51
Non-vested, Weighted-Average Remaining Vesting Term (in years) 1 year 3 months 18 days
v3.24.0.1
Earnings Per Share - Schedule Of Basic And Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Earnings Per Share [Abstract]      
Net loss attributable to Green Plains $ (93,384) $ (127,218) $ (65,992)
Net loss attributable to Green Plains $ (93,384) $ (127,218) $ (65,992)
Weighted-average shares outstanding - basic (in shares) 58,814,000 55,541,000 46,652,000
Weighted-average shares outstanding - diluted (in shares) 58,814,000 55,541,000 46,652,000
EPS - basic $ (1.59) $ (2.29) $ (1.41)
EPS - diluted $ (1.59) $ (2.29) $ (1.41)
Anti-dilutive weighted-average convertible debt, warrants and stock-based compensation 8,419,000 8,556,000 12,952,000
v3.24.0.1
Stockholders' Equity - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 12 Months Ended 101 Months Ended
Sep. 01, 2022
Jul. 08, 2022
May 25, 2022
Aug. 09, 2021
May 18, 2021
Mar. 01, 2021
Aug. 31, 2022
May 31, 2021
Mar. 31, 2021
Jun. 30, 2019
Aug. 31, 2016
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2022
Mar. 31, 2022
Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                                  
Stockholders' equity                       $ 990,056 $ 1,061,066 $ 1,102,019 $ 1,061,066   $ 738,586
Long-term debt                       $ 491,918 $ 495,243   $ 495,243    
Common stock, par value (in dollars per share)                       $ 0.001 $ 0.001   $ 0.001    
Issuance of common stock                           355,978      
Exchange of 4.00% convertible notes due 2024 for shares of common stock held in treasury stock                       $ 0 $ 64,000 51,000      
Amount of treasury hold shares                       31,174 31,174   $ 31,174    
Amount of authorized stock repurchase                       200,000          
Repurchase of common stock (in shares)                             7,400,000    
Repurchase of common stock                             $ 92,800    
Accumulated other comprehensive loss                       $ (3,160) $ (26,591)   $ (26,591)    
Treasury stock, common (in shares)                       2,805,059          
Convertible Notes | 4.00% Convertible Notes Due 2024 | Corporate, Non-Segment                                  
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                                  
Interest rate, stated percentage   4.00%               4.00%   4.00%          
Debt conversion amount   $ 64,000 $ 64,000                            
Common stock for conversion, shares   4,300,000                              
Debt instrument convertible rate     6.64178%                            
Convertible Notes | 4.125% Convertible Notes Due 2022                                  
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                                  
Interest rate, stated percentage 4.125%                                
Common stock for conversion, shares 15,000           1,200,000                    
Exchange of 4.00% convertible notes due 2024 for shares of common stock held in treasury stock $ 1,700                                
Convertible Notes | 4.125% Convertible Notes Due 2022 | Corporate, Non-Segment                                  
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                                  
Interest rate, stated percentage             4.125%     4.125%   4.125%          
Debt conversion amount $ 1,700           $ 32,600                    
Common stock for conversion, shares 15,000           1,200,000                    
Convertible Notes | 4.125% Convertible Notes Due 2022 | Corporate, Non-Segment | Cash Settlement                                  
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                                  
Exchange of 4.00% convertible notes due 2024 for shares of common stock held in treasury stock $ 1,700                                
Corporate Activities                                  
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                                  
Debt issuance costs                 $ 1,200                
Corporate Activities | Convertible Notes | 4.00% Convertible Notes Due 2024                                  
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                                  
Interest rate, stated percentage         4.00%     4.00%         4.00%   4.00%    
Debt conversion amount         $ 51,000     $ 51,000                  
Common stock for conversion, shares         3,600,000     3,600,000   0.066154              
