Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 29, 2020 | Jun. 30, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-35397 | ||
Entity Registrant Name | RENEWABLE ENERGY GROUP, INC. | ||
Entity Central Index Key | 0001463258 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 26-4785427 | ||
Entity Address, Address Line One | 416 South Bell Avenue | ||
Entity Address, City or Town | Ames | ||
Entity Address, State or Province | IA | ||
Entity Address, Postal Zip Code | 50010 | ||
City Area Code | 515 | ||
Local Phone Number | 239-8000 | ||
Title of 12(b) Security | Common Stock, par value $0.0001 per share | ||
Trading Symbol | REGI | ||
Security Exchange Name | NASDAQ | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 38,967,079 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 515,008,220 | ||
Documents Incorporated by Reference | All or a portion of Items 10 through 14 in Part III of this Form 10-K are incorporated by reference to the Registrant’s definitive proxy statement on Schedule 14A, which will be filed within 120 days after the close of the fiscal year covered by this report on Form 10-K, or if the Registrant’s Schedule 14A is not filed within such period, will be included in an amendment to this Report on Form 10-K which will be filed within such 120 day period. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 50,436 | $ 123,575 |
Marketable securities | 0 | 50,932 |
Accounts receivable (net of allowance for doubtful accounts of $1,001 and $673, respectively) | 858,922 | 74,551 |
Inventories | 161,429 | 168,900 |
Prepaid expenses and other assets | 35,473 | 41,169 |
Restricted cash | 3,000 | 3,000 |
Current assets held for sale | 0 | 3,250 |
Total current assets | 1,109,260 | 465,377 |
Property, plant and equipment, net | 584,577 | 590,723 |
Right of use assets | 36,899 | 0 |
Goodwill | 16,080 | 16,080 |
Intangible assets, net | 12,018 | 13,646 |
Other assets | 26,515 | 21,270 |
TOTAL ASSETS | 1,785,349 | 1,107,096 |
CURRENT LIABILITIES: | ||
Revolving lines of credit | 76,990 | 14,250 |
Current maturities of long-term debt | 77,131 | 149,006 |
Current maturities of operating lease obligations | 15,690 | 0 |
Accounts payable | 369,213 | 95,866 |
Accrued expenses and other liabilities | 40,776 | 35,256 |
Deferred revenue | 8,620 | 300 |
Total current liabilities | 588,420 | 294,678 |
Deferred income taxes | 6,975 | 8,410 |
Long-term debt (net of debt issuance costs of $2,783 and $3,390, respectively) | 26,130 | 33,421 |
Long-term operating lease obligations | 30,413 | 0 |
Other liabilities | 1,505 | 5,334 |
Total liabilities | 653,443 | 341,843 |
COMMITMENTS AND CONTINGENCIES | ||
EQUITY: | ||
Common stock ($.0001 par value; 300,000,000 shares authorized; 38,967,079 and 37,318,942 shares outstanding, respectively) | 5 | 5 |
Common stock—additional paid-in-capital | 438,591 | 451,427 |
Retained earnings | 800,792 | 427,244 |
Accumulated other comprehensive loss | (1,994) | (1,656) |
Treasury stock (10,403,798 and 11,524,975 shares, respectively) | (105,488) | (111,767) |
Total equity attributable to the Company's shareholders | 1,131,906 | 765,253 |
TOTAL LIABILITIES AND EQUITY | $ 1,785,349 | $ 1,107,096 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 1,001 | $ 673 |
Debt issuance costs | $ 2,783 | $ 3,390 |
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) | 38,967,079 | 37,318,942 |
Treasury stock, shares outstanding (in shares) | 10,403,798 | 11,524,975 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
REVENUES: | |||
Revenues | $ 2,639,753 | $ 2,380,701 | $ 2,153,537 |
Revenues from continuing operations | 2,641,393 | 2,382,987 | 2,154,655 |
Total cost of goods sold | 2,111,324 | 1,962,996 | 2,070,301 |
GROSS PROFIT | 530,069 | 419,991 | 84,354 |
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES | 118,209 | 106,739 | 95,843 |
IMPAIRMENT OF PROPERTY, PLANT, AND EQUIPMENT | 12,208 | 879 | 49,873 |
INCOME (LOSS) FROM OPERATIONS | 399,652 | 312,373 | (61,362) |
OTHER INCOME (EXPENSE), NET: | |||
Change in fair value of contingent consideration | (566) | (1,117) | (2,151) |
Change in fair value of convertible debt conversion liability | 0 | 0 | (18,833) |
Gain on debt extinguishment | 488 | 6,297 | 0 |
Gain on involuntary conversion | 0 | 4,457 | 5,329 |
Other income (expense) | 1,763 | 5,023 | (997) |
Interest expense | (12,176) | (17,534) | (18,755) |
Total other income (expense), net | (10,491) | (2,874) | (35,407) |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 389,161 | 309,499 | (96,769) |
INCOME TAX BENEFIT (EXPENSE) | 570 | (5,871) | 30,490 |
NET INCOME (LOSS) FROM CONTINUING OPERATIONS | 389,731 | 303,628 | (66,279) |
DISCONTINUED OPERATIONS (NOTE 6): | |||
Loss on operations of discontinued operations | (9,667) | (86) | (12,800) |
Impairment loss on assets classified as held for sale | 0 | (11,226) | 0 |
NET LOSS ON DISCONTINUED OPERATIONS | (9,667) | (11,312) | (12,800) |
NET INCOME (LOSS) | 380,064 | 292,316 | (79,079) |
LESS—EFFECT OF PARTICIPATING SHARE-BASED AWARDS ON CONTINUING OPERATIONS | (8,619) | (7,824) | 0 |
NET INCOME (LOSS) FROM CONTINUING OPERATIONS AVAILABLE TO COMMON STOCKHOLDERS | 381,112 | 295,804 | (66,279) |
NET LOSS FROM DISCONTINUED OPERATIONS AVAILABLE TO COMMON STOCKHOLDERS | $ (9,667) | $ (11,312) | $ (12,800) |
Basic net income (loss) per share available to common stockholders | |||
Continuing operations (in dollars per share) | $ 9.95 | $ 7.85 | $ (1.71) |
Discontinued operations (in dollars per share) | (0.25) | (0.30) | (0.33) |
Net income (loss) per share (in dollars per share) | 9.71 | 7.56 | (2.04) |
Diluted net income (loss) per share available to common stockholders | |||
Continuing operations (in dollars per share) | 9.01 | 6.78 | (1.71) |
Discontinued operations (in dollars per share) | (0.25) | (0.30) | (0.33) |
Net income (loss) per share (in dollars per share) | $ 8.78 | $ 6.52 | $ (2.04) |
Weighted-average shares used to compute basic net income (loss) per share available to common stockholders: | |||
Basic (in shares) | 38,288,610 | 37,687,552 | 38,731,015 |
Weighted-average shares used to compute diluted net income (loss) per share available to common stockholders: | |||
Continuing operations (in shares) | 42,320,980 | 43,653,720 | 38,731,015 |
Discontinued operations (in shares) | 38,288,610 | 37,687,552 | 38,731,015 |
Net income (loss) per share (in shares) | 42,320,980 | 43,653,720 | 38,731,015 |
Biomass-based diesel | |||
REVENUES: | |||
Revenues | $ 1,875,076 | $ 1,875,316 | $ 1,787,308 |
Total cost of goods sold | 2,072,139 | 1,887,292 | 1,805,408 |
Separated RINs | |||
REVENUES: | |||
Revenues | 98,285 | 137,895 | 337,501 |
Total cost of goods sold | 39,174 | 75,704 | 264,765 |
Biomass-based diesel government incentives | |||
REVENUES: | |||
Revenues | 666,392 | 367,490 | 28,728 |
Product and Service, Other [Member] | |||
REVENUES: | |||
Revenues from continuing operations | 1,640 | 2,286 | 1,118 |
Total cost of goods sold | $ 11 | $ 0 | $ 128 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 380,064 | $ 292,316 | $ (79,079) |
Unrealized losses on marketable securities, net of taxes of $0, $0 and $0, respectively | 0 | (28) | 0 |
Foreign currency translation adjustments | (338) | (1,906) | 6,029 |
Other comprehensive income (loss) | (338) | (1,934) | 6,029 |
Comprehensive income (loss) | $ 379,726 | $ 290,382 | $ (73,050) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Taxes on unrealized gains on marketable securities | $ 0 | $ 0 | $ 0 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Common Stock- Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Noncontrolling Interest |
Beginning Balance at Dec. 31, 2016 | $ 610,174 | $ 5 | $ 480,906 | $ 214,007 | $ (5,751) | $ (81,824) | $ 2,831 |
Beginning Balance (in shares) at Dec. 31, 2016 | 38,553,413 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Conversion of restricted stock units to common stock (net of shares of treasury stock purchased) | (872) | (872) | |||||
Conversion of restricted stock units to common stock (net of shares of treasury stock purchased) (in shares) | 210,611 | ||||||
Settlement of stock appreciation rights in common stock (net of shares of treasury stock purchased) | (385) | (385) | |||||
Settlement of stock appreciation rights in common stock (net of shares of treasury stock purchased) (in shares) | 73,725 | ||||||
Acquisition of noncontrolling interest | (3,102) | (271) | (2,831) | ||||
Impact of 2036 Senior Notes conversion liability reclassification, net of tax | 27,908 | 27,908 | |||||
Stock compensation expense | 6,909 | 6,909 | |||||
Foreign currency translation adjustment | 6,029 | 6,029 | |||||
Net change in unrealized losses on marketable securities | 0 | ||||||
Net income (loss) | (79,079) | (79,079) | |||||
Ending Balance at Dec. 31, 2017 | 567,582 | $ 5 | 515,452 | 134,928 | 278 | (83,081) | 0 |
Ending Balance (in shares) at Dec. 31, 2017 | 38,837,749 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Conversion of restricted stock units to common stock (net of shares of treasury stock purchased) | (2,280) | (2,280) | |||||
Conversion of restricted stock units to common stock (net of shares of treasury stock purchased) (in shares) | 293,717 | ||||||
Settlement of stock appreciation rights in common stock (net of shares of treasury stock purchased) | (1,191) | (1,191) | |||||
Settlement of stock appreciation rights in common stock (net of shares of treasury stock purchased) (in shares) | 140,332 | ||||||
Convertible debt extinguishment impact, net of tax | (70,689) | (70,689) | |||||
Treasury stock repurchases | (25,048) | (25,048) | |||||
Treasury stock activity (in shares) | (1,937,844) | ||||||
Unwind of capped call options | 85 | 252 | (167) | ||||
Partial termination of capped call options (in shares) | (15,012) | ||||||
Stock compensation expense | 6,412 | 6,412 | |||||
Foreign currency translation adjustment | (1,906) | (1,906) | |||||
Net change in unrealized losses on marketable securities | (28) | (28) | |||||
Net income (loss) | 292,316 | 292,316 | |||||
Ending Balance at Dec. 31, 2018 | 765,253 | $ 5 | 451,427 | 427,244 | (1,656) | (111,767) | 0 |
Ending Balance (in shares) at Dec. 31, 2018 | 37,318,942 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Conversion of restricted stock units to common stock (net of shares of treasury stock purchased) | (3,317) | (3,317) | |||||
Conversion of restricted stock units to common stock (net of shares of treasury stock purchased) (in shares) | 345,655 | ||||||
Settlement of stock appreciation rights in common stock (net of shares of treasury stock purchased) | (232) | (31) | (201) | ||||
Settlement of stock appreciation rights in common stock (net of shares of treasury stock purchased) (in shares) | 26,346 | ||||||
Convertible debt extinguishment impact, net of tax | (9,715) | (9,715) | |||||
Settlement of 2019 Convertible Debt in common stock, net of 1,902,781 shares of treasury stock | 0 | (18,779) | 18,779 | ||||
Settlement of 2019 Convertible Debt in common stock, net of 1,902,781 shares of treasury stock (in shares) | 1,902,781 | ||||||
Unwind of capped call options | 0 | 8,982 | (8,982) | ||||
Partial termination of capped call options (in shares) | (626,645) | ||||||
Stock compensation expense | 6,707 | 6,707 | |||||
Foreign currency translation adjustment | (338) | (338) | |||||
Net change in unrealized losses on marketable securities | 0 | ||||||
Net income (loss) | 380,064 | 380,064 | |||||
Ending Balance at Dec. 31, 2019 | $ 1,131,906 | $ 5 | $ 438,591 | $ 800,792 | $ (1,994) | $ (105,488) | $ 0 |
Ending Balance (in shares) at Dec. 31, 2019 | 38,967,079 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Conversion of restricted stock units to common stock, treasury shares purchased | 140,592 | 146,999 | 71,112 |
Convertible debt extinguishment impact, tax impact | $ 564 | $ 5,498 | |
Tax impact of 2036 Senior Notes conversion liability reclassification | $ 18,025 | ||
Treasury Stock | Stock appreciation rights | |||
Settlement in common stock, treasury stock purchased (in shares) | 14,367 | 62,866 | 35,955 |
Treasury Stock | 2019 Convertible Debt | |||
Settlement in common stock, treasury stock purchased (in shares) | 1,902,781 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) including noncontrolling interest | $ 380,064 | $ 292,316 | $ (79,079) |
Net loss from discontinuing operations | (9,667) | (11,312) | (12,800) |
Net income (loss) from continuing operations | 389,731 | 303,628 | (66,279) |
Adjustments to reconcile net income (loss) to net cash flows from operating activities: | |||
Depreciation expense | 36,298 | 36,246 | 33,779 |
Amortization expense of assets and liabilities, net | 22,457 | 996 | 1,589 |
Accretion of asset retirement obligations | 51 | 47 | 62 |
Accretion of convertible note discount | 539 | 5,014 | 5,413 |
Accretion of marketable securities | (146) | (215) | 0 |
Impairment of property, plant and equipment, net | 12,208 | 879 | 49,873 |
Provision (benefit) for doubtful accounts | 447 | (273) | 139 |
Stock compensation expense | 6,707 | 6,412 | 6,909 |
Deferred tax expense (benefits) | (591) | 4,850 | (30,088) |
Change in fair value of contingent consideration | 566 | 1,117 | 2,151 |
Gain on involuntary conversion | 0 | (4,457) | (5,329) |
Gain on sales of assets | 0 | (974) | 0 |
Change in fair value of convertible debt conversion liability | 0 | 0 | 18,833 |
Gain on debt extinguishment | (488) | (6,297) | 0 |
Other | 11 | 593 | 246 |
Changes in asset and liabilities, net of effects from mergers and acquisitions: | |||
Accounts receivable | (786,178) | 19,662 | 74,974 |
Inventories | 7,151 | (34,066) | 12,029 |
Prepaid expenses and other assets | 11,089 | 41,250 | 2,491 |
Accounts payable | 263,208 | 14,221 | (20,220) |
Accrued expenses and other liabilities | 16,505 | (7,259) | (18,802) |
Operating lease obligations | (20,913) | 0 | 0 |
Deferred revenue | 8,321 | (1,918) | (25,028) |
Net cash flows (used in) provided from operating activities - continuing operations | (33,027) | 379,456 | 42,742 |
Net cash flows used in operating activities - discontinued operations | (13,681) | (13,922) | (12,946) |
Cash provided from (used in) operations | (46,708) | 365,534 | 29,796 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Cash paid for marketable securities | (3,478) | (70,745) | 0 |
Maturities of marketable securities | 54,584 | 20,000 | 0 |
Cash paid for purchase of property, plant and equipment | (42,518) | (46,453) | (67,557) |
Insurance proceeds for asset impairments | 0 | 4,464 | 8,000 |
Cash receipts from disposal of fixed assets | 0 | 1,647 | 0 |
Cash paid for investments | (6,018) | (974) | (816) |
Cash paid for acquisitions and additional interests, net of cash acquired | 0 | (4,801) | (3,482) |
Net cash flows provided by (used in) investing activities - continuing operations | 2,570 | (96,862) | (63,855) |
Net cash flows provided by (used in) investing activities - discontinued operations | 3,100 | (335) | (14) |
Cash provided from (used in) investing activities | 5,670 | (97,197) | (63,869) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net (repayments) borrowings on line of credit | 70,091 | (50,967) | 8,025 |
Borrowing on other lines of credit | 113,459 | 71,865 | 8,812 |
Repayments on other lines of credits | (120,644) | (69,267) | (4,442) |
Cash received for issuance of debt | 0 | 14,034 | 23,575 |
Cash paid on debt | (80,365) | (143,516) | (14,659) |
Cash paid for debt issuance costs | (116) | (697) | (1,062) |
Cash received on partial termination of capped call options | 0 | 85 | 0 |
Cash paid for treasury stock | 0 | (25,048) | 0 |
Cash paid for contingent consideration | (10,427) | (12,223) | (29,150) |
Cash paid for conversion of restricted stock units and stock appreciation rights | (3,550) | (3,471) | (1,257) |
Other financing activities | (500) | 0 | 0 |
Net cash flows used in financing activities - continuing operations | (32,052) | (219,205) | (10,158) |
Net cash flows provided from financing activities - discontinuing operations | 0 | 0 | 0 |
Cash used in financing activities | (32,052) | (219,205) | (10,158) |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (73,090) | 49,132 | (44,231) |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH at Beginning of period | 126,575 | 77,627 | 120,210 |
Effect of exchange rate changes on cash | (49) | (184) | 1,648 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH at End of period | 53,436 | 126,575 | 77,627 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION: | |||
Cash paid for income taxes | 740 | 910 | 252 |
Cash paid for interest | 9,054 | 11,453 | 11,637 |
Leased assets obtained in exchange for new operating lease liabilities | 11,581 | 0 | 0 |
Amounts included in period-end accounts payable for: | |||
Purchases of property, plant and equipment | 3,641 | 3,459 | 7,688 |
Issuance costs | 0 | 37 | 29 |
2036 Convertible Senior Notes settlement | 0 | 0 | |
Contingent consideration for acquisitions | 0 | 482 | 0 |
Non-cash reclassification of the 2036 Convertible Notes conversion liability to additional paid in capital, net of tax impact | 0 | 0 | 27,908 |
Issuance of treasury stock to settle 2019 Convertible Senior Notes conversion premium | (18,779) | 0 | 0 |
Receipt in treasury stock for settlement of capped call option | 8,952 | $ 0 | $ 0 |
2036 Convertible Notes | |||
Amounts included in period-end accounts payable for: | |||
2036 Convertible Senior Notes settlement | $ 9,402 |
Organization, Presentation, and
Organization, Presentation, and Nature of the Business | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Presentation, and Nature of the Business | ORGANIZATION, PRESENTATION, AND NATURE OF THE BUSINESS Renewable Energy Group, Inc. (the "Company" or "REG") is a company focused on providing cleaner, lower carbon transportation fuels. Today, the Company principally generates revenue as the leading North American advanced biofuels producer with a nationwide distribution and logistics system. The Company participates in each aspect of biomass-based diesel production, from acquiring feedstock, managing construction and operating biomass-based diesel production facilities, to marketing, selling and distributing biomass-based diesel and its co-products. To do this, REG utilizes its nationwide production, distribution and logistics system as part of an integrated value chain model to focus on converting natural fats, oils and greases into advanced biofuels. As of December 31, 2019 , the Company owns and operates thirteen biorefineries, with eleven locations in North America and two locations in Europe, which includes twelve operating biomass-based diesel production facilities with aggregate nameplate production capacity of 505 million gallons per year ("mmgy") and one fermentation facility. Ten of these plants are “multi-feedstock capable” which allows them to use a broad range of lower-cost feedstocks, such as distillers corn oil, used cooking oil and inedible animal fats in addition to vegetable oils, such as soybean oil and canola oil. In August 2019, the Company closed the New Boston, Texas biorefinery, which had a nameplate capacity was 15 mmgy. The biomass-based diesel industry and the Company’s business have benefited from certain federal and state incentives. The federal biodiesel mixture excise tax credit (the "BTC") was retroactively reinstated on February 9, 2018 for the year 2017 and on December 20, 2019 for the years 2018 and 2019. The BTC has also been extended through December 31, 2022. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Consolidation The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries, and entities which it controls. All intercompany balances and transactions have been eliminated for consolidated reporting purposes. Cash and Cash Equivalents Cash and cash equivalents consist of money market funds and demand deposits with financial institutions. The Company considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. Restricted Cash The Company segregates certain cash balances as restricted cash that represent those funds required to be set aside by a contractual agreement. The Company classifies restricted cash between current and non-current assets based on the length of time of the restricted use. As of December 31, 2019, 2018 and 2017, current restricted cash amounted to $3,000 , $3,000 , and $0 , respectively. The restricted cash was held as pledges for letters of credit issued to support our operations. See the table below for reconciliation of Cash and cash equivalents and restricted cash in regard to the Consolidated Statements of Cash Flows: December 31, 2019 December 31, 2018 December 31, 2017 Cash and cash equivalents $ 50,436 $ 123,575 $ 77,627 Restricted cash 3,000 3,000 — Total cash, cash equivalents and restricted cash shown in the statement of cash flow $ 53,436 $ 126,575 $ 77,627 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 (expense), 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 marketable securities as of December 31, 2019. 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. As of December 31, 2019, the Company recorded a receivable of $672,627 and $109,406 from the federal government and customers, respectively, related to the reinstatement of the 2018 and 2019 BTC. Inventories Inventories are valued at the lower of cost or net realizable value. Cost is determined based on the first-in, first-out method. There were no lower of cost or market adjustments made to the inventory values reported as of December 31, 2019 and 2018 . 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 RFS2. RFS2 allows the Company to attach between zero and 2.5 RINs to a 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. 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 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 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 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 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 Consolidated Balance Sheets. 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 December 31, 2019 and 2018 , 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. Derivative Instruments Derivatives are recorded net on the balance sheet in Prepaid Expenses and Other Assets at fair value with changes in fair value recognized in current period earnings. The Company did not elect to use hedge accounting during the periods presented. 