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Equity Method Investment
9 Months Ended
Sep. 30, 2021
Equity Method Investments And Joint Ventures [Abstract]  
Equity Method Investment

18. Equity Method Investment On August 2, 2016, AMVAC BV entered into a joint venture with Huifeng (Hong Kong) Ltd, which is a wholly owned subsidiary of the Huifeng Group. The resulting entity, Hong Kong JV, focused on activities such as market access and technology transfer between the two members. AMVAC BV is a 50% owner of the entity. No material contributions were made subsequent to the initial investment. On June 27, 2017, both AMVAC BV and Huifeng (Hong Kong) Ltd. made individual capital contributions of $950 to the Hong Kong JV. The Company utilizes the equity method of accounting with respect to this investment. On July 7, 2017, the Hong Kong JV purchased the shares of Profeng Australia, Pty Ltd. (“Profeng”), for a total consideration of $1,900. The purchase consists of Profeng Australia, Pty Ltd Trustee and Profeng Australia Unit Trust. Both Trust and Trustee were previously owned by Huifeng (via its wholly owned subsidiary Huifeng (Hong Kong) Ltd).

 

For the three- and nine-months ended September 30, 2021, the Company recognized losses of $13 and $100, respectively, as a result of the Company’s ownership position in the Hong Kong Joint Venture. For the three- and nine-months ended September 30, 2020, the Company recognized losses of $42 and $80, respectively. As of September 30, 2021, the Company determined that the investment was fully impaired and recorded an impairment charge in the amount of $288 to reduce the investment value to $0 as of September 30, 2021.