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17. PARENT COMPANY FINANCIALS | 12 Months Ended
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Dec. 31, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
PARENT COMPANY FINANCIALS | Restricted Net Assets – At December 31, 2016, the Company had approximately $287,200,000 of net assets at its subsidiaries that were not available to be transferred to Pacific Ethanol in the form of dividends, distributions, loans or advances due to restrictions contained in the credit facilities of these subsidiaries. Parent company financial statements for the periods covered in this report are set forth below. Pacific Ethanol, Inc. Condensed Financial Information of the Registrant Balance Sheets - Parent Company Only (in thousands)
|  | December 31, |
|  | 2016 |  |  | 2015 |
Cash and cash equivalents |  | $ | 11,060 |  |  | $ | 20,618 |
Receivables from subsidiaries |  |  | 7,203 |  |  |  | 14,505 |
Other current assets |  |  | 6,442 |  |  |  | 11,361 |
Total current assets |  |  | 24,705 |  |  |  | 46,484 |
Property and equipment, net |  |  | 1,433 |  |  |  | 1,695 |
Investments in subsidiaries |  |  | 363,401 |  |  |  | 301,416 |
Pacific Ethanol West plant receivable |  |  | 58,766 |  |  |  | 41,763 |
Other assets |  |  | 1,110 |  |  |  | 838 |
Total other assets |  |  | 423,277 |  |  |  | 344,017 |
Total Assets |  | $ | 449,415 |  |  | $ | 392,196 |
Accounts payable and accrued liabilities |  | $ | 1,758 |  |  | $ | 1,963 |
Payables to subsidiaries |  |  | 1,568 |  |  |  | 13,230 |
Accrued PE Op Co. purchase |  |  | 3,829 |  |  |  | 3,828 |
Other current liabilities |  |  | 183 |  |  |  | – |
Total current liabilities |  |  | 7,338 |  |  |  | 19,021 |
Long Term debt, net |  |  | 53,360 |  |  |  | – |
Warrant liabilities at fair value |  |  | 651 |  |  |  | 273 |
Deferred tax liabilities |  |  | 52 |  |  |  | 1,174 |
Other liabilities |  |  | 124 |  |  |  | 184 |
Total Liabilities |  |  | 61,525 |  |  |  | 20,652 |
Preferred stock |  |  | 1 |  |  |  | 1 |
Common stock |  |  | 40 |  |  |  | 39 |
Non-voting common stock |  |  | 4 |  |  |  | 4 |
Additional paid-in capital |  |  | 922,698 |  |  |  | 902,843 |
Accumulated other comprehensive income (expense) |  |  | (2,620 | ) |  |  | 1,040 |
Accumulated deficit |  |  | (532,233 | ) |  |  | (532,383 | )
Total Pacific Ethanol, Inc. stockholders' equity |  |  | 387,890 |  |  |  | 371,544 |
Total Liabilities and Stockholders' Equity |  | $ | 449,415 |  |  | $ | 392,196 |
Pacific Ethanol, Inc. Condensed Financial Information of the Registrant Statements of Operations - Parent Company Only (in thousands)
|  | Years Ended December 31, |
|  | 2016 |  |  | 2015 |  |  | 2014 |
Management fees from subsidiaries |  | $ | 12,968 |  |  | $ | 9,857 |  |  | $ | 12,731 |
Selling, general and administrative expenses |  |  | 14,491 |  |  |  | 14,336 |  |  |  | 12,779 |
Asset impairment |  |  | – |  |  |  | 1,970 |  |  |  | – |
Loss from operations |  |  | (1,523 | ) |  |  | (6,449 | ) |  |  | (48 | )
Fair value adjustments and warrant inducements |  |  | (557 | ) |  |  | 1,641 |  |  |  | (37,532 | )
Interest income |  |  | 5,964 |  |  |  | 5,739 |  |  |  | 4,753 |
Interest expense |  |  | (240 | ) |  |  | (27 | ) |  |  | (1,813 | )
Loss on extinguishments of debt |  |  | – |  |  |  | – |  |  |  | (2,363 | )
Other income |  |  | 1,931 |  |  |  | – |  |  |  | – |
Income (loss) before provision for income taxes |  |  | 5,575 |  |  |  | 904 |  |  |  | (37,003 | )
Provision (benefit) for income taxes |  |  | (981 | ) |  |  | (10,034 | ) |  |  | 15,137 |
Income (loss) before equity in earnings of subsidiaries |  |  | 6,556 |  |  |  | 10,938 |  |  |  | (52,140 | )
