Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 31, 2018 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | RENEWABLE ENERGY GROUP, INC. | |
Entity Central Index Key | 1,463,258 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 37,299,704 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 156,632 | $ 77,627 |
Marketable securities | 52,892 | 0 |
Accounts receivable, net | 92,866 | 90,648 |
Inventories | 141,151 | 135,547 |
Prepaid expenses and other assets | 37,854 | 51,880 |
Restricted cash | 3,000 | 0 |
Total current assets | 484,395 | 355,702 |
Property, plant and equipment, net | 592,697 | 587,397 |
Goodwill | 16,080 | 16,080 |
Intangible assets, net | 27,895 | 27,127 |
Other assets | 20,171 | 19,290 |
TOTAL ASSETS | 1,141,238 | 1,005,596 |
CURRENT LIABILITIES: | ||
Lines of credit | 4,370 | 65,525 |
Current maturities of long-term debt | 169,485 | 13,397 |
Accounts payable | 99,150 | 84,608 |
Accrued expenses and other liabilities | 35,620 | 39,187 |
Deferred revenue | 1,472 | 2,218 |
Total current liabilities | 310,097 | 204,935 |
Unfavorable lease obligation | 2,541 | 3,388 |
Deferred income taxes | 8,379 | 8,192 |
Long-term contingent consideration for acquisitions | 259 | 8,849 |
Long-term debt (net of debt issuance costs of $4,126 and $6,627, respectively) | 34,401 | 208,536 |
Other liabilities | 3,466 | 4,114 |
Total liabilities | 359,143 | 438,014 |
COMMITMENTS AND CONTINGENCIES | ||
EQUITY: | ||
Common stock ($.0001 par value; 300,000,000 shares authorized; 37,299,704 and 38,837,749 shares outstanding, respectively) | 5 | 5 |
Common stock—additional paid-in-capital | 486,618 | 515,452 |
Retained earnings | 408,170 | 134,928 |
Accumulated other comprehensive income | (1,195) | 278 |
Treasury stock (11,514,218 and 9,363,166 shares outstanding, respectively) | (111,503) | (83,081) |
Total equity | 782,095 | 567,582 |
TOTAL LIABILITIES AND EQUITY | $ 1,141,238 | $ 1,005,596 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Debt issuance costs | $ 4,126 | $ 6,627 |
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) | 37,299,704 | 38,837,749 |
Treasury stock, shares outstanding (in shares) | 11,514,218 | 9,363,166 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
REVENUES: | ||||
Revenues | $ 595,985 | $ 625,146 | $ 1,861,420 | $ 1,577,246 |
Total revenues | 597,753 | 626,983 | 1,867,155 | 1,580,979 |
Costs of goods sold | 546,339 | 612,188 | 1,508,552 | 1,517,447 |
GROSS PROFIT | 51,414 | 14,795 | 358,603 | 63,532 |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 23,155 | 25,880 | 79,321 | 71,599 |
RESEARCH AND DEVELOPMENT EXPENSE | 4,252 | 3,759 | 13,335 | 10,537 |
IMPAIRMENT OF PROPERTY, PLANT AND EQUIPMENT | 0 | 0 | 0 | 1,341 |
INCOME (LOSS) FROM OPERATIONS | 24,007 | (14,844) | 265,947 | (19,945) |
OTHER INCOME (EXPENSE), NET: | ||||
Change in fair value of contingent consideration | 4,566 | (1,433) | 13,235 | (1,998) |
Change in fair value of convertible debt conversion liability | 0 | 8,560 | 0 | (24,158) |
Gain on debt extinguishment | 788 | 0 | 2,893 | 0 |
Gain on involuntary conversion | 0 | 942 | 4,454 | 942 |
Other income (loss), net | 499 | 12 | 3,778 | (278) |
Interest expense | (4,003) | (4,725) | (13,579) | (13,740) |
Total other income (expense), net | 1,850 | 3,356 | 10,781 | (39,232) |
INCOME (LOSS) BEFORE INCOME TAXES | 25,857 | (11,488) | 276,728 | (59,177) |
INCOME TAX BENEFIT (EXPENSE) | (854) | 115 | (3,486) | (2,919) |
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY | 25,003 | (11,373) | 273,242 | (62,096) |
LESS—EFFECT OF PARTICIPATING SHARE-BASED AWARDS | 660 | 0 | 6,999 | 0 |
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY’S COMMON STOCKHOLDERS | $ 24,343 | $ (11,373) | $ 266,243 | $ (62,096) |
NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS: | ||||
BASIC (in dollars per share) | $ 0.65 | $ (0.29) | $ 7.04 | $ (1.61) |
DILUTED (in dollars per share) | $ 0.53 | $ (0.29) | $ 6.20 | $ (1.61) |
WEIGHTED AVERAGE SHARES USED TO COMPUTE NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS: | ||||
BASIC (in shares) | 37,270,928 | 38,772,434 | 37,815,598 | 38,684,412 |
DILUTED (in shares) | 45,503,371 | 38,772,434 | 42,910,528 | 38,684,412 |
Biomass-based diesel | ||||
REVENUES: | ||||
Revenues | $ 568,174 | $ 504,016 | $ 1,394,044 | $ 1,303,681 |
Costs of goods sold | 535,376 | 505,871 | 1,451,565 | 1,328,129 |
Separated RINs | ||||
REVENUES: | ||||
Revenues | 26,867 | 120,389 | 100,232 | 245,062 |
Costs of goods sold | 9,790 | 105,131 | 53,538 | 185,978 |
Biomass-based diesel government incentives | ||||
REVENUES: | ||||
Revenues | 944 | 741 | 367,144 | 28,503 |
Other | ||||
REVENUES: | ||||
Total revenues | 1,768 | 1,837 | 5,735 | 3,733 |
Costs of goods sold | $ 1,173 | $ 1,186 | $ 3,449 | $ 3,340 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 25,003 | $ (11,373) | $ 273,242 | $ (62,096) |
Unrealized gains (losses) on marketable securities, net of taxes of $0 and $0, respectively | (31) | 0 | (31) | 0 |
Foreign currency translation adjustments | (338) | 1,476 | (1,441) | 4,657 |
Other comprehensive income (loss) | (369) | 1,476 | (1,472) | 4,657 |
Comprehensive income (loss) attributable to the Company | $ 24,634 | $ (9,897) | $ 271,770 | $ (57,439) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Taxes on unrealized gains (losses) on marketable securities | $ 0 | $ 0 | $ 0 | $ 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 | Noncontrolling Interest |
Beginning Balance (in shares) at Dec. 31, 2016 | 38,553,413 | ||||||
Beginning Balance at Dec. 31, 2016 | $ 610,174 | $ 5 | $ 480,906 | $ 214,007 | $ (5,751) | $ (81,824) | $ 2,831 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Conversion of restricted stock units to common stock (net of shares of treasury stock purchased) (in shares) | 40,853 | ||||||
Conversion of restricted stock units to common stock (net of shares of treasury stock purchased) | (383) | (383) | |||||
Acquisition of noncontrolling interest | (3,102) | (271) | (2,831) | ||||
Stock compensation expense | 1,308 | 1,308 | |||||
Other comprehensive income | 551 | 551 | |||||
Net Income (Loss) Attributable to Parent | (15,914) | ||||||
Net income (loss) | (15,914) | ||||||
Ending Balance (in shares) at Mar. 31, 2017 | 38,594,266 | ||||||
Ending Balance at Mar. 31, 2017 | 592,634 | $ 5 | 481,943 | 198,093 | (5,200) | (82,207) | 0 |
Beginning Balance (in shares) at Dec. 31, 2016 | 38,553,413 | ||||||
Beginning Balance at Dec. 31, 2016 | 610,174 | $ 5 | 480,906 | 214,007 | (5,751) | (81,824) | 2,831 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Other comprehensive income | 4,657 | ||||||
Net Income (Loss) Attributable to Parent | (62,096) | ||||||
Net income (loss) | (62,096) | ||||||
Ending Balance (in shares) at Sep. 30, 2017 | 38,832,605 | ||||||
Ending Balance at Sep. 30, 2017 | 553,471 | $ 5 | 485,654 | 151,911 | (1,094) | (83,005) | 0 |
Beginning Balance (in shares) at Mar. 31, 2017 | 38,594,266 | ||||||
Beginning Balance at Mar. 31, 2017 | 592,634 | $ 5 | 481,943 | 198,093 | (5,200) | (82,207) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Conversion of restricted stock units to common stock (net of shares of treasury stock purchased) (in shares) | 91,040 | ||||||
Conversion of restricted stock units to common stock (net of shares of treasury stock purchased) | (255) | (255) | |||||
Stock compensation expense | 1,688 | 1,688 | |||||
Other comprehensive income | 2,630 | 2,630 | |||||
Net Income (Loss) Attributable to Parent | (34,809) | ||||||
Net income (loss) | (34,809) | ||||||
Ending Balance (in shares) at Jun. 30, 2017 | 38,685,306 | ||||||
Ending Balance at Jun. 30, 2017 | 561,888 | $ 5 | 483,631 | 163,284 | (2,570) | (82,462) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Conversion of restricted stock units to common stock (net of shares of treasury stock purchased) (in shares) | 74,726 | ||||||
Conversion of restricted stock units to common stock (net of shares of treasury stock purchased) | (214) | (214) | |||||
Settlement of stock appreciation rights in common stock (net of shares of treasury stock purchased) (in shares) | 72,573 | ||||||
Settlement of stock appreciation rights in common stock (net of shares of treasury stock purchased) | (329) | (329) | |||||
Stock compensation expense | 2,023 | 2,023 | |||||
Other comprehensive income | 1,476 | 1,476 | |||||
Net Income (Loss) Attributable to Parent | (11,373) | (11,373) | |||||
Net income (loss) | (11,373) | ||||||
Ending Balance (in shares) at Sep. 30, 2017 | 38,832,605 | ||||||
Ending Balance at Sep. 30, 2017 | 553,471 | $ 5 | 485,654 | 151,911 | (1,094) | (83,005) | 0 |
Beginning Balance (in shares) at Dec. 31, 2017 | 38,837,749 | ||||||
Beginning Balance at Dec. 31, 2017 | 567,582 | $ 5 | 515,452 | 134,928 | 278 | (83,081) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Conversion of restricted stock units to common stock (net of shares of treasury stock purchased) (in shares) | 127,470 | ||||||
Conversion of restricted stock units to common stock (net of shares of treasury stock purchased) | (621) | (621) | |||||
Settlement of stock appreciation rights in common stock (net of shares of treasury stock purchased) (in shares) | 33,463 | ||||||
Settlement of stock appreciation rights in common stock (net of shares of treasury stock purchased) | (172) | (172) | |||||
Partial termination of capped call options (in shares) | 15,012 | ||||||
Partial termination of capped call options | 85 | 252 | (167) | ||||
Convertible debt extinguishment impact (net of tax impact) | (440) | (440) | |||||
Treasury stock purchases (in shares) | 641,601 | ||||||
Treasury stock purchases | (7,828) | (7,828) | |||||
Stock compensation expense | 1,794 | 1,794 | |||||
Other comprehensive income | 719 | 719 | |||||
Net Income (Loss) Attributable to Parent | 214,389 | ||||||
Net income (loss) | 214,389 | ||||||
Ending Balance (in shares) at Mar. 31, 2018 | 38,342,069 | ||||||
Ending Balance at Mar. 31, 2018 | 775,508 | $ 5 | 517,058 | 349,317 | 997 | (91,869) | 0 |
Beginning Balance (in shares) at Dec. 31, 2017 | 38,837,749 | ||||||
Beginning Balance at Dec. 31, 2017 | 567,582 | $ 5 | 515,452 | 134,928 | 278 | (83,081) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Other comprehensive income | (1,472) | ||||||
Net Income (Loss) Attributable to Parent | 273,242 | ||||||
Net income (loss) | 273,242 | ||||||
Ending Balance (in shares) at Sep. 30, 2018 | 37,299,704 | ||||||
Ending Balance at Sep. 30, 2018 | 782,095 | $ 5 | 486,618 | 408,170 | (1,195) | (111,503) | 0 |
Beginning Balance (in shares) at Mar. 31, 2018 | 38,342,069 | ||||||
Beginning Balance at Mar. 31, 2018 | 775,508 | $ 5 | 517,058 | 349,317 | 997 | (91,869) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Conversion of restricted stock units to common stock (net of shares of treasury stock purchased) (in shares) | 149,362 | ||||||
Conversion of restricted stock units to common stock (net of shares of treasury stock purchased) | (1,516) | (1,516) | |||||
Settlement of stock appreciation rights in common stock (net of shares of treasury stock purchased) (in shares) | 63,549 | ||||||
Settlement of stock appreciation rights in common stock (net of shares of treasury stock purchased) | (580) | (95) | (485) | ||||
Convertible debt extinguishment impact (net of tax impact) | (23,634) | (23,634) | |||||
Treasury stock purchases (in shares) | 1,296,243 | ||||||
Treasury stock purchases | (17,220) | (17,220) | |||||
Stock compensation expense | 2,203 | 2,203 | |||||
Other comprehensive income | (1,823) | (1,823) | |||||
Net Income (Loss) Attributable to Parent | 33,850 | ||||||
Net income (loss) | 33,850 | ||||||
Ending Balance (in shares) at Jun. 30, 2018 | 37,258,737 | ||||||
Ending Balance at Jun. 30, 2018 | 766,788 | $ 5 | 495,532 | 383,167 | (826) | (111,090) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Conversion of restricted stock units to common stock (net of shares of treasury stock purchased) (in shares) | 13,301 | ||||||
Conversion of restricted stock units to common stock (net of shares of treasury stock purchased) | (88) | (88) | |||||
Settlement of stock appreciation rights in common stock (net of shares of treasury stock purchased) (in shares) | 27,666 | ||||||
Settlement of stock appreciation rights in common stock (net of shares of treasury stock purchased) | (434) | (109) | (325) | ||||
Convertible debt extinguishment impact (net of tax impact) | (10,032) | (10,032) | |||||
Stock compensation expense | 1,227 | 1,227 | |||||
Other comprehensive income | (369) | (369) | |||||
Net Income (Loss) Attributable to Parent | 25,003 | 25,003 | |||||
Net income (loss) | 25,003 | ||||||
Ending Balance (in shares) at Sep. 30, 2018 | 37,299,704 | ||||||
Ending Balance at Sep. 30, 2018 | $ 782,095 | $ 5 | $ 486,618 | $ 408,170 | $ (1,195) | $ (111,503) | $ 0 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Equity (unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2018 | |
Convertible debt extinguishment impact, tax impact | $ 875 | ||||||
Treasury Stock | Restricted stock units | |||||||
Conversion or settlement to common stock, net of treasury shares purchased (in shares) | 1,805 | 88,651 | 51,995 | 43,962 | 10,948 | 24,494 | |
Treasury Stock | Stock appreciation rights | |||||||
Conversion or settlement to common stock, net of treasury shares purchased (in shares) | 577 | 35,378,000 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ 273,242 | $ (62,096) |
Adjustments to reconcile net income (loss) to net cash flows from operating activities: | ||
Depreciation expense | 27,080 | 25,585 |
Amortization expense of assets and liabilities, net | 1,756 | 1,455 |
Gain on involuntary conversion | (4,454) | (942) |
Accretion of convertible note discount | 3,846 | 4,044 |
Amortization of marketable securities | (45) | 0 |
Change in fair value of contingent consideration | (13,235) | 1,998 |
