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Operating Segments
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Operating Segments Operating Segments
At March 31, 2025, the Company had three segments: Branded Spirits, Distilling Solutions, and Ingredient Solutions. The Company’s reportable segments are based on the financial information the chief operating decision maker uses to allocate resources and evaluate performance of the business. The Branded Spirits segment consists of a portfolio of high quality branded spirits which are produced through distilleries and bottling facilities. 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 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 tables present summarized financial information for each segment:

Quarter Ended March 31, 2025
Branded SpiritsDistilling SolutionsIngredient SolutionsCorporateTotal
Sales$48,227 $46,943 $26,483 $— $121,653 
Cost of Goods Sold26,029 28,263 24,031 — 78,323 
Gross Profit22,198 18,680 2,452 — 43,330 
Advertising and promotion expense7,654 146 320 52 8,172 
SG&A expense8,990 652 1,124 10,439 21,205 
Change in fair value of contingent consideration14,700 — — — 14,700 
Operating income$(9,146)$17,882 $1,008 $(10,491)$(747)
Depreciation and amortization$2,140 $2,055 $1,271 $342 $5,808 

Quarter Ended March 31, 2024
Branded SpiritsDistilling SolutionsIngredient SolutionsCorporateTotal
Sales$50,146 $84,852 $35,565 $— $170,563 
Cost of Goods Sold27,614 50,769 29,385 — 107,768 
Gross Profit22,532 34,083 6,180 — 62,795 
Advertising and promotion expense7,754 319 472 138 8,683 
SG&A expense9,770 579 988 9,642 20,979 
Impairment of long-lived assets and other— 116 — — 116 
Change in fair value of contingent consideration4,100 — — — 4,100 
Operating income$908 $33,069 $4,720 $(9,780)$28,917 
Depreciation and amortization$1,823 $1,957 $1,169 $340 $5,289 

The following table allocates assets to each segment as of:
March 31, 2025December 31, 2024
Identifiable Assets
Branded Spirits$851,708 $862,458 
Distilling Solutions365,340 382,432 
Ingredient Solutions128,239 132,003 
Corporate32,915 28,892 
Total$1,378,202 $1,405,785