Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 31, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-35397 | |
Entity Registrant Name | RENEWABLE ENERGY GROUP, INC. | |
Entity Central Index Key | 0001463258 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 26-4785427 | |
Entity Address, Address Line One | 416 South Bell Avenue | |
Entity Address, City or Town | Ames | |
Entity Address, State or Province | IA | |
Entity Address, Postal Zip Code | 50010 | |
City Area Code | 515 | |
Local Phone Number | 239-8000 | |
Title of 12(b) Security | Common Stock, par value $.0001 per share | |
Trading Symbol | REGI | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 39,332,719 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 97,187 | $ 50,436 |
Marketable securities | 184,916 | 0 |
Accounts receivable (net of allowance for doubtful accounts) | 187,860 | 858,922 |
Inventories | 145,998 | 161,429 |
Prepaid expenses and other assets | 59,811 | 35,473 |
Restricted cash | 3,000 | 3,000 |
Total current assets | 678,772 | 1,109,260 |
Long-term marketable securities | 101,584 | 0 |
Property, plant and equipment, net | 592,317 | 584,577 |
Right of use assets | 29,057 | 36,899 |
Goodwill | 16,080 | 16,080 |
Intangible assets, net | 11,018 | 12,018 |
Other assets | 31,580 | 26,515 |
TOTAL ASSETS | 1,460,408 | 1,785,349 |
CURRENT LIABILITIES: | ||
Lines of credit | 0 | 76,990 |
Current maturities of long-term debt | 49,906 | 77,131 |
Current maturities of operating lease obligations | 14,457 | 15,690 |
Accounts payable | 135,039 | 369,213 |
Accrued expenses and other liabilities | 23,107 | 40,776 |
Deferred revenue | 9,654 | 8,620 |
Total current liabilities | 232,163 | 588,420 |
Deferred income taxes | 6,977 | 6,975 |
Long-term debt (net of debt issuance costs) | 15,881 | 26,130 |
Long-term operating lease obligations | 15,701 | 30,413 |
Other liabilities | 5,448 | 1,505 |
Total liabilities | 276,170 | 653,443 |
COMMITMENTS AND CONTINGENCIES | ||
EQUITY: | ||
Common stock | 5 | 5 |
Common stock—additional paid-in-capital | 390,383 | 438,591 |
Retained earnings | 905,324 | 800,792 |
Accumulated other comprehensive income | (897) | (1,994) |
Treasury stock | (110,577) | (105,488) |
Total equity | 1,184,238 | 1,131,906 |
TOTAL LIABILITIES AND EQUITY | 1,460,408 | 1,785,349 |
Allowance for doubtful accounts | 1,613 | 1,001 |
Debt Issuance Costs, Net | $ 1,767 | $ 2,783 |
Treasury stock, shares outstanding (in shares) | 10,589,584 | 10,403,798 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, shares, outstanding (in shares) | 39,332,314 | 38,967,079 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 1,613 | $ 1,001 |
Debt issuance costs | $ 1,767 | $ 2,783 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, shares, outstanding (in shares) | 39,332,314 | 38,967,079 |
Treasury stock, shares outstanding (in shares) | 10,589,584 | 10,403,798 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
REVENUES: | ||||
Revenues | $ 575,947 | $ 584,188 | $ 1,595,967 | $ 1,622,470 |
Total revenues | 576,052 | 584,372 | 1,596,685 | 1,623,224 |
COSTS OF GOODS SOLD: | 498,402 | 560,296 | 1,387,147 | 1,638,712 |
GROSS PROFIT (LOSS) | 77,650 | 24,076 | 209,538 | (15,488) |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 31,059 | 24,762 | 86,971 | 77,157 |
GAIN ON DISPOSAL OF PROPERTY, PLANT AND EQUIPMENT | 0 | 0 | (187) | 0 |
IMPAIRMENT OF PROPERTY, PLANT AND EQUIPMENT | 19,256 | 11,145 | 19,256 | 11,613 |
INCOME (LOSS) FROM OPERATIONS | 27,335 | (11,831) | 103,498 | (104,258) |
OTHER INCOME (EXPENSE), NET: | ||||
Change in fair value of contingent consideration | 0 | 136 | 0 | (566) |
Gain (loss) on debt extinguishment | 18 | 0 | 1,809 | (2) |
Gain on lease termination | 0 | 0 | 4,459 | 0 |
Other income | 1,594 | 179 | 3,505 | 1,724 |
Interest expense | (1,070) | (2,866) | (4,732) | (10,822) |
Total other income (expense), net | 542 | (2,551) | 5,041 | (9,666) |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 27,877 | (14,382) | 108,539 | (113,924) |
INCOME TAX BENEFIT (EXPENSE) | (1,046) | 629 | (4,007) | 1,149 |
NET INCOME (LOSS) FROM CONTINUING OPERATIONS | 26,831 | (13,753) | 104,532 | (112,775) |
NET LOSS ON DISCONTINUED OPERATIONS | 0 | (2,193) | 0 | (8,672) |
NET INCOME (LOSS) | 26,831 | (15,946) | 104,532 | (121,447) |
LESS—EFFECT OF PARTICIPATING SHARE-BASED AWARDS ON CONTINUING OPERATIONS | 492 | 0 | 2,071 | 0 |
NET INCOME (LOSS) FROM CONTINUING OPERATIONS AVAILABLE TO COMMON STOCKHOLDERS | 26,339 | (13,753) | 102,461 | (112,775) |
NET LOSS FROM DISCONTINUED OPERATIONS AVAILABLE TO COMMON STOCKHOLDERS | $ 0 | $ (2,193) | $ 0 | $ (8,672) |
Basic net income (loss) per share available to common stockholders: | ||||
Continuing operations (in dollars per share) | $ 0.67 | $ (0.35) | $ 2.62 | $ (2.96) |
Discontinued operations (in dollars per share) | 0 | (0.06) | 0 | (0.23) |
Net income (loss) per share (in dollars per share) | 0.67 | (0.41) | 2.62 | (3.19) |
Diluted net income (loss) per share available to common stockholders: | ||||
Continuing operations (in dollars per share) | 0.60 | (0.35) | 2.38 | (2.96) |
Discontinued operations (in dollars per share) | 0 | (0.06) | 0 | (0.23) |
Net income (loss) per share (in dollars per share) | $ 0.60 | $ (0.41) | $ 2.38 | $ (3.19) |
Weighted-average shares used to compute basic net income (loss) per share available to common stockholders: | ||||
Basic (in shares) | 39,306,263 | 38,959,606 | 39,154,788 | 38,060,782 |
Weighted-average shares used to compute diluted net income (loss) per share available to common stockholders: | ||||
Net income (loss) (in shares) | 43,624,340 | 38,959,606 | 43,107,989 | 38,060,782 |
Biomass-based diesel | ||||
REVENUES: | ||||
Revenues | $ 492,769 | $ 583,676 | $ 1,350,496 | $ 1,620,960 |
COSTS OF GOODS SOLD: | 498,362 | 560,288 | 1,386,996 | 1,638,701 |
Biomass-based diesel government incentives | ||||
REVENUES: | ||||
Revenues | 83,178 | 512 | 245,471 | 1,510 |
Other | ||||
REVENUES: | ||||
Total revenues | 105 | 184 | 718 | 754 |
COSTS OF GOODS SOLD: | $ 40 | $ 8 | $ 151 | $ 11 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 26,831 | $ (15,946) | $ 104,532 | $ (121,447) |
Unrealized gains (losses) on marketable securities, net of taxes | (176) | 0 | 131 | 0 |
Foreign currency translation adjustments | 982 | (1,017) | 966 | (984) |
Other comprehensive income | 806 | (1,017) | 1,097 | (984) |
Comprehensive income (loss) | 27,637 | (16,963) | 105,629 | (122,431) |
Taxes on unrealized gains (losses) on marketable securities | $ (99) | $ 0 | $ 9 | $ 0 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Taxes on unrealized gains (losses) on marketable securities | $ (99) | $ 0 | $ 9 | $ 0 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Equity (unaudited) - USD ($) $ in Thousands | Total | Common Stock | Common Stock - Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Treasury StockRestricted stock units | Treasury StockStock appreciation rights | Cumulative Effect, Period of Adoption, Adjustment | Cumulative Effect, Period of Adoption, AdjustmentRetained Earnings |
Beginning Balance (in shares) at Dec. 31, 2018 | 37,318,942 | |||||||||
Beginning Balance at Dec. 31, 2018 | $ 765,253 | $ 5 | $ 451,427 | $ 427,244 | $ (1,656) | $ (111,767) | ||||
Beginning Balance (Accounting Standards Update 2016-02) at Dec. 31, 2018 | $ (6,516) | $ (6,516) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Conversion of restricted stock units to common stock (net of shares of treasury stock purchased) (in shares) | 283,339 | |||||||||
Conversion of restricted stock units to common stock (net of shares of treasury stock purchased) | (2,760) | (2,760) | ||||||||
Settlement of stock appreciation rights in common stock (net of shares of treasury stock purchased) (in shares) | 16,937 | |||||||||
Settlement of stock appreciation rights in common stock (net of shares of treasury stock purchased) | (171) | (12) | (159) | |||||||
Partial termination of capped call options (in shares) | (1,087) | |||||||||
Partial termination of capped call options | 0 | 30 | (30) | |||||||
Convertible debt extinguishment impact (net of tax impact) | (152) | (152) | ||||||||
Termination of capped call options (in shares) | (138,012) | (9,888) | ||||||||
Stock compensation expense | 1,353 | 1,353 | ||||||||
Other comprehensive income (loss) | (362) | (362) | ||||||||
Net income (loss) | (43,404) | (43,404) | ||||||||
Ending Balance (in shares) at Mar. 31, 2019 | 37,618,131 | |||||||||
Ending Balance at Mar. 31, 2019 | 713,241 | $ 5 | 452,646 | 377,324 | (2,018) | (114,716) | ||||
Beginning Balance (in shares) at Dec. 31, 2018 | 37,318,942 | |||||||||
Beginning Balance at Dec. 31, 2018 | 765,253 | $ 5 | 451,427 | 427,244 | (1,656) | (111,767) | ||||
Beginning Balance (Accounting Standards Update 2016-02) at Dec. 31, 2018 | $ (6,516) | $ (6,516) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income (loss) | (121,447) | |||||||||
Ending Balance (in shares) at Sep. 30, 2019 | 38,964,276 | |||||||||
Ending Balance at Sep. 30, 2019 | 637,618 | $ 5 | 446,435 | 299,281 | (2,640) | (105,463) | ||||
Beginning Balance (in shares) at Mar. 31, 2019 | 37,618,131 | |||||||||
Beginning Balance at Mar. 31, 2019 | 713,241 | $ 5 | 452,646 | 377,324 | (2,018) | (114,716) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Conversion of restricted stock units to common stock (net of shares of treasury stock purchased) (in shares) | 58,759 | |||||||||
Conversion of restricted stock units to common stock (net of shares of treasury stock purchased) | (518) | (518) | ||||||||
Settlement of stock appreciation rights in common stock (net of shares of treasury stock purchased) (in shares) | 4,631 | |||||||||
Settlement of stock appreciation rights in common stock (net of shares of treasury stock purchased) | (24) | (7) | (17) | |||||||
Settlement of 2019 Convertible Senior Notes conversion premium (in shares) | 1,902,781 | |||||||||
Settlement of 2019 Convertible Senior Notes conversion premium | 0 | (18,779) | 18,779 | |||||||
Termination of capped call options (in shares) | (625,558) | (805) | (2,274) | |||||||
Termination of capped call options | 0 | 8,952 | (8,952) | |||||||
Stock compensation expense | 1,824 | 1,824 | ||||||||
Other comprehensive income (loss) | 395 | 395 | ||||||||
Net income (loss) | (62,097) | (62,097) | ||||||||
Ending Balance (in shares) at Jun. 30, 2019 | 38,958,744 | |||||||||
Ending Balance at Jun. 30, 2019 | 652,821 | $ 5 | 444,636 | 315,227 | (1,623) | (105,424) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Conversion of restricted stock units to common stock (net of shares of treasury stock purchased) (in shares) | 3,557 | |||||||||
Conversion of restricted stock units to common stock (net of shares of treasury stock purchased) | (39) | (39) | ||||||||
Settlement of stock appreciation rights in common stock (net of shares of treasury stock purchased) (in shares) | 1,975 | |||||||||
Settlement of stock appreciation rights in common stock (net of shares of treasury stock purchased) | (5) | (5) | ||||||||
Termination of capped call options (in shares) | (1,775) | (1,042) | ||||||||
Stock compensation expense | 1,804 | 1,804 | ||||||||
Other comprehensive income (loss) | (1,017) | (1,017) | ||||||||
Net income (loss) | (15,946) | (15,946) | ||||||||
Ending Balance (in shares) at Sep. 30, 2019 | 38,964,276 | |||||||||
Ending Balance at Sep. 30, 2019 | 637,618 | $ 5 | 446,435 | 299,281 | (2,640) | (105,463) | ||||
Beginning Balance (in shares) at Dec. 31, 2019 | 38,967,079 | |||||||||
Beginning Balance at Dec. 31, 2019 | 1,131,906 | $ 5 | 438,591 | 800,792 | (1,994) | (105,488) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Conversion of restricted stock units to common stock (net of shares of treasury stock purchased) (in shares) | 38,144 | |||||||||
Conversion of restricted stock units to common stock (net of shares of treasury stock purchased) | (578) | (578) | ||||||||
Settlement of stock appreciation rights in common stock (net of shares of treasury stock purchased) (in shares) | 16,704 | |||||||||
Settlement of stock appreciation rights in common stock (net of shares of treasury stock purchased) | (245) | (5) | (240) | |||||||
Convertible debt extinguishment impact (net of tax impact) | (17,829) | (17,829) | ||||||||
Termination of capped call options (in shares) | (25,134) | (14,438) | ||||||||
Stock compensation expense | 1,367 | 1,367 | ||||||||
Other comprehensive income (loss) | (551) | (551) | ||||||||
Net income (loss) | 76,853 | 76,853 | ||||||||
Ending Balance (in shares) at Mar. 31, 2020 | 39,021,927 | |||||||||
Ending Balance at Mar. 31, 2020 | 1,190,923 | $ 5 | 422,124 | 877,645 | (2,545) | (106,306) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Convertible debt extinguishment impact, tax impact | 1,013 | |||||||||
Beginning Balance (in shares) at Dec. 31, 2019 | 38,967,079 | |||||||||
Beginning Balance at Dec. 31, 2019 | 1,131,906 | $ 5 | 438,591 | 800,792 | (1,994) | (105,488) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Convertible debt extinguishment impact (net of tax impact) | (52,681) | |||||||||
Net income (loss) | 104,532 | |||||||||
Ending Balance (in shares) at Sep. 30, 2020 | 39,332,314 | |||||||||
Ending Balance at Sep. 30, 2020 | 1,184,238 | $ 5 | 390,383 | 905,324 | (897) | (110,577) | ||||
Beginning Balance (in shares) at Mar. 31, 2020 | 39,021,927 | |||||||||
Beginning Balance at Mar. 31, 2020 | 1,190,923 | $ 5 | 422,124 | 877,645 | (2,545) | (106,306) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Conversion of restricted stock units to common stock (net of shares of treasury stock purchased) (in shares) | 230,265 | |||||||||
Conversion of restricted stock units to common stock (net of shares of treasury stock purchased) | (2,063) | (2,063) | ||||||||
Settlement of stock appreciation rights in common stock (net of shares of treasury stock purchased) (in shares) | 39,962 | |||||||||
Settlement of stock appreciation rights in common stock (net of shares of treasury stock purchased) | (1,052) | (276) | (776) | |||||||
Convertible debt extinguishment impact (net of tax impact) | (20,860) | (20,860) | ||||||||
Termination of capped call options (in shares) | (86,701) | (21,794) | ||||||||
Stock compensation expense | 1,855 | 1,855 | ||||||||
Other comprehensive income (loss) | 842 | 842 | ||||||||
Net income (loss) | 848 | 848 | ||||||||
Ending Balance (in shares) at Jun. 30, 2020 | 39,292,154 | |||||||||
Ending Balance at Jun. 30, 2020 | 1,170,493 | $ 5 | 402,843 | 878,493 | (1,703) | (109,145) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Convertible debt extinguishment impact, tax impact | 1,055 | |||||||||
Conversion of restricted stock units to common stock (net of shares of treasury stock purchased) (in shares) | 23,800 | |||||||||
Conversion of restricted stock units to common stock (net of shares of treasury stock purchased) | (1,185) | (1,185) | ||||||||
Settlement of stock appreciation rights in common stock (net of shares of treasury stock purchased) (in shares) | 16,360 | |||||||||
Settlement of stock appreciation rights in common stock (net of shares of treasury stock purchased) | (526) | (279) | (247) | |||||||
Convertible debt extinguishment impact (net of tax impact) | (13,992) | (13,992) | ||||||||
Termination of capped call options (in shares) | (30,624) | (7,095) | ||||||||
Stock compensation expense | 1,811 | 1,811 | ||||||||
Other comprehensive income (loss) | 806 | 806 | ||||||||
Net income (loss) | 26,831 | 26,831 | ||||||||
Ending Balance (in shares) at Sep. 30, 2020 | 39,332,314 | |||||||||
Ending Balance at Sep. 30, 2020 | 1,184,238 | $ 5 | $ 390,383 | $ 905,324 | $ (897) | $ (110,577) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Convertible debt extinguishment impact, tax impact | $ 318 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Equity (unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | |
Convertible debt extinguishment impact, tax impact | $ 318 | $ 1,055 | $ 1,013 | |||
Treasury Stock | Restricted stock units | ||||||
Conversion or settlement to common stock, net of treasury shares purchased (in shares) | 30,624 | 86,701 | 25,134 | 1,775 | 805 | 138,012 |
Treasury Stock | Stock appreciation rights | ||||||
Conversion or settlement to common stock, net of treasury shares purchased (in shares) | 7,095 | 21,794 | 14,438 | 1,042 | 2,274 | 9,888 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ 104,532 | $ (121,447) |
Net income (loss) from discontinuing operations | 0 | (8,672) |
