Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 29, 2016 | |
Document Document And Entity Information [Abstract] | ||
Entity Registrant Name | Renewable Energy Group, Inc. | |
Entity Central Index Key | 1,463,258 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 43,716,170 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 164,052 | $ 47,081 |
Accounts receivable, net | 106,350 | 310,731 |
Inventories | 133,781 | 85,890 |
Prepaid expenses and other assets | 43,273 | 31,882 |
Total current assets | 447,456 | 475,584 |
Property, plant and equipment, net | 600,530 | 574,584 |
Goodwill | 16,080 | 16,080 |
Intangible assets, net | 30,624 | 30,941 |
Investments | 12,180 | 8,797 |
Other assets | 11,672 | 11,819 |
Restricted cash | 105,815 | 105,815 |
TOTAL ASSETS | 1,224,357 | 1,223,620 |
CURRENT LIABILITIES: | ||
Lines of credit | 2,864 | 23,149 |
Current maturities of long-term debt | 9,109 | 5,206 |
Accounts payable | 246,580 | 236,817 |
Accrued expenses and other liabilities | 28,192 | 28,799 |
Total current liabilities | 286,745 | 293,971 |
Unfavorable lease obligation | 16,886 | 17,343 |
Deferred income taxes | 19,020 | 19,186 |
Contingent consideration for acquisitions | 28,890 | 26,949 |
Long-term debt (net of debt issuance costs of $3,817 and $4,105, respectively) | 251,154 | 247,251 |
Other liabilities | 4,856 | 4,910 |
Total liabilities | $ 607,551 | $ 609,610 |
COMMITMENTS AND CONTINGENCIES | ||
EQUITY: | ||
Common stock ($.0001 par value; 300,000,000 shares authorized; 43,723,893 and 43,837,714 shares outstanding, respectively) | $ 5 | $ 4 |
Common stock—additional paid-in-capital | 479,808 | 474,367 |
Retained earnings | 171,336 | 169,680 |
Accumulated other comprehensive loss | (2,430) | (4,009) |
Treasury stock (3,826,166 and 3,178,372 shares outstanding, respectively) | (34,579) | (28,762) |
Total equity attributable to the Company's shareholders | 614,140 | 611,280 |
Non-controlling interest | 2,666 | 2,730 |
Total equity | 616,806 | 614,010 |
TOTAL LIABILITIES AND EQUITY | $ 1,224,357 | $ 1,223,620 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Statement of Financial Position [Abstract] | ||
Less: Debt issuance costs (net of accumulated amortization of $2,515 and $2,296, respectively | $ 3,817 | $ 4,105 |
Common stock, par or stated value per share (in usd per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, shares, outstanding (in shares) | 43,723,893 | 43,837,714 |
Treasury stock, shares outstanding (in shares) | 3,826,166 | 3,178,372 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
REVENUES: | ||
Biomass-based diesel sales | $ 247,164 | $ 221,026 |
Biomass-based diesel government incentives | 58,401 | 9,788 |
Total biodiesel sales | 305,565 | 230,814 |
Services | 29 | 104 |
Total revenues | 305,594 | 230,918 |
COSTS OF GOODS SOLD: | ||
Biomass-based diesel | 280,484 | 242,510 |
Biomass-based diesel—related parties | 0 | 4,542 |
Services | 2 | 61 |
Total cost of goods sold | 280,486 | 247,113 |
GROSS PROFIT (LOSS) | 25,108 | (16,195) |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 19,777 | 16,675 |
RESEARCH AND DEVELOPMENT EXPENSE | 3,926 | 3,860 |
GAIN ON INVOLUNTARY CONVERSION | (3,543) | 0 |
INCOME (LOSS) FROM OPERATIONS | 4,948 | (36,730) |
OTHER INCOME (EXPENSE), NET: | ||
Other income (loss), net | (73) | 272 |
Interest expense | (3,311) | (2,743) |
Total other income (expenses) | (3,384) | (2,471) |
INCOME (LOSS) BEFORE INCOME TAXES | 1,564 | (39,201) |
INCOME TAX BENEFIT | 122 | 897 |
NET INCOME (LOSS) | 1,686 | (38,304) |
LESS—NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTEREST | 30 | (197) |
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY | 1,656 | (38,107) |
LESS—EFFECT OF PARTICIPATING SHARE-BASED AWARDS | (24) | 0 |
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY’S COMMON STOCKHOLDERS | $ 1,632 | $ (38,107) |
NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS: | ||
BASIC (in dollars per share) | $ 0.04 | $ (0.86) |
DILUTED (in dollars per share) | $ 0.04 | $ (0.86) |
WEIGHTED AVERAGE SHARES USED TO COMPUTE NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS: | ||
BASIC (in shares) | 43,899,084 | 44,362,637 |
DILUTED (in shares) | 43,899,084 | 44,362,637 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ 1,686 | $ (38,304) |
Unrealized gains (losses) on marketable securities, net of taxes of $0 and $0, respectively | 0 | 9 |
Foreign currency translation adjustments | 1,664 | (4,641) |
Other comprehensive income (loss) | 1,664 | (4,632) |
Comprehensive income (loss) | 3,350 | (42,936) |
Less—Comprehensive income (loss) attributable to noncontrolling interest | 85 | 0 |
Comprehensive income (loss) attributable to the Company | $ 3,265 | $ (42,936) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Taxes on unrealized losses on marketable securities | $ 0 | $ 0 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Equity (unaudited) - USD ($) $ in Thousands | Total | Common Stock | Common Stock - Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Noncontrolling Interest |
Beginning Balance at Dec. 31, 2014 | $ 778,662 | $ 4 | $ 453,109 | $ 321,083 | $ (11) | $ (4,412) | $ 8,889 |
Beginning Balance, shares at Dec. 31, 2014 | 44,422,881 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common stock | 412 | 412 | |||||
Issuance of common stock, shares | 37,966 | ||||||
Treasury stock purchases | (5,000) | (5,000) | |||||
Treasury stock purchases, shares | (525,281) | ||||||
Acquisition of noncontrolling interest | (4,064) | (4,064) | |||||
Stock compensation expense | 1,080 | 1,080 | |||||
Other comprehensive income | (4,632) | (4,632) | |||||
Net income (loss) | (38,304) | (38,107) | (197) | ||||
Ending Balance at Mar. 31, 2015 | 728,154 | $ 4 | 454,601 | 282,976 | (4,643) | (9,412) | 4,628 |
Ending Balance, Shares at Mar. 31, 2015 | 43,935,566 | ||||||
Beginning Balance at Dec. 31, 2015 | 614,010 | $ 4 | 474,367 | 169,680 | (4,009) | (28,762) | 2,730 |
Beginning Balance, shares at Dec. 31, 2015 | 43,837,714 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common stock | 316 | 316 | |||||
Issuance of common stock, shares | 33,973 | ||||||
Issuance of common stock in acquisition | 4,050 | $ 1 | 4,049 | ||||
Issuance of common stock in acquisition, shares | 500,000 | ||||||
Treasury stock purchases | (5,817) | (5,817) | |||||
Treasury stock purchases, shares | (647,794) | ||||||
Acquisition of noncontrolling interest | (179) | (179) | |||||
Stock compensation expense | 1,076 | 1,076 | |||||
Other comprehensive income | 1,664 | 1,579 | 85 | ||||
Net income (loss) | 1,686 | 1,656 | 30 | ||||
Ending Balance at Mar. 31, 2016 | $ 616,806 | $ 5 | $ 479,808 | $ 171,336 | $ (2,430) | $ (34,579) | $ 2,666 |
Ending Balance, Shares at Mar. 31, 2016 | 43,723,893 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ 1,686 | $ (38,304) |
Adjustments to reconcile net income (loss) to net cash flows from operating activities: | ||
Depreciation expense | 7,674 | 5,613 |
Amortization expense of assets and liabilities, net | 161 | 113 |
Gain on involuntary conversion | (3,543) | 0 |
Accretion of convertible note discount | 1,203 | 1,158 |
Change in fair value of contingent consideration | (15) | 293 |
Provision for doubtful accounts | (160) | (816) |
Stock compensation expense | 1,076 | 1,080 |
Deferred tax benefit | (166) | (938) |
Other operating activities | (117) | 199 |
Changes in asset and liabilities, net of effects from acquisitions: | ||
Accounts receivable, net | 204,628 | 242,572 |
Inventories | (45,789) | (24,123) |
Prepaid expenses and other assets | (10,817) | 4,508 |
Accounts payable | 10,008 | (20,482) |
Accrued expenses and other liabilities | (2,543) | (6,851) |
Net cash flows provided by operating activities | 163,286 | 164,022 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Cash received from maturities of marketable securities | 0 | 13,733 |
Cash receipts for involuntary conversion | 3,543 | 0 |
Transfer out of restricted cash | 0 | 12,845 |
Cash paid for purchase of property, plant and equipment | (14,770) | (12,178) |
Cash paid for acquisitions and additional interests, net of cash acquired | (12,720) | (4,064) |
Cash paid for investments | (3,249) | 0 |
Net cash flows provided by (used in) investing activities | (27,196) | 10,336 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net repayments on Wells Fargo Revolver | (23,149) | (15,325) |
Borrowings on other lines of credits | 2,820 | 0 |
Cash received from notes payable | 7,537 | 0 |
Cash paid on notes payable | (1,312) | (1,317) |
Cash paid for debt issuance costs | (112) | (317) |
Cash paid for treasury stock | (4,873) | (5,000) |
Cash paid for contingent consideration settlement | (581) | (1,052) |
Net cash flows used in financing activities | (19,670) | (23,011) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 116,420 | 151,347 |
CASH AND CASH EQUIVALENTS, Beginning of period | 47,081 | 63,516 |
Effect of exchange rate changes on cash | 551 | (1,318) |
CASH AND CASH EQUIVALENTS, End of period | 164,052 | 213,545 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION: | ||
Cash paid for income taxes | 122 | 0 |
Cash paid for interest | 1,027 | 715 |
Amounts included in period-end accounts payable for: | ||
Purchases of property, plant and equipment | 6,224 | 3,511 |
Debt issuance cost | 50 | 28 |
