Operating Segments

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Operating Segments

Operating Segments

As discussed in Note 1, the Company established a new reportable segment structure as a result of the Merger and prior periods have been revised to reflect the new operating segments. At June 30, 2021, the Company had three segments: Distillery Products, Branded Spirits, and Ingredient Solutions. The Distillery Products segment consists of food grade alcohol and distillery co-products, such as distillers feed (commonly called dried distillers grain in the industry) and fuel grade alcohol. The Distillery Products segment also includes warehouse services, including barrel put away, storage, retrieval, and blending services. The Branded Spirits segment consists of producing, importing, bottling and rectifying of distilled spirits. Ingredient Solutions segment consists of specialty starches and proteins and commodity starches and proteins.

Operating profit for each segment is based on sales less identifiable operating expenses.  Non-direct selling, general and administrative expenses, interest expense, other special charges, and other general miscellaneous expenses are excluded from segment operations and are classified as Corporate.  Receivables, inventories, property, plant and equipment, leases, goodwill and intangible assets have been identified with the segments to which they relate.  All other assets are considered as Corporate.

	Quarter Ended June 30,				Year to Date Ended June 30,
	2021		2020		2021		2020
Sales to Customers
Distillery Products	$	90,348	$	74,805	$	178,972	$	154,319
Branded Spirits	60,426		384		60,996		872
Ingredient Solutions	24,165		17,371		43,294		36,451
Total	$	174,939	$	92,560	$	283,262	$	191,642
Gross Profit
Distillery Products	$	31,985	$	15,854	$	60,230	$	33,913
Branded Spirits	18,434		148		18,520		338
Ingredient Solutions	6,408		4,700		10,376		9,662
Total	$	56,827	$	20,702	$	89,126	$	43,913
Depreciation and Amortization
Distillery Products	$	2,652	$	2,417	$	5,205	$	4,808
Branded Spirits	1,709		30		1,738		40
Ingredient Solutions	481		469		956		922
Corporate	273		304		526		574
Total	$	5,115	$	3,220	$	8,425	$	6,344
Income (loss) before Income Taxes
Distillery Products	$	31,315	$	15,364	$	58,178	$	32,732
Branded Spirits	7,113		(930)		5,889		$	(2,065)
Ingredient Solutions	5,735		4,099		8,907		8,313
Corporate	(17,692)		(7,493)		(26,461)		(14,874)
Total	$	26,471	$	11,040	$	46,513	$	24,106

The following table allocates assets to each segment as of:

	June 30, 2021		December 31, 2020
Identifiable Assets
Distillery Products	$	285,451	$	281,721
Branded Spirits	644,763		6,348
Ingredient Solutions	41,324		41,276
Corporate	42,759		37,230
Total	$	1,014,297	$	366,575