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. Estimated useful lives are as follows: Automobiles and trucks 5 years Computers and office equipment 5 years Office furniture and fixtures 7 years Machinery and equipment 5-30 years Leasehold improvements the lesser of the lease term or 30 years Buildings and improvements 30-40 years 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. The Company received payments in the amounts of $12,454 and $9,484 to cover initial costs incurred for property losses and business interruption, respectively. The Company recognized a final business interruption gain related to the fire of $4,454 for the year ended December 31, 2018 . During the years ended December 31, 2019 , 2018 and 2017 , the Company capitalized interest incurred on debt during the construction of assets of $0 , $360 and $301 , respectively. Goodwill Goodwill is tested for impairment annually on July 31 or when impairment indicators exist. Goodwill is allocated and tested for impairment by reporting units. At December 31, 2019 and 2018 , the Company had goodwill in the Services reporting unit. The annual impairment test at July 31, 2019 determined that the fair value of the Services reporting unit exceeded its carrying value by approximately 5% . No impairment of goodwill was recorded during the years ended December 31, 2019 and 2018 . Impairment of Long-lived Assets The Company tests its long-lived assets for recoverability when events or circumstances indicate that its carrying amount may not be recoverable. Significant assumptions used in the undiscounted cash flow analysis, when it is required, include the projected demand for biomass-based diesel based on annual renewable fuel volume obligations under the RFS2, the Company's capacity to meet that demand, the market price of biomass-based diesel and the cost of feedstock used in the manufacturing process. For facilities under construction, estimates also include the capital expenditures necessary to complete construction of the plant and the projected costs of financing. During 2019, the Company recorded impairment charges of $12,208 , of which $11,145 was related to its New Boston facility's property, plant and equipment resulting from the closing of the plant and the unlikelihood that the plant will be reopened in the near future due to the deteriorating economic conditions uniquely facing the plant. The impairment charge reflected the difference between the carrying amount and the estimated fair value. The fair value was determined based on a cost approach. The inputs include replacement cost estimates adjusted for physical deterioration and economic obsolescence. This method of assigning fair value to each asset type and aggregating those values represents a Level 3 asset measurement in determining the fair value on a nonrecurring basis subsequent to its original recognition. In 2018, impairment charges on continuing operations of $879 were recorded related to certain identified plant property, plant and equipment at our current facilities as the carrying amounts of those assets were deemed not recoverable. Refer to "Note 6 - Discontinued Operations" for details on asset impairments related to discontinued operations. In 2017, impairment charges of $44,649 and $5,224 were recorded related to the Company's New Orleans facility's property, plant and equipment assets and certain other plant, property and equipment. Convertible Debt In June 2014, the Company issued $143,800 aggregate principal amount of 2.75% of convertible senior notes due in 2019 (the "2019 Convertible Senior Notes"). During the year ended December 31, 2018 , the Company used $6,689 under the 2017 Program (defined below in "Security Repurchase Programs") to repurchase $6,311 principal amount of the 2019 Convertible Senior Notes. On June 15, 2019, the 2019 Convertible Senior Notes matured. The Company elected to settle the principal balance with cash and the excess conversion amount was satisfied by the Company issuing 1,902,781 shares of treasury stock at settlement. In June 2016, the Company issued $152,000 aggregate principal amount of 4% convertible senior notes due in 2036 (the "2036 Convertible Senior Notes"). See "Note 11 - Debt" for a further description of the 2036 Convertible Senior Notes. During the year ended December 31, 2019 , the Company used $14,638 , of which $9,402 was settled after year end, to repurchase $6,673 principal amount of the 2036 Convertible Senior Notes, reflecting conversion premium, after tax impact, of $9,715 as a reduction of Additional Paid-in Capital and gains on debt extinguishment of $488 in the Consolidated Statements of Operations. During the year ended December 31, 2018 , the Company used $110,828 to repurchase $55,700 principal amount of the 2036 Convertible Senior Notes, reflecting conversion premium, after tax impact of $70,011 as a reduction of Additional Paid-in Capital and gains on debt extinguishment of $6,065 in the Consolidated Statements of Operations. 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. 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. As part of the settlement of the 2019 Convertible Senior Notes, the Company settled all related capped call options in June 2019 and received 625,558 shares of common stock. The impact of these transactions, net of tax, was reflected as an addition/reduction to "Common Stock-Additional Paid-In Capital" as presented in the Consolidated Statements of Stockholders' Equity. Security Repurchase Programs In December 2017, June 2018 and January 2019, the Company's Board of Directors approved a repurchase program, each of up to $75,000 of the Company's convertible notes and/or shares of common stock (the "2017 Program", "2018 Program", and "2019 Program", respectively). Under these programs, the Company may repurchase convertible notes or shares from time to time in open market transactions, privately negotiated transactions or by other means. The timing and amount of repurchase transactions under each program are determined by the Company's management based on its evaluation of market conditions, share price, bond price, legal requirements and other factors. The table below sets out the information regarding the activities under the 2017 Program, the 2018 Program and 2019 Program during 2018 and 2019: For the year ended December 31, 2019 For the year ended December 31, 2018 Number of shares/Principal amount in $'000 June 2018 Program January 2019 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 Convertible Senior Notes Repurchases $ — $ — $ — $ — $ 6,311 $ 6,689 $ — $ 6,689 2036 Convertible Senior Notes Repurchases $ 6,673 $ 7,435 $ 7,203 $ 14,638 $ 55,700 $ 43,263 $ 67,565 $ 110,828 Foreign Currency Transactions and Translation The Company’s reporting and functional currency is U.S. dollars. Monetary assets and liabilities denominated in currencies other than U.S. dollars are remeasured into their respective functional currencies at exchange rates in effect at the balance sheet date. The resulting exchange gain or loss is included in the Company’s Consolidated Statements of Operations as foreign exchange gain (loss) unless the remeasurement gain or loss relates to an intercompany transaction that is of a long-term investment nature and for which settlement is not planned or anticipated in the foreseeable future. Gains or losses arising from translation of such transactions are reported as a component of accumulated other comprehensive income (loss) in the Company’s Consolidated Balance Sheets. The Company translates the assets and liabilities of its foreign subsidiaries from their respective functional currencies to U.S. dollars at the appropriate spot rates as of the balance sheet date. Generally, the Company's foreign subsidiaries use the local currency as their functional currency. Changes in the carrying value of these assets and liabilities attributable to fluctuations in spot rates are recognized in foreign currency translation adjustment, a component of accumulated other comprehensive income (loss) in the Company’s Consolidated Balance Sheets. The other comprehensive loss amounts presented in the Company's Consolidated Statements of Comprehensive Income (Loss) and Consolidated Statements of Stockholders' Equity mainly include the foreign currency translation adjustment resulting from translating the financial statements of certain subsidiaries from Euros to US Dollars, the Company's functional currency. Revenue Recognition The Company generally has a single performance obligation in its arrangements with customers. The Company believes for most of its contracts with customers, control is transferred at a point in time, typically upon delivery to the customers. When the Company performs shipping and handling activities after the transfer of control to the customers (e.g., when control transfers prior to delivery), they are considered as fulfillment activities, and accordingly, the costs are accrued for when the related revenue is recognized. Taxes collected from customers relating to product sales and remitted to governmental authorities are excluded from revenues. The Company generally expenses sales commissions when incurred because the amortization period would have been less than one year. The Company records these costs within selling, general and administrative expenses. The following is a description of principal activities from which we generate revenue. Revenues from contracts with customers are recognized when control of the promised goods or services are transferred to our customers, in an amount that reflects the consideration that we expect to receive in exchange for those goods or services.: • sales of biodiesel and renewable diesel produced at our facilities, including RINs and LCFS credits; • resale of petroleum from third parties, along with the sale of petroleum-based products further blended with biodiesel produced at our wholly owned facilities or acquired from third parties; • sales of raw materials, glycerin, and other co-products of the biomass-based diesel production process; • other revenue, including biomass-based diesel facility management and operational services; and • incentive payments from federal and state governments, including the BTC, and from the USDA Advanced Biofuel Program. Disaggregation of revenue: All revenue recognized in the income statement, except for Biomass-based diesel Government Incentives, is considered to be revenue from contracts with customers. The following table depicts the disaggregation of revenue according to product line and segment: Reportable Segments Year ended December 31, 2019 Biomass-based Services Corporate Intersegment Consolidated Biomass-based diesel sales, net of BTC related amount due to customers of $157,896 $ 1,400,973 $ — $ — $ (11,309 ) $ 1,389,664 Petroleum and blended petroleum diesel sales — — 270,326 — 270,326 Other biomass-based diesel revenue 215,086 — — — 215,086 Separated RIN sales 98,285 — — — 98,285 Other revenues — 99,086 — (97,446 ) 1,640 Total revenues from contracts with customers $ 1,714,344 $ 99,086 $ 270,326 $ (108,755 ) $ 1,975,001 Biomass-based diesel government incentives 666,392 — — — 666,392 Total revenues $ 2,380,736 $ 99,086 $ 270,326 $ (108,755 ) $ 2,641,393 Reportable Segments Year ended December 31, 2018 Biomass-based Services Corporate Intersegment Consolidated Biomass-based diesel sales, net of BTC related amount due to customers of $144,944 $ 1,474,459 $ — $ 9,682 $ (26,348 ) $ 1,457,793 Petroleum and blended petroleum diesel sales — — 239,470 — 239,470 Other biomass-based diesel revenue 178,053 — — — 178,053 Separated RIN sales 137,895 — — — 137,895 Other revenues — 93,347 — (91,061 ) 2,286 Total revenues from contracts with customers $ 1,790,407 $ 93,347 $ 249,152 $ (117,409 ) $ 2,015,497 Biomass-based diesel government incentives 367,490 — — — 367,490 Total revenues $ 2,157,897 $ 93,347 $ 249,152 $ (117,409 ) $ 2,382,987 Contract balances The following table provides information about receivables and contract liabilities from contracts with customers: December 31, 2019 December 31, 2018 Trade accounts receivable $ 185,156 $ 74,551 Short-term contract liabilities (deferred revenue) $ (631 ) $ (300 ) Short-term contract liabilities (accounts payable) $ (255,193 ) $ — The Company receives payments from customers based upon contractual billing schedules; accounts receivables 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 throughout the year to capture the credit when, or if, reinstated. Due to the federal biodiesel tax credit reinstatement, 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 Consolidated Statements of Operations. Significant changes to the contract liabilities during the year are as follows: January 1, 2019 Cash receipts Less: Impact on Other December 31, 2019 Deferred revenue $ 300 $ 55,477 $ 55,146 $ — $ 631 Payables to customers related to BTC — — (255,193 ) — 255,193 $ 300 $ 55,477 $ (200,047 ) $ — $ 255,824 January 1, 2018 Cash receipts Less: Impact on Other December 31, 2018 Deferred revenue $ 2,218 $ 27,264 $ 29,179 $ (3 ) $ 300 Payables to customers related to BTC — (150,776 ) (144,944 ) 5,832 — $ 2,218 $ (123,512 ) $ (115,765 ) $ 5,829 $ 300 Freight Amounts billed to customers for freight are included in biomass-based diesel sales. Costs incurred for freight are included in costs of goods sold. Advertising Costs Advertising costs are charged to expense as they are incurred. Advertising and promotional expenses were $2,795 , $1,989 and $2,140 for the years ended December 31, 2019 , 2018 and 2017 , respectively. Employee Benefits Plan The Company sponsors an employee savings plan under Section 401(k) of the Internal Revenue Code. The Company makes matching contributions equal to 50% of the participant’s pre-tax contribution up to a maximum of 6% of the participant’s eligible earnings. Total expense related to the Company’s defined contribution plan was $1,815 , $1,588 and $1,367 for the years ended December 31, 2019 , 2018 and 2017 , respectively. Stock-Based Compensation Stock-based compensation expense is measured at the grant-date fair value of the awards and recognized as compensation expense over the vesting period. Income Taxes The Company’s income tax provision, deferred income tax assets and liabilities, and liabilities for unrecognized tax benefits represent the Company’s best estimate of current and future income taxes to be paid. The annual effective tax rate is based on income tax laws, statutory tax rates, taxable income levels and tax planning opportunities available in various jurisdictions where the Company operates. These tax laws are complex and require significant judgment to determine the consolidated provision for income taxes. Changes in tax laws, statutory tax rates and estimates of the Company’s future taxable income levels could result in actual realization of deferred taxes being materially different from amounts provided for in the consolidated financial statements. The indefinite reinvestment in the earnings of non-US subsidiaries assertion is determined by management’s judgment about and intentions concerning future investment in operations. As of December 31, 2019 , the Company is not indefinitely reinvested in the earnings of non-US subsidiaries. Discontinued Operations Income (loss) from discontinued operations was mainly related to the research and development activities of REG Life Sciences, the Company's industrial biotechnology business, which had been classified as assets held for sale following the Company's decision to pursue a sale of this business in the fourth quarter of 2018. In May 2019, the sale of REG Life Sciences core assets and business was closed. During the year ended December 31, 2019 , the Company continued to incur costs that primarily relate to certain pre-existing contractual agreements and legal and professional fees related to the disposition and wind-down of operations. See "Note 6 - Discontinued Operations" for further details. Concentrations The Company maintains cash balances at financial institutions, which may at times exceed the $250 coverage by the U.S. Federal Deposit Insurance Company. The Company has experienced no losses in such accounts. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the dates of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on information that is currently available to management and on various assumptions that the Company believes to be reasonable under the circumstances. Actual results could differ from those estimates. New Accounting Pronouncements 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. 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. 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 Company adopted all of the ASU's related to ASC 842 effective January 1, 2019. The Company applied a modified retrospective transition approach. The Company did not elect the practical expedient (1) to reassess the lease classification for any expired or existing leases; (2) to reassess whether any expired or existing contracts are or contain leases and (3) to reassess initial direct costs. The Company elected the hindsight practical expedient to determine the reasonably certain lease term for existing leases and to assess the impairment of its right-of-use assets. While lease classification remained unchanged, hindsight resulted in generally shorter accounting lease terms and useful lives of the corresponding right of use assets. The hindsight analysis also resulted in an approximate negative impact on beginning retained earnings of $6,516 , related to the impairment of a right of use asset at the company's New Orleans facility. The Company elected the transitional practical expedient for existing or expired land easements, allowing the Company to elect not to assess whether those land easements are, or contain, leases in accordance with ASC 842. The Company also elected the practical expedient to adjust the carrying amount of the right-of-use assets for the unfavorable lease liability previously recognized on the balance sheet. Additionally, the Company made an accounting policy election that keeps leases with an initial term of 12 months or less off of the balance sheet and resulted in recognizing those lease payments in the Consolidated Statements of Operations on a straight-line basis over the lease term. Refer to "Note 14 -Leases" for further detail. 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. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company believes that the ASU 2017-12 will allow more of its derivative contracts to qualify for hedge accounting elections. The Company adopted ASU 2017-12 effective January 1, 2019 and changes in fair value of derivatives continue to be recognized in current period earnings. On November 7, 2018, the FASB issued ASU 2018-16, which permits entities to use the Overnight Index Swap ("OIS") Rate based on Secured Overnight Financing Rate ("SOFR") as an eligible benchmark interest rate during the early stages of the transition from LIBOR to SOFR. For public business entities, the amendments in ASU 2018-16 are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company's adoption of ASU 2018-16 did not have a material impact on its consolidated financial statements. On June 16, 2016, the FASB issued ASU 2016-13, which amends the Board’s guidance on the impairment of financial instruments. The ASU adds to U.S. GAAP an impairment model (known as the current expected credit loss (CECL) model) that is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses. For public companies, the ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company has evaluated the impact of this guidance, and the adoption will not have a material 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 Company has evaluated the impact of this guidance on its consolidated financial statements and the adoption will not have a material impact on its consolidated financial statements. On December 18, 2019, the FASB issued ASU 2019-12, which affects general principles within ASC 740, Income Taxes. The ASU removes the following exceptions: (1) incremental approach for intra-period tax allocation whe |
Stockholders' Equity of the Com
Stockholders' Equity of the Company | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
Stockholders' Equity of the Company | STOCKHOLDERS’ EQUITY OF THE COMPANY Common Stock The Company has authorized capital stock consisting of 450,000,000 shares, all with a par value of $.0001 per share, which includes 300,000,000 shares of Common Stock, 140,000,000 shares of Common Stock A and 10,000,000 shares of Preferred Stock including 3,000,000 shares of Series B Preferred Stock. Each holder of Common Stock is entitled to one vote for each share of Common Stock held on all matters submitted to a vote of stockholders. Subject to preferences that may apply to shares of previously outstanding Series A Preferred Stock and currently outstanding Series B Preferred Stock as outlined below, the holders of outstanding shares of Common Stock are entitled to receive dividends. After the payment of all preferential amounts required to the holders of Series B Preferred Stock, all of the remaining assets of the Company available for distribution shall be distributed ratably among the holders of Common Stock. |
Marketable Securities (Notes)
Marketable Securities (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
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. For the year ended December 31, 2019, the Company had no investments in marketable securities. The following table summarizes the Company's investments in marketable securities for the year ended December 31, 2018: December 31, 2018 Maturity Gross Amortized Cost Total Unrealized Gains Total Unrealized Losses Fair Value Commercial paper Within one year $ 22,886 $ — $ (14 ) $ 22,872 Corporate bonds Within one year 28,074 — (14 ) 28,060 Total $ 50,960 $ — $ (28 ) $ 50,932 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES Inventories consist of the following at December 31: 2019 2018 Raw materials $ 57,818 $ 40,348 Work in process 3,605 3,840 Finished goods 100,006 124,712 Total $ 161,429 $ 168,900 |
Discontinued Operations (Notes)
Discontinued Operations (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | DISCONTINUED OPERATIONS In the fourth quarter of 2018, the Company's Board of Directors authorized it to pursue a plan to sell the REG Life Sciences core assets and business. The Company recorded an impairment loss, net of tax, of $11,226 on classifying the REG Life Sciences assets as held for sale reflecting the fair value of the estimated proceeds from the sale, net of costs to sell. This valuation technique is considered as Level 3 pricing category. In May 2019, the sale of REG Life Sciences core assets and business was closed. The Company recorded a loss, net of tax, on sale of assets of $1,250 . There is no income tax impact from discontinued operations for all periods due to the impact of valuation allowance. Loss on Discontinued Operations: Discontinued Operations For the years ended December 31, 2019 2018 2017 Other revenues $ 1,786 $ 5,856 $ 3,588 Other costs of goods sold (2,200 ) (4,697 ) (4,360 ) Research and development expense (8,056 ) (15,152 ) (11,673 ) Other income (expense), net 53 13,907 (355 ) Loss on sale of assets (1,250 ) — — Pre-tax loss from discontinued operations (9,667 ) (86 ) (12,800 ) Pre-tax impairment loss on assets classified as held for sale — (11,226 ) — Income tax expense — — — Loss on discontinued operations $ (9,667 ) $ (11,312 ) $ (12,800 ) Reconciliation of the Carrying Amounts of Major Classes of Assets and Liabilities Included in Assets and Liabilities Held for Sale: 2019 2018 Machinery and equipment, net $ — $ 824 In-process research and development — 13,652 Impairment loss recognized on assets classified as held for sale — (11,226 ) Total assets classified as held for sale $ — $ 3,250 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT Company's owned property, plant and equipment consists of the following at December 31: 2019 2018 Land $ 10,037 $ 10,649 Building and improvements 152,336 148,055 Leasehold improvements 11,692 11,364 Machinery and equipment 586,327 584,490 760,392 754,558 Accumulated depreciation (238,427 ) (205,537 ) 521,965 549,021 Construction in process 62,612 41,702 Total $ 584,577 $ 590,723 During 2019, the Company recorded impairment charges of $11,145 related to its New Boston biorefinery facility's property, plant and equipment assets. Refer to Note 2 for further details. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | INTANGIBLE ASSETS Amortizing intangible assets consist of the following at December 31: December 31, 2019 Cost Accumulated Amortization Net Raw material supply agreement $ 6,230 $ (3,368 ) $ 2,862 Renewable diesel technology 8,300 (3,089 ) 5,211 Acquired customer relationships 4,747 (1,535 ) 3,212 Other intangible assets 904 (171 ) 733 Total intangible assets $ 20,181 $ (8,163 ) $ 12,018 December 31, 2018 Cost Accumulated Amortization Net Raw material supply agreement $ 6,230 $ (2,866 ) $ 3,364 Renewable diesel technology 8,300 (2,536 ) 5,764 Acquired customer relationships 4,747 (976 ) 3,771 Other intangible assets 904 (157 ) 747 Total intangible assets $ 20,181 $ (6,535 ) $ 13,646 The raw material supply agreement acquired is amortized over its 15 year term based on actual usage under the agreement and expires in 2025. The Company determined the estimated amount of raw materials to be purchased over the life of the agreement to calculate a per pound rate of consumption. The rate is then multiplied by the actual usage each period for expense reporting purposes. Amortization expense of $1,628 , $1,317 and $1,280 for intangible assets was recorded for the years ended December 31, 2019 , 2018 and 2017 , respectively. Estimated amortization expense for fiscal years ended December 31 is as follows: 2020 $ 1,682 2021 1,688 2022 1,681 2023 1,688 2024 1,695 Thereafter 3,584 Total $ 12,018 |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | OTHER ASSETS Prepaid expenses and other current assets consist of the following at December 31: 2019 2018 Commodity derivatives and related collateral, net $ 6,140 $ 13,799 Prepaid expenses 16,082 19,328 Deposits 3,519 2,123 RIN inventory 2,137 2,000 Taxes receivable 5,115 2,991 Other 2,480 928 Total $ 35,473 $ 41,169 RIN inventory is valued at the lower of cost or net realizable value and consists of (i) RINs the Company generates in connection with its production of biomass-based diesel and (ii) RINs acquired from third parties. RINs generated by the Company are recorded at no cost, as these RINs are government incentives and not a tangible output from its biomass-based diesel production. The cost of RINs acquired from third parties is determined using the average cost method. RIN market value is based upon pricing as reported by the OPIS. Since RINs generated by the Company have zero cost associated to them, the lower of cost or market adjustment in RIN inventory reflects only the value of RINs obtained from third parties. RIN inventory values were adjusted in the amount of $0 and $630 at December 31, 2019 and 2018 , respectively, to reflect the lower of cost or market. Other noncurrent assets consist of the following at December 31: 2019 2018 Investments $ 19,205 $ 13,053 Spare parts inventory 2,610 2,680 Catalysts 1,274 1,989 Deposits 552 381 Other 2,874 3,167 Total $ 26,515 $ 21,270 |
