Operating Segments

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Operating Segments

Operating Segments

At September 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 September 30,				Year to Date Ended September 30,
	2023		2022		2023		2022
Sales to Customers
Distilling Solutions	$	111,853	$	108,644	$	341,941	$	327,291
Branded Spirits	66,819		62,761		181,318		177,078
Ingredient Solutions	32,952		29,741		98,376		86,994
Total	$	211,624	$	201,146	$	621,635	$	591,363
Gross Profit
Distilling Solutions	$	33,280	$	25,917	$	104,986	$	94,630
Branded Spirits	29,040		25,067		79,636		70,809
Ingredient Solutions	11,128		8,064		34,945		24,654
Total	$	73,448	$	59,048	$	219,567	$	190,093
Depreciation and Amortization
Distilling Solutions	$	3,082	$	2,929	$	8,803	$	8,716
Branded Spirits	1,914		1,434		5,063		4,618
Ingredient Solutions	619		613		1,899		1,838
Corporate	167		357		507		1,085
Total	$	5,782	$	5,333	$	16,272	$	16,257
Income (loss) before Income Taxes
Distilling Solutions	$	13,930	$	25,213	$	84,187	$	92,332
Branded Spirits	7,199		9,776		25,577		28,016
Ingredient Solutions	9,408		6,822		30,255		21,770
Corporate	(13,076)		(10,650)		(39,103)		(29,720)
Total	$	17,461	$	31,161	$	100,916	$	112,398

The following table allocates assets to each segment as of:

	September 30, 2023		December 31, 2022
Identifiable Assets
Distilling Solutions	$	351,154	$	350,068
Branded Spirits	895,139		698,985
Ingredient Solutions	79,828		63,943
Corporate	40,244		45,215
Total	$	1,366,365	$	1,158,211