Discontinued Operations (Notes)
|6 Months Ended|
Jun. 30, 2019
|Discontinued Operations and Disposal Groups [Abstract]|
|Discontinued Operations||DISCONTINUED OPERATIONS
In the fourth quarter of 2018, concluding a comprehensive strategic assessment of the Company's development-stage industrial biotechnology business, REG Life Sciences, 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 for the year ended December 31, 2018. This valuation technique was considered as Level 3 pricing category.
In May 2019, the Company entered into a sale and purchase agreement to sell REG Life Sciences core assets and business. The Company recorded a loss, net of tax, on sale of assets of $1,250.
REG Life Sciences' results for all periods and for the three and six months ended June 30, 2019 are classified as discontinued operations. There was no income tax impact from discontinued operations for all periods.
Loss on Discontinued Operations:
Reconciliation of the Carrying Amounts of Major Classes of Assets and Liabilities Included in Assets and Liabilities Held for Sale:
The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef