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Segments | 12 Months Ended
--- | ---
Dec. 31, 2024
Segments [Abstract] |
SEGMENTS |
| 4. | 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, including liquid CO2, produced at the Company’s two western production facilities and its liquid CO2 plant on an aggregated basis, none of which are individually so significant to be considered a separately reportable segment. The Company manages and assesses the performance of its reportable segments by its gross profit (loss). As part of the Executive Committee’s review of segment-level performance, each member of the Executive Committee reviews the gross profit of the Company’s reportable segments and provides expertise and analysis from their respective areas which drive the evaluation of the performance of the Company’s reportable segments and allocation of resources to those segments. Even though the CEO has the authority to override the other members for strategic or other reasons, key decisions are made jointly by the Executive Committee. Included in income (loss) before provision for income taxes are management fees charged by Alto Ingredients to each of the segments. The Pekin Campus production segment incurred $7,200,000, $5,280,000 and $5,046,000 in management fees for the years ended December 31, 2024, 2023 and 2022, respectively. The marketing and distribution segment incurred $5,400,000, $3,960,000 and $3,840,000 in management fees for the years ended December 31, 2024, 2023 and 2022, respectively. The Western production segment incurred $3,600,000, $2,640,000 and $2,400,000 in management fees for the years ended December 31, 2024, 2023 and 2022, 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 3. 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, 2024, 2023 and 2022, capital expenditures incurred by the Pekin Campus segment were approximately $6.8 million, $17.7 million and $25.7 million, and capital expenditures incurred by the Western production segment were approximately $4.3 million, $11.8 million and $12.3 million, respectively. The following tables set forth certain financial data for the Company’s operating segments (in thousands):
|  | Years Ended December 31, |
Net Sales |  | 2024 |  |  | 2023 |  |  | 2022 |
Pekin Campus production, recorded as gross: |  |  |  |  |  |  |  |  |
Alcohol sales |  | $ | 415,710 |  |  | $ | 502,217 |  |  | $ | 521,273 |
Essential ingredient sales |  |  | 169,308 |  |  |  | 217,702 |  |  |  | 225,871 |
Intersegment sales |  |  | 1,243 |  |  |  | 1,427 |  |  |  | 1,212 |
Total Pekin Campus sales |  |  | 586,261 |  |  |  | 721,346 |  |  |  | 748,356 |
Marketing and distribution: |  |  |  |  |  |  |  |  |  |  |  |
Alcohol sales, gross |  | $ | 216,295 |  |  | $ | 262,587 |  |  | $ | 227,626 |
Alcohol sales, net |  |  | 229 |  |  |  | 365 |  |  |  | 1,225 |
Intersegment sales |  |  | 10,833 |  |  |  | 11,654 |  |  |  | 12,459 |
Total marketing and distribution sales |  |  | 227,357 |  |  |  | 274,606 |  |  |  | 241,310 |
Western Production, recorded as gross: |  |  |  |  |  |  |  |  |  |  |  |
Alcohol sales |  | $ | 115,389 |  |  | $ | 166,971 |  |  | $ | 253,605 |
Essential ingredient sales |  |  | 36,953 |  |  |  | 57,264 |  |  |  | 90,209 |
Intersegment sales |  |  | (122 | ) |  |  | 134 |  |  |  | 22 |
Total Western production sales |  |  | 152,220 |  |  |  | 224,369 |  |  |  | 343,836 |
