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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________
FORM 10-Q
(Mark One)
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Quarterly Period Ended September 30, 2022
OR
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from ______ to ______
Commission File Number 001-32924
GREEN PLAINS INC.
(Exact name of registrant as specified in its charter)
Iowa84-1652107
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
1811 Aksarben Drive, Omaha, NE 68106
(402) 884-8700
(Address of principal executive offices, including zip code)(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.001 per shareGPREThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer

Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes No
The registrant had 59,295,496 common stock outstanding as of October 28, 2022.


TABLE OF CONTENTS
2

Commonly Used Defined Terms
Green Plains Inc. and Subsidiaries:
Green Plains; the companyGreen Plains Inc. and its subsidiaries
FQTFluid Quip Technologies, LLC
Green Plains Commodity ManagementGreen Plains Commodity Management LLC
Green Plains Finance CompanyGreen Plains Finance Company LLC
Green Plains GrainGreen Plains Grain Company LLC
Green Plains Mount Vernon; Mount VernonGreen Plains Mount Vernon LLC
Green Plains Obion; ObionGreen Plains Obion LLC
Green Plains Partners; the partnershipGreen Plains Partners LP
Green Plains Shenandoah; ShenandoahGreen Plains Shenandoah LLC
Green Plains TradeGreen Plains Trade Group LLC
Green Plains Wood River; Wood RiverGreen Plains Wood River LLC
Accounting Defined Terms:
AOCIAccumulated Other Comprehensive Income
ASCAccounting Standards Codification
EBITDAEarnings before interest, income taxes, depreciation and amortization
EPSEarnings per share
Exchange ActSecurities Exchange Act of 1934, as amended
GAAPU.S. Generally Accepted Accounting Principles
LIBORLondon Interbank Offered Rate
SECSecurities and Exchange Commission
SOFRSecured Overnight Financing Rate
Industry and Other Defined Terms:
BlackRockFunds and accounts managed by BlackRock
the CARES ActCoronavirus Aid, Relief, and Economic Security Act
COVID-19Coronavirus Disease 2019
CST
Clean Sugar TechnologyTM
DOEDepartment of Energy
E10Gasoline blended with up to 10% ethanol by volume
E15Gasoline blended with up to 15% ethanol by volume
EIAU.S. Energy Information Administration
EPAU.S. Environmental Protection Agency
FFVFlexible-fuel vehicle
LCFSLow Carbon Fuel Standard
MmBtuMillion British Thermal Units
MmgMillion gallons
MSCTM
Maximized Stillage Coproducts produced using process technology developed by Fluid Quip Technologies LLC
MTBEMethyl tertiary-butyl ether
RFSRenewable Fuels Standard
RINRenewable identification number
RVORenewable volume obligation
SRESmall refinery exemption
U.S.United States
USDAU.S. Department of Agriculture
3

PART 1 – FINANCIAL INFORMATION
Item 1. Financial Statements.
GREEN PLAINS INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
September 30,
2022
December 31,
2021
(unaudited)
ASSETS
Current assets
Cash and cash equivalents$420,838 $426,220 
Restricted cash66,610 134,739 
Marketable securities24,989 124,859 
Accounts receivable, net of allowances of $204 and $682, respectively
118,362 119,961 
Income taxes receivable1,072 911 
Inventories258,852 267,838 
Prepaid expenses and other13,572 16,483 
Derivative financial instruments31,318 26,738 
Total current assets935,613 1,117,749 
Property and equipment, net of accumulated depreciation and amortization of $611,773 and $567,027, respectively
1,016,349 893,517 
Operating lease right-of-use assets63,464 64,042 
Other assets86,114 84,447 
Total assets$2,101,540 $2,159,755 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable$123,035 $146,063 
Accrued and other liabilities45,947 56,980 
Derivative financial instruments25,883 43,244 
Operating lease current liabilities17,800 16,814 
Short-term notes payable and other borrowings206,102 173,418 
Current maturities of long-term debt1,835 35,285 
Total current liabilities420,602 471,804 
Long-term debt495,269 514,006 
Operating lease long-term liabilities48,934 49,795 
Other liabilities23,501 22,131 
Total liabilities988,306 1,057,736 
Commitments and contingencies (Note 13)
Stockholders' equity
Common stock, $0.001 par value; 150,000,000 shares authorized; 62,087,927 and 61,840,434 shares issued, and 59,282,868 and 53,595,978 shares outstanding, respectively
62 62 
Additional paid-in capital1,107,786 1,069,573 
Retained deficit(103,801)(15,199)
Accumulated other comprehensive loss(10,831)(12,310)
Treasury stock, 2,805,059 and 8,244,456 shares, respectively
(31,174)(91,626)
Total Green Plains stockholders' equity962,042 950,500 
Noncontrolling interests151,192 151,519 
Total stockholders' equity1,113,234 1,102,019 
Total liabilities and stockholders' equity$2,101,540 $2,159,755 
See accompanying notes to the consolidated financial statements.
4

