Operating Segments

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Operating Segments

Operating Segments

At September 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 September 30,				Year to Date Ended September 30,
	2022		2021		2022		2021
Sales to Customers
Distilling Solutions	$	108,644	$	91,044	$	327,291	$	270,016
Branded Spirits	62,761		61,561		177,078		122,557
Ingredient Solutions	29,741		24,006		86,994		67,300
Total	$	201,146	$	176,611	$	591,363	$	459,873
Gross Profit
Distilling Solutions	$	25,917	$	26,981	$	94,630	$	87,211
Branded Spirits	25,067		23,217		70,809		41,737
Ingredient Solutions	8,064		6,888		24,654		17,264
Total	$	59,048	$	57,086	$	190,093	$	146,212
Depreciation and Amortization
Distilling Solutions	$	2,929	$	2,695	$	8,716	$	7,900
Branded Spirits	1,434		1,743		4,618		3,481
Ingredient Solutions	613		531		1,838		1,487
Corporate	357		274		1,085		800
Total	$	5,333	$	5,243	$	16,257	$	13,668
Income (loss) before Income Taxes
Distilling Solutions	$	25,213	$	26,047	$	92,332	$	84,225
Branded Spirits	9,776		9,293		28,016		15,182
Ingredient Solutions	6,822		6,214		21,770		15,121
Corporate	(10,650)		(10,207)		(29,720)		(36,668)
Total	$	31,161	$	31,347	$	112,398	$	77,860

The following table allocates assets to each segment as of:

	September 30, 2022		December 31, 2021
Identifiable Assets
Distilling Solutions	$	330,487	$	314,816
Branded Spirits	699,354		658,826
Ingredient Solutions	57,061		43,009
Corporate	45,173		24,816
Total	$	1,132,075	$	1,041,467