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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021		December 31, 2020		December 31, 2019
Cash and cash equivalents	$	497,653	$	84,441	$	50,436
Restricted cash	4,218		3,777		3,000
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$	501,871	$	88,218	$	53,436


	December 31, 2021		December 31, 2020
Trade accounts receivable from customers (net of allowance for doubtful accounts of $1,814 and $1,631, respectively)	$	106,628	$	74,774
BTC receivables from the government	49,626		68,125
Other trade receivables	1,933		576
Total	$	158,187	$	143,475

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			lease term
Buildings and improvements			30-40 years

The table below sets out the information regarding the activities under the 2019 Program and 2020 Program during 2020:


	For the year ended December 31, 2020
		Number of shares/Principal amount in $'000		January 2019 Program		February 2020 Program		Both Programs


2036 Convertible Senior Notes Repurchases		$	30,008	$	67,804	$	8,086	$	75,890

The following table depicts the disaggregation of revenue according to product line and segment:


	Reportable Segments
Year ended December 31, 2021	Bio-based Diesel		Services		Corporate and other		Intersegment Revenues		Consolidated Total
Bio-based diesel sales	$	2,143,832	$	—	$	—	$	(4,897)	$	2,138,935
Petroleum diesel sales	—		—		158,587		—		158,587
LCFS credit sales	158,926		—		—		—		158,926
Separated RIN sales	355,541		—		—		—		355,541
Co-product sales	81,510		—		—		—		81,510
Raw material sales	20,974		—		—		—		20,974
Other bio-based diesel revenue	38,799		—		—		—		38,799
Other revenues	—		203,690		—		(203,690)		—
Total revenues from contracts with customers	$	2,799,582	$	203,690	$	158,587	$	(208,587)	$	2,953,272
Bio-based diesel government incentives	290,778		—		—		—		290,778
Total revenues	$	3,090,360	$	203,690	$	158,587	$	(208,587)	$	3,244,050


	Reportable Segments
Year ended December 31, 2020	Bio-based Diesel		Services		Corporate and other		Intersegment Revenues		Consolidated Total
Bio-based diesel sales, net of BTC related amount due to customers of $1,082	$	1,342,944	$	—	$	—	$	(9,099)	$	1,333,845
Petroleum diesel sales	—		—		116,318		—		116,318
LCFS credit sales	131,329		—		—		—		131,329
Separated RIN sales	129,715		—		—		—		129,715
Co-product sales	48,046		—		—		—		48,046
Raw material sales	30,199		—		—		—		30,199
Other bio-based diesel revenue	40,987		—		—		—		40,987
Other revenues	—		87,282		—		(85,875)		1,407
Total revenues from contracts with customers	$	1,723,220	$	87,282	$	116,318	$	(94,974)	$	1,831,846
Bio-based diesel government incentives	305,302		—		—		—		305,302
Total revenues	$	2,028,522	$	87,282	$	116,318	$	(94,974)	$	2,137,148


	Reportable Segment
Year ended December 31, 2019	Bio-based Diesel		Services		Corporate and other		Intersegment Revenues		Consolidated Total
Bio-based diesel sales, net of BTC related amount due to customers of $157,896	$	1,399,509	$	—	$	—	$	(11,309)	$	1,388,200
Petroleum diesel sales	—		—		270,326		—		270,326
LCFS credit sales	106,524		—		—		—		106,524
Separated RIN sales	98,285		—		—		—		98,285
Co-product sales	38,777		—		—		—		38,777
Raw material sales	26,456		—		—		—		26,456
Other bio-based diesel revenue	44,793		—		—		—		44,793
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
Bio-based diesel government incentives	650,215		—		—		—		650,215
Total revenues	$	2,364,559	$	99,086	$	270,326	$	(108,755)	$	2,625,216

The following table provides information about receivables and contract liabilities from contracts with customers:


	December 31, 2021		December 31, 2020
Trade accounts receivable, gross	$	108,443	$	74,774

Short-term contract liabilities (deferred revenue)	$	(1,822)	$	(946)
Short-term contract liabilities (accounts payable)	$	(699)	$	(914)

Significant changes to the contract liabilities during 2021 and 2020 are as follows:


	January 1, 2021		Cash receipts (Payments)		Less: Impact on Revenue		Other		December 31, 2021
Deferred revenue	$	946	$	41,797	$	40,921	$	—	$	1,822
Payables to customers related to BTC	914		(215)		—		—		699
	$	1,860	$	41,582	$	40,921	$	—	$	2,521


	January 1, 2020		Cash receipts (Payments)		Less: Impact on Revenue		Other		December 31, 2020
Deferred revenue	$	631	$	20,357	$	20,042	$	—	$	946
Payables to customers related to BTC	255,193		(257,235)		(1,082)		1,874		914
	$	255,824	$	(236,878)	$	18,960	$	1,874	$	1,860