GREEN PLAINS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited and in thousands, except per share amounts)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022202120222021
Revenues
Product revenues$946,852 $745,240 $2,733,477 $2,019,006 
Service revenues8,125 1,551 15,329 5,843 
Total revenues954,977 746,791 2,748,806 2,024,849 
Costs and expenses
Cost of goods sold (excluding depreciation and amortization expenses reflected below)956,857 730,179 2,650,680 1,878,820 
Operations and maintenance expenses6,287 5,162 18,012 17,153 
Selling, general and administrative expenses29,066 26,022 90,042 72,923 
Loss (gain) on sale of assets, net 1,823  (31,245)
Depreciation and amortization expenses24,647 28,280 66,013 69,493 
Total costs and expenses1,016,857 791,466 2,824,747 2,007,144 
Operating income (loss)(61,880)(44,675)(75,941)17,705 
Other income (expense)
Interest income1,763 25 2,640 496 
Interest expense(9,576)(9,488)(26,182)(60,225)
Other, net(182)(440)28,394 (1,680)
Total other income (expense)(7,995)(9,903)4,852 (61,409)
Loss before income taxes and income (loss) from equity method investees(69,875)(54,578)(71,089)(43,704)
Income tax benefit (expense)1,888 (7)146 2,914 
Income (loss) from equity method investees84 174 (112)517 
Net loss(67,903)(54,411)(71,055)(40,273)
Net income attributable to noncontrolling interests5,623 5,211 17,547 16,151 
Net loss attributable to Green Plains$(73,526)$(59,622)$(88,602)$(56,424)
Earnings per share:
Net loss attributable to Green Plains - basic and diluted$(1.27)$(1.18)$(1.62)$(1.27)
Weighted average shares outstanding:
Basic and diluted57,677 50,482 54,550 44,581 
See accompanying notes to the consolidated financial statements.
5

GREEN PLAINS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited and in thousands)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022202120222021
Net loss$(67,903)$(54,411)$(71,055)$(40,273)
Other comprehensive income, net of tax:
Unrealized gains on derivatives arising during the period, net of tax expense of ($2,494), ($171), ($836) and ($260), respectively
7,740 538 2,591 820 
Reclassification of realized losses (gains) on derivatives, net of tax expense (benefit) of $536, $62, $359 and ($750), respectively
(1,662)(194)(1,112)2,390 
Total other comprehensive income, net of tax6,078 344 1,479 3,210 
Comprehensive loss(61,825)(54,067)(69,576)(37,063)
Comprehensive income attributable to noncontrolling interests5,623 5,211 17,547 16,151 
Comprehensive loss attributable to Green Plains$(67,448)$(59,278)$(87,123)$(53,214)
See accompanying notes to the consolidated financial statements.
6

