Segments

6 Months Ended

Jun. 30, 2022

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 sales (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 renewable fuel 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 June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Net Sales
Pekin Campus, recorded as gross:
Alcohol sales	$	143,768		$	132,296		$	259,818		$	227,380
Essential ingredient sales		59,853			49,578			115,133			94,655
Intersegment sales		269			316			525			628
Total Pekin Campus sales		203,890			182,190			375,476			322,663
Marketing and distribution:
Alcohol sales, gross	$	63,558		$	86,299		$	117,484		$	143,309
Alcohol sales, net		317			532			668			984
Intersegment sales		3,242			2,618			6,239			4,862
Total marketing and distribution sales		67,117			89,449			124,391			149,155
Other production, recorded as gross:
Alcohol sales	$	67,184		$	22,153		$	126,991		$	38,121
Essential ingredient sales		23,372			7,252			42,309			12,395
Intersegment sales		—			332			12			637
Total Other production sales		90,556			29,737			169,312			51,153
Corporate and other		4,137			—			7,904			—
Intersegment eliminations		(3,511	)		(3,266	)		(6,776	)		(6,127	)
Net sales as reported	$	362,189		$	298,110		$	670,307		$	516,844
Cost of goods sold:
Pekin Campus	$	195,691		$	171,547		$	364,573		$	299,250
Marketing and distribution		63,796			85,746			118,510			139,705
Other production		91,606			27,325			169,851			51,442
Corporate and other		3,197			—			6,070			—
Intersegment eliminations		(945	)		(1,741	)		(2,314	)		(2,623	)
Cost of goods sold as reported	$	353,345		$	282,877		$	656,690		$	487,774
Gross profit:
Pekin Campus	$	8,199		$	10,643		$	10,903		$	23,413
Marketing and distribution		3,321			3,703			5,881			9,450
Other production		(1,050	)		2,412			(539	)		(289	)
Corporate and other		940			—			1,834			—
Intersegment eliminations		(2,566	)		(1,525	)		(4,462	)		(3,504	)
Gross profit as reported	$	8,844		$	15,233		$	13,617		$	29,070
Income before provision for income taxes:
Pekin Campus	$	16,331		$	10,726		$	16,413		$	20,737
Marketing and distribution		1,036			1,678			1,824			5,411
Other production		7,570			(1,666	)		6,361			(7,612	)
Corporate and other		(2,822	)		(2,348	)		(5,085	)		(5,468	)
	$	22,115		$	8,390		$	19,513		$	13,068
Depreciation and amortization of intangibles:
Pekin Campus	$	5,084		$	4,326		$	9,621		$	8,671
Other production		1,458			1,468			2,822			2,966
Corporate and other		186			17			419			33
	$	6,728		$	5,811		$	12,862		$	11,670
Interest expense, net of capitalized interest:
Pekin Campus	$	(3	)	$	73		$	(33	)	$	591
Marketing and distribution		336			222			573			426
Other production		(39	)		46			(54	)		182
Corporate and other		25			704			33			1,731
	$	319		$	1,045		$	519		$	2,930

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

	June 30, 2022		December 31, 2021
Total assets:
Pekin Campus	$	273,688	$	266,197
Marketing and distribution		149,564		130,302
Other production		64,467		57,046
Corporate and other		43,600		31,408
	$	531,319	$	484,953