Net income (loss) from continuing operations | 104,532 | (112,775) |
Adjustments to reconcile net income (loss) to net cash flows from operating activities: | ||
Depreciation expense | 27,425 | 27,349 |
Amortization expense of assets and liabilities, net | 12,026 | 16,170 |
Accretion of convertible note discount | 652 | 2,561 |
Amortization of marketable securities | 366 | (146) |
Change in fair value of contingent consideration | 0 | 566 |
Gain on sale of property, plant and equipment | (187) | 0 |
(Gain) loss on debt extinguishment | (1,809) | 2 |
Provision for doubtful accounts | 716 | 17 |
Impairment of property, plant and equipment | 19,256 | 11,613 |
Stock compensation expense | 5,033 | 4,981 |
Deferred tax expense (benefit) | 2,092 | (1,159) |
Gain on lease termination | (4,459) | 0 |
Other operating activities | 3 | 212 |
Changes in assets and liabilities: | ||
Accounts receivable, net | 670,395 | (7,227) |
Inventories | 15,445 | 5,437 |
Prepaid expenses and other assets | (36,827) | 2,947 |
Accounts payable | (236,213) | (6,694) |
Accrued expenses and other liabilities | (13,607) | 1,952 |
Operating lease obligations | (11,489) | (13,778) |
Deferred revenue | 1,034 | 655 |
Net cash flows provided by (used in) operating activities - continuing operations | 554,384 | (67,317) |
Net cash flows used in operating activities - discontinuing operations | 0 | (9,832) |
Cash provided by (used in) operating activities | 554,384 | (77,149) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Cash paid for marketable securities | (305,726) | (3,478) |
Cash received from maturities of marketable securities | 19,000 | 54,584 |
Cash paid for purchase of property, plant and equipment | (46,945) | (31,088) |
Cash paid for investments | 0 | (2,713) |
Other investing activities | 187 | 0 |
Net cash flows (used in) provided by investing activities - continuing operations | (333,484) | 17,305 |
Net cash flows provided by investing activities - discontinuing operations | 0 | 3,100 |
Cash (used in) provided by investing activities | (333,484) | 20,405 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net (repayments) borrowings on revolving line of credit | (76,990) | 77,758 |
Borrowings on other lines of credit | 0 | 66,186 |
Repayments on other lines of credit | 0 | (60,918) |
Cash paid on notes payable | (91,590) | (73,067) |
Cash paid for debt issuance costs | 0 | (70) |
Cash paid for contingent consideration settlement | 0 | (9,003) |
Cash paid for conversion of restricted stock units and stock appreciation rights | (5,649) | (3,517) |
Net cash flows used in financing activities - continuing operations | (174,229) | (2,631) |
Net cash flows used in financing activities - discontinuing operations | 0 | 0 |
Cash used in financing activities | (174,229) | (2,631) |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 46,671 | (59,375) |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, Beginning of period | 53,436 | 126,575 |
Effect of exchange rate changes on cash | 80 | (107) |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, End of period | 100,187 | 67,093 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION: | ||
Cash paid for income taxes | 15 | 1,515 |
Cash paid for interest | 4,651 | 6,007 |
Leased assets obtained in exchange for new operating lease liabilities | 3,807 | 11,347 |
Amounts included in period-end accounts payable for: | ||
Purchases of property, plant and equipment | 5,497 | 7,824 |
Issuance of treasury stock to settle 2019 Convertible Senior Notes conversion premium | 0 | (18,779) |
Receipt in treasury stock for settlement of capped call options | $ 0 | $ 8,952 |
Basis of Presentation and Natur
Basis of Presentation and Nature of the Business | 9 Months Ended |
Sep. 30, 2020 | |
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 6, 2020. 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. The Company owns and operates a network of twelve biorefineries, with ten locations in North America and two locations in Europe, which includes twelve operating biomass-based diesel production facilities with aggregate nameplate production capacity of 505 million gallons per year ("mmgy"). Ten of these plants are “multi-feedstock capable”, which allows them to use a broad range of lower-cost feedstocks, such as distillers corn oil, used cooking oil and inedible animal fats in addition to vegetable oils, such as soybean oil and canola oil. In August 2019, the Company closed the New Boston, Texas biorefinery, which had a nameplate capacity of 15 mmgy. The biomass-based diesel industry and the Company’s business have benefited from certain federal and state government programs. The federal biodiesel mixture excise tax credit (the "BTC") was retroactively reinstated on December 20, 2019 for the years 2018 and 2019. The BTC has also been extended through December 31, 2022. The modification of federal and state government programs could adversely affect the financial results of the Company. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following accounting policies should be read in conjunction with a summary of the significant accounting policies the Company has disclosed in its Annual Report on Form 10-K for the year ended December 31, 2019. Restricted Cash The Company segregates certain cash balances as restricted cash that represent those funds required to be set aside by a contractual agreement. The Company classifies restricted cash between current and non-current assets based on the length of time of the restricted use. As of September 30, 2020 and 2019, current restricted cash was $3,000, representing pledges for outstanding letters of credit issued to support our operations. See the table below for reconciliation of "Cash, Cash Equivalents and Restricted Cash" in the Condensed Consolidated Statements of Cash Flows: September 30, 2020 September 30, 2019 Cash and cash equivalents $ 97,187 $ 64,093 Restricted cash 3,000 3,000 Total cash, cash equivalents and restricted cash in the Condensed Statements of Cash Flows $ 100,187 $ 67,093 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. September 30, 2020 December 31, 2019 Trade accounts receivable from customers (net of allowance for doubtful accounts of $1,613 and $1,001, respectively) $ 135,374 $ 185,156 BTC receivables from the government 52,482 672,627 Other trade receivables 4 1,139 Total $ 187,860 $ 858,922 Marketable Securities The Company's marketable securities are classified as available-for-sale and are reported at fair value, with unrealized gains and losses, net of tax, recorded in accumulated other comprehensive income (loss). The Company classifies its marketable securities as either current or long-term based on each instrument's underlying contractual maturity date. Realized gains or losses and declines in value judged to be other-than-temporary, if any, on available-for-sale securities are reported in other income, net. The Company evaluates such investments periodically for possible other-than-temporary impairment. A decline of fair value below amortized costs of debt securities is considered an other-than-temporary impairment if the Company has the intent to sell the security or if it is more likely than not that the Company will be required to sell the security before recovery of the entire amortized cost basis. In those instances, an impairment charge equal to the difference between the fair value and the amortized cost basis is recognized in earnings. Regardless of the Company's intent or requirement to sell a debt security, an impairment is considered other-than-temporary if the Company does not expect to recover the entire amortized cost basis; in those instances, a credit loss equal to the difference between the present value of the cash flows expected to be allocated based on credit risk and the amortized cost basis of the debt security is recognized in earnings. The Company has no current requirement or intent to sell a material portion of marketable securities as of September 30, 2020. The Company expects to recover up to (or beyond) the initial cost of investment for securities held. In computing realized gains and losses on available-for-sale securities, the Company determines cost based on amounts paid, including direct costs such as commissions to acquire the security, using the specific identification method. Renewable Identification Numbers ("RINs") When the Company produces and sells a gallon of biomass-based diesel, 1.5 to 1.7 RINs per gallon are generated. RINs are used to track compliance with the Renewable Fuel Standard ("RFS2"). RFS2 allows the Company to attach between zero and 2.5 RINs to any gallon of biomass-based diesel. As a result, a portion of the selling price for a gallon of biomass-based diesel is generally attributable to RFS2 compliance. However, RINs that the Company generates are a form of government incentive and not a result of the physical attributes of the biomass-based diesel production. Therefore, no cost is allocated to the RIN when it is generated, regardless of whether the RIN is transferred with the biomass-based diesel produced or held by the Company pending attachment to other biomass-based diesel production sales. In addition, the Company also obtains RINs from third parties who have separated the RINs from gallons of biomass-based diesel. From time to time, the Company holds varying amounts of these separated RINs for resale. RINs obtained from third parties are initially recorded at their cost and are subsequently revalued at the lower of cost or net realizable value as of the last day of each accounting period. The resulting adjustments are reflected in costs of goods sold for the period. The value of these RINs is reflected in “Prepaid expenses and other assets” on the Condensed Consolidated Balance Sheets. The cost of goods sold related to the sale of these RINs is determined using the average cost method, while market prices are determined by RIN values, as reported by the Oil Price Information Service ("OPIS"). Low Carbon Fuel Standard The Company generates Low Carbon Fuel Standard ("LCFS") credits for its low carbon fuels or blendstocks when its qualified low carbon fuels are transported into an LCFS market. LCFS credits are used to track compliance with the LCFS. As a result, a portion of the selling price for a gallon of biomass-based diesel sold into an LCFS market is also attributable to LCFS compliance. However, LCFS credits that the Company generates are a form of government incentive and not a result of the physical attributes of the biomass-based diesel production. Therefore, no cost is allocated to the LCFS credit when it is generated, regardless of whether the LCFS credit is transferred with the biomass-based diesel produced or held by the Company. In addition, the Company also obtains LCFS credits from third-party trading activities. From time to time, the Company holds varying amounts of these third-party LCFS credits for resale. LCFS credits obtained from third parties are initially recorded at their cost and are subsequently revalued at the lower of cost or net realizable value as of the last day of each accounting period, and the resulting adjustments are reflected in costs of goods sold for the period. The value of LCFS credits obtained from third parties is reflected in “Prepaid expenses and other assets” on the Condensed Consolidated Balance Sheet. The cost of goods sold related to the sale of these LCFS credits is determined using the average cost method, while market prices are determined by LCFS values, as reported by the OPIS. At September 30, 2020 and December 31, 2019, the Company held no LCFS credits purchased from third parties. The Company records assets acquired and liabilities assumed through the exchange of non-monetary assets based on the fair value of the assets and liabilities acquired or the fair value of the consideration exchanged, whichever is more readily determinable. Goodwill Goodwill is tested for impairment annually as of July 31 or when impairment indicators exist. Goodwill is allocated and tested for impairment by reporting segments. At September 30, 2020 and 2019, the Company had approximately $16,080 of goodwill in the Services segment. As a result of the annual impairment test performed as of July 31, 2020, the Company determined that there were no indications of impairment related to the Services segment's goodwill. No impairment of goodwill was recorded during the three and nine months ended September 30, 2020 or 2019. Impairment of Long-lived Assets The Company tests its long-lived assets for recoverability when events or circumstances indicate that its carrying amount may not be recoverable. Significant assumptions used in the undiscounted cash flow analysis, when it is required, include the projected demand for biomass-based diesel based on annual renewable fuel volume obligations under the Renewable Fuel Standards ("RFS2"), the Company's capacity to meet that demand, the market price of biomass-based diesel and the cost of feedstock used in the manufacturing process. During the third quarter of 2020, the Company recorded impairment charges of $18,984 related to certain equipment where it was no longer probable that the assets will be utilized in future renewable diesel production expansions. In addition, the Company recorded impairment charges of $272 against certain biodiesel property, plant and equipment as the carrying amounts of these assets were deemed not recoverable given the assets' deteriorating physical conditions identified during the quarter. During the third quarter of 2019, the Company recorded impairment charges of $11,145 related to its New Boston facility's property, plant and equipment assets resulting from the closing of the plant and the unlikelihood that the plant will be reopened in the near future due to the deteriorating economic conditions uniquely facing the plant. The impairment charges reflected the difference between the carrying amounts and the estimated fair values. The fair values were determined based on a cost approach. The inputs include replacement cost estimates adjusted for physical deterioration and economic obsolescence. This method of assigning fair value to each asset type and aggregating those values represents a Level 3 asset measurement in determining the fair value on a nonrecurring basis subsequent to its original recognition. Convertible Debt In June 2016, the Company issued $152,000 aggregate principal amount of 4% convertible senior notes due in 2036 (the "2036 Convertible Senior Notes"). See "Note 7 - Debt" for a further description of the 2036 Convertible Senior Notes. During the three and nine months ended September 30, 2020, the Company used $18,086 to repurchase $5,000 principal amount and $75,890 to repurchase $30,008 principal amount of the 2036 Convertible Senior Notes, respectively, reflecting conversion premium, after tax impact, of $13,992 and $52,681, respectively, as a reduction of Additional Paid-in Capital and gains on debt extinguishment of $18 and $1,809, respectively, in the Condensed Consolidated Statements of Operations. During the three and nine months ended September 30, 2019, the Company made no repurchases of the 2036 Convertible Senior Notes. Security Repurchase Programs In June 2018, January 2019, and February 2020, the Company's Board of Directors approved repurchase programs, of up to $75,000, $75,000 and $100,000, respectively, of the Company's convertible notes and/or shares of common stock (the "2018 Program", "2019 Program", and "2020 Program", respectively). Under these programs, the Company may repurchase convertible notes or shares from time to time in open market transactions, privately negotiated transactions or by other means. The timing and amount of repurchase transactions under each program are determined by the Company's management based on its evaluation of market conditions, share price, convertible note price, legal requirements and other factors. The Company made no repurchases of shares of common stock or convertible notes during the three and nine months ended September 30, 2019. The table below sets out the information regarding the activities under the 2019 and 2020 Programs during the three and nine months ended September 30, 2020: Three months ended September 30, 2020 Nine months ended September 30, 2020 Principal amount in 000's January 2019 Program February 2020 Program Principal amount in 000's January 2019 Program February 2020 Program 2036 Convertible Senior Notes Repurchases $ 5,000 $ 10,000 $ 8,086 $ 30,008 $ 67,804 $ 8,086 The 2018 Program was fully utilized prior to December 31, 2019. The 2019 was fully utilized as of September 30, 2020. The remaining amount of the 2020 Program was $91,914 as of September 30, 2020. Revenue Recognition The Company generally has a single performance obligation in its arrangements with customers. The Company believes for most of its contracts with customers, control is transferred at a point in time, typically upon delivery to the customers. When the Company performs shipping and handling activities after the transfer of control to the customers (e.g., when control transfers prior to delivery), they are considered as fulfillment activities, and accordingly, the costs are accrued for when the related revenue is recognized. Taxes collected from customers relating to product sales and remitted to governmental authorities are excluded from revenues. The Company generally expenses sales commissions when incurred because the amortization period would have been less than one year. The Company records these costs within selling, general and administrative expenses. The following is a description of principal activities from which we generate revenue. Revenues from contracts with customers are recognized when control of the promised goods or services are transferred to our customers, in an amount that reflects the consideration that we expect to receive in exchange for those goods or services. • sales of biodiesel and renewable diesel produced at our facilities, including RINs and LCFS credits; • resale of petroleum acquired from third parties, along with the sale of petroleum-based products further blended with biodiesel produced at our wholly owned facilities or acquired from third parties; • sales of separated RINs and LCFS credits; • sales of raw materials, glycerin and other co-products of the biomass-based diesel production process; • other revenue, including biomass-based diesel facility management and operational services; and • incentive payments from federal and state governments, including the BTC, and from the USDA Advanced Biofuel Program. Disaggregation of revenue: All revenue recognized in the income statement, except for Biomass-based diesel Government Incentives, is considered to be revenue from contracts with customers. The following table depicts the disaggregation of revenue according to product line and segment: Reportable Segments Three months ended September 30, 2020 Biomass-based Services Corporate Intersegment Consolidated Biomass-based diesel sales, net of BTC related amount due to customers of $(19) $ 387,239 $ — $ — $ (3,490) $ 383,749 Petroleum diesel sales — — 19,801 — 19,801 LCFS credit sales 32,636 — — — 32,636 Separated RIN sales 27,492 — — — 27,492 Co-product sales 11,732 — — — 11,732 Raw material sales 6,476 — — — 6,476 Other biomass-based diesel revenue 10,883 — — — 10,883 Other revenues — 21,483 — (21,378) 105 Total revenues from contracts with customers $ 476,458 $ 21,483 $ 19,801 $ (24,868) $ 492,874 Biomass-based diesel government incentives 83,178 — — — 83,178 Total revenues $ 559,636 $ 21,483 $ 19,801 $ (24,868) $ 576,052 Three months ended September 30, 2019 Biomass-based Diesel Services Corporate and other Intersegment Revenues Consolidated Total Biomass-based diesel sales, net of BTC related amount due to customers of $— $ 448,471 $ — $ — $ (11,361) $ 437,110 Petroleum diesel sales — — 54,201 — 54,201 LCFS credit sales 34,267 — — — 34,267 Separated RIN sales 26,762 — — — 26,762 Co-product sales 10,982 — — — 10,982 Raw material sales 7,246 — — — 7,246 Other biomass-based diesel revenue 13,108 — — — 13,108 Other revenues — 28,042 — (27,858) 184 Total revenues from contracts with customers $ 540,836 $ 28,042 $ 54,201 $ (39,219) $ 583,860 Biomass-based diesel government incentives 512 — — — 512 Total revenues $ 541,348 $ 28,042 $ 54,201 $ (39,219) $ 584,372 Reportable Segments Nine months ended September 30, 2020 Biomass-based Services Corporate Intersegment Consolidated Biomass-based diesel sales, net of BTC related amount due to customers of $1,085 $ 1,009,723 $ — $ — $ (6,593) $ 1,003,130 Petroleum diesel sales — — 86,633 — 86,633 Other biomass-based diesel revenue 31,544 — — — 31,544 Separated RIN sales 70,004 — — — 70,004 LCFS credit sales 97,379 — — — 97,379 Co-product sales 36,684 — — — 36,684 Raw material sales 25,122 — — — 25,122 Other revenues — 67,502 — (66,784) 718 Total revenues from contracts with customers $ 1,270,456 $ 67,502 $ 86,633 $ (73,377) $ 1,351,214 Biomass-based diesel government incentives 245,471 — — — 245,471 Total revenues $ 1,515,927 $ 67,502 $ 86,633 $ (73,377) $ 1,596,685 Nine months ended September 30, 2019 Biomass-based Diesel Services Corporate and other Intersegment Revenues Consolidated Total Biomass-based diesel sales, net of BTC related amount due to customers of $— $ 1,195,171 $ — $ — $ (14,136) $ 1,181,035 Petroleum diesel sales — — 216,288 — 216,288 Other biomass-based diesel revenue 31,291 — — — 31,291 Separated RIN sales 68,821 — — — 68,821 LCFS credit sales 77,603 — — — 77,603 Co-product sales 30,071 — — — 30,071 Raw material sales 15,851 — — — 15,851 Other revenues — 71,764 — (71,010) 754 Total revenues from contracts with customers $ 1,418,808 $ 71,764 $ 216,288 $ (85,146) $ 1,621,714 Biomass-based diesel government incentives 1,510 — — — 1,510 Total revenues $ 1,420,318 $ 71,764 $ 216,288 $ (85,146) $ 1,623,224 Contract balances: The following table provides information about receivables and contract liabilities from contracts with customers: September 30, 2020 December 31, 2019 Trade accounts receivable from customers $ 135,374 $ 185,156 Short-term contract liabilities (deferred revenue) $ (7) $ (631) Short-term contract liabilities (accounts payable) $ (43,512) $ (255,193) The Company receives payments from customers based upon contractual billing schedules; accounts receivable are recorded when the right to consideration becomes unconditional. Contract liabilities include payments received in advance of performance under the contract, and are realized with the associated revenue recognized under the contract. Significant changes to the contract liabilities during the three and nine months ended September 30, 2020 and 2019 are as follows: July 1, 2020 Cash receipts Less: Impact on Other September 30, 2020 Deferred revenue $ 2 $ 4,371 $ 4,366 $ — $ 7 Payables to customers related to BTC 75,330 (31,818) — — 43,512 $ 75,332 $ (27,447) $ 4,366 $ — $ 43,519 July 1, 2019 Cash receipts Less: Impact on Other September 30, 2019 Deferred revenue $ 4,536 $ 6,984 $ 10,566 $ — $ 954 January 1, 2020 Cash receipts Less: Impact on Other September 30, 2020 Deferred revenue $ 631 $ 18,107 $ 18,731 $ — $ 7 Payables to customers related to BTC 255,193 (214,637) — 2,956 43,512 $ 255,824 $ (196,530) $ 18,731 $ 2,956 $ 43,519 January 1, 2019 Cash receipts Less: Impact on Other September 30, 2019 Deferred revenue $ 300 $ 47,331 $ 46,677 $ — $ 954 Discontinued Operations Income (loss) from discontinued operations mainly relates to the research and development activities and the sale of REG Life Sciences, the Company's industrial biotechnology business, which had been classified as assets held for sale following the Company's decision to pursue a sale of this business in the fourth quarter of 2018. In May 2019, the sale of REG Life Sciences core assets and business was closed. The wind-down of operations of REG Life Sciences was completed in the fourth quarter of 2019. New Accounting Standards On June 16, 2016, the FASB issued ASU 2016-13, which amends the Board's guidance on the impairment of financial instruments. The ASU 2016-13 adds to U.S. GAAP an impairment model (known as the current expected credit loss ("CECL") model) that is based on expected losses rather than incurred losses. Under this new guidance, an entity recognizes as an allowance its estimate of expected credit losses. For public companies, the ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company's adoption of ASU 2016-13 effective January 1, 2020 did not have a material impact on its condensed consolidated financial statements. On August 28, 2018, the FASB issued ASU 2018-13, which changes the fair value measurement disclosure requirements of ASC 820. ASU 2018-13 eliminates or modifies certain disclosure requirements of ASC 820 and requires new disclosures relating to changes in unrealized gains or losses included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the applicable reporting period. ASU 2018-13 also explicitly requires entities to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU 2018-13 is effective for all entities for fiscal years beginning after December 15, 2019, including interim periods therein. The Company's adoption of ASU 2016-13 effective January 1, 2020 did not have a material impact on its condensed consolidated financial statements. On December 18, 2019, the FASB issued ASU 2019-12, which affects general principles within ASC 740, Income Taxes. The ASU removes the following exceptions: (1) incremental approach for intra-period tax allocation when there is a loss from continuing operations and income or a gain from other items, (2) exception to the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment, (3) exception to the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary, and (4) exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The ASU also will make changes to franchise tax recognition, consideration of the tax basis recognition of goodwill related to acquisitions, specify tax allocation to subsidiaries, reflecting a change in tax law in the interim period annual effective tax rate computation in the period of enactment, and changes to the employee stock ownership plans and investments. For public business entities, the amendments in ASU 2019-12 are effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The Company is evaluating the impact of the guidance on its condensed consolidated financial statements but does not expect the impact to be significant. On January 16, 2020, the FASB issued ASU 2020-01, which clarifies the interaction between Topic 321 (Equity Securities), Topic 323 (Equity Method Investments) and Topic 815 (Derivatives and Hedging). This amendment clarifies that an entity should not consider whether the settlement of a forward contract or exercise of an option is accounted for under Topic 323 or whether the fair value option is in accordance with Topic 825. For public business entities, the amendments in ASU 2020-01 are effective for fiscal years beginning December 15, 2020, and interim periods within those fiscal years. The Company is evaluating the impact of the guidance on its condensed consolidated financial statements but does not expect the impact be significant. On March 9, 2020, the FASB issued ASU 2020-03, which clarifies and updates various topics specific to the Company such as: (1) Amending Topic 820 to explicitly apply to non-financial items accounted for as derivatives under Topic 815. (2) Improve the understanding of Topic 470 and the alignment of Line-of-Credit arrangements and Revolving-Debt arrangements. (3) Clarification on the determination of a contractual term in a net investment in a lease determined in accordance with Topic 842 and Topic 326. For public business entities, the amendments in ASU 2020-03 are effective for fiscal years beginning after December 15, 2019, and interim periods beginning after December 15, 2020. The Company is evaluating the impact of the guidance on its condensed consolidated financial statements. On March 12, 2020, the FASB issued ASU 2020-04, which provides a relief that is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. Optional expedients are provided for contract modification accounting under the following Codification topics and subtopics: ASC 310, Receivables; ASC 470, Debt; ASC 840 or ASC 842, Leases; and ASC 815-15, Derivatives and Hedging: Embedded Derivatives. The ASU also establishes (1) a general contract modification principle that entities can apply in other areas that may be affected by reference rate reform and (2) certain elective hedge accounting expedients. T he amendments in ASU 2020-04 are effective for all entities as of March 12, 2020, through December 31, 2022. The Company is still evaluating the impact of the guidance on its condensed consolidated financial statements. On August 5, 2020, the FASB issued ASU 2020-06, which reduces the complexity of the accounting for convertible debt instruments and its effect on earnings per share calculation. The guidance reduces the number of accounting models used for convertible debt instruments, which will result in fewer embedded conversion features being recognized separately from the original contract. This will also affect the guidance associated with convertible debt for earnings-per-share by requiring the if-converted method rather than the treasury stock method, requiring that potential share settlement be included in the calculation of diluted earnings per share and clarifying that an entity should use the weighted-average share count from each quarter when calculating the year-to-date weighted-average share count. For public business entities, the amendments in ASU 2020-06 are effective for fiscal years beginning after December 15, 2021, including interim periods within those years, and early adoption is permitted for fiscal years beginning after December 15, 2020, including interim periods within those years. The Company is evaluating the impact of the guidance on its condensed consolidated financial statements. |
Marketable Securities (Notes)
Marketable Securities (Notes) | 9 Months Ended |
Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | MARKETABLE SECURITIES The Company's investments in marketable securities are stated at fair value and are available-for-sale. The Company had no investments in marketable securities as of December 31, 2019. The following table summarizes the Company's investments in marketable securities: September 30, 2020 Maturity Gross Amortized Cost Total Unrealized Gains Total Unrealized Losses Fair Value Short-term marketable securities Commercial paper Within one year $ 89,324 $ 127 $ — $ 89,451 Corporate bonds Within one year 75,325 153 — 75,478 U.S. Treasury bills Within one year 19,985 2 — 19,987 Total $ 184,634 $ 282 $ — $ 184,916 Long-term marketable securities Corporate bonds Within one - five years $ 66,725 $ — $ (135) $ 66,590 U.S. Treasury bills Within one - five years 35,001 — (7) 34,994 Total $ 101,726 $ — $ (142) $ 101,584 |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES Inventories consist of the following: September 30, 2020 December 31, 2019 Raw materials $ 60,284 $ 57,818 Work in process 4,273 3,605 Finished goods 81,441 100,006 Total $ 145,998 $ 161,429 Inventories are valued at the lower of cost or net realizable value. Cost is determined based on the first-in, first-out method. There were no lower of cost or market adjustments made to the inventory values reported as of September 30, 2020 and December 31, 2019. |
Other Assets
Other Assets | 9 Months Ended |
