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Segment Information | 9 Months Ended
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Sep. 30, 2020
Segment Information [Abstract] |
Segment Information | 5. SEGMENT INFORMATION The company reports the financial and operating performance for the following four operating segments: (1) ethanol production, which includes the production of ethanol, including industrial-grade alcohol, distillers grains, ultra-high protein and corn oil, (2) agribusiness and energy services, which includes grain handling and storage, commodity marketing and merchant trading for company-produced and third-party ethanol, distillers grains, corn oil, natural gas and other commodities, (3) food and ingredients, which includes food-grade corn oil and (4) partnership, which includes fuel storage and transportation services. Corporate activities include selling, general and administrative expenses, consisting primarily of compensation, professional fees and overhead costs not directly related to a specific operating segment. During the normal course of business, the operating segments conduct business with each other. For example, the agribusiness and energy services segment procures grain and natural gas and sells products, including ethanol, distillers grains and corn oil for the ethanol production segment. The partnership segment provides fuel storage and transportation services for the ethanol production segment. These intersegment activities are treated like third-party transactions with origination, marketing and storage fees charged at estimated market values. Consequently, these transactions affect segment performance; however, they do not impact the company’s consolidated results since the revenues and corresponding costs are eliminated. The following tables set forth certain financial data for the company’s operating segments (in thousands):
| Three Months Ended ‎September 30, |  | Nine Months Ended ‎September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Revenues: |  |  |  |  |  |  |  |  |  |  |
Ethanol production: |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers | $ | 332,953 |  | $ | 484,382 |  | $ | 1,099,170 |  | $ | 1,206,107
Intersegment revenues |  | 25 |  |  | 24 |  |  | 75 |  |  | 75
Total segment revenues |  | 332,978 |  |  | 484,406 |  |  | 1,099,245 |  |  | 1,206,182
Agribusiness and energy services: |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers |  | 90,074 |  |  | 146,650 |  |  | 342,078 |  |  | 488,687
Intersegment revenues |  | 5,354 |  |  | 7,293 |  |  | 17,030 |  |  | 19,432
Total segment revenues |  | 95,428 |  |  | 153,943 |  |  | 359,108 |  |  | 508,119
Food and ingredients: |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers |  | - |  |  | - |  |  | - |  |  | 1,451
Intersegment revenues |  | - |  |  | - |  |  | - |  |  | -
Total segment revenues |  | - |  |  | - |  |  | - |  |  | 1,451
Partnership: |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers |  | 1,035 |  |  | 1,318 |  |  | 3,707 |  |  | 5,315
Intersegment revenues |  | 20,347 |  |  | 18,836 |  |  | 58,327 |  |  | 56,751
Total segment revenues |  | 21,382 |  |  | 20,154 |  |  | 62,034 |  |  | 62,066
Revenues including intersegment activity |  | 449,788 |  |  | 658,503 |  |  | 1,520,387 |  |  | 1,777,818
Intersegment eliminations |  | (25,726) |  |  | (26,153) |  |  | (75,432) |  |  | (76,258)
Total Revenues | $ | 424,062 |  | $ | 632,350 |  | $ | 1,444,955 |  | $ | 1,701,560
Refer to Note 2 - Revenue, for further disaggregation of revenue by operating segment. ‎
| Three Months Ended ‎September 30, |  | Nine Months Ended ‎September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Cost of goods sold: |  |  |  |  |  |  |  |  |  |  |
Ethanol production | $ | 330,162 |  | $ | 512,527 |  | $ | 1,103,486 |  | $ | 1,289,366
Agribusiness and energy services |  | 87,027 |  |  | 150,465 |  |  | 339,332 |  |  | 486,305
Food and ingredients |  | - |  |  | 3 |  |  | - |  |  | 1,526
Intersegment eliminations |  | (23,256) |  |  | (30,866) |  |  | (70,761) |  |  | (76,716)
| $ | 393,933 |  | $ | 632,129 |  | $ | 1,372,057 |  | $ | 1,700,481
| Three Months Ended ‎September 30, |  | Nine Months Ended ‎September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Operating income (loss): |  |  |  |  |  |  |  |  |  |  |
Ethanol production (1) | $ | (21,351) |  | $ | (49,289) |  | $ | (100,924) |  | $ | (147,366)
Agribusiness and energy services |  | 4,296 |  |  | (461) |  |  | 7,207 |  |  | 9,184
Food and ingredients |  | - |  |  | (6) |  |  | - |  |  | (76)
Partnership |  | 12,986 |  |  | 12,322 |  |  | 37,641 |  |  | 38,029
Intersegment eliminations |  | (2,447) |  |  | 4,738 |  |  | (4,597) |  |  | 533
Corporate activities |  | (7,689) |  |  | (9,669) |  |  | (27,228) |  |  | (27,952)
| $ | (14,205) |  | $ | (42,365) |  | $ | (87,901) |  | $ | (127,648)
(1)For the nine months ended September 30, 2020, operating loss for ethanol production includes a goodwill impairment charge of $24.1 million.
| Three Months Ended ‎September 30, |  | Nine Months Ended ‎September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Depreciation and amortization: |  |  |  |  |  |  |  |  |  |  |
Ethanol production | $ | 17,493 |  | $ | 15,547 |  | $ | 50,575 |  | $ | 46,324
Agribusiness and energy services |  | 655 |  |  | 541 |  |  | 1,764 |  |  | 1,642
Partnership |  | 940 |  |  | 991 |  |  | 2,867 |  |  | 2,747
Corporate activities |  | 665 |  |  | 749 |  |  | 2,002 |  |  | 2,250
| $ | 19,753 |  | $ | 17,828 |  | $ | 57,208 |  | $ | 52,963
The following table sets forth total assets by operating segment (in thousands):
| September 30, 2020 |  | December 31, 2019
Total assets (1): |  |  |  |  |
Ethanol production | $ | 916,168 |  | $ | 884,293
Agribusiness and energy services |  | 293,868 |  |  | 410,400
Partnership |  | 87,299 |  |  | 90,011
Corporate assets |  | 256,063 |  |  | 324,280
Intersegment eliminations |  | (15,978) |  |  | (10,766)
| $ | 1,537,420 |  | $ | 1,698,218
(1)Asset balances by segment exclude intercompany balances.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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