Asset Impairment

12 Months Ended

Dec. 31, 2021

Asset Impairment Charges [Abstract]

Asset Impairment

NOTE 3—ASSET IMPAIRMENT

For the year ended December 31, 2021 the Company recorded an impairment loss of $1,191. The 2021 impairment loss was due to the closure of two REG Sites and also the disposal of machinery at one RNG site. The Company recorded an impairment loss of $278 for the year ended December 31, 2020 in the Renewable Electricity Generation segment. The impairment loss was due to a termination of a development agreement related to the acquisition of Pico Energy, LLC (“Pico”). For the year ended December 31, 2019, the Company recorded an impairment loss of $2,443. Of the 2019 loss, $1,690 and $753 is included in RNG and Renewable Electricity Generation, respectively. The impairment loss was due to the continued deterioration in market pricing for electricity, conversion of existing Renewable Electricity to RNG sites, cancellation of a site conversion agreement, and calculated based upon replacement cost and pre-tax cash flow projections, which is considered a Level 3 measurement. Impairment loss was recorded under Operating Expenses within the Consolidated Statements of Operations for the years ended December 31, 2021, 2020, and 2019.