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Segment Information | 12 Months Ended
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Dec. 31, 2020
Segment Information [Abstract] |
Segment Information | 7. 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 included vinegar production until the sale of Fleischmann’s Vinegar during the fourth quarter of 2018 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, excluding amounts related to discontinued operations (in thousands):
|  | Year Ended December 31,
|  | 2020 |  | 2019 |  | 2018
Revenues: |  |  |  |  |  |  |  |  |
Ethanol production: |  |  |  |  |  |  |  |  |
Revenues from external customers |  | $ | 1,502,481 |  | $ | 1,700,615 |  | $ | 2,120,475
Intersegment revenues |  |  | 100 |  |  | 100 |  |  | 186
Total segment revenues |  |  | 1,502,581 |  |  | 1,700,715 |  |  | 2,120,661
Agribusiness and energy services: |  |  |  |  |  |  |  |  |
Revenues from external customers |  |  | 416,403 |  |  | 708,316 |  |  | 735,855
Intersegment revenues |  |  | 27,468 |  |  | 27,184 |  |  | 33,101
Total segment revenues |  |  | 443,871 |  |  | 735,500 |  |  | 768,956
Food and ingredients: |  |  |  |  |  |  |  |  |
Revenues from external customers |  |  | - |  |  | 1,451 |  |  | 121,121
Intersegment revenues |  |  | - |  |  | - |  |  | -
Total segment revenues |  |  | - |  |  | 1,451 |  |  | 121,121
Partnership: |  |  |  |  |  |  |  |  |
Revenues from external customers |  |  | 4,835 |  |  | 6,856 |  |  | 6,481
Intersegment revenues |  |  | 78,510 |  |  | 75,531 |  |  | 94,267
Total segment revenues |  |  | 83,345 |  |  | 82,387 |  |  | 100,748
Revenues including intersegment activity |  |  | 2,029,797 |  |  | 2,520,053 |  |  | 3,111,486
Intersegment eliminations |  |  | (106,078) |  |  | (102,815) |  |  | (127,554)
Revenues as reported |  | $ | 1,923,719 |  | $ | 2,417,238 |  | $ | 2,983,932
Refer to Note 4 – Revenue, for further disaggregation of revenue by operating segment.
|  | Year Ended December 31,
|  | 2020 |  | 2019 |  | 2018
Cost of goods sold: |  |  |  |  |  |  |  |  |
Ethanol production |  | $ | 1,507,335 |  | $ | 1,791,099 |  | $ | 2,118,787
Agribusiness and energy services |  |  | 409,407 |  |  | 696,226 |  |  | 717,772
Food and ingredients |  |  | - |  |  | 1,526 |  |  | 94,679
Partnership |  |  | - |  |  | - |  |  | -
Intersegment eliminations |  |  | (104,579) |  |  | (103,904) |  |  | (124,270)
|  | $ | 1,812,163 |  | $ | 2,384,947 |  | $ | 2,806,968
|  | Year Ended December 31,
|  | 2020 |  | 2019 |  | 2018
Operating income (loss): |  |  |  |  |  |  |  |  |
Ethanol production (1) |  | $ | (129,618) |  | $ | (178,575) |  | $ | (111,823)
Agribusiness and energy services |  |  | 15,773 |  |  | 22,777 |  |  | 29,076
Food and ingredients |  |  | - |  |  | (76) |  |  | 14,354
Partnership |  |  | 50,437 |  |  | 50,635 |  |  | 64,770
Intersegment eliminations |  |  | (1,400) |  |  | 1,188 |  |  | (3,110)
Corporate activities (2) |  |  | (57,888) |  |  | (38,519) |  |  | 96,687
|  | $ | (122,696) |  | $ | (142,570) |  | $ | 89,954
(1)O perating loss for the ethanol production segment for fiscal year 2020 includes a goodwill impairment charge of $24.1 million and $3.9 million pretax loss on sale of assets from the sale of the Hereford, Texas ethanol plant. (2)Corporate activities for fiscal year 2020 include a goodwill impairment charge of $24.1 million, $18.5 million pretax loss on sale of assets from the sale of the Hereford, Texas ethanol plant and a $1.5 million net gain from sale of GPCC. Fiscal year 2018 includes a $150.4 million gain on the sale of the Bluffton, Indiana, Lakota, Iowa, and Riga, Michigan ethanol plants, as well as Fleischmann’s Vinegar during the fourth quarter.
|  | Year Ended December 31,
|  | 2020 |  | 2019 |  | 2018
Depreciation and amortization: |  |  |  |  |  |  |  |  |
Ethanol production |  | $ | 67,956 |  | $ | 63,073 |  | $ | 80,227
Agribusiness and energy services |  |  | 2,512 |  |  | 2,222 |  |  | 2,470
Food and ingredients |  |  | - |  |  | - |  |  | 7,553
Partnership |  |  | 3,806 |  |  | 3,441 |  |  | 4,442
Corporate activities |  |  | 3,970 |  |  | 3,391 |  |  | 3,566
|  | $ | 78,244 |  | $ | 72,127 |  | $ | 98,258
|  | Year Ended December 31,
|  | 2020 |  | 2019 |  | 2018
Capital expenditures: |  |  |  |  |  |  |  |  |
Ethanol production |  | $ | 109,970 |  | $ | 72,374 |  | $ | 27,322
Agribusiness and energy services |  |  | 1,195 |  |  | 2,251 |  |  | 277
Food and ingredients |  |  | - |  |  | - |  |  | 9,025
Partnership |  |  | 162 |  |  | 305 |  |  | 1,268
Corporate activities |  |  | 472 |  |  | 1,542 |  |  | 451
|  | $ | 111,799 |  | $ | 76,472 |  | $ | 38,343
The following table sets forth total assets by operating segment (in thousands):
|  | Year Ended December 31,
|  | 2020 |  | 2019
Total assets (1): |  |  |  |  |  |
Ethanol production |  | $ | 852,959 |  | $ | 884,293
Agribusiness and energy services |  |  | 426,724 |  |  | 410,400
Partnership |  |  | 91,205 |  |  | 90,011
Corporate assets |  |  | 228,074 |  |  | 324,280
Intersegment eliminations |  |  | (20,045) |  |  | (10,766)
|  | $ | 1,578,917 |  | $ | 1,698,218
(1)Asset balances by segment exclude intercompany payable and receivable 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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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