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Schedule I - Condensed Financial Information Of The Registrant | 12 Months Ended
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Dec. 31, 2014
Schedule I - Condensed Financial Information Of The Registrant [Abstract] |
Schedule I - Condensed Financial Information Of The Registrant | Schedule I – Condensed Financial Information of the Registrant (Parent Company Only) GREEN PLAINS INC. CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT STATEMENTS OF BALANCE SHEET – PARENT COMPANY ONLY (in thousands)
|  | December 31,
|  | 2014 |  | 2013
ASSETS
Current assets |  |  |  |  |  |
Cash and cash equivalents |  | $ | 252,689 |  | $ | 143,852
Restricted cash |  |  | 6,309 |  |  | -
Accounts receivable, including amounts from related parties of |  |  |  |  |  |
$196 and $69, respectively |  |  | 268 |  |  | 128
Prepaid expenses and other |  |  | 893 |  |  | 860
Due from subsidiaries |  |  | 30,823 |  |  | 20,987
Total current assets |  |  | 290,982 |  |  | 165,827
Property and equipment, net |  |  | 4,147 |  |  | 3,052
Investment in consolidated subsidiaries |  |  | 611,311 |  |  | 568,410
Other assets |  |  | 18,323 |  |  | 19,374
Total assets |  | $ | 924,763 |  | $ | 756,663
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities |  |  |  |  |  |
Accounts payable |  | $ | 2,098 |  | $ | 4,310
Accrued liabilities |  |  | 20,057 |  |  | 14,344
Current maturities of long-term debt |  |  | - |  |  | 188
Total current liabilities |  |  | 22,155 |  |  | 18,842
Long-term debt |  |  | 100,845 |  |  | 186,654
Deferred income taxes |  |  | 4,010 |  |  | 5,446
Other liabilities |  |  | 304 |  |  | 363
Total liabilities |  |  | 127,314 |  |  | 211,305
Stockholders' equity |  |  |  |  |  |
Common stock |  |  | 45 |  |  | 38
Additional paid-in capital |  |  | 569,431 |  |  | 468,962
Retained earnings |  |  | 299,101 |  |  | 148,505
Accumulated other comprehensive loss |  |  | (5,320) |  |  | (6,339)
Treasury stock |  |  | (65,808) |  |  | (65,808)
Total stockholders' equity |  |  | 797,449 |  |  | 545,358
Total liabilities and stockholders' equity |  | $ | 924,763 |  | $ | 756,663
See accompanying notes to the condensed financial statements. GREEN PLAINS INC. CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT STATEMENTS OF OPERATIONS – PARENT COMPANY ONLY (in thousands)
| Year Ended December 31,
| 2014 |  | 2013 |  | 2012
Selling, general and administrative expenses | $ | - |  | $ | 88 |  | $ | -
Operating (loss) |  | - |  |  | (88) |  |  | -
Other income (expense) |  |  |  |  |  |  |  |
Interest income |  | 462 |  |  | 192 |  |  | 112
Interest expense |  | (9,539) |  |  | (8,742) |  |  | (7,165)
Other, net |  | (3,860) |  |  | (2,647) |  |  | (2,399)
Total other expense |  | (12,937) |  |  | (11,197) |  |  | (9,452)
Loss before income taxes |  | (12,937) |  |  | (11,285) |  |  | (9,452)
Income tax benefit |  | 4,361 |  |  | 5,018 |  |  | 218
Loss before equity in earnings of subsidiaries |  | (8,576) |  |  | (6,267) |  |  | (9,234)
Equity in earnings of consolidated subsidiaries |  | 168,080 |  |  | 49,658 |  |  | 21,013
Net income | $ | 159,504 |  | $ | 43,391 |  | $ | 11,779
See accompanying notes to the condensed financial statements. GREEN PLAINS INC. CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT STATEMENTS OF CASH FLOWS – PARENT COMPANY ONLY (in thousands)
| Year Ended December 31,
| 2014 |  | 2013 |  | 2012
Cash flows from operating activities: | $ | (7,653) |  | $ | (1,924) |  | $ | (279)
Net cash provided (used) by operating activities |  | (7,653) |  |  | (1,924) |  |  | (279)
Cash flows from investing activities: |  |  |  |  |  |  |  |
Purchases of property and equipment |  | (2,829) |  |  | (652) |  |  | (616)
Proceeds on disposal of assets, net |  | - |  |  | 42 |  |  | -
Investment in subsidiaries, net |  | 125,179 |  |  | (53,754) |  |  | 54,426
Issuance of notes receivable from subsidiaries, |  |  |  |  |  |  |  |
net of payments received |  | 9,500 |  |  | 15,356 |  |  | (6,832)
Investments in unconsolidated subsidiaries |  | (4,309) |  |  | (3,264) |  |  | (7,998)
Net cash provided (used) by investing activities |  | 127,541 |  |  | (42,272) |  |  | 38,980
