Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.19.2
Summary of Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2019
Accounting Policies [Abstract]  
Restricted Cash See the table below for reconciliation of "Cash, Cash Equivalents and Restricted Cash" in regards to the Condensed Consolidated Statements of Cash Flows:
 
June 30, 2019
 
June 30, 2018
Cash and cash equivalents
$
61,597

 
$
221,775

Restricted cash
3,000

 

Total cash, cash equivalents and restricted cash in the Condensed Statements of Cash Flows
$
64,597

 
$
221,775


Activity Under Repurchase Agreements
The table below sets out the information regarding the activities under the 2017 Program and 2018 Program during the three and six months ended June 30, 2018:
 
Three months ended June 30, 2018
 
Six months ended June 30, 2018
 
Number of shares/ Principal amount in 000's
 
December 2017 Program
 
June 2018 Program
 
Both Programs
 
Number of shares/Principal amount in 000's
 
December 2017 Program
 
June 2018 Program
 
Both Programs
Repurchases of shares of common stock
1,296,243

 
$
17,220

 
$

 
$
17,220

 
1,937,844

 
$
25,048

 
$

 
$
25,048

2019 Senior Convertible Notes Repurchases
$

 
$

 
$

 
$

 
$
6,311

 
$
6,689

 
$

 
$
6,689

2036 Senior Convertible Notes Repurchases
$
24,500

 
$
41,763

 
$

 
$
41,763

 
$
24,500

 
$
41,763

 
$

 
$
41,763


Disaggregation of Revenue The following table depicts the disaggregation of revenue according to product line and segment:
 
Reportable Segments
Three months ended June 30, 2019
Biomass-based
Diesel
 
Services
 
Corporate
and other
 
Intersegment
Revenues
 
Consolidated
Total
Biomass-based diesel sales, net of BTC related amount due to customers of $0
$
430,971

 
$

 
$

 
$
(1,158
)
 
$
429,813

Petroleum diesel sales

 

 
78,184

 

 
78,184

Other biomass-based diesel revenue
32,022

 

 

 

 
32,022

Separated RIN sales
19,596

 

 

 

 
19,596

Other revenues

 
24,139

 

 
(23,641
)
 
498

Total revenues from contracts with customers
$
482,589

 
$
24,139

 
$
78,184

 
$
(24,799
)
 
$
560,113

Biomass-based diesel government incentives
530

 

 

 

 
530

Total revenues
$
483,119

 
$
24,139

 
$
78,184

 
$
(24,799
)
 
$
560,643

 
 
 
 
 
 
 
 
 
 
Three months ended June 30, 2018
Biomass-based Diesel
 
Services
 
Corporate and other
 
Intersegment Revenues
 
Consolidated Total
Biomass-based diesel sales, net of BTC related amount due to customers of $0
$
484,150

 
$

 
$
6,103

 
$
(16,737
)
 
$
473,516

Petroleum diesel sales

 

 
47,070

 

 
47,070

Other biomass-based diesel revenue
30,523

 

 

 

 
30,523

Separated RIN sales
26,186

 

 

 

 
26,186

Other revenues

 
17,523

 

 
(16,833
)
 
690

Total revenues from contracts with customers
$
540,859

 
$
17,523

 
$
53,173

 
$
(33,570
)
 
$
577,985

Biomass-based diesel government incentives
915

 

 

 

 
915

Total revenues
$
541,774

 
$
17,523

 
$
53,173

 
$
(33,570
)
 
$
578,900



 
Reportable Segments
Six months ended June 30, 2019
Biomass-based
Diesel
 
Services
 
Corporate
and other
 
Intersegment
Revenues
 
Consolidated
Total
Biomass-based diesel sales, net of BTC related amount due to customers of $0
$
746,700

 
$

 
$

 
$
(2,775
)
 
$
743,925

Petroleum diesel sales

 

 
162,087

 

 
162,087

Other biomass-based diesel revenue
89,213

 

 

 

 
89,213

Separated RIN sales
42,059

 

 

 

 
42,059

Other revenues

 
43,722

 

 
(43,152
)
 
570

Total revenues from contracts with customers
$
877,972

 
$
43,722

 
$
162,087

 
$
(45,927
)
 
$
1,037,854

Biomass-based diesel government incentives
998

 

 

 

 
998

Total revenues
$
878,970

 
$
43,722

 
$
162,087

 
$
(45,927
)
 
$
1,038,852

 
 
 
 
 
 
 
 
 
 
Six months ended June 30, 2018
Biomass-based Diesel
 
Services
 
Corporate and other
 
Intersegment Revenues
 
Consolidated Total
Biomass-based diesel sales, net of BTC related amount due to customers of $144,944
$
648,369

 
$

 
$
9,682

 
$
(32,448
)
 
$
625,603

Petroleum diesel sales

 

 
118,034

 

 
118,034

Other biomass-based diesel revenue
82,233

 

 

 

 
82,233

Separated RIN sales
73,365

 

 

 

 
73,365

Other revenues

 
52,738

 

 
(51,271
)
 
1,467

Total revenues from contracts with customers
$
803,967

 
$
52,738

 
$
127,716

 
$
(83,719
)
 
$
900,702

Biomass-based diesel government incentives
366,200

 

 

 

 
366,200

Total revenues
$
1,170,167

 
$
52,738

 
$
127,716

 
$
(83,719
)
 
$
1,266,902


Contract Balances
The following table provides information about receivables and contract liabilities from contracts with customers:
 
June 30, 2019
 
December 31, 2018
Accounts receivable
$
75,207

 
$
74,551

Short-term contract liabilities (deferred revenue)
$
(4,536
)
 
$
(300
)

Significant changes to the contract liabilities during the three and six months ended June 30, 2019 and 2018 are as follows:
 
April 1, 2019
 
Cash receipts
(Payments)
 
Less: Impact on
Revenue
 
Other
 
June 30, 2019
Deferred revenue
$
13,315

 
$
11,690

 
$
20,469

 
$

 
$
4,536

 
 
 
 
 
 
 
 
 
 
 
April 1, 2018
 
Cash receipts
(Payments)
 
Less: Impact on
Revenue
 
Other
 
June 30, 2018
Deferred revenue
$
1,740

 
$
3,296

 
$
4,872

 
$
(3
)
 
$
161

Payables to customers related to BTC
150,776

 
(109,841
)
 

 

 
40,935

 
$
152,516

 
$
(106,545
)
 
$
4,872

 
$
(3
)
 
$
41,096



 
January 1, 2019
 
Cash receipts
(Payments)
 
Less: Impact on
Revenue
 
Other
 
June 30, 2019
Deferred revenue
$
300

 
$
40,347

 
$
36,111

 
$

 
$
4,536

 
 
 
 
 
 
 
 
 
 
 
January 1, 2018
 
Cash receipts
(Payments)
 
Less: Impact on
Revenue
 
Other
 
June 30, 2018
Deferred revenue
$
2,218

 
$
13,803

 
$
15,857

 
$
(3
)
 
$
161

Payables to customers related to BTC

 
(109,841
)
 
(144,944
)
 
5,832

 
40,935

 
$
2,218

 
$
(96,038
)
 
$
(129,087
)
 
$
5,829

 
$
41,096