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OPERATING SEGMENTS | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
OPERATING SEGMENTS | OPERATING SEGMENTS At December 31, 2024, the Company had three segments: Distilling Solutions, Branded Spirits, and Ingredient Solutions. The Company’s operating segments are based on the financial information the chief operating decision maker uses to allocate resources and evaluate performance of the business. During the year ended December 31, 2024, the chief operating decision maker was the Company’s Chief Executive Officer. 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 income for each segment is based on sales less identifiable operating expenses. The CODM used the operating income to evaluate the segment profitability and to assess the actual results compared to the budget. Non-direct selling, general, and administrative expenses (“SG&A”), non-direct advertising and promotion expense, interest expense, and other general miscellaneous expenses are classified as Corporate. Receivables, inventories, and equipment have been identified with the segments to which they relate. All other assets are considered as Corporate. The following tables present summarized financial information for each segment:
| Year Ended December 31, 2024
| Distilling Solutions |  | Branded Spirits |  | Ingredient Solutions |  | Corporate |  | Total
Sales(a) | $ | 332,204 |  |  | $ | 240,816 |  |  | $ | 130,605 |  |  | $ | — |  |  | $ | 703,625 |
Cost of Goods Sold | 190,277 |  |  | 122,620 |  |  | 104,411 |  |  | — |  |  | 417,308 |
Gross Profit | 141,927 |  |  | 118,196 |  |  | 26,194 |  |  | — |  |  | 286,317 |
Advertising and promotion expense | 1,352 |  |  | 36,909 |  |  | 1,714 |  |  | 533 |  |  | 40,508 |
SG&A expense | 2,970 |  |  | 39,711 |  |  | 3,949 |  |  | 34,761 |  |  | 81,391 |
Impairment of long-lived assets and other | 137 |  |  | — |  |  | — |  |  | — |  |  | 137 |
Goodwill impairment | — |  |  | 73,755 |  |  | — |  |  | — |  |  | 73,755 |
Change in fair value of contingent consideration | — |  |  | 16,100 |  |  | — |  |  | — |  |  | 16,100 |
Operating income | $ | 137,468 |  |  | $ | (48,279) |  |  | $ | 20,531 |  |  | $ | (35,294) |  |  | $ | 74,426 |
Depreciation and amortization | $ | 7,893 |  |  | $ | 8,035 |  |  | $ | 4,711 |  |  | $ | 1,350 |  |  | $ | 21,989 |
| Year Ended December 31, 2023
| Distilling Solutions |  | Branded Spirits |  | Ingredient Solutions |  | Corporate |  | Total
Sales(a) | $ | 450,854 |  |  | $ | 253,933 |  |  | $ | 131,736 |  |  | $ | — |  |  | $ | 836,523 |
Cost of Goods Sold | 305,890 |  |  | 141,152 |  |  | 84,769 |  |  | — |  |  | 531,811 |
Gross Profit | 144,964 |  |  | 112,781 |  |  | 46,967 |  |  | — |  |  | 304,712 |
Advertising and promotion expense | 1,127 |  |  | 34,463 |  |  | 2,400 |  |  | 223 |  |  | 38,213 |
SG&A expense | 2,301 |  |  | 37,389 |  |  | 3,838 |  |  | 47,867 |  |  | 91,395 |
Impairment of long-lived assets and other | 19,391 |  |  | — |  |  | — |  |  | — |  |  | 19,391 |
Change in fair value of contingent consideration | — |  |  | 7,100 |  |  | — |  |  | — |  |  | 7,100 |
Operating income | $ | 122,145 |  |  | $ | 33,829 |  |  | $ | 40,729 |  |  | $ | (48,090) |  |  | $ | 148,613 |
Depreciation and amortization | $ | 11,833 |  |  | $ | 6,952 |  |  | $ | 2,574 |  |  | $ | 754 |  |  | $ | 22,113 |
| Year Ended December 31, 2022
| Distilling Solutions |  | Branded Spirits |  | Ingredient Solutions |  | Corporate |  | Total
Sales(a) | $ | 428,478 |  |  | $ | 237,939 |  |  | $ | 115,941 |  |  | $ | — |  |  | $ | 782,358 |
Cost of Goods Sold | 302,196 |  |  | 142,418 |  |  | 84,438 |  |  | — |  |  | 529,052 |
Gross Profit | 126,282 |  |  | 95,521 |  |  | 31,503 |  |  | — |  |  | 253,306 |
Advertising and promotion expense | 959 |  |  | 27,341 |  |  | 1,180 |  |  | 234 |  |  | 29,714 |
SG&A expense | 3,672 |  |  | 34,847 |  |  | 2,791 |  |  | 33,317 |  |  | 74,627 |
Operating income | $ | 121,651 |  |  | $ | 33,333 |  |  | $ | 27,532 |  |  | $ | (33,551) |  |  | $ | 148,965 |
Depreciation and amortization | $ | 11,641 |  |  | $ | 5,909 |  |  | $ | 2,473 |  |  | $ | 1,432 |  |  | $ | 21,455 |
(a)Sales from foreign sources totaled $36,240, $49,822, and $56,719 for the years ended December 31, 2024, 2023, and 2022, respectively, and is largely derived from the United Kingdom, Japan, Canada, Mexico, and Australia. The balance of total sales is from domestic sources. The following table allocates assets to each segment as of:
| December 31,
| 2024 |  | 2023
Identifiable Assets |  |  |
Distilling Solutions | $ | 382,432 |  |  | $ | 369,241 |
Branded Spirits | 862,458 |  |  | 910,633 |
Ingredient Solutions | 132,003 |  |  | 88,846 |
Corporate | 28,892 |  |  | 23,628 |
Total(a) | $ | 1,405,785 |  |  | $ | 1,392,348 |
(a)As of December 31, 2024 and 2023, the Company had $4,042 and $3,524, respectively, of long-lived assets located in Northern Ireland.

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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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