Implied price per share         $ 26.80                        
Debt instrument convertible rate     6.64178%                            
Corporate Activities | Convertible Notes | 4.125% Convertible Notes Due 2022                                  
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                                  
Interest rate, stated percentage                     4.125%         4.125%  
Debt instrument convertible rate                     3.57143%            
Common Stock                                  
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                                  
Stockholders' equity                       $ 62 $ 62 $ 62 $ 62   47
Issuance of common stock, shares       5,462,500   8,751,500               14,214,000      
Common stock, par value (in dollars per share)       $ 0.001   $ 0.001                      
Issuance of common stock, price per share       $ 32.00   $ 23.00                      
Issuance of common stock       $ 164,900   $ 191,100               $ 15      
Warrants                                  
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                                  
Number of shares of common stock reserved for exercise of warrants                 2,550,000                
Number of common stock reserved for exercise of warrants, exercisable                 2,275,000                
Remaining warrants number                 275,000                
Remaining warrants, contingent upon certain earn-out provisions, exercisable                 111,111                
Remaining warrants, contingent upon certain earn-out provisions                 163,889                
Exercise price (in dollars per share)                 $ 22.00                
Warrants | Exercise Price One                                  
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                                  
Number of shares of common stock reserved for exercise of warrants                 275,000                
Warrants | Exercise Price Two                                  
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                                  
Number of shares of common stock reserved for exercise of warrants                 275,000                
Warrants | Exercise Price Three                                  
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                                  
Number of shares of common stock reserved for exercise of warrants                 2,000,000                
Additional Paid-in Capital                                  
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                                  
Stockholders' equity                       1,113,806 1,110,151 1,069,573 1,110,151   691,393
Issuance of common stock                           355,963      
Retained Earnings (Deficit)                                  
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                                  
Stockholders' equity                       $ (235,801) $ (142,417) $ (15,199) $ (142,417)   $ 50,793
v3.24.0.1
Stockholders' Equity - Reclassification From Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Revenues $ 3,295,743 $ 3,662,849 $ 2,827,168
Cost of goods sold 3,103,838 3,525,011 2,625,109
Loss before income taxes and income from equity method investees (82,349) (98,701) (43,001)
Income tax benefit (5,617) 4,747 1,845
Net loss (76,299) (103,377) (44,146)
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Revenues 2,482 3,347 (60,261)
Cost of goods sold (25,003) (5,753) 41,629
Loss before income taxes and income from equity method investees (22,521) (2,406) (18,632)
Income tax benefit (5,438) (578) (4,540)
Net loss $ (17,083) $ (1,828) $ (14,092)
v3.24.0.1
Income Taxes - Narrative (Details) - USD ($)
$ in Thousands
Aug. 16, 2022
Dec. 31, 2023
Dec. 31, 2022
Tax Credit Carryforward [Line Items]      
Tax credit carryforwards - Federal   $ 63,050 $ 63,857
Tax credit carryforwards - State   5,225 5,906
Net operating loss carryforwards - Federal   7,824 $ 12,098
Unrecognized tax benefits   51,400  
Unrecognized tax benefits related to R&D credits   51,400  
Effective Income Tax Rate Reconciliation, Tax Credit, Amount $ 370,000,000    
Begin To Expire In 2033      
Tax Credit Carryforward [Line Items]      
Tax credit carryforwards - Federal   63,100  
Begin To Expire In 2022      
Tax Credit Carryforward [Line Items]      
Tax credit carryforwards - State   $ 5,200  
v3.24.0.1
Income Taxes - Schedule Of Income Tax Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]      
