Operating Segments

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Operating Segments

Operating Segments

At June 30, 2022, the Company had three segments: Distilling Solutions, Branded Spirits, and Ingredient Solutions. The Distilling Solutions 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 Distilling Solutions 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,
	2022		2021		2022		2021
Sales to Customers
Distilling Solutions	$	107,138	$	90,348	$	218,647	$	178,972
Branded Spirits	58,566		60,426		114,317		60,996
Ingredient Solutions	29,278		24,165		57,253		43,294
Total	$	194,982	$	174,939	$	390,217	$	283,262
Gross Profit
Distilling Solutions	$	29,780	$	31,985	$	68,713	$	60,230
Branded Spirits	20,960		18,434		45,742		18,520
Ingredient Solutions	8,484		6,408		16,590		10,376
Total	$	59,224	$	56,827	$	131,045	$	89,126
Depreciation and Amortization
Distilling Solutions	$	2,926	$	2,652	$	5,787	$	5,205
Branded Spirits	1,402		1,709		3,184		1,738
Ingredient Solutions	613		481		1,225		956
Corporate	362		273		728		526
Total	$	5,303	$	5,115	$	10,924	$	8,425
Income (loss) before Income Taxes
Distilling Solutions	$	29,127	$	31,315	$	67,119	$	58,178
Branded Spirits	7,454		7,113		18,240		5,889
Ingredient Solutions	7,477		5,735		14,948		8,907
Corporate	(11,357)		(17,692)		(19,070)		(26,461)
Total	$	32,701	$	26,471	$	81,237	$	46,513

The following table allocates assets to each segment as of:

	June 30, 2022		December 31, 2021
Identifiable Assets
Distilling Solutions	$	330,356	$	314,816
Branded Spirits	685,570		658,826
Ingredient Solutions	55,815		43,009
Corporate	34,879		24,816
Total	$	1,106,620	$	1,041,467