Change in fair value of convertible debt conversion liability | 0 | 24,158 |
Gain on sale of assets | (964) | 0 |
Gain on debt extinguishment | (2,893) | 0 |
Provision for doubtful accounts | 224 | (57) |
IMPAIRMENT OF PROPERTY, PLANT AND EQUIPMENT | 0 | 1,341 |
Stock compensation expense | 5,224 | 5,019 |
Deferred tax expense | 3,431 | 2,292 |
Other operating activities | 606 | 35 |
Changes in assets and liabilities: | ||
Accounts receivable, net | (210) | 77,534 |
Inventories | (6,119) | 21,683 |
Prepaid expenses and other assets | 15,207 | (27,244) |
Accounts payable | 18,240 | (19,544) |
Accrued expenses and other liabilities | 8,360 | (13,574) |
Deferred revenue | (745) | (27,025) |
Net cash flows provided by operating activities | 328,551 | 14,662 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Cash paid for marketable securities | (52,878) | 0 |
Cash receipts for involuntary conversion | 4,454 | 3,000 |
Transfer into restricted cash | (3,000) | 0 |
Cash receipts of restricted cash | 0 | 4,000 |
Cash paid for purchase of property, plant and equipment | (37,916) | (48,556) |
Cash receipts for sale of assets | 1,625 | 0 |
Cash paid for acquisitions and additional interests, net of cash acquired | (4,801) | (3,639) |
Cash paid for investments | 0 | (816) |
Net cash flows used in investing activities | (92,516) | (46,011) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net borrowings (repayments) on revolving line of credit | (57,646) | 38,862 |
Borrowings on other lines of credit | 491 | 3,873 |
Repayments on other lines of credit | (1,251) | (3,000) |
Cash received from notes payable | 14,033 | 6,363 |
Cash paid on notes payable | (74,788) | (7,874) |
Cash paid for debt issuance costs | (532) | (892) |
Cash paid for treasury stock | (25,048) | 0 |
Cash paid for contingent consideration settlement | (8,745) | (10,978) |
Cash received on partial termination of capped call options | 85 | 0 |
Cash paid for conversion of restricted stock units and stock appreciation rights | (3,411) | (1,181) |
Net cash flows provided by (used in) financing activities | (156,812) | 25,173 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 79,223 | (6,176) |
CASH AND CASH EQUIVALENTS, Beginning of period | 77,627 | 116,210 |
Effect of exchange rate changes on cash | (218) | 2,208 |
CASH AND CASH EQUIVALENTS, End of period | 156,632 | 112,242 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION: | ||
Cash paid for income taxes | 612 | 238 |
Cash paid for interest | 7,500 | 6,603 |
Amounts included in period-end accounts payable for: | ||
Purchases of property, plant and equipment | 2,117 | 3,174 |
Debt issuance cost | 0 | 73 |
Contingent consideration for acquisitions | $ 482 | $ 0 |
Basis of Presentation and Natur
Basis of Presentation and Nature of the Business | 9 Months Ended |
Sep. 30, 2018 | |
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 9, 2018. Results for interim periods are not necessarily indicative of those to be expected for the fiscal year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and related disclosures. Actual results could differ from those estimates. As of September 30, 2018 , the Company operates a network of fourteen biorefineries, with twelve locations in North America and two locations in Europe, which includes thirteen operating biomass-based diesel production facilities with aggregate nameplate production capacity of 520 million gallons per year ("mmgy") and one fermentation facility. REG also has one feedstock processing facility. Ten of these plants are “multi-feedstock capable” which allows them to use a broad range of lower-cost feedstocks, such as inedible corn oil, used cooking oil and inedible animal fats in addition to vegetable oils, such as soybean oil and canola oil. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2018 | |
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, 2017 . 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). 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 collected 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, 2018. 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. 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. For the nine months ended September 30, 2018 , the Company has recognized receivables of $365,155 from the federal government and of $16,688 from customers related to the 2017 biodiesel mixture excise tax credit. Through September 30, 2018 , the Company has received approximately $364,989 of the $365,155 receivable from the federal government and $16,480 from customers related to the 2017 biodiesel mixture excise tax credit. 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, 2018 and December 31, 2017 , 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. Property, Plant and Equipment Property, plant and equipment is recorded at cost less accumulated depreciation. Maintenance and repairs are expensed as incurred. Depreciation expense is computed on a straight-line method based upon estimated useful lives of the assets. In June 2017, the Company experienced a fire at its Madison facility, resulting in the shutdown of the facility. In 2017, the Company impaired fixed assets with a total net book value of approximately $2,671 as a result of the fire in June 2017. To date, the Company received payments in the amounts of $12,454 and $9,484 to cover costs incurred for property losses and business interruption, respectively. 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"). The embedded conversion option was initially accounted for as an embedded derivative liability as the Company could not elect to issue shares of common stock upon conversion of the 2036 Convertible Senior Notes to the extent such election would result in the issuance of more than 19.99% of the common stock outstanding immediately before the issuance of the 2036 Convertible Senior Notes unless the Company received stockholder approval for such issuance. On December 8, 2017, at the special meeting of stockholders, the Company obtained approval from its stockholders to remove the common stock issuance restrictions in connection with conversions of the 2036 Convertible Senior Notes. Accordingly, the embedded conversion option, valued at $45,933 and net of tax of $18,025 , was reclassified into Additional Paid-in Capital at December 8, 2017. See "Note 8 - Debt" for a further description of the 2036 Convertible Senior Notes. During the three and nine months ended September 30, 2018 , the Company used $17,583 and $59,346 to repurchase $10,000 and $34,500 principal amounts of the 2036 Convertible Senior Notes, respectively. See "Security Repurchase Programs" below. Capped Call Transaction In connection with the issuance of the 2019 Convertible Senior Notes, the Company entered into capped call transactions. The purchased capped call transactions were recorded as a reduction to common stock-additional paid-in-capital. Because this was considered to be an equity transaction and qualifies for the derivative scope exception, no future changes in the fair value of the capped call will be recorded by the Company. During 2016, in connection with the issuance of the 2036 Convertible Senior Notes, certain call options covered by the original capped call transaction were rebalanced and reset to cover 100% of the total number of shares of the Company's Common Stock underlying the remaining principal of the 2019 Convertible Senior Notes. The impact of these transactions, net of tax, was reflected as an addition/reduction to Additional Paid-in Capital as presented in the Consolidated Statements of Stockholders' Equity. Security Repurchase Programs In December 2017, the Company's board of directors approved a repurchase program of up to $75,000 of the Company's convertible notes and/or shares of common stock (the "2017 Program"). In June 2018, the Company's board of directors approved another repurchase program of up to $75,000 of the Company's convertible notes and/or shares of common stock (the "2018 Program"). 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, bond price, legal requirements and other factors. The table below sets out the information regarding the activities under the 2017 Program and the 2018 Program during 2018: Three months ended September 30, 2018 Nine months ended September 30, 3018 Number of shares/Principal amount in $'000 December 2017 Program June 2018 Program Both Programs Number of shares/Principal amount in $'000 December 2017 Program June 2018 Program Both Programs Repurchases of shares of common stock — $ — $ — $ — 1,937,844 $25,048 $ — $25,048 2019 Senior Convertible Notes Repurchases $ — $ — $ — $ — $ 6,311 $6,689 $ — $6,689 2036 Senior Convertible Notes Repurchases $ 10,000 $1,500 $16,083 $17,583 $ 34,500 $43,263 $16,083 $59,346 Research and Development Research and development ("R&D") costs are charged to expense as incurred. In process research and development ("IPR&D") assets acquired in connection with acquisitions are recorded on the Condensed Consolidated Balance Sheets as intangible assets. Revenue Recognition In the first quarter of 2018, the Company adopted Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers (Topic 606). Under the ASU, revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The Company applied the five-step method outlined in the ASU to all contracts with customers and elected the modified retrospective implementation method. The Company has generally 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 implementation of the new standard did not have any material impact on the measurement or recognition of revenue of prior periods, however additional disclosures have been added in accordance with the ASU. 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 finished biomass-based diesel, RINs and LCFS credits acquired from third parties, and raw material feedstocks acquired from others; • revenues from our sale of petroleum-based heating oil and ultra-low sulfur diesel, or ULSD, acquired from third parties, along with the sale of these petroleum-based products further blended with biodiesel produced at our wholly owned facilities; • sales of glycerin, other co-products of the biomass-based diesel production process; • incentive payments from federal and state governments, including the BTC, and from the USDA Advanced Biofuel Program; and • other revenue: • collaborative research and development and other service revenue for research and development activities to continue to build out the technology platform; and • sales of renewable chemical products. 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 Segment Three months ended September 30, 2018 Biomass-based Services Renewable Corporate Intersegment Consolidated Biomass-based diesel sales, net of BTC related amount due to customers of $0 $ 635,409 $ — $ — $ — $ (158,644 ) $ 476,765 Petroleum diesel sales — — — 44,494 — 44,494 Other biomass-based diesel revenue 46,915 — — — — 46,915 Separated RIN sales 26,867 — — — — 26,867 Other revenues — 21,649 1,633 — (21,514 ) 1,768 Total revenues from contracts with customers $ 709,191 $ 21,649 $ 1,633 $ 44,494 $ (180,158 ) $ 596,809 Biomass-based diesel government incentives 944 — — — — 944 Total revenues $ 710,135 $ 21,649 $ 1,633 $ 44,494 $ (180,158 ) $ 597,753 Reportable Segment Nine months ended September 30, 2018 Biomass-based Services Renewable Corporate Intersegment Consolidated Biomass-based diesel sales, net of BTC related amount due to customers of $144,944 $ 1,283,778 $ — $ — $ 9,682 $ (200,774 ) $ 1,092,686 Petroleum diesel sales — — — 172,210 — 172,210 Other biomass-based diesel revenue 129,148 — — — — 129,148 Separated RIN sales 100,232 — — — — 100,232 Other revenues — 74,387 4,556 — (73,208 ) 5,735 Total revenues from contracts with customers $ 1,513,158 $ 74,387 $ 4,556 $ 181,892 $ (273,982 ) $ 1,500,011 Biomass-based diesel government incentives 367,144 — — — — 367,144 Total revenues $ 1,880,302 $ 74,387 $ 4,556 $ 181,892 $ (273,982 ) $ 1,867,155 Contract balances: The following table provides information about receivables and contract liabilities from contracts with customers: September 30, Accounts receivable $ 92,700 Short-term contract liabilities (deferred revenue) $ (1,472 ) Short-term contract liabilities (accounts payable) $ (9,154 ) 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. While in general the Company has not historically offered sales incentives to customers, the uncertainty around the reinstatement of the federal biodiesel tax credit led to the Company and other market participants acting as if the federal biodiesel tax credit would be reinstated throughout the year and entering into agreements with both customers and vendors to capture the credit when or if reinstated. The impacts of the agreements with customers are recorded as contract liabilities in accounts payable and as adjustments to Biomass-based diesel sales, whereas agreements with vendors are recorded net as adjustments to Biomass-based diesel costs of goods sold on the Condensed Consolidated Statements of Operations. Significant changes to the contract liabilities during the three and nine months ended September 30, 2018 are as follows: July 1, 2018 Cash receipts Less: Impact on Other September 30, 2018 Deferred revenue $ 161 $ 5,772 $ 4,461 $ — $ 1,472 Payables to customers related to BTC 40,935 (31,781 ) — — 9,154 $ 41,096 $ (26,009 ) $ 4,461 $ — $ 10,626 January 1, 2018 Cash receipts Less: Impact on Other September 30, 2018 Deferred revenue $ 2,218 $ 19,575 $ 20,318 $ (3 ) $ 1,472 Payables to customers related to BTC — (141,622 ) (144,944 ) 5,832 9,154 $ 2,218 $ (122,047 ) $ (124,626 ) $ 5,829 $ 10,626 New Accounting Standards On February 25, 2016, the FASB issued ASU 2016-02, which introduces a lessee model that brings most leases on the balance sheet. The