Segments.

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

SEGMENTS.

3. SEGMENTS.

The Company reports its financial and operating performance in three segments: (1) marketing and distribution, which includes marketing and merchant trading for Company-produced alcohols and essential ingredients on an aggregated basis, and third-party fuel-grade ethanol (2) Pekin production, which includes the production and sale of alcohols and essential ingredients produced at the Company’s Pekin, Illinois campus (“Pekin Campus”), 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 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,
	2021			2020			2021			2020
Net Sales
Marketing and distribution:
Alcohol sales, gross	$	112,391		$	84,001		$	255,702		$	212,625
Alcohol sales, net		505			382			1,489			1,117
Intersegment sales		2,415			1,598			7,277			7,751
Total marketing and distribution sales		115,311			85,981			264,468			221,493
Pekin Campus production, recorded as gross:
Alcohol sales	$	114,587		$	77,075		$	341,967		$	255,737
Essential ingredient sales		46,016			27,619			140,670			101,123
Intersegment sales		293			197			920			877
Total Pekin Campus sales		160,896			104,891			483,557			357,737
Other production, recorded as gross:
Alcohol sales	$	25,190		$	11,765		$	63,311		$	120,797
Essential ingredient sales		6,867			3,885			19,261			36,806
Intersegment sales		259			420			896			1,121
Total Other production sales		32,316			16,070			83,468			158,724
Intersegment eliminations		(2,967	)		(2,215	)		(9,093	)		(9,749	)
Net sales as reported	$	305,556		$	204,727		$	822,400		$	728,205
Cost of goods sold:
Marketing and distribution	$	105,902		$	84,589		$	245,606		$	210,827
Pekin Campus production		169,721			80,280			468,972			302,120
Other production		35,613			20,718			87,055			181,382
Intersegment eliminations		(2,281	)		(1,790	)		(4,904	)		(5,346	)
Cost of goods sold as reported	$	308,955		$	183,797		$	796,729		$	688,983
Income (loss) before benefit for income taxes:
Marketing and distribution	$	7,517		$	(479	)	$	12,925		$	3,808
Pekin Campus production		(11,830	)		31,715			8,907			50,995
Other production		(4,856	)		(7,173	)		(12,463	)		(40,990	)
Corporate activities		6,037			(8,848	)		567			(10,900	)
	$	(3,132	)	$	15,215		$	9,936		$	2,913
Depreciation:
Pekin Campus production	$	4,372		$	4,335		$	13,043		$	13,101
Other production		1,468			3,690			4,433			13,657
Corporate activities		11			30			44			97
	$	5,851		$	8,055		$	17,520		$	26,855
Interest expense (income):
Marketing and distribution	$	295		$	334		$	721		$	1,275
Pekin Campus production		176			1,243			767			4,922
Other production		—			141			182			199
Corporate activities		(42	)		2,481			1,689			7,757
	$	429		$	4,199		$	3,359		$	14,153

The following table sets forth the Company’s total assets by operating segment (in thousands): 

	September 30, 2021		December 31, 2020
Total assets:
Marketing and distribution	$	149,316	$	89,337
Pekin Campus production		239,275		234,439
Other production		83,217		102,409
Corporate assets		11,596		50,633
	$	483,404	$	476,818