Cash flows from financing activities: |  |  |  |  |  |  |  |
Proceeds from the issuance of long-term debt |  | - |  |  | 120,000 |  |  | -
Payments of principal on long-term debt |  | (238) |  |  | (1,841) |  |  | (204)
Payments on short-term borrowings |  | - |  |  | (27,162) |  |  | -
Payments for repurchase of common stock |  | - |  |  | - |  |  | (10,445)
Change in restricted cash |  | (6,309) |  |  | - |  |  | -
Payment of cash dividends |  | (8,908) |  |  | (2,426) |  |  | -
Payment of loan fees |  | - |  |  | (5,072) |  |  | -
Proceeds from the exercise of stock options |  | 4,404 |  |  | 4,498 |  |  | -
Other, net |  | - |  |  | - |  |  | 452
Net cash provided (used) by financing activities |  | (11,051) |  |  | 87,997 |  |  | (10,197)
Net change in cash and equivalents |  | 108,837 |  |  | 43,801 |  |  | 28,504
Cash and cash equivalents, beginning of period |  | 143,852 |  |  | 100,051 |  |  | 71,547
Cash and cash equivalents, end of period | $ | 252,689 |  | $ | 143,852 |  | $ | 100,051
See accompanying notes to the condensed financial statements. GREEN PLAINS INC. CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT NOTES TO CONDENSED FINANCIAL STATEMENTS – PARENT COMPANY ONLY 1. BASIS OF PRESENTATION References to the “Parent Company” refer to Green Plains Inc., a holding company that conducts substantially all of its business operations through its subsidiaries. As specified in certain of its subsidiaries’ debt agreements, there are restrictions on the Parent Company’s ability to obtain funds from certain of its subsidiaries through dividends, loans or advances. See Note 10 – Debt in the Notes to the Consolidated Financial Statements for further information. Accordingly, these condensed financial statements have been presented on a “parent-only” basis. Under a parent-only presentation, the Parent Company’s investments in its consolidated subsidiaries are presented under the equity method of accounting. These financial statements should be read in conjunction with Green Plains Inc.’s audited consolidated financial statements included elsewhere herein. 2. COMMITMENTS AND CONTINGENCIES Operating Leases The Parent Company leases certain facilities under agreements that expire at various dates. For accounting purposes, rent expense is based on a straight-line amortization of the total payments required over the lease term. The Parent Company incurred le ase expenses of $1.0 million, $0.9 million and $0.9 million during the years ended December 31, 2014, 2013 and 2012, respectively. Aggregate minimum lease payments under these agreements for future fiscal years are as follows (in thousands):
Year Ending December 31, |  | Amount
2015 |  | $ | 1,085
2016 |  |  | 1,088
2017 |  |  | 296
2018 |  |  | 120
2019 |  |  | 122
Thereafter |  |  | 249
Total |  | $ | 2,960
Parent Guarantees The various operating subsidiaries of the Parent Company enter into contracts as a routine part of their business activities. Examples of these contracts include financing and lease arrangements, commodity purchase and sale agreements, and agreements with vendors. In certain instances, the contractual obligations of such subsidiaries are guaranteed by, or otherwise supported by, the Parent Company. As of December 31, 2014, the Parent Compa ny had $187.9 million in guarantees of subsidiary contracts and indebtedness. 3. DEBT Parent Company debt as of December 31, 2014 is comprised of the 3.25% Convertible Senior Notes due 2018, or the 3.25% Notes. Scheduled long-term debt repayments, excluding the effects of any debt discounts and including full accretion of the 3.25% Notes at their maturity, are as follows (in thousands):
Year Ending December 31, |  | Amount
2015 |  | $ | -
2016 |  |  | -
2017 |  |  | -
2018 |  |  | 120,000
2019 |  |  | -
Thereafter |  |  | -
Total |  | $ | 120,000

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 06 -Article 9 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=7656940&loc=d3e5283-111683 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 12 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 05 -Paragraph c -Article 7 + Details
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