new standard also aligns many of the underlying principles of the new lessor model with those in ASC 606, the FASB’s new revenue recognition standard (e.g., those related to evaluating when profit can be recognized). Furthermore, the ASU addresses other concerns related to the current leases model. The ASU is effective for annual periods beginning after December 15, 2018 and interim periods therein. On July 19, 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases, which addresses certain aspects of the new leases standard, including the rate implicit in the lease, impairment of the net investment in the lease, lessee reassessment of lease classification, lessor reassessment of lease term and purchase options, variable payments that depend on an index or rate and certain transition adjustments, among other things. The amendments have the same effective date and transition requirements as ASU 2016-02. The Company is evaluating the impact of this guidance on its consolidated financial statements. On July 31, 2018, the FASB issued ASU 2018-11, Codification Improvements to Topic 842, Leases, which provides entities with an additional (and optional) transition method to adopt the new leases standard. Under this new transition method, an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The amendments have the same effective date and transition requirements as ASU 2016-02. The Company plans to apply a modified retrospective transition approach to each applicable lease that existed at January 1, 2017 and to leases entered thereafter. In addition, the Company will take advantage of the transition package of practical expedients permitted within the new leases standard, which among other things, allows the Company to carry forward the historical lease classification. The Company also plans to elect the hindsight practical expedient to determine the reasonably certain lease term for existing leases. While lease classification will remain unchanged, hindsight will result in generally shorter accounting lease terms and useful lives of the corresponding leasehold improvements. Additionally, the Company will make an accounting policy election that will keep leases with an initial term of 12 months or less off of the balance sheet and will result in recognizing those lease payments in the Condensed Consolidated Statements of Operations on a straight-line basis over the lease term. On August 28, 2017, the FASB issued ASU 2017-12, which amends the hedge accounting recognition and presentation requirements in ASC 815 to (1) improve the transparency and understandability of information conveyed to financial statement users about an entity’s risk management activities by better aligning the entity’s financial reporting for hedging relationships with those risk management activities and (2) reduce the complexity of and simplify the application of hedge accounting by preparers. T he Company is still evaluating the impact on its consolidated financial statements. On December 22, 2017, President Donald Trump signed into law “H.R. 1”, formerly known as the “Tax Cuts and Jobs Act” (the “Tax Legislation”). The Tax Legislation, which became effective on January 1, 2018, significantly revises the U.S. tax code by, among other things, lowering the corporate income tax rate from 35% to 21%, limiting deductibility of interest expense, implementing a hybrid-territorial tax system imposing a repatriation tax on deemed repatriated earnings of foreign subsidiaries (the “transition tax”), and enacted additional international tax provisions, including a minimum tax on global intangible low-taxed income (“GILTI”) and a new base erosion anti-abuse tax (“BEAT”). The Company recorded a provisional non-cash tax benefit of $13,712 in the fourth quarter of 2017. The Company finalized its accounting for the transition tax during the quarter ended March 31, 2018, and has incorporated the impact of the other Tax Legislation provisions effective for 2018 and beyond within the financial statements. On February 28, 2018, the FASB issued ASU 2018-03, which makes technical corrections to certain aspects of ASU 2016-16 (on recognition of financial assets and financial liabilities), including equity securities without a readily determinable fair value (discontinuation and adjustments); forward contracts and purchased options; presentation requirements for certain fair value option liabilities; fair value option liabilities denominated in a foreign currency and transition guidance for equity securities without a readily determinable fair value. For public business entities, the amendments in ASU 2018-03 are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years beginning after June 15, 2018. T he Company has evaluated and determined that this guidance does not significantly impact on its 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 |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS Sanimax Energy, LLC On March 15, 2016, the Company acquired fixed assets and inventory from Sanimax Energy, including the 20 mmgy nameplate capacity biomass-based diesel refinery in DeForest, Wisconsin. The Company completed its initial accounting of this business combination as the valuation of the real and personal property was finalized as of September 30, 2016. The following table summarizes the consideration paid for the acquisition from Sanimax Energy: March 15, 2016 Consideration at fair value for acquisition from Sanimax: Cash $ 12,541 Common stock 4,050 Contingent consideration 4,500 Total $ 21,091 The fair value of the 500,000 shares of Common Stock issued was determined using the closing market price of the Company's common shares at the date of acquisition. REG Madison may pay contingent consideration of up to $5,000 ("Earnout Payments") over a period of seven years after the acquisition, subject to achievement of certain milestones related to the biomass-based diesel gallons produced and sold by REG Madison. The Earnout Payments are payable in cash and cannot exceed $1,700 in any one year period beginning March 15, 2016 through 2023 and up to $5,000 in aggregate. As of September 30, 2018 , the Company has recorded a contingent liability of $2,046 , approximately $1,787 of which has been classified as current on the Condensed Consolidated Balance Sheets. The following table summarizes the fair values of the assets acquired at the acquisition date: March 15, 2016 Assets acquired from Sanimax Energy: Inventory $ 1,591 Property, plant and equipment 19,500 Net identifiable assets acquired $ 21,091 |
Marketable Securities (Notes)
Marketable Securities (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
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 following table summarizes the Company's investments in marketable securities: September 30, 2018 Maturity Gross Amortized Cost Total Unrealized Gains Total Unrealized Losses Fair Value Commercial paper Within one year $ 23,812 $ — $ (16 ) $ 23,796 Corporate bonds Within one year 29,111 — (15 ) 29,096 Total $ 52,923 $ — $ (31 ) $ 52,892 |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES Inventories consist of the following: September 30, 2018 December 31, 2017 Raw materials $ 62,996 $ 39,975 Work in process 4,171 3,523 Finished goods 73,984 92,049 Total $ 141,151 $ 135,547 |
Other Assets
Other Assets | 9 Months Ended |
Sep. 30, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | OTHER ASSETS Prepaid expense and other assets consist of the following: September 30, 2018 December 31, 2017 Commodity derivatives and related collateral, net $ 3,094 $ 1,610 Prepaid expenses 15,411 11,733 Deposits 2,023 2,899 RIN inventory 12,676 27,028 Taxes receivable 2,654 6,356 Other 1,996 2,254 Total $ 37,854 $ 51,880 RIN inventory values were adjusted in the amounts of $2,484 and $2,629 at September 30, 2018 and December 31, 2017 , respectively, to reflect the lower of cost or net realizable value. Other noncurrent assets consist of the following: September 30, 2018 December 31, 2017 Investments $ 12,188 $ 12,250 Spare parts inventory 2,700 2,764 Catalysts 2,167 2,962 Deposits 381 381 Other 2,735 933 Total $ 20,171 $ 19,290 |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | INTANGIBLE ASSETS Intangible assets consist of the following: September 30, 2018 Cost Accumulated Amortization Net Raw material supply agreement $ 6,230 $ (2,749 ) $ 3,481 Renewable diesel technology 8,300 (2,398 ) 5,902 Ground lease 200 (152 ) 48 Acquired customer relationships 4,747 (904 ) 3,843 Trademarks 704 — 704 In-process research and development 15,956 (2,039 ) 13,917 Total intangible assets $ 36,137 $ (8,242 ) $ 27,895 December 31, 2017 Cost Accumulated Amortization Net Raw material supply agreement $ 6,230 $ (2,408 ) $ 3,822 Renewable diesel technology 8,300 (1,983 ) 6,317 Ground lease 200 (141 ) 59 Acquired customer relationships 2,900 (686 ) 2,214 In-process research and development 15,956 (1,241 ) 14,715 Total intangible assets $ 33,586 $ (6,459 ) $ 27,127 The Company recorded intangible amortization expense of $600 and $1,783 for the three and nine months ended September 30, 2018 , respectively, and $587 and $1,756 for the three and nine months ended September 30, 2017 , respectively. The estimated intangible asset amortization expense for the remainder of 2018 through 2023 and thereafter is as follows: October 1, 2018 through December 31, 2018 $ 685 2019 2,746 2020 2,753 2021 2,759 2022 2,753 2023 2,760 2024 and thereafter 13,439 Total $ 27,895 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Debt | DEBT The following table shows the Company’s term debt: September 30, 2018 December 31, 2017 4.00% Convertible Senior Notes, $117,500 face amount, due in June 2036 $ 91,532 $ 116,255 2.75% Convertible Senior Notes, $67,527 face amount, due in June 2019 65,734 69,859 REG Danville term loan, secured, variable interest rate of LIBOR plus 4%, due in July 2022 9,796 11,460 REG Newton term loan, secured, variable interest rate of LIBOR plus 4%, due in December 2018 5,053 8,189 REG Ralston term loan, variable interest rate of Prime Rate plus 0.5%, due in July 2025 19,177 6,183 REG Mason City term loan, fixed interest rate of 5%, due in July 2019 — 1,153 REG Grays Harbor term loan, variable interest of minimum of 3.5% or Prime Rate plus 0.25%, due in May 2022 9,394 7,882 REG Capital term loan, fixed interest rate of 3.99%, due in January 2028 7,247 7,400 Other 79 179 Total term debt before debt issuance costs 208,012 228,560 Less: Current portion of long-term debt 169,485 13,397 Less: Debt issuance costs (net of accumulated amortization of $3,813 and $3,510, respectively) 4,126 6,627 Total long-term debt $ 34,401 $ 208,536 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 and policy 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, 2018 , 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, 2018 . 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 Company evaluated the terms of the conversion features under the applicable accounting literature, including Derivatives and Hedging, ASC 815, and determined that a certain feature required separate accounting as a derivative. This derivative was initially recorded as a long-term liability, "Convertible Debt Conversion Liability", on the Condensed Consolidated Balance Sheets and was adjusted to reflect fair value each reporting date. The fair value of the convertible debt conversion liability at issuance was $40,145 . On December 8, 2017, at the Company's Special Meeting of Stockholders, the Company obtained the approval from its stockholders to remove the common stock issuance restrictions in connection with conversions of the 2036 Convertible Senior Notes. Accordingly, on December 8, 2017, the Convertible Debt Conversion Liability was remeasured at fair value at $45,933 and was then reclassified into equity. The debt liability component of 2036 Convertible Senior Notes was determined to be $111,855 at issuance, reflecting a debt discount of $40,145 . The debt discount is to be amortized through June 2036. The effective interest rate on the debt liability component was 2.45% . REG Ralston and Subsequent Event In April 2017, REG Ralston, LLC ("REG Ralston") entered into a construction loan agreement ("Construction Loan Agreement") with First Midwest Bank. The Construction Loan Agreement allows REG Ralston to borrow up to $20.0 million during the construction period at REG Ralston and convert it into an amortizing term debt thereafter. The loan has a maturity date of July 15, 2025. The loan requires monthly principal payments and interest to be charged using prime rate plus 0.5% per annum. The loan agreement contains various loan covenants. At September 30, 2018 , the effective interest rate on the amount borrowed under this Construction Loan Agreement was 5.75% per annum. On October 19, 2018, REG Ralston entered into an amended loan agreement with First Midwest Bank to convert the Construction Loan Agreement into a term loan ("Ralston Term Loan") for a principal amount of $19,177 , due on October 19, 2025. The Ralston Term Loan will bear floating interest using a LIBOR rate plus 2.25% per annum. REG Danville In July 2017, REG Danville, LLC ("REG Danville") entered into an amended loan agreement ("Loan Agreement") with Fifth Third Bank. The Loan Agreement allowed REG Danville to borrow $12,500 maturing in July 2022. The loan requires monthly principal payments and bears LIBOR-based variable interest rates. The loan agreement contains various loan covenants. At September 30, 2018 , the effective interest rate on the amount borrowed under this Loan Agreement was 6.13% per annum. REG Capital In December 2017, REG Capital, LLC ("REG Capital") entered into a mortgage refinancing loan agreement ("Mortgage Refinancing Loan Agreement") with First National Bank to refinance existing mortgages on our office buildings in Ames, IA. The outstanding principal under the Mortgage Refinancing Loan Agreement is $7,247 with a maturity date of January 3, 2028. The loan requires monthly principal payments and bears a fixed interest rate of 3.99% per annum. Lines of Credit The following table shows the Company's lines of credit: September 30, 2018 December 31, 2017 Amount outstanding under lines of credit $ 4,370 $ 65,525 Maximum available to be borrowed under lines of credit $ 114,728 $ 60,839 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”). The maximum commitment of the Lenders under the M&L and Services Revolver to make revolving loans is $150,000 , 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 total $150,000 of current revolving loan commitments, or $15,000 currently. 