Incentive stock liability for raw material supply agreement | 0 | 70 |
Treasury stock | 944 | 0 |
Issuance of common stock for acquisitions | 4,050 | 0 |
Contingent consideration for acquisitions | $ 4,500 | $ 0 |
Basis of Presentation and Natur
Basis of Presentation and Nature of the Business | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Nature of the Business | BASIS OF PRESENTATION AND NATURE OF THE BUSINESS The condensed consolidated financial statements have been prepared by Renewable Energy Group, Inc. and its subsidiaries (the "Company" or "REG"), pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been condensed or omitted as permitted by such rules and regulations. All adjustments, consisting of normal recurring adjustments, have been included. Management believes that the disclosures are adequate to present fairly the financial position, results of operations and cash flows at the dates and for the periods presented. It is suggested that these interim financial statements be read in conjunction with the consolidated financial statements and the notes thereto appearing in the Company’s latest annual report on Form 10-K filed on March 14, 2016. Results for interim periods are not necessarily indicative of those to be expected for the fiscal year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and related disclosures. Actual results could differ from those estimates. As of March 31, 2016 , the Company operates a network of twelve biorefineries in North America, which includes eleven operating biomass-based diesel production facilities with aggregate nameplate production capacity of 452 million gallons per year, or mmgy, along with a fermentation facility. The Company's network includes the addition of a 20 -million gallon nameplate capacity biomass-based diesel refinery located in DeForest, Wisconsin resulting from its acquisition of the biorefinery and related assets of Sanimax Energy, LLC ("Sanimax Energy") in March 2016. A number of these plants are “multi-feedstock capable” which allows them to use a broad range of lower cost feedstocks, such as inedible corn oil, used cooking oil and inedible animal fats in addition to vegetable oils, such as soybean oil and canola oil. The Company expanded its business to Europe by acquiring a majority interest in Petrotec AG ("Petrotec") in December 2014. Petrotec is a fully-integrated company that produces biodiesel at its two biorefineries in Emden and Oeding, Germany to sell to the European market. The biomass-based diesel industry and the Company’s business have benefited from the continuation of certain federal and state incentives. The federal biodiesel mixture excise tax credit (the "BTC") is in effect throughout 2016 and will expire on December 31, 2016. It is uncertain whether the BTC will be reinstated thereafter. The expiration along with other amendments of any one or more of those laws, could adversely affect the financial results of the Company. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Company has disclosed a summary of the Company's significant accounting policies in its Annual Report on Form 10-K for the year ended December 31, 2015 . There have been no material changes from the policies previously disclosed other than those noted below. Accounts Receivable Accounts receivable are carried at invoiced amount less allowance for doubtful accounts. Management estimates the allowance for doubtful accounts based on existing economic conditions, the financial conditions of customers, and the amount and age of past due accounts. Receivables are considered past due if full payment is not received by the contractual due date. Past due accounts are generally written off against the allowance for doubtful accounts only after reasonable collection attempts have been exhausted. At March 31, 2016 , over $231,000 of the receivable amounts outstanding at December 31, 2015 related to the 2015 biodiesel mixture excise tax credit reinstatement were received. Property, Plant and Equipment Property, plant and equipment is recorded at cost less accumulated depreciation. Maintenance and repairs are expensed as incurred. Depreciation expense is computed on a straight-line method based upon estimated useful lives of the assets. In April 2015, the Company experienced a fire at its Geismar facility, resulting in the shutdown of the facility. The Company estimated fixed assets with a net book value of approximately $11,027 were impaired as a result of the fire. As of the date of this report, the Company has received property insurance proceeds of $14,570 , of which $11,027 was related to the property damage. The excess of the property insurance proceeds over the net book value of the impaired assets, $3,543 , was recorded as gain on involuntary conversion on the Condensed Consolidated Statements of Operations during the three months ended March 31, 2016. In September 2015, another fire occurred at the Geismar facility. The Company estimated fixed assets with a net book value of approximately $1,414 were impaired by the September fire. The Company believes it is probable that it will recover all the net book value of the assets damaged by the fire under its insurance policies. As such, a receivable was recorded as an offset to the estimated impairment loss. No impact on earnings was recognized. Goodwill Goodwill is tested for impairment annually on July 31 or when impairment indicators exist. Goodwill is allocated and tested for impairment by reporting units. At March 31, 2016 and December 31, 2015, the Company had goodwill in only one of its reporting units: Services. The annual impairment test at July 31, 2015 determined that the fair value of the Services reporting unit exceeded its carrying value by approximately 21% . The interim goodwill impairment test as of October 31, 2015 determined that the fair value of the Services reporting unit exceeded its carrying value by 24% . There have been no impairment indicators in the first three months of 2016 that would indicate an additional assessment needs to be performed. Share Repurchase Programs In February 2015, the Company's board of directors approved a share repurchase program of up to $30,000 of the Company's shares of common stock. The program is in effect through October 31, 2016. Shares may be repurchased from time to time in open market transactions, privately negotiated transactions or by other means. The Company accounts for share repurchases using the cost method. Under this method, the cost of the share repurchase is recorded entirely in treasury stock, a contra equity account. During the three months ended March 31, 2016 , the Company repurchased shares of Common Stock in the amount of $5,817 , of which $944 was paid after March 31, 2016 under this share repurchase program. In March 2016, the Company's board of directors approved a repurchase program of up to $50,000 of the Company's shares of common stock and/or convertible notes, in effect through March 5, 2018. Under the program, which is in addition to the $30,000 common stock repurchase program announced in February 2015, the Company may repurchase shares or bonds from time to time in open market transactions, privately negotiated transactions or by other means. The timing and amount of repurchase transactions will be determined by the Company's management based on its evaluation of market conditions, share price, bond price, legal requirements and other factors. No shares or convertible notes were repurchased under this program during the three months ended March 31, 2016. New Accounting Standards In March 2016, the FASB issued ASU 2016-08, "Revenue from Contracts with Customers (Topic 606): Principal versus Agent Consideration (Reporting Revenue Gross versus Net)" that clarifies how an entity should identify the unit of accounting for the principal versus agent evaluation and how it should apply the control principle to certain types of arrangements, such as service transactions. The guidance also re-frames the indicators to focus on evidence that an entity is acting as a principal rather than an agent. The guidance is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company is evaluating the impact this guidance will have on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting”. The amendments in this updated guidance include changes to simplify the codification for several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public entities, this guidance is effective for fiscal years beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is permitted. The Company is evaluating the impact this new guidance will have on its consolidated financial statements. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS Sanimax Energy, LLC On March 15, 2016, the Company acquired fixed assets and inventory from Sanimax Energy, including the 20 mmgy nameplate capacity biomass-based refinery in DeForest, Wisconsin. The Company has not completed its initial accounting of this business combination as the valuation of the real and personal property has not been finalized. The following table summarizes the consideration paid for Sanimax Energy: March 15, 2016 Consideration at fair value for Sanimax: Cash $ 12,541 Common stock 4,050 Contingent consideration 4,500 Total $ 21,091 The fair value of the 500,000 shares of Common Stock issued was determined using the closing market price of the Company's common shares at the date of acquisition. REG Madison may pay contingent consideration of up to $5,000 (Earnout Payments) over a seven -year period after the acquisition, subject to achievement of certain milestones related to the biomass-based diesel gallons produced and sold by REG Madison. The Earnout Payments will be payable in cash and cannot exceed $1,700 in any one year period and $5,000 in aggregate. As of March 31, 2016, the Company has recorded a contingent liability of $4,500 , approximately $1,231 of which has been classified as current on the Condensed Consolidated Balance Sheets. The following table summarizes the estimated fair values of the assets acquired at the acquisition date. March 15, 2016 Assets acquired from Sanimax Energy: Inventory $ 1,591 Property, plant and equipment 19,500 Net identifiable assets acquired $ 21,091 The following pro forma condensed combined results of operations assume that the Sanimax Energy acquisition was completed as of January 1, 2015. Three Months Three Months Revenues $ 314,020 $ 237,242 Net income (loss) 1,701 (38,118 ) Basic net income (loss) per share $ 0.04 $ (0.85 ) |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES Inventories consist of the following: March 31, 2016 December 31, 2015 Raw materials $ 40,497 $ 28,989 Work in process 4,027 3,014 Finished goods 89,257 53,887 Total $ 133,781 $ 85,890 |
Other Assets
Other Assets | 3 Months Ended |
Mar. 31, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | OTHER ASSETS Prepaid expense and other assets consist of the following: March 31, 2016 December 31, 2015 Commodity derivatives and related collateral, net $ 10,828 $ 10,097 Prepaid expenses 7,628 8,504 Deposits 3,925 3,824 RIN inventory 15,708 5,656 Taxes receivable 2,625 1,814 Other 2,559 1,987 Total $ 43,273 $ 31,882 RIN inventory values were adjusted in the amounts of $158 and $3,027 at March 31, 2016 and December 31, 2015 , respectively, to reflect the lower of cost or market. Other noncurrent assets consist of the following: March 31, 2016 December 31, 2015 Spare parts inventory $ 2,922 $ 2,922 Deposits 2,280 2,370 Other 6,470 6,527 Total $ 11,672 $ 11,819 |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | INTANGIBLE ASSETS Intangible assets consist of the following: March 31, 2016 Cost Accumulated Amortization Net Weighted Average Remaining Life Raw material supply agreement $ 6,230 $ (1,653 ) $ 4,577 9.8 years Renewable hydrocarbon diesel technology 8,300 (1,014 ) 7,286 13.3 years Ground lease 200 (116 ) 84 5.6 years Acquired customer relationships 2,900 (179 ) 2,721 9.3 years Total amortizing intangibles 17,630 (2,962 ) 14,668 In-process research and development, indefinite lives 15,956 — 15,956 Total intangible assets $ 33,586 $ (2,962 ) $ 30,624 December 31, 2015 Cost Accumulated Amortization Net Weighted Average Remaining Life Raw material supply agreement $ 6,230 $ (1,551 ) $ 4,679 10.0 years Renewable hydrocarbon diesel technology 8,300 (876 ) 7,424 13.5 years Ground lease 200 (112 ) 88 5.9 years Acquired customer relationships 2,900 (106 ) 2,794 9.6 years Total amortizing intangibles 17,630 (2,645 ) 14,985 In-process research and development, indefinite lives 15,956 — 15,956 Total intangible assets $ 33,586 $ (2,645 ) $ 30,941 The Company recorded intangible amortization expense of $317 for the three months ended March 31, 2016 , and $237 for the three months ended March 31, 2015 . The estimated intangible asset amortization expense for the remainder of fiscal year 2016 through fiscal year 2022 and thereafter is as follows: April 1, 2016 through December 31, 2016 $ 972 2017 1,302 2018 1,309 2019 1,315 2020 1,322 2021 1,328 2022 and thereafter 7,120 Total $ 14,668 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | DEBT The Company’s debt is as follows: March 31, 2016 December 31, 2015 2.75% Convertible Senior Notes, $143,750 face amount, due in June 2019 $ 127,255 $ 126,053 REG Geismar GOZone bonds, secured, variable interest rate of daily LIBOR, due in October 2033 100,000 100,000 REG Danville term loan, secured, variable interest rate of LIBOR plus 4%, due in December 2017 6,192 — REG Newton term loan, secured, variable interest rate of LIBOR plus 4%, due in December 2018 16,106 16,800 REG Mason City term loan, fixed interest rate of 5%, due in July 2019 3,445 3,675 REG Ames term loans, secured, fixed interest rates of 3.5% and 4.25%, due in January 2018 and December 2019, respectively 3,818 3,901 REG Grays Harbor term loan, variable interest of minimum of 3.5% or Prime Rate plus 0.25%, due in May 2022 5,225 5,225 Other 2,039 908 Total debt before debt issuance costs 264,080 256,562 Less: current portion of long-term debt 9,109 5,206 Less: Debt issuance costs (net of accumulated amortization of $2,515 and $2,296, respectively 3,817 4,105 Total long-term debt $ 251,154 $ 247,251 On October 31, 2015, REG Danville, LLC entered into an Second Amended and Restated Loan Agreement with Fifth Third Bank regarding the construction/term loan (the "Fifth Third Construction/Term Loan"). The renewed Fifth Third Construction/Term Loan increased the principal amount of the Construction/Term Loan to $12,000 and had a three year term with the maturity of the loan being extended to December 19, 2017. The loan requires monthly principal payments of $212 and interest to be charged using LIBOR plus 4% per annum. The loan agreement contains various loan covenants. As of March 31, 2016, there was $6,192 outstanding under the Fifth Third Construction/Term Loan. Lines of Credit March 31, 2016 December 31, 2015 Amount outstanding under lines of credit $ 2,864 $ 23,149 Maximum available to be borrowed under lines of credit $ 60,205 $ 23,067 On March 16, 2016, REG Energy Services, LLC ("REG Energy Services") entered into an operating and revolving line of credit agreement (the "Agreement") with Bankers Trust Company (“Bankers Trust”). Pursuant to the Agreement, Bankers Trust agreed to provide an operating and revolving line of credit (the "Line of Credit") to REG Energy Services in the amount of $30,000 . Amounts outstanding under the Agreement bear variable interest as stipulated in the Agreement. The Agreement contains various loan covenants that restrict REG Energy Services’ ability to take certain actions, including prohibiting it in certain circumstances from making payments to the Company. In addition, the Line of Credit is secured by substantially all of REG Energy Services’ accounts receivable and inventory. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS The Company reassesses its related parties at reporting dates and has determined that West Central Cooperative, as known as Landus Cooperative ("Landus") is no longer a related party as Landus no longer holds ten percent or more of the Company’s outstanding Common Stock nor a board seat on the Company board for the three months ended March 31, 2016. Transactions with Landus prior to the Company's determination that Landus was no longer a related party amounted to $4,542 for the three months ended March 31, 2015. This amount was included in the Costs of goods sold - Biomass-based diesel on the Condensed Consolidated Statements of Operations. |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | DERIVATIVE INSTRUMENTS The Company enters into heating oil and soybean oil futures, swaps and options ("commodity contract derivatives") to reduce the risk of price volatility related to anticipated purchases of feedstock raw materials and to protect gross profit margins from potentially adverse effects of price volatility on biomass-based diesel sales where prices are set at a future date. All of the Company’s commodity contract derivatives are designated as non-hedge derivatives and recorded at fair value on the Condensed Consolidated Balance Sheets. Unrealized gains and losses are recognized as a component of biomass-based diesel costs of goods sold reflected in current results of operations. As of March 31, 2016 , the net notional volumes of heating oil and soybean oil covered under the open commodity derivative contracts were approximately 98 million gallons and 40 million pounds, respectively. The Company offsets the fair value amounts recognized for its commodity contract derivatives with cash collateral with the same counterparty under a master netting agreement. The net position is presented within prepaid and other assets in the Condensed Consolidated Balance Sheets. The following table sets forth the fair value of the Company's commodity contract derivatives and amounts that offset within the Condensed Consolidated Balance Sheets: March 31, 2016 December 31, 2015 Assets Liabilities Assets Liabilities Gross amounts of derivatives recognized at fair value $ 2,408 $ 6,921 $ 4,644 $ 185 Cash collateral 15,341 — 5,638 — Total gross amount recognized 17,749 6,921 10,282 185 Gross amounts offset (6,921 ) (6,921 ) (185 ) (185 ) Net amount reported in the condensed consolidated balance sheet $ 10,828 $ — $ 10,097 $ — The following table sets forth the commodity contract derivatives losses included in the Condensed Consolidated Statements of Operations: Location of Gain (Loss) Three Months Three Months Commodity derivatives Cost of goods sold – Biomass-based diesel $ (4,269 ) $ (623 ) |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | FAIR VALUE MEASUREMENT The fair value hierarchy prioritizes the inputs used in measuring fair value as follows: • Level 1 — Quoted prices for identical instruments in active markets. • Level 2 — Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations, in which all significant inputs are observable in active markets. • Level 3 — Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. A summary of assets (liabilities) measured at fair value is as follows: As of March 31, 2016 Total Level 1 Level 2 Level 3 Commodity contract derivatives $ (4,513 ) $ (3,350 ) $ (1,163 ) $ — Contingent considerations for acquisitions (45,616 ) — — (45,616 ) $ (50,129 ) $ (3,350 ) $ (1,163 ) $ (45,616 ) As of December 31, 2015 Total Level 1 Level 2 Level 3 Commodity contract derivatives $ 4,459 $ 2,196 $ 2,263 $ — Contingent considerations for acquisitions (41,712 ) — — (41,712 ) $ (37,253 ) $ 2,196 $ 2,263 $ (41,712 ) The following is a reconciliation of the beginning and ending balances for liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3): Contingent Consideration for Acquisitions March 31, 2016 March 31, 2015 Balance at beginning of period $ 41,712 $ 39,319 Fair value of contingent consideration at measurement date 4,500 — Change in estimates included in earnings (15 ) 293 Settlements (581 ) (1,052 ) Balance at end of period $ 45,616 $ 38,560 The estimated fair values of the Company’s financial instruments, which are not recorded at fair value, are as follows: As of March 31, 2016 As of December 31, 2015 Asset (Liability) Fair Value Asset (Liability) Fair Value Financial liabilities: Debt and lines of credit $ (263,127 ) $ (262,664 ) $ (279,711 ) $ (275,123 ) The carrying amounts reported in the Condensed Consolidated Balance Sheets for cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate their fair values. Money market funds are included in cash and cash equivalents on the Condensed Consolidated Balance Sheets. The Company used the following methods and assumptions to estimate fair value of its financial instruments: Commodity derivatives: The instruments held by the Company consist primarily of futures contracts, swap agreements, purchased put options and written call options. The fair value of contracts based on quoted prices of identical assets in an active exchange-traded market is reflected in Level 1. Contract fair value that is determined based on quoted prices of similar contracts in over-the-counter markets is reflected in Level 2. Contingent consideration for acquisitions : The fair value of the contingent consideration regarding REG Life Sciences, LLC ("REG Life Sciences") is determined using an expected present value technique. Expected cash flows are determined using the probability weighted-average of possible outcomes that would occur should achievement of certain milestones related to the development and commercialization of products from REG Life Sciences' technology occur. There is no observable market data available to use in valuing the contingent consideration; therefore, the Company developed its own assumptions related to the expected future delivery of product enhancements to estimate the fair value of these liabilities. An 8.0% discount rate is used to estimate the fair value of the expected payments. The fair value of all other contingent consideration is determined using an expected present value technique. Expected cash flows are determined using the probability weighted-average of possible outcomes that would occur should the achievement of certain milestones related to the production and/or sale of biomass-based diesel at the specific production facility. A discount rate ranging from 5.8% to 10.0% is used to estimate the fair value of the expected payments. Debt and lines of credit: The fair value of long-term debt and lines of credit was established using discounted cash flow calculations and current market rates reflecting Level 2 inputs. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | NET INCOME (LOSS) PER SHARE Basic net income (loss) per share is presented in conformity with the two-class method required for participating securities. Participating securities include, or have included, Series B Preferred Stock and restricted stock units ("RSUs"). Under the two-class method, net income is reduced for distributed and undistributed dividends earned in the current period. The remaining earnings are then allocated to Common Stock and the participating securities. The Company calculates the effects of participating securities on diluted earnings per share ("EPS") using both the “if-converted or treasury stock” and "two-class" methods and discloses the method which results in a more dilutive effect. The effects of Common Stock options, warrants, stock appreciation rights and convertible notes on diluted EPS are calculated using the treasury stock method unless the effects are anti-dilutive to EPS. The following potentially dilutive weighted average securities were excluded from the calculation of diluted net income (loss) per share attributable to common stockholders during the periods presented as the effect was anti-dilutive: Three Months Three Months Options to purchase common stock 87,026 87,026 Stock appreciation rights 2,350,368 2,123,770 Convertible notes 10,838,218 10,838,218 Total 13,275,612 13,049,014 The following table presents the calculation of diluted net loss per share: Three Months Three Months Net income (loss) attributable to the Company’s common stockholders - Basic $ 1,632 $ (38,107 ) Less: effect of participating securities — — Net income (loss) attributable to common stockholders - Dilutive $ 1,632 $ (38,107 ) Shares: Weighted-average shares used to compute basic net income (loss) per share 43,899,084 44,362,637 Adjustment to reflect warrants to purchase common stock — — Adjustment to reflect stock appreciation right conversions — — Weighted-average shares used to compute diluted net income (loss) per share 43,899,084 44,362,637 Net income (loss) per share attributable to common stockholders: Diluted $ 0.04 $ (0.86 ) |
Reportable Segments and Geograp
Reportable Segments and Geographic Information | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Reportable Segments and Geographic Information | REPORTABLE SEGMENTS AND GEOGRAPHIC INFORMATION The Company reports its reportable segments based on products and services provided to customers. The Company re-assesses its reportable segment on an annual basis. During the fourth quarter of 2015, due to the increasing activities surrounding its renewable chemicals business, the Company changed the composition of its operating segments from two reportable segments to three reportable segments by presenting Renewable Chemicals separate from Biomass-based Diesel. The new reportable segments generally align the Company's external financial reporting segments with its new internal operating segments, which are based on its internal organizational structure, operating decisions, and performance assessment. As such, the Company's reportable segments at March 31, 2016 and December 31, 2015 include Biomass-based Diesel, Services, Renewable Chemicals and Corporate and other activities. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. All prior period disclosures below have been recast to present results on a comparable basis. The Biomass-based Diesel segment processes waste vegetable oils, animal fats, virgin vegetable oils and other feedstocks and methanol into biomass-based diesel. The Biomass-based Diesel segment also includes the Company’s purchases and resale of biomass-based diesel produced by third parties. Revenue is derived from the purchases and sales of biomass-based diesel, RINs and raw material feedstocks acquired from third parties, sales of biomass-based diesel produced under toll manufacturing arrangements with third party facilities, sales of processed biomass-based diesel from Company facilities, related by-products and renewable energy government incentive payments, in the U.S. and internationally. The Services segment offers services for managing the construction of biomass-based diesel production facilities and managing ongoing operations of third party plants and collects fees related to the services provided. The Company does not allocate items that are of a non-operating nature or corporate expenses to the business segments. Revenues are recorded by the Services segment at cost. The Renewable Chemicals segment consists of research and development activities involving the production of renewable chemicals, additional advanced biofuels and other products from the Company's proprietary microbial fermentation process and the operations of a demonstration scale facility located in Okeechobee, Florida. No revenues were recorded by the Renewable Chemicals segment during the three months ended March 31, 2016 and 2015. The Corporate and Other segment includes trading activities related to petroleum-based heating oil and diesel fuel as well as corporate activities, which consist of corporate office expenses such as compensation, benefits, occupancy and other administrative costs, including management service expenses. Corporate and other also includes income/(expense) not associated with the reportable segments, such as corporate general and