Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 09, 2021 | |
Document Information Line Items | ||
Entity Registrant Name | ALTO INGREDIENTS, INC. | |
Trading Symbol | ALTO | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 72,806,563 | |
Amendment Flag | false | |
Entity Central Index Key | 0000778164 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Entity File Number | 000-21467 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 41-2170618 | |
Entity Address, Address Line One | 1300 South Second Street | |
Entity Address, City or Town | Pekin | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 61554 | |
City Area Code | (916) | |
Local Phone Number | 403-2123 | |
Title of 12(b) Security | Common Stock, $0.001 par value | |
Security Exchange Name | NASDAQ | |
Entity Interactive Data Current | Yes | |
Document Transition Report | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | |
Current Assets: | |||
Cash and cash equivalents | $ 50,796 | $ 47,667 | [1] |
Accounts receivable, net (net of allowance for doubtful accounts of $363 and $260, respectively) | 67,043 | 43,491 | [1] |
Inventories | 58,251 | 37,925 | [1] |
Prepaid inventory | 531 | 891 | [1] |
Derivative instruments | 28,498 | 17,149 | [1] |
Assets held-for-sale | 30,199 | 58,295 | [1] |
Other current assets | 8,932 | 8,628 | [1] |
Total current assets | 244,250 | 214,046 | [1] |
Property and equipment, net | 221,327 | 229,486 | [1] |
Other Assets: | |||
Right of use operating lease assets, net | 13,509 | 11,046 | [1] |
Notes receivable | 12,775 | 14,337 | [1] |
Intangible assets | 2,678 | 2,678 | [1] |
Other assets | 4,665 | 5,225 | [1] |
Total other assets | 33,627 | 33,286 | [1] |
Total Assets | 499,204 | 476,818 | [1] |
Current Liabilities: | |||
Accounts payable – trade | 30,029 | 13,047 | [1] |
Accrued liabilities | 15,977 | 11,101 | [1] |
Current portion – operating leases | 3,171 | 2,180 | [1] |
Current portion – long-term debt | 23,660 | 25,533 | [1] |
Derivative instruments | 20,174 | ||
Liabilities held-for-sale | 10,478 | 19,542 | [1] |
Other current liabilities | 7,255 | 15,524 | [1] |
Total current liabilities | 110,744 | 86,927 | [1] |
Long-term debt, net of current portion | 56,848 | 71,807 | [1] |
Operating leases, net of current portion | 10,188 | 8,715 | [1] |
Other liabilities | 13,405 | 13,134 | [1] |
Total Liabilities | 191,185 | 180,583 | [1] |
Commitments and Contingencies (Note 7) | |||
Alto Ingredients, Inc. Stockholders’ Equity: | |||
Preferred stock, $0.001 par value; 10,000 shares authorized; Series A: 1,684 shares authorized; no shares issued and outstanding as of June 30, 2021 and December 31, 2020; Series B: 1,581 shares authorized; 927 shares issued and outstanding as of June 30, 2021 and December 31, 2020; liquidation preference of $20,290 as of June 30, 2021 | 1 | 1 | [1] |
Common stock, $0.001 par value; 300,000 shares authorized; 72,811 and 72,487 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively | 73 | 72 | [1] |
Additional paid-in capital | 1,035,980 | 1,036,638 | [1] |
Accumulated other comprehensive loss | (3,878) | (3,878) | [1] |
Accumulated deficit | (724,157) | (736,598) | [1] |
Total Stockholders’ Equity | 308,019 | 296,235 | [1] |
Total Liabilities and Stockholders’ Equity | 499,204 | 476,818 | [1] |
Non-Voting Common Stock | |||
Alto Ingredients, Inc. Stockholders’ Equity: | |||
Common stock, $0.001 par value; 300,000 shares authorized; 72,811 and 72,487 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively | |||
[1] | Amounts derived from the audited consolidated financial statements for the year ended December 31, 2020. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Accounts receivable, net of allowance (in Dollars) | $ 363 | $ 260 |
Preferred stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000 | 10,000 |