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, and REG Geismar, LLC (collectively, the "Plant Loan Parties") subject to a $40,000 limitation with respect to each of the Plant Loan Parties. In March 2018, REG Energy Services, LLC ("REG Energy Services") amended its operating and revolving line of credit agreement with Bankers Trust Company (“Bankers Trust”) that was entered in March 2016. As amended, this operating and revolving line of credit ("the Energy Services Line of Credit") was decreased to $15,000 , subject to customary borrowing base limitations and the maturity was extended to September 2018. On August 30, 2018, the Energy Services Line of Credit was terminated and all outstanding amounts thereunder were repaid. REG Germany has a trade finance facility agreement ("Uncommitted Credit Facility Agreement") with BNP Paribas, which allows it to borrow up to $25,000 for funding the purchase of goods and services. Amounts outstanding under the Uncommitted Credit Facility Agreement bear variable interest and are payable as stipulated in the agreement. The amount that can be borrowed under the agreement can be amended, cancelled or restricted at BNP Paribas's sole discretion and therefore is not included in the maximum available to be borrowed under lines of credit above. The Uncommitted Credit Facility Agreement contains various loan covenants that require REG Germany to maintain certain financial measures. At September 30, 2018 , the nominal interest rates ranged from 1.50% to 4.39% |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2018 | |
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, 2018 , the net notional volumes of NY Harbor ULSD, CBOT Soybean Oil and NYMEX Natural Gas covered under the open commodity derivative contracts were approximately 87 million gallons, 264 million pounds and 1 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, 2018 December 31, 2017 Assets Liabilities Assets Liabilities Gross amounts of derivatives recognized at fair value $ 1,017 $ 9,155 $ 812 $ 8,001 Cash collateral 11,232 — 8,799 — Total gross amount recognized 12,249 9,155 9,611 8,001 Gross amounts offset (9,155 ) (9,155 ) (8,001 ) (8,001 ) Net amount reported in the condensed consolidated balance sheets $ 3,094 $ — $ 1,610 $ — 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 Three Months Nine Months Nine Months Commodity derivatives Cost of goods sold – Biomass-based diesel $ (7,527 ) $ (24,989 ) $ (22,874 ) $ (6,942 ) |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended |
Sep. 30, 2018 | |
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, 2018 Total Level 1 Level 2 Level 3 Commercial paper $ 23,796 $ — $ 23,796 $ — Corporate bonds 29,096 — 29,096 — Commodity contract derivatives (8,138 ) (2,685 ) (5,453 ) — Contingent considerations for acquisitions (12,895 ) — — (12,895 ) $ 31,859 $ (2,685 ) $ 47,439 $ (12,895 ) As of December 31, 2017 Total Level 1 Level 2 Level 3 Commodity contract derivatives $ (7,189 ) $ (3,742 ) $ (3,447 ) $ — Contingent considerations for acquisitions (34,393 ) — — (34,393 ) $ (41,582 ) $ (3,742 ) $ (3,447 ) $ (34,393 ) 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 2018 2017 Balance at beginning of period, January 1 $ 34,393 $ 46,568 Change in estimates included in earnings (1,540 ) 589 Settlements (2,813 ) (3,980 ) Balance at end of period, March 31 30,040 43,177 Change in estimates included in earnings (7,129 ) (24 ) Settlements (2,846 ) (3,698 ) Balance at end of period, June 30 20,065 39,455 Fair value of contingent consideration at measurement date 482 — Change in estimates included in earnings (4,566 ) 1,433 Settlements (3,086 ) (3,300 ) Balance at end of period, September 30 $ 12,895 $ 37,588 The estimated fair values of the Company’s financial instruments, which are not recorded at fair value, are as follows: As of September 30, 2018 As of December 31, 2017 Asset (Liability) Fair Value Asset (Liability) Fair Value Financial liabilities: Debt and lines of credit $ (212,382 ) $ (517,921 ) $ (294,085 ) $ (273,983 ) 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 commercial papers 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 the contingent consideration regarding REG Life Sciences, LLC ("REG Life Sciences") was determined using an expected present value technique. Expected cash flows were determined using the probability weighted-average of possible outcomes that would occur should achievement of certain milestones related to the development and commercialization of products from REG Life Sciences' technology occur. There was no observable market data available to use in valuing the contingent consideration; therefore, the Company developed its own assumptions related to the expected future delivery of product enhancements to estimate the fair value of these liabilities. An 8.0% discount rate was used to estimate the fair value of the expected payments. The fair value of all other contingent consideration is determined using an expected present value technique. Expected cash flows are determined using the probability weighted-average of possible outcomes that would occur should the achievement of certain milestones related to the production and/or sale of biomass-based diesel at the specific production facility. A discount rate ranging from 5.8% to 12.5% is used to estimate the fair value of the expected payments. Convertible debt conversion liability: The fair value of the convertible debt conversion liability is estimated using the Black-Scholes model incorporating the terms and conditions of the 2036 Convertible Senior Notes and considering changes in the prices of the Company's common stock, Company stock price volatility, risk-free rates and changes in market rates. The valuations are, among other things, subject to changes in the Company's credit worthiness as well as change in general market conditions. As the majority of the assumptions used in the calculations are based on market sources, the fair value of the convertible conversion liability is reflected in Level 2. Debt and lines of credit: |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 9 Months Ended |
Sep. 30, 2018 | |
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 Common Stock options, warrants, stock appreciation rights and convertible notes on diluted EPS are calculated using the treasury stock method unless the effects are anti-dilutive to EPS. 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. For the 2019 Convertible Senior Notes, the Company has elected to settle the principal amount of convertible notes converted with cash and any conversion value in excess of that amount in shares of the Company's common 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 attributable to common stockholders during the periods presented, as the effect was anti-dilutive: Three Months Three Months Nine Months Nine Months Stock appreciation rights — 600,909 — 1,307,655 2019 Convertible Senior Notes 3,045,781 5,567,112 4,225,737 5,567,112 2036 Convertible Senior Notes 7,282,194 14,106,725 9,841,639 14,106,725 Total 10,327,975 20,274,746 14,067,376 20,981,492 The following table presents the calculation of diluted net income (loss) per share: Three Months Three Months Nine Months Nine Months Net income (loss) attributable to the Company’s common stockholders - Basic $ 24,343 $ (11,373 ) $ 266,243 $ (62,096 ) Less: effect of participating securities — — — — Net income (loss) attributable to common stockholders - Dilutive $ 24,343 $ (11,373 ) $ 266,243 $ (62,096 ) Shares: Weighted-average shares used to compute basic net income per share 37,270,928 38,772,434 37,815,598 38,684,412 Adjustment to reflect conversion of convertible notes 7,648,408 — 4,673,989 — Adjustment to reflect stock appreciation right conversions 584,035 — 420,941 — Weighted-average shares used to compute diluted net income per share 45,503,371 38,772,434 42,910,528 38,684,412 Net income (loss) per share attributable to common stockholders: Diluted $ 0.53 $ (0.29 ) $ 6.20 $ (1.61 ) |
Reportable Segments and Geograp
Reportable Segments and Geographic Information | 9 Months Ended |
Sep. 30, 2018 | |
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 has three reportable segments, which 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, 2018 and for the year ended December 31, 2017 are composed of Biomass-based Diesel, Services, Renewable Chemicals and Corporate and other activities. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. 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 biomass-based diesel produced under toll manufacturing arrangements with third party facilities, sales of processed biomass-based diesel from Company facilities, related by-products and renewable energy government incentive payments, in the U.S. and internationally. The Services segment offers services for managing the construction of biomass-based diesel production facilities and managing ongoing operations of third-party plants and collects fees related to the services provided. The Company does not allocate items that are of a non-operating nature or corporate expenses to the business segments. Revenues from services provided to other segments are recorded by the Services segment at cost. The Renewable Chemicals segment consists of research and development activities involving the production of renewable chemicals, additional advanced biofuels and other products from the Company's proprietary microbial fermentation process and the operations of a demonstration scale facility located in Okeechobee, Florida. The Corporate and Other segment includes trading activities related to petroleum-based heating oil and diesel fuel as well as corporate activities, which consist of corporate office expenses such as compensation, benefits, occupancy and other administrative costs, including management service expenses. Corporate and Other also includes income/(expense) not associated with the reportable segments, such as corporate general and administrative expenses, shared service expenses, interest expense and interest income, all reflected on an accrual basis of accounting. In addition, Corporate and Other includes cash and other assets not associated with the reportable segments, including investments. Intersegment revenues are reported by the Services and Corporate and Other segments. The following table represents the significant items by reportable segment: Three Months Three Months Nine Months Nine Months Net revenues: Biomass-based Diesel (includes REG Germany's net sales of $44,565 and $134,321 and $35,736 and $130,761 for the three and nine months ended September 30, 2018 and 2017, respectively) $ 710,135 $ 619,852 $ 1,880,302 $ 1,542,484 Services 21,649 24,152 74,387 67,907 Renewable Chemicals 1,633 1,514 4,556 3,344 Corporate and Other 44,494 31,134 181,892 108,273 Intersegment revenues (180,158 ) (49,669 ) (273,982 ) (141,029 ) $ 597,753 $ 626,983 $ 1,867,155 $ 1,580,979 Income (loss) before income taxes: Biomass-based Diesel (includes REG Germany's income of $440 and loss of ($5,249) and ($1,704) and ($3,036) for the three and nine months ended September 30, 2018 and 2017, respectively) $ 37,923 $ (9,833 ) $ 285,887 $ (16,225 ) Services 652 1,316 5,409 939 Renewable Chemicals (6,023 ) (4,550 ) (19,798 ) (14,385 ) Corporate and Other (6,695 ) 1,579 5,230 (29,506 ) $ 25,857 $ (11,488 ) $ 276,728 $ (59,177 ) Depreciation and amortization expense, net: Biomass-based Diesel (includes REG Germany's amounts of $504 and $1,871 and $712 and $2,186, for the three and nine months ended September 30, 2018, respectively) $ 8,327 $ 7,947 $ 25,058 $ 23,517 Services 461 301 1,147 783 Renewable Chemicals 394 439 1,183 1,207 Corporate and Other 543 517 1,448 1,533 $ 9,725 $ 9,204 $ 28,836 $ 27,040 Cash paid for purchases of property, plant and equipment: Biomass-based Diesel (includes REG Germany's amounts of $621 and $1,322 and $570 and $2,965, for the three and nine months ended September 30, 2018 and 2017 respectively) $ 7,403 $ 14,294 $ 34,453 $ 43,693 Services 1,308 957 3,070 2,476 Renewable Chemicals — 7 335 14 Corporate and Other 25 1,261 58 2,373 $ 8,736 $ 16,519 $ 37,916 $ 48,556 September 30, 2018 December 31, 2017 Goodwill: Services $ 16,080 $ 16,080 Assets: Biomass-based Diesel (including REG Germany's assets of $52,890 and $55,761, respectively) $ 954,717 $ 898,180 Services 61,914 55,581 Renewable Chemicals 19,266 21,168 Corporate and Other 377,604 386,590 Intersegment eliminations (272,263 ) (355,923 ) $ 1,141,238 $ 1,005,596 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 Three Months Nine Months Nine Months Net revenues: United States $ 549,366 $ 574,594 $ 1,724,369 $ 1,417,704 Germany 44,565 35,736 134,321 130,761 Other Foreign 3,822 16,653 8,465 32,514 Non-United States 48,387 52,389 142,786 163,275 $ 597,753 $ 626,983 $ 1,867,155 $ 1,580,979 September 30, 2018 December 31, 2017 Long-lived assets: United States $ 572,947 $ 566,028 Germany 19,150 20,689 Other Foreign 600 680 $ 592,697 $ 587,397 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2018 | |