administrative expenses, shared service expenses, interest expense and interest income, all reflected on an accrual basis of accounting. In addition, corporate and other includes cash and other assets not associated with the reportable segments, including investments. Intersegment revenues are reported by the Services and Corporate and Other segments. The following table represents the significant items by reportable segment: Three Months Three Months Net revenues: Biomass-based Diesel (includes Petrotec's net sales of $36,995 and $29,993, respectively) $ 292,762 $ 224,188 Services 20,737 15,471 Corporate and Other 16,988 7,342 Intersegment revenues (24,893 ) (16,083 ) $ 305,594 $ 230,918 Income (loss) before income taxes: Biomass-based Diesel (includes Petrotec's income (loss) of $407 and ($1,048), respectively) $ 12,860 $ (31,676 ) Services 573 50 Renewable Chemicals (4,681 ) (3,891 ) Corporate and other (7,188 ) (3,684 ) $ 1,564 $ (39,201 ) Depreciation and amortization expense, net: Biomass-based Diesel (includes Petrotec's amounts of $851 and $687, respectively) $ 6,929 $ 4,971 Services 96 62 Renewable Chemicals 414 343 Corporate and other 396 350 $ 7,835 $ 5,726 Cash paid for purchases of property, plant and equipment: Biomass-based Diesel (includes Petrotec's amounts of $347 and $318, respectively) $ 13,604 $ 10,410 Services 1,166 722 Renewable Chemicals — 140 Corporate and other — 906 $ 14,770 $ 12,178 As of As of Goodwill: Services $ 16,080 $ 16,080 Assets: Biomass-based Diesel (including Petrotec's assets of $52,221 and $45,471, respectively) $ 1,003,250 $ 1,048,923 Services 49,636 60,308 Renewable Chemicals 24,150 23,872 Corporate and other 366,739 308,782 Intersegment eliminations $ (219,418 ) $ (218,265 ) $ 1,224,357 $ 1,223,620 Geographic Information: The following geographic data include net sales attributed to the countries based on the location of the subsidiary making the sale and long-lived assets based on physical location. Long-lived assets represent the net book value of property, plant and equipment. As of Three Months As of Three Months Net revenues: United States $ 268,599 $ 200,925 Foreign 36,995 29,993 $ 305,594 $ 230,918 As of As of, March 31, 2016 As of As of, December 31, 2015 Long-lived assets: United States $ 579,544 $ 553,987 Foreign 20,986 20,597 $ 600,530 $ 574,584 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES The Company is involved in legal proceedings in the normal course of business. The Company currently believes that any ultimate liability arising out of such proceedings will not have a material adverse effect on the Company’s financial position, results of operations or cash flows. |
Summary of Significant Accoun22
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Accounts Receivable | Accounts Receivable Accounts receivable are carried at invoiced amount less allowance for doubtful accounts. Management estimates the allowance for doubtful accounts based on existing economic conditions, the financial conditions of customers, and the amount and age of past due accounts. Receivables are considered past due if full payment is not received by the contractual due date. Past due accounts are generally written off against the allowance for doubtful accounts only after reasonable collection attempts have been exhausted. At March 31, 2016 , over $231,000 of the receivable amounts outstanding at December 31, 2015 related to the 2015 biodiesel mixture excise tax credit reinstatement were received. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment is recorded at cost less accumulated depreciation. Maintenance and repairs are expensed as incurred. Depreciation expense is computed on a straight-line method based upon estimated useful lives of the assets. In April 2015, the Company experienced a fire at its Geismar facility, resulting in the shutdown of the facility. The Company estimated fixed assets with a net book value of approximately $11,027 were impaired as a result of the fire. As of the date of this report, the Company has received property insurance proceeds of $14,570 , of which $11,027 was related to the property damage. The excess of the property insurance proceeds over the net book value of the impaired assets, $3,543 , was recorded as gain on involuntary conversion on the Condensed Consolidated Statements of Operations during the three months ended March 31, 2016. In September 2015, another fire occurred at the Geismar facility. The Company estimated fixed assets with a net book value of approximately $1,414 were impaired by the September fire. The Company believes it is probable that it will recover all the net book value of the assets damaged by the fire under its insurance policies. As such, a receivable was recorded as an offset to the estimated impairment loss. No impact on earnings was recognized. |
Goodwill | Goodwill Goodwill is tested for impairment annually on July 31 or when impairment indicators exist. Goodwill is allocated and tested for impairment by reporting units. At March 31, 2016 and December 31, 2015, the Company had goodwill in only one of its reporting units: Services. The annual impairment test at July 31, 2015 determined that the fair value of the Services reporting unit exceeded its carrying value by approximately 21% . The interim goodwill impairment test as of October 31, 2015 determined that the fair value of the Services reporting unit exceeded its carrying value by 24% . There have been no impairment indicators in the first three months of 2016 that would indicate an additional assessment needs to be performed. |
Share Repurchase Programs | Share Repurchase Programs In February 2015, the Company's board of directors approved a share repurchase program of up to $30,000 of the Company's shares of common stock. The program is in effect through October 31, 2016. Shares may be repurchased from time to time in open market transactions, privately negotiated transactions or by other means. The Company accounts for share repurchases using the cost method. Under this method, the cost of the share repurchase is recorded entirely in treasury stock, a contra equity account. During the three months ended March 31, 2016 , the Company repurchased shares of Common Stock in the amount of $5,817 , of which $944 was paid after March 31, 2016 under this share repurchase program. In March 2016, the Company's board of directors approved a repurchase program of up to $50,000 of the Company's shares of common stock and/or convertible notes, in effect through March 5, 2018. Under the program, which is in addition to the $30,000 common stock repurchase program announced in February 2015, the Company may repurchase shares or bonds from time to time in open market transactions, privately negotiated transactions or by other means. The timing and amount of repurchase transactions will be determined by the Company's management based on its evaluation of market conditions, share price, bond price, legal requirements and other factors. No shares or convertible notes were repurchased under this program during the three months ended March 31, 2016. |
New Accounting Standards | New Accounting Standards In March 2016, the FASB issued ASU 2016-08, "Revenue from Contracts with Customers (Topic 606): Principal versus Agent Consideration (Reporting Revenue Gross versus Net)" that clarifies how an entity should identify the unit of accounting for the principal versus agent evaluation and how it should apply the control principle to certain types of arrangements, such as service transactions. The guidance also re-frames the indicators to focus on evidence that an entity is acting as a principal rather than an agent. The guidance is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company is evaluating the impact this guidance will have on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting”. The amendments in this updated guidance include changes to simplify the codification for several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public entities, this guidance is effective for fiscal years beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is permitted. The Company is evaluating the impact this new guidance will have on its consolidated financial statements. |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Business Acquisition [Line Items] | |
Business Acquisition, Pro Forma Information | The following pro forma condensed combined results of operations assume that the Sanimax Energy acquisition was completed as of January 1, 2015. Three Months Three Months Revenues $ 314,020 $ 237,242 Net income (loss) 1,701 (38,118 ) Basic net income (loss) per share $ 0.04 $ (0.85 ) |
Sanimax Energy, LLC | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions | The following table summarizes the consideration paid for Sanimax Energy: March 15, 2016 Consideration at fair value for Sanimax: Cash $ 12,541 Common stock 4,050 Contingent consideration 4,500 Total $ 21,091 The following table summarizes the estimated fair values of the assets acquired at the acquisition date. March 15, 2016 Assets acquired from Sanimax Energy: Inventory $ 1,591 Property, plant and equipment 19,500 Net identifiable assets acquired $ 21,091 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories consist of the following: March 31, 2016 December 31, 2015 Raw materials $ 40,497 $ 28,989 Work in process 4,027 3,014 Finished goods 89,257 53,887 Total $ 133,781 $ 85,890 |