Accrued Expenses and Other Liab
Accrued Expenses and Other Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Accrued Liabilities [Abstract] | |
Accrued Expenses and Other Liabilities | ACCRUED EXPENSES AND OTHER LIABILITIES Accrued expenses and other liabilities consist of the following at December 31: 2019 2018 Accrued property taxes $ 1,717 $ 1,534 Accrued employee compensation 21,315 17,226 Accrued interest 1,708 383 Contingent consideration, current portion — 9,861 Unfavorable lease obligation, current portion — 1,129 Tax payable 15,240 4,473 Other 796 650 Total $ 40,776 $ 35,256 Other noncurrent liabilities consist of the following at December 31: 2019 2018 Unfavorable lease obligation $ — $ 2,259 Straight-line lease liability — 1,439 Asset retirement obligations 691 640 Other 814 996 Total $ 1,505 $ 5,334 Certain prior year amounts have been adjusted for consistency with the current year presentation. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | DEBT Term debt The Company’s term debt at December 31 is as follows: 2019 2018 2.75% Convertible Senior Notes, matured and paid in June 2019 $ — $ 66,361 4.00% Convertible Senior Notes, $89,627 face amount, due in June 2036 69,668 75,477 REG Danville term loan, secured, variable interest rate of LIBOR plus 4%, due in July 2022 6,468 8,964 REG Ralston term loan, variable interest rate of LIBOR plus 2.25%, due in October 2025 15,980 18,948 REG Grays Harbor term loan, variable interest of minimum 3.5% or Prime Rate plus 0.25%, due in May 2022 6,966 8,828 REG Capital term loan, fixed interest rate of 3.99%, due in January 2028 6,929 7,185 Other 33 54 Total debt before debt issuance costs 106,044 185,817 Less: Current portion of long-term debt 77,131 149,006 Less: Debt issuance costs (net of accumulated amortization of $1,139 and $3,873, respectively) 2,783 3,390 Total long-term debt $ 26,130 $ 33,421 2019 Convertible Senior Notes In June 2014, the Company issued $143,800 in convertible senior notes with a maturity date of June 15, 2019, unless earlier converted or repurchased. The 2019 Convertible Senior Notes bore interest at a rate of 2.75% per annum, payable semi-annually in arrears, beginning December 15, 2014. The initial conversion rate was 75.3963 shares of Common Stock per $1,000 principal amount of 2019 Convertible Senior Notes, which represented an initial conversion price of approximately $13.26 per share. On June 15, 2019, the 2019 Convertible Senior Notes matured. The Company paid $67,380 in cash to settle the outstanding principal amount and issued 1,902,781 treasury shares at an average share price of $9.87 to settle the conversion value that was in excess of the principal. In connection with the issuance of the 2019 Convertible Senior Notes, the Company entered into capped call transactions in private transactions. Under the Capped Call, the Company purchased capped call options that in aggregate relate to 92.5% of the total number of shares of the Company's Common Stock underlying the 2019 Convertible Senior Notes, with a strike price equal to the conversion price of the 2019 Convertible Senior Notes and with a cap price equal to $16.02 per share. As part of the settlement of the 2019 Convertible Senior Notes, the Company settled all related capped call options in June 2019 and received 625,558 shares of common stock. The impact of this transaction, net of tax, was reflected as an addition to Additional Paid-in Capital as presented in the Consolidated Statements of Stockholders' Equity. 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 becomes 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 December 31, 2019 and 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 Consolidated Balance Sheets at December 31, 2019 . The net proceeds from the offering of the 2036 Convertible Senior Notes were approximately $147,118 , after deducting fees and offering expenses of $4,882 , which was capitalized as debt issuance costs and is being amortized through June 2036. The debt discount is to be amortized through June 2036. The effective interest rate on the debt liability component was 1.53% . REG Ralston 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 allowed REG Ralston to borrow up to $20,000 during the construction period at REG Ralston. 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. The loan agreement contains various loan covenants. At December 31, 2019 , the effective interest rate on the amount borrowed under this Loan Agreement was 3.96% 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 December 31, 2019 , the effective interest rate on the amount borrowed under this Loan Agreement was 5.75% 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 $7.4 million 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: 2019 2018 Total revolving loans (current) $ 76,990 $ 14,250 Maximum remaining available to be borrowed under revolving lines of credit $ 101,485 $ 114,889 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”). Prior to an amendment in November 2019, the maximum commitment of the Lenders under the M&L and Services Revolver to make revolving loans was $150,000 . Following this amendment, the maximum commitment was increased to $200,000 through April 30, 2020, subject to borrowing base limitations and further subject to an accordion feature, which allows the borrowers to request commitments for additional revolving loans in aggregate amount not to exceed to $50,000 , the making of which are subject to customary conditions, including the consent of Lenders providing such additional commitments. After April 30, 2020, the maximum commitment of the Lenders under the M&L Services Revolver will automatically decrease to $150,000 . 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 $200,000 of current revolving loan commitments, or $20,000 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, REG Geismar, LLC and REG Seneca, LLC (collectively, the "Plant Loan Parties") subject to a $40,000 limitation with respect to each of the Plant Loan Parties. On March 3, 2020 the M&L and Services Revolver was amended to allow the borrowing base related to the BTC to increase from $50,000 to $75,000 . The amendment also allows the fixed charge coverage ratio testing threshold to be reduced from 10% to 5% until April 30, 2020. Maturities of the term debt, including the convertible notes, are as follows for the years ending December 31: 2020 $ 77,131 2021 7,560 2022 5,989 2023 3,875 2024 3,476 Thereafter 8,013 Total term debt 106,044 Less: current portion 77,131 Total long-term debt before debt issuance costs $ 28,913 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES 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 was 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, and enacted additional international tax provisions, including a minimum tax on global intangible low-taxed income and a new base erosion anti-abuse tax. 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. Income tax benefit (expense) related to continuing operations for the years ended December 31 is as follows: 2019 2018 2017 Current income tax benefit (expense) State $ (12 ) $ (118 ) $ (45 ) Foreign (33 ) (292 ) 421 (45 ) (410 ) 376 Deferred income tax benefit (expense) Federal (8,302 ) (12,878 ) 22,619 State 1,838 (2,851 ) 10,282 Foreign 1,494 2,914 2,674 Change in enacted tax rates — — (123,289 ) Net operating loss carryforwards created 68,344 26,058 17,466 63,374 13,243 (70,248 ) Income tax benefit (expense) before valuation allowances 63,329 12,833 (69,872 ) Deferred tax valuation allowances (62,759 ) (18,704 ) 100,362 Income tax benefit (expense) $ 570 $ (5,871 ) $ 30,490 A reconciliation of the reported amount of income tax expense to the amount computed by applying the statutory federal income tax rate to earnings before income taxes from continuing operations is as follows: 2019 2018 2017 U.S. Federal income tax expense at statutory rates of 21, 21 and 35 percent, respectively $ (81,724 ) $ (62,619 ) $ 38,349 State taxes, net of federal income tax benefit 12,342 1,618 8,160 Tax position on government incentives 127,950 72,244 9,402 Change in enacted tax rates — — (123,289 ) Research & development tax credit 2,703 — — Unrecognized tax benefits (24 ) (272 ) — Other 2,082 1,862 (2,494 ) Total benefit (expense) for income taxes before valuation allowances 63,329 12,833 (69,872 ) Valuation allowances (62,759 ) (18,704 ) 100,362 Total benefit (expense) for income taxes $ 570 $ (5,871 ) $ 30,490 The Company receives government incentive payments and excludes this revenue from federal and state taxable income. This tax position of excluding government incentives from taxable income has been accepted by the Internal Revenue Service for the audit cycle 2010-2011, the results of which were approved by the Joint Committee on Taxation. As a result of excluding these government incentive payments, the Company currently has cumulative losses in recent years and initially established a valuation allowance to reduce its total deferred tax assets to the amount more-likely-than-not to be realized. The tax effects of temporary differences that give rise to the Company’s deferred tax assets and liabilities at December 31 are as follows: 2019 2018 Deferred Tax Assets: Net operating loss carryforwards $ 348,734 $ 278,867 Goodwill 17,028 20,067 Capitalized research and development — 8,650 Stock-based compensation 3,805 3,447 Interest expense carryforward 4,877 2,940 Tax credit carryforwards 4,330 1,597 Leases 11,364 — Intangibles 1,530 — Risk management unrealized loss 131 — Accrued compensation 4,285 3,318 Inventory capitalization 2,442 1,921 Other 4,589 3,133 Deferred tax assets 403,115 323,940 Deferred Tax Liabilities: Property, plant and equipment (41,769 ) (38,324 ) Leases (9,459 ) — Convertible debt (5,213 ) (5,648 ) Risk management unrealized gain — (2,649 ) Intangibles — 949 Prepaid expenses (2,106 ) (1,688 ) Deferred revenue — (583 ) Other (1,086 ) (773 ) Deferred tax liabilities (59,633 ) (48,716 ) Net deferred tax assets 343,482 275,224 Valuation allowance (350,457 ) (283,634 ) Net deferred tax liabilities $ (6,975 ) $ (8,410 ) At December 31, 2019 , the Company has recorded a net deferred tax asset before valuation allowance of $348,734 related to the benefit of federal, state and foreign net operating loss carry-forwards. Federal net operating loss carry-forward totals $1,295,712 and will begin to expire in 2028 , while the amount and expiration dates of state net operating losses vary by jurisdiction. Changes in ownership of the Company, as defined by Section 382 of the Internal Revenue Code of 1986, as amended, in any one year may limit the utilization of federal and state net operating losses and credit carry-forwards. The Company has performed an ownership change analysis in 2018 to determine the impact of changes in ownership on utilization of carry-forward attributes, the results of which have been incorporated into our financial statements. In evaluating available evidence around the recoverability of net deferred tax assets, the Company considers, among other factors, historical financial performance, expectation of future earnings, length of statutory carry-forward periods and ability to carry back losses to prior periods, experience with operating loss and tax credit carry-forwards expiring unused, tax planning strategies and timing for the of reversals of temporary differences. In evaluating losses, management considers the nature, frequency and severity of losses in light of the conditions giving rise to those losses. As a result of the above described tax position of excluding government incentive payments from taxable income, the Company currently has cumulative losses in recent years and has established a valuation allowance to reduce its total deferred tax assets to the amount more-likely-than-not to be realized. Activity regarding the valuation allowance for deferred tax assets was as follows: 2019 2018 2017 Beginning of year balance $ 283,634 $ 265,362 $ 365,035 Changes in valuation allowance charged to income 65,284 18,704 36,639 Change in enacted tax rates — — (137,001 ) Foreign currency translation (164 ) (440 ) 689 Change in valuation allowance charged to OCI (7 ) 8 — Change in valuation allowance charged to equity 1,710 — — End of year balance $ 350,457 $ 283,634 $ 265,362 The Company analyzes filing positions in all of the federal, state and foreign jurisdictions where it is required to file income tax returns, and all open tax years in these jurisdictions to determine if it has any uncertain tax positions on any of its income tax returns. An uncertain tax position represents a tax position taken in a filed tax return or planned to be taken in a tax return not yet filed, that has not been reflected in measuring income tax expense for financial reporting purposes. The Company does not recognize income tax benefits associated with uncertain tax positions where it is determined that it is not more-likely-than-not, based on the technical merits, that the position will be sustained upon examination. A reconciliation of the total amounts of unrecognized tax benefits at December 31 is as follows: 2019 2018 2017 Beginning of year balance $ 2,028 $ 1,771 $ 1,900 Increases to tax positions expected to be taken 732 — — Increases to tax positions taken during prior years 24 272 — Decreases to tax positions taken during prior years — — (129 ) Foreign currency translation (7 ) (15 ) — End of year balance $ 2,777 $ 2,028 $ 1,771 The Company recorded an unrecognized tax benefit liability associated with a filing position for a prior year foreign tax return. The amount of unrecognized tax benefits that would affect the effective tax rate if the tax benefits were recognized was $274 at December 31, 2019 , $257 at December 31, 2018 , and $0 at December 31, 2017 . The remaining liability for unrecognized tax benefits is related to tax positions for which there is a related deferred tax asset. The Company does not believe it is reasonably possible that the amounts of unrecognized tax benefits existing as of December 31, 2019 will significantly increase or decrease over the next twelve months . Interest and penalties related to unrecognized tax benefits are recognized as a component of income tax expense. The Company has no t recorded any such amounts in the periods presented. The Company is subject to tax in the U.S. and various state and foreign jurisdictions. The U.S. Internal Revenue Service has examined the Company's federal income tax returns through 2008, as well as 2010 and 2011, while the tax authorities in Germany have examined the Company's corporate income tax returns through 2014. All other years in the U.S. and Germany are subject to examination, while various state and other foreign income tax returns also remain subject to examination by taxing authorities. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | STOCK-BASED COMPENSATION On October 26, 2011, the stockholders approved the 2009 Stock Incentive Plan ("the 2009 Plan") which authorizes up to 4,160,000 shares of Company Common Stock to be issued for the award of restricted stock, restricted stock units ("RSUs"), performance restricted stock units ("PRSUs") and stock appreciation rights ("SARs") at the discretion of the Company Board as compensation to employees, consultants of the Company and to non-employee directors. Under the 2009 Plan, an additional 2,350,000 shares, or 6,510,000 shares in total, are reserved for issuance as approved by shareholders on May 15, 2014 and May 8, 2017. The expense is measured at the grant-date fair value of the award and recognized as compensation expense on a straight-line basis over the service period, which is the vesting period. There was no cash flow impact resulting from the grants of these awards. The 2009 Plan is generally protected from anti-dilution via adjustments for any stock dividends, stock split, combination or other recapitalization. The Company recorded stock-based compensation expense of $6,707 , $6,412 and $6,909 for the years ended December 31, 2019 , 2018 and 2017 , respectively. The stock-based compensation costs were included as a component of selling, general and administrative expenses. At December 31, 2019 , there was $7,902 of unrecognized compensation expense related to unvested awards, which is expected to be recognized over a period of approximately 3.1 years . Restricted Stock Units The following table summarizes information about the Company’s Common Stock RSU’s granted, vested, exercised and forfeited: Number of Awards Weighted Average Issue Price Awards outstanding - January 1, 2017 859,251 $ 11.73 Issued 360,741 $ 11.91 Vested and restriction lapsed (204,198 ) $ 11.05 Forfeited (127,403 ) $ 10.04 Awards outstanding - December 31, 2017 888,391 $ 12.12 Issued 425,150 $ 13.23 Vested and restriction lapsed (225,339 ) $ 10.52 Forfeited (65,928 ) $ 10.52 Awards outstanding - December 31, 2018 1,022,274 $ 13.04 Issued 277,711 $ 21.76 Vested and restriction lapsed (425,041 ) $ 9.79 Forfeited (89,779 ) $ 11.85 Awards outstanding - December 31, 2019 785,165 $ 18.02 The RSUs convert into one share of common stock upon vesting. RSU’s issued prior to 2019 cliff vest at the earlier of expressly provided service or performance conditions. The 2019 RSU grants vest one third on each of the three anniversary dates following the grant date. The service period for these RSU awards, excluding those issued to the Company’s Board of Directors ( one year ) and certain executive management ( three to four years ), is a three year period from the grant date. The performance conditions provide for accelerated vesting upon various conditions including a change in control or other common stock liquidity events. Performance Restricted Stock Units The following table summarizes information about the Company’s Common Stock PRSU’s granted, vested, exercised and forfeited: Number of Awards Weighted Average Issue Price Awards outstanding -January 1, 2017 234,840 $ 9.15 Issued 270,765 $ 11.79 Vested and restriction lapsed (87,622 ) $ 11.75 Forfeited (62,865 ) $ 9.48 Awards outstanding - December 31, 2017 355,118 $ 10.46 Issued 171,580 $ 9.63 Vested and restriction lapsed (292,963 ) $ 8.45 Forfeited (25,650 ) $ 9.83 Awards outstanding - December 31, 2018 208,085 $ 12.68 Issued 148,118 $ 19.31 Vested and restriction lapsed (25,000 ) $ 9.17 Forfeited (8,739 ) $ 12.90 Awards outstanding - December 31, 2019 322,464 $ 15.99 The PRSUs convert into one share of common stock upon vesting. PRSUs vest in different tranches upon meeting certain performance conditions, which are generally based on the Company's stock price performance or return on invested capital and expressly provided service. These PRSUs are fair valued at grant date based on Monte Carlo simulations or at a percentage of the stock price at grant date. The derived service period for these PRSU awards as a result of the Monte Carlo simulation, is an approximately two year period from the grant date. The performance conditions provide for accelerated vesting upon various conditions including a change in control or other common stock liquidity events. Stock Appreciation Rights The following table summarizes information about SARs granted, forfeited, vested and exercisable: Number of SAR’s Weighted Average Exercise Price Weighted Average Contractual Term SAR's outstanding - January 1, 2017 2,508,015 $ 10.22 Granted — $ — Exercised (700,765 ) $ 10.36 Forfeited (105,981 ) $ 9.66 SAR's outstanding - December 31, 2017 1,701,269 $ 10.20 5.7 years Granted — $ — Exercised (610,541 ) $ 10.13 Forfeited (54,051 ) $ 11.08 SAR's outstanding - December 31, 2018 1,036,677 $ 10.19 4.7 years Granted — $ — Exercised (85,652 ) $ 10.54 Forfeited (50,723 ) $ 10.82 SAR's outstanding - December 31, 2019 900,302 $ 10.12 3.8 years SAR's exercisable - December 31, 2019 879,494 $ 10.16 3.8 years SAR's expected to vest - December 31, 2019 20,808 $ 8.57 3.8 years The SARs vest 25% annually on each of the four anniversary dates following the grant date and expire after ten years . The fair value of each SAR grant is estimated using the Black-Scholes option-pricing model as set forth in the table below: 2019 2018 2017 The weighted average fair value of stock appreciation rights issued (per unit) $2.79 - $3.74 $2.79 - $3.74 $2.79 - $3.74 Dividend yield —% —% —% Weighted average risk-free interest rate 1.1% - 1.4% 1.1% - 1.4% 1.1% - 1.4% Weighted average expected volatility 40% 40% 40% Expected life in years 6.25 6.25 6.25 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases, Operating [Abstract] | |
Leases | LEASES The Company leases land, property and equipment under certain operating leases. The Company's leases consist primarily of access to distribution terminals, biomass-based diesel and feedstock storage tanks, railcars and vehicles. The Company determines at the inception of a lease whether an arrangement that provides the Company control over the use of an asset is a lease. The Company recognizes at lease commencement a right-of-use ("ROU") asset and lease liability based on the present value of the future lease payments over the lease term. As discussed in Note 2, the Company has elected not to recognize a ROU asset and lease liability for leases with terms of 12 months or less. At the end of the lease term the Company, generally, has the option to (a) return the leased equipment to the lessor, (b) purchase the property at its then fair value or (c) renew its lease at the fair rental value on a year-to-year basis or for an agreed upon term. When it is reasonably certain that the Company will exercise the option, the impact of the option is included in the lease term for purposes of determining total future lease payments. As most of its lease agreements do not explicitly state the discount rate implicit in the lease, the Company uses its incremental borrowing rate on the commencement date to calculate the present value of future payments. The Company's leases commonly include payments that are based on the Consumer Price Index ("CPI") or other similar indices. If the indices are known at inception of the leases, they are included in the calculation of the ROU asset and lease liability. Other variable lease payments, such as usage-based amounts or when the indices are not known at inception, are excluded from the ROU asset and lease liability, and are expensed as incurred. In addition to the base rent, office equipment leases typically contain provisions for maintenance services, which are considered non-lease components for accounting purposes. For these leases, non-lease components are excluded from our ROU assets and lease liabilities and expensed as incurred. For all other types of leases, we apply a practical expedient to include these non-lease components in calculating the ROU asset and lease liability. The following table summarizes information about the Company's lease expense for the year ended December 31, 2019: December 31, 2019 Lease expense: Operating lease expenses $ 22,590 Variable lease expenses 1,237 Short-term and other lease expenses 1,305 Total lease expense $ 25,132 The weighted-average remaining lease term for the Company's operating leases is 5.83 years at December 31, 2019. The weighted-average discount rate for the Company's operating leases is 4.67% as of December 31, 2019. For each of the next five calendar years and thereafter, future minimum lease payments and scheduled maturities under operating leases that have initial or remaining noncancelable lease terms in excess of one year are as follows: Total payments Less: Discount Operating lease obligation 2020 $ 17,252 $ 1,562 $ 15,690 2021 13,953 1,089 12,864 2022 4,667 719 3,948 2023 3,525 573 2,952 2024 2,082 475 1,607 2025 and thereafter 11,608 2,566 9,042 Total $ 53,087 $ 6,984 $ 46,103 As the Company has not restated prior-year information for its adoption of ASC Topic 842, the following presents the Company's future minimum lease payments for operating leases under ASC Topic 840 at December 31, 2018: Total Payments 2019 $ 20,326 2020 14,063 2021 10,643 2022 3,162 2023 2,406 2024 and thereafter 13,736 Total minimum payments $ 64,336 |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2019 | |