Sep. 30, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | OTHER ASSETS Prepaid expense and other assets consist of the following: September 30, 2020 December 31, 2019 Commodity derivatives and related collateral, net $ 7,401 $ 6,140 Prepaid expenses 23,762 16,082 Deposits 3,462 3,519 RIN inventory 3,058 2,137 Taxes receivable 19,380 5,115 Other 2,748 2,480 Total $ 59,811 $ 35,473 RIN inventory is valued at lower or cost or net realizable value. There were no lower of cost or market adjustments made to the inventory values reported as of September 30, 2020 and December 31, 2019. Other noncurrent assets consist of the following: September 30, 2020 December 31, 2019 Investments $ 12,879 $ 19,205 Spare parts inventory 2,610 2,610 Catalysts 7,408 1,274 Deposits 552 552 Other 8,131 2,874 Total $ 31,580 $ 26,515 |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | INTANGIBLE ASSETS Intangible assets consist of the following: September 30, 2020 Cost Accumulated Amortization Net Raw material supply agreement $ 6,230 $ (3,572) $ 2,658 Renewable diesel technology 8,300 (3,504) 4,796 Acquired customer relationships 4,747 (1,903) 2,844 Other intangibles 904 (184) 720 Total intangible assets $ 20,181 $ (9,163) $ 11,018 December 31, 2019 Cost Accumulated Amortization Net Raw material supply agreement $ 6,230 $ (3,368) $ 2,862 Renewable diesel technology 8,300 (3,089) 5,211 Acquired customer relationships 4,747 (1,535) 3,212 Other intangible assets 904 (171) 733 Total intangible assets $ 20,181 $ (8,163) $ 12,018 The Company recorded intangible amortization expense of $328 and $999 for the three and nine months ended September 30, 2020, and $397 and $1,241 for the three and nine months ended September 30, 2019, respectively. The estimated intangible asset amortization expense for the remainder of 2020 through 2026 and thereafter is as follows: October 1, 2020 through December 31, 2020 $ 427 2021 1,567 2022 1,575 2023 1,599 2024 1,623 2025 1,633 2026 and thereafter 2,594 Total $ 11,018 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Debt | DEBT The following table shows the Company’s term debt: September 30, 2020 December 31, 2019 4.00% Convertible Senior Notes, $59,619 face amount, due in June 2036 $ 46,877 $ 69,668 REG Danville term loan, secured, variable interest rate of LIBOR plus 4%, due in July 2022 — 6,468 REG Ralston term loan, variable interest rate of LIBOR plus 2.25%, due in October 2025 13,926 15,980 REG Grays Harbor term loan, variable interest of minimum of 3.5% or Prime Rate plus 0.25%, due in May 2022 — 6,966 REG Capital term loan, fixed interest rate of 4.0%, due in January 2028 6,732 6,929 Other 19 33 Total term debt before debt issuance costs 67,554 106,044 Less: Current portion of long-term debt 49,906 77,131 Less: Debt issuance costs (net of accumulated amortization of $955 and $1,139, respectively) 1,767 2,783 Total long-term debt $ 15,881 $ 26,130 2036 Convertible Senior Notes On June 2, 2016, the Company issued $152,000 aggregate principal amount of the 2036 Convertible Senior Notes in a private offering to qualified institutional buyers. The 2036 Convertible Senior Notes bear interest at a rate of 4.00% per year payable semi-annually in arrears on June 15 and December 15 of each year, beginning December 15, 2016. The notes will mature on June 15, 2036, unless repurchased, redeemed or converted in accordance with their terms prior to such date. Prior to December 15, 2035, the 2036 Convertible Senior Notes will be convertible only upon satisfaction of certain conditions and during certain periods as stipulated in the indenture. On or after December 15, 2035 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders of the 2036 Convertible Senior Notes may convert their notes at any time. The 2036 Convertible Senior Notes may be settled in cash, the Company’s common shares or a combination of cash and the Company’s common shares, at the Company’s election. The Company may not redeem the 2036 Convertible Senior Notes prior to June 15, 2021. Holders of the 2036 Convertible Senior Notes will have the right to require the Company to repurchase for cash all or some of their notes at 100% of their principal, plus any accrued and unpaid interest on each of June 15, 2021, June 15, 2026 and June 15, 2031. Holders of the 2036 Convertible Senior Notes will have the right to require the Company to repurchase for cash all or some of their notes at 100% of their principal, plus any accrued and unpaid interest upon the occurrence of certain fundamental changes. The initial conversion rate is 92.8074 common shares per $1,000 (one thousand) principal amount of 2036 Convertible Senior Notes (equivalent to an initial conversion price of approximately $10.78 per common share). In addition, the 2036 Convertible Senior Notes will become convertible in the subsequent quarter if the closing price of the Company’s common stock exceeds $14.01, 130% of the Convertible Senior Notes’ initial conversion price, for at least 20 trading days during the 30 consecutive trading days prior to each quarter-end date. If the 2036 Convertible Senior Notes become convertible and should the holders elect to convert, the Company’s current intent is to settle the principal amount the 2036 Convertible Senior Notes in cash, with the remaining value satisfied at the Company’s option in cash, stock or a combination of cash and stock. As of September 30, 2020 and December 31, 2019, the early conversion event was met based on the Company's stock price and as a result, the 2036 Convertible Senior Notes have been classified as a current liability on the Company's Condensed Consolidated Balance Sheets at September 30, 2020 and December 31, 2019. The net proceeds from the offering of the 2036 Convertible Senior Notes were approximately $147,118, after deducting fees and offering expenses of $4,882, which was capitalized as debt issuance costs and is being amortized through June 2036. The debt discount is to be amortized through June 2036. The effective interest rate on the debt liability component was 1.53%. Lines of Credit The following table shows the Company's lines of credit: September 30, 2020 December 31, 2019 Amount outstanding under lines of credit $ — $ 76,990 Maximum available to be borrowed under lines of credit $ 117,820 $ 101,485 The Company's wholly-owned subsidiaries, REG Services Group, LLC and REG Marketing & Logistics Group, LLC, are borrowers under a Credit Agreement dated December 23, 2011 with the lenders party thereto (“Lenders”) and Wells Fargo Capital Finance, LLC, as the agent, (as amended, the “M&L and Services Revolver”). At September 30, 2020, the maximum commitment of the Lenders under the M&L and Services Revolver to make revolving loans was $150,000, subject to borrowing base limitations and further subject to an accordion feature, which allows the borrowers to request commitments for additional revolving loans in an aggregate amount not to exceed to $50,000, the making of which is subject to customary conditions, including the consent of Lenders providing such additional commitments. The maturity date of the M&L and Services Revolver is September 30, 2021. Loans advanced under the M&L and Services Revolver bear interest based on a one-month LIBOR rate (which shall not be less than zero), plus a margin based on Quarterly Average Excess Availability (as defined in the Revolving Credit Agreement), which may range from 1.75% per annum to 2.25% per annum. The M&L and Services Revolver contains various loan covenants that restrict each subsidiary borrower’s ability to take certain actions, including restrictions on incurrence of indebtedness, creation of liens, mergers or consolidations, dispositions of assets, repurchase or redemption of capital stock, making certain investments, making distributions to the Company unless certain conditions are satisfied, entering into certain transactions with affiliates or changing the nature of the subsidiary’s business. In addition, the subsidiary borrowers are required to maintain a fixed charge coverage ratio of at least 1.0 to 1.0 if excess availability under the M&L and Services Revolver is less than 10% of the $150,000 maximum commitment, or $15,000. The M&L and Services Revolver is secured by the subsidiary borrowers’ membership interests and substantially all of their assets. In addition, the M&L and Services Revolver is secured by the accounts receivable and inventory of REG Albert Lea, LLC, REG Houston, LLC, REG New Boston, LLC, REG Geismar, LLC, and REG Seneca, LLC (collectively, the "Plant Loan Parties") subject to a $40,000 limitation with respect to each of the Plant Loan Parties and the obligations under the M&L and Services Revolver are guaranteed by the Company. |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | DERIVATIVE INSTRUMENTS The Company enters into New York Mercantile Exchange NY Harbor ULSD ("NY Harbor ULSD" or previously referred to as heating oil), CBOT Soybean Oil (previously referred to as soybean oil) and New York Mercantile Exchange Natural Gas 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 cash 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 September 30, 2020, the net notional volumes of NY Harbor ULSD, CBOT Soybean Oil and NYMEX Natural Gas covered under the open commodity derivative contracts were approximately 43 million gallons, 51 million pounds and 2 million million British thermal units, 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: September 30, 2020 December 31, 2019 Assets Liabilities Assets Liabilities Gross amounts of derivatives recognized at fair value $ 4,303 $ 2,580 $ 1,633 $ 4,749 Cash collateral paid (received) 5,678 — 9,256 — Total gross amount recognized 9,981 2,580 10,889 4,749 Gross amounts offset (2,580) (2,580) (4,749) (4,749) Net amount reported in the condensed consolidated balance sheets $ 7,401 $ — $ 6,140 $ — The following table sets forth the commodity contract derivatives gains and (losses) included in the Condensed Consolidated Statements of Operations: Location of Gain (Loss) Three months ended September 30, 2020 Three months ended September 30, 2019 Nine months ended September 30, 2020 Nine months ended September 30, 2019 Commodity derivatives Cost of goods sold – Biomass-based diesel $ 7,486 $ 3,187 $ 56,253 $ (25,123) |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended |
Sep. 30, 2020 | |
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 September 30, 2020 Total Level 1 Level 2 Level 3 Commercial paper $ 89,451 $ — $ 89,451 $ — Corporate bonds $ 142,068 — 142,068 — U.S. Treasury bills $ 54,981 54,981 — — Commodity contract derivatives $ 1,723 593 1,130 — $ 288,223 $ 55,574 $ 232,649 $ — As of December 31, 2019 Total Level 1 Level 2 Level 3 Commodity contract derivatives $ (3,116) $ (84) $ (3,032) $ — 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 2020 2019 Balance at beginning of period, January 1 $ — $ 9,861 Change in estimates included in earnings — 304 Settlements — (3,316) Balance at end of period, March 31 $ — $ 6,849 Change in estimates included in earnings — 398 Settlements — (2,812) Balance at end of period, June 30 $ — $ 4,435 Fair value of contingent consideration at measurement date — — Change in estimates included in earnings — (136) Settlements — (2,875) Balance at end of period, September 30 $ — $ 1,424 The estimated fair values of the Company’s financial instruments, which are not recorded at fair value, are as follows: As of September 30, 2020 As of December 31, 2019 Asset (Liability) Fair Value Asset (Liability) Fair Value Financial liabilities: Debt and lines of credit $ (67,554) $ (314,952) $ (183,034) $ (338,482) 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: Marketable securities: The fair value of marketable securities, which include Treasury bills, commercial paper and corporate notes/bonds is obtained using quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets in markets that are not active and inputs other than quoted prices, e.g., interest rates and yield curves. 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 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 12.5% 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 | 9 Months Ended |
Sep. 30, 2020 | |
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 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 stock appreciation rights and convertible notes on diluted EPS are calculated using the treasury stock method unless the effects are anti-dilutive to EPS. For the 2036 Convertible Senior Notes, the Company’s current intent is to settle conversions using cash for the principal amount of convertible senior notes converted, with the remaining value satisfied at the Company’s option in cash, stock or a combination of cash and stock. Therefore, the dilutive effect of the convertible senior notes is limited to the conversion premium. The following potentially dilutive weighted average securities were excluded from the calculation of diluted net income (loss) per share available to common stockholders during the periods presented, as the effect was anti-dilutive: Three months ended September 30, 2020 Three months ended September 30, 2019 Nine months ended September 30, 2020 Nine months ended September 30, 2019 Stock appreciation rights — 952,170 — 985,745 2036 Convertible Senior Notes — 8,937,353 — 8,937,353 Total — 9,889,523 — 9,923,098 The following table presents the calculation of diluted net income (loss) per share available to common stockholders: Three months ended September 30, 2020 Three months ended September 30, 2019 Nine months ended September 30, 2020 Nine months ended September 30, 2019 Net income (loss) from continuing operations available to the Company’s common stockholders - Basic $ 26,339 $ (13,753) $ 102,461 $ (112,775) Plus (less): effect of participating securities 492 — 2,071 — Net income (loss) available to common stockholders 26,831 (13,753) 104,532 (112,775) Less: effect of participating securities (492) — (2,071) — Net income (loss) from continuing operations available to the Company's common stockholders - Diluted $ 26,339 $ (13,753) $ 102,461 $ (112,775) Net income (loss) from discontinued operations available to the Company’s common stockholders - Basic $ — $ (2,193) $ — $ (8,672) Plus (less): effect of participating securities — — — — Net income (loss) available to common stockholders — (2,193) — (8,672) Less: effect of participating securities — — — — Net income (loss) from discontinued operations available to the Company's common stockholders - Diluted $ — $ (2,193) $ — $ (8,672) Net income (loss) available to the Company's common stockholders - Basic $ 26,339 $ (15,946) $ 102,461 $ (121,447) Plus (less): effect of participating securities 492 — 2,071 — Net income (loss) available to common stockholders 26,831 (15,946) 104,532 (121,447) Less: effect of participating securities (492) — (2,071) — Net income (loss) available to the Company's common stockholders - Diluted $ 26,339 $ (15,946) $ 102,461 $ (121,447) Shares: Weighted-average shares used to compute basic net income (loss) per share 39,306,263 38,959,606 39,154,788 38,060,782 Adjustment to reflect conversion of convertible notes 3,835,950 — 3,451,385 — Adjustment to reflect stock appreciation right conversions 482,127 — 501,816 — Weighted-average shares used to compute diluted net income (loss) per share 43,624,340 38,959,606 43,107,989 38,060,782 Net income (loss) per share available to common stockholders - Diluted Continuing operations $ 0.60 $ (0.35) $ 2.38 $ (2.96) Discontinued operations $ — $ (0.06) $ — $ (0.23) Diluted net income (loss) $ 0.60 $ (0.41) $ 2.38 $ (3.19) |
Reportable Segments and Geograp
Reportable Segments and Geographic Information | 9 Months Ended |
Sep. 30, 2020 | |
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 segments on an annual basis. The Company's reportable segments generally align the Company's external financial reporting segments with its internal operating segments, which are based on its internal organizational structure, operating decisions, and performance assessment. The Company's reportable segments at September 30, 2020 and for the year ended December 31, 2019 are composed of Biomass-based Diesel, Services 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 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 processed biomass-based diesel from Company facilities, related byproducts 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 from services provided to other segments are recorded by the Services segment at cost. 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 ended September 30, 2020 Three months ended September 30, 2019 Nine months ended September 30, 2020 Nine months ended September 30, 2019 Net sales from continuing operations: Biomass-based Diesel $ 559,636 $ 541,348 $ 1,515,927 $ 1,420,318 Services 21,483 28,042 67,502 71,764 Corporate and Other 19,801 54,201 86,633 216,288 Intersegment revenues (24,868) (39,219) (73,377) (85,146) $ 576,052 $ 584,372 $ 1,596,685 $ 1,623,224 Income (loss) from continuing operations before income taxes: Biomass-based Diesel $ 31,335 $ (17,076) $ 113,465 $ (110,891) Services (1,537) 2,336 (2,545) 2,719 Corporate and Other (1,921) 358 (2,381) (5,752) $ 27,877 $ (14,382) $ 108,539 $ (113,924) Depreciation and amortization expense, net: Biomass-based Diesel $ 10,572 $ 13,910 $ 34,002 $ 40,357 Services 847 611 2,430 1,827 Corporate and Other 1,027 441 3,019 1,335 $ 12,446 $ 14,962 $ 39,451 $ 43,519 Cash paid for purchases of property, plant and equipment: Biomass-based Diesel $ 14,139 $ 12,260 $ 37,072 $ 29,373 Services 1,714 796 3,880 1,593 Corporate and Other 45 — 5,993 122 $ 15,898 $ 13,056 $ 46,945 $ 31,088 September 30, 2020 December 31, 2019 Goodwill: Services $ 16,080 $ 16,080 Assets: Biomass-based Diesel $ 1,083,193 $ 1,711,870 Services 67,970 69,144 Corporate and Other 761,006 425,602 Intersegment eliminations (451,761) (421,267) $ 1,460,408 $ 1,785,349 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. Three months ended September 30, 2020 Three months ended September 30, 2019 Nine months ended September 30, 2020 Nine months ended September 30, 2019 Net revenues: United States $ 479,215 $ 508,092 $ 1,332,027 $ 1,464,590 International 96,837 76,280 264,658 158,634 $ 576,052 $ 584,372 $ 1,596,685 $ 1,623,224 September 30, 2020 December 31, 2019 Long-lived assets: United States $ 564,326 $ 562,165 International 27,991 22,412 $ 592,317 $ 584,577 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIESThe 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 Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Restricted Cash | Restricted Cash The Company segregates certain cash balances as restricted cash that represent those funds required to be set aside by a contractual agreement. The Company classifies restricted cash between current and non-current assets based on the length of time of the restricted use. |
