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Operating Segments
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Operating Segments Operating Segments
At June 30, 2024, the Company had three segments: Distilling Solutions, Branded Spirits, and Ingredient Solutions. The Company’s reportable segments are based on the financial information the chief operating decision maker, the Company’s Chief Executive Officer, uses to allocate resources and evaluate performance of the business. The Distilling Solutions segment consists of food grade alcohol (primarily brown goods) and distillery co-products, such as distillers feed (commonly called dried distillers grain in the industry). 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 as well as commodity starches and proteins. Intersegment sales and transfers are recorded at cost and are treated as a transfer of inventory. All intercompany revenues are eliminated in consolidation and are not reviewed when evaluating segment performance.

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 June 30,Year to Date Ended June 30,
2024202320242023
Sales to Customers
Distilling Solutions$93,388 $116,865 $178,240 $230,088 
Branded Spirits64,041 57,616 114,187 114,499 
Ingredient Solutions33,376 34,520 68,941 65,424 
Total$190,805 $209,001 $361,368 $410,011 
Gross Profit
Distilling Solutions$42,473 $38,678 $76,556 $71,706 
Branded Spirits33,633 26,003 56,165 50,596 
Ingredient Solutions7,126 11,614 13,306 23,817 
Total$83,232 $76,295 $146,027 $146,119 
Depreciation and Amortization
Distilling Solutions$1,968 $2,870 $3,925 $5,721 
Branded Spirits1,852 1,658 3,675 3,149 
Ingredient Solutions1,170 622 2,339 1,280 
Corporate339 169 679 340 
Total$5,329 $5,319 $10,618 $10,490 
Income (loss) before Income Taxes
Distilling Solutions$41,528 $37,956 $74,597 $70,257 
Branded Spirits7,235 9,221 8,143 18,378 
Ingredient Solutions5,784 10,001 10,504 20,847 
Corporate(12,422)(14,410)(24,273)(26,027)
Total$42,125 $42,768 $68,971 $83,455 

The following table allocates assets to each segment as of:
June 30, 2024December 31, 2023
Identifiable Assets
Distilling Solutions$374,615 $369,241 
Branded Spirits908,532 910,633 
Ingredient Solutions117,167 88,846 
Corporate33,783 23,628 
Total$1,434,097 $1,392,348