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 not hedge accounting designated derivatives and recorded at fair value on the 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. At December 31, 2019 , the net notional volumes of NY Harbor ULSD, CBOT Soybean Oil and NYMEX Natural Gas covered under the open commodity derivative contracts were approximately 54.6 million gallons and 120.4 million pounds and 2.1 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 Consolidated Balance Sheets, see "Note 9 – Other Assets". As of December 31, 2019 , the Company posted $9,256 of collateral associated with its commodity-based derivatives with a net liability position of $3,116 . The following table sets forth the fair value of the Company's commodity contract derivatives and amounts that offset within the Consolidated Balance Sheets: December 31, 2019 December 31, 2018 Assets Liabilities Assets Liabilities Gross amounts of commodity derivative contracts recognized at fair value $ 1,633 $ 4,749 $ 11,843 $ 1,799 Cash collateral 9,256 — 3,755 — Total gross amount recognized 10,889 4,749 15,598 1,799 Gross amounts offset (4,749 ) (4,749 ) (1,799 ) (1,799 ) Net amount reported in the Consolidated Balance Sheets $ 6,140 $ — $ 13,799 $ — The following table sets forth the commodity contract derivatives gains and (losses) included in the Consolidated Statements of Operations: Location of Gain (Loss) 2019 2018 2017 Commodity derivatives Cost of goods sold – Biomass-based diesel $ (28,898 ) $ 18,399 $ (23,437 ) |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2019 | |
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, excluding assets held for sale, is as follows: As of December 31, 2019 Total Level 1 Level 2 Level 3 Commodity contract derivatives $ (3,116 ) $ (84 ) $ (3,032 ) $ — As of December 31, 2018 Total Level 1 Level 2 Level 3 Commercial paper $ 22,872 $ — $ 22,872 $ — Corporate bonds $ 28,060 — 28,060 — Commodity contract derivatives $ 10,044 499 9,545 — Contingent consideration for acquisitions $ (9,861 ) — — (9,861 ) $ 51,115 $ 499 $ 60,477 $ (9,861 ) 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 2019 2018 Balance at beginning of period, January 1 $ 9,861 $ 20,485 Fair value of contingent consideration at measurement date — 482 Change in estimates included in earnings 566 1,117 Settlements (10,427 ) (12,223 ) Balance at end of period, December 31 $ — $ 9,861 The carrying amounts reported in the 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 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 is determined based on quoted prices of similar contracts in over-the-counter markets and are reflected in Level 2. Contingent consideration for acquisitions: The fair value of contingent consideration is determined using an expected present value technique. Expected cash flows are determined using the probability weighted-average of possible outcomes that would occur should the achievement of certain milestones related to the production and/or sale of biomass-based diesel at the specific production facility. A discount rate ranging from 5.8% to 12.5% is used to estimate the fair value of the expected payments. Debt and lines of credit: The fair value of long-term debt and lines of credit was established using discounted cash flow calculations and current market rates reflecting Level 2 inputs. The estimated fair values of the Company’s financial instruments, which are not recorded at fair value are as follows as of December 31: 2019 2018 Asset (Liability) Carrying Amount Estimated Fair Value Asset (Liability) Carrying Amount Estimated Fair Value Financial Liabilities: Debt and lines of credit $ (183,034 ) $ (338,482 ) $ (200,067 ) $ (410,564 ) |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 12 Months Ended |
Dec. 31, 2019 | |
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. 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: Year Ended December 31, 2019 2018 2017 Stock appreciation rights — — 622,633 2019 Convertible Senior Notes — — 5,567,112 2036 Convertible Senior Notes — — 14,106,725 Total — — 20,296,470 The following table presents the calculation of diluted net income (loss) from continuing operations per share: 2019 2018 2017 Net income (loss) from continuing operations available to common stockholders - Basic $ 381,112 $ 295,804 $ (66,279 ) Plus (less): effect of participating securities 8,619 7,824 — Net income (loss) available to common stockholders 389,731 303,628 (66,279 ) Less: effect of participating securities (8,619 ) (7,824 ) — Net income (loss) from continuing operations available to common stockholders - Diluted $ 381,112 $ 295,804 $ (66,279 ) Net loss from discontinued operations available to common stockholders - Basic $ (9,667 ) $ (11,312 ) $ (12,800 ) Plus (less): effect of participating securities — — — Net loss available to common stockholders (9,667 ) (11,312 ) (12,800 ) Less: effect of participating securities — — — Net loss from discontinued operations available to common stockholders - Diluted $ (9,667 ) $ (11,312 ) $ (12,800 ) Net income (loss) available to common stockholders - Basic $ 371,659 $ 284,783 $ (79,079 ) Plus (less): effect of participating securities 8,405 7,533 — Net income (loss) available to common stockholders 380,064 292,316 (79,079 ) Less: effect of participating securities (8,405 ) (7,533 ) — Net income (loss) available to common stockholders - Diluted $ 371,659 $ 284,783 $ (79,079 ) Net income (loss) available to common stockholders - Diluted Weighted-average shares used to compute basic net income (loss) per share 38,288,610 37,687,552 38,731,015 Adjustment to reflect conversion of convertible notes 3,589,065 5,416,043 — Adjustment to reflect stock appreciation right conversions 443,305 550,125 — Weighted-average shares used to compute diluted net income (loss) per share 42,320,980 43,653,720 38,731,015 Net income (loss) per share available to common stockholders - Diluted Continuing operations $ 9.01 $ 6.78 $ (1.71 ) Discontinued operations $ (0.25 ) $ (0.30 ) $ (0.33 ) Diluted net income (loss) $ 8.78 $ 6.52 $ (2.04 ) |
Reportable Segments and Geograp
Reportable Segments and Geographic Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Reportable Segments and Geographic Information | REPORTABLE SEGMENTS AND GEOGRAPHIC INFORMATION The Company reports its reportable segments based on products and services provided to customers. The Company re-assesses its reportable segment on an annual basis. The Company's reportable segments generally align the Company's external financial reporting segments with its internal operating segments, which are based on its internal organizational structure, operating decisions and performance assessment. In the fourth quarter of 2018, the Company's Board of Directors authorized it to pursue a plan to sell REG Life Sciences, which primarily represented the Renewable Chemicals reportable segment. This has resulted in the Company's reportable segments being Biomass-based diesel, Services and Corporate and other activities. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. All prior period disclosures below have been recast to present results on a comparable basis. The Biomass-based diesel segment processes waste vegetable oils, animal fats, virgin vegetable oils and other feedstocks into biomass-based diesel. The Biomass-based Diesel segment also includes the Company’s purchases and resale of biomass-based diesel produced by third parties. Revenue is derived from the purchases and sales of biomass-based diesel, RINs and raw material feedstocks acquired from third parties, sales of 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 Corporate and Other segment includes trading activities related to petroleum-based heating oil and diesel fuel, the operations of a fermentation facility located in Okeechobee, Florida 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: 2019 2018 2017 Net sales from continuing operations: Biomass-based Diesel $ 2,380,736 $ 2,157,897 $ 2,039,982 Services 99,086 93,347 103,215 Corporate and other 270,326 249,152 213,500 Intersegment revenues (108,755 ) (117,409 ) (202,042 ) $ 2,641,393 $ 2,382,987 $ 2,154,655 Income (loss) from continuing operations before income taxes Biomass-based diesel $ 388,484 $ 314,727 $ (63,925 ) Services 6,092 4,863 2,899 Corporate and other (5,415 ) (10,091 ) (35,743 ) $ 389,161 $ 309,499 $ (96,769 ) Depreciation and amortization expense, net: Biomass-based diesel $ 54,513 $ 32,558 $ 31,011 Services 2,479 1,658 1,092 Corporate and other 1,763 3,026 3,265 $ 58,755 $ 37,242 $ 35,368 Cash paid for purchases of property, plant and equipment: Biomass-based diesel $ 40,567 $ 41,906 $ 60,734 Services 1,840 4,300 3,826 Corporate and other 111 247 2,997 $ 42,518 $ 46,453 $ 67,557 2019 2018 Goodwill: Services $ 16,080 $ 16,080 Assets: Biomass-based diesel $ 1,711,870 $ 914,843 Services 69,144 63,720 Corporate and other 425,602 379,658 Intersegment eliminations (421,267 ) (254,375 ) Assets held for sale — 3,250 $ 1,785,349 $ 1,107,096 Geographic Information: The following geographic data include net sales attributed to the countries based on the location of the subsidiaries making the sale and long-lived assets based on physical location. Long-lived assets represent the net book value of property, plant and equipment. 2019 2018 2017 Revenues: United States $ 2,382,901 $ 2,207,286 $ 1,957,715 International 258,492 175,701 196,940 $ 2,641,393 $ 2,382,987 $ 2,154,655 2019 2018 Property, Plant and Equipment: United States $ 562,165 $ 571,045 International 22,412 19,678 $ 584,577 $ 590,723 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES The Company is involved in legal proceedings in the normal course of business. The Company currently believes that any ultimate liability arising out of such proceedings will not have a material adverse effect on the Company’s financial position, results of operations or cash flows. The Company has entered into contracts for supplies of hydrogen, nitrogen and utilities for the REG Geismar production facility. The following table outlines the minimum take or pay requirement related to the purchase of hydrogen, nitrogen, and utilities. 2020 $ 3,298 2021 2,976 2022 2,976 2023 2,976 2024 863 Total $ 13,089 As of December 31, 2019 , REG Geismar relies on one supplier to provide hydrogen necessary to execute the production process. Any disruptions to the hydrogen supply during production from this supplier will result in the shutdown of the REG Geismar plant operations. The Company is currently seeking additional hydrogen suppliers for the REG Geismar facility. |
Subsequent Events (Notes)
Subsequent Events (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS In February 2020, the Company's Board of Directors approved a repurchase program of up to $100,000 |
Supplemental Quarterly Informat
Supplemental Quarterly Information (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Supplemental Quarterly Information (Unaudited) | SUPPLEMENTAL QUARTERLY INFORMATION (UNAUDITED) The following table represents the significant items for the results of operations on a quarterly basis for the years ended December 31, 2019 and 2018 : Three Months Three Months Three Months Three Months Revenues from continuing operations $ 478,209 $ 560,643 $ 584,372 $ 1,018,169 Gross profit (loss) from continuing operations (12,792 ) (26,772 ) 24,076 545,557 Selling, general, and administrative expenses including research and development expense 25,354 27,041 24,762 41,052 Impairment of property, plant and equipment — 468 11,145 595 Income (loss) from operations (38,146 ) (54,281 ) (11,831 ) 503,910 Other expense, net (3,671 ) (3,444 ) (2,551 ) (825 ) Net income (loss) from continuing operations (41,387 ) (57,635 ) (13,753 ) 502,506 Net income (loss) from discontinued operations (2,017 ) (4,462 ) (2,193 ) (995 ) Net income $ (43,404 ) $ (62,097 ) $ (15,946 ) $ 501,511 Net income (loss) from continuing operations available to common stockholders $ (41,387 ) $ (57,635 ) $ (13,753 ) $ 492,556 Net income (loss) from discontinued operations available to common stockholders $ (2,017 ) $ (4,462 ) $ (2,193 ) $ (995 ) Basic net income (loss) per share available to common stockholders: Continuing operations $ (1.11 ) $ (1.52 ) $ (0.35 ) $ 12.64 Discontinued operations $ (0.05 ) $ (0.12 ) $ (0.06 ) $ (0.03 ) Net income (loss) per share $ (1.16 ) $ (1.64 ) $ (0.41 ) $ 12.62 Diluted net income (loss) per share available to common stockholders: Continuing operations $ (1.11 ) $ (1.52 ) $ (0.35 ) $ 11.52 Discontinued operations $ (0.05 ) $ (0.12 ) $ (0.06 ) $ (0.03 ) Net income (loss) $ (1.16 ) $ (1.64 ) $ (0.41 ) $ 11.50 Three Months Three Months Three Months Three Months Revenues from continuing operations $ 688,002 $ 578,900 $ 596,324 $ 519,761 Gross profit loss from continuing operations 249,455 57,514 51,159 61,863 Selling, general, and administrative expenses including research and development expense 32,688 24,539 21,933 27,579 Impairment of property, plant and equipment — — — 879 Income from operations 216,767 32,975 29,226 33,405 Other income (expense), net (128 ) (96 ) (2,900 ) 250 Net income from continuing operations 217,844 29,042 25,472 31,270 Net income (loss) from discontinued operations (3,455 ) 4,808 (469 ) (12,196 ) Net income $ 214,389 $ 33,850 $ 25,003 $ 19,074 Net income from continuing operations available to common stockholders $ 212,608 $ 28,277 $ 24,799 $ 30,448 Net income (loss) from discontinued operations available to common stockholders $ (3,455 ) $ 4,681 $ (469 ) $ (12,197 ) Basic net income (loss) per share available to common stockholders: Continuing operations $ 5.48 $ 0.76 $ 0.67 $ 0.82 Discontinued operations $ (0.09 ) $ 0.13 $ (0.01 ) $ (0.33 ) Net income per share $ 5.39 $ 0.88 $ 0.65 $ 0.50 Diluted net income (loss) per share available to common stockholders: Continuing operations $ 5.38 $ 0.67 $ 0.55 $ 0.66 Discontinued operations $ (0.09 ) $ 0.11 $ (0.01 ) $ (0.33 ) Net income per share $ 5.30 $ 0.78 $ 0.53 $ 0.40 The results for the three months ended September 30, 2019 reflect an impairment related to the Company's New Boston facility's property, plant and equipment assets resulting from the closing of the plant. Refer to Note 2 for further details. The results for the three months ended December 31, 2019 reflect the full recognition in revenue the effect of the retroactive reinstatement of the 2018 and 2019 BTC. The net benefit of the BTC was $260,850 and $238,564 related to the business conducted in 2019 and 2018, respectively. The results for the three months ended March 31, 2018 reflected the full recognition of the effect of the 2017 BTC retroactive reinstatement of $206,521 . |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Consolidation | Basis of Consolidation The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries, and entities which it controls. All intercompany balances and transactions have been eliminated for consolidated reporting purposes. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of money market funds and demand deposits with financial institutions. The Company considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. |
Restricted Cash | Restricted Cash The Company segregates certain cash balances as restricted cash that represent those funds required to be set aside by a contractual agreement. The Company classifies restricted cash between current and non-current assets based on the length of time of the restricted use. |
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 (expense), 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 marketable securities as of December 31, 2019. |
Accounts Receivable | Accounts Receivable |
Inventories | Inventories |
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 RFS2. RFS2 allows the Company to attach between zero and 2.5 RINs to a 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. 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 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 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 OPIS. |
Low Carbon Fuel Standard | Low Carbon Fuel Standard The Company generates Low Carbon Fuel Standard ("LCFS") credits for its low carbon fuels or blendstocks when its qualified low carbon fuels are transported into an LCFS market. LCFS credits are used to track compliance with 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 Consolidated Balance Sheets. 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 December 31, 2019 and 2018 , 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. |
Derivative Instruments | Derivative Instruments |
Property, Plant and Equipment | Property, Plant and Equipment |
Goodwill | Goodwill Goodwill is tested for impairment annually on July 31 or when impairment indicators exist. Goodwill is allocated and tested for impairment by reporting units. At December 31, 2019 and 2018 , the Company had goodwill in the Services reporting unit. The annual impairment test at July 31, 2019 determined that the fair value of the Services reporting unit exceeded its carrying value by approximately 5% |
Impairment of Long-lived Assets | Impairment of Long-lived Assets |
Convertible Debt and Capped Call Transaction | Convertible Debt In June 2014, the Company issued $143,800 aggregate principal amount of 2.75% of convertible senior notes due in 2019 (the "2019 Convertible Senior Notes"). During the year ended December 31, 2018 , the Company used $6,689 under the 2017 Program (defined below in "Security Repurchase Programs") to repurchase $6,311 principal amount of the 2019 Convertible Senior Notes. On June 15, 2019, the 2019 Convertible Senior Notes matured. The Company elected to settle the principal balance with cash and the excess conversion amount was satisfied by the Company issuing 1,902,781 shares of treasury stock at settlement. In June 2016, the Company issued $152,000 aggregate principal amount of 4% convertible senior notes due in 2036 (the "2036 Convertible Senior Notes"). See "Note 11 - Debt" for a further description of the 2036 Convertible Senior Notes. During the year ended December 31, 2019 , the Company used $14,638 , of which $9,402 was settled after year end, to repurchase $6,673 principal amount of the 2036 Convertible Senior Notes, reflecting conversion premium, after tax impact, of $9,715 as a reduction of Additional Paid-in Capital and gains on debt extinguishment of $488 in the Consolidated Statements of Operations. During the year ended December 31, 2018 , the Company used $110,828 to repurchase $55,700 principal amount of the 2036 Convertible Senior Notes, reflecting conversion premium, after tax impact of $70,011 as a reduction of Additional Paid-in Capital and gains on debt extinguishment of $6,065 in the Consolidated Statements of Operations. 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. 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. As part of the settlement of the 2019 Convertible Senior Notes, the Company settled all related capped call options in June 2019 and received 625,558 |
Security Repurchase Programs | Security Repurchase Programs In December 2017, June 2018 and January 2019, the Company's Board of Directors approved a repurchase program, each of up to $75,000 |
Foreign Currency Transactions and Translations | Foreign Currency Transactions and Translation The Company’s reporting and functional currency is U.S. dollars. Monetary assets and liabilities denominated in currencies other than U.S. dollars are remeasured into their respective functional currencies at exchange rates in effect at the balance sheet date. The resulting exchange gain or loss is included in the Company’s Consolidated Statements of Operations as foreign exchange gain (loss) unless the remeasurement gain or loss relates to an intercompany transaction that is of a long-term investment nature and for which settlement is not planned or anticipated in the foreseeable future. Gains or losses arising from translation of such transactions are reported as a component of accumulated other comprehensive income (loss) in the Company’s Consolidated Balance Sheets. The Company translates the assets and liabilities of its foreign subsidiaries from their respective functional currencies to U.S. dollars at the appropriate spot rates as of the balance sheet date. Generally, the Company's foreign subsidiaries use the local currency as their functional currency. Changes in the carrying value of these assets and liabilities attributable to fluctuations in spot rates are recognized in foreign currency translation adjustment, a component of accumulated other comprehensive income (loss) in the Company’s Consolidated Balance Sheets. The other comprehensive loss amounts presented in the Company's Consolidated Statements of Comprehensive Income (Loss) and Consolidated Statements of Stockholders' Equity mainly include the foreign currency translation adjustment resulting from translating the financial statements of certain subsidiaries from Euros to US Dollars, the Company's functional currency. |
Revenue Recognition | Revenue Recognition The Company generally has a single performance obligation in its arrangements with customers. The Company believes for most of its contracts with customers, control is transferred at a point in time, typically upon delivery to the customers. When the Company performs shipping and handling activities after the transfer of control to the customers (e.g., when control transfers prior to delivery), they are considered as fulfillment activities, and accordingly, the costs are accrued for when the related revenue is recognized. Taxes collected from customers relating to product sales and remitted to governmental authorities are excluded from revenues. The Company generally expenses sales commissions when incurred because the amortization period would have been less than one year. The Company records these costs within selling, general and administrative expenses. The following is a description of principal activities from which we generate revenue. Revenues from contracts with customers are recognized when control of the promised goods or services are transferred to our customers, in an amount that reflects the consideration that we expect to receive in exchange for those goods or services.: • sales of biodiesel and renewable diesel produced at our facilities, including RINs and LCFS credits; • resale of petroleum from third parties, along with the sale of petroleum-based products further blended with biodiesel produced at our wholly owned facilities or acquired from third parties; • sales of raw materials, glycerin, and other co-products of the biomass-based diesel production process; • other revenue, including biomass-based diesel facility management and operational services; and • incentive payments from federal and state governments, including the BTC, and from the USDA Advanced Biofuel Program. Disaggregation of revenue: All revenue recognized in the income statement, except for Biomass-based diesel Government Incentives, is considered to be revenue from contracts with customers. The following table depicts the disaggregation of revenue according to product line and segment: Reportable Segments Year ended December 31, 2019 Biomass-based Services Corporate Intersegment Consolidated Biomass-based diesel sales, net of BTC related amount due to customers of $157,896 $ 1,400,973 $ — $ — $ (11,309 ) $ 1,389,664 Petroleum and blended petroleum diesel sales — — 270,326 — 270,326 Other biomass-based diesel revenue 215,086 — — — 215,086 Separated RIN sales 98,285 — — — 98,285 Other revenues — 99,086 — (97,446 ) 1,640 Total revenues from contracts with customers $ 1,714,344 $ 99,086 $ 270,326 $ (108,755 ) $ 1,975,001 Biomass-based diesel government incentives 666,392 — — — 666,392 Total revenues $ 2,380,736 $ 99,086 $ 270,326 $ (108,755 ) $ 2,641,393 Reportable Segments Year ended December 31, 2018 Biomass-based Services Corporate Intersegment Consolidated Biomass-based diesel sales, net of BTC related amount due to customers of $144,944 $ 1,474,459 $ — $ 9,682 $ (26,348 ) $ 1,457,793 Petroleum and blended petroleum diesel sales — — 239,470 — 239,470 Other biomass-based diesel revenue 178,053 — — — 178,053 Separated RIN sales 137,895 — — — 137,895 Other revenues — 93,347 — (91,061 ) 2,286 Total revenues from contracts with customers $ 1,790,407 $ 93,347 $ 249,152 $ (117,409 ) $ 2,015,497 Biomass-based diesel government incentives 367,490 — — — 367,490 Total revenues $ 2,157,897 $ 93,347 $ 249,152 $ (117,409 ) $ 2,382,987 Contract balances The following table provides information about receivables and contract liabilities from contracts with customers: December 31, 2019 December 31, 2018 Trade accounts receivable $ 185,156 $ 74,551 Short-term contract liabilities (deferred revenue) $ (631 ) $ (300 ) Short-term contract liabilities (accounts payable) $ (255,193 ) $ — The Company receives payments from customers based upon contractual billing schedules; accounts receivables 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 throughout the year to capture the credit when, or if, reinstated. Due to the federal biodiesel tax credit reinstatement, 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 Consolidated Statements of Operations. Significant changes to the contract liabilities during the year are as follows: January 1, 2019 Cash receipts Less: Impact on Other December 31, 2019 Deferred revenue $ 300 $ 55,477 $ 55,146 $ — $ 631 Payables to customers related to BTC — — (255,193 ) — 255,193 $ 300 $ 55,477 $ (200,047 ) $ — $ 255,824 January 1, 2018 Cash receipts Less: Impact on Other December 31, 2018 Deferred revenue $ 2,218 $ 27,264 $ 29,179 $ (3 ) $ 300 Payables to customers related to BTC — (150,776 ) (144,944 ) 5,832 — $ 2,218 $ (123,512 ) $ (115,765 ) $ 5,829 $ 300 |