GREEN PLAINS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited and in thousands)
Nine Months Ended
September 30,
20222021
Cash flows from operating activities:
Net loss$(71,055)$(40,273)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization66,013 69,493 
Amortization of debt issuance costs3,214 6,957 
Gain on sale of assets, net (31,245)
Inventory lower of cost or net realizable value adjustment11,177  
Loss on extinguishment of debt419 32,645 
Deferred income taxes(477)(3,008)
Stock-based compensation6,646 3,980 
Loss (income) from equity method investees112 (517)
Other1,212 1,199 
Changes in operating assets and liabilities before effects of business combinations and dispositions:
Accounts receivable(1,063)(33,776)
Inventories(2,191)4,088 
Derivative financial instruments(19,985)(2,386)
Prepaid expenses and other assets2,911 175 
Accounts payable and accrued liabilities(30,283)(35,007)
Current income taxes(51)(1,073)
Other(1,065)876 
Net cash used in operating activities(34,466)(27,872)
Cash flows from investing activities:
Purchases of property and equipment, net(183,225)(123,687)
Proceeds from the sale of assets 87,217 
Proceeds from the sale of marketable securities99,917  
Other investing activities(6,976)(7,000)
Net cash used in investing activities(90,284)(43,470)
Cash flows from financing activities:
Proceeds from the issuance of long-term debt45,000 367,701 
Payments of principal on long-term debt(1,347)(188,706)
Proceeds from short-term borrowings1,649,828 2,450,416 
Payments on short-term borrowings(1,616,226)(2,432,553)
Payments on extinguishment of convertible debt(1,766)(20,861)
Payments of cash distributions(16,498)(4,187)
Proceeds from issuance of common stock, net 356,011 
Payments of loan fees(2,522)(9,050)
Payments related to tax withholdings for stock-based compensation(3,806)(4,674)
Other financing activities(1,424)3,330 
Net cash provided by financing activities51,239 517,427 
Net change in cash, cash equivalents and restricted cash(73,511)446,085 
Cash, cash equivalents and restricted cash, beginning of period560,959 274,810 
Cash, cash equivalents and restricted cash, end of period$487,448 $720,895 
Continued on the following page
7

GREEN PLAINS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited and in thousands)
Continued from the previous page
Nine Months Ended
September 30,
20222021
Reconciliation of total cash, cash equivalents and restricted cash:
Cash and cash equivalents$420,838 $589,822 
Restricted cash66,610 131,073 
Total cash, cash equivalents and restricted cash$487,448 $720,895 
Non-cash financing activities:
Exchange of 4.00% convertible notes due 2024 for shares of common stock held in treasury stock
$64,000 $51,000 
Exchange of 4.125% convertible notes due 2022 for shares of common stock held in treasury stock
$32,550 $ 
Supplemental investing activities:
Assets disposed of in sale$ $54,626 
Less: liabilities relinquished (3,706)
Net assets disposed$ $50,920 
Supplemental disclosures of cash flow:
Cash paid for income taxes, net$381 $1,336 
Cash paid for interest$26,126 $25,529 
Capital expenditures in accounts payable$10,289 $12,207 
Cash premium paid for extinguishment of convertible notes$ $20,861 
See accompanying notes to the consolidated financial statements.
8

GREEN PLAINS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
1.    BASIS OF PRESENTATION, DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
References to the Company
References to “Green Plains” or the “company” in the consolidated financial statements and in these notes to the consolidated financial statements refer to Green Plains 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 September 30, 2022, 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 September 30, 2022 and December 31, 2021, excluding intercompany balances, are $95.4 million and $100.3 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 September 30, 2022 and December 31, 2021, excluding intercompany balances, are $109.7 million and $111.4 million, respectively, which primarily consist of long-term debt as discussed in Note 8 – 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.
The company also owns a majority interest in FQT, with their results being consolidated in our consolidated financial statements.
The accompanying unaudited consolidated financial statements are prepared in accordance with GAAP for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Because they do not include all of the information and notes required by GAAP, the consolidated financial statements should be read in conjunction with the company’s annual report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 18, 2022.
The unaudited financial information reflects adjustments, which are, in the opinion of management, necessary for a fair presentation of results of operations, financial position and cash flows for the periods presented. The adjustments are normal and recurring in nature, unless otherwise noted. Interim period results are not necessarily indicative of the results to be expected for the entire year.
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. Key accounting policies, including but not limited to those relating to impairment of long-lived assets and goodwill, 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.
9

Description of Business
The company operates within three operating segments: (1) ethanol production, which includes the production of ethanol, including industrial-grade alcohol, distillers grains, Ultra-High Protein and 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, 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 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, for payment towards a credit agreement, or for capital expenditures as specified in certain credit facility agreements. Restricted cash also includes cash margins and securities pledged to commodity exchange clearinghouses and at times, funds in escrow related to acquisition and disposition activities. 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, 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. Revenues related to grain merchandising are presented gross and include shipping and handling, which is also a component of cost of goods sold. Revenues from grain storage are recognized over time as the services are rendered.
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.
10