Equity in earnings (losses) of subsidiaries |  |  | (5,137 | ) |  |  | (29,724 | ) |  |  | 73,429 |
Consolidated net income (loss) |  | $ | 1,419 |  |  | $ | (18,786 | ) |  | $ | 21,289 |
Pacific Ethanol, Inc. Condensed Financial Information of the Registrant Statements of Cash Flows - Parent Company Only (in thousands)
|  | 2016 |  |  | 2015 |  |  | 2014 |
Operating Activities: |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 1,419 |  |  | $ | (18,786 | ) |  | $ | 21,289 |
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Equity in earnings (losses) of subsidiaries |  |  | 5,137 |  |  |  | 29,724 |  |  |  | (73,429 | )
Depreciation and amortization |  |  | 727 |  |  |  | 390 |  |  |  | 126 |
Fair value adjustments |  |  | 557 |  |  |  | (1,641 | ) |  |  | 35,260 |
Loss on extinguishments of debt |  |  | – |  |  |  | – |  |  |  | 2,363 |
Asset impairment |  |  | – |  |  |  | 1,970 |  |  |  | – |
Deferred income taxes |  |  | (1,122 | ) |  |  | (14,260 | ) |  |  | 5,128 |
Amortization of debt discount |  |  | 10 |  |  |  | – |  |  |  | 1,674 |
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivables |  |  | 7,302 |  |  |  | (5,958 | ) |  |  | (7,001 | )
Other assets |  |  | 4,647 |  |  |  | (4,139 | ) |  |  | 1,365 |
AP and accruals |  |  | (3,741 | ) |  |  | 604 |  |  |  | (587 | )
Accounts payable with subsidiaries |  |  | (9,385 | ) |  |  | 11,179 |  |  |  | 5,846 |
Net cash provided by (used in) provided by operating activities |  | $ | 5,551 |  |  | $ | (917 | ) |  | $ | (7,966 | )
Investing Activities: |  |  |  |  |  |  |  |  |  |  |  |
Additions to property and equipment |  | $ | (465 | ) |  | $ | (1,483 | ) |  | $ | (455 | )
Purchases of investments in subsidiaries |  |  | – |  |  |  | – |  |  |  | (6,000 | )
Investments in subsidiaries |  |  | (50,886 | ) |  |  | – |  |  |  | – |
Purchase of PE OP Co. debt |  |  | (17,003 | ) |  |  | – |  |  |  | (17,038 | )
Net cash used in investing activities |  | $ | (68,354 | ) |  | $ | (1,483 | ) |  | $ | (23,493 | )
Financing Activities: |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from issuance of senior notes |  | $ | 53,350 |  |  | $ | – |  |  | $ | – |
Proceeds from exercise of warrants |  |  | 1,164 |  |  |  | 368 |  |  |  | 43,676 |
Preferred stock dividends |  |  | (1,269 | ) |  |  | (1,265 | ) |  |  | (3,459 | )
Proceeds from equity raise |  |  | – |  |  |  | – |  |  |  | 26,073 |
Payment on related party note |  |  | – |  |  |  | – |  |  |  | (750 | )
Payments on senior notes |  |  | – |  |  |  | – |  |  |  | (13,984 | )
Net cash provided by (used in) financing activities |  | $ | 53,245 |  |  | $ | (897 | ) |  | $ | 51,556 |
Net increase (decrease) increase in cash and equivalents |  |  | (9,558 | ) |  |  | (3,297 | ) |  |  | 20,097 |
Cash and equivalents at beginning of period |  |  | 20,618 |  |  |  | 23,915 |  |  |  | 3,818 |
Cash and equivalents at ending of period |  | $ | 11,060 |  |  | $ | 20,618 |  |  | $ | 23,915 |

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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 FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.7-05(c)(Schedule II)) -URI http://asc.fasb.org/extlink&oid=6879921&loc=d3e569147-122900 Reference 2: 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=68079674&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 235 -Section S99 -Paragraph 2 -Subparagraph (SX 210.9-06) -URI http://asc.fasb.org/extlink&oid=6882215&loc=d3e537971-122884 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(c)(Schedule I)) -URI http://asc.fasb.org/extlink&oid=27047687&loc=d3e5864-122674 Reference 5: 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 + Details
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