Other Assets (Tables)
Other Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Summary of Prepaid Expense and Other Assets | Prepaid expense and other assets consist of the following: March 31, 2016 December 31, 2015 Commodity derivatives and related collateral, net $ 10,828 $ 10,097 Prepaid expenses 7,628 8,504 Deposits 3,925 3,824 RIN inventory 15,708 5,656 Taxes receivable 2,625 1,814 Other 2,559 1,987 Total $ 43,273 $ 31,882 |
Summary of other noncurrent assets | Other noncurrent assets consist of the following: March 31, 2016 December 31, 2015 Spare parts inventory $ 2,922 $ 2,922 Deposits 2,280 2,370 Other 6,470 6,527 Total $ 11,672 $ 11,819 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Components of Intangible assets | Intangible assets consist of the following: March 31, 2016 Cost Accumulated Amortization Net Weighted Average Remaining Life Raw material supply agreement $ 6,230 $ (1,653 ) $ 4,577 9.8 years Renewable hydrocarbon diesel technology 8,300 (1,014 ) 7,286 13.3 years Ground lease 200 (116 ) 84 5.6 years Acquired customer relationships 2,900 (179 ) 2,721 9.3 years Total amortizing intangibles 17,630 (2,962 ) 14,668 In-process research and development, indefinite lives 15,956 — 15,956 Total intangible assets $ 33,586 $ (2,962 ) $ 30,624 December 31, 2015 Cost Accumulated Amortization Net Weighted Average Remaining Life Raw material supply agreement $ 6,230 $ (1,551 ) $ 4,679 10.0 years Renewable hydrocarbon diesel technology 8,300 (876 ) 7,424 13.5 years Ground lease 200 (112 ) 88 5.9 years Acquired customer relationships 2,900 (106 ) 2,794 9.6 years Total amortizing intangibles 17,630 (2,645 ) 14,985 In-process research and development, indefinite lives 15,956 — 15,956 Total intangible assets $ 33,586 $ (2,645 ) $ 30,941 |
Estimated amortization expense | The estimated intangible asset amortization expense for the remainder of fiscal year 2016 through fiscal year 2022 and thereafter is as follows: April 1, 2016 through December 31, 2016 $ 972 2017 1,302 2018 1,309 2019 1,315 2020 1,322 2021 1,328 2022 and thereafter 7,120 Total $ 14,668 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Company's Borrowings | The Company’s debt is as follows: March 31, 2016 December 31, 2015 2.75% Convertible Senior Notes, $143,750 face amount, due in June 2019 $ 127,255 $ 126,053 REG Geismar GOZone bonds, secured, variable interest rate of daily LIBOR, due in October 2033 100,000 100,000 REG Danville term loan, secured, variable interest rate of LIBOR plus 4%, due in December 2017 6,192 — REG Newton term loan, secured, variable interest rate of LIBOR plus 4%, due in December 2018 16,106 16,800 REG Mason City term loan, fixed interest rate of 5%, due in July 2019 3,445 3,675 REG Ames term loans, secured, fixed interest rates of 3.5% and 4.25%, due in January 2018 and December 2019, respectively 3,818 3,901 REG Grays Harbor term loan, variable interest of minimum of 3.5% or Prime Rate plus 0.25%, due in May 2022 5,225 5,225 Other 2,039 908 Total debt before debt issuance costs 264,080 256,562 Less: current portion of long-term debt 9,109 5,206 Less: Debt issuance costs (net of accumulated amortization of $2,515 and $2,296, respectively 3,817 4,105 Total long-term debt $ 251,154 $ 247,251 |
Revolving Line of Credit | Lines of Credit March 31, 2016 December 31, 2015 Amount outstanding under lines of credit $ 2,864 $ 23,149 Maximum available to be borrowed under lines of credit $ 60,205 $ 23,067 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Derivative Financial Instruments by Balance Sheet Location | The following table sets forth the fair value of the Company's commodity contract derivatives and amounts that offset within the Condensed Consolidated Balance Sheets: March 31, 2016 December 31, 2015 Assets Liabilities Assets Liabilities Gross amounts of derivatives recognized at fair value $ 2,408 $ 6,921 $ 4,644 $ 185 Cash collateral 15,341 — 5,638 — Total gross amount recognized 17,749 6,921 10,282 185 Gross amounts offset (6,921 ) (6,921 ) (185 ) (185 ) Net amount reported in the condensed consolidated balance sheet $ 10,828 $ — $ 10,097 $ — |
Summary of Derivative Financial Instruments by Location of Gain (Loss) | The following table sets forth the commodity contract derivatives losses included in the Condensed Consolidated Statements of Operations: Location of Gain (Loss) Three Months Three Months Commodity derivatives Cost of goods sold – Biomass-based diesel $ (4,269 ) $ (623 ) |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Assets (Liabilities) Measured at Fair Value | A summary of assets (liabilities) measured at fair value is as follows: As of March 31, 2016 Total Level 1 Level 2 Level 3 Commodity contract derivatives $ (4,513 ) $ (3,350 ) $ (1,163 ) $ — Contingent considerations for acquisitions (45,616 ) — — (45,616 ) $ (50,129 ) $ (3,350 ) $ (1,163 ) $ (45,616 ) As of December 31, 2015 Total Level 1 Level 2 Level 3 Commodity contract derivatives $ 4,459 $ 2,196 $ 2,263 $ — Contingent considerations for acquisitions (41,712 ) — — (41,712 ) $ (37,253 ) $ 2,196 $ 2,263 $ (41,712 ) |
Liabilities Measured at Fair Value on a Recurring Basis | The following is a reconciliation of the beginning and ending balances for liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3): Contingent Consideration for Acquisitions March 31, 2016 March 31, 2015 Balance at beginning of period $ 41,712 $ 39,319 Fair value of contingent consideration at measurement date 4,500 — Change in estimates included in earnings (15 ) 293 Settlements (581 ) (1,052 ) Balance at end of period $ 45,616 $ 38,560 |
Estimated Fair Values of the Company's Financial Instruments | The estimated fair values of the Company’s financial instruments, which are not recorded at fair value, are as follows: As of March 31, 2016 As of December 31, 2015 Asset (Liability) Fair Value Asset (Liability) Fair Value Financial liabilities: Debt and lines of credit $ (263,127 ) $ (262,664 ) $ (279,711 ) $ (275,123 ) |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Dilutive weighted average securities were excluded from the calculation of diluted net income (loss) per share attributable to common stockholders during the periods | The following potentially dilutive weighted average securities were excluded from the calculation of diluted net income (loss) per share attributable to common stockholders during the periods presented as the effect was anti-dilutive: Three Months Three Months Options to purchase common stock 87,026 87,026 Stock appreciation rights 2,350,368 2,123,770 Convertible notes 10,838,218 10,838,218 Total 13,275,612 13,049,014 |
Calculation of diluted net income per share | The following table presents the calculation of diluted net loss per share: Three Months Three Months Net income (loss) attributable to the Company’s common stockholders - Basic $ 1,632 $ (38,107 ) Less: effect of participating securities — — Net income (loss) attributable to common stockholders - Dilutive $ 1,632 $ (38,107 ) Shares: Weighted-average shares used to compute basic net income (loss) per share 43,899,084 44,362,637 Adjustment to reflect warrants to purchase common stock — — Adjustment to reflect stock appreciation right conversions — — Weighted-average shares used to compute diluted net income (loss) per share 43,899,084 44,362,637 Net income (loss) per share attributable to common stockholders: Diluted $ 0.04 $ (0.86 ) |
Reportable Segments and Geogr31
Reportable Segments and Geographic Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment for the Results of Operations | The following table represents the significant items by reportable segment: Three Months Three Months Net revenues: Biomass-based Diesel (includes Petrotec's net sales of $36,995 and $29,993, respectively) $ 292,762 $ 224,188 Services 20,737 15,471 Corporate and Other 16,988 7,342 Intersegment revenues (24,893 ) (16,083 ) $ 305,594 $ 230,918 Income (loss) before income taxes: Biomass-based Diesel (includes Petrotec's income (loss) of $407 and ($1,048), respectively) $ 12,860 $ (31,676 ) Services 573 50 Renewable Chemicals (4,681 ) (3,891 ) Corporate and other (7,188 ) (3,684 ) $ 1,564 $ (39,201 ) Depreciation and amortization expense, net: Biomass-based Diesel (includes Petrotec's amounts of $851 and $687, respectively) $ 6,929 $ 4,971 Services 96 62 Renewable Chemicals 414 343 Corporate and other 396 350 $ 7,835 $ 5,726 Cash paid for purchases of property, plant and equipment: Biomass-based Diesel (includes Petrotec's amounts of $347 and $318, respectively) $ 13,604 $ 10,410 Services 1,166 722 Renewable Chemicals — 140 Corporate and other — 906 $ 14,770 $ 12,178 As of As of Goodwill: Services $ 16,080 $ 16,080 Assets: Biomass-based Diesel (including Petrotec's assets of $52,221 and $45,471, respectively) $ 1,003,250 $ 1,048,923 Services 49,636 60,308 Renewable Chemicals 24,150 23,872 Corporate and other 366,739 308,782 Intersegment eliminations $ (219,418 ) $ (218,265 ) $ 1,224,357 $ 1,223,620 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | The following geographic data include net sales attributed to the countries based on the location of the subsidiary making the sale and long-lived assets based on physical location. Long-lived assets represent the net book value of property, plant and equipment. As of Three Months As of Three Months Net revenues: United States $ 268,599 $ 200,925 Foreign 36,995 29,993 $ 305,594 $ 230,918 As of As of, March 31, 2016 As of As of, December 31, 2015 Long-lived assets: United States $ 579,544 $ 553,987 Foreign 20,986 20,597 $ 600,530 $ 574,584 |