Corporate and other |  |  | 11,374 |  |  |  | 15,834 |  |  |  | 15,812 |
Intersegment eliminations |  |  | (11,954 | ) |  |  | (13,215 | ) |  |  | (13,693 | )
Net sales as reported |  | $ | 965,258 |  |  | $ | 1,222,940 |  |  | $ | 1,335,621 |
Cost of goods sold: |  |  |  |  |  |  |  |  |
Pekin Campus production |  | $ | 563,033 |  |  | $ | 710,088 |  |  | $ | 772,755 |
Marketing and distribution |  |  | 213,023 |  |  |  | 259,234 |  |  |  | 229,288 |
Western production |  |  | 172,209 |  |  |  | 230,445 |  |  |  | 353,775 |
Corporate and other |  |  | 12,285 |  |  |  | 12,122 |  |  |  | 12,167 |
Intersegment eliminations |  |  | (5,014 | ) |  |  | (4,602 | ) |  |  | (4,814 | )
Cost of goods sold as reported |  | $ | 955,536 |  |  | $ | 1,207,287 |  |  | $ | 1,363,171 |
Gross profit (loss): |  |  |  |  |  |  |  |  |
Pekin Campus production |  | $ | 23,228 |  |  | $ | 11,258 |  |  | $ | (24,399 | )
Marketing and distribution |  |  | 14,334 |  |  |  | 15,372 |  |  |  | 12,022 |
Western production |  |  | (19,989 | ) |  |  | (6,076 | ) |  |  | (9,939 | )
Corporate and other |  |  | (911 | ) |  |  | 3,712 |  |  |  | 3,645 |
Intersegment eliminations |  |  | (6,940 | ) |  |  | (8,613 | ) |  |  | (8,879 | )
|  | $ | 9,722 |  |  | $ | 15,653 |  |  | $ | (27,550 | )
Income (loss) before provision for income taxes: |  |  |  |  |  |  |  |  |  |  |  |
Pekin Campus production |  | $ | 6,308 |  |  | $ | (1,560 | ) |  | $ | (27,376 | )
Marketing and distribution |  |  | 5,261 |  |  |  | 7,644 |  |  |  | 3,748 |
Western production |  |  | (51,086 | ) |  |  | (13,506 | ) |  |  | (7,209 | )
Corporate and other |  |  | (19,294 | ) |  |  | (20,486 | ) |  |  | (8,835 | )
|  | $ | (58,811 | ) |  | $ | (27,908 | ) |  | $ | (39,672 | )
Asset impairments: |  |  |  |  |  |  |  |  |  |  |  |
Western production |  | $ | 21,389 |  |  | $ | — |  |  | $ | — |
Corporate and other |  |  | 3,401 |  |  |  | 6,544 |  |  |  | — |
|  | $ | 24,790 |  |  | $ | 6,544 |  |  | $ | — |
Depreciation and amortization expense: |  |  |  |  |  |  |  |  |  |  |  |
Pekin Campus production |  | $ | 21,017 |  |  | $ | 19,789 |  |  | $ | 19,136 |
Western production |  |  | 2,409 |  |  |  | 2,381 |  |  |  | 5,085 |
Corporate and other |  |  | 982 |  |  |  | 910 |  |  |  | 874 |
|  | $ | 24,408 |  |  | $ | 23,080 |  |  | $ | 25,095 |
Interest expense, net of capitalized interest: |  |  |  |  |  |  |  |  |
Pekin Campus production |  | $ | 1,765 |  |  | $ | (207 | ) |  | $ | (381 | )
Marketing and distribution |  |  | 389 |  |  |  | 822 |  |  |  | 1,658 |
Western production |  |  | 2,829 |  |  |  | 1,164 |  |  |  | (339 | )
Corporate and other |  |  | 2,661 |  |  |  | 5,646 |  |  |  | 889 |
|  | $ | 7,644 |  |  | $ | 7,425 |  |  | $ | 1,827 |
The following table sets forth the Company’s total assets by operating segment (in thousands):
|  | December 31, |
|  | 2024 |  |  | 2023 |
Total assets: |  |  |  |  |  |
Pekin Campus production |  | $ | 223,934 |  |  |  | 251,048 |
Marketing and distribution |  |  | 102,895 |  |  |  | 101,196 |
Western production |  |  | 44,992 |  |  |  | 57,533 |
Corporate and other |  |  | 29,617 |  |  |  | 44,464 |
|  | $ | 401,438 |  |  | $ | 454,241 |

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- Definition The entire disclosure for reporting segments including data and tables. 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