Quarterly report pursuant to Section 13 or 15(d)

Reportable Segments and Geographic Information

v3.21.2
Reportable Segments and Geographic Information
9 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]  
Reportable Segments and Geographic Information REPORTABLE SEGMENTS AND GEOGRAPHIC INFORMATION
The Company reports its reportable segments based on products and services provided to customers. The Company re-assesses its reportable segments on an annual basis. The Company's reportable segments generally align the Company's external financial reporting segments with its internal operating segments, which are based on its internal organizational structure, operating decisions, and performance assessment. The Company's reportable segments at September 30, 2021 and for the year ended December 31, 2020 are composed of Bio-based Diesel (formerly known as the Biomass-based Diesel segment), 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.
The Bio-based Diesel segment processes waste vegetable oils, animal fats, virgin vegetable oils and other feedstocks into bio-based diesel. The Bio-based Diesel segment also includes the Company’s purchases and resales of bio-based diesel produced by third parties. Revenue is derived from the purchases and sales of bio-based diesel, the renewable portion of sales of biodiesel and renewable diesel blended with petroleum-based diesel, RINs and raw material feedstocks acquired from third parties, sales of processed bio-based diesel from Company facilities, related byproducts and renewable energy government incentive payments, in the U.S. and internationally.
The Services segment offers services for managing the construction of bio-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, including the petroleum portion of sales of biodiesel and renewable diesel blended with petroleum-based diesel; as well as corporate activities, which consist of corporate office expenses such as compensation, benefits, occupancy, and other administrative costs, including management service expenses. Corporate and Other also includes income/(expense) not associated with the reportable segments, such as corporate general and administrative expenses, shared service expenses, interest expense and interest income, all reflected on an accrual basis of accounting. In addition, Corporate and Other includes cash and other assets not associated with the reportable segments, including investments. Intersegment revenues are reported by the Services and Corporate and Other segments.
The following table represents the significant items by reportable segment:
    Three months ended September 30, 2021 Three months ended September 30, 2020 Nine months ended September 30, 2021 Nine months ended September 30, 2020
Net sales from continuing operations:                
Bio-based Diesel $ 974,034  $ 555,942  $ 2,258,173  $ 1,508,462 
Services 99,442  21,483  136,202  67,502 
Corporate and Other 33,582  19,801  107,769  86,633 
Intersegment revenues (100,716) (24,868) (139,839) (73,377)
    $ 1,006,342  $ 572,358  $ 2,362,305  $ 1,589,220 
Income (loss) from continuing operations before income taxes:                
Bio-based Diesel $ 59,426  $ 27,167  $ 203,751  $ 104,577 
Services (6,759) (1,537) (15,696) (2,545)
Corporate and Other (9,548) (1,921) (22,315) (2,380)
    $ 43,119  $ 23,709  $ 165,740  $ 99,652 
Depreciation and amortization expense, net:                
Bio-based Diesel $ 13,719  $ 10,572  $ 42,309  $ 34,002 
Services 931  847  2,780  2,430 
Corporate and Other 992  1,027  3,025  3,019 
    $ 15,642  $ 12,446  $ 48,114  $ 39,451 
Cash paid for purchases of property, plant and equipment:                
Bio-based Diesel $ 29,729  $ 14,139  $ 60,114  $ 37,072 
Services 842  1,714  2,504  3,880 
Corporate and Other 68  45  499  5,993 
    $ 30,639  $ 15,898  $ 63,117  $ 46,945 
    September 30, 2021 December 31, 2020
Goodwill:        
Services $ 16,080  $ 16,080 
Assets:        
Bio-based Diesel $ 1,444,323  $ 1,101,179 
Services 116,300  69,152 
Corporate and Other 1,550,401  784,829 
Intersegment eliminations (666,807) (493,762)
    $ 2,444,217  $ 1,461,398 
Geographic Information:
The following geographic data include net sales attributed to the countries based on the location of the subsidiary making the sale and long-lived assets based on physical location. Long-lived assets represent the net book value of property, plant and equipment.
    Three months ended September 30, 2021 Three months ended September 30, 2020 Nine months ended September 30, 2021 Nine months ended September 30, 2020
Net revenues:                
United States $ 909,061  $ 475,521  $ 2,102,082  $ 1,324,562 
International 97,281  96,837  260,223  264,658 
$ 1,006,342  $ 572,358  $ 2,362,305  $ 1,589,220 
    September 30, 2021 December 31, 2020
Long-lived assets:        
United States $ 601,032  $ 565,657 
International 29,883  29,139 
$ 630,915  $ 594,796