Current $ 1,238 $ 232 $ 612
Deferred (6,855) 4,515 1,233
Total income tax expense (benefit) $ (5,617) $ 4,747 $ 1,845
v3.24.0.1
Income Taxes - Schedule Of Differences Between The Income Tax Expense (Benefit)Computed At The Statutory Federal income Tax Rate And As Presented On The Consolidated Statements Of Operations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]      
Tax expense at federal statutory rate $ (17,293) $ (21,222) $ (8,883)
State income tax expense (benefit), net of federal benefit (662) 746 516
Nondeductible compensation 2,787 1,221 1,037
Noncontrolling interests (3,660) (5,245) (4,587)
Unrecognized tax benefits 0 0 (170)
Increase in valuation allowance 15,892 27,778 15,301
Stock compensation (4,440) 1,105 (1,954)
Other 1,759 364 585
Income tax expense (benefit) $ (5,617) $ 4,747 $ 1,845
v3.24.0.1
Income Taxes - Schedule Of Significant Components Of Deferred Tax Assets And Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Deferred tax assets    
Net operating loss carryforwards - Federal $ 7,824 $ 12,098
Net operating loss carryforwards - State 12,909 13,862
Tax credit carryforwards - Federal 63,050 63,857
Tax credit carryforwards - State 5,225 5,906
Derivative financial instruments 0 7,160
Section 174 capitalized expenses 63,267 42,115
Interest expense carryforward 16,996 15,300
Investment in partnerships 49,735 45,445
Inventory valuation 2,079 3,491
Stock-based compensation 2,371 0
Accrued expenses 5,200 4,770
Lease obligations 9,514 8,820
Organizational and start-up costs 335 473
Other 824 810
Total 239,329 224,107
Valuation allowance (117,258) (101,118)
Total deferred tax assets 122,071 122,989
Deferred tax liabilities    
Fixed assets (114,690) (116,781)
Derivative financial instruments (1,238) 0
Right-of-use assets (6,746) (6,035)
Stock-based compensation 0 (173)
Total deferred tax liabilities (122,674) (122,989)
Liabilities, Total    
Deferred tax liabilities    
Deferred income taxes $ (603) $ 0
v3.24.0.1
Commitments and Contingencies - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Trading Activity, Gains and Losses, Net [Line Items]    
Contracted future purchases $ 166.4  
Amount of future commitments for storage and transportation 27.0  
Cash grant received $ 3.4 $ 27.7
Minimum    
Trading Activity, Gains and Losses, Net [Line Items]    
Remaining lease term 1 year  
Maximum    
Trading Activity, Gains and Losses, Net [Line Items]    
Remaining lease term 13 years 10 months 24 days  
v3.24.0.1
Commitments and Contingencies - Components Of Lease Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]      
Operating lease expense $ 27,773 $ 22,116 $ 19,587
Variable Lease, Cost (Benefit) (97) 1,394 1,225
Total lease expense $ 27,676 $ 23,510 $ 20,812
v3.24.0.1
Commitments and Contingencies - Supplemental Cash Flow Information Related To Operating Leases (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities      
Operating cash flows from operating leases $ 27,275 $ 21,459 $ 19,579
Right-of-use assets obtained in exchange for lease obligations      
Right-of-use assets obtained in exchange for lease obligations: Operating leases 28,471 28,565 20,291
Right-of-use assets and lease obligations derecognized due to lease modifications      
Right-of-use assets and lease obligations derecognized due to lease modifications: Operating leases $ 3,428 $ 0 $ 1,889
v3.24.0.1
Commitments and Contingencies - Supplemental Balance Sheet Information Related To Operating Leases (Details)
Dec. 31, 2023
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]    
Weighted average remaining lease term 4 years 6 months 4 years 10 months 24 days
Weighted average discount rate 5.16% 4.32%
v3.24.0.1
Commitments and Contingencies - Schedule Of Aggregate Minimum Lease Payments (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2024 $ 26,033
2025 21,464
2026 15,009
2027 11,429
2028 4,358
Thereafter 8,597
Total 86,890
Less: Present value discount (10,103)
Lease liabilities $ 76,787
v3.24.0.1
Employee Benefit Plans - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]      
Defined contribution plan, employer matching contribution, percent 6.00% 4.00%  
Defined contribution plan, vesting percentage 100.00%    
Employer contributions to 401(k) plan $ 3.9 $ 3.5 $ 1.9
Defined benefit pension plan, assets 4.6    
Net liabilities included on the balance sheet 1.0 $ 1.3  
Defined benefit pension plan, liabilities $ 5.6    
Maximum      
Defined Benefit Plan Disclosure [Line Items]      
Defined contribution plan, employer matching contribution, percent 8.00%