Accounts Receivable and Subsequent Event | 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. September 30, 2020 December 31, 2019 Trade accounts receivable from customers (net of allowance for doubtful accounts of $1,613 and $1,001, respectively) $ 135,374 $ 185,156 BTC receivables from the government 52,482 672,627 Other trade receivables 4 1,139 Total $ 187,860 $ 858,922 |
Marketable Securities | Marketable Securities The Company's marketable securities are classified as available-for-sale and are reported at fair value, with unrealized gains and losses, net of tax, recorded in accumulated other comprehensive income (loss). The Company classifies its marketable securities as either current or long-term based on each instrument's underlying contractual maturity date. Realized gains or losses and declines in value judged to be other-than-temporary, if any, on available-for-sale securities are reported in other income, net. The Company evaluates such investments periodically for possible other-than-temporary impairment. A decline of fair value below amortized costs of debt securities is considered an other-than-temporary impairment if the Company has the intent to sell the security or if it is more likely than not that the Company will be required to sell the security before recovery of the entire amortized cost basis. In those instances, an impairment charge equal to the difference between the fair value and the amortized cost basis is recognized in earnings. Regardless of the Company's intent or requirement to sell a debt security, an impairment is considered other-than-temporary if the Company does not expect to recover the entire amortized cost basis; in those instances, a credit loss equal to the difference between the present value of the cash flows expected to be allocated based on credit risk and the amortized cost basis of the debt security is recognized in earnings. The Company has no current requirement or intent to sell a material portion of marketable securities as of September 30, 2020. The Company expects to recover up to (or beyond) the initial cost of investment for securities held. In computing realized gains and losses on available-for-sale securities, the Company determines cost based on amounts paid, including direct costs such as commissions to acquire the security, using the specific identification method. |
Renewable Identification Numbers (RINs) | Renewable Identification Numbers ("RINs") When the Company produces and sells a gallon of biomass-based diesel, 1.5 to 1.7 RINs per gallon are generated. RINs are used to track compliance with the Renewable Fuel Standard ("RFS2"). RFS2 allows the Company to attach between zero and 2.5 RINs to any gallon of biomass-based diesel. As a result, a portion of the selling price for a gallon of biomass-based diesel is generally attributable to RFS2 compliance. However, RINs that the Company generates are a form of government incentive and not a result of the physical attributes of the biomass-based diesel production. Therefore, no cost is allocated to the RIN when it is generated, regardless of whether the RIN is transferred with the biomass-based diesel produced or held by the Company pending attachment to other biomass-based diesel production sales. In addition, the Company also obtains RINs from third parties who have separated the RINs from gallons of biomass-based diesel. From time to time, the Company holds varying amounts of these separated RINs for resale. RINs obtained from third parties are initially recorded at their cost and are subsequently revalued at the lower of cost or net realizable value as of the last day of each accounting period. The resulting adjustments are reflected in costs of goods sold for the period. The value of these RINs is reflected in “Prepaid expenses and other assets” on the Condensed Consolidated Balance Sheets. The cost of goods sold related to the sale of these RINs is determined using the average cost method, while market prices are determined by RIN values, as reported by the Oil Price Information Service ("OPIS"). |
Low Carbon Fuel Standard | Low Carbon Fuel Standard The Company generates Low Carbon Fuel Standard ("LCFS") credits for its low carbon fuels or blendstocks when its qualified low carbon fuels are transported into an LCFS market. LCFS credits are used to track compliance with the LCFS. As a result, a portion of the selling price for a gallon of biomass-based diesel sold into an LCFS market is also attributable to LCFS compliance. However, LCFS credits that the Company generates are a form of government incentive and not a result of the physical attributes of the biomass-based diesel production. Therefore, no cost is allocated to the LCFS credit when it is generated, regardless of whether the LCFS credit is transferred with the biomass-based diesel produced or held by the Company. In addition, the Company also obtains LCFS credits from third-party trading activities. From time to time, the Company holds varying amounts of these third-party LCFS credits for resale. LCFS credits obtained from third parties are initially recorded at their cost and are subsequently revalued at the lower of cost or net realizable value as of the last day of each accounting period, and the resulting adjustments are reflected in costs of goods sold for the period. The value of LCFS credits obtained from third parties is reflected in “Prepaid expenses and other assets” on the Condensed Consolidated Balance Sheet. The cost of goods sold related to the sale of these LCFS credits is determined using the average cost method, while market prices are determined by LCFS values, as reported by the OPIS. At September 30, 2020 and December 31, 2019, the Company held no LCFS credits purchased from third parties. The Company records assets acquired and liabilities assumed through the exchange of non-monetary assets based on the fair value of the assets and liabilities acquired or the fair value of the consideration exchanged, whichever is more readily determinable. |
Goodwill | Goodwill Goodwill is tested for impairment annually as of July 31 or when impairment indicators exist. Goodwill is allocated and tested for impairment by reporting segments. At September 30, 2020 and 2019, the Company had approximately $16,080 of goodwill in the Services segment. As a result of the annual impairment test performed as of July 31, 2020, the Company determined that there were no indications of impairment related to the Services segment's goodwill. No impairment of goodwill was recorded during the three and nine months ended September 30, 2020 or 2019. |
Impairment of Long-Lived Assets | Impairment of Long-lived Assets The Company tests its long-lived assets for recoverability when events or circumstances indicate that its carrying amount may not be recoverable. Significant assumptions used in the undiscounted cash flow analysis, when it is required, include the projected demand for biomass-based diesel based on annual renewable fuel volume obligations under the Renewable Fuel Standards ("RFS2"), the Company's capacity to meet that demand, the market price of biomass-based diesel and the cost of feedstock used in the manufacturing process. |
Fair Value Measurement | The impairment charges reflected the difference between the carrying amounts and the estimated fair values. The fair values were determined based on a cost approach. The inputs include replacement cost estimates adjusted for physical deterioration and economic obsolescence. This method of assigning fair value to each asset type and aggregating those values represents a Level 3 asset measurement in determining the fair value on a nonrecurring basis subsequent to its original recognition. |
Convertible Debt | Convertible DebtIn June 2016, the Company issued $152,000 aggregate principal amount of 4% convertible senior notes due in 2036 (the "2036 Convertible Senior Notes"). See "Note 7 - Debt" for a further description of the 2036 Convertible Senior Notes. During the three and nine months ended September 30, 2020, the Company used $18,086 to repurchase $5,000 principal amount and $75,890 to repurchase $30,008 principal amount of the 2036 Convertible Senior Notes, respectively, reflecting conversion premium, after tax impact, of $13,992 and $52,681, respectively, as a reduction of Additional Paid-in Capital and gains on debt extinguishment of $18 and $1,809, respectively, in the Condensed Consolidated Statements of Operations. During the three and nine months ended September 30, 2019, the Company made no repurchases of the 2036 Convertible Senior Notes. |
Security Repurchase Programs | Security Repurchase ProgramsIn June 2018, January 2019, and February 2020, the Company's Board of Directors approved repurchase programs, of up to $75,000, $75,000 and $100,000, respectively, of the Company's convertible notes and/or shares of common stock (the "2018 Program", "2019 Program", and "2020 Program", respectively). Under these programs, the Company may repurchase convertible notes or shares from time to time in open market transactions, privately negotiated transactions or by other means. The timing and amount of repurchase transactions under each program are determined by the Company's management based on its evaluation of market conditions, share price, convertible note price, legal requirements and other factors. |
Revenue Recognition | Revenue Recognition The Company generally has a single performance obligation in its arrangements with customers. The Company believes for most of its contracts with customers, control is transferred at a point in time, typically upon delivery to the customers. When the Company performs shipping and handling activities after the transfer of control to the customers (e.g., when control transfers prior to delivery), they are considered as fulfillment activities, and accordingly, the costs are accrued for when the related revenue is recognized. Taxes collected from customers relating to product sales and remitted to governmental authorities are excluded from revenues. The Company generally expenses sales commissions when incurred because the amortization period would have been less than one year. The Company records these costs within selling, general and administrative expenses. The following is a description of principal activities from which we generate revenue. Revenues from contracts with customers are recognized when control of the promised goods or services are transferred to our customers, in an amount that reflects the consideration that we expect to receive in exchange for those goods or services. • sales of biodiesel and renewable diesel produced at our facilities, including RINs and LCFS credits; • resale of petroleum acquired from third parties, along with the sale of petroleum-based products further blended with biodiesel produced at our wholly owned facilities or acquired from third parties; • sales of separated RINs and LCFS credits; • sales of raw materials, glycerin and other co-products of the biomass-based diesel production process; • other revenue, including biomass-based diesel facility management and operational services; and • incentive payments from federal and state governments, including the BTC, and from the USDA Advanced Biofuel Program. Disaggregation of revenue: |
Discontinued Operations | Discontinued Operations Income (loss) from discontinued operations mainly relates to the research and development activities and the sale of REG Life Sciences, the Company's industrial biotechnology business, which had been classified as assets held for sale following the Company's decision to pursue a sale of this business in the fourth quarter of 2018. In May 2019, the sale of REG Life Sciences core assets and business was closed. The wind-down of operations of REG Life Sciences was completed in the fourth quarter of 2019. |
New Accounting Standards | New Accounting Standards On June 16, 2016, the FASB issued ASU 2016-13, which amends the Board's guidance on the impairment of financial instruments. The ASU 2016-13 adds to U.S. GAAP an impairment model (known as the current expected credit loss ("CECL") model) that is based on expected losses rather than incurred losses. Under this new guidance, an entity recognizes as an allowance its estimate of expected credit losses. For public companies, the ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company's adoption of ASU 2016-13 effective January 1, 2020 did not have a material impact on its condensed consolidated financial statements. On August 28, 2018, the FASB issued ASU 2018-13, which changes the fair value measurement disclosure requirements of ASC 820. ASU 2018-13 eliminates or modifies certain disclosure requirements of ASC 820 and requires new disclosures relating to changes in unrealized gains or losses included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the applicable reporting period. ASU 2018-13 also explicitly requires entities to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU 2018-13 is effective for all entities for fiscal years beginning after December 15, 2019, including interim periods therein. The Company's adoption of ASU 2016-13 effective January 1, 2020 did not have a material impact on its condensed consolidated financial statements. On December 18, 2019, the FASB issued ASU 2019-12, which affects general principles within ASC 740, Income Taxes. The ASU removes the following exceptions: (1) incremental approach for intra-period tax allocation when there is a loss from continuing operations and income or a gain from other items, (2) exception to the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment, (3) exception to the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary, and (4) exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The ASU also will make changes to franchise tax recognition, consideration of the tax basis recognition of goodwill related to acquisitions, specify tax allocation to subsidiaries, reflecting a change in tax law in the interim period annual effective tax rate computation in the period of enactment, and changes to the employee stock ownership plans and investments. For public business entities, the amendments in ASU 2019-12 are effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The Company is evaluating the impact of the guidance on its condensed consolidated financial statements but does not expect the impact to be significant. On January 16, 2020, the FASB issued ASU 2020-01, which clarifies the interaction between Topic 321 (Equity Securities), Topic 323 (Equity Method Investments) and Topic 815 (Derivatives and Hedging). This amendment clarifies that an entity should not consider whether the settlement of a forward contract or exercise of an option is accounted for under Topic 323 or whether the fair value option is in accordance with Topic 825. For public business entities, the amendments in ASU 2020-01 are effective for fiscal years beginning December 15, 2020, and interim periods within those fiscal years. The Company is evaluating the impact of the guidance on its condensed consolidated financial statements but does not expect the impact be significant. On March 9, 2020, the FASB issued ASU 2020-03, which clarifies and updates various topics specific to the Company such as: (1) Amending Topic 820 to explicitly apply to non-financial items accounted for as derivatives under Topic 815. (2) Improve the understanding of Topic 470 