Operating Segments

9 Months Ended

Sep. 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 September 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 September 30,				Year to Date Ended September 30,
	2021		2020		2021		2020
Sales to Customers
Distillery Products	$	91,044	$	79,173	$	270,016	$	233,492
Branded Spirits	61,561		2,449		122,557		3,321
Ingredient Solutions	24,006		21,342		67,300		57,793
Total	$	176,611	$	102,964	$	459,873	$	294,606
Gross Profit
Distillery Products	$	26,981	$	15,918	$	87,211	$	49,832
Branded Spirits	23,217		1,389		41,737		1,727
Ingredient Solutions	6,888		5,855		17,264		15,516
Total	$	57,086	$	23,162	$	146,212	$	67,075
Depreciation and Amortization
Distillery Products	$	2,695	$	2,461	$	7,900	$	7,269
Branded Spirits	1,743		30		3,481		70
Ingredient Solutions	531		480		1,487		1,402
Corporate	274		303		800		877
Total	$	5,243	$	3,274	$	13,668	$	9,618
Income (loss) before Income Taxes
Distillery Products	$	26,047	$	15,471	$	84,225	$	48,203
Branded Spirits	9,293		236		15,182		$	(1,829)
Ingredient Solutions	6,214		5,191		15,121		13,504
Corporate	(10,207)		(7,655)		(36,668)		(22,529)
Total	$	31,347	$	13,243	$	77,860	$	37,349

The following table allocates assets to each segment as of:

	September 30, 2021		December 31, 2020
Identifiable Assets
Distillery Products	$	299,017	$	281,721
Branded Spirits	652,543		6,348
Ingredient Solutions	44,494		41,276
Corporate	21,414		37,230
Total	$	1,017,468	$	366,575