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Segment Information
12 Months Ended
Dec. 31, 2021
Segment Information [Abstract]  
Segment Information 7. SEGMENT INFORMATION The company reports the financial and operating performance for the following three operating segments: (1) ethanol production, which includes the production of ethanol, including industrial-grade alcohol, distillers grains, Ultra-High Protein and corn oil, (2) agribusiness and energy services, which includes grain handling and storage, commodity marketing and merchant trading for company-produced and third-party ethanol, distillers grains, corn oil, natural gas and other commodities, and (3) partnership, which includes fuel storage and transportation services. Results for our previously reported food and ingredients segment are now included in the agribusiness and energy services segment. The food and ingredients segment had no activity in either 2021 or 2020 and minimal activity in 2019 that is included in the agribusiness and energy services segment. Corporate activities include selling, general and administrative expenses, consisting primarily of compensation, professional fees and overhead costs not directly related to a specific operating segment. During the normal course of business, the operating segments conduct business with each other. For example, the agribusiness and energy services segment procures grain and natural gas and sells products, including ethanol, distillers grains, Ultra-High Protein and corn oil for the ethanol production segment. The partnership segment provides fuel storage and transportation services for the ethanol production segment. These intersegment activities are treated like third-party transactions with origination, marketing and storage fees charged at estimated market values. Consequently, these transactions affect segment performance; however, they do not impact the company’s consolidated results since the revenues and corresponding costs are eliminated. The following tables set forth certain financial data for the company’s operating segments, excluding amounts related to discontinued operations (in thousands): Year Ended December 31, 2021 2020 2019Revenues: Ethanol production: Revenues from external customers $ 2,153,368 $ 1,502,481 $ 1,700,615Intersegment revenues - 100 100Total segment revenues 2,153,368 1,502,581 1,700,715Agribusiness and energy services: Revenues from external customers 669,526 416,403 709,767Intersegment revenues 21,958 27,468 27,184Total segment revenues 691,484 443,871 736,951Partnership: Revenues from external customers 4,274 4,835 6,856Intersegment revenues 74,178 78,510 75,531Total segment revenues 78,452 83,345 82,387Revenues including intersegment activity 2,923,304 2,029,797 2,520,053Intersegment eliminations (96,136) (106,078) (102,815)Total Revenues $ 2,827,168 $ 1,923,719 $ 2,417,238 Refer to Note 4 – Revenue, for further disaggregation of revenue by operating segment. Year Ended December 31, 2021 2020 2019Cost of goods sold: Ethanol production $ 2,063,283 $ 1,507,335 $ 1,791,099Agribusiness and energy services 657,375 409,407 697,752Partnership - - -Intersegment eliminations (95,549) (104,579) (103,904) $ 2,625,109 $ 1,812,163 $ 2,384,947 ‎ Year Ended December 31, 2021 2020 2019Operating income (loss): Ethanol production (1) $ (27,996) $ (129,618) $ (178,575)Agribusiness and energy services 17,458 15,773 22,701Partnership 48,672 50,437 50,635Intersegment eliminations (587) (1,400) 1,188Corporate activities (2) (12,039) (57,888) (38,519) $ 25,508 $ (122,696) $ (142,570) (1)Operating loss for the ethanol production segment for fiscal year 2020 includes a goodwill impairment charge of $24.1 million and $3.9 million loss on sale of assets from the sale of the Hereford, Texas ethanol plant.(2)Corporate activities for fiscal year 2021 include a $29.6 million net gain on sale of assets primarily from the sale of the Ord, Nebraska ethanol plant. Corporate activities for fiscal year 2020 include a $18.5 million loss on sale of assets from the sale of the Hereford, Texas ethanol plant and a $1.5 million net gain from sale of GPCC. Year Ended December 31, 2021 2020 2019Depreciation and amortization: Ethanol production $ 82,969 $ 67,956 $ 63,073Agribusiness and energy services 2,535 2,512 2,222Partnership 3,737 3,806 3,441Corporate activities 2,711 3,970 3,391 $ 91,952 $ 78,244 $ 72,127 Year Ended December 31, 2021 2020 2019Capital expenditures: Ethanol production $ 181,731 $ 109,970 $ 72,374Agribusiness and energy services 2,896 1,195 2,251Partnership 668 162 305Corporate activities 1,976 472 1,542 $ 187,271 $ 111,799 $ 76,472 The following table sets forth total assets by operating segment (in thousands): Year Ended December 31, 2021 2020Total assets (1): Ethanol production $ 1,101,151 $ 900,963Agribusiness and energy services 487,164 378,720Partnership 100,349 91,205Corporate assets 524,206 228,074Intersegment eliminations (53,115) (20,045) $ 2,159,755 $ 1,578,917 (1)Asset balances by segment exclude intercompany balances.