Basis of Presentation and Nat32
Basis of Presentation and Nature of the Business (Details) gal in Millions | 3 Months Ended | |
Mar. 31, 2016facilitybiorefinerygal | Mar. 15, 2016gal | |
Class of Stock [Line Items] | ||
Number of operating biodiesel production facilities | facility | 11 | |
Production capacity per year | gal | 452 | |
Sanimax Energy, LLC | ||
Class of Stock [Line Items] | ||
Production capacity per year | gal | 20 | 20 |
Petrotec AG | ||
Class of Stock [Line Items] | ||
Number of biorefineries | biorefinery | 2 | |
North America | ||
Class of Stock [Line Items] | ||
Number of biorefineries | biorefinery | 12 |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Details) - USD ($) | Oct. 31, 2015 | Jul. 31, 2015 | Sep. 30, 2015 | Apr. 30, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Dec. 31, 2015 | Feb. 28, 2015 |
Business Acquisition [Line Items] | |||||||||
Accounts receivable, net | $ 106,350,000 | $ 106,350,000 | $ 310,731,000 | ||||||
Estimated impaired fixed assets | $ 1,414,000 | $ 11,027,000 | |||||||
Insurance recoveries | 14,570,000 | ||||||||
Gain on involuntary conversion | 3,543,000 | $ 0 | |||||||
February 2,015 | |||||||||
Business Acquisition [Line Items] | |||||||||
Share repurchase program, amount authorized to be repurchased | $ 30,000,000 | ||||||||
Share repurchased program, amount repurchased | 5,817,000 | ||||||||
Share repurchased program, amount repurchased and paid in subsequent period | 944,000 | ||||||||
March 2,016 | |||||||||
Business Acquisition [Line Items] | |||||||||
Share repurchase program, amount authorized to be repurchased | 50,000,000 | 50,000,000 | |||||||
Share repurchased program, amount repurchased | 0 | ||||||||
Services | |||||||||
Business Acquisition [Line Items] | |||||||||
Minimum percentage of increase in fair value of goodwill over carrying value | 24.00% | 21.00% | |||||||
Biodiesel Mixture Excise Tax Credit | |||||||||
Business Acquisition [Line Items] | |||||||||
Accounts receivable, net | $ 231,000,000 | $ 231,000,000 |
Acquisitions (Details Textual)
Acquisitions (Details Textual) $ in Thousands, gal in Millions | Mar. 15, 2016USD ($)sharesgal | Mar. 31, 2016USD ($)gal | Dec. 31, 2015USD ($) |
Business Acquisition [Line Items] | |||
Production capacity per year | gal | 452 | ||
Contingent consideration for acquisitions | $ 28,890 | $ 26,949 | |
Sanimax Energy, LLC | |||
Business Acquisition [Line Items] | |||
Production capacity per year | gal | 20 | 20 | |
Shares of common stock issued | shares | 500,000 | ||
Contingent consideration for acquisitions | $ 5,000 | $ 4,500 | |
Earnout payment period | 7 years | ||
Maximum Earnout Payment per year | $ 1,700 | ||
Current contingent liability | $ 1,231 |
Acquisitions (Details)
Acquisitions (Details) - Sanimax Energy, LLC $ in Thousands | Mar. 15, 2016USD ($) |
Business Acquisition [Line Items] | |
Cash | $ 12,541 |
Common stock | 4,050 |
Contingent consideration | 4,500 |
Total | 21,091 |
Assets acquired from Sanimax Energy: | |
Inventory | 1,591 |
Property, plant and equipment | 19,500 |
Net identifiable assets acquired | $ 21,091 |
Acquisitions (Pro Forma) (Detai
Acquisitions (Pro Forma) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Business Combinations [Abstract] | ||
Revenues | $ 314,020 | $ 237,242 |
Net income (loss) | $ 1,701 | $ (38,118) |
Basic net income (loss) per share (in dollars per share) | $ 0.04 | $ (0.85) |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Inventories | ||
Raw materials | $ 40,497 | $ 28,989 |
Work in process | 4,027 | 3,014 |
Finished goods | 89,257 | 53,887 |
Total | $ 133,781 | $ 85,890 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Summary of prepaid expense and other assets | ||
Commodity derivatives and related collateral, net | $ 10,828 | $ 10,097 |
Prepaid expenses | 7,628 | 8,504 |
Deposits | 3,925 | 3,824 |
RIN inventory | 15,708 | 5,656 |
Taxes receivable | 2,625 | 1,814 |
Other | 2,559 | 1,987 |
Total | $ 43,273 | $ 31,882 |
Other Assets (Details Textual)
Other Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Other Assets [Abstract] | ||
Inventory reduced to lower of cost or market | $ 158 | $ 3,027 |
Other Assets (Details 1)
Other Assets (Details 1) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Spare parts inventory | $ 2,922 | $ 2,922 |
Deposits | 2,280 | 2,370 |
Other | 6,470 | 6,527 |
Total | $ 11,672 | $ 11,819 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||
Cost, finite-lived | $ 17,630 | $ 17,630 |
Accumulated Amortization, finite-lived | (2,962) | (2,645) |
Total | 14,668 | 14,985 |
Cost, indefinite lived | 33,586 | 33,586 |
Accumulated Amortization, indefinite-lived | (2,962) | (2,645) |
Net, indefinite-lived | 30,624 | 30,941 |
In-process research and development, indefinite lives | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost, indefinite lived | 15,956 | 15,956 |
Accumulated Amortization, indefinite-lived | 0 | 0 |
Net, indefinite-lived | 15,956 | 15,956 |
Raw material supply agreement | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost, finite-lived | 6,230 | 6,230 |
Accumulated Amortization, finite-lived | (1,653) | (1,551) |
Total | $ 4,577 | $ 4,679 |
Weighted Average Remaining Life | 9 years 9 months | 10 years |
Renewable hydrocarbon diesel technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost, finite-lived | $ 8,300 | $ 8,300 |
Accumulated Amortization, finite-lived | (1,014) | (876) |
Total | $ 7,286 | $ 7,424 |
Weighted Average Remaining Life | 13 years 3 months | 13 years 6 months |
Ground lease | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost, finite-lived | $ 200 | $ 200 |
Accumulated Amortization, finite-lived | (116) | (112) |
Total | $ 84 | $ 88 |
Weighted Average Remaining Life | 5 years 6 months 24 days | 5 years 10 months 24 days |
Acquired customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost, finite-lived | $ 2,900 | $ 2,900 |
Accumulated Amortization, finite-lived | (179) | (106) |
Total | $ 2,721 | $ 2,794 |
Weighted Average Remaining Life | 9 years 4 months | 9 years 7 months |
Intangible Assets (Details Text
Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Intangible amortization expense | $ 317 | $ 237 |
Intangible Assets (Details 1)
Intangible Assets (Details 1) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Estimated amortization expense | ||
April 1, 2016 through December 31, 2016 | $ 972 | |
2,017 | 1,302 | |
2,018 | 1,309 | |
2,019 | 1,315 | |
2,020 | 1,322 | |
2,021 | 1,328 | |
2022 and thereafter | 7,120 | |
Total | $ 14,668 | $ 14,985 |
Debt (Details)
Debt (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Line of Credit Facility [Line Items] | ||
Accumulated amortization on debt issuance costs | $ 2,515,000 | $ 2,296,000 |
Company's borrowings | ||
Total notes payable | 264,080,000 | 256,562,000 |
Less: current portion of long-term debt | 9,109,000 | 5,206,000 |
Less: Debt issuance costs (net of accumulated amortization of $2,515 and $2,296, respectively | 3,817,000 | 4,105,000 |
Total long-term debt | $ 251,154,000 | $ 247,251,000 |
Convertible Senior Notes | ||
Line of Credit Facility [Line Items] | ||
Interest rate | 2.75% | 2.75% |
Face amount | $ 143,750,000 | $ 143,750,000 |
Company's borrowings | ||
Total notes payable | 127,255,000 | 126,053,000 |
REG Geismar GOZone bonds | ||
Company's borrowings | ||
Total notes payable | 100,000,000 | $ 100,000,000 |
REG Danville term loan | ||
Line of Credit Facility [Line Items] | ||
Face amount | $ 12,000,000 | |
Description of variable rate basis | LIBOR plus 4% per annum | LIBOR plus 4% per annum |
Company's borrowings | ||
Total notes payable | $ 6,192,000 | $ 0 |
REG Danville term loan | LIBOR | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 4.00% | 4.00% |
REG Newton term loan | ||
Line of Credit Facility [Line Items] | ||
Description of variable rate basis | LIBOR plus 4% per annum | LIBOR plus 4% per annum |
Company's borrowings | ||
Total notes payable | $ 16,106,000 | $ 16,800,000 |
REG Newton term loan | LIBOR | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 4.00% | 4.00% |
REG Mason City term loan | ||
Line of Credit Facility [Line Items] | ||
Interest rate | 5.00% | 5.00% |
Company's borrowings | ||
Total notes payable | $ 3,445,000 | $ 3,675,000 |
REG Ames term loans | ||
Company's borrowings | ||
Total notes payable | $ 3,818,000 | $ 3,901,000 |
REG Ames term loans | Minimum | ||
Line of Credit Facility [Line Items] | ||
Interest rate | 3.50% | 3.50% |
REG Ames term loans | Maximum | ||
Line of Credit Facility [Line Items] | ||
Interest rate | 4.25% | 4.25% |
REG Grays Harbor term loan | ||
Line of Credit Facility [Line Items] | ||
Description of variable rate basis | Prime Rate plus 0.25% | Prime Rate plus 0.25% |
Basis spread on variable rate | 3.50% | 3.50% |
Company's borrowings | ||
Total notes payable | $ 5,225,000 | $ 5,225,000 |
REG Grays Harbor term loan | Prime Rate | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 0.25% | 0.25% |