and the alignment of Line-of-Credit arrangements and Revolving-Debt arrangements. (3) Clarification on the determination of a contractual term in a net investment in a lease determined in accordance with Topic 842 and Topic 326. For public business entities, the amendments in ASU 2020-03 are effective for fiscal years beginning after December 15, 2019, and interim periods beginning after December 15, 2020. The Company is evaluating the impact of the guidance on its condensed consolidated financial statements. On March 12, 2020, the FASB issued ASU 2020-04, which provides a relief that is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. Optional expedients are provided for contract modification accounting under the following Codification topics and subtopics: ASC 310, Receivables; ASC 470, Debt; ASC 840 or ASC 842, Leases; and ASC 815-15, Derivatives and Hedging: Embedded Derivatives. The ASU also establishes (1) a general contract modification principle that entities can apply in other areas that may be affected by reference rate reform and (2) certain elective hedge accounting expedients. T he amendments in ASU 2020-04 are effective for all entities as of March 12, 2020, through December 31, 2022. The Company is still evaluating the impact of the guidance on its condensed consolidated financial statements. On August 5, 2020, the FASB issued ASU 2020-06, which reduces the complexity of the accounting for convertible debt instruments and its effect on earnings per share calculation. The guidance reduces the number of accounting models used for convertible debt instruments, which will result in fewer embedded conversion features being recognized separately from the original contract. This will also affect the guidance associated with convertible debt for earnings-per-share by requiring the if-converted method rather than the treasury stock method, requiring that potential share settlement be included in the calculation of diluted earnings per share and clarifying that an entity should use the weighted-average share count from each quarter when calculating the year-to-date weighted-average share count. For public business entities, the amendments in ASU 2020-06 are effective for fiscal years beginning after December 15, 2021, including interim periods within those years, and early adoption is permitted for fiscal years beginning after December 15, 2020, including interim periods within those years. The Company is evaluating the impact of the guidance on its condensed consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Restricted Cash | See the table below for reconciliation of "Cash, Cash Equivalents and Restricted Cash" in the Condensed Consolidated Statements of Cash Flows: September 30, 2020 September 30, 2019 Cash and cash equivalents $ 97,187 $ 64,093 Restricted cash 3,000 3,000 Total cash, cash equivalents and restricted cash in the Condensed Statements of Cash Flows $ 100,187 $ 67,093 |
Accounts Receivable | September 30, 2020 December 31, 2019 Trade accounts receivable from customers (net of allowance for doubtful accounts of $1,613 and $1,001, respectively) $ 135,374 $ 185,156 BTC receivables from the government 52,482 672,627 Other trade receivables 4 1,139 Total $ 187,860 $ 858,922 |
Activity Under Repurchase Agreements | The table below sets out the information regarding the activities under the 2019 and 2020 Programs during the three and nine months ended September 30, 2020: Three months ended September 30, 2020 Nine months ended September 30, 2020 Principal amount in 000's January 2019 Program February 2020 Program Principal amount in 000's January 2019 Program February 2020 Program 2036 Convertible Senior Notes Repurchases $ 5,000 $ 10,000 $ 8,086 $ 30,008 $ 67,804 $ 8,086 |
Disaggregation of Revenue | The following table depicts the disaggregation of revenue according to product line and segment: Reportable Segments Three months ended September 30, 2020 Biomass-based Services Corporate Intersegment Consolidated Biomass-based diesel sales, net of BTC related amount due to customers of $(19) $ 387,239 $ — $ — $ (3,490) $ 383,749 Petroleum diesel sales — — 19,801 — 19,801 LCFS credit sales 32,636 — — — 32,636 Separated RIN sales 27,492 — — — 27,492 Co-product sales 11,732 — — — 11,732 Raw material sales 6,476 — — — 6,476 Other biomass-based diesel revenue 10,883 — — — 10,883 Other revenues — 21,483 — (21,378) 105 Total revenues from contracts with customers $ 476,458 $ 21,483 $ 19,801 $ (24,868) $ 492,874 Biomass-based diesel government incentives 83,178 — — — 83,178 Total revenues $ 559,636 $ 21,483 $ 19,801 $ (24,868) $ 576,052 Three months ended September 30, 2019 Biomass-based Diesel Services Corporate and other Intersegment Revenues Consolidated Total Biomass-based diesel sales, net of BTC related amount due to customers of $— $ 448,471 $ — $ — $ (11,361) $ 437,110 Petroleum diesel sales — — 54,201 — 54,201 LCFS credit sales 34,267 — — — 34,267 Separated RIN sales 26,762 — — — 26,762 Co-product sales 10,982 — — — 10,982 Raw material sales 7,246 — — — 7,246 Other biomass-based diesel revenue 13,108 — — — 13,108 Other revenues — 28,042 — (27,858) 184 Total revenues from contracts with customers $ 540,836 $ 28,042 $ 54,201 $ (39,219) $ 583,860 Biomass-based diesel government incentives 512 — — — 512 Total revenues $ 541,348 $ 28,042 $ 54,201 $ (39,219) $ 584,372 Reportable Segments Nine months ended September 30, 2020 Biomass-based Services Corporate Intersegment Consolidated Biomass-based diesel sales, net of BTC related amount due to customers of $1,085 $ 1,009,723 $ — $ — $ (6,593) $ 1,003,130 Petroleum diesel sales — — 86,633 — 86,633 Other biomass-based diesel revenue 31,544 — — — 31,544 Separated RIN sales 70,004 — — — 70,004 LCFS credit sales 97,379 — — — 97,379 Co-product sales 36,684 — — — 36,684 Raw material sales 25,122 — — — 25,122 Other revenues — 67,502 — (66,784) 718 Total revenues from contracts with customers $ 1,270,456 $ 67,502 $ 86,633 $ (73,377) $ 1,351,214 Biomass-based diesel government incentives 245,471 — — — 245,471 Total revenues $ 1,515,927 $ 67,502 $ 86,633 $ (73,377) $ 1,596,685 Nine months ended September 30, 2019 Biomass-based Diesel Services Corporate and other Intersegment Revenues Consolidated Total Biomass-based diesel sales, net of BTC related amount due to customers of $— $ 1,195,171 $ — $ — $ (14,136) $ 1,181,035 Petroleum diesel sales — — 216,288 — 216,288 Other biomass-based diesel revenue 31,291 — — — 31,291 Separated RIN sales 68,821 — — — 68,821 LCFS credit sales 77,603 — — — 77,603 Co-product sales 30,071 — — — 30,071 Raw material sales 15,851 — — — 15,851 Other revenues — 71,764 — (71,010) 754 Total revenues from contracts with customers $ 1,418,808 $ 71,764 $ 216,288 $ (85,146) $ 1,621,714 Biomass-based diesel government incentives 1,510 — — — 1,510 Total revenues $ 1,420,318 $ 71,764 $ 216,288 $ (85,146) $ 1,623,224 |
Contract Balances | The following table provides information about receivables and contract liabilities from contracts with customers: September 30, 2020 December 31, 2019 Trade accounts receivable from customers $ 135,374 $ 185,156 Short-term contract liabilities (deferred revenue) $ (7) $ (631) Short-term contract liabilities (accounts payable) $ (43,512) $ (255,193) July 1, 2020 Cash receipts Less: Impact on Other September 30, 2020 Deferred revenue $ 2 $ 4,371 $ 4,366 $ — $ 7 Payables to customers related to BTC 75,330 (31,818) — — 43,512 $ 75,332 $ (27,447) $ 4,366 $ — $ 43,519 July 1, 2019 Cash receipts Less: Impact on Other September 30, 2019 Deferred revenue $ 4,536 $ 6,984 $ 10,566 $ — $ 954 January 1, 2020 Cash receipts Less: Impact on Other September 30, 2020 Deferred revenue $ 631 $ 18,107 $ 18,731 $ — $ 7 Payables to customers related to BTC 255,193 (214,637) — 2,956 43,512 $ 255,824 $ (196,530) $ 18,731 $ 2,956 $ 43,519 January 1, 2019 Cash receipts Less: Impact on Other September 30, 2019 Deferred revenue $ 300 $ 47,331 $ 46,677 $ — $ 954 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable securities | The following table summarizes the Company's investments in marketable securities: September 30, 2020 Maturity Gross Amortized Cost Total Unrealized Gains Total Unrealized Losses Fair Value Short-term marketable securities Commercial paper Within one year $ 89,324 $ 127 $ — $ 89,451 Corporate bonds Within one year 75,325 153 — 75,478 U.S. Treasury bills Within one year 19,985 2 — 19,987 Total $ 184,634 $ 282 $ — $ 184,916 Long-term marketable securities Corporate bonds Within one - five years $ 66,725 $ — $ (135) $ 66,590 U.S. Treasury bills Within one - five years 35,001 — (7) 34,994 Total $ 101,726 $ — $ (142) $ 101,584 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories consist of the following: September 30, 2020 December 31, 2019 Raw materials $ 60,284 $ 57,818 Work in process 4,273 3,605 Finished goods 81,441 100,006 Total $ 145,998 $ 161,429 |
Other Assets (Tables)
Other Assets (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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: September 30, 2020 December 31, 2019 Commodity derivatives and related collateral, net $ 7,401 $ 6,140 Prepaid expenses 23,762 16,082 Deposits 3,462 3,519 RIN inventory 3,058 2,137 Taxes receivable 19,380 5,115 Other 2,748 2,480 Total $ 59,811 $ 35,473 |
Summary of Other Noncurrent Assets | Other noncurrent assets consist of the following: September 30, 2020 December 31, 2019 Investments $ 12,879 $ 19,205 Spare parts inventory 2,610 2,610 Catalysts 7,408 1,274 Deposits 552 552 Other 8,131 2,874 Total $ 31,580 $ 26,515 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Components of Intangible assets | Intangible assets consist of the following: September 30, 2020 Cost Accumulated Amortization Net Raw material supply agreement $ 6,230 $ (3,572) $ 2,658 Renewable diesel technology 8,300 (3,504) 4,796 Acquired customer relationships 4,747 (1,903) 2,844 Other intangibles 904 (184) 720 Total intangible assets $ 20,181 $ (9,163) $ 11,018 December 31, 2019 Cost Accumulated Amortization Net Raw material supply agreement $ 6,230 $ (3,368) $ 2,862 Renewable diesel technology 8,300 (3,089) 5,211 Acquired customer relationships 4,747 (1,535) 3,212 Other intangible assets 904 (171) 733 Total intangible assets $ 20,181 $ (8,163) $ 12,018 |
Estimated Amortization Expense | The estimated intangible asset amortization expense for the remainder of 2020 through 2026 and thereafter is as follows: October 1, 2020 through December 31, 2020 $ 427 2021 1,567 2022 1,575 2023 1,599 2024 1,623 2025 1,633 2026 and thereafter 2,594 Total $ 11,018 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Company's Borrowings | The following table shows the Company’s term debt: September 30, 2020 December 31, 2019 4.00% Convertible Senior Notes, $59,619 face amount, due in June 2036 $ 46,877 $ 69,668 REG Danville term loan, secured, variable interest rate of LIBOR plus 4%, due in July 2022 — 6,468 REG Ralston term loan, variable interest rate of LIBOR plus 2.25%, due in October 2025 13,926 15,980 REG Grays Harbor term loan, variable interest of minimum of 3.5% or Prime Rate plus 0.25%, due in May 2022 — 6,966 REG Capital term loan, fixed interest rate of 4.0%, due in January 2028 6,732 6,929 Other 19 33 Total term debt before debt issuance costs 67,554 106,044 Less: Current portion of long-term debt 49,906 77,131 Less: Debt issuance costs (net of accumulated amortization of $955 and $1,139, respectively) 1,767 2,783 Total long-term debt $ 15,881 $ 26,130 |
Revolving Line of Credit | The following table shows the Company's lines of credit: September 30, 2020 December 31, 2019 Amount outstanding under lines of credit $ — $ 76,990 Maximum available to be borrowed under lines of credit $ 117,820 $ 101,485 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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: September 30, 2020 December 31, 2019 Assets Liabilities Assets Liabilities Gross amounts of derivatives recognized at fair value $ 4,303 $ 2,580 $ 1,633 $ 4,749 Cash collateral paid (received) 5,678 — 9,256 — Total gross amount recognized 9,981 2,580 10,889 4,749 Gross amounts offset (2,580) (2,580) (4,749) (4,749) Net amount reported in the condensed consolidated balance sheets $ 7,401 $ — $ 6,140 $ — |
Summary of Derivative Financial Instruments by Location of Gain (Loss) | The following table sets forth the commodity contract derivatives gains and (losses) included in the Condensed Consolidated Statements of Operations: Location of Gain (Loss) Three months ended September 30, 2020 Three months ended September 30, 2019 Nine months ended September 30, 2020 Nine months ended September 30, 2019 Commodity derivatives Cost of goods sold – Biomass-based diesel $ 7,486 $ 3,187 $ 56,253 $ (25,123) |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Assets (Liabilities) Measured at Fair Value | A summary of assets (liabilities) measured at fair value is as follows: As of September 30, 2020 Total Level 1 Level 2 Level 3 Commercial paper $ 89,451 $ — $ 89,451 $ — Corporate bonds $ 142,068 — 142,068 — U.S. Treasury bills $ 54,981 54,981 — — Commodity contract derivatives $ 1,723 593 1,130 — $ 288,223 $ 55,574 $ 232,649 $ — As of December 31, 2019 Total Level 1 Level 2 Level 3 Commodity contract derivatives $ (3,116) $ (84) $ (3,032) $ — |
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 2020 2019 Balance at beginning of period, January 1 $ — $ 9,861 Change in estimates included in earnings — 304 Settlements — (3,316) Balance at end of period, March 31 $ — $ 6,849 Change in estimates included in earnings — 398 Settlements — (2,812) Balance at end of period, June 30 $ — $ 4,435 Fair value of contingent consideration at measurement date — — Change in estimates included in earnings — (136) Settlements — (2,875) Balance at end of period, September 30 $ — $ 1,424 |
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 September 30, 2020 As of December 31, 2019 Asset (Liability) Fair Value Asset (Liability) Fair Value Financial liabilities: Debt and lines of credit $ (67,554) $ (314,952) $ (183,034) $ (338,482) |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Potentially Dilutive Weighted Average Securities Excluded From the Calculation of Diluted Net Income (Loss) Per Share Attributable to Common Stockholders | The following potentially dilutive weighted average securities were excluded from the calculation of diluted net income (loss) per share available to common stockholders during the periods presented, as the effect was anti-dilutive: Three months ended September 30, 2020 Three months ended September 30, 2019 Nine months ended September 30, 2020 Nine months ended September 30, 2019 Stock appreciation rights — 952,170 — 985,745 2036 Convertible Senior Notes — 8,937,353 — 8,937,353 Total — 9,889,523 — 9,923,098 |
Calculation of Diluted Net Income (Loss) Per Share | The following table presents the calculation of diluted net income (loss) per share available to common stockholders: Three months ended September 30, 2020 Three months ended September 30, 2019 Nine months ended September 30, 2020 Nine months ended September 30, 2019 Net income (loss) from continuing operations available to the Company’s common stockholders - Basic $ 26,339 $ (13,753) $ 102,461 $ (112,775) Plus (less): effect of participating securities 492 — 2,071 — Net income (loss) available to common stockholders 26,831 (13,753) 104,532 (112,775) Less: effect of participating securities (492) — (2,071) — Net income (loss) from continuing operations available to the Company's common stockholders - Diluted $ 26,339 $ (13,753) $ 102,461 $ (112,775) Net income (loss) from discontinued operations available to the Company’s common stockholders - Basic $ — $ (2,193) $ — $ (8,672) Plus (less): effect of participating securities — — — — Net income (loss) available to common stockholders — (2,193) — (8,672) Less: effect of participating securities — — — — Net income (loss) from discontinued operations available to the Company's common stockholders - Diluted $ — $ (2,193) $ — $ (8,672) Net income (loss) available to the Company's common stockholders - Basic $ 26,339 $ (15,946) $ 102,461 $ (121,447) Plus (less): effect of participating securities 492 — 2,071 — Net income (loss) available to common stockholders 26,831 (15,946) 104,532 (121,447) Less: effect of participating securities (492) — (2,071) — Net income (loss) available to the Company's common stockholders - Diluted $ 26,339 $ (15,946) $ 102,461 $ (121,447) Shares: Weighted-average shares used to compute basic net income (loss) per share 39,306,263 38,959,606 39,154,788 38,060,782 Adjustment to reflect conversion of convertible notes 3,835,950 — 3,451,385 — Adjustment to reflect stock appreciation right conversions 482,127 — 501,816 — Weighted-average shares used to compute diluted net income (loss) per share 43,624,340 38,959,606 43,107,989 38,060,782 Net income (loss) per share available to common stockholders - Diluted Continuing operations $ 0.60 $ (0.35) $ 2.38 $ (2.96) Discontinued operations $ — $ (0.06) $ — $ (0.23) Diluted net income (loss) $ 0.60 $ (0.41) $ 2.38 $ (3.19) |