Preferred stock, liquidation preference (in Dollars) | $ 20,290 | |
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 300,000 | 300,000 |
Common stock, shares issued | 72,811 | 72,487 |
Common stock, shares outstanding | 72,811 | 72,487 |
Series A Preferred Stock | ||
Preferred stock, shares authorized | 1,684 | 1,684 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Series B Preferred Stock | ||
Preferred stock, shares authorized | 1,581 | 1,581 |
Preferred stock, shares issued | 927 | 927 |
Preferred stock, shares outstanding | 927 | 927 |
Non-Voting Common Stock | ||
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 3,553 | 3,553 |
Common stock, shares issued | 1 | 1 |
Common stock, shares outstanding | 1 | 1 |
Consolidated Statements of Oper
Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Net sales | $ 298,110 | $ 212,074 | $ 516,844 | $ 523,478 |
Cost of goods sold | 282,877 | 180,892 | 487,774 | 505,186 |
Gross profit | 15,233 | 31,182 | 29,070 | 18,292 |
Selling, general and administrative expenses | 7,230 | 8,629 | 14,244 | 18,841 |
Asset impairments | 1,900 | 3,100 | ||
Income (loss) from operations | 6,103 | 22,553 | 11,726 | (549) |
Interest expense, net | (1,045) | (4,647) | (2,930) | (9,954) |
Income from loan forgiveness | 3,887 | 3,887 | ||
Fair value adjustments | (1,314) | (641) | ||
Other income (expense), net | (555) | (1,738) | 385 | (1,158) |
Income (loss) before benefit for income taxes | 8,390 | 14,854 | 13,068 | (12,302) |
Benefit for income taxes | ||||
Consolidated net income (loss) | 8,390 | 14,854 | 13,068 | (12,302) |
Net loss attributed to noncontrolling interests | 110 | 2,166 | ||
Net income (loss) attributed to Alto Ingredients, Inc. | 8,390 | 14,964 | 13,068 | (10,136) |
Preferred stock dividends | (315) | (315) | (627) | (630) |
Net income (loss) available to common stockholders | $ 8,075 | $ 14,649 | $ 12,441 | $ (10,766) |
Net income (loss) per share, basic (in Dollars per share) | $ 0.11 | $ 0.27 | $ 0.18 | $ (0.20) |
Net income (loss) per share, diluted (in Dollars per share) | $ 0.11 | $ 0.27 | $ 0.17 | $ (0.20) |
Weighted-average shares outstanding, basic (in Shares) | 71,260 | 54,498 | 70,808 | 54,163 |
Weighted-average shares outstanding, diluted (in Shares) | 71,929 | 54,498 | 71,961 | 54,163 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | ||
Operating Activities: | |||
Consolidated net income (loss) | $ 13,068 | $ (12,302) | |
Adjustments to reconcile consolidated net income (loss) to net cash provided by operating activities: | |||
Depreciation | 11,670 | 18,806 | |
Asset impairments | 3,100 | ||
Income from loan forgiveness | (3,887) | ||
Non-cash compensation | 1,655 | 1,441 | |
Amortization of deferred financing fees | 701 | 497 | |
Fair value adjustments | 641 | ||
Interest added to debt | 133 | ||
Bad debt expense | 143 | 1 | |
Changes in operating assets and liabilities: | |||
Accounts receivable | (23,694) | 25,435 | |
Inventories | (18,526) | 14,274 | |
Prepaid expenses and other assets | 8,615 | (403) | |
Prepaid inventory | 361 | (1,652) | |
Operating leases | (2,069) | (2,348) | |
Assets held-for-sale | (2,915) | 1,012 | |
Liabilities held-for-sale | 1,445 | 9,345 | |
Accounts payable and accrued expenses | 11,096 | (9,225) | |
Net cash provided by operating activities | 763 | 45,655 | |
Investing Activities: | |||
Proceeds from Madera Sale | 19,500 | ||
Proceeds from PAL Sale | 19,896 | ||
Additions to property and equipment | (4,192) | (2,510) | |
Net cash provided by investing activities | 15,308 | 17,386 | |
Financing Activities: | |||
Net proceeds from (payments on) Kinergy’s line of credit | 24,406 | (36,897) | |
Proceeds from stock option exercises | 462 | ||
Principal payments on borrowings | (37,810) | (25,500) | |
