Operating Segments

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Operating Segments

Operating Segments

At June 30, 2023, 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, such as barrel put away, barrel storage, and barrel retrieval services. The Branded Spirits segment consists of a portfolio of high quality branded spirits which are produced through the distilleries and bottling facilities. The 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, 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.

The following table presents summarized financial information for each segment:

	Quarter Ended June 30,				Year to Date Ended June 30,
	2023		2022		2023		2022
Sales to Customers
Distilling Solutions	$	116,865	$	107,138	$	230,088	$	218,647
Branded Spirits	57,616		58,566		114,499		114,317
Ingredient Solutions	34,520		29,278		65,424		57,253
Total	$	209,001	$	194,982	$	410,011	$	390,217
Gross Profit
Distilling Solutions	$	38,678	$	29,780	$	71,706	$	68,713
Branded Spirits	26,003		20,960		50,596		45,742
Ingredient Solutions	11,614		8,484		23,817		16,590
Total	$	76,295	$	59,224	$	146,119	$	131,045
Depreciation and Amortization
Distilling Solutions	$	2,870	$	2,926	$	5,721	$	5,787
Branded Spirits	1,658		1,402		3,149		3,184
Ingredient Solutions	622		613		1,280		1,225
Corporate	169		362		340		728
Total	$	5,319	$	5,303	$	10,490	$	10,924
Income (loss) before Income Taxes
Distilling Solutions	$	37,956	$	29,127	$	70,257	$	67,119
Branded Spirits	9,221		7,454		18,378		18,240
Ingredient Solutions	10,001		7,477		20,847		14,948
Corporate	(14,410)		(11,357)		(26,027)		(19,070)
Total	$	42,768	$	32,701	$	83,455	$	81,237

The following table allocates assets to each segment as of:

	June 30, 2023		December 31, 2022
Identifiable Assets
Distilling Solutions	$	396,306	$	350,068
Branded Spirits	894,117		698,985
Ingredient Solutions	76,369		63,943
Corporate	28,337		45,215
Total	$	1,395,129	$	1,158,211