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v3.23.3

Segments | 9 Months Ended
--- | ---
Sep. 30, 2023
Segment Reporting [Abstract] |
SEGMENTS |
| 2. | SEGMENTS.
The Company reports its financial and operating performance in three segments: (1) Pekin production, which includes the production and sale of alcohols and essential ingredients produced at the Company’s Pekin, Illinois campus (“Pekin Campus”), (2) marketing and distribution, which includes marketing and merchant trading for Company-produced alcohols and essential ingredients on an aggregated basis, and sales of fuel-grade ethanol sourced from third parties, and (3) Other production, which includes the production and sale of fuel-grade ethanol and essential ingredients produced at all of the Company’s other production facilities on an aggregated basis (“Other production”), none of which are individually so significant as to be considered a separately reportable segment. The following tables set forth certain financial data for the Company’s operating segments (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Net Sales |  |  |  |  |  |  |  |  |  |  |  |
Pekin Campus, recorded as gross: |  |  |  |  |  |  |  |  |  |  |  |
Alcohol sales |  | $ | 128,554 |  |  | $ | 133,680 |  |  | $ | 388,629 |  |  | $ | 393,498 |
Essential ingredient sales |  |  | 51,634 |  |  |  | 54,537 |  |  |  | 169,220 |  |  |  | 169,670 |
Intersegment sales |  |  | 363 |  |  |  | 332 |  |  |  | 1,120 |  |  |  | 857 |
Total Pekin Campus sales |  |  | 180,551 |  |  |  | 188,549 |  |  |  | 558,969 |  |  |  | 564,025 |
Marketing and distribution: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alcohol sales, gross |  | $ | 58,805 |  |  | $ | 55,262 |  |  | $ | 215,741 |  |  | $ | 172,746 |
Alcohol sales, net |  |  | 74 |  |  |  | 308 |  |  |  | 292 |  |  |  | 975 |
Intersegment sales |  |  | 3,392 |  |  |  | 3,121 |  |  |  | 8,734 |  |  |  | 9,360 |
Total marketing and distribution sales |  |  | 62,271 |  |  |  | 58,691 |  |  |  | 224,767 |  |  |  | 183,081 |
Other production, recorded as gross: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alcohol sales |  | $ | 57,159 |  |  | $ | 64,492 |  |  | $ | 122,477 |  |  | $ | 191,483 |
Essential ingredient sales |  |  | 17,841 |  |  |  | 24,439 |  |  |  | 40,614 |  |  |  | 66,748 |
Intersegment sales |  |  | 37 |  |  |  | 3 |  |  |  | 99 |  |  |  | 14 |
Total Other production sales |  |  | 75,037 |  |  |  | 88,934 |  |  |  | 163,190 |  |  |  | 258,245 |
Corporate and other |  |  | 4,060 |  |  |  | 4,159 |  |  |  | 12,342 |  |  |  | 12,064 |
Intersegment eliminations |  |  | (3,792 | ) |  |  | (3,456 | ) |  |  | (9,953 | ) |  |  | (10,231 | )
Net sales as reported |  | $ | 318,127 |  |  | $ | 336,877 |  |  | $ | 949,315 |  |  | $ | 1,007,184 |
Cost of goods sold: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pekin Campus |  | $ | 179,995 |  |  | $ | 207,939 |  |  | $ | 546,591 |  |  | $ | 572,512 |
Marketing and distribution |  |  | 58,051 |  |  |  | 55,159 |  |  |  | 212,923 |  |  |  | 173,670 |
Other production |  |  | 73,584 |  |  |  | 91,663 |  |  |  | 165,401 |  |  |  | 261,514 |
Corporate and other |  |  | 3,538 |  |  |  | 2,925 |  |  |  | 9,322 |  |  |  | 8,995 |
Intersegment eliminations |  |  | (1,202 | ) |  |  | (970 | ) |  |  | (3,100 | ) |  |  | (3,285 | )
Cost of goods sold as reported |  | $ | 313,966 |  |  | $ | 356,716 |  |  | $ | 931,137 |  |  | $ | 1,013,406 |
Gross profit (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pekin Campus |  | $ | 556 |  |  | $ | (19,390 | ) |  | $ | 12,378 |  |  | $ | (8,487 | )
Marketing and distribution |  |  | 4,220 |  |  |  | 3,532 |  |  |  | 11,844 |  |  |  | 9,411 |
Other production |  |  | 1,453 |  |  |  | (2,729 | ) |  |  | (2,211 | ) |  |  | (3,269 | )
Corporate and other |  |  | 522 |  |  |  | 1,234 |  |  |  | 3,020 |  |  |  | 3,069 |
Intersegment eliminations |  |  | (2,590 | ) |  |  | (2,486 | ) |  |  | (6,853 | ) |  |  | (6,946 | )
Gross profit (loss) as reported |  | $ | 4,161 |  |  | $ | (19,839 | ) |  | $ | 18,178 |  |  | $ | (6,222 | )
Income (loss) before provision for income taxes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pekin Campus |  | $ | (1,956 | ) |  | $ | (22,664 | ) |  | $ | 3,716 |  |  | $ | (6,252 | )
Marketing and distribution |  |  | 2,403 |  |  |  | 1,622 |  |  |  | 6,019 |  |  |  | 3,444 |
Other production |  |  | (20 | ) |  |  | (4,958 | ) |  |  | (6,497 | ) |  |  | 1,404 |
Corporate and other |  |  | (3,916 | ) |  |  | (2,038 | ) |  |  | (12,298 | ) |  |  | (7,121 | )
|  | $ | (3,489 | ) |  | $ | (28,038 | ) |  | $ | (9,060 | ) |  | $ | (8,525 | )
Depreciation and amortization of intangibles: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pekin Campus |  | $ | 4,961 |  |  | $ | 4,758 |  |  | $ | 14,778 |  |  | $ | 14,381 |
Other production |  |  | 458 |  |  |  | 1,273 |  |  |  | 1,921 |  |  |  | 4,095 |
Corporate and other |  |  | 228 |  |  |  | 229 |  |  |  | 683 |  |  |  | 646 |
|  | $ | 5,647 |  |  | $ | 6,260 |  |  | $ | 17,382 |  |  | $ | 19,122 |
Interest expense, net of capitalized interest: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pekin Campus |  | $ | 108 |  |  | $ | (48 | ) |  | $ | (527 | ) |  | $ | (81 | )
Marketing and distribution |  |  | 111 |  |  |  | 487 |  |  |  | 713 |  |  |  | 1,060 |
Other production |  |  | 678 |  |  |  | (74 | ) |  |  | 173 |  |  |  | (128 | )
Corporate and other |  |  | 1,103 |  |  |  | (25 | ) |  |  | 4,940 |  |  |  | 8 |
|  | $ | 2,000 |  |  | $ | 340 |  |  | $ | 5,299 |  |  | $ | 859 |
The following table sets forth the Company’s total assets by operating segment (in thousands):
|  | September 30, 2023 |  |  | December 31, 2022 |
Total assets: |  |  |  |  |  |
Pekin Campus |  | $ | 246,580 |  |  | $ | 257,089 |
Marketing and distribution |  |  | 113,797 |  |  |  | 114,755 |
Other production |  |  | 57,280 |  |  |  | 51,886 |
Corporate and other |  |  | 43,445 |  |  |  | 54,591 |
|  | $ | 461,102 |  |  | $ | 478,321 |

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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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