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, 2018 | |
Accounting Policies [Abstract] | |
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). 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 |
Accounts Receivable | Accounts Receivable Accounts receivable are carried at invoiced amount less allowance for doubtful accounts. Management estimates the allowance for doubtful accounts based on existing economic conditions, the financial conditions of customers, and the amount and age of past due accounts. Receivables are considered past due if full payment is not received by the contractual due date. |
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. |
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, 2018 and December 31, 2017 , the Company held no LCFS credits purchased from third parties. |
Property, Plant and Equipment | Property, Plant and EquipmentProperty, plant and equipment is recorded at cost less accumulated depreciation. Maintenance and repairs are expensed as incurred. Depreciation expense is computed on a straight-line method based upon estimated useful lives of the assets. |
Convertible Debt | 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"). The embedded conversion option was initially accounted for as an embedded derivative liability as the Company could not elect to issue shares of common stock upon conversion of the 2036 Convertible Senior Notes to the extent such election would result in the issuance of more than 19.99% of the common stock outstanding immediately before the issuance of the 2036 Convertible Senior Notes unless the Company received stockholder approval for such issuance. On December 8, 2017, at the special meeting of stockholders, the Company obtained approval from its stockholders to remove the common stock issuance restrictions in connection with conversions of the 2036 Convertible Senior Notes. Accordingly, the embedded conversion option, valued at $45,933 and net of tax of $18,025 |
Capped Call Transaction | Capped Call Transaction In connection with the issuance of the 2019 Convertible Senior Notes, the Company entered into capped call transactions. The purchased capped call transactions were recorded as a reduction to common stock-additional paid-in-capital. Because this was considered to be an equity transaction and qualifies for the derivative scope exception, no future changes in the fair value of the capped call will be recorded by the Company. During 2016, in connection with the issuance of the 2036 Convertible Senior Notes, certain call options covered by the original capped call transaction were rebalanced and reset to cover 100% |
Security Repurchase Programs | Security Repurchase Programs In December 2017, the Company's board of directors approved a repurchase program of up to $75,000 |
Research and Development | Research and DevelopmentResearch and development ("R&D") costs are charged to expense as incurred. In process research and development ("IPR&D") assets acquired in connection with acquisitions are recorded on the Condensed Consolidated Balance Sheets as intangible assets. |
Revenue Recognition | 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. While in general the Company has not historically offered sales incentives to customers, the uncertainty around the reinstatement of the federal biodiesel tax credit led to the Company and other market participants acting as if the federal biodiesel tax credit would be reinstated throughout the year and entering into agreements with both customers and vendors to capture the credit when or if reinstated. The impacts of the agreements with customers are recorded as contract liabilities in accounts payable and as adjustments to Biomass-based diesel sales, whereas agreements with vendors are recorded net as adjustments to Biomass-based diesel costs of goods sold on the Condensed Consolidated Statements of Operations.Revenue Recognition In the first quarter of 2018, the Company adopted Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers (Topic 606). Under the ASU, revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The Company applied the five-step method outlined in the ASU to all contracts with customers and elected the modified retrospective implementation method. The Company has generally 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 implementation of the new standard did not have any material impact on the measurement or recognition of revenue of prior periods, however additional disclosures have been added in accordance with the ASU. 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 finished biomass-based diesel, RINs and LCFS credits acquired from third parties, and raw material feedstocks acquired from others; • revenues from our sale of petroleum-based heating oil and ultra-low sulfur diesel, or ULSD, acquired from third parties, along with the sale of these petroleum-based products further blended with biodiesel produced at our wholly owned facilities; • sales of glycerin, other co-products of the biomass-based diesel production process; • incentive payments from federal and state governments, including the BTC, and from the USDA Advanced Biofuel Program; and • other revenue: • collaborative research and development and other service revenue for research and development activities to continue to build out the technology platform; and • sales of renewable chemical products. Disaggregation of revenue: |
New Accounting Standards | New Accounting Standards On February 25, 2016, the FASB issued ASU 2016-02, which introduces a lessee model that brings most leases on the balance sheet. The new standard also aligns many of the underlying principles of the new lessor model with those in ASC 606, the FASB’s new revenue recognition standard (e.g., those related to evaluating when profit can be recognized). Furthermore, the ASU addresses other concerns related to the current leases model. The ASU is effective for annual periods beginning after December 15, 2018 and interim periods therein. On July 19, 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases, which addresses certain aspects of the new leases standard, including the rate implicit in the lease, impairment of the net investment in the lease, lessee reassessment of lease classification, lessor reassessment of lease term and purchase options, variable payments that depend on an index or rate and certain transition adjustments, among other things. The amendments have the same effective date and transition requirements as ASU 2016-02. The Company is evaluating the impact of this guidance on its consolidated financial statements. On July 31, 2018, the FASB issued ASU 2018-11, Codification Improvements to Topic 842, Leases, which provides entities with an additional (and optional) transition method to adopt the new leases standard. Under this new transition method, an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The amendments have the same effective date and transition requirements as ASU 2016-02. The Company plans to apply a modified retrospective transition approach to each applicable lease that existed at January 1, 2017 and to leases entered thereafter. In addition, the Company will take advantage of the transition package of practical expedients permitted within the new leases standard, which among other things, allows the Company to carry forward the historical lease classification. The Company also plans to elect the hindsight practical expedient to determine the reasonably certain lease term for existing leases. While lease classification will remain unchanged, hindsight will result in generally shorter accounting lease terms and useful lives of the corresponding leasehold improvements. Additionally, the Company will make an accounting policy election that will keep leases with an initial term of 12 months or less off of the balance sheet and will result in recognizing those lease payments in the Condensed Consolidated Statements of Operations on a straight-line basis over the lease term. On August 28, 2017, the FASB issued ASU 2017-12, which amends the hedge accounting recognition and presentation requirements in ASC 815 to (1) improve the transparency and understandability of information conveyed to financial statement users about an entity’s risk management activities by better aligning the entity’s financial reporting for hedging relationships with those risk management activities and (2) reduce the complexity of and simplify the application of hedge accounting by preparers. T he Company is still evaluating the impact on its consolidated financial statements. On December 22, 2017, President Donald Trump signed into law “H.R. 1”, formerly known as the “Tax Cuts and Jobs Act” (the “Tax Legislation”). The Tax Legislation, which became effective on January 1, 2018, significantly revises the U.S. tax code by, among other things, lowering the corporate income tax rate from 35% to 21%, limiting deductibility of interest expense, implementing a hybrid-territorial tax system imposing a repatriation tax on deemed repatriated earnings of foreign subsidiaries (the “transition tax”), and enacted additional international tax provisions, including a minimum tax on global intangible low-taxed income (“GILTI”) and a new base erosion anti-abuse tax (“BEAT”). The Company recorded a provisional non-cash tax benefit of $13,712 in the fourth quarter of 2017. The Company finalized its accounting for the transition tax during the quarter ended March 31, 2018, and has incorporated the impact of the other Tax Legislation provisions effective for 2018 and beyond within the financial statements. On February 28, 2018, the FASB issued ASU 2018-03, which makes technical corrections to certain aspects of ASU 2016-16 (on recognition of financial assets and financial liabilities), including equity securities without a readily determinable fair value (discontinuation and adjustments); forward contracts and purchased options; presentation requirements for certain fair value option liabilities; fair value option liabilities denominated in a foreign currency and transition guidance for equity securities without a readily determinable fair value. For public business entities, the amendments in ASU 2018-03 are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years beginning after June 15, 2018. T he Company has evaluated and determined that this guidance does not significantly impact on its 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 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Activities Under Repurchase Programs | The table below sets out the information regarding the activities under the 2017 Program and the 2018 Program during 2018: Three months ended September 30, 2018 Nine months ended September 30, 3018 Number of shares/Principal amount in $'000 December 2017 Program June 2018 Program Both Programs Number of shares/Principal amount in $'000 December 2017 Program June 2018 Program Both Programs Repurchases of shares of common stock — $ — $ — $ — 1,937,844 $25,048 $ — $25,048 2019 Senior Convertible Notes Repurchases $ — $ — $ — $ — $ 6,311 $6,689 $ — $6,689 2036 Senior Convertible Notes Repurchases $ 10,000 $1,500 $16,083 $17,583 $ 34,500 $43,263 $16,083 $59,346 |
Disaggregation of Revenue | The following table depicts the disaggregation of revenue according to product line and segment: Reportable Segment Three months ended September 30, 2018 Biomass-based Services Renewable Corporate Intersegment Consolidated Biomass-based diesel sales, net of BTC related amount due to customers of $0 $ 635,409 $ — $ — $ — $ (158,644 ) $ 476,765 Petroleum diesel sales — — — 44,494 — 44,494 Other biomass-based diesel revenue 46,915 — — — — 46,915 Separated RIN sales 26,867 — — — — 26,867 Other revenues — 21,649 1,633 — (21,514 ) 1,768 Total revenues from contracts with customers $ 709,191 $ 21,649 $ 1,633 $ 44,494 $ (180,158 ) $ 596,809 Biomass-based diesel government incentives 944 — — — — 944 Total revenues $ 710,135 $ 21,649 $ 1,633 $ 44,494 $ (180,158 ) $ 597,753 Reportable Segment Nine months ended September 30, 2018 Biomass-based Services Renewable Corporate Intersegment Consolidated Biomass-based diesel sales, net of BTC related amount due to customers of $144,944 $ 1,283,778 $ — $ — $ 9,682 $ (200,774 ) $ 1,092,686 Petroleum diesel sales — — — 172,210 — 172,210 Other biomass-based diesel revenue 129,148 — — — — 129,148 Separated RIN sales 100,232 — — — — 100,232 Other revenues — 74,387 4,556 — (73,208 ) 5,735 Total revenues from contracts with customers $ 1,513,158 $ 74,387 $ 4,556 $ 181,892 $ (273,982 ) $ 1,500,011 Biomass-based diesel government incentives 367,144 — — — — 367,144 Total revenues $ 1,880,302 $ 74,387 $ 4,556 $ 181,892 $ (273,982 ) $ 1,867,155 |
Contract Balances | The following table provides information about receivables and contract liabilities from contracts with customers: September 30, Accounts receivable $ 92,700 Short-term contract liabilities (deferred revenue) $ (1,472 ) Short-term contract liabilities (accounts payable) $ (9,154 ) three and nine months ended September 30, 2018 are as follows: July 1, 2018 Cash receipts Less: Impact on Other September 30, 2018 Deferred revenue $ 161 $ 5,772 $ 4,461 $ — $ 1,472 Payables to customers related to BTC 40,935 (31,781 ) — — 9,154 $ 41,096 $ (26,009 ) $ 4,461 $ — $ 10,626 January 1, 2018 Cash receipts Less: Impact on Other September 30, 2018 Deferred revenue $ 2,218 $ 19,575 $ 20,318 $ (3 ) $ 1,472 Payables to customers related to BTC — (141,622 ) (144,944 ) 5,832 9,154 $ 2,218 $ (122,047 ) $ (124,626 ) $ 5,829 $ 10,626 |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Sanimax Energy, LLC | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions | The following table summarizes the consideration paid for the acquisition from Sanimax Energy: March 15, 2016 Consideration at fair value for acquisition from Sanimax: Cash $ 12,541 Common stock 4,050 Contingent consideration 4,500 Total $ 21,091 March 15, 2016 Assets acquired from Sanimax Energy: Inventory $ 1,591 Property, plant and equipment 19,500 Net identifiable assets acquired $ 21,091 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | The following table summarizes the Company's investments in marketable securities: September 30, 2018 Maturity Gross Amortized Cost Total Unrealized Gains Total Unrealized Losses Fair Value Commercial paper Within one year $ 23,812 $ — $ (16 ) $ 23,796 Corporate bonds Within one year 29,111 — (15 ) 29,096 Total $ 52,923 $ — $ (31 ) $ 52,892 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories consist of the following: September 30, 2018 December 31, 2017 Raw materials $ 62,996 $ 39,975 Work in process 4,171 3,523 Finished goods 73,984 92,049 Total $ 141,151 $ 135,547 |
