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Segment Information (Tables)
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Financial Data of Operating Segments
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,
2024202320242023
Revenues
Ethanol production
Revenues from external customers$563,564 $774,321 $1,592,274 $2,198,736 
Intersegment revenues1,075 1,208 3,467 3,446 
Total segment revenues564,639 775,529 1,595,741 2,202,182 
Agribusiness and energy services
Revenues from external customers95,171 118,449 282,500 384,615 
Intersegment revenues6,689 6,632 19,305 18,675 
Total segment revenues101,860 125,081 301,805 403,290 
Revenues including intersegment activity666,499 900,610 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,
2024202320242023
Cost of goods sold
Ethanol production (1)
$498,326 $716,556 $1,501,681 $2,142,567 
Agribusiness and energy services90,064 109,292 271,566 371,981 
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,
2024202320242023
Gross margin
Ethanol production (1) (3)
$66,313 $58,973 $94,060 $59,615 
Agribusiness and energy services11,796 15,789 30,239 31,309 
$78,109 $74,762 $124,299 $90,924 
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Depreciation and amortization
Ethanol production$21,444 $22,596 $62,522 $69,603 
Agribusiness and energy services505 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,
2024202320242023
Operating income (loss)
Ethanol production (3)
$35,240 $23,931 $(626)$(43,158)
Agribusiness and energy services7,830 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.
Total Assets for Operating Segments
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 services301,409 413,937 
Corporate assets159,870 254,300 
Intersegment eliminations(2,170)(4,477)
$1,759,954 $1,939,322 
(1)Asset balances by segment exclude intercompany balances.