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Segment Information | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Segment Information | SEGMENT INFORMATION The company reports the financial and operating performance for the following two operating segments: (1) ethanol production, which includes the production, storage and transportation of ethanol, distillers grains, Ultra-High Protein and renewable corn oil and (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, Ultra-High Protein, renewable corn oil, natural gas and other commodities. As a result of the Merger, the partnership's operations are included in the ethanol production operating segment. The following changes were made to the company's operating segments: •The revenue and operating results from fuel storage and transportation services previously disclosed within the partnership segment are now included within the ethanol production segment. •Intersegment activities between the partnership and Green Plains Trade associated with ethanol storage and transportation services previously treated like third-party transactions and eliminated on a consolidated level are now eliminated within the ethanol production segment. Intersegment activities between the partnership and Green Plains Trade associated with terminal services transacted with the agribusiness and energy services segment will continue to be eliminated on a consolidated level. 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, as well as gain on sale of assets. 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, Ultra-High Protein and renewable corn oil 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,
| 2024 |  | 2023 |  | 2024 |  | 2023
Revenues |  |  |  |  |  |  |
Ethanol production |  |  |  |  |  |  |
Revenues from external customers | $ | 563,564 |  |  | $ | 774,321 |  |  | $ | 1,592,274 |  |  | $ | 2,198,736 |
Intersegment revenues | 1,075 |  |  | 1,208 |  |  | 3,467 |  |  | 3,446 |
Total segment revenues | 564,639 |  |  | 775,529 |  |  | 1,595,741 |  |  | 2,202,182 |
Agribusiness and energy services |  |  |  |  |  |  |
Revenues from external customers | 95,171 |  |  | 118,449 |  |  | 282,500 |  |  | 384,615 |
Intersegment revenues | 6,689 |  |  | 6,632 |  |  | 19,305 |  |  | 18,675 |
Total segment revenues | 101,860 |  |  | 125,081 |  |  | 301,805 |  |  | 403,290 |
Revenues including intersegment activity | 666,499 |  |  | 900,610 |  |  | 1,897,546 |  |  | 2,605,472 |
Intersegment eliminations | (7,764) |  |  | (7,840) |  |  | (22,772) |  |  | (22,121) |
| $ | 658,735 |  |  | $ | 892,770 |  |  | $ | 1,874,774 |  |  | $ | 2,583,351 |
Refer to Note 2 – Revenue, for further disaggregation of revenue by operating segment.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Cost of goods sold |  |  |  |  |  |  |
Ethanol production (1) | $ | 498,326 |  |  | $ | 716,556 |  |  | $ | 1,501,681 |  |  | $ | 2,142,567 |
Agribusiness and energy services | 90,064 |  |  | 109,292 |  |  | 271,566 |  |  | 371,981 |
Intersegment eliminations | (7,764) |  |  | (7,840) |  |  | (22,772) |  |  | (22,121) |
| $ | 580,626 |  |  | $ | 818,008 |  |  | $ | 1,750,475 |  |  | $ | 2,492,427 |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Gross margin |  |  |  |  |  |  |
Ethanol production (1) (3) | $ | 66,313 |  |  | $ | 58,973 |  |  | $ | 94,060 |  |  | $ | 59,615 |
Agribusiness and energy services | 11,796 |  |  | 15,789 |  |  | 30,239 |  |  | 31,309 |
| $ | 78,109 |  |  | $ | 74,762 |  |  | $ | 124,299 |  |  | $ | 90,924 |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Depreciation and amortization |  |  |  |  |  |  |
Ethanol production | $ | 21,444 |  |  | $ | 22,596 |  |  | $ | 62,522 |  |  | $ | 69,603 |
Agribusiness and energy services | 505 |  |  | 534 |  |  | 1,507 |  |  | 1,883 |
Corporate activities (2) | 4,121 |  |  | 769 |  |  | 5,112 |  |  | 2,425 |
| $ | 26,070 |  |  | $ | 23,899 |  |  | $ | 69,141 |  |  | $ | 73,911 |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Operating income (loss) |  |  |  |  |  |  |
Ethanol production (3) | $ | 35,240 |  |  | $ | 23,931 |  |  | $ | (626) |  |  | $ | (43,158) |
Agribusiness and energy services | 7,830 |  |  | 11,313 |  |  | 16,000 |  |  | 17,612 |
Corporate activities (4) | 12,982 |  |  | (14,070) |  |  | (21,922) |  |  | (52,300) |
| $ | 56,052 |  |  | $ | 21,174 |  |  | $ | (6,548) |  |  | $ | (77,846) |
(1)Costs historically reported as operations and maintenance expenses in the consolidated statements of operations are now being reported within cost of goods sold, resulting in increased cost of goods sold and decreased gross margin within the ethanol production segment. (2)Depreciation and amortization for corporate activities includes impairment of a research and development technology intangible asset of $3.5 million for the three and nine months ended September 30, 2024. (3)Ethanol production includes an inventory lower of average cost or net realizable value adjustment of $10.1 million for the three and nine months ended September 30, 2024 and of $1.7 million for the three and nine months ended September 30, 2023. (4)Corporate activities include a pretax gain on sale of assets of $30.7 million for the three and nine months ended September 30, 2024 and of $5.7 million for the three and nine months ended September 30, 2023. The following table sets forth total assets by operating segment (in thousands):
| September 30, 2024 |  | December 31, 2023
Total assets (1) |  |  |
Ethanol production | $ | 1,300,845 |  |  | $ | 1,275,562 |
Agribusiness and energy services | 301,409 |  |  | 413,937 |
Corporate assets | 159,870 |  |  | 254,300 |
Intersegment eliminations | (2,170) |  |  | (4,477) |
| $ | 1,759,954 |  |  | $ | 1,939,322 |
(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://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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