Other Assets (Tables)
Other Assets (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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, 2018 December 31, 2017 Commodity derivatives and related collateral, net $ 3,094 $ 1,610 Prepaid expenses 15,411 11,733 Deposits 2,023 2,899 RIN inventory 12,676 27,028 Taxes receivable 2,654 6,356 Other 1,996 2,254 Total $ 37,854 $ 51,880 |
Summary of Other Noncurrent Assets | Other noncurrent assets consist of the following: September 30, 2018 December 31, 2017 Investments $ 12,188 $ 12,250 Spare parts inventory 2,700 2,764 Catalysts 2,167 2,962 Deposits 381 381 Other 2,735 933 Total $ 20,171 $ 19,290 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Components of Intangible assets | Intangible assets consist of the following: September 30, 2018 Cost Accumulated Amortization Net Raw material supply agreement $ 6,230 $ (2,749 ) $ 3,481 Renewable diesel technology 8,300 (2,398 ) 5,902 Ground lease 200 (152 ) 48 Acquired customer relationships 4,747 (904 ) 3,843 Trademarks 704 — 704 In-process research and development 15,956 (2,039 ) 13,917 Total intangible assets $ 36,137 $ (8,242 ) $ 27,895 December 31, 2017 Cost Accumulated Amortization Net Raw material supply agreement $ 6,230 $ (2,408 ) $ 3,822 Renewable diesel technology 8,300 (1,983 ) 6,317 Ground lease 200 (141 ) 59 Acquired customer relationships 2,900 (686 ) 2,214 In-process research and development 15,956 (1,241 ) 14,715 Total intangible assets $ 33,586 $ (6,459 ) $ 27,127 |
Estimated Amortization Expense | The estimated intangible asset amortization expense for the remainder of 2018 through 2023 and thereafter is as follows: October 1, 2018 through December 31, 2018 $ 685 2019 2,746 2020 2,753 2021 2,759 2022 2,753 2023 2,760 2024 and thereafter 13,439 Total $ 27,895 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Company's Borrowings | The following table shows the Company’s term debt: September 30, 2018 December 31, 2017 4.00% Convertible Senior Notes, $117,500 face amount, due in June 2036 $ 91,532 $ 116,255 2.75% Convertible Senior Notes, $67,527 face amount, due in June 2019 65,734 69,859 REG Danville term loan, secured, variable interest rate of LIBOR plus 4%, due in July 2022 9,796 11,460 REG Newton term loan, secured, variable interest rate of LIBOR plus 4%, due in December 2018 5,053 8,189 REG Ralston term loan, variable interest rate of Prime Rate plus 0.5%, due in July 2025 19,177 6,183 REG Mason City term loan, fixed interest rate of 5%, due in July 2019 — 1,153 REG Grays Harbor term loan, variable interest of minimum of 3.5% or Prime Rate plus 0.25%, due in May 2022 9,394 7,882 REG Capital term loan, fixed interest rate of 3.99%, due in January 2028 7,247 7,400 Other 79 179 Total term debt before debt issuance costs 208,012 228,560 Less: Current portion of long-term debt 169,485 13,397 Less: Debt issuance costs (net of accumulated amortization of $3,813 and $3,510, respectively) 4,126 6,627 Total long-term debt $ 34,401 $ 208,536 |
Revolving Line of Credit | The following table shows the Company's lines of credit: September 30, 2018 December 31, 2017 Amount outstanding under lines of credit $ 4,370 $ 65,525 Maximum available to be borrowed under lines of credit $ 114,728 $ 60,839 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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, 2018 December 31, 2017 Assets Liabilities Assets Liabilities Gross amounts of derivatives recognized at fair value $ 1,017 $ 9,155 $ 812 $ 8,001 Cash collateral 11,232 — 8,799 — Total gross amount recognized 12,249 9,155 9,611 8,001 Gross amounts offset (9,155 ) (9,155 ) (8,001 ) (8,001 ) Net amount reported in the condensed consolidated balance sheets $ 3,094 $ — $ 1,610 $ — |
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 Three Months Nine Months Nine Months Commodity derivatives Cost of goods sold – Biomass-based diesel $ (7,527 ) $ (24,989 ) $ (22,874 ) $ (6,942 ) |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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, 2018 Total Level 1 Level 2 Level 3 Commercial paper $ 23,796 $ — $ 23,796 $ — Corporate bonds 29,096 — 29,096 — Commodity contract derivatives (8,138 ) (2,685 ) (5,453 ) — Contingent considerations for acquisitions (12,895 ) — — (12,895 ) $ 31,859 $ (2,685 ) $ 47,439 $ (12,895 ) As of December 31, 2017 Total Level 1 Level 2 Level 3 Commodity contract derivatives $ (7,189 ) $ (3,742 ) $ (3,447 ) $ — Contingent considerations for acquisitions (34,393 ) — — (34,393 ) $ (41,582 ) $ (3,742 ) $ (3,447 ) $ (34,393 ) |
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 2018 2017 Balance at beginning of period, January 1 $ 34,393 $ 46,568 Change in estimates included in earnings (1,540 ) 589 Settlements (2,813 ) (3,980 ) Balance at end of period, March 31 30,040 43,177 Change in estimates included in earnings (7,129 ) (24 ) Settlements (2,846 ) (3,698 ) Balance at end of period, June 30 20,065 39,455 Fair value of contingent consideration at measurement date 482 — Change in estimates included in earnings (4,566 ) 1,433 Settlements (3,086 ) (3,300 ) Balance at end of period, September 30 $ 12,895 $ 37,588 |
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, 2018 As of December 31, 2017 Asset (Liability) Fair Value Asset (Liability) Fair Value Financial liabilities: Debt and lines of credit $ (212,382 ) $ (517,921 ) $ (294,085 ) $ (273,983 ) |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 attributable to common stockholders during the periods presented, as the effect was anti-dilutive: Three Months Three Months Nine Months Nine Months Stock appreciation rights — 600,909 — 1,307,655 2019 Convertible Senior Notes 3,045,781 5,567,112 4,225,737 5,567,112 2036 Convertible Senior Notes 7,282,194 14,106,725 9,841,639 14,106,725 Total 10,327,975 20,274,746 14,067,376 20,981,492 |
Calculation of Diluted Net Income (Loss) Per Share | The following table presents the calculation of diluted net income (loss) per share: Three Months Three Months Nine Months Nine Months Net income (loss) attributable to the Company’s common stockholders - Basic $ 24,343 $ (11,373 ) $ 266,243 $ (62,096 ) Less: effect of participating securities — — — — Net income (loss) attributable to common stockholders - Dilutive $ 24,343 $ (11,373 ) $ 266,243 $ (62,096 ) Shares: Weighted-average shares used to compute basic net income per share 37,270,928 38,772,434 37,815,598 38,684,412 Adjustment to reflect conversion of convertible notes 7,648,408 — 4,673,989 — Adjustment to reflect stock appreciation right conversions 584,035 — 420,941 — Weighted-average shares used to compute diluted net income per share 45,503,371 38,772,434 42,910,528 38,684,412 Net income (loss) per share attributable to common stockholders: Diluted $ 0.53 $ (0.29 ) $ 6.20 $ (1.61 ) |
Reportable Segments and Geogr_2
Reportable Segments and Geographic Information (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Significant Items by Reportable Segment | The following table represents the significant items by reportable segment: Three Months Three Months Nine Months Nine Months Net revenues: Biomass-based Diesel (includes REG Germany's net sales of $44,565 and $134,321 and $35,736 and $130,761 for the three and nine months ended September 30, 2018 and 2017, respectively) $ 710,135 $ 619,852 $ 1,880,302 $ 1,542,484 Services 21,649 24,152 74,387 67,907 Renewable Chemicals 1,633 1,514 4,556 3,344 Corporate and Other 44,494 31,134 181,892 108,273 Intersegment revenues (180,158 ) (49,669 ) (273,982 ) (141,029 ) $ 597,753 $ 626,983 $ 1,867,155 $ 1,580,979 Income (loss) before income taxes: Biomass-based Diesel (includes REG Germany's income of $440 and loss of ($5,249) and ($1,704) and ($3,036) for the three and nine months ended September 30, 2018 and 2017, respectively) $ 37,923 $ (9,833 ) $ 285,887 $ (16,225 ) Services 652 1,316 5,409 939 Renewable Chemicals (6,023 ) (4,550 ) (19,798 ) (14,385 ) Corporate and Other (6,695 ) 1,579 5,230 (29,506 ) $ 25,857 $ (11,488 ) $ 276,728 $ (59,177 ) Depreciation and amortization expense, net: Biomass-based Diesel (includes REG Germany's amounts of $504 and $1,871 and $712 and $2,186, for the three and nine months ended September 30, 2018, respectively) $ 8,327 $ 7,947 $ 25,058 $ 23,517 Services 461 301 1,147 783 Renewable Chemicals 394 439 1,183 1,207 Corporate and Other 543 517 1,448 1,533 $ 9,725 $ 9,204 $ 28,836 $ 27,040 Cash paid for purchases of property, plant and equipment: Biomass-based Diesel (includes REG Germany's amounts of $621 and $1,322 and $570 and $2,965, for the three and nine months ended September 30, 2018 and 2017 respectively) $ 7,403 $ 14,294 $ 34,453 $ 43,693 Services 1,308 957 3,070 2,476 Renewable Chemicals — 7 335 14 Corporate and Other 25 1,261 58 2,373 $ 8,736 $ 16,519 $ 37,916 $ 48,556 September 30, 2018 December 31, 2017 Goodwill: Services $ 16,080 $ 16,080 Assets: Biomass-based Diesel (including REG Germany's assets of $52,890 and $55,761, respectively) $ 954,717 $ 898,180 Services 61,914 55,581 Renewable Chemicals 19,266 21,168 Corporate and Other 377,604 386,590 Intersegment eliminations (272,263 ) (355,923 ) $ 1,141,238 $ 1,005,596 |
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 Three Months Nine Months Nine Months Net revenues: United States $ 549,366 $ 574,594 $ 1,724,369 $ 1,417,704 Germany 44,565 35,736 134,321 130,761 Other Foreign 3,822 16,653 8,465 32,514 Non-United States 48,387 52,389 142,786 163,275 $ 597,753 $ 626,983 $ 1,867,155 $ 1,580,979 September 30, 2018 December 31, 2017 Long-lived assets: United States $ 572,947 $ 566,028 Germany 19,150 20,689 Other Foreign 600 680 $ 592,697 $ 587,397 |
Basis of Presentation and Nat_2
Basis of Presentation and Nature of the Business (Details) gal in Millions | 9 Months Ended |
Sep. 30, 2018facilitygal | |
Class of Stock [Line Items] | |
Number of biorefineries | 14 |
Number of operating biomass-based diesel production facilities | 13 |
Production capacity per year | gal | 520 |
Number of fermentation facilities | 1 |
Number of feedstock processing facilities | 1 |
Number of multi-feedstock capable plants | 10 |
North America | |
Class of Stock [Line Items] | |
Number of biorefineries | 12 |
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 ($) | Sep. 30, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2018USD ($)renewable_identification_number | Dec. 31, 2017USD ($) | Dec. 31, 2016 | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2016USD ($) |
Business Acquisition [Line Items] | |||||||||
Accounts receivable, net | $ 92,866,000 | $ 90,648,000 | $ 92,866,000 | $ 90,648,000 | $ 92,866,000 | ||||
Biomass-based diesel government incentives | 944,000 | 367,144,000 | |||||||
Estimated impaired fixed assets | 2,671,000 | ||||||||
Estimated insurance recoveries | 12,454,000 | ||||||||
Payment of business interruption | $ 9,484,000 | ||||||||
Shares covered by rebalancing call options | 100.00% | ||||||||
Non-cash tax benefit due to Tax Cuts and Jobs Act | 13,712,000 | ||||||||
December 2017 Program | |||||||||
Business Acquisition [Line Items] | |||||||||
Security repurchase program, amount authorized to be repurchased | 75,000,000 | 75,000,000 | |||||||
June 2018 Program | |||||||||
Business Acquisition [Line Items] | |||||||||
Security repurchase program, amount authorized to be repurchased | $ 75,000,000 | ||||||||
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% | |||||||
Fair value of embedded conversion option | 45,933,000 | ||||||||
Tax impact of convertible conversion liability reclassification | 18,025,000 | ||||||||
Convertible Notes Repurchases | $ 147,118,000 | 17,583,000 | 59,346,000 | ||||||
Principal amount of debt repurchased | 10,000,000 | 34,500,000 | |||||||
2036 Senior Convertible Notes Repurchases | Convertible Notes | December 2017 Program | |||||||||
Business Acquisition [Line Items] | |||||||||
Convertible Notes Repurchases | 1,500,000 | 43,263,000 | |||||||
2036 Senior Convertible Notes Repurchases | Convertible Notes | June 2018 Program | |||||||||
Business Acquisition [Line Items] | |||||||||
Convertible Notes Repurchases | $ 16,083,000 | $ 16,083,000 | |||||||
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 | ||||||||
Federal goverment | Biodiesel Mixture Excise Tax Credit | |||||||||
Business Acquisition [Line Items] | |||||||||
Accounts receivable, net | 365,155,000 | 365,155,000 | |||||||
Biomass-based diesel government incentives | $ 364,989,000 | ||||||||
Customers | Biodiesel Mixture Excise Tax Credit | |||||||||
Business Acquisition [Line Items] | |||||||||
Accounts receivable, net | $ 16,688,000 | $ 16,688,000 | |||||||
Biomass-based diesel government incentives | $ 16,480,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Share Repurchases) (Details) - USD ($) $ in Thousands | Jun. 02, 2016 | Sep. 30, 2018 | Sep. 30, 2018 |
Equity, Class of Treasury Stock [Line Items] | |||