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 direct labor, materials, shipping and plant overhead costs. Direct labor includes all compensation and related benefits of non-management personnel involved in ethanol production. Grain purchasing and receiving costs, excluding labor costs for grain buyers and scale operators, are also included in cost of goods sold. 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 realized gains and losses on cash flow hedges from accumulated other comprehensive income or loss. Plant overhead consists primarily of plant utilities, repairs and maintenance and outbound freight charges. Shipping costs incurred by the company, including railcar costs, are also reflected in cost of goods sold.
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, 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. 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.
The company evaluates its physical delivery contracts to determine if they qualify for normal purchase or sale exemptions which are expected to be used or sold over a reasonable period in the normal course of business. Contracts that do not meet the normal purchase or sale criteria are recorded at fair value. 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
11

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.
Recent Accounting Pronouncements
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 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 does not expect the amended guidance to have a material impact on its hedging relationships nor a material impact on the company's consolidated financial statements.
2.    REVENUE
Revenue by Source
The following tables disaggregate revenue by major source (in thousands):
Three Months Ended September 30, 2022
Ethanol ProductionAgribusiness & Energy
Services
PartnershipEliminationsTotal
Revenues:
Revenues from contracts with customers under ASC 606:
Ethanol$ $ $ $ $ 
Distillers grains3,219    3,219 
Corn oil     
Service revenues7,089  1,036  8,125 
Other258 2,211   2,469 
Intersegment revenues  1,850 (1,850)— 
Total revenues from contracts with customers10,566 2,211 2,886 (1,850)13,813 
Revenues from contracts accounted for as derivatives under ASC 815 (1):
Ethanol619,665 127,344   747,009 
Distillers grains123,892 11,330   135,222 
Corn oil47,668    47,668 
Other9,224 2,041   11,265 
Intersegment revenues 6,836  (6,836)— 
Total revenues from contracts accounted for as derivatives800,449 147,551  (6,836)941,164 
Leasing revenues under ASC 842 (2):
  17,180 (17,180) 
Total Revenues$811,015 $149,762 $20,066 $(25,866)$954,977 
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Nine Months Ended September 30, 2022
Ethanol ProductionAgribusiness & Energy
Services
PartnershipEliminationsTotal
Revenues:
Revenues from contracts with customers under ASC 606:
Ethanol$ $ $ $ $ 
Distillers grains19,982    19,982 
Corn oil     
Service revenues12,376  2,953  15,329 
Other15,608 5,160   20,768 
Intersegment revenues 234 5,788 (6,022)— 
Total revenues from contracts with customers47,966 5,394 8,741 (6,022)56,079 
Revenues from contracts accounted for as derivatives under ASC 815 (1):
Ethanol1,736,228 361,036   2,097,264 
Distillers grains365,839 34,629   400,468 
Corn oil140,513 3,957   144,470 
Other19,188 31,337   50,525 
Intersegment revenues 19,680  (19,680)— 
Total revenues from contracts accounted for as derivatives2,261,768 450,639  (19,680)2,692,727 
Leasing revenues under ASC 842 (2):
  50,079 (50,079) 
Total Revenues$2,309,734 $456,033 $58,820 $(75,781)$2,748,806 
Three Months Ended September 30, 2021
Ethanol ProductionAgribusiness & Energy
Services
PartnershipEliminationsTotal
Revenues:
Revenues from contracts with customers under ASC 606:
Ethanol$ $ $ $ $ 
Distillers grains6,936    6,936 
Corn oil     
Service revenues520  1,019  1,539 
Other8,633 9,597   18,230 
Intersegment revenues  1,969 (1,969)— 
Total revenues from contracts with customers16,089 9,597 2,988 (1,969)26,705 
Revenues from contracts accounted for as derivatives under ASC 815 (1):
Ethanol455,843 109,552   565,395 
Distillers grains77,008 9,699   86,707 
Corn oil35,363 11,222   46,585 
Grain 13,505   13,505 
Other4,046 3,837   7,883 
Intersegment revenues