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Segments | 12 Months Ended
--- | ---
Dec. 31, 2023
Segments [Abstract] |
SEGMENTS |
| 5. | SEGMENTS.
The Company reports its financial and operating performance in three segments: (1) Pekin Campus production, which includes the production and sale of alcohols and essential ingredients produced at the Company’s Pekin, Illinois 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) Western production, which includes the production and sale of fuel-grade ethanol and essential ingredients produced the Company’s two western production facilities on an aggregated basis, none of which are individually so significant to be considered a separately reportable segment. Income before provision for income taxes includes management fees charged by Alto Ingredients to the segments. The Pekin Campus production segment incurred $5,280,000, $5,046,000 and $4,344,000 in management fees for the years ended December 31, 2023, 2022 and 2021, respectively. The marketing and distribution segment incurred $3,960,000, $3,840,000 and $3,480,000 in management fees for the years ended December 31, 2023, 2022 and 2021, respectively. The Western production segment incurred $2,640,000, $2,400,000 and $1,950,000 in management fees for the years ended December 31, 2023, 2022 and 2021, respectively. Corporate and other includes the results of Eagle Alcohol and selling, general and administrative expenses, consisting primarily of corporate employee compensation, professional fees and overhead costs not directly related to a specific operating segment. During the normal course of business, the segments do business with each other. The preponderance of this activity occurs when the Company’s marketing and distribution segment markets alcohol produced by the production segments for a marketing fee, as discussed in Note 4. These intersegment activities are considered arms’-length transactions. Consequently, although these transactions impact segment performance, they do not impact the Company’s consolidated results since all revenues and corresponding costs are eliminated upon consolidation. For the years ended December 31, 2023, 2022 and 2021, capital expenditures incurred by the Pekin Campus segment were approximately $17.7 million, $25.7 million and $14.3 million, and capital expenditures incurred by the Western production segment were approximately $11.8 million, $12.3 million $2.1 million, respectively. The following tables set forth certain financial data for the Company’s operating segments (in thousands):
|  | Years Ended December 31, |
Net Sales: |  | 2023 |  |  | 2022 |  |  | 2021 |
Pekin Campus production, recorded as gross: |  |  |  |  |  |  |  |  |
Alcohol sales |  | $ | 502,217 |  |  | $ | 521,273 |  |  | $ | 498,195 |
Essential ingredient sales |  |  | 217,702 |  |  |  | 225,871 |  |  |  | 189,535 |
Intersegment sales |  |  | 1,427 |  |  |  | 1,212 |  |  |  | 1,193 |
Total Pekin Campus sales |  |  | 721,346 |  |  |  | 748,356 |  |  |  | 688,923 |
Marketing and distribution: |  |  |  |  |  |  |  |  |  |  |  |
Alcohol sales, gross |  | $ | 262,587 |  |  | $ | 227,626 |  |  | $ | 379,422 |
Alcohol sales, net |  |  | 365 |  |  |  | 1,225 |  |  |  | 1,753 |
Intersegment sales |  |  | 11,654 |  |  |  | 12,459 |  |  |  | 10,061 |
Total marketing and distribution sales |  |  | 274,606 |  |  |  | 241,310 |  |  |  | 391,236 |
Western Production, recorded as gross: |  |  |  |  |  |  |  |  |  |  |  |
Alcohol sales |  | $ | 166,971 |  |  | $ | 253,605 |  |  | $ | 107,931 |
Essential ingredient sales |  |  | 57,264 |  |  |  | 90,209 |  |  |  | 31,056 |
Intersegment sales |  |  | 134 |  |  |  | 22 |  |  |  | 964 |
Total Western production sales |  |  | 224,369 |  |  |  | 343,836 |  |  |  | 139,951 |
Corporate and other |  |  | 15,834 |  |  |  | 15,812 |  |  |  | — |
Intersegment eliminations |  |  | (13,215 | ) |  |  | (13,693 | ) |  |  | (12,218 | )
Net sales as reported |  | $ | 1,222,940 |  |  | $ | 1,335,621 |  |  | $ | 1,207,892 |
Cost of goods sold: |  |  |  |  |  |  |  |  |
Pekin Campus production |  | $ | 710,088 |  |  | $ | 772,755 |  |  | $ | 638,371 |
Marketing and distribution |  |  | 259,234 |  |  |  | 229,288 |  |  |  | 371,371 |
Western production |  |  | 230,445 |  |  |  | 353,775 |  |  |  | 136,401 |
Corporate and other |  |  | 12,122 |  |  |  | 12,167 |  |  |  | — |
Intersegment eliminations |  |  | (4,602 | ) |  |  | (4,814 | ) |  |  | (6,035 | )
Cost of goods sold as reported |  | $ | 1,207,287 |  |  | $ | 1,363,171 |  |  | $ | 1,140,108 |
Income (loss) before provision for income taxes: |  |  |  |  |  |  |  |  |
Pekin Campus production |  | $ | (1,560 | ) |  | $ | (27,376 | ) |  | $ | 41,622 |
Marketing and distribution |  |  | 7,644 |  |  |  | 3,748 |  |  |  | 11,756 |
Western production |  |  | (13,506 | ) |  |  | (7,209 | ) |  |  | (3,762 | )
Corporate and other |  |  | (20,486 | ) |  |  | (8,835 | ) |  |  | (2,065 | )
|  | $ | (27,908 | ) |  | $ | (39,672 | ) |  | $ | 47,551 |
Depreciation and amortization expense: |  |  |  |  |  |  |  |  |  |  |  |
Pekin Campus production |  | $ | 19,789 |  |  | $ | 19,136 |  |  | $ | 17,352 |
Western production |  |  | 2,381 |  |  |  | 5,085 |  |  |  | 5,890 |
Corporate and other |  |  | 910 |  |  |  | 874 |  |  |  | 50 |
|  | $ | 23,080 |  |  | $ | 25,095 |  |  | $ | 23,292 |
Interest expense, net of capitalized interest: |  |  |  |  |  |  |  |  |
Pekin Campus production |  | $ | (207 | ) |  | $ | (381 | ) |  | $ | 756 |
Marketing and distribution |  |  | 822 |  |  |  | 1,658 |  |  |  | 963 |
Western production |  |  | 1,164 |  |  |  | (339 | ) |  |  | 167 |
Corporate and other |  |  | 5,646 |  |  |  | 889 |  |  |  | 1,701 |
|  | $ | 7,425 |  |  | $ | 1,827 |  |  | $ | 3,587 |
The following table sets forth the Company’s total assets by operating segment (in thousands):
|  | December 31, 2023 |  |  | December 31, 2022 |
Total assets: |  |  |  |  |  |
Pekin Campus production |  | $ | 251,048 |  |  |  | 257,089 |
Marketing and distribution |  |  | 101,196 |  |  |  | 114,755 |
Western production |  |  | 57,533 |  |  |  | 51,886 |
Corporate and other |  |  | 44,464 |  |  |  | 54,591 |
|  | $ | 454,241 |  |  | $ | 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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