Freight | Freight Amounts billed to customers for freight are included in biomass-based diesel sales. Costs incurred for freight are included in costs of goods sold. |
Advertising Costs | Advertising Costs |
Employee Benefits Plan | Employee Benefits Plan The Company sponsors an employee savings plan under Section 401(k) of the Internal Revenue Code. The Company makes matching contributions equal to 50% of the participant’s pre-tax contribution up to a maximum of 6% |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation expense is measured at the grant-date fair value of the awards and recognized as compensation expense over the vesting period. |
Income Taxes | Income Taxes The Company’s income tax provision, deferred income tax assets and liabilities, and liabilities for unrecognized tax benefits represent the Company’s best estimate of current and future income taxes to be paid. The annual effective tax rate is based on income tax laws, statutory tax rates, taxable income levels and tax planning opportunities available in various jurisdictions where the Company operates. These tax laws are complex and require significant judgment to determine the consolidated provision for income taxes. Changes in tax laws, statutory tax rates and estimates of the Company’s future taxable income levels could result in actual realization of deferred taxes being materially different from amounts provided for in the consolidated financial statements. |
Discontinued Operations | Discontinued Operations Income (loss) from discontinued operations was mainly related to the research and development activities of REG Life Sciences, the Company's industrial biotechnology business, which had been classified as assets held for sale following the Company's decision to pursue a sale of this business in the fourth quarter of 2018. In May 2019, the sale of REG Life Sciences core assets and business was closed. During the year ended December 31, 2019 , the Company continued to incur costs that primarily relate to certain pre-existing contractual agreements and legal and professional fees related to the disposition and wind-down of operations. See "Note 6 - Discontinued Operations" for further details. |
Concentrations | Concentrations The Company maintains cash balances at financial institutions, which may at times exceed the $250 coverage by the U.S. Federal Deposit Insurance Company. The Company has experienced no losses in such accounts. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the dates of the financial statements and reported amounts of revenues and expenses during the reporting periods. These estimates are based on information that is currently available to management and on various assumptions that the Company believes to be reasonable under the circumstances. Actual results could differ from those estimates. |
New Accounting Pronouncements | New Accounting Pronouncements 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. 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. 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 Company adopted all of the ASU's related to ASC 842 effective January 1, 2019. The Company applied a modified retrospective transition approach. The Company did not elect the practical expedient (1) to reassess the lease classification for any expired or existing leases; (2) to reassess whether any expired or existing contracts are or contain leases and (3) to reassess initial direct costs. The Company elected the hindsight practical expedient to determine the reasonably certain lease term for existing leases and to assess the impairment of its right-of-use assets. While lease classification remained unchanged, hindsight resulted in generally shorter accounting lease terms and useful lives of the corresponding right of use assets. The hindsight analysis also resulted in an approximate negative impact on beginning retained earnings of $6,516 , related to the impairment of a right of use asset at the company's New Orleans facility. The Company elected the transitional practical expedient for existing or expired land easements, allowing the Company to elect not to assess whether those land easements are, or contain, leases in accordance with ASC 842. The Company also elected the practical expedient to adjust the carrying amount of the right-of-use assets for the unfavorable lease liability previously recognized on the balance sheet. Additionally, the Company made an accounting policy election that keeps leases with an initial term of 12 months or less off of the balance sheet and resulted in recognizing those lease payments in the Consolidated Statements of Operations on a straight-line basis over the lease term. Refer to "Note 14 -Leases" for further detail. 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. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company believes that the ASU 2017-12 will allow more of its derivative contracts to qualify for hedge accounting elections. The Company adopted ASU 2017-12 effective January 1, 2019 and changes in fair value of derivatives continue to be recognized in current period earnings. On November 7, 2018, the FASB issued ASU 2018-16, which permits entities to use the Overnight Index Swap ("OIS") Rate based on Secured Overnight Financing Rate ("SOFR") as an eligible benchmark interest rate during the early stages of the transition from LIBOR to SOFR. For public business entities, the amendments in ASU 2018-16 are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company's adoption of ASU 2018-16 did not have a material impact on its consolidated financial statements. On June 16, 2016, the FASB issued ASU 2016-13, which amends the Board’s guidance on the impairment of financial instruments. The ASU adds to U.S. GAAP an impairment model (known as the current expected credit loss (CECL) model) that is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses. For public companies, the ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company has evaluated the impact of this guidance, and the adoption will not have a material 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 Company has evaluated the impact of this guidance on its consolidated financial statements and the adoption will not have a material impact on its consolidated financial statements. On December 18, 2019, the FASB issued ASU 2019-12, which affects general principles within ASC 740, Income Taxes. The ASU removes the following exceptions: (1) incremental approach for intra-period tax allocation when there is a loss from continuing operations and income or a gain from other items, (2) exception to the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment, (3) exception to the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary, and (4) exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The ASU also will make changes to franchise tax recognition, consideration of the tax basis recognition of goodwill related to acquisitions, specify tax allocation to subsidiaries, reflecting a change in tax law in the interim period annual effective tax rate computation in the period of enactment, and changes to the employee stock ownership plans and investments. For public business entities, the amendments in ASU 2019-12 are effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The Company is evaluating the impact of the guidance on its consolidated financial statements, but does not expect the impact to be significant. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Reconciliation of cash and cash equivalents and restricted cash | See the table below for reconciliation of Cash and cash equivalents and restricted cash in regard to the Consolidated Statements of Cash Flows: December 31, 2019 December 31, 2018 December 31, 2017 Cash and cash equivalents $ 50,436 $ 123,575 $ 77,627 Restricted cash 3,000 3,000 — Total cash, cash equivalents and restricted cash shown in the statement of cash flow $ 53,436 $ 126,575 $ 77,627 |
Estimated useful lives | Depreciation expense is computed on a straight-line method based upon estimated useful lives of the assets. Estimated useful lives are as follows: Automobiles and trucks 5 years Computers and office equipment 5 years Office furniture and fixtures 7 years Machinery and equipment 5-30 years Leasehold improvements the lesser of the lease term or 30 years Buildings and improvements 30-40 years |
Activity Under Repurchase Agreements | The table below sets out the information regarding the activities under the 2017 Program, the 2018 Program and 2019 Program during 2018 and 2019: For the year ended December 31, 2019 For the year ended December 31, 2018 Number of shares/Principal amount in $'000 June 2018 Program January 2019 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 Convertible Senior Notes Repurchases $ — $ — $ — $ — $ 6,311 $ 6,689 $ — $ 6,689 2036 Convertible Senior Notes Repurchases $ 6,673 $ 7,435 $ 7,203 $ 14,638 $ 55,700 $ 43,263 $ 67,565 $ 110,828 |
Disaggregation of Revenue | recognized in the income statement, except for Biomass-based diesel Government Incentives, is considered to be revenue from contracts with customers. The following table depicts the disaggregation of revenue according to product line and segment: Reportable Segments Year ended December 31, 2019 Biomass-based Services Corporate Intersegment Consolidated Biomass-based diesel sales, net of BTC related amount due to customers of $157,896 $ 1,400,973 $ — $ — $ (11,309 ) $ 1,389,664 Petroleum and blended petroleum diesel sales — — 270,326 — 270,326 Other biomass-based diesel revenue 215,086 — — — 215,086 Separated RIN sales 98,285 — — — 98,285 Other revenues — 99,086 — (97,446 ) 1,640 Total revenues from contracts with customers $ 1,714,344 $ 99,086 $ 270,326 $ (108,755 ) $ 1,975,001 Biomass-based diesel government incentives 666,392 — — — 666,392 Total revenues $ 2,380,736 $ 99,086 $ 270,326 $ (108,755 ) $ 2,641,393 Reportable Segments Year ended December 31, 2018 Biomass-based Services Corporate Intersegment Consolidated Biomass-based diesel sales, net of BTC related amount due to customers of $144,944 $ 1,474,459 $ — $ 9,682 $ (26,348 ) $ 1,457,793 Petroleum and blended petroleum diesel sales — — 239,470 — 239,470 Other biomass-based diesel revenue 178,053 — — — 178,053 Separated RIN sales 137,895 — — — 137,895 Other revenues — 93,347 — (91,061 ) 2,286 Total revenues from contracts with customers $ 1,790,407 $ 93,347 $ 249,152 $ (117,409 ) $ 2,015,497 Biomass-based diesel government incentives 367,490 — — — 367,490 Total revenues $ 2,157,897 $ 93,347 $ 249,152 $ (117,409 ) $ 2,382,987 |
Contract Balances | Significant changes to the contract liabilities during the year are as follows: January 1, 2019 Cash receipts Less: Impact on Other December 31, 2019 Deferred revenue $ 300 $ 55,477 $ 55,146 $ — $ 631 Payables to customers related to BTC — — (255,193 ) — 255,193 $ 300 $ 55,477 $ (200,047 ) $ — $ 255,824 January 1, 2018 Cash receipts Less: Impact on Other December 31, 2018 Deferred revenue $ 2,218 $ 27,264 $ 29,179 $ (3 ) $ 300 Payables to customers related to BTC — (150,776 ) (144,944 ) 5,832 — $ 2,218 $ (123,512 ) $ (115,765 ) $ 5,829 $ 300 The following table provides information about receivables and contract liabilities from contracts with customers: December 31, 2019 December 31, 2018 Trade accounts receivable $ 185,156 $ 74,551 Short-term contract liabilities (deferred revenue) $ (631 ) $ (300 ) Short-term contract liabilities (accounts payable) $ (255,193 ) $ — |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | The following table summarizes the Company's investments in marketable securities for the year ended December 31, 2018: December 31, 2018 Maturity Gross Amortized Cost Total Unrealized Gains Total Unrealized Losses Fair Value Commercial paper Within one year $ 22,886 $ — $ (14 ) $ 22,872 Corporate bonds Within one year 28,074 — (14 ) 28,060 Total $ 50,960 $ — $ (28 ) $ 50,932 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories consist of the following at December 31: 2019 2018 Raw materials $ 57,818 $ 40,348 Work in process 3,605 3,840 Finished goods 100,006 124,712 Total $ 161,429 $ 168,900 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Loss on Discontinued Operations and Balance Sheet Reconciliation | Loss on Discontinued Operations: Discontinued Operations For the years ended December 31, 2019 2018 2017 Other revenues $ 1,786 $ 5,856 $ 3,588 Other costs of goods sold (2,200 ) (4,697 ) (4,360 ) Research and development expense (8,056 ) (15,152 ) (11,673 ) Other income (expense), net 53 13,907 (355 ) Loss on sale of assets (1,250 ) — — Pre-tax loss from discontinued operations (9,667 ) (86 ) (12,800 ) Pre-tax impairment loss on assets classified as held for sale — (11,226 ) — Income tax expense — — — Loss on discontinued operations $ (9,667 ) $ (11,312 ) $ (12,800 ) Reconciliation of the Carrying Amounts of Major Classes of Assets and Liabilities Included in Assets and Liabilities Held for Sale: 2019 2018 Machinery and equipment, net $ — $ 824 In-process research and development — 13,652 Impairment loss recognized on assets classified as held for sale — (11,226 ) Total assets classified as held for sale $ — $ 3,250 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment | Company's owned property, plant and equipment consists of the following at December 31: 2019 2018 Land $ 10,037 $ 10,649 Building and improvements 152,336 148,055 Leasehold improvements 11,692 11,364 Machinery and equipment 586,327 584,490 760,392 754,558 Accumulated depreciation (238,427 ) (205,537 ) 521,965 549,021 Construction in process 62,612 41,702 Total $ 584,577 $ 590,723 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Components of Intangible assets | Amortizing intangible assets consist of the following at December 31: December 31, 2019 Cost Accumulated Amortization Net Raw material supply agreement $ 6,230 $ (3,368 ) $ 2,862 Renewable diesel technology 8,300 (3,089 ) 5,211 Acquired customer relationships 4,747 (1,535 ) 3,212 Other intangible assets 904 (171 ) 733 Total intangible assets $ 20,181 $ (8,163 ) $ 12,018 December 31, 2018 Cost Accumulated Amortization Net Raw material supply agreement $ 6,230 $ (2,866 ) $ 3,364 Renewable diesel technology 8,300 (2,536 ) 5,764 Acquired customer relationships 4,747 (976 ) 3,771 Other intangible assets 904 (157 ) 747 Total intangible assets $ 20,181 $ (6,535 ) $ 13,646 |
Estimated amortization expense | Estimated amortization expense for fiscal years ended December 31 is as follows: 2020 $ 1,682 2021 1,688 2022 1,681 2023 1,688 2024 1,695 Thereafter 3,584 Total $ 12,018 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Summary of prepaid expense and other current assets | Prepaid expenses and other current assets consist of the following at December 31: 2019 2018 Commodity derivatives and related collateral, net $ 6,140 $ 13,799 Prepaid expenses 16,082 19,328 Deposits 3,519 2,123 RIN inventory 2,137 2,000 Taxes receivable 5,115 2,991 Other 2,480 928 Total $ 35,473 $ 41,169 |
Summary of other noncurrent assets | Other noncurrent assets consist of the following at December 31: 2019 2018 Investments $ 19,205 $ 13,053 Spare parts inventory 2,610 2,680 Catalysts 1,274 1,989 Deposits 552 381 Other 2,874 3,167 Total $ 26,515 $ 21,270 |
Accrued Expenses and Other Li_2
Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accrued Liabilities [Abstract] | |
Summary of accrued expenses and other liabilities | Accrued expenses and other liabilities consist of the following at December 31: 2019 2018 Accrued property taxes $ 1,717 $ 1,534 Accrued employee compensation 21,315 17,226 Accrued interest 1,708 383 Contingent consideration, current portion — 9,861 Unfavorable lease obligation, current portion — 1,129 Tax payable 15,240 4,473 Other 796 650 Total $ 40,776 $ 35,256 |
Summary of other noncurrent liabilities | Other noncurrent liabilities consist of the following at December 31: 2019 2018 Unfavorable lease obligation $ — $ 2,259 Straight-line lease liability — 1,439 Asset retirement obligations 691 640 Other 814 996 Total $ 1,505 $ 5,334 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Company's borrowings | The Company’s term debt at December 31 is as follows: 2019 2018 2.75% Convertible Senior Notes, matured and paid in June 2019 $ — $ 66,361 4.00% Convertible Senior Notes, $89,627 face amount, due in June 2036 69,668 75,477 REG Danville term loan, secured, variable interest rate of LIBOR plus 4%, due in July 2022 6,468 8,964 REG Ralston term loan, variable interest rate of LIBOR plus 2.25%, due in October 2025 15,980 18,948 REG Grays Harbor term loan, variable interest of minimum 3.5% or Prime Rate plus 0.25%, due in May 2022 6,966 8,828 REG Capital term loan, fixed interest rate of 3.99%, due in January 2028 6,929 7,185 Other 33 54 Total debt before debt issuance costs 106,044 185,817 Less: Current portion of long-term debt 77,131 149,006 Less: Debt issuance costs (net of accumulated amortization of $1,139 and $3,873, respectively) 2,783 3,390 Total long-term debt $ 26,130 $ 33,421 |
Summary of company's revolving borrowings | The following table shows the Company's lines of credit: 2019 2018 Total revolving loans (current) $ 76,990 $ 14,250 Maximum remaining available to be borrowed under revolving lines of credit $ 101,485 $ 114,889 |
Summary of maturities of the term borrowings | Maturities of the term debt, including the convertible notes, are as follows for the years ending December 31: 2020 $ 77,131 2021 7,560 2022 5,989 2023 3,875 2024 3,476 Thereafter 8,013 Total term debt 106,044 Less: current portion 77,131 Total long-term debt before debt issuance costs $ 28,913 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income tax benefit (expense) | Income tax benefit (expense) related to continuing operations for the years ended December 31 is as follows: 2019 2018 2017 Current income tax benefit (expense) State $ (12 ) $ (118 ) $ (45 ) Foreign (33 ) (292 ) 421 (45 ) (410 ) 376 Deferred income tax benefit (expense) Federal (8,302 ) (12,878 ) 22,619 State 1,838 (2,851 ) 10,282 Foreign 1,494 2,914 2,674 Change in enacted tax rates — — (123,289 ) Net operating loss carryforwards created 68,344 26,058 17,466 63,374 13,243 (70,248 ) Income tax benefit (expense) before valuation allowances 63,329 12,833 (69,872 ) Deferred tax valuation allowances (62,759 ) (18,704 ) 100,362 Income tax benefit (expense) $ 570 $ (5,871 ) $ 30,490 |
Effective income tax rate continuing operations tax rate reconciliation | A reconciliation of the reported amount of income tax expense to the amount computed by applying the statutory federal income tax rate to earnings before income taxes from continuing operations is as follows: 2019 2018 2017 U.S. Federal income tax expense at statutory rates of 21, 21 and 35 percent, respectively $ (81,724 ) $ (62,619 ) $ 38,349 State taxes, net of federal income tax benefit 12,342 1,618 8,160 Tax position on government incentives 127,950 72,244 9,402 Change in enacted tax rates — — (123,289 ) Research & development tax credit 2,703 — — Unrecognized tax benefits (24 ) (272 ) — Other 2,082 1,862 (2,494 ) Total benefit (expense) for income taxes before valuation allowances 63,329 12,833 (69,872 ) Valuation allowances (62,759 ) (18,704 ) 100,362 Total benefit (expense) for income taxes $ 570 $ (5,871 ) $ 30,490 |
Tax effects of temporary differences that give rise to the Company's deferred tax assets and liabilities | The tax effects of temporary differences that give rise to the Company’s deferred tax assets and liabilities at December 31 are as follows: 2019 2018 Deferred Tax Assets: Net operating loss carryforwards $ 348,734 $ 278,867 Goodwill 17,028 20,067 Capitalized research and development — 8,650 Stock-based compensation 3,805 3,447 Interest expense carryforward 4,877 2,940 Tax credit carryforwards 4,330 1,597 Leases 11,364 — Intangibles 1,530 — Risk management unrealized loss 131 — Accrued compensation 4,285 3,318 Inventory capitalization 2,442 1,921 Other 4,589 3,133 Deferred tax assets 403,115 323,940 Deferred Tax Liabilities: Property, plant and equipment (41,769 ) (38,324 ) Leases (9,459 ) — Convertible debt (5,213 ) (5,648 ) Risk management unrealized gain — (2,649 ) Intangibles — 949 Prepaid expenses (2,106 ) (1,688 ) Deferred revenue — (583 ) Other (1,086 ) (773 ) Deferred tax liabilities (59,633 ) (48,716 ) Net deferred tax assets 343,482 275,224 Valuation allowance (350,457 ) (283,634 ) Net deferred tax liabilities $ (6,975 ) $ (8,410 ) |
Valuation allowance for deferred tax assets | Activity regarding the valuation allowance for deferred tax assets was as follows: 2019 2018 2017 Beginning of year balance $ 283,634 $ 265,362 $ 365,035 Changes in valuation allowance charged to income 65,284 18,704 36,639 Change in enacted tax rates — — (137,001 ) Foreign currency translation (164 ) (440 ) 689 Change in valuation allowance charged to OCI (7 ) 8 — Change in valuation allowance charged to equity 1,710 — — End of year balance $ 350,457 $ 283,634 $ 265,362 |
Reconciliation of total amounts of unrecognized tax benefits | A reconciliation of the total amounts of unrecognized tax benefits at December 31 is as follows: 2019 2018 2017 Beginning of year balance $ 2,028 $ 1,771 $ 1,900 Increases to tax positions expected to be taken 732 — — Increases to tax positions taken during prior years 24 272 — Decreases to tax positions taken during prior years — — (129 ) Foreign currency translation (7 ) (15 ) — End of year balance $ 2,777 $ 2,028 $ 1,771 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Summary about the Company's Common Stock restricted stock units granted, vested, exercised and forfeited | The following table summarizes information about the Company’s Common Stock RSU’s granted, vested, exercised and forfeited: Number of Awards Weighted Average Issue Price Awards outstanding - January 1, 2017 859,251 $ 11.73 Issued 360,741 $ 11.91 Vested and restriction lapsed (204,198 ) $ 11.05 Forfeited (127,403 ) $ 10.04 Awards outstanding - December 31, 2017 888,391 $ 12.12 Issued 425,150 $ 13.23 Vested and restriction lapsed (225,339 ) $ 10.52 Forfeited (65,928 ) $ 10.52 Awards outstanding - December 31, 2018 1,022,274 $ 13.04 Issued 277,711 $ 21.76 Vested and restriction lapsed (425,041 ) $ 9.79 Forfeited (89,779 ) $ 11.85 Awards outstanding - December 31, 2019 785,165 $ 18.02 |
