Segments

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

SEGMENTS

2. 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 sales of fuel-grade ethanol sourced from third parties (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 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 March 31,
	2023			2022
Net Sales
Pekin Campus production, recorded as gross:
Alcohol sales	$	132,381		$	116,050
Essential ingredient sales		63,631			55,280
Intersegment sales		313			256
Total Pekin Campus sales		196,325			171,586
Marketing and distribution:
Alcohol sales, gross	$	84,381		$	53,926
Alcohol sales, net		114			351
Intersegment sales		2,843			2,996
Total marketing and distribution sales		87,338			57,273
Other production, recorded as gross:
Alcohol sales	$	20,932		$	59,805
Essential ingredient sales		8,353			18,938
Intersegment sales		1			12
Total Other production sales		29,286			78,755
Corporate and other		4,099			3,768
Intersegment eliminations		(3,157	)		(3,264	)
Net sales as reported	$	313,891		$	308,118
Cost of goods sold:
Pekin Campus production	$	198,178		$	168,881
Marketing and distribution		83,126			54,716
Other production		33,982			78,244
Corporate and other		2,369			2,872
Intersegment eliminations		(600	)		(1,368	)
Cost of goods sold as reported	$	317,055		$	303,345
Gross profit (loss):
Pekin Campus production	$	(1,853	)	$	2,705
Marketing and distribution		4,212			2,557
Other production		(4,696	)		511
Corporate and other		1,730			896
Intersegment eliminations		(2,557	)		(1,896	)
Gross profit (loss) as reported	$	(3,164	)	$	4,773
Loss before provision for income taxes:
Pekin Campus production	$	(5,117	)	$	85
Marketing and distribution		2,010			785
Other production		(5,698	)		(1,209	)
Corporate and other		(4,361	)		(2,263	)
	$	(13,166	)	$	(2,602	)
Depreciation and amortization expense:
Pekin Campus production	$	4,819		$	4,538
Other production		1,009			1,456
Corporate and other		227			140
	$	6,055		$	6,134
Interest expense, net of capitalized interest:
Pekin Campus production	$	(485	)	$	—
Marketing and distribution		494			200
Other production		(354	)		—
Corporate and other		1,910			—
	$	1,565		$	200

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

	March 31, 2023		December 31, 2022
Total assets:
Pekin Campus production	$	254,293	$	257,089
Marketing and distribution		116,135		114,755
Other production		46,832		51,886
Corporate and other		42,644		54,591
	$	459,904	$	478,321