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Operating Segments | 9 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
Operating Segments | Operating Segments At September 30, 2023, the Company had three segments: Distilling Solutions, Branded Spirits, and Ingredient Solutions. The Distilling Solutions segment consists of food grade alcohol and distillery co-products, such as distillers feed (commonly called dried distillers grain in the industry) and fuel grade alcohol. The Distilling Solutions segment also includes warehouse services, such as barrel put away, barrel storage, and barrel retrieval services. The Branded Spirits segment consists of a portfolio of high quality branded spirits which are produced through the distilleries and bottling facilities. The Ingredient Solutions segment consists of specialty starches and proteins and commodity starches and proteins. Operating profit for each segment is based on sales less identifiable operating expenses. Non-direct selling, general, and administrative expenses, interest expense, and other general miscellaneous expenses are excluded from segment operations and are classified as Corporate. Receivables, inventories, property, plant and equipment, leases, goodwill, and intangible assets have been identified with the segments to which they relate. All other assets are considered as Corporate. The following table presents summarized financial information for each segment:
|  | Quarter Ended September 30, |  | Year to Date Ended September 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Sales to Customers |  |  |  |  |  |  |  |
Distilling Solutions |  | $ | 111,853 |  |  | $ | 108,644 |  |  | $ | 341,941 |  |  | $ | 327,291 |
Branded Spirits |  | 66,819 |  |  | 62,761 |  |  | 181,318 |  |  | 177,078 |
Ingredient Solutions |  | 32,952 |  |  | 29,741 |  |  | 98,376 |  |  | 86,994 |
Total |  | $ | 211,624 |  |  | $ | 201,146 |  |  | $ | 621,635 |  |  | $ | 591,363 |
Gross Profit |  |  |  |  |  |  |  |
Distilling Solutions |  | $ | 33,280 |  |  | $ | 25,917 |  |  | $ | 104,986 |  |  | $ | 94,630 |
Branded Spirits |  | 29,040 |  |  | 25,067 |  |  | 79,636 |  |  | 70,809 |
Ingredient Solutions |  | 11,128 |  |  | 8,064 |  |  | 34,945 |  |  | 24,654 |
Total |  | $ | 73,448 |  |  | $ | 59,048 |  |  | $ | 219,567 |  |  | $ | 190,093 |
Depreciation and Amortization |  |  |  |  |  |  |  |
Distilling Solutions |  | $ | 3,082 |  |  | $ | 2,929 |  |  | $ | 8,803 |  |  | $ | 8,716 |
Branded Spirits |  | 1,914 |  |  | 1,434 |  |  | 5,063 |  |  | 4,618 |
Ingredient Solutions |  | 619 |  |  | 613 |  |  | 1,899 |  |  | 1,838 |
Corporate |  | 167 |  |  | 357 |  |  | 507 |  |  | 1,085 |
Total |  | $ | 5,782 |  |  | $ | 5,333 |  |  | $ | 16,272 |  |  | $ | 16,257 |
Income (loss) before Income Taxes |  |  |  |  |  |  |  |
Distilling Solutions |  | $ | 13,930 |  |  | $ | 25,213 |  |  | $ | 84,187 |  |  | $ | 92,332 |
Branded Spirits |  | 7,199 |  |  | 9,776 |  |  | 25,577 |  |  | 28,016 |
Ingredient Solutions |  | 9,408 |  |  | 6,822 |  |  | 30,255 |  |  | 21,770 |
Corporate |  | (13,076) |  |  | (10,650) |  |  | (39,103) |  |  | (29,720) |
Total |  | $ | 17,461 |  |  | $ | 31,161 |  |  | $ | 100,916 |  |  | $ | 112,398 |
The following table allocates assets to each segment as of:
|  | September 30, 2023 |  | December 31, 2022
Identifiable Assets |  |  |  |
Distilling Solutions |  | $ | 351,154 |  |  | $ | 350,068 |
Branded Spirits |  | 895,139 |  |  | 698,985 |
Ingredient Solutions |  | 79,828 |  |  | 63,943 |
Corporate |  | 40,244 |  |  | 45,215 |
Total |  | $ | 1,366,365 |  |  | $ | 1,158,211 |

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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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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