Summary about the Company's Common Stock performance restricted stock units granted, vested, exercised and forfeited | The following table summarizes information about the Company’s Common Stock PRSU’s granted, vested, exercised and forfeited: Number of Awards Weighted Average Issue Price Awards outstanding -January 1, 2017 234,840 $ 9.15 Issued 270,765 $ 11.79 Vested and restriction lapsed (87,622 ) $ 11.75 Forfeited (62,865 ) $ 9.48 Awards outstanding - December 31, 2017 355,118 $ 10.46 Issued 171,580 $ 9.63 Vested and restriction lapsed (292,963 ) $ 8.45 Forfeited (25,650 ) $ 9.83 Awards outstanding - December 31, 2018 208,085 $ 12.68 Issued 148,118 $ 19.31 Vested and restriction lapsed (25,000 ) $ 9.17 Forfeited (8,739 ) $ 12.90 Awards outstanding - December 31, 2019 322,464 $ 15.99 |
Summary about the stock appreciate rights granted, forfeited, vested and exercisable | The following table summarizes information about SARs granted, forfeited, vested and exercisable: Number of SAR’s Weighted Average Exercise Price Weighted Average Contractual Term SAR's outstanding - January 1, 2017 2,508,015 $ 10.22 Granted — $ — Exercised (700,765 ) $ 10.36 Forfeited (105,981 ) $ 9.66 SAR's outstanding - December 31, 2017 1,701,269 $ 10.20 5.7 years Granted — $ — Exercised (610,541 ) $ 10.13 Forfeited (54,051 ) $ 11.08 SAR's outstanding - December 31, 2018 1,036,677 $ 10.19 4.7 years Granted — $ — Exercised (85,652 ) $ 10.54 Forfeited (50,723 ) $ 10.82 SAR's outstanding - December 31, 2019 900,302 $ 10.12 3.8 years SAR's exercisable - December 31, 2019 879,494 $ 10.16 3.8 years SAR's expected to vest - December 31, 2019 20,808 $ 8.57 3.8 years |
Assumptions for Black-Scholes options pricing model/Estimated fair value of SAR grant using Black-Scholes options pricing model | The fair value of each SAR grant is estimated using the Black-Scholes option-pricing model as set forth in the table below: 2019 2018 2017 The weighted average fair value of stock appreciation rights issued (per unit) $2.79 - $3.74 $2.79 - $3.74 $2.79 - $3.74 Dividend yield —% —% —% Weighted average risk-free interest rate 1.1% - 1.4% 1.1% - 1.4% 1.1% - 1.4% Weighted average expected volatility 40% 40% 40% Expected life in years 6.25 6.25 6.25 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases, Operating [Abstract] | |
Lease Expense and Effect on Cash Flows | The following table summarizes information about the Company's lease expense for the year ended December 31, 2019: December 31, 2019 Lease expense: Operating lease expenses $ 22,590 Variable lease expenses 1,237 Short-term and other lease expenses 1,305 Total lease expense $ 25,132 |
Schedule of Maturities of Operating Leases | For each of the next five calendar years and thereafter, future minimum lease payments and scheduled maturities under operating leases that have initial or remaining noncancelable lease terms in excess of one year are as follows: Total payments Less: Discount Operating lease obligation 2020 $ 17,252 $ 1,562 $ 15,690 2021 13,953 1,089 12,864 2022 4,667 719 3,948 2023 3,525 573 2,952 2024 2,082 475 1,607 2025 and thereafter 11,608 2,566 9,042 Total $ 53,087 $ 6,984 $ 46,103 |
Future minimum lease payments under operating leases | As the Company has not restated prior-year information for its adoption of ASC Topic 842, the following presents the Company's future minimum lease payments for operating leases under ASC Topic 840 at December 31, 2018: Total Payments 2019 $ 20,326 2020 14,063 2021 10,643 2022 3,162 2023 2,406 2024 and thereafter 13,736 Total minimum payments $ 64,336 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 Consolidated Balance Sheets: December 31, 2019 December 31, 2018 Assets Liabilities Assets Liabilities Gross amounts of commodity derivative contracts recognized at fair value $ 1,633 $ 4,749 $ 11,843 $ 1,799 Cash collateral 9,256 — 3,755 — Total gross amount recognized 10,889 4,749 15,598 1,799 Gross amounts offset (4,749 ) (4,749 ) (1,799 ) (1,799 ) Net amount reported in the Consolidated Balance Sheets $ 6,140 $ — $ 13,799 $ — |
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 Consolidated Statements of Operations: Location of Gain (Loss) 2019 2018 2017 Commodity derivatives Cost of goods sold – Biomass-based diesel $ (28,898 ) $ 18,399 $ (23,437 ) |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Assets (liabilities) measured at fair value | A summary of assets (liabilities) measured at fair value, excluding assets held for sale, is as follows: As of December 31, 2019 Total Level 1 Level 2 Level 3 Commodity contract derivatives $ (3,116 ) $ (84 ) $ (3,032 ) $ — As of December 31, 2018 Total Level 1 Level 2 Level 3 Commercial paper $ 22,872 $ — $ 22,872 $ — Corporate bonds $ 28,060 — 28,060 — Commodity contract derivatives $ 10,044 499 9,545 — Contingent consideration for acquisitions $ (9,861 ) — — (9,861 ) $ 51,115 $ 499 $ 60,477 $ (9,861 ) |
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 2019 2018 Balance at beginning of period, January 1 $ 9,861 $ 20,485 Fair value of contingent consideration at measurement date — 482 Change in estimates included in earnings 566 1,117 Settlements (10,427 ) (12,223 ) Balance at end of period, December 31 $ — $ 9,861 |
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 December 31: 2019 2018 Asset (Liability) Carrying Amount Estimated Fair Value Asset (Liability) Carrying Amount Estimated Fair Value Financial Liabilities: Debt and lines of credit $ (183,034 ) $ (338,482 ) $ (200,067 ) $ (410,564 ) |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Dilutive weighted average securities were excluded from the calculation of diluted net income (loss) per share attributable to common stockholders during the periods | The following potentially dilutive weighted average securities were excluded from the calculation of diluted net income (loss) per share attributable to common stockholders during the periods presented, as the effect was anti-dilutive: Year Ended December 31, 2019 2018 2017 Stock appreciation rights — — 622,633 2019 Convertible Senior Notes — — 5,567,112 2036 Convertible Senior Notes — — 14,106,725 Total — — 20,296,470 |
Calculation of diluted net income per share | The following table presents the calculation of diluted net income (loss) from continuing operations per share: 2019 2018 2017 Net income (loss) from continuing operations available to common stockholders - Basic $ 381,112 $ 295,804 $ (66,279 ) Plus (less): effect of participating securities 8,619 7,824 — Net income (loss) available to common stockholders 389,731 303,628 (66,279 ) Less: effect of participating securities (8,619 ) (7,824 ) — Net income (loss) from continuing operations available to common stockholders - Diluted $ 381,112 $ 295,804 $ (66,279 ) Net loss from discontinued operations available to common stockholders - Basic $ (9,667 ) $ (11,312 ) $ (12,800 ) Plus (less): effect of participating securities — — — Net loss available to common stockholders (9,667 ) (11,312 ) (12,800 ) Less: effect of participating securities — — — Net loss from discontinued operations available to common stockholders - Diluted $ (9,667 ) $ (11,312 ) $ (12,800 ) Net income (loss) available to common stockholders - Basic $ 371,659 $ 284,783 $ (79,079 ) Plus (less): effect of participating securities 8,405 7,533 — Net income (loss) available to common stockholders 380,064 292,316 (79,079 ) Less: effect of participating securities (8,405 ) (7,533 ) — Net income (loss) available to common stockholders - Diluted $ 371,659 $ 284,783 $ (79,079 ) Net income (loss) available to common stockholders - Diluted Weighted-average shares used to compute basic net income (loss) per share 38,288,610 37,687,552 38,731,015 Adjustment to reflect conversion of convertible notes 3,589,065 5,416,043 — Adjustment to reflect stock appreciation right conversions 443,305 550,125 — Weighted-average shares used to compute diluted net income (loss) per share 42,320,980 43,653,720 38,731,015 Net income (loss) per share available to common stockholders - Diluted Continuing operations $ 9.01 $ 6.78 $ (1.71 ) Discontinued operations $ (0.25 ) $ (0.30 ) $ (0.33 ) Diluted net income (loss) $ 8.78 $ 6.52 $ (2.04 ) |
Reportable Segments and Geogr_2
Reportable Segments and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment for the results of operations | The following table represents the significant items by reportable segment: 2019 2018 2017 Net sales from continuing operations: Biomass-based Diesel $ 2,380,736 $ 2,157,897 $ 2,039,982 Services 99,086 93,347 103,215 Corporate and other 270,326 249,152 213,500 Intersegment revenues (108,755 ) (117,409 ) (202,042 ) $ 2,641,393 $ 2,382,987 $ 2,154,655 Income (loss) from continuing operations before income taxes Biomass-based diesel $ 388,484 $ 314,727 $ (63,925 ) Services 6,092 4,863 2,899 Corporate and other (5,415 ) (10,091 ) (35,743 ) $ 389,161 $ 309,499 $ (96,769 ) Depreciation and amortization expense, net: Biomass-based diesel $ 54,513 $ 32,558 $ 31,011 Services 2,479 1,658 1,092 Corporate and other 1,763 3,026 3,265 $ 58,755 $ 37,242 $ 35,368 Cash paid for purchases of property, plant and equipment: Biomass-based diesel $ 40,567 $ 41,906 $ 60,734 Services 1,840 4,300 3,826 Corporate and other 111 247 2,997 $ 42,518 $ 46,453 $ 67,557 2019 2018 Goodwill: Services $ 16,080 $ 16,080 Assets: Biomass-based diesel $ 1,711,870 $ 914,843 Services 69,144 63,720 Corporate and other 425,602 379,658 Intersegment eliminations (421,267 ) (254,375 ) Assets held for sale — 3,250 $ 1,785,349 $ 1,107,096 |
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 subsidiaries making the sale and long-lived assets based on physical location. Long-lived assets represent the net book value of property, plant and equipment. 2019 2018 2017 Revenues: United States $ 2,382,901 $ 2,207,286 $ 1,957,715 International 258,492 175,701 196,940 $ 2,641,393 $ 2,382,987 $ 2,154,655 2019 2018 Property, Plant and Equipment: United States $ 562,165 $ 571,045 International 22,412 19,678 $ 584,577 $ 590,723 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contractual Obligation, Fiscal Year Maturity Schedule | The following table outlines the minimum take or pay requirement related to the purchase of hydrogen, nitrogen, and utilities. 2020 $ 3,298 2021 2,976 2022 2,976 2023 2,976 2024 863 Total $ 13,089 |
Supplemental Quarterly Inform_2
Supplemental Quarterly Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Significant items for the results of operations on a quarterly basis | The following table represents the significant items for the results of operations on a quarterly basis for the years ended December 31, 2019 and 2018 : Three Months Three Months Three Months Three Months Revenues from continuing operations $ 478,209 $ 560,643 $ 584,372 $ 1,018,169 Gross profit (loss) from continuing operations (12,792 ) (26,772 ) 24,076 545,557 Selling, general, and administrative expenses including research and development expense 25,354 27,041 24,762 41,052 Impairment of property, plant and equipment — 468 11,145 595 Income (loss) from operations (38,146 ) (54,281 ) (11,831 ) 503,910 Other expense, net (3,671 ) (3,444 ) (2,551 ) (825 ) Net income (loss) from continuing operations (41,387 ) (57,635 ) (13,753 ) 502,506 Net income (loss) from discontinued operations (2,017 ) (4,462 ) (2,193 ) (995 ) Net income $ (43,404 ) $ (62,097 ) $ (15,946 ) $ 501,511 Net income (loss) from continuing operations available to common stockholders $ (41,387 ) $ (57,635 ) $ (13,753 ) $ 492,556 Net income (loss) from discontinued operations available to common stockholders $ (2,017 ) $ (4,462 ) $ (2,193 ) $ (995 ) Basic net income (loss) per share available to common stockholders: Continuing operations $ (1.11 ) $ (1.52 ) $ (0.35 ) $ 12.64 Discontinued operations $ (0.05 ) $ (0.12 ) $ (0.06 ) $ (0.03 ) Net income (loss) per share $ (1.16 ) $ (1.64 ) $ (0.41 ) $ 12.62 Diluted net income (loss) per share available to common stockholders: Continuing operations $ (1.11 ) $ (1.52 ) $ (0.35 ) $ 11.52 Discontinued operations $ (0.05 ) $ (0.12 ) $ (0.06 ) $ (0.03 ) Net income (loss) $ (1.16 ) $ (1.64 ) $ (0.41 ) $ 11.50 Three Months Three Months Three Months Three Months Revenues from continuing operations $ 688,002 $ 578,900 $ 596,324 $ 519,761 Gross profit loss from continuing operations 249,455 57,514 51,159 61,863 Selling, general, and administrative expenses including research and development expense 32,688 24,539 21,933 27,579 Impairment of property, plant and equipment — — — 879 Income from operations 216,767 32,975 29,226 33,405 Other income (expense), net (128 ) (96 ) (2,900 ) 250 Net income from continuing operations 217,844 29,042 25,472 31,270 Net income (loss) from discontinued operations (3,455 ) 4,808 (469 ) (12,196 ) Net income $ 214,389 $ 33,850 $ 25,003 $ 19,074 Net income from continuing operations available to common stockholders $ 212,608 $ 28,277 $ 24,799 $ 30,448 Net income (loss) from discontinued operations available to common stockholders $ (3,455 ) $ 4,681 $ (469 ) $ (12,197 ) Basic net income (loss) per share available to common stockholders: Continuing operations $ 5.48 $ 0.76 $ 0.67 $ 0.82 Discontinued operations $ (0.09 ) $ 0.13 $ (0.01 ) $ (0.33 ) Net income per share $ 5.39 $ 0.88 $ 0.65 $ 0.50 Diluted net income (loss) per share available to common stockholders: Continuing operations $ 5.38 $ 0.67 $ 0.55 $ 0.66 Discontinued operations $ (0.09 ) $ 0.11 $ (0.01 ) $ (0.33 ) Net income per share $ 5.30 $ 0.78 $ 0.53 $ 0.40 |
Organization, Presentation, a_2
Organization, Presentation, and Nature of the Business - (Details) gal in Millions | 12 Months Ended | |
Dec. 31, 2019facilitygal | Aug. 31, 2019gal | |
Class of Stock [Line Items] | ||
Number of biorefineries | 13 | |
Number of operating biodiesel production facilities | 12 | |
Production capacity per year | gal | 505 | |
Number of fermentation facilities | 1 | |
Number of multi-feedstock capable plants | 10 | |
REG New Boston | ||
Class of Stock [Line Items] | ||
Production capacity per year | gal | 15 | |
North America | ||
Class of Stock [Line Items] | ||
Number of biorefineries | 11 | |
Europe | ||
Class of Stock [Line Items] | ||
Number of biorefineries | 2 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - (Details Textual) | Jun. 15, 2019shares | Jun. 02, 2016USD ($) | Jan. 31, 2020USD ($) | Jun. 30, 2019shares | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2019USD ($)renewable_identification_number | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jan. 31, 2019USD ($) | Jan. 01, 2019USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2014USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Current restricted cash | $ 3,000,000 | $ 3,000,000 | $ 0 | $ 3,000,000 | $ 3,000,000 | $ 0 | ||||||||||||||
Receivable related to the reinstatement of the BTC | 858,922,000 | 74,551,000 | 858,922,000 | 74,551,000 | ||||||||||||||||
Gain on involuntary conversion | 0 | 4,457,000 | 5,329,000 | |||||||||||||||||
Capitalization of interest incurred on debt during construction | 0 | 360,000 | 301,000 | 0 | 360,000 | 301,000 | ||||||||||||||
Impairment of goodwill | 0 | 0 | ||||||||||||||||||
Impairment of property, plant and equipment, net | 595,000 | $ 11,145,000 | $ 468,000 | $ 0 | 879,000 | $ 0 | $ 0 | $ 0 | 12,208,000 | 879,000 | 49,873,000 | |||||||||
Impairment charges due to deteriorating physical condition | 5,224,000 | |||||||||||||||||||
Gain on debt extinguishment | $ 488,000 | 6,297,000 | 0 | |||||||||||||||||
Shares covered by rebalancing call options (in shares) | 100.00% | |||||||||||||||||||
Termination of capped call options (in shares) | shares | 625,558 | |||||||||||||||||||
Advertising and promotional expenses | $ 2,795,000 | 1,989,000 | 2,140,000 | |||||||||||||||||
Matching contributions | 50.00% | |||||||||||||||||||
Participants eligible earnings | 6.00% | |||||||||||||||||||
Total expense related to the Company's defined contribution plan | $ 1,815,000 | 1,588,000 | 1,367,000 | |||||||||||||||||
Cash, coverage by U.S. FDIC | 250,000 | 250,000 | ||||||||||||||||||
Retained earnings | $ (800,792,000) | (427,244,000) | $ (800,792,000) | (427,244,000) | ||||||||||||||||
Accounting Standards Update 2016-02 | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Retained earnings | $ 6,516,000 | |||||||||||||||||||
December 2017 Program | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Security repurchase program, amount authorized to be repurchased | 75,000,000 | 75,000,000 | ||||||||||||||||||
June 2018 Program | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Security repurchase program, amount authorized to be repurchased | $ 75,000,000 | |||||||||||||||||||
January 2019 Program | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Security repurchase program, amount authorized to be repurchased | $ 75,000,000 | |||||||||||||||||||
Convertible Senior Notes | 2019 Convertible Notes | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Face amount | $ 143,800,000 | |||||||||||||||||||
Interest rate | 2.75% | 2.75% | 2.75% | |||||||||||||||||
Convertible Notes Repurchases | $ 0 | 6,689,000 | ||||||||||||||||||
Convertible Notes Repurchases, Principal Amount | 0 | 6,311,000 | ||||||||||||||||||
Settlement of convertible notes conversion premium (in shares) | shares | 1,902,781 | |||||||||||||||||||
Termination of capped call options (in shares) | shares | 625,558 | |||||||||||||||||||
Convertible Senior Notes | 2019 Convertible Notes | December 2017 Program | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Convertible Notes Repurchases | 6,689,000 | |||||||||||||||||||
Convertible Senior Notes | 2019 Convertible Notes | June 2018 Program | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Convertible Notes Repurchases | 0 | 0 | ||||||||||||||||||
Convertible Senior Notes | 2019 Convertible Notes | January 2019 Program | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Convertible Notes Repurchases | 0 | |||||||||||||||||||
Convertible Senior Notes | 2036 Convertible Notes | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Face amount | $ 152,000,000 | $ 152,000,000 | ||||||||||||||||||
Interest rate | 4.00% | 4.00% | ||||||||||||||||||
Convertible Notes Repurchases | $ 147,118,000 | 14,638,000 | 110,828,000 | |||||||||||||||||
Convertible Notes Repurchases, Principal Amount | 6,673,000 | 55,700,000 | ||||||||||||||||||
Reflecting conversion premium, after tax | $ 9,715,000 | $ 70,011,000 | 9,715,000 | 70,011,000 | ||||||||||||||||
Gain on debt extinguishment | (488,000) | (6,065,000) | ||||||||||||||||||
Convertible Senior Notes | 2036 Convertible Notes | December 2017 Program | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Convertible Notes Repurchases | 43,263,000 | |||||||||||||||||||
Convertible Senior Notes | 2036 Convertible Notes | June 2018 Program | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Convertible Notes Repurchases | 7,435,000 | 67,565,000 | ||||||||||||||||||
Convertible Senior Notes | 2036 Convertible Notes | January 2019 Program | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Convertible Notes Repurchases | 7,203,000 | |||||||||||||||||||
Convertible Senior Notes | 2036 Convertible Notes | Subsequent Event | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Convertible Notes Repurchases | $ 9,402,000 | |||||||||||||||||||
Madison | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Estimated impaired fixed assets | $ 2,671,000 | |||||||||||||||||||
Insurance recoveries | 12,454,000 | |||||||||||||||||||
Proceeds from business interruption insurance | $ 9,484,000 | |||||||||||||||||||
Gain on involuntary conversion | $ 4,454,000 | |||||||||||||||||||
Services | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Minimum percentage increase in fair value of each of the reporting units over its carrying value through annual impairment test | 5.00% | |||||||||||||||||||
REG New Boston | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Impairment of property, plant and equipment, net | $ 11,145,000 | |||||||||||||||||||
New Orleans | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Impairment of property, plant and equipment, net | $ 44,649,000 | |||||||||||||||||||
Minimum | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
RINs per gallon | renewable_identification_number | 1.5 | |||||||||||||||||||
Allowed RINs per gallon | renewable_identification_number | 0 | |||||||||||||||||||
Maximum | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
RINs per gallon | renewable_identification_number | 1.7 | |||||||||||||||||||
Allowed RINs per gallon | renewable_identification_number | 2.5 | |||||||||||||||||||
Biodiesel Mixture Excise Tax Credit | United States Federal Goverment [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Receivable related to the reinstatement of the BTC | 672,627,000 | $ 672,627,000 | ||||||||||||||||||
Biodiesel Mixture Excise Tax Credit | Customers [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Receivable related to the reinstatement of the BTC | $ 109,406,000 | $ 109,406,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 50,436 | $ 123,575 | $ 77,627 | |
Restricted cash | 3,000 | 3,000 | 0 | |
Total cash, cash equivalents and restricted cash shown in the statement of cash flow | $ 53,436 | $ 126,575 | $ 77,627 | $ 120,210 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Automobiles and trucks | |
Estimated useful lives | |
Estimated useful lives | 5 years |
Computers and office equipment | |
Estimated useful lives | |
Estimated useful lives | 5 years |
Office furniture and fixtures | |
Estimated useful lives | |
Estimated useful lives | 7 years |
Machinery and equipment | Minimum | |
Estimated useful lives | |
Estimated useful lives | 5 years |
Machinery and equipment | Maximum | |
Estimated useful lives | |
Estimated useful lives | 30 years |
Leasehold improvements | |
Estimated useful lives | |
Estimated useful lives | 30 years |
Buildings and improvements | Minimum | |
Estimated useful lives | |
Estimated useful lives | 30 years |
Buildings and improvements | Maximum | |
Estimated useful lives | |
Estimated useful lives | 40 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Share Repurchases (Details) - USD ($) $ in Thousands | Jun. 02, 2016 | Dec. 31, 2019 | Dec. 31, 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 | |
June 2018 Program | |||
Equity, Class of Treasury Stock [Line Items] | |||
Repurchases of shares of common stock | 0 | 0 | |
January 2019 Program | |||
Equity, Class of Treasury Stock [Line Items] | |||
Repurchases of shares of common stock | 0 | ||
December 2017 Program | |||
Equity, Class of Treasury Stock [Line Items] | |||
Repurchases of shares of common stock | 25,048 | ||
Convertible Senior Notes | 2019 Convertible Notes | |||
Equity, Class of Treasury Stock [Line Items] | |||
Convertible Notes Repurchases, Principal Amount | 0 | 6,311 | |
Convertible Notes Repurchases | 0 | 6,689 | |
Convertible Senior Notes | 2019 Convertible Notes | June 2018 Program | |||
Equity, Class of Treasury Stock [Line Items] | |||
Convertible Notes Repurchases | 0 | 0 | |
Convertible Senior Notes | 2019 Convertible Notes | January 2019 Program | |||
Equity, Class of Treasury Stock [Line Items] | |||
Convertible Notes Repurchases | 0 | ||
Convertible Senior Notes | 2019 Convertible Notes | December 2017 Program | |||
Equity, Class of Treasury Stock [Line Items] | |||
Convertible Notes Repurchases | 6,689 | ||
Convertible Senior Notes | 2036 Convertible Notes | |||
Equity, Class of Treasury Stock [Line Items] | |||
Convertible Notes Repurchases, Principal Amount | 6,673 | 55,700 | |
Convertible Notes Repurchases | $ 147,118 | 14,638 | 110,828 |
Convertible Senior Notes | 2036 Convertible Notes | June 2018 Program | |||
Equity, Class of Treasury Stock [Line Items] | |||
Convertible Notes Repurchases | 7,435 | 67,565 | |
Convertible Senior Notes | 2036 Convertible Notes | January 2019 Program | |||
Equity, Class of Treasury Stock [Line Items] | |||
Convertible Notes Repurchases | $ 7,203 | ||
Convertible Senior Notes | 2036 Convertible Notes | December 2017 Program | |||
Equity, Class of Treasury Stock [Line Items] | |||
Convertible Notes Repurchases | $ 43,263 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues from contracts with customers | $ 1,975,001 | $ 2,015,497 | |||||||||
Biomass-based diesel government incentives | 666,392 | 367,490 | |||||||||
Total revenues | $ 1,018,169 | $ 584,372 | $ 560,643 | $ 478,209 | $ 519,761 | $ 596,324 | $ 578,900 | $ 688,002 | 2,641,393 | 2,382,987 | $ 2,154,655 |
Biomass-based Diesel | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues from contracts with customers | 1,714,344 | 1,790,407 | |||||||||
Biomass-based diesel government incentives | 666,392 | 367,490 | |||||||||
Total revenues | 2,380,736 | 2,157,897 | |||||||||
Services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues from contracts with customers | 99,086 | 93,347 | |||||||||
Biomass-based diesel government incentives | 0 | 0 | |||||||||
Total revenues | 99,086 | 93,347 | |||||||||
Corporate and other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues from contracts with customers | 270,326 | 249,152 | |||||||||
Biomass-based diesel government incentives | 0 | 0 | |||||||||
Total revenues | 270,326 | 249,152 | $ 213,500 | ||||||||
Intersegment Revenues | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues from contracts with customers | (108,755) | (117,409) | |||||||||
Biomass-based diesel government incentives | 0 | 0 | |||||||||
Total revenues | (108,755) | (117,409) | |||||||||
Biomass-based Diesel | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues from contracts with customers | 1,389,664 | 1,457,793 | |||||||||
Biomass-based Diesel | Biomass-based Diesel | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues from contracts with customers | 1,400,973 | 1,474,459 | |||||||||
Biomass-based Diesel | Services | |||||||||||
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 | (11,309) | (26,348) | |||||||||
Petroleum and blended petroleum diesel sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues from contracts with customers | 270,326 | 239,470 | |||||||||
Petroleum and blended petroleum diesel sales | Biomass-based Diesel | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues from contracts with customers | 0 | 0 | |||||||||
Petroleum and blended petroleum diesel sales | Services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues from contracts with customers | 0 | 0 | |||||||||
Petroleum and blended petroleum diesel sales | Corporate and other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues from contracts with customers | 270,326 | 239,470 | |||||||||
Petroleum and blended 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 | 215,086 | 178,053 | |||||||||
Other biomass-based diesel revenue | Biomass-based Diesel | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues from contracts with customers | 215,086 | 178,053 | |||||||||
Other biomass-based diesel revenue | Services | |||||||||||
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 | 98,285 | 137,895 | |||||||||
Separated RIN sales | Biomass-based Diesel | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues from contracts with customers | 98,285 | 137,895 | |||||||||
Separated RIN sales | Services | |||||||||||
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 | 1,640 | 2,286 | |||||||||
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 | 99,086 | 93,347 | |||||||||
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 | $ (97,446) | $ (91,061) |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Contract Balances (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Accounting Policies [Abstract] | |||
Trade accounts receivable | $ 185,156 | $ 74,551 | |
Short-term contract liabilities (deferred revenue) | (631) | (300) | $ (2,218) |
Short-term contract liabilities (accounts payable) | $ (255,193) | $ 0 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Significant Changes in Contract Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred revenue | ||
Beginning Balance | $ 300 | $ 2,218 |
Cash receipts (Payments) | 55,477 | 27,264 |
Less: Impact on Revenue | 55,146 | 29,179 |
Other | 0 | (3) |
Ending Balance | 631 | 300 |
Payables to customers related to BTC | ||
Beginning Balance | 0 | 0 |
Cash receipts (Payments) | 0 | (150,776) |
Less: Impact on Revenue | (255,193) | (144,944) |
Other | 0 | 5,832 |
Ending Balance | 255,193 | 0 |
Total | ||
Beginning Balance | 300 | 2,218 |
Cash receipts (Payments) | 55,477 | (123,512) |
Less: Impact on Revenue | (200,047) | (115,765) |
Other | 0 | 5,829 |
Ending Balance | $ 255,824 | $ 300 |
Stockholders' Equity of the C_2
Stockholders' Equity of the Company - (Details Textual) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Capital Stock | ||
Common stock, shares authorized (in shares) | 450,000,000 | |
Common Stock | Initial public offering | ||
Common stock, shares authorized (in shares) | 300,000,000 | |
Class A Common Stock | ||
Common stock, shares authorized (in shares) | 140,000,000 | |
Preferred Stock | ||
Preferred stock (in shares) | 10,000,000 | |
Series B Preferred Stock | ||
Preferred stock (in shares) | 3,000,000 |
Marketable Securities (Details)
Marketable Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Marketable Securities [Line Items] | ||
Gross Amortized Cost | $ 50,960 | |
Total Unrealized Gains | 0 | |
Total Unrealized Losses | (28) | |
Fair Value | $ 0 | 50,932 |
Commercial paper | ||
Marketable Securities [Line Items] | ||
Gross Amortized Cost | 22,886 | |
Total Unrealized Gains | 0 | |
Total Unrealized Losses | (14) | |
Fair Value | 22,872 | |
Corporate bonds | ||
Marketable Securities [Line Items] | ||
Gross Amortized Cost | 28,074 | |
Total Unrealized Gains | 0 | |
Total Unrealized Losses | (14) | |
Fair Value | $ 28,060 |
Inventories - (Details)
Inventories - (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Inventories | ||
Raw materials | $ 57,818 | $ 40,348 |
Work in process | 3,605 | 3,840 |
Finished goods | 100,006 | 124,712 |
Total | $ 161,429 | $ 168,900 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
May 31, 2019 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Loss on operations of discontinued operations | $ (9,667) | $ (86) | $ (12,800) | |||||||||
Impairment loss on assets classified as held for sale | 0 | (11,226) | 0 | |||||||||
Net loss from discontinuing operations | $ (995) | $ (2,193) | $ (4,462) | $ (2,017) | $ (12,196) | $ (469) | $ 4,808 | $ (3,455) | (9,667) | (11,312) | (12,800) | |
REG Life Sciences | Assets sold | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Impairment loss | (11,226) | |||||||||||
Other revenues | 1,786 | 5,856 | 3,588 | |||||||||
Other costs of goods sold | (2,200) | (4,697) | (4,360) | |||||||||
Research and development expense | (8,056) | (15,152) | (11,673) | |||||||||
Other income (expense), net | 53 | 13,907 | (355) | |||||||||
Loss on sale of assets | $ 1,250 | (1,250) | 0 | 0 | ||||||||
Loss on operations of discontinued operations | (9,667) | (86) | (12,800) | |||||||||
Impairment loss on assets classified as held for sale | 0 | (11,226) | 0 | |||||||||
Income tax expense | 0 | 0 | 0 | |||||||||
Net loss from discontinuing operations | (9,667) | (11,312) | $ (12,800) | |||||||||
Machinery and equipment, net | 0 | 824 | 0 | 824 | ||||||||
In-process research and development | 0 | 13,652 | 0 | 13,652 | ||||||||
Impairment loss recognized on assets classified as held for sale | 0 | (11,226) | 0 | (11,226) | ||||||||
Non-current assets held for sale | $ 0 | $ 3,250 | $ 0 | $ 3,250 |
Property, Plant and Equipment -
Property, Plant and Equipment - (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, plant and equipment | |||||||||||
Property, Plant and Equipment | $ 760,392 | $ 754,558 | $ 760,392 | $ 754,558 | |||||||
Accumulated depreciation | (238,427) | (205,537) | (238,427) | (205,537) | |||||||
Property plant and equipment net excluding construction in progress | 521,965 | 549,021 | 521,965 | 549,021 | |||||||
Construction in process | 62,612 | 41,702 | 62,612 | 41,702 | |||||||
Total | 584,577 | 590,723 | 584,577 | 590,723 | |||||||
Impairment of property, plant and equipment | 595 | $ 11,145 | $ 468 | $ 0 | 879 | $ 0 | $ 0 | $ 0 | 12,208 | 879 | $ 49,873 |
REG New Boston | |||||||||||
Property, plant and equipment | |||||||||||
Impairment of property, plant and equipment | 11,145 | ||||||||||
Land | |||||||||||
Property, plant and equipment | |||||||||||
Property, Plant and Equipment | 10,037 | 10,649 | 10,037 | 10,649 | |||||||
Buildings and improvements | |||||||||||
Property, plant and equipment | |||||||||||
Property, Plant and Equipment | 152,336 | 148,055 | 152,336 | 148,055 | |||||||
Leasehold improvements | |||||||||||
Property, plant and equipment | |||||||||||
Property, Plant and Equipment | 11,692 | 11,364 | 11,692 | 11,364 | |||||||
Machinery and equipment | |||||||||||
Property, plant and equipment | |||||||||||
Property, Plant and Equipment | $ 586,327 | $ 584,490 | $ 586,327 | $ 584,490 |
Intangible Assets - (Details)
Intangible Assets - (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Components of Intangible assets | ||
Cost | $ 20,181 | $ 20,181 |
Accumulated amortization | (8,163) | (6,535) |
Net | 12,018 | 13,646 |
Raw material supply agreement | ||
Components of Intangible assets | ||
Cost | 6,230 | 6,230 |
Accumulated amortization | (3,368) | (2,866) |
Net | 2,862 | 3,364 |
Renewable diesel technology | ||
Components of Intangible assets | ||
Cost | 8,300 | 8,300 |
Accumulated amortization | (3,089) | (2,536) |
Net | 5,211 | 5,764 |
Acquired customer relationships | ||
Components of Intangible assets | ||
Cost | 4,747 | 4,747 |
Accumulated amortization | (1,535) | (976) |
Net | 3,212 | 3,771 |
Other intangible assets | ||
Components of Intangible assets | ||
Cost | 904 | 904 |
Accumulated amortization | (171) | (157) |
Net | $ 733 | $ 747 |
Intangible Assets - (Details Te
Intangible Assets - (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Indefinite-lived Intangible Assets [Line Items] | |||
Amortization expense | $ 1,628 | $ 1,317 | $ 1,280 |
Raw material supply agreement | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Useful life | 15 years |
Intangible Assets - Estimated A
Intangible Assets - Estimated Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Estimated amortization expense | ||
2020 | $ 1,682 | |
2021 | 1,688 | |
2022 | 1,681 | |
2023 | 1,688 | |
2024 | 1,695 | |
Thereafter | 3,584 | |
Net | $ 12,018 | $ 13,646 |
Other Assets - (Details)
Other Assets - (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Summary of prepaid expense and other current assets | ||
Commodity derivatives and related collateral, net | $ 6,140 | $ 13,799 |
Prepaid expenses | 16,082 | 19,328 |
Deposits | 3,519 | 2,123 |
RIN inventory | 2,137 | 2,000 |
Taxes receivable | 5,115 | 2,991 |
Other | 2,480 | 928 |
Total | $ 35,473 | $ 41,169 |
Other Assets - (Details Textual
Other Assets - (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
RIN | ||
Inventory [Line Items] | ||
Inventory reduced to lower of cost or market | $ 0 | $ 630 |
Other Assets - Other Noncurrent
Other Assets - Other Noncurrent Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Summary of other noncurrent assets | ||
Investments | $ 19,205 | $ 13,053 |
Spare parts inventory | 2,610 | 2,680 |
Catalysts | 1,274 | 1,989 |
Deposits | 552 | 381 |
Other | 2,874 | 3,167 |
Total | $ 26,515 | $ 21,270 |
Accrued Expenses and Other Li_3
Accrued Expenses and Other Liabilities - (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Summary of accrued expenses and other liabilities | ||
Accrued property taxes | $ 1,717 | $ 1,534 |
Accrued employee compensation | 21,315 | 17,226 |
Accrued interest | 1,708 | 383 |
Contingent consideration, current portion | 0 | 9,861 |
Unfavorable lease obligation, current portion | 0 | 1,129 |
Tax payable | 15,240 | 4,473 |
Other | 796 | 650 |
Total | $ 40,776 | $ 35,256 |
Accrued Expenses and Other Li_4
Accrued Expenses and Other Liabilities - Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Summary of other noncurrent liabilities | ||
Unfavorable lease obligation | $ 0 | $ 2,259 |
Straight-line lease liability | 0 | 1,439 |
Asset retirement obligations | 691 | 640 |
Other | 814 | 996 |
Total | $ 1,505 | $ 5,334 |
Debt - (Details)
Debt - (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2019 | Jun. 15, 2019 | Dec. 31, 2018 | Oct. 19, 2018 | Jul. 31, 2017 | Apr. 19, 2017 |
Line of Credit Facility [Line Items] | |||||||
Total debt before debt issuance costs | $ 106,044,000 | $ 185,817,000 | |||||
Less: Current portion of long-term debt | 77,131,000 | 149,006,000 | |||||
Less: Debt issuance costs (net of accumulated amortization of $1,139 and $3,873, respectively) | 2,783,000 | 3,390,000 | |||||
Total long-term debt | 26,130,000 | 33,421,000 | |||||
Accumulated amortization on debt issuance costs | 1,139,000 | 3,873,000 | |||||
2.75% Convertible Senior Notes, matured and paid in June 2019 | |||||||
Line of Credit Facility [Line Items] | |||||||
Total debt before debt issuance costs | $ 0 | 66,361,000 | |||||
Interest rate | 2.75% | ||||||
Face amount | $ 67,380,000 | ||||||
4.00% Convertible Senior Notes, $89,627 face amount, due in June 2036 | |||||||
Line of Credit Facility [Line Items] | |||||||
Total debt before debt issuance costs | $ 69,668,000 | 75,477,000 | |||||
Interest rate | 4.00% | ||||||
Face amount | $ 89,627,000 | ||||||
REG Danville term loan, secured, variable interest rate of LIBOR plus 4%, due in July 2022 | |||||||
Line of Credit Facility [Line Items] | |||||||
Total debt before debt issuance costs | $ 6,468,000 | 8,964,000 | |||||
Face amount | $ 12,500,000 | ||||||
Description of variable rate | LIBOR plus 4% per annum | ||||||
REG Danville term loan, secured, variable interest rate of LIBOR plus 4%, due in July 2022 | LIBOR | |||||||
Line of Credit Facility [Line Items] | |||||||
Variable interest rate | 4.00% | ||||||
REG Ralston term loan, variable interest rate of LIBOR plus 2.25%, due in October 2025 | |||||||
Line of Credit Facility [Line Items] | |||||||
Total debt before debt issuance costs | $ 15,980,000 | 18,948,000 | |||||
Interest rate | 2.25% | ||||||
Face amount | $ 19,177,000 | $ 20,000,000 | |||||
REG Ralston term loan, variable interest rate of LIBOR plus 2.25%, due in October 2025 | Prime Rate | |||||||
Line of Credit Facility [Line Items] | |||||||
Variable interest rate | 3.96% | 2.25% | |||||
REG Grays Harbor term loan, variable interest of minimum 3.5% or Prime Rate plus 0.25%, due in May 2022 | |||||||
Line of Credit Facility [Line Items] | |||||||
Total debt before debt issuance costs | $ 6,966,000 | 8,828,000 | |||||
Description of variable rate | Minimum 3.5% or Prime Rate plus 0.25% | ||||||
REG Grays Harbor term loan, variable interest of minimum 3.5% or Prime Rate plus 0.25%, due in May 2022 | Prime Rate | |||||||
Line of Credit Facility [Line Items] | |||||||
Variable interest rate | 0.25% | ||||||
REG Grays Harbor term loan, variable interest of minimum 3.5% or Prime Rate plus 0.25%, due in May 2022 | Minimum | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate | 3.50% | ||||||
REG Capital term loan, fixed interest rate of 3.99%, due in January 2028 | |||||||
Line of Credit Facility [Line Items] | |||||||
Total debt before debt issuance costs | $ 6,929,000 | 7,185,000 | |||||
Interest rate | 3.99% | ||||||
Face amount | $ 7,400,000 | ||||||
Other | |||||||
Line of Credit Facility [Line Items] | |||||||
Total debt before debt issuance costs | $ 33,000 | $ 54,000 |
Debt - (Details Textual)
Debt - (Details Textual) | Mar. 03, 2020USD ($) | Jun. 15, 2019USD ($)$ / sharesshares | Dec. 31, 2017 | Jun. 02, 2016USD ($)d$ / shares | Jan. 31, 2020USD ($) | Jun. 30, 2019shares | Jun. 30, 2014USD ($)$ / shares | Apr. 30, 2020 | Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | May 01, 2020USD ($) | Oct. 31, 2019USD ($) | Oct. 19, 2018USD ($) | Jul. 31, 2017USD ($) | Apr. 19, 2017USD ($) | Jun. 30, 2016USD ($) |
Short-term Debt [Line Items] | |||||||||||||||||
Termination of capped call options (in shares) | shares | 625,558 | ||||||||||||||||
Notes payable | $ 106,044,000 | $ 106,044,000 | $ 185,817,000 | ||||||||||||||
Wells Fargo Revolver | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Line of credit | 200,000,000 | 200,000,000 | $ 150,000,000 | ||||||||||||||
Additional increase in maximum borrowing capacity | 50,000,000 | $ 200,000,000 | |||||||||||||||
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 | $ 20,000,000 | ||||||||||||||||
Line of credit facility limitation amount | $ 40,000,000 | $ 40,000,000 | |||||||||||||||
Wells Fargo Revolver | Minimum | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
LIBOR rate margin | 1.75% | ||||||||||||||||
Fixed charge coverage ratio | 1 | ||||||||||||||||
Wells Fargo Revolver | Maximum | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
LIBOR rate margin | 2.25% | ||||||||||||||||
Fixed charge coverage ratio | 1 | ||||||||||||||||
2.75% Convertible Senior Notes, matured and paid in June 2019 | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Face amount | $ 67,380,000 | ||||||||||||||||
Interest rate | 2.75% | 2.75% | |||||||||||||||
Notes payable | $ 0 | $ 0 | 66,361,000 | ||||||||||||||
REG Ralston term loan, variable interest rate of LIBOR plus 2.25%, due in October 2025 | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Face amount | $ 19,177,000 | $ 20,000,000 | |||||||||||||||
Interest rate | 2.25% | 2.25% | |||||||||||||||
Notes payable | $ 15,980,000 | $ 15,980,000 | 18,948,000 | ||||||||||||||
REG Ralston term loan, variable interest rate of LIBOR plus 2.25%, due in October 2025 | Prime Rate | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Basis spread on variable rate | 3.96% | 2.25% | |||||||||||||||
REG Danville Term Loan | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Face amount | $ 12,500,000 | ||||||||||||||||
Notes payable | 6,468,000 | $ 6,468,000 | 8,964,000 | ||||||||||||||
REG Danville Term Loan | LIBOR | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 5.75% | ||||||||||||||||
Basis spread on variable rate | 4.00% | ||||||||||||||||
REG Capital term loan, fixed interest rate of 3.99%, due in January 2028 | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Face amount | $ 7,400,000 | $ 7,400,000 | |||||||||||||||
Interest rate | 3.99% | 3.99% | |||||||||||||||
Notes payable | $ 6,929,000 | $ 6,929,000 | 7,185,000 | ||||||||||||||
REG Grays Harbor Term Loan | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Notes payable | $ 6,966,000 | $ 6,966,000 | 8,828,000 | ||||||||||||||
REG Grays Harbor Term Loan | Minimum | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Interest rate | 3.50% | 3.50% | |||||||||||||||
REG Grays Harbor Term Loan | Prime Rate | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Basis spread on variable rate | 0.25% | ||||||||||||||||
2.75% Convertible Senior Notes, matured and paid in June 2019 | 2036 Convertible Notes | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Face amount | $ 152,000,000 | $ 152,000,000 | |||||||||||||||
Interest rate | 4.00% | 4.00% | |||||||||||||||
Initial conversion rate | 92.8074 | ||||||||||||||||
Initial conversion price (in dollars per share) | $ / shares | $ 10.78 | ||||||||||||||||
Percentage of convertible senior notes principal required for repurchase | 100.00% | ||||||||||||||||
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 | $ 14,638,000 | 110,828,000 | ||||||||||||||
Fees and offering expenses | $ 4,882,000 | ||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 1.53% | 1.53% | |||||||||||||||
2.75% Convertible Senior Notes, matured and paid in June 2019 | 2019 Convertible Notes | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Face amount | $ 143,800,000 | ||||||||||||||||
Interest rate | 2.75% | 2.75% | 2.75% | ||||||||||||||
Initial conversion rate | 75.3963 | ||||||||||||||||
Initial conversion price (in dollars per share) | $ / shares | $ 13.26 | ||||||||||||||||
Settlement of convertible notes conversion premium (in shares) | shares | 1,902,781 | ||||||||||||||||
Settlement of 2019 Convertible Senior Notes conversion premium share price (in dollars per share) | $ / shares | $ 9.87 | ||||||||||||||||
Percentage of capped call options purchased that relate to common stock underlying the convertible notes | 92.50% | ||||||||||||||||
Cap price (in dollars per share) | $ / shares | $ 16.02 | ||||||||||||||||
Termination of capped call options (in shares) | shares | 625,558 | ||||||||||||||||
Net proceeds from debt issuance | $ 0 | $ 6,689,000 | |||||||||||||||
Subsequent Event | Wells Fargo Revolver | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Line of credit | $ 150,000,000 | ||||||||||||||||
Subsequent Event | Wells Fargo Revolver | Minimum | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Additional increase in maximum borrowing capacity | $ 50,000,000 | ||||||||||||||||
Percentage required of total current revolving loan commitments | 5.00% | ||||||||||||||||
Subsequent Event | Wells Fargo Revolver | Maximum | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Additional increase in maximum borrowing capacity | $ 75,000,000 | ||||||||||||||||
Percentage required of total current revolving loan commitments | 10.00% | ||||||||||||||||
Subsequent Event | 2.75% Convertible Senior Notes, matured and paid in June 2019 | 2036 Convertible Notes | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Net proceeds from debt issuance | $ 9,402,000 |
Debt - Revolving Borrowings (De
Debt - Revolving Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Summary of company's revolving borrowings | ||
Total revolving loans (current) | $ 76,990 | $ 14,250 |
Maximum remaining available to be borrowed under revolving lines of credit | $ 101,485 | $ 114,889 |
Debt - Maturities of Borrowings
Debt - Maturities of Borrowings (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Summary of maturities of the term borrowings | |
2020 | $ 77,131 |
2021 | 7,560 |
2022 | 5,989 |
2023 | 3,875 |
2024 | 3,476 |
Thereafter | 8,013 |
Total term debt | 106,044 |
Less: current portion | 77,131 |
Total long-term debt before debt issuance costs | $ 28,913 |
Income Taxes - (Details Textual
Income Taxes - (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Non-cash tax benefit due to Tax Cuts and Jobs Act | $ 13,712,000 | ||
Deferred tax asset reflecting federal and state net operating losses | 278,867,000 | $ 348,734,000 | |
Federal net operating losses | $ 1,295,712,000 | ||
Expiration date for federal net operating losses | 2028 | ||
Unrecognized tax benefits that would affect the effective tax rate | $ 257,000 | $ 274,000 | $ 0 |
Period for unrecognized tax benefits to increase or decrease | 12 months | ||
Interest and penalties related to unrecognized tax benefits | $ 0 |
Income Taxes - Income Tax Benef
Income Taxes - Income Tax Benefit (Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current income tax benefit (expense) | |||
State | $ (12) | $ (118) | $ (45) |
Foreign | (33) | (292) | 421 |
Current income tax benefit (expense) | (45) | (410) | 376 |
Deferred income tax benefit (expense) | |||
Federal | (8,302) | (12,878) | 22,619 |
State | 1,838 | (2,851) | 10,282 |
Foreign | 1,494 | 2,914 | 2,674 |
Change in enacted tax rates | 0 | 0 | (123,289) |
Net operating loss carryforwards created | 68,344 | 26,058 | 17,466 |
Deferred income tax benefit (expense) | 63,374 | 13,243 | (70,248) |
Income tax benefit (expense) before valuation allowances | 63,329 | 12,833 | (69,872) |
Deferred tax valuation allowances | (62,759) | (18,704) | 100,362 |
Income tax benefit (expense) | $ 570 | $ (5,871) | $ 30,490 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Effective Tax Rate | 21.00% | 21.00% | 35.00% |
Effective income tax rate continuing operations tax rate reconciliation | |||
U.S. Federal income tax expense at statutory rates of 21, 21 and 35 percent, respectively | $ (81,724) | $ (62,619) | $ 38,349 |
State taxes, net of federal income tax benefit | 12,342 | 1,618 | 8,160 |
Tax position on government incentives | 127,950 | 72,244 | 9,402 |
Change in enacted tax rates | 0 | 0 | (123,289) |
Research & development tax credit | 2,703 | 0 | 0 |
Unrecognized tax benefits | (24) | (272) | 0 |
Other | 2,082 | 1,862 | (2,494) |
Total benefit (expense) for income taxes before valuation allowances | 63,329 | 12,833 | (69,872) |
Valuation allowances | (62,759) | (18,704) | 100,362 |
Income tax benefit (expense) | $ 570 | $ (5,871) | $ 30,490 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred Tax Assets: | ||||
Capitalized research and development | $ 348,734 | $ 278,867 | ||
Goodwill | 17,028 | 20,067 | ||
Capitalized research and development | 0 | 8,650 | ||
Stock-based compensation | 3,805 | 3,447 | ||
Interest expense carryforward | 4,877 | 2,940 | ||
Tax credit carryforwards | 4,330 | 1,597 | ||
Leases | 11,364 | 0 | ||
Intangibles | 1,530 | 0 | ||
Risk management unrealized loss | 131 | 0 | ||
Accrued compensation | 4,285 | 3,318 | ||
Inventory capitalization | 2,442 | 1,921 | ||
Other | 4,589 | 3,133 | ||
Deferred tax assets | 403,115 | 323,940 | ||
Deferred Tax Liabilities: | ||||
Property, plant and equipment | (41,769) | (38,324) | ||