Reportable Segments and Geogr_2
Reportable Segments and Geographic Information (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Significant Items by Reportable Segment | The following table represents the significant items by reportable segment: Three months ended September 30, 2020 Three months ended September 30, 2019 Nine months ended September 30, 2020 Nine months ended September 30, 2019 Net sales from continuing operations: Biomass-based Diesel $ 559,636 $ 541,348 $ 1,515,927 $ 1,420,318 Services 21,483 28,042 67,502 71,764 Corporate and Other 19,801 54,201 86,633 216,288 Intersegment revenues (24,868) (39,219) (73,377) (85,146) $ 576,052 $ 584,372 $ 1,596,685 $ 1,623,224 Income (loss) from continuing operations before income taxes: Biomass-based Diesel $ 31,335 $ (17,076) $ 113,465 $ (110,891) Services (1,537) 2,336 (2,545) 2,719 Corporate and Other (1,921) 358 (2,381) (5,752) $ 27,877 $ (14,382) $ 108,539 $ (113,924) Depreciation and amortization expense, net: Biomass-based Diesel $ 10,572 $ 13,910 $ 34,002 $ 40,357 Services 847 611 2,430 1,827 Corporate and Other 1,027 441 3,019 1,335 $ 12,446 $ 14,962 $ 39,451 $ 43,519 Cash paid for purchases of property, plant and equipment: Biomass-based Diesel $ 14,139 $ 12,260 $ 37,072 $ 29,373 Services 1,714 796 3,880 1,593 Corporate and Other 45 — 5,993 122 $ 15,898 $ 13,056 $ 46,945 $ 31,088 September 30, 2020 December 31, 2019 Goodwill: Services $ 16,080 $ 16,080 Assets: Biomass-based Diesel $ 1,083,193 $ 1,711,870 Services 67,970 69,144 Corporate and Other 761,006 425,602 Intersegment eliminations (451,761) (421,267) $ 1,460,408 $ 1,785,349 |
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. Three months ended September 30, 2020 Three months ended September 30, 2019 Nine months ended September 30, 2020 Nine months ended September 30, 2019 Net revenues: United States $ 479,215 $ 508,092 $ 1,332,027 $ 1,464,590 International 96,837 76,280 264,658 158,634 $ 576,052 $ 584,372 $ 1,596,685 $ 1,623,224 September 30, 2020 December 31, 2019 Long-lived assets: United States $ 564,326 $ 562,165 International 27,991 22,412 $ 592,317 $ 584,577 |
Basis of Presentation and Nat_2
Basis of Presentation and Nature of the Business (Details) gal in Millions | 9 Months Ended | |
Sep. 30, 2020facilitygal | Aug. 31, 2019gal | |
Class of Stock [Line Items] | ||
Number of biorefineries | 12 | |
Number of operating biomass-based diesel production facilities | 12 | |
Production capacity per year | gal | 505 | |
Number of multi-feedstock capable plants | 10 | |
REG New Boston | ||
Class of Stock [Line Items] | ||
Production capacity per year | gal | 15 | |
North America | ||
Class of Stock [Line Items] | ||
Number of biorefineries | 10 | |
Europe | ||
Class of Stock [Line Items] | ||
Number of biorefineries | 2 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Textual) | Jun. 02, 2016USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Sep. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Sep. 30, 2020USD ($)renewable_identification_number | Sep. 30, 2019USD ($) | Feb. 29, 2020USD ($) | Dec. 31, 2019USD ($) | Jan. 31, 2019USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2016USD ($) |
Business Acquisition [Line Items] | |||||||||||||
Restricted cash | $ 3,000,000 | $ 3,000,000 | $ 3,000,000 | $ 3,000,000 | $ 3,000,000 | ||||||||
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt, Subsequent Adjustments | 13,992,000 | $ 20,860,000 | $ 17,829,000 | $ 152,000 | |||||||||
Gain (loss) on debt extinguishment | 18,000 | 0 | 1,809,000 | (2,000) | |||||||||
Goodwill | 16,080,000 | 16,080,000 | 16,080,000 | 16,080,000 | 16,080,000 | ||||||||
Tangible Asset Impairment Charges | 11,145,000 | ||||||||||||
Equipment | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Tangible Asset Impairment Charges | 18,984,000 | ||||||||||||
Biodiesel property, plant and equipment | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Tangible Asset Impairment Charges | 272,000 | ||||||||||||
June 2018 Program | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Security repurchase program, amount authorized to be repurchased | $ 75,000,000 | ||||||||||||
January 2019 Program | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Security repurchase program, amount authorized to be repurchased | $ 75,000,000 | ||||||||||||
February 2020 Program | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Security repurchase program, amount authorized to be repurchased | $ 100,000,000 | ||||||||||||
January 2019 Program and February 2020 Program | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Security repurchase program, remaining amounts | 91,914,000 | 91,914,000 | |||||||||||
2036 Senior Convertible Notes Repurchases | Convertible Notes | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Face amount | $ 152,000,000 | $ 152,000,000 | |||||||||||
Interest rate | 4.00% | 4.00% | |||||||||||
Convertible Notes Repurchases | $ 147,118,000 | 18,086,000 | $ 0 | 75,890,000 | $ 0 | ||||||||
Principal amount of debt repurchased | 5,000,000 | 30,008,000 | |||||||||||
Gain (loss) on debt extinguishment | 18,000 | 1,809,000 | |||||||||||
2036 Senior Convertible Notes Repurchases | Convertible Notes | January 2019 Program | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Convertible Notes Repurchases | 10,000,000 | 67,804,000 | |||||||||||
2036 Senior Convertible Notes Repurchases | Convertible Notes | February 2020 Program | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Convertible Notes Repurchases | 8,086,000 | 8,086,000 | |||||||||||
Services | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Goodwill | 16,080,000 | $ 16,080,000 | $ 16,080,000 | ||||||||||
Minimum | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
RINs per gallon | renewable_identification_number | 1.5 | ||||||||||||
Allowed RINs per gallon | renewable_identification_number | 0 | ||||||||||||
Maximum | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
RINs per gallon | renewable_identification_number | 1.7 | ||||||||||||
Allowed RINs per gallon | renewable_identification_number | 2.5 | ||||||||||||
Common Stock - Additional Paid-in Capital | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt, Subsequent Adjustments | $ 13,992,000 | $ 20,860,000 | $ 17,829,000 | $ 152,000 | $ 52,681,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Restricted Cash) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 97,187 | $ 50,436 | $ 64,093 | |
Restricted cash | 3,000 | 3,000 | 3,000 | |
Total cash, cash equivalents and restricted cash in the Condensed Statements of Cash Flows | $ 100,187 | $ 53,436 | $ 67,093 | $ 126,575 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Accounts Receivable) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $ 187,860 | $ 858,922 |
Allowance for doubtful accounts | 1,613 | 1,001 |
Trade accounts receivable from customers | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | 135,374 | 185,156 |
BTC receivables from the government | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | 52,482 | 672,627 |
Other trade receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $ 4 | $ 1,139 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Share Repurchases) (Details) - Convertible Notes - 2036 Senior Convertible Notes Repurchases - USD ($) | Jun. 02, 2016 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 |
Equity, Class of Treasury Stock [Line Items] | |||||
Convertible Notes Repurchases, Principal amount | $ 5,000,000 | $ 30,008,000 | |||
Convertible Notes Repurchases | $ 147,118,000 | 18,086,000 | $ 0 | 75,890,000 | $ 0 |
January 2019 Program | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Convertible Notes Repurchases | 10,000,000 | 67,804,000 | |||
February 2020 Program | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Convertible Notes Repurchases | $ 8,086,000 | $ 8,086,000 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | $ 492,874 | $ 583,860 | $ 1,351,214 | $ 1,621,714 |
Biomass-based diesel government incentives | 83,178 | 512 | 245,471 | 1,510 |
Total revenues | 576,052 | 584,372 | 1,596,685 | 1,623,224 |
Biomass-based Diesel | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 476,458 | 540,836 | 1,270,456 | 1,418,808 |
Biomass-based diesel government incentives | 83,178 | 512 | 245,471 | 1,510 |
Total revenues | 559,636 | 541,348 | 1,515,927 | 1,420,318 |
Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 21,483 | 28,042 | 67,502 | 71,764 |
Biomass-based diesel government incentives | 0 | 0 | 0 | 0 |
Total revenues | 21,483 | 28,042 | 67,502 | 71,764 |
Corporate and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 19,801 | 54,201 | 86,633 | 216,288 |
Biomass-based diesel government incentives | 0 | 0 | 0 | 0 |
Total revenues | 19,801 | 54,201 | 86,633 | 216,288 |
Intersegment Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | (24,868) | (39,219) | (73,377) | (85,146) |
Biomass-based diesel government incentives | 0 | 0 | 0 | 0 |
Total revenues | (24,868) | (39,219) | (73,377) | (85,146) |
Biomass-based Diesel | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 383,749 | 437,110 | 1,003,130 | 1,181,035 |
Biomass-based Diesel | Biomass-based Diesel | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 387,239 | 448,471 | 1,009,723 | 1,195,171 |
BTC related amount due to customers | (19) | 0 | 1,085 | 0 |
Biomass-based Diesel | Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Biomass-based Diesel | Corporate and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Biomass-based Diesel | Intersegment Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | (3,490) | (11,361) | (6,593) | (14,136) |
Petroleum diesel sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 19,801 | 54,201 | 86,633 | 216,288 |
Petroleum diesel sales | Biomass-based Diesel | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Petroleum diesel sales | Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Petroleum diesel sales | Corporate and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 19,801 | 54,201 | 86,633 | 216,288 |
Petroleum diesel sales | Intersegment Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
LCFS credit sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 32,636 | 34,267 | 31,544 | 31,291 |
LCFS credit sales | Biomass-based Diesel | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 32,636 | 34,267 | 31,544 | 31,291 |
LCFS credit sales | Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
LCFS credit sales | Corporate and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
LCFS credit sales | Intersegment Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Separated RIN sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 27,492 | 26,762 | 70,004 | 68,821 |
Separated RIN sales | Biomass-based Diesel | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 27,492 | 26,762 | 70,004 | 68,821 |
Separated RIN sales | Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Separated RIN sales | Corporate and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Separated RIN sales | Intersegment Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Co-product sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 11,732 | 10,982 | 97,379 | 77,603 |
Co-product sales | Biomass-based Diesel | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 11,732 | 10,982 | 97,379 | 77,603 |
Co-product sales | Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Co-product sales | Corporate and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Co-product sales | Intersegment Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Raw material sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 6,476 | 7,246 | 36,684 | 30,071 |
Raw material sales | Biomass-based Diesel | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 6,476 | 7,246 | 36,684 | 30,071 |
Raw material sales | Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Raw material sales | Corporate and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Raw material sales | Intersegment Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Other biomass-based diesel revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 10,883 | 13,108 | 25,122 | 15,851 |
Other biomass-based diesel revenue | Biomass-based Diesel | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 10,883 | 13,108 | 25,122 | 15,851 |
Other biomass-based diesel revenue | Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Other biomass-based diesel revenue | Corporate and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Other biomass-based diesel revenue | Intersegment Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Other revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 105 | 184 | 718 | 754 |
Other revenues | Biomass-based Diesel | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Other revenues | Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 21,483 | 28,042 | 67,502 | 71,764 |
Other revenues | Corporate and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | 0 | 0 |
Other revenues | Intersegment Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | $ (21,378) | $ (27,858) | $ (66,784) | $ (71,010) |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies (Contract Balances) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Accounting Policies [Abstract] | ||||||
Trade accounts receivable from customers | $ 135,374 | $ 185,156 | ||||
Short-term contract liabilities (deferred revenue) | (7) | $ (2) | (631) | $ (954) | $ (4,536) | $ (300) |
Short-term contract liabilities (accounts payable) | $ (43,512) | $ (255,193) |
Summary of Significant Accou_10
Summary of Significant Accounting Policies (Significant Changes in Contract Liabilities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Deferred revenue | ||||
Beginning Balance | $ 2 | $ 4,536 | $ 631 | $ 300 |
Cash receipts (Payments) | 4,371 | 6,984 | 18,107 | 47,331 |
Less: Impact on Revenue | 4,366 | 10,566 | 18,731 | 46,677 |
Other | 0 | 0 | 0 | 0 |
Ending Balance | 7 | $ 954 | 7 | $ 954 |
Payables to customers related to BTC | ||||
Beginning Balance | 75,330 | 255,193 | ||
Cash receipts (Payments) | (31,818) | (214,637) | ||
Less: Impact on Revenue | 0 | 0 | ||
Other | 0 | 2,956 | ||
Ending Balance | 43,512 | 43,512 | ||
Total | ||||
Beginning Balance | 75,332 | 255,824 | ||
Cash receipts (Payments) | (27,447) | (196,530) | ||
Less: Impact on Revenue | 4,366 | 18,731 | ||
Other | 0 | 2,956 | ||
Ending Balance | $ 43,519 | $ 43,519 |
Marketable Securities (Details)
Marketable Securities (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Investments, Debt and Equity Securities [Abstract] | ||
Investment in marketable securities | $ 0 | |
Short-term marketable securities | ||
Gross Amortized Cost | $ 184,634,000 | |
Total Unrealized Gains | 282,000 | |
Total Unrealized Losses | 0 | |
Fair Value | 184,916,000 | |
Long-term marketable securities | ||
Gross Amortized Cost | 101,726,000 | |
Total Unrealized Gains | 0 | |
Total Unrealized Losses | (142,000) | |
Fair Value | 101,584,000 | |
Commercial paper | ||
Short-term marketable securities | ||
Gross Amortized Cost | 89,324,000 | |
Total Unrealized Gains | 127,000 | |
Total Unrealized Losses | 0 | |
Fair Value | 89,451,000 | |
Corporate bonds | ||
Short-term marketable securities | ||
Gross Amortized Cost | 75,325,000 | |
Total Unrealized Gains | 153,000 | |
Total Unrealized Losses | 0 | |
Fair Value | 75,478,000 | |
Long-term marketable securities | ||
Gross Amortized Cost | 66,725,000 | |
Total Unrealized Gains | 0 | |
Total Unrealized Losses | (135,000) | |
Fair Value | 66,590,000 | |
U.S. Treasury bills | ||
Short-term marketable securities | ||
Gross Amortized Cost | 19,985,000 | |
Total Unrealized Gains | 2,000 | |
Total Unrealized Losses | 0 | |
Fair Value | 19,987,000 | |
Long-term marketable securities | ||
Gross Amortized Cost | 35,001,000 | |
Total Unrealized Gains | 0 | |
Total Unrealized Losses | (7,000) | |