Other | ||
Company's borrowings | ||
Total notes payable | $ 2,039,000 | $ 908,000 |
Debt (Details Textual)
Debt (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Notes payable | $ 264,080,000 | $ 256,562,000 |
REG Danville term loan | ||
Debt Instrument [Line Items] | ||
Face amount | $ 12,000,000 | |
Debt instrument term | 3 years | |
Monthly principal payment | $ 212,000 | |
Notes payable | $ 6,192,000 | $ 0 |
REG Danville term loan | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 4.00% | 4.00% |
Bankers Trust Company | ||
Debt Instrument [Line Items] | ||
Line of credit | $ 30,000,000 |
Debt (Details 1)
Debt (Details 1) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Debt Disclosure [Abstract] | ||
Amount outstanding under lines of credit | $ 2,864 | $ 23,149 |
Maximum available to be borrowed under lines of credit | $ 60,205 | $ 23,067 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Related Party Transactions [Abstract] | ||
Biomass-based diesel—related parties | $ 0 | $ 4,542 |
Derivative Instruments (Details
Derivative Instruments (Details Textual) lb in Millions, gal in Millions | 3 Months Ended |
Mar. 31, 2016lbgal | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Heating oil covered under the open commodity derivative contracts (in gallons) | gal | 98 |
Soybean oil covered under the open commodity derivative contracts (in pounds) | lb | 40 |
Derivative Instruments (Detai49
Derivative Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Gross amounts of derivatives recognized at fair value | $ 2,408 | $ 4,644 |
Cash collateral | 15,341 | 5,638 |
Total gross amount recognized | 17,749 | 10,282 |
Gross amounts offset | (6,921) | (185) |
Net amount reported in the condensed consolidated balance sheet | 10,828 | 10,097 |
Liabilities | ||
Gross amounts of derivatives recognized at fair value | 6,921 | 185 |
Cash collateral | 0 | 0 |
Total gross amount recognized | 6,921 | 185 |
Gross amounts offset | (6,921) | (185) |
Net amount reported in the condensed consolidated balance sheet | $ 0 | $ 0 |
Derivative Instruments (Detai50
Derivative Instruments (Details 1) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cost of goods sold – Biomass-based diesel | Commodity derivatives | ||
Derivative Instruments Gain Loss [Line Items] | ||
Pre-tax gains (losses) included in the condensed consolidated statement of operations | $ (4,269) | $ (623) |
Fair Value Measurement (Details
Fair Value Measurement (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | $ (50,129) | $ (37,253) |
Level 1 | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | (3,350) | 2,196 |
Level 2 | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | (1,163) | 2,263 |
Level 3 | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | (45,616) | (41,712) |
Commodity contract derivatives | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | (4,513) | 4,459 |
Commodity contract derivatives | Level 1 | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | (3,350) | 2,196 |
Commodity contract derivatives | Level 2 | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | (1,163) | 2,263 |
Commodity contract derivatives | Level 3 | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | 0 | 0 |
Contingent consideration for acquisition | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | (45,616) | (41,712) |
Contingent consideration for acquisition | Level 1 | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | 0 | 0 |
Contingent consideration for acquisition | Level 2 | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | 0 | 0 |
Contingent consideration for acquisition | Level 3 | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | $ (45,616) | $ (41,712) |
Fair Value Measurement (Detai52
Fair Value Measurement (Details 1) - Contingent Consideration for Acquisition - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 41,712 | $ 39,319 |
Fair value of contingent consideration at measurement date | 4,500 | 0 |
Change in estimates included in earnings | (15) | 293 |
Settlements | (581) | (1,052) |
Ending balance | $ 45,616 | $ 38,560 |
Fair Value Measurement (Detai53
Fair Value Measurement (Details 2) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Asset (Liability) Carrying Amount | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Debt and lines of credit | $ (263,127) | $ (279,711) |
Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Debt and lines of credit | $ (262,664) | $ (275,123) |
Fair Value Measurement (Detai54
Fair Value Measurement (Details Textual) | 3 Months Ended |
Mar. 31, 2016 | |
Minimum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value inputs, discount rate | 5.80% |
Maximum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value inputs, discount rate | 10.00% |
REG Life Sciences | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value inputs, discount rate | 8.00% |
Net Income (Loss) Per Share (De
Net Income (Loss) Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total (in shares) | 13,275,612 | 13,049,014 |
Stock appreciation rights | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total (in shares) | 2,350,368 | 2,123,770 |
Options to purchase common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total (in shares) | 87,026 | 87,026 |
Convertible notes | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total (in shares) | 10,838,218 | 10,838,218 |
Net Income (Loss) Per Share (56
Net Income (Loss) Per Share (Details 1) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY’S COMMON STOCKHOLDERS | $ 1,632 | $ (38,107) |
Less: effect of participating securities | 0 | 0 |
Net income (loss) attributable to common stockholders - Dilutive | $ 1,632 | $ (38,107) |
Earnings Per Share, Basic, Other Disclosures [Abstract] | ||
Weighted-average shares used to compute basic net income (loss) per share (in shares) | 43,899,084 | 44,362,637 |
Adjustment to reflect warrants to purchase common stock (in shares) | 0 | 0 |
Adjustment to reflect stock appreciation right conversions (in shares) | 0 | 0 |
Weighted-average shares used to compute diluted net income (loss) per share (in shares) | 43,899,084 | 44,362,637 |
Income (Loss) from Operations before Extraordinary Items, Per Diluted Share [Abstract] | ||
Diluted (in usd per share) | $ 0.04 | $ (0.86) |
Reportable Segments and Geogr57
Reportable Segments and Geographic Information (Details Textual) - segment | 3 Months Ended | |
Dec. 31, 2015 | Sep. 30, 2015 | |
Segment Reporting [Abstract] | ||
Number of Reportable Segments | 3 | 2 |
Reportable Segments and Geogr58
Reportable Segments and Geographic Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Net revenues: | $ 305,594 | $ 230,918 | |
Income (loss) before income taxes: | 1,564 | (39,201) | |
Depreciation and amortization expense, net: | 7,835 | 5,726 | |
Cash paid for purchases of property, plant and equipment: | 14,770 | 12,178 | |
Goodwill: | 16,080 | $ 16,080 | |
Assets: | 1,224,357 | 1,223,620 | |
Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Net revenues: | 16,988 | 7,342 | |
Income (loss) before income taxes: | (7,188) | (3,684) | |
Depreciation and amortization expense, net: | 396 | 350 | |
Cash paid for purchases of property, plant and equipment: | 0 | 906 | |
Assets: | 366,739 | 308,782 | |
Intersegment revenues | |||
Segment Reporting Information [Line Items] | |||
Net revenues: | (24,893) | (16,083) | |
Assets: | (219,418) | (218,265) | |
Biomass-based Diesel | Segments | |||
Segment Reporting Information [Line Items] | |||
Net revenues: | 292,762 | 224,188 | |
Income (loss) before income taxes: | 12,860 | (31,676) | |
Depreciation and amortization expense, net: | 6,929 | 4,971 | |
Cash paid for purchases of property, plant and equipment: | 13,604 | 10,410 | |
Assets: | 1,003,250 | 1,048,923 | |
Biomass-based Diesel | Segments | Petrotec | |||
Segment Reporting Information [Line Items] | |||
Net revenues: | 36,995 | 29,993 | |
Income (loss) before income taxes: | 407 | (1,048) | |
Depreciation and amortization expense, net: | 851 | 687 | |
Cash paid for purchases of property, plant and equipment: | 347 | 318 | |
Assets: | 52,221 | 45,471 | |
Services | |||
Segment Reporting Information [Line Items] | |||
Goodwill: | 16,080 | 16,080 | |
Services | Segments | |||
Segment Reporting Information [Line Items] | |||
Net revenues: | 20,737 | 15,471 | |
Income (loss) before income taxes: | 573 | 50 | |
Depreciation and amortization expense, net: | 96 | 62 | |
Cash paid for purchases of property, plant and equipment: | 1,166 | 722 | |
Assets: | 49,636 | 60,308 | |
Renewable Chemicals | Segments | |||
Segment Reporting Information [Line Items] | |||
Income (loss) before income taxes: | (4,681) | (3,891) | |
Depreciation and amortization expense, net: | 414 | 343 | |
Cash paid for purchases of property, plant and equipment: | 0 | $ 140 | |
Assets: | $ 24,150 | $ 23,872 |
Reportable Segments and Geogr59
Reportable Segments and Geographic Information (Details 1) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenues: | $ 305,594 | $ 230,918 | |
Long-lived assets: | 600,530 | $ 574,584 | |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenues: | 268,599 | 200,925 | |
Long-lived assets: | 579,544 | 553,987 | |
Foreign | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenues: | 36,995 | $ 29,993 | |
Long-lived assets: | $ 20,986 | $ 20,597 |