Repurchases of shares of common stock, in shares | 0 | 1,937,844 | |
Repurchases of shares of common stock | $ 0 | $ 25,048 | |
2019 Senior Convertible Notes Repurchases | Convertible Notes | |||
Equity, Class of Treasury Stock [Line Items] | |||
Convertible Notes Repurchases, Principal amount | 0 | 6,311 | |
Convertible Notes Repurchases | 0 | 6,689 | |
2036 Senior Convertible Notes Repurchases | Convertible Notes | |||
Equity, Class of Treasury Stock [Line Items] | |||
Convertible Notes Repurchases, Principal amount | 10,000 | 34,500 | |
Convertible Notes Repurchases | $ 147,118 | 17,583 | 59,346 |
December 2017 Program | |||
Equity, Class of Treasury Stock [Line Items] | |||
Repurchases of shares of common stock | 0 | 25,048 | |
December 2017 Program | 2019 Senior Convertible Notes Repurchases | Convertible Notes | |||
Equity, Class of Treasury Stock [Line Items] | |||
Convertible Notes Repurchases | 0 | 6,689 | |
December 2017 Program | 2036 Senior Convertible Notes Repurchases | Convertible Notes | |||
Equity, Class of Treasury Stock [Line Items] | |||
Convertible Notes Repurchases | 1,500 | 43,263 | |
June 2018 Program | |||
Equity, Class of Treasury Stock [Line Items] | |||
Repurchases of shares of common stock | 0 | 0 | |
June 2018 Program | 2019 Senior Convertible Notes Repurchases | Convertible Notes | |||
Equity, Class of Treasury Stock [Line Items] | |||
Convertible Notes Repurchases | 0 | 0 | |
June 2018 Program | 2036 Senior Convertible Notes Repurchases | Convertible Notes | |||
Equity, Class of Treasury Stock [Line Items] | |||
Convertible Notes Repurchases | $ 16,083 | $ 16,083 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | $ 596,809 | $ 1,500,011 | ||
Biomass-based diesel government incentives | 944 | 367,144 | ||
Total revenues | 597,753 | $ 626,983 | 1,867,155 | $ 1,580,979 |
Biomass-based Diesel | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 709,191 | 1,513,158 | ||
Biomass-based diesel government incentives | 944 | 367,144 | ||
Total revenues | 710,135 | 1,880,302 | ||
Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 21,649 | 74,387 | ||
Biomass-based diesel government incentives | 0 | 0 | ||
Total revenues | 21,649 | 74,387 | ||
Renewable Chemicals | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 1,633 | 4,556 | ||
Biomass-based diesel government incentives | 0 | 0 | ||
Total revenues | 1,633 | 4,556 | ||
Corporate and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 44,494 | 181,892 | ||
Biomass-based diesel government incentives | 0 | 0 | ||
Total revenues | 44,494 | $ 31,134 | 181,892 | $ 108,273 |
Intersegment Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | (180,158) | (273,982) | ||
Biomass-based diesel government incentives | 0 | 0 | ||
Total revenues | (180,158) | (273,982) | ||
Biomass-based Diesel | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 476,765 | 1,092,686 | ||
Biomass-based Diesel | Biomass-based Diesel | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 635,409 | 1,283,778 | ||
BTC due to customers | 0 | 144,944 | ||
Biomass-based Diesel | Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | ||
Biomass-based Diesel | Renewable Chemicals | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | ||
Biomass-based Diesel | Corporate and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 9,682 | ||
Biomass-based Diesel | Intersegment Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | (158,644) | (200,774) | ||
Petroleum diesel sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 44,494 | 172,210 | ||
Petroleum diesel sales | Biomass-based Diesel | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | ||
Petroleum diesel sales | Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | ||
Petroleum diesel sales | Renewable Chemicals | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | ||
Petroleum diesel sales | Corporate and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 44,494 | 172,210 | ||
Petroleum diesel sales | Intersegment Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | ||
Other biomass-based diesel revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 46,915 | 129,148 | ||
Other biomass-based diesel revenue | Biomass-based Diesel | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 46,915 | 129,148 | ||
Other biomass-based diesel revenue | Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | ||
Other biomass-based diesel revenue | Renewable Chemicals | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | ||
Other biomass-based diesel revenue | Corporate and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | ||
Other biomass-based diesel revenue | Intersegment Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | ||
Separated RIN sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 26,867 | 100,232 | ||
Separated RIN sales | Biomass-based Diesel | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 26,867 | 100,232 | ||
Separated RIN sales | Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | ||
Separated RIN sales | Renewable Chemicals | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | ||
Separated RIN sales | Corporate and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | ||
Separated RIN sales | Intersegment Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | ||
Other revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 1,768 | 5,735 | ||
Other revenues | Biomass-based Diesel | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | ||
Other revenues | Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 21,649 | 74,387 | ||
Other revenues | Renewable Chemicals | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 1,633 | 4,556 | ||
Other revenues | Corporate and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | 0 | 0 | ||
Other revenues | Intersegment Revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues from contracts with customers | $ (21,514) | $ (73,208) |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Contract Balances) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Accounting Policies [Abstract] | ||
Accounts receivable | $ 92,700 | |
Short-term contract liabilities (deferred revenue) | (1,472) | $ (2,218) |
Short-term contract liabilities (accounts payable) | $ (9,154) |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Significant Changes in Contract Liabilities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2018 | Sep. 30, 2018 | |
Deferred revenue | ||
Beginning Balance | $ 161 | $ 2,218 |
Cash receipts (Payments) | 5,772 | 19,575 |
Less: Impact on Revenue | 4,461 | 20,318 |
Other | 0 | (3) |
Ending Balance | 1,472 | 1,472 |
Payables to customers related to BTC | ||
Beginning Balance | 40,935 | 0 |
Cash receipts (Payments) | (31,781) | (141,622) |
Less: Impact on Revenue | 0 | (144,944) |
Other | 0 | 5,832 |
Ending Balance | 9,154 | 9,154 |
Total | ||
Beginning Balance | 41,096 | 2,218 |
Cash receipts (Payments) | (26,009) | (122,047) |
Less: Impact on Revenue | 4,461 | (124,626) |
Other | 0 | 5,829 |
Ending Balance | $ 10,626 | $ 10,626 |
Acquisitions (Details Textual)
Acquisitions (Details Textual) $ in Thousands, gal in Millions | Mar. 15, 2016USD ($)sharesgal | Sep. 30, 2018USD ($)gal | Dec. 31, 2017USD ($) |
Business Acquisition [Line Items] | |||
Production capacity per year | gal | 520 | ||
Long-term contingent consideration for acquisitions | $ 259 | $ 8,849 | |
Sanimax Energy, LLC | |||
Business Acquisition [Line Items] | |||
Production capacity per year | gal | 20 | ||
Shares of common stock issued (in shares) | shares | 500,000 | ||
Long-term contingent consideration for acquisitions | $ 5,000 | 2,046 | |
Earnout payment period | 7 years | ||
Maximum Earnout Payment per year | $ 1,700 | ||
Current contingent liability | $ 1,787 |
Acquisitions (Details)
Acquisitions (Details) - Sanimax Energy, LLC $ in Thousands | Mar. 15, 2016USD ($) |
Business Acquisition [Line Items] | |
Cash | $ 12,541 |
Common stock | 4,050 |
Contingent consideration | 4,500 |
Total | 21,091 |
Assets acquired from Sanimax Energy: | |
Inventory | 1,591 |
Property, plant and equipment | 19,500 |
Net identifiable assets acquired | $ 21,091 |
Marketable Securities (Details)
Marketable Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Marketable Securities [Line Items] | ||
Gross Amortized Cost | $ 52,923 | |
Total Unrealized Gains | 0 | |
Total Unrealized Losses | (31) | |
Fair Value | 52,892 | $ 0 |
Commercial paper | ||
Marketable Securities [Line Items] | ||
Gross Amortized Cost | 23,812 | |
Total Unrealized Gains | 0 | |
Total Unrealized Losses | (16) | |
Fair Value | 23,796 | |
Corporate bonds | ||
Marketable Securities [Line Items] | ||
Gross Amortized Cost | 29,111 | |
Total Unrealized Gains | 0 | |
Total Unrealized Losses | (15) | |
Fair Value | $ 29,096 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Inventories | ||
Raw materials | $ 62,996 | $ 39,975 |
Work in process | 4,171 | 3,523 |
Finished goods | 73,984 | 92,049 |
Total | $ 141,151 | $ 135,547 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Summary of prepaid expense and other assets | ||
Commodity derivatives and related collateral, net | $ 3,094 | $ 1,610 |
Prepaid expenses | 15,411 | 11,733 |
Deposits | 2,023 | 2,899 |
RIN inventory | 12,676 | 27,028 |
Taxes receivable | 2,654 | 6,356 |
Other | 1,996 | 2,254 |
Total | $ 37,854 | $ 51,880 |
Other Assets (Details Textual)
Other Assets (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Other Assets [Abstract] | ||
Inventory adjustments to reflect lower of cost or net realizable value | $ 2,484 | $ 2,629 |
Other Assets (Details 1)
Other Assets (Details 1) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Cost Method Investments | $ 12,188 | $ 12,250 |
Spare parts inventory | 2,700 | 2,764 |
Catalysts | 2,167 | 2,962 |
Deposits | 381 | 381 |
Other | 2,735 | 933 |
Total | $ 20,171 | $ 19,290 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 36,137 | $ 33,586 |
Accumulated Amortization | (8,242) | (6,459) |
Net | 27,895 | 27,127 |
Raw material supply agreement | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 6,230 | 6,230 |
Accumulated Amortization | (2,749) | (2,408) |
Net | 3,481 | 3,822 |
Renewable diesel technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 8,300 | 8,300 |
Accumulated Amortization | (2,398) | (1,983) |
Net | 5,902 | 6,317 |
Ground lease | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 200 | 200 |
Accumulated Amortization | (152) | (141) |
Net | 48 | 59 |
Acquired customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 4,747 | 2,900 |
Accumulated Amortization | (904) | (686) |
Net | 3,843 | 2,214 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 704 | |
Accumulated Amortization | 0 | |
Net | 704 | |
In-process research and development | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 15,956 | 15,956 |
Accumulated Amortization | (2,039) | (1,241) |
Net | $ 13,917 | $ 14,715 |
Intangible Assets (Details Text
Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Intangible amortization expense | $ 600 | $ 587 | $ 1,783 | $ 1,756 |
Intangible Assets (Details 1)
Intangible Assets (Details 1) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Estimated amortization expense | ||
October 1, 2018 through December 31, 2018 | $ 685 | |
2,019 | 2,746 | |
2,020 | 2,753 | |
2,021 | 2,759 | |
2,022 | 2,753 | |
2,023 | 2,760 | |
2024 and thereafter | 13,439 | |
Net | $ 27,895 | $ 27,127 |
Debt (Details)
Debt (Details) - USD ($) | 9 Months Ended | |||
Sep. 30, 2018 | Dec. 31, 2017 | Jul. 28, 2017 | Apr. 19, 2017 | |
Line of Credit Facility [Line Items] | ||||
Accumulated amortization on debt issuance costs | $ 3,813,000 | $ 3,510,000 | ||
Company's borrowings | ||||
Total term debt before debt issuance costs | 208,012,000 | 228,560,000 | ||
Less: Current portion of long-term debt | 169,485,000 | 13,397,000 | ||
Less: Debt issuance costs (net of accumulated amortization of $3,813 and $3,510, respectively) | 4,126,000 | 6,627,000 | ||
Total long-term debt | $ 34,401,000 | 208,536,000 | ||
4.00% Convertible Senior Notes | ||||
Line of Credit Facility [Line Items] | ||||
Interest rate | 4.00% | |||
Face amount | $ 117,500,000 | |||
Company's borrowings | ||||
Total term debt before debt issuance costs | $ 91,532,000 | 116,255,000 | ||
2.75% Convertible Senior Notes | ||||
Line of Credit Facility [Line Items] | ||||
Interest rate | 2.75% | |||
Face amount | $ 67,257,000 | |||
Company's borrowings | ||||
Total term debt before debt issuance costs | $ 65,734,000 | 69,859,000 | ||
REG Danville term loan | ||||
Line of Credit Facility [Line Items] | ||||
Face amount | $ 12,500,000 | |||
Description of variable rate basis | LIBOR plus 4%?per annum | |||
Company's borrowings | ||||
Total term debt before debt issuance costs | $ 9,796,000 | 11,460,000 | ||
REG Danville term loan | LIBOR | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 4.00% | |||
REG Newton term loan | ||||
Line of Credit Facility [Line Items] | ||||
Description of variable rate basis | LIBOR plus 4% per annum | |||
Company's borrowings | ||||
Total term debt before debt issuance costs | $ 5,053,000 | 8,189,000 | ||
REG Newton term loan | LIBOR | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 4.00% | |||
REG Ralston term loan | ||||
Line of Credit Facility [Line Items] | ||||
Face amount | $ 20,000,000 | |||
Description of variable rate basis | Prime Rate plus 0.5% | |||
Company's borrowings | ||||
Total term debt before debt issuance costs | $ 19,177,000 | 6,183,000 | ||
REG Ralston term loan | Prime Rate | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 0.50% | |||
REG Mason City term loan | ||||
Line of Credit Facility [Line Items] | ||||
Interest rate | 5.00% | |||
Company's borrowings | ||||
Total term debt before debt issuance costs | $ 0 | 1,153,000 | ||
REG Grays Harbor term loan | ||||
Line of Credit Facility [Line Items] | ||||