Fair Value | $ 34,994,000 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Inventories | ||
Raw materials | $ 60,284 | $ 57,818 |
Work in process | 4,273 | 3,605 |
Finished goods | 81,441 | 100,006 |
Total | $ 145,998 | $ 161,429 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Summary of prepaid expense and other assets | ||
Commodity derivatives and related collateral, net | $ 7,401 | $ 6,140 |
Prepaid expenses | 23,762 | 16,082 |
Deposits | 3,462 | 3,519 |
RIN inventory | 3,058 | 2,137 |
Taxes receivable | 19,380 | 5,115 |
Other | 2,748 | 2,480 |
Total | $ 59,811 | $ 35,473 |
Other Assets (Details Textual)
Other Assets (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
RIN | ||
Inventory [Line Items] | ||
Inventory adjustment | $ 0 | $ 0 |
Other Assets (Details 1)
Other Assets (Details 1) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Investments | $ 12,879 | $ 19,205 |
Spare parts inventory | 2,610 | 2,610 |
Catalysts | 7,408 | 1,274 |
Deposits | 552 | 552 |
Other | 8,131 | 2,874 |
Total | $ 31,580 | $ 26,515 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 20,181 | $ 20,181 |
Accumulated Amortization | (9,163) | (8,163) |
Net | 11,018 | 12,018 |
Raw material supply agreement | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 6,230 | 6,230 |
Accumulated Amortization | (3,572) | (3,368) |
Net | 2,658 | 2,862 |
Renewable diesel technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 8,300 | 8,300 |
Accumulated Amortization | (3,504) | (3,089) |
Net | 4,796 | 5,211 |
Acquired customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 4,747 | 4,747 |
Accumulated Amortization | (1,903) | (1,535) |
Net | 2,844 | 3,212 |
Other intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 904 | 904 |
Accumulated Amortization | (184) | (171) |
Net | $ 720 | $ 733 |
Intangible Assets (Details Text
Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Intangible amortization expense | $ 328 | $ 397 | $ 999 | $ 1,241 |
Intangible Assets (Details 1)
Intangible Assets (Details 1) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Estimated amortization expense | ||
October 1, 2020 through December 31, 2020 | $ 427 | |
2021 | 1,567 | |
2022 | 1,575 | |
2023 | 1,599 | |
2024 | 1,623 | |
2025 | 1,633 | |
2026 and thereafter | 2,594 | |
Net | $ 11,018 | $ 12,018 |
Debt (Details)
Debt (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Line of Credit Facility [Line Items] | ||
Accumulated amortization on debt issuance costs | $ 955,000 | $ 1,139,000 |
Company's borrowings | ||
Total term debt before debt issuance costs | 67,554,000 | 106,044,000 |
Less: Current portion of long-term debt | 49,906,000 | 77,131,000 |
Debt Issuance Costs, Net | 1,767,000 | 2,783,000 |
Total long-term debt | $ 15,881,000 | 26,130,000 |
4.00% Convertible Senior Notes | ||
Line of Credit Facility [Line Items] | ||
Interest rate | 4.00% | |
Face amount | $ 59,619,000 | |
Company's borrowings | ||
Total term debt before debt issuance costs | 46,877,000 | 69,668,000 |
REG Danville term loan | ||
Company's borrowings | ||
Total term debt before debt issuance costs | $ 0 | 6,468,000 |
REG Danville term loan | LIBOR | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 4.00% | |
REG Ralston term loan | ||
Company's borrowings | ||
Total term debt before debt issuance costs | $ 13,926,000 | 15,980,000 |
REG Ralston term loan | Prime Rate | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 2.25% | |
REG Grays Harbor term loan | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 3.50% | |
Company's borrowings | ||
Total term debt before debt issuance costs | $ 0 | 6,966,000 |
REG Grays Harbor term loan | Prime Rate | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 0.25% | |
REG Capital term loan | ||
Line of Credit Facility [Line Items] | ||
Interest rate | 4.00% | |
Company's borrowings | ||
Total term debt before debt issuance costs | $ 6,732,000 | 6,929,000 |
Other | ||
Company's borrowings | ||
Total term debt before debt issuance costs | $ 19,000 | $ 33,000 |
Debt (Details Textual)
Debt (Details Textual) | Jun. 02, 2016USD ($)d$ / shares | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2016USD ($) |
Convertible Notes | 2036 Senior Convertible Notes Repurchases | ||||||
Debt Instrument [Line Items] | ||||||
Face amount | $ 152,000,000 | $ 152,000,000 | ||||
Interest rate | 4.00% | 4.00% | ||||
Percentage of convertible senior notes principal required for repurchase | 100.00% | |||||
Initial conversion rate | 92.8074 | |||||
Initial conversion price (in dollars per share) | $ / shares | $ 10.78 | |||||
Convertible debt instrument, closing price minimum | $ / shares | $ 14.01 | |||||
Convertible debt instrument, threshold percentage of stock price trigger | 130.00% | |||||
Convertible debt instrument, threshold trading days | d | 20 | |||||
Convertible debt instrument, threshold consecutive trading days | d | 30 | |||||
Net proceeds from debt issuance | $ 147,118,000 | $ 18,086,000 | $ 0 | $ 75,890,000 | $ 0 | |
Fees and offering expenses | $ 4,882,000 | |||||
Effective interest rate | 1.53% | |||||
REG Ralston term loan | Prime Rate | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 2.25% | |||||
REG Danville | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 4.00% | |||||
REG Capital term loan | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 4.00% | 4.00% | ||||
Wells Fargo Revolver | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit | $ 150,000,000 | $ 150,000,000 | ||||
Line of Credit Facility Additional Increase in Maximum Borrowing Capacity | 50,000,000 | |||||
Debt instrument, variable rate minimum | 0.00% | |||||
Amount required of total current revolving loan commitments | $ 15,000,000 | |||||
Line of credit facility limitation amount | $ 40,000,000 | $ 40,000,000 | ||||
Wells Fargo Revolver | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
LIBOR rate margin | 1.75% | |||||
Fixed charge coverate ratio | 1 | |||||
Wells Fargo Revolver | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
LIBOR rate margin | 2.25% | |||||
Fixed charge coverate ratio | 1 | |||||
Percentage required of total current revolving loan commitments | 10.00% |
Debt (Details 1)
Debt (Details 1) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||
Amount outstanding under lines of credit | $ 0 | $ 76,990 |
Maximum available to be borrowed under lines of credit | $ 117,820 | $ 101,485 |
Derivative Instruments (Details
Derivative Instruments (Details Textual) lb in Millions, gal in Millions, BTU in Millions | 9 Months Ended |
Sep. 30, 2020BTUlbgal | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Heating oil covered under the open commodity derivative contracts (in gallons) | gal | 43 |
Soybean oil covered under the open commodity derivative contracts (in pounds) | lb | 51 |
Natural gas covered under the open commodity derivative contracts (in BTUs) | BTU | 2 |
Derivative Instruments (Detai_2
Derivative Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Assets | ||
Gross amounts of derivatives recognized at fair value | $ 4,303 | $ 1,633 |
Cash collateral paid (received) | 5,678 | 9,256 |
Total gross amount recognized | 9,981 | 10,889 |
Gross amounts offset | (2,580) | (4,749) |
Net amount reported in the condensed consolidated balance sheets | 7,401 | 6,140 |
Liabilities | ||
Gross amounts of derivatives recognized at fair value | 2,580 | 4,749 |
Cash collateral paid (received) | 0 | 0 |
Total gross amount recognized | 2,580 | 4,749 |
Gross amounts offset | (2,580) | (4,749) |
Net amount reported in the condensed consolidated balance sheets | $ 0 | $ 0 |
Derivative Instruments (Detai_3
Derivative Instruments (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Cost of goods sold – Biomass-based diesel | Commodity derivatives | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Gains (losses) included in the condensed consolidated statement of operations | $ 7,486 | $ 3,187 | $ 56,253 | $ (25,123) |
Fair Value Measurement (Details
Fair Value Measurement (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | $ 288,223 | |
Level 1 | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | 55,574 | |
Level 2 | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | 232,649 | |
Level 3 | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | 0 | |
Commercial paper | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | 89,451 | |
Commercial paper | Level 1 | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | 0 | |
Commercial paper | Level 2 | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | 89,451 | |
Commercial paper | Level 3 | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | 0 | |
Corporate bonds | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | 142,068 | |
Corporate bonds | Level 1 | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | 0 | |
Corporate bonds | Level 2 | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | 142,068 | |
Corporate bonds | Level 3 | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | 0 | |
U.S. Treasury bills | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | 54,981 | |
U.S. Treasury bills | Level 1 | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | 54,981 | |
U.S. Treasury bills | Level 2 | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | 0 | |
U.S. Treasury bills | Level 3 | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | 0 | |
Commodity contract derivatives | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | 1,723 | $ (3,116) |
Commodity contract derivatives | Level 1 | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | 593 | (84) |
Commodity contract derivatives | Level 2 | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | 1,130 | (3,032) |
Commodity contract derivatives | Level 3 | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | $ 0 | $ 0 |
Fair Value Measurement (Detai_2
Fair Value Measurement (Details 1) - Contingent considerations for acquisitions - USD ($) $ in Thousands | 3 Months Ended | |||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Beginning balance | $ 0 | $ 0 | $ 0 | $ 4,435 | $ 6,849 | $ 9,861 |
Fair value of contingent consideration at measurement date | 0 | 0 | ||||
Change in estimates included in earnings | 0 | 0 | 0 | (136) | 398 | 304 |
Settlements | 0 | 0 | 0 | (2,875) | (2,812) | (3,316) |
Ending balance | $ 0 | $ 0 | $ 0 | $ 1,424 | $ 4,435 | $ 6,849 |
Fair Value Measurement (Detai_3
Fair Value Measurement (Details 2) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Asset (Liability) Carrying Amount | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Debt and lines of credit | $ (67,554) | $ (183,034) |
Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Debt and lines of credit | $ (314,952) | $ (338,482) |
Fair Value Measurement (Detai_4
Fair Value Measurement (Details Textual) - Discount Rate | Sep. 30, 2020 |
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 | 12.50% |
Net Income (Loss) Per Share (De
Net Income (Loss) Per Share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total (in shares) | 0 | 9,889,523 | 0 | 9,923,098 |
2036 Convertible Senior Notes | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total (in shares) | 0 | 8,937,353 | 0 | 8,937,353 |
Stock appreciation rights | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total (in shares) | 0 | 952,170 | 0 | 985,745 |
Net Income (Loss) Per Share (_2
Net Income (Loss) Per Share (Details 1) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) from continuing operations available to the Company’s common stockholders - Basic | $ 26,339 | $ (13,753) | $ 102,461 | $ (112,775) |
Plus (less): effect of participating securities | 492 | 0 | 2,071 | 0 |
Net income (loss) available to common stockholders | 26,831 | (13,753) | 104,532 | (112,775) |
Less: effect of participating securities | (492) | 0 | (2,071) | 0 |
Net income (loss) from continuing operations available to the Company's common stockholders - Diluted | 26,339 | (13,753) | 102,461 | (112,775) |
Net income (loss) from discontinued operations available to the Company’s common stockholders - Basic | 0 | (2,193) | 0 | (8,672) |
Plus (less): effect of participating securities | 0 | 0 | 0 | 0 |
Net income (loss) available to common stockholders | 0 | (2,193) | 0 | (8,672) |
Plus (less): effect of participating securities | 0 | 0 | 0 | 0 |
Net income (loss) from discontinued operations available to the Company's common stockholders - Diluted | 0 | (2,193) | 0 | (8,672) |
Net income (loss) available to the Company's common stockholders - Basic | 26,339 | (15,946) | 102,461 | (121,447) |
Plus (less): effect of participating securities | 492 | 0 | 2,071 | 0 |
Net income (loss) available to common stockholders | 26,831 | (15,946) | 104,532 | (121,447) |
Less: effect of participating securities | (492) | 0 | (2,071) | 0 |
Net income (loss) available to the Company's common stockholders - Diluted | $ 26,339 | $ (15,946) | $ 102,461 | $ (121,447) |
Shares: | ||||
Weighted-average shares used to compute basic net income (loss) per share (in shares) | 39,306,263 | 38,959,606 | 39,154,788 | 38,060,782 |
Adjustment to reflect conversion of convertible notes (in shares) | 3,835,950 | 0 | 3,451,385 | 0 |
Adjustment to reflect stock appreciation right conversions (in shares) | 482,127 | 0 | 501,816 | 0 |
Weighted-average shares used to compute diluted net income (loss) per share (in shares) | 43,624,340 | 38,959,606 | 43,107,989 | 38,060,782 |
Net income (loss) per share available to common stockholders - Diluted | ||||
Continuing operations (in dollars per share) | $ 0.60 | $ (0.35) | $ 2.38 | $ (2.96) |
Discontinued operations (in dollars per share) | 0 | (0.06) | 0 | (0.23) |
Diluted net income (loss) (in dollars per share) | $ 0.60 | $ (0.41) | $ 2.38 | $ (3.19) |
Reportable Segments and Geogr_3
Reportable Segments and Geographic Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||
Net revenues | $ 576,052 | $ 584,372 | $ 1,596,685 | $ 1,623,224 | |
Income (loss) before income taxes | 27,877 | (14,382) | 108,539 | (113,924) | |
Depreciation and amortization expense, net | 12,446 | 14,962 | 39,451 | 43,519 | |
Cash paid for purchases of property, plant and equipment | 15,898 | 13,056 | 46,945 | 31,088 | |
Goodwill | 16,080 | 16,080 | 16,080 | 16,080 | $ 16,080 |
Assets | 1,460,408 | 1,460,408 | 1,785,349 | ||
Intersegment Revenues | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | (24,868) | (39,219) | (73,377) | (85,146) | |
Assets | (451,761) | (451,761) | (421,267) | ||
Biomass-based Diesel | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | 559,636 | 541,348 | 1,515,927 | 1,420,318 | |
Biomass-based Diesel | Segments | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | 559,636 | 541,348 | 1,515,927 | 1,420,318 | |
Income (loss) before income taxes | 31,335 | (17,076) | 113,465 | (110,891) | |
Depreciation and amortization expense, net | 10,572 | 13,910 | 34,002 | 40,357 | |
Cash paid for purchases of property, plant and equipment | 14,139 | 12,260 | 37,072 | 29,373 | |
Assets | 1,083,193 | 1,083,193 | 1,711,870 | ||
Services | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | 21,483 | 28,042 | 67,502 | 71,764 | |
Goodwill | 16,080 | 16,080 | 16,080 | ||
Services | Segments | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | 21,483 | 28,042 | 67,502 | 71,764 | |
Income (loss) before income taxes | (1,537) | 2,336 | (2,545) | 2,719 | |
Depreciation and amortization expense, net | 847 | 611 | 2,430 | 1,827 | |
Cash paid for purchases of property, plant and equipment | 1,714 | 796 | 3,880 | 1,593 | |
Assets | 67,970 | 67,970 | 69,144 | ||
Corporate and Other | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | 19,801 | 54,201 | 86,633 | 216,288 | |
Income (loss) before income taxes | (1,921) | 358 | (2,381) | (5,752) | |
Depreciation and amortization expense, net | 1,027 | 441 | 3,019 | 1,335 | |
Cash paid for purchases of property, plant and equipment | 45 | $ 0 | 5,993 | $ 122 | |
Assets | $ 761,006 | $ 761,006 | $ 425,602 |
Reportable Segments and Geogr_4
Reportable Segments and Geographic Information (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net revenues | $ 576,052 | $ 584,372 | $ 1,596,685 | $ 1,623,224 | |
Long-lived assets | 592,317 | 592,317 | $ 584,577 | ||
United States | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net revenues | 479,215 | 508,092 | 1,332,027 | 1,464,590 | |
Long-lived assets | 564,326 | 564,326 | 562,165 | ||
International | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net revenues | 96,837 | $ 76,280 | 264,658 | $ 158,634 | |
Long-lived assets | $ 27,991 | $ 27,991 | $ 22,412 |