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Operating Segments
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Operating Segments Operating Segments
At September 30, 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 September 30, 2025
Branded SpiritsDistilling SolutionsIngredient SolutionsCorporateTotal
Sales$60,748 $40,881 $29,283 $— $130,912 
Cost of Goods Sold28,528 26,681 26,270 — 81,479 
Gross Profit32,220 14,200 3,013 — 49,433 
Advertising and promotion expense6,249 185 241 16 6,691 
SG&A expense8,420 711 963 8,832 18,926 
Change in fair value of contingent consideration2,800 — — — 2,800 
Operating income$14,751 $13,304 $1,809 $(8,848)$21,016 
Depreciation and amortization$2,157 $2,041 $1,635 $353 $6,186 

Quarter Ended September 30, 2024
Branded SpiritsDistilling SolutionsIngredient SolutionsCorporateTotal
Sales$62,624 $71,919 $26,918 $— $161,461 
Cost of Goods Sold30,178 43,275 22,193 — 95,646 
Gross Profit32,446 28,644 $4,725 $— 65,815 
Advertising and promotion expense8,704 395 410 138 9,647 
SG&A expense9,951 618 1,038 5,597 17,204 
Change in fair value of contingent consideration6,400 — — — 6,400 
Operating income$7,391 $27,631 $3,277 $(5,735)$32,564 
Depreciation and amortization$2,192 $1,975 $1,178 $335 $5,680 
Year to Date Ended September 30, 2025
Branded SpiritsDistilling SolutionsIngredient SolutionsCorporateTotal
Sales$169,495 $137,824 $90,740 $— $398,059 
Cost of Goods Sold83,093 86,132 77,684 — 246,909 
Gross Profit86,402 51,692 13,056 — 151,150 
Advertising and promotion expense20,171 616 892 97 21,776 
SG&A expense26,389 2,149 3,057 31,692 63,287 
Change in fair value of contingent consideration25,500 — — — 25,500 
Operating income$14,342 $48,927 $9,107 $(31,789)$40,587 
Depreciation and amortization$6,442 $6,121 $4,213 $1,048 $17,824 

Year to Date Ended September 30, 2024
Branded SpiritsDistilling SolutionsIngredient SolutionsCorporateTotal
Sales$176,811 $250,159 $95,859 $— $522,829 
Cost of Goods Sold88,200 144,959 77,828 — 310,987 
Gross Profit88,611 105,200 18,031 — 211,842 
Advertising and promotion expense27,286 955 1,344 410 29,995 
SG&A expense29,891 1,880 2,906 26,265 60,942 
Impairment of long-lived assets and other— 137 — — 137 
Change in fair value of contingent consideration15,900 — — — 15,900 
Operating income$15,534 $102,228 $13,781 $(26,675)$104,868 
Depreciation and amortization$5,867 $5,900 $3,517 $1,014 $16,298 

The following table allocates assets to each segment as of:
September 30, 2025December 31, 2024
Identifiable Assets
Branded Spirits$874,688 $862,458 
Distilling Solutions342,092 382,432 
Ingredient Solutions132,844 132,003 
Corporate27,409 28,892 
Total$1,377,033 $1,405,785