Description of variable rate basis | Prime Rate plus 0.25% | |||
Basis spread on variable rate | 3.50% | |||
Company's borrowings | ||||
Total term debt before debt issuance costs | $ 9,394,000 | 7,882,000 | ||
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 | 3.99% | |||
Company's borrowings | ||||
Total term debt before debt issuance costs | $ 7,247,000 | 7,400,000 | ||
Other | ||||
Company's borrowings | ||||
Total term debt before debt issuance costs | $ 79,000 | $ 179,000 |
Debt (Details Textual)
Debt (Details Textual) | Oct. 19, 2018USD ($) | Jun. 02, 2016USD ($)d$ / shares | Sep. 30, 2018USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 08, 2017USD ($) | Jul. 28, 2017USD ($) | Apr. 19, 2017USD ($) | Jun. 30, 2016USD ($) |
Debt Instrument [Line Items] | |||||||||||
Debt liability component | $ 208,012,000 | $ 208,012,000 | $ 228,560,000 | ||||||||
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 | 17,583,000 | 59,346,000 | ||||||||
Fees and offering expenses | 4,882,000 | ||||||||||
Convertible debt conversion liability | 40,145,000 | $ 45,933,000 | |||||||||
Debt liability component | 111,855,000 | ||||||||||
Debt discount | $ 40,145,000 | ||||||||||
Effective interest rate | 2.45% | ||||||||||
Convertible Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Face amount | $ 67,257,000 | $ 67,257,000 | |||||||||
Interest rate | 2.75% | 2.75% | |||||||||
Debt liability component | $ 65,734,000 | $ 65,734,000 | 69,859,000 | ||||||||
REG Ralston term loan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Face amount | $ 20,000,000 | ||||||||||
Debt liability component | $ 19,177,000 | $ 19,177,000 | 6,183,000 | ||||||||
Effective interest rate | 5.75% | 5.75% | |||||||||
REG Ralston term loan | Subsequent Event | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt liability component | $ 19,177,000 | ||||||||||
REG Ralston term loan | Prime Rate | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate | 0.50% | ||||||||||
REG Ralston term loan | LIBOR | Subsequent Event | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate | 2.25% | ||||||||||
REG Danville | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Face amount | $ 12,500,000 | ||||||||||
Debt liability component | $ 9,796,000 | $ 9,796,000 | 11,460,000 | ||||||||
Effective interest rate | 6.13% | 6.13% | |||||||||
REG Danville | LIBOR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate | 4.00% | ||||||||||
REG Capital term loan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 3.99% | 3.99% | |||||||||
Debt liability component | $ 7,247,000 | $ 7,247,000 | 7,400,000 | ||||||||
BNP Master Banking Facility Agreement | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit | $ 25,000,000 | $ 25,000,000 | |||||||||
BNP Master Banking Facility Agreement | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Effective interest rate | 1.50% | 1.50% | |||||||||
BNP Master Banking Facility Agreement | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Effective interest rate | 4.39% | 4.39% | |||||||||
Wells Fargo Revolver | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Additional Increase in maximum borrowing capacity | $ 150,000,000 | $ 150,000,000 | |||||||||
Line of credit facility limitation amount | $ 50,000,000 | $ 50,000,000 | $ 40,000,000 | ||||||||
Debt instrument, variable rate minimum | 0.00% | ||||||||||
Percentage required of total current revolving loan commitments | 10.00% | ||||||||||
Amount required of total current revolving loan commitments | $ 15,000,000 | ||||||||||
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 | ||||||||||
Bankers Trust Company | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit | $ 15,000,000 |
Debt (Details 1)
Debt (Details 1) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Disclosure [Abstract] | ||
Amount outstanding under lines of credit | $ 4,370 | $ 65,525 |
Maximum available to be borrowed under lines of credit | $ 114,728 | $ 60,839 |
Derivative Instruments (Details
Derivative Instruments (Details Textual) lb in Millions, gal in Millions, BTU in Millions | 9 Months Ended |
Sep. 30, 2018BTUlbgal | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Heating oil covered under the open commodity derivative contracts (in gallons) | gal | 87 |
Soybean oil covered under the open commodity derivative contracts (in pounds) | lb | 264 |
Natural gas covered under the open commodity derivative contracts (in BTUs) | BTU | 1 |
Derivative Instruments (Detai_2
Derivative Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Assets | ||
Gross amounts of derivatives recognized at fair value | $ 1,017 | $ 812 |
Cash collateral | 11,232 | 8,799 |
Total gross amount recognized | 12,249 | 9,611 |
Gross amounts offset | (9,155) | (8,001) |
Net amount reported in the condensed consolidated balance sheets | 3,094 | 1,610 |
Liabilities | ||
Gross amounts of derivatives recognized at fair value | 9,155 | 8,001 |
Cash collateral | 0 | 0 |
Total gross amount recognized | 9,155 | 8,001 |
Gross amounts offset | (9,155) | (8,001) |
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, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
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 | $ (7,527) | $ (24,989) | $ (22,874) | $ (6,942) |
Fair Value Measurement (Details
Fair Value Measurement (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | $ 31,859 | $ (41,582) |
Level 1 | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | (2,685) | (3,742) |
Level 2 | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | 47,439 | (3,447) |
Level 3 | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | (12,895) | (34,393) |
Commercial paper | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | 23,796 | |
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 | 23,796 | |
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 | 29,096 | |
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 | 29,096 | |
Corporate bonds | 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 | (8,138) | (7,189) |
Commodity contract derivatives | Level 1 | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | (2,685) | (3,742) |
Commodity contract derivatives | Level 2 | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | (5,453) | (3,447) |
Commodity contract derivatives | Level 3 | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | 0 | 0 |
Contingent considerations for acquisitions | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | (12,895) | (34,393) |
Contingent considerations for acquisitions | Level 1 | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | 0 | 0 |
Contingent considerations for acquisitions | Level 2 | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | 0 | 0 |
Contingent considerations for acquisitions | Level 3 | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | $ (12,895) | $ (34,393) |
Fair Value Measurement (Detai_2
Fair Value Measurement (Details 1) - Contingent Consideration for Acquisitions - USD ($) $ in Thousands | 3 Months Ended | |||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Beginning balance | $ 20,065 | $ 30,040 | $ 34,393 | $ 39,455 | $ 43,177 | $ 46,568 |
Fair value of contingent consideration at measurement date | 482 | 0 | ||||
Change in estimates included in earnings | (4,566) | (7,129) | (1,540) | 1,433 | (24) | 589 |
Settlements | (3,086) | (2,846) | (2,813) | (3,300) | (3,698) | (3,980) |
Ending balance | $ 12,895 | $ 20,065 | $ 30,040 | $ 37,588 | $ 39,455 | $ 43,177 |
Fair Value Measurement (Detai_3
Fair Value Measurement (Details 2) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Asset (Liability) Carrying Amount | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Debt and lines of credit | $ (212,382) | $ (294,085) |
Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Debt and lines of credit | $ (517,921) | $ (273,983) |
Fair Value Measurement (Detai_4
Fair Value Measurement (Details Textual) - Discount Rate | Sep. 30, 2018 |
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% |
REG Life Sciences | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value inputs, discount rate | 8.00% |
Net Income (Loss) Per Share (De
Net Income (Loss) Per Share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total (in shares) | 10,327,975 | 20,274,746 | 14,067,376 | 20,981,492 |
2019 Convertible Senior Notes | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total (in shares) | 3,045,781 | 5,567,112 | 4,225,737 | 5,567,112 |
2036 Convertible Senior Notes | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total (in shares) | 7,282,194 | 14,106,725 | 9,841,639 | 14,106,725 |
Stock appreciation rights | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total (in shares) | 0 | 600,909 | 0 | 1,307,655 |
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, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY’S COMMON STOCKHOLDERS | $ 24,343 | $ (11,373) | $ 266,243 | $ (62,096) |
Less: effect of participating securities | 0 | 0 | 0 | 0 |
Net income (loss) attributable to common stockholders - Dilutive | $ 24,343 | $ (11,373) | $ 266,243 | $ (62,096) |
Shares: | ||||
Weighted-average shares used to compute basic net income per share (in shares) | 37,270,928 | 38,772,434 | 37,815,598 | 38,684,412 |
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities | 7,648,408 | 0 | 4,673,989 | 0 |
Adjustment to reflect stock appreciation right conversions (in shares) | 584,035 | 0 | 420,941 | 0 |
Weighted-average shares used to compute diluted net income per share (in shares) | 45,503,371 | 38,772,434 | 42,910,528 | 38,684,412 |
Net income (loss) per share attributable to common stockholders: | ||||
Diluted (in dollars per share) | $ 0.53 | $ (0.29) | $ 6.20 | $ (1.61) |
Reportable Segments and Geogr_3
Reportable Segments and Geographic Information (Details Textual) | 9 Months Ended |
Sep. 30, 2018segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Reportable Segments and Geogr_4
Reportable Segments and Geographic Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||
Net revenues | $ 597,753 | $ 626,983 | $ 1,867,155 | $ 1,580,979 | |
Income (loss) before income taxes | 25,857 | (11,488) | 276,728 | (59,177) | |
Depreciation and amortization expense, net | 9,725 | 9,204 | 28,836 | 27,040 | |
Cash paid for purchases of property, plant and equipment | 8,736 | 16,519 | 37,916 | 48,556 | |
Goodwill | 16,080 | 16,080 | $ 16,080 | ||
Assets | 1,141,238 | 1,141,238 | 1,005,596 | ||
Intersegment Revenues | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | (180,158) | (49,669) | (273,982) | (141,029) | |
Assets | (272,263) | (272,263) | (355,923) | ||
Biomass-based Diesel | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | 710,135 | 1,880,302 | |||
Biomass-based Diesel | Segments | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | 710,135 | 619,852 | 1,880,302 | 1,542,484 | |
Income (loss) before income taxes | 37,923 | (9,833) | 285,887 | (16,225) | |
Depreciation and amortization expense, net | 8,327 | 7,947 | 25,058 | 23,517 | |
Cash paid for purchases of property, plant and equipment | 7,403 | 14,294 | 34,453 | 43,693 | |
Assets | 954,717 | 954,717 | 898,180 | ||
Biomass-based Diesel | Segments | REG Germany | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | 44,565 | 35,736 | 134,321 | 130,761 | |
Income (loss) before income taxes | 440 | (1,704) | (5,249) | (3,036) | |
Depreciation and amortization expense, net | 504 | 712 | 1,871 | 2,186 | |
Cash paid for purchases of property, plant and equipment | 621 | 570 | 1,322 | 2,965 | |
Assets | 52,890 | 52,890 | 55,761 | ||
Services | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | 21,649 | 74,387 | |||
Goodwill | 16,080 | 16,080 | 16,080 | ||
Services | Segments | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | 21,649 | 24,152 | 74,387 | 67,907 | |
Income (loss) before income taxes | 652 | 1,316 | 5,409 | 939 | |
Depreciation and amortization expense, net | 461 | 301 | 1,147 | 783 | |
Cash paid for purchases of property, plant and equipment | 1,308 | 957 | 3,070 | 2,476 | |
Assets | 61,914 | 61,914 | 55,581 | ||
Renewable Chemicals | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | 1,633 | 4,556 | |||
Renewable Chemicals | Segments | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | 1,633 | 1,514 | 4,556 | 3,344 | |
Income (loss) before income taxes | (6,023) | (4,550) | (19,798) | (14,385) | |
Depreciation and amortization expense, net | 394 | 439 | 1,183 | 1,207 | |
Cash paid for purchases of property, plant and equipment | 0 | 7 | 335 | 14 | |
Assets | 19,266 | 19,266 | 21,168 | ||
Corporate and Other | |||||
Segment Reporting Information [Line Items] | |||||
Net revenues | 44,494 | 31,134 | 181,892 | 108,273 | |
Income (loss) before income taxes | (6,695) | 1,579 | 5,230 | (29,506) | |
Depreciation and amortization expense, net | 543 | 517 | 1,448 | 1,533 | |
Cash paid for purchases of property, plant and equipment | 25 | $ 1,261 | 58 | $ 2,373 | |
Assets | $ 377,604 | $ 377,604 | $ 386,590 |
Reportable Segments and Geogr_5
Reportable Segments and Geographic Information (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net revenues | $ 597,753 | $ 626,983 | $ 1,867,155 | $ 1,580,979 | |
Long-lived assets | 592,697 | 592,697 | $ 587,397 | ||
United States | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net revenues | 549,366 | 574,594 | 1,724,369 | 1,417,704 | |
Long-lived assets | 572,947 | 572,947 | 566,028 | ||
Germany | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net revenues | 44,565 | 35,736 | 134,321 | 130,761 | |
Long-lived assets | 19,150 | 19,150 | 20,689 | ||
Other Foreign | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net revenues | 3,822 | 16,653 | 8,465 | 32,514 | |
Long-lived assets | 600 | 600 | $ 680 | ||
Non-United States | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net revenues | $ 48,387 | $ 52,389 | $ 142,786 | $ 163,275 |