Leases | (9,459) | 0 | ||
Convertible debt | (5,213) | (5,648) | ||
Risk management unrealized gain | 0 | (2,649) | ||
Intangibles | 0 | 949 | ||
Prepaid expenses | (2,106) | (1,688) | ||
Deferred revenue | 0 | (583) | ||
Other | (1,086) | (773) | ||
Deferred tax liabilities | (59,633) | (48,716) | ||
Net deferred tax assets | 343,482 | 275,224 | ||
Valuation allowance | (350,457) | (283,634) | $ (265,362) | $ (365,035) |
Net deferred tax liabilities | $ (6,975) | $ (8,410) |
Income Taxes - Valuation Allowa
Income Taxes - Valuation Allowance for Deferred Tax Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning of year balance | $ 283,634 | $ 265,362 | $ 365,035 |
Changes in valuation allowance charged to income | 65,284 | 18,704 | 36,639 |
Change in enacted tax rates | 0 | 0 | (137,001) |
Foreign currency translation | (164) | (440) | 689 |
Change in valuation allowance charged to OCI | (7) | 8 | 0 |
Change in valuation allowance charged to equity | 1,710 | 0 | 0 |
End of year balance | $ 350,457 | $ 283,634 | $ 265,362 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning of year balance | $ 2,028 | $ 1,771 | $ 1,900 |
Increases to tax positions expected to be taken | 732 | 0 | 0 |
Increases to tax positions taken during prior years | 24 | 272 | 0 |
Decreases to tax positions taken during prior years | 0 | 0 | (129) |
Foreign currency translation | (7) | (15) | 0 |
End of year balance | $ 2,777 | $ 2,028 | $ 1,771 |
Stock-Based Compensation - (Det
Stock-Based Compensation - (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | May 08, 2017 | May 15, 2014 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Oct. 26, 2011 |
Stock-Based Compensation (Textual) [Abstract] | ||||||
Common Stock (in shares) | 6,510,000 | 6,510,000 | 4,160,000 | |||
Number of additional shares reserved for issuance (in shares) | 2,350,000 | 2,350,000 | ||||
Stock-based compensation cost | $ 6,707 | $ 6,412 | $ 6,909 | |||
Unrecognized compensation expense | $ 7,902 | |||||
Expected period of unrecognized compensation expense | 3 years 1 month 6 days | |||||
Outstanding stock options (in shares) | 0 | |||||
Options outstanding (in dollars per share) | $ 0 | |||||
Restricted stock units | ||||||
Stock-Based Compensation (Textual) [Abstract] | ||||||
Conversion of common stock upon vesting (in shares) | 1 | |||||
Service period for awards | 3 years | |||||
Restricted stock units | Board of Directors | ||||||
Stock-Based Compensation (Textual) [Abstract] | ||||||
Service period for awards | 1 year | |||||
Restricted stock units | Certain executive management | Minimum | ||||||
Stock-Based Compensation (Textual) [Abstract] | ||||||
Service period for awards | 3 years | |||||
Restricted stock units | Certain executive management | Maximum | ||||||
Stock-Based Compensation (Textual) [Abstract] | ||||||
Service period for awards | 4 years | |||||
Performance Restricted Stock Units | ||||||
Stock-Based Compensation (Textual) [Abstract] | ||||||
Conversion of common stock upon vesting (in shares) | 1 | |||||
Service period for awards | 2 years | |||||
Stock appreciation rights | ||||||
Stock-Based Compensation (Textual) [Abstract] | ||||||
Percentage of SARs vesting annually | 25.00% | |||||
Grant expiration period | 10 years |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock Units (Details) - Restricted Stock Units - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Number of Awards | |||
Awards outstanding, beginning balance (in shares) | 1,022,274 | 888,391 | 859,251 |
Issued (in shares) | 277,711 | 425,150 | 360,741 |
Vested and restriction lapsed (in shares) | (425,041) | (225,339) | (204,198) |
Forfeited (in shares) | (89,779) | (65,928) | (127,403) |
Awards outstanding, ending balance (in shares) | 785,165 | 1,022,274 | 888,391 |
Weighted Average Issue Price (in dollars per share) | |||
Awards outstanding - beginning balance (in dollars per share) | $ 13.04 | $ 12.12 | $ 11.73 |
Issued (in dollars per share) | 21.76 | 13.23 | 11.91 |
Vested and restriction lapsed (in dollars per share) | 9.79 | 10.52 | 11.05 |
Forfeited (in dollars per share) | 11.85 | 10.52 | 10.04 |
Awards outstanding - ending balance (in dollars per share) | $ 18.02 | $ 13.04 | $ 12.12 |
Stock-Based Compensation - Perf
Stock-Based Compensation - Performance Restricted Stock Units (Details) - Performance Restricted Stock Units - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Number of Awards | |||
Awards outstanding, beginning balance (in shares) | 208,085 | 355,118 | 234,840 |
Issued (in shares) | 148,118 | 171,580 | 270,765 |
Vested and restriction lapsed (in shares) | (25,000) | (292,963) | (87,622) |
Forfeited (in shares) | (8,739) | (25,650) | (62,865) |
Awards outstanding, ending balance (in shares) | 322,464 | 208,085 | 355,118 |
Weighted Average Issue Price (in dollars per share) | |||
Awards outstanding - beginning balance (in dollars per share) | $ 12.68 | $ 10.46 | $ 9.15 |
Issued (in dollars per share) | 19.31 | 9.63 | 11.79 |
Vested and restriction lapsed (in dollars per share) | 9.17 | 8.45 | 11.75 |
Forfeited (in dollars per share) | 12.90 | 9.83 | 9.48 |
Awards outstanding - ending balance (in dollars per share) | $ 15.99 | $ 12.68 | $ 10.46 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Appreciation Rights (Details) - Stock Appreciation Rights - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Number of SAR’s | |||
Awards outstanding, beginning balance (in shares) | 1,036,677 | 1,701,269 | 2,508,015 |
Granted (in shares) | 0 | 0 | 0 |
Exercised (in shares) | (85,652) | (610,541) | (700,765) |
Forfeited (in shares) | (50,723) | (54,051) | (105,981) |
Awards outstanding, ending balance (in shares) | 900,302 | 1,036,677 | 1,701,269 |
Number of SAR's - SAR's exercisable (in shares) | 879,494 | ||
Number of SAR's - SAR's expected to vest (in shares) | 20,808 | ||
Weighted Average Exercise Price (in dollars per share) | |||
SAR's outstanding - beginning balance (in dollars per share) | $ 10.19 | $ 10.20 | $ 10.22 |
Granted (in dollars per share) | 0 | 0 | 0 |
Exercised (in dollars per share) | 10.54 | 10.13 | 10.36 |
Forfeited (in dollars per share) | 10.82 | 11.08 | 9.66 |
SAR's outstanding - ending balance (in dollars per share) | 10.12 | $ 10.19 | $ 10.20 |
Weighted Average Exercise Price - SAR's exercisable (in dollars per share) | 10.16 | ||
Weighted Average Exercise Price - SAR's expected to vest (in dollars per share) | $ 8.57 | ||
Weighted Average Contractual Term - SAR's outstanding | 3 years 9 months 18 days | 4 years 8 months 12 days | 5 years 8 months 12 days |
Weighted Average Contractual Term - SAR's expected to vest | 3 years 9 months 18 days |
Stock-Based Compensation - Fair
Stock-Based Compensation - Fair Value of SAR's Using Black-Scholes Option-Pricing Model (Details) - Black Scholes - Stock appreciation rights - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Estimated fair value of SAR grant using Black-Scholes options pricing model | |||
Dividend yield | 0.00% | 0.00% | 0.00% |
Weighted average risk-free interest rate, Minimum | 1.10% | 1.10% | 1.10% |
Weighted average risk-free interest rate, Maximum | 1.40% | 1.40% | 1.40% |
Weighted average expected volatility | 40.00% | 40.00% | 40.00% |
Expected life in years | 6 years 3 months | 6 years 3 months | 6 years 3 months |
Minimum | |||
Estimated fair value of SAR grant using Black-Scholes options pricing model | |||
The weighted average fair value of stock appreciation rights issued (in dollars per share) | $ 2.79 | $ 2.79 | $ 2.79 |
Maximum | |||
Estimated fair value of SAR grant using Black-Scholes options pricing model | |||
The weighted average fair value of stock appreciation rights issued (in dollars per share) | $ 3.74 | $ 3.74 | $ 3.74 |
Leases (Lease Expense) (Details
Leases (Lease Expense) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease expenses | $ 22,590 |
Variable lease expenses | 1,237 |
Short-term and other lease expenses | 1,305 |
Total lease expense | $ 25,132 |
Leases (Details Textual)
Leases (Details Textual) | Dec. 31, 2019 |
Leases, Operating [Abstract] | |
Weighted average remaining lease term | 5 years 9 months 29 days |
Weighted average discount rate | 4.67% |
Leases (Maturity) (Details)
Leases (Maturity) (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Total payments | |
2020 | $ 17,252 |
2021 | 13,953 |
2022 | 4,667 |
2023 | 3,525 |
2024 | 2,082 |
2025 and thereafter | 11,608 |
Total | 53,087 |
Less: Discount | |
2020 | 1,562 |
2021 | 1,089 |
2022 | 719 |
2023 | 573 |
2024 | 475 |
2025 and thereafter | 2,566 |
Total | 6,984 |
Operating lease obligation | |
2020 | 15,690 |
2021 | 12,864 |
2022 | 3,948 |
2023 | 2,952 |
2024 | 1,607 |
2025 and thereafter | 9,042 |
Total | $ 46,103 |
Leases (Future Minimum Payments
Leases (Future Minimum Payments) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Future minimum lease payments under operating leases | |
2019 | $ 20,326 |
2020 | 14,063 |
2021 | 10,643 |
2022 | 3,162 |
2023 | 2,406 |
2024 and thereafter | 13,736 |
Total minimum payments | $ 64,336 |
Derivative Instruments - (Detai
Derivative Instruments - (Details Textual) $ in Thousands, lb in Millions, gal in Millions, BTU in Millions | 12 Months Ended |
Dec. 31, 2019USD ($)BTUlbgal | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Heating oil covered under the open commodity derivative contracts (in gallons) | gal | 54.6 |
Soybean oil covered under the open commodity derivative contracts (in pounds) | lb | 120.4 |
Natural gas covered under the open commodity derivative contracts (in BTUs) | BTU | 2.1 |
Net position | $ 3,116 |
Commodity contract derivatives | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Collateral associated with commodity-based derivatives | $ 9,256 |
Derivative Instruments - (Det_2
Derivative Instruments - (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Gross amounts of commodity derivative contracts recognized at fair value | $ 1,633 | $ 11,843 |
Cash collateral | 9,256 | 3,755 |
Total gross amount recognized | 10,889 | 15,598 |
Gross amounts offset | (4,749) | (1,799) |
Net amount reported in the Consolidated Balance Sheets | 6,140 | 13,799 |
Liabilities | ||
Gross amounts of commodity derivative contracts recognized at fair value | 4,749 | 1,799 |
Cash collateral | 0 | 0 |
Total gross amount recognized | 4,749 | 1,799 |
Gross amounts offset | (4,749) | (1,799) |
Net amount reported in the Consolidated Balance Sheets | $ 0 | $ 0 |
Derivative Instruments - Gains
Derivative Instruments - Gains (Losses) included in the Statements of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cost of goods sold – Biomass-based diesel | Commodity derivatives | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Pre-tax gains (losses) included in the condensed consolidated statement of operations | $ (28,898) | $ 18,399 | $ (23,437) |
Fair Value Measurement - (Detai
Fair Value Measurement - (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | $ 51,115 | |
Level 1 | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | 499 | |
Level 2 | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | 60,477 | |
Level 3 | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | (9,861) | |
Commercial paper | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | 22,872 | |
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 | 22,872 | |
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 | 28,060 | |
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 | 28,060 | |
Corporate bonds | Level 3 | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | 0 | |
Commodity derivatives | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | $ (3,116) | 10,044 |
Commodity derivatives | Level 1 | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | (84) | 499 |
Commodity derivatives | Level 2 | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | (3,032) | 9,545 |
Commodity derivatives | Level 3 | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | $ 0 | 0 |
Contingent consideration for acquisitions | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | (9,861) | |
Contingent consideration for acquisitions | Level 1 | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | 0 | |
Contingent consideration for acquisitions | Level 2 | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | 0 | |
Contingent consideration for acquisitions | Level 3 | ||
Assets (liabilities) measured at fair value | ||
Assets (liabilities), fair value | $ (9,861) |
Fair Value Measurement - Recurr
Fair Value Measurement - Recurring Basis (Details) - Contingent consideration for acquisitions - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Liabilities measured at fair value on a recurring basis | ||
Balance at beginning of period | $ 9,861 | $ 20,485 |
Fair value of contingent consideration at measurement date | 0 | 482 |
Change in estimates included in earnings | 566 | 1,117 |
Settlements | (10,427) | (12,223) |
Balance at end of period | $ 0 | $ 9,861 |
Fair Value Measurement - (Det_2
Fair Value Measurement - (Details Textual) (Details) - Measurement Input, Discount Rate | Dec. 31, 2019 |
Minimum | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Fair value inputs, discount rate | 5.80% |
Maximum | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Fair value inputs, discount rate | 12.50% |
Fair Value Measurement - Estima
Fair Value Measurement - Estimated Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Asset (Liability) Carrying Amount | ||
Financial Liabilities: | ||
Debt and lines of credit | $ (183,034) | $ (200,067) |
Estimated Fair Value | ||
Financial Liabilities: | ||
Debt and lines of credit | $ (338,482) | $ (410,564) |
Net Income (Loss) Per Share (De
Net Income (Loss) Per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities (in shares) | 0 | 0 | 20,296,470 |
2019 Convertible Senior Notes | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities (in shares) | 0 | 0 | 5,567,112 |
2036 Convertible Senior Notes | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities (in shares) | 0 | 0 | 14,106,725 |
Stock appreciation rights | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities (in shares) | 0 | 0 | 622,633 |
Net Income (Loss) Per Share - E
Net Income (Loss) Per Share - EPS Reconciliation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||||||||||
Net income (loss) from continuing operations available to common stockholders - Basic | $ 492,556 | $ (13,753) | $ (57,635) | $ (41,387) | $ 30,448 | $ 24,799 | $ 28,277 | $ 212,608 | $ 381,112 | $ 295,804 | $ (66,279) |
Plus (less): effect of participating securities | 8,619 | 7,824 | 0 | ||||||||
Net income (loss) available to common stockholders | 389,731 | 303,628 | (66,279) | ||||||||
Less: effect of participating securities | (8,619) | (7,824) | 0 | ||||||||
Net income (loss) from continuing operations available to common stockholders - Diluted | 381,112 | 295,804 | (66,279) | ||||||||
Net loss from discontinued operations available to common stockholders - Basic | $ (995) | $ (2,193) | $ (4,462) | $ (2,017) | $ (12,197) | $ (469) | $ 4,681 | $ (3,455) | (9,667) | (11,312) | (12,800) |
Plus (less): effect of participating securities | 0 | 0 | 0 | ||||||||
Net loss available to common stockholders | (9,667) | (11,312) | (12,800) | ||||||||
Less: effect of participating securities | 0 | 0 | 0 | ||||||||
Net loss from discontinued operations available to common stockholders - Diluted | (9,667) | (11,312) | (12,800) | ||||||||
Net income (loss) available to common stockholders - Basic | 371,659 | 284,783 | (79,079) | ||||||||
Plus (less): effect of participating securities | 8,405 | 7,533 | 0 | ||||||||
Net income (loss) available to common stockholders | 380,064 | 292,316 | (79,079) | ||||||||
Less: effect of participating securities | (8,405) | (7,533) | 0 | ||||||||
Net income (loss) available to common stockholders - Diluted | $ 371,659 | $ 284,783 | $ (79,079) | ||||||||
Weighted-average shares used to compute basic net income (loss) per share (in shares) | 38,288,610 | 37,687,552 | 38,731,015 | ||||||||
Adjustment to reflect conversion of convertible notes (in shares) | 3,589,065 | 5,416,043 | 0 | ||||||||
Adjustment to reflect stock appreciation right conversions (in shares) | 443,305 | 550,125 | 0 | ||||||||
Weighted-average shares used to compute diluted net income (loss) per share (in shares) | 42,320,980 | 43,653,720 | 38,731,015 | ||||||||
Net income (loss) per share available to common stockholders - Diluted | |||||||||||
Continuing operations (in dollars per share) | $ 11.52 | $ (0.35) | $ (1.52) | $ (1.11) | $ 0.66 | $ 0.55 | $ 0.67 | $ 5.38 | $ 9.01 | $ 6.78 | $ (1.71) |
Discontinued operations (in dollars per share) | (0.03) | (0.06) | (0.12) | (0.05) | (0.33) | (0.01) | 0.11 | (0.09) | (0.25) | (0.30) | (0.33) |
Diluted net income (loss) (in dollars per share) | $ 11.50 | $ (0.41) | $ (1.64) | $ (1.16) | $ 0.40 | $ 0.53 | $ 0.78 | $ 5.30 | $ 8.78 | $ 6.52 | $ (2.04) |
Reportable Segments and Geogr_3
Reportable Segments and Geographic Information - (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment for the results of operations | |||||||||||
Revenues from continuing operations | $ 1,018,169 | $ 584,372 | $ 560,643 | $ 478,209 | $ 519,761 | $ 596,324 | $ 578,900 | $ 688,002 | $ 2,641,393 | $ 2,382,987 | $ 2,154,655 |
Income (loss) from continuing operations before income taxes | 389,161 | 309,499 | (96,769) | ||||||||
Depreciation and amortization expense, net | 58,755 | 37,242 | 35,368 | ||||||||
Cash paid for purchases of property, plant and equipment | 42,518 | 46,453 | 67,557 | ||||||||
Goodwill | 16,080 | 16,080 | 16,080 | 16,080 | |||||||
Assets | 1,785,349 | 1,107,096 | 1,785,349 | 1,107,096 | |||||||
Biomass-based Diesel | |||||||||||
Segment for the results of operations | |||||||||||
Revenues from continuing operations | 2,380,736 | 2,157,897 | |||||||||
Services | |||||||||||
Segment for the results of operations | |||||||||||
Revenues from continuing operations | 99,086 | 93,347 | |||||||||
Corporate and other | |||||||||||
Segment for the results of operations | |||||||||||
Revenues from continuing operations | 270,326 | 249,152 | 213,500 | ||||||||
Income (loss) from continuing operations before income taxes | (5,415) | (10,091) | (35,743) | ||||||||
Depreciation and amortization expense, net | 1,763 | 3,026 | 3,265 | ||||||||
Cash paid for purchases of property, plant and equipment | 111 | 247 | 2,997 | ||||||||
Assets | 425,602 | 379,658 | 425,602 | 379,658 | |||||||
Assets held for sale | |||||||||||
Segment for the results of operations | |||||||||||
Assets | 0 | 3,250 | 0 | 3,250 | |||||||
Operating Segments | Biomass-based Diesel | |||||||||||
Segment for the results of operations | |||||||||||
Revenues from continuing operations | 2,380,736 | 2,157,897 | 2,039,982 | ||||||||
Income (loss) from continuing operations before income taxes | 388,484 | 314,727 | (63,925) | ||||||||
Depreciation and amortization expense, net | 54,513 | 32,558 | 31,011 | ||||||||
Cash paid for purchases of property, plant and equipment | 40,567 | 41,906 | 60,734 | ||||||||
Assets | 1,711,870 | 914,843 | 1,711,870 | 914,843 | |||||||
Operating Segments | Services | |||||||||||
Segment for the results of operations | |||||||||||
Revenues from continuing operations | 99,086 | 93,347 | 103,215 | ||||||||
Income (loss) from continuing operations before income taxes | 6,092 | 4,863 | 2,899 | ||||||||
Depreciation and amortization expense, net | 2,479 | 1,658 | 1,092 | ||||||||
Cash paid for purchases of property, plant and equipment | 1,840 | 4,300 | 3,826 | ||||||||
Goodwill | 16,080 | 16,080 | 16,080 | 16,080 | |||||||
Assets | 69,144 | 63,720 | 69,144 | 63,720 | |||||||
Intersegment revenues | |||||||||||
Segment for the results of operations | |||||||||||
Revenues from continuing operations | (108,755) | (117,409) | $ (202,042) | ||||||||
Intersegment eliminations | |||||||||||
Segment for the results of operations | |||||||||||
Assets | $ (421,267) | $ (254,375) | $ (421,267) | $ (254,375) |
Reportable Segments and Geogr_4
Reportable Segments and Geographic Information - Geographic Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | $ 1,018,169 | $ 584,372 | $ 560,643 | $ 478,209 | $ 519,761 | $ 596,324 | $ 578,900 | $ 688,002 | $ 2,641,393 | $ 2,382,987 | $ 2,154,655 |
Property, Plant, and Equipment | 584,577 | 590,723 | 584,577 | 590,723 | |||||||
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | 2,382,901 | 2,207,286 | 1,957,715 | ||||||||
Property, Plant, and Equipment | 562,165 | 571,045 | 562,165 | 571,045 | |||||||
International | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | 258,492 | 175,701 | $ 196,940 | ||||||||
Property, Plant, and Equipment | $ 22,412 | $ 19,678 | $ 22,412 | $ 19,678 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2020 | $ 3,298 |
2021 | 2,976 |
2022 | 2,976 |
2023 | 2,976 |
2024 | 863 |
Total | $ 13,089 |
Subsequent Events (Details)
Subsequent Events (Details) | Feb. 29, 2020USD ($) |
February 2020 | Subsequent Event | |
Subsequent Event [Line Items] | |
Security repurchase program, amount authorized to be repurchased | $ 100,000,000 |
Supplemental Quarterly Inform_3
Supplemental Quarterly Information (Unaudited) - (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Significant items for the results of operations on a quarterly basis | |||||||||||
Revenues from continuing operations | $ 1,018,169 | $ 584,372 | $ 560,643 | $ 478,209 | $ 519,761 | $ 596,324 | $ 578,900 | $ 688,002 | $ 2,641,393 | $ 2,382,987 | $ 2,154,655 |
Gross profit (loss) from continuing operations | 545,557 | 24,076 | (26,772) | (12,792) | 61,863 | 51,159 | 57,514 | 249,455 | 530,069 | 419,991 | 84,354 |
Selling, general, and administrative expenses including research and development expense | 41,052 | 24,762 | 27,041 | 25,354 | 27,579 | 21,933 | 24,539 | 32,688 | 118,209 | 106,739 | 95,843 |
Impairment of property, plant and equipment | 595 | 11,145 | 468 | 0 | 879 | 0 | 0 | 0 | 12,208 | 879 | 49,873 |
Income (loss) from operations | 503,910 | (11,831) | (54,281) | (38,146) | 33,405 | 29,226 | 32,975 | 216,767 | 399,652 | 312,373 | (61,362) |
Other expense, net | (825) | (2,551) | (3,444) | (3,671) | 250 | (2,900) | (96) | (128) | (10,491) | (2,874) | (35,407) |
Net income (loss) from continuing operations | 502,506 | (13,753) | (57,635) | (41,387) | 31,270 | 25,472 | 29,042 | 217,844 | 389,731 | 303,628 | (66,279) |
Net income (loss) from discontinued operations | (995) | (2,193) | (4,462) | (2,017) | (12,196) | (469) | 4,808 | (3,455) | (9,667) | (11,312) | (12,800) |
Net income (loss) | 501,511 | (15,946) | (62,097) | (43,404) | 19,074 | 25,003 | 33,850 | 214,389 | 380,064 | 292,316 | (79,079) |
Net income (loss) from continuing operations available to common stockholders | 492,556 | (13,753) | (57,635) | (41,387) | 30,448 | 24,799 | 28,277 | 212,608 | 381,112 | 295,804 | (66,279) |
Net income (loss) from discontinued operations available to common stockholders | $ (995) | $ (2,193) | $ (4,462) | $ (2,017) | $ (12,197) | $ (469) | $ 4,681 | $ (3,455) | $ (9,667) | $ (11,312) | $ (12,800) |
Basic net income (loss) per share available to common stockholders | |||||||||||
Continuing operations (in dollars per share) | $ 12.64 | $ (0.35) | $ (1.52) | $ (1.11) | $ 0.82 | $ 0.67 | $ 0.76 | $ 5.48 | $ 9.95 | $ 7.85 | $ (1.71) |
Discontinued operations (in dollars per share) | (0.03) | (0.06) | (0.12) | (0.05) | (0.33) | (0.01) | 0.13 | (0.09) | (0.25) | (0.30) | (0.33) |
Net income (loss) per share (in dollars per share) | 12.62 | (0.41) | (1.64) | (1.16) | 0.50 | 0.65 | 0.88 | 5.39 | 9.71 | 7.56 | (2.04) |
Diluted net income (loss) per share available to common stockholders | |||||||||||
Continuing operations (in dollars per share) | 11.52 | (0.35) | (1.52) | (1.11) | 0.66 | 0.55 | 0.67 | 5.38 | 9.01 | 6.78 | (1.71) |
Discontinued operations (in dollars per share) | (0.03) | (0.06) | (0.12) | (0.05) | (0.33) | (0.01) | 0.11 | (0.09) | (0.25) | (0.30) | (0.33) |
Net income (loss) per share (in dollars per share) | $ 11.50 | $ (0.41) | $ (1.64) | $ (1.16) | $ 0.40 | $ 0.53 | $ 0.78 | $ 5.30 | $ 8.78 | $ 6.52 | $ (2.04) |
Supplemental Quarterly Inform_4
Supplemental Quarterly Information (Unaudited) - (Details Textual) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||
Net benefit of the BTC | $ 260,850 | $ 238,564 | |
2017 BTC retroactive reinstatement | $ 206,521 |
Uncategorized Items - regi-2019
Label | Element | Value |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (6,516,000) |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (6,516,000) |