Proceeds from issuance of common stock | 282 | ||
Proceeds from borrowings | 9,860 | ||
Net cash used in financing activities | (12,942) | (52,255) | |
Net change in cash and cash equivalents | 3,129 | 10,786 | |
Cash and cash equivalents at beginning of period | 47,667 | [1] | 18,997 |
Cash and cash equivalents at end of period | 50,796 | 29,783 | |
Supplemental Information: | |||
Interest paid | 2,723 | 9,733 | |
Accrued preferred stock dividends | $ 627 | $ 630 | |
[1] | Amounts derived from the audited consolidated financial statements for the year ended December 31, 2020. |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders’ Equity (Unaudited) - USD ($) $ in Thousands | Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accum. Other Comprehensive Income (Loss) | Non-Controlling Interests | Total |
Balances at Dec. 31, 2019 | $ 1 | $ 56 | $ 942,307 | $ (720,214) | $ (2,370) | $ 7,265 | $ 227,045 |
Balances (in Shares) at Dec. 31, 2019 | 927 | 55,508 | |||||
Restricted stock issued to employees and directors, net of cancellations and tax | $ (4) | 3 | (1) | ||||
Restricted stock issued to employees and directors, net of cancellations and tax (in Shares) | (38) | ||||||
Stock-based compensation | 865 | 865 | |||||
Issuances of common stock | $ 4 | 278 | 282 | ||||
Issuances of common stock (in Shares) | 421 | ||||||
Preferred stock dividends | (315) | (315) | |||||
Net income (loss) | (25,100) | (2,056) | (27,156) | ||||
Balances at Mar. 31, 2020 | $ 1 | $ 56 | 943,453 | (745,629) | (2,370) | 5,209 | 200,720 |
Balances (in Shares) at Mar. 31, 2020 | 927 | 55,891 | |||||
Balances at Dec. 31, 2019 | $ 1 | $ 56 | 942,307 | (720,214) | (2,370) | 7,265 | 227,045 |
Balances (in Shares) at Dec. 31, 2019 | 927 | 55,508 | |||||
Preferred stock dividends | (630) | ||||||
Net income (loss) | (12,302) | ||||||
Balances at Jun. 30, 2020 | $ 1 | $ 55 | 944,035 | (730,980) | (2,370) | 210,741 | |
Balances (in Shares) at Jun. 30, 2020 | 927 | 55,482 | |||||
Balances at Mar. 31, 2020 | $ 1 | $ 56 | 943,453 | (745,629) | (2,370) | 5,209 | 200,720 |
Balances (in Shares) at Mar. 31, 2020 | 927 | 55,891 | |||||
Restricted stock issued to employees and directors, net of cancellations and tax | $ (1) | 6 | 5 | ||||
Restricted stock issued to employees and directors, net of cancellations and tax (in Shares) | (409) | ||||||
Stock-based compensation | 576 | 576 | |||||
Preferred stock dividends | (315) | (315) | |||||
Sale of interests in PAL | (5,099) | (5,099) | |||||
Net income (loss) | 14,964 | (110) | 14,854 | ||||
Balances at Jun. 30, 2020 | $ 1 | $ 55 | 944,035 | (730,980) | (2,370) | 210,741 | |
Balances (in Shares) at Jun. 30, 2020 | 927 | 55,482 | |||||
Balances at Dec. 31, 2020 | $ 1 | $ 72 | 1,036,638 | (736,598) | (3,878) | 296,235 | |
Balances (in Shares) at Dec. 31, 2020 | 927 | 72,487 | |||||
Restricted stock issued to employees and directors, net of cancellations and tax | $ 1 | (186) | (185) | ||||
Restricted stock issued to employees and directors, net of cancellations and tax (in Shares) | 550 | ||||||
Stock-based compensation | 804 | 804 | |||||
Stock option exercises | 462 | 462 | |||||
Stock option exercises (in Shares) | 124 | ||||||
Preferred stock dividends | (312) | (312) | |||||
Net income (loss) | 4,678 | 4,678 | |||||
Balances at Mar. 31, 2021 | $ 1 | $ 73 | 1,037,718 | (732,232) | (3,878) | 301,682 | |
Balances (in Shares) at Mar. 31, 2021 | 927 | 73,161 | |||||
Balances at Dec. 31, 2020 | $ 1 | $ 72 | 1,036,638 | (736,598) | (3,878) | 296,235 | |
Balances (in Shares) at Dec. 31, 2020 | 927 | 72,487 | |||||
Preferred stock dividends | (627) | ||||||
Net income (loss) | 13,068 | ||||||
Balances at Jun. 30, 2021 | $ 1 | $ 73 | 1,035,980 | (724,157) | (3,878) | 308,019 | |
Balances (in Shares) at Jun. 30, 2021 | 927 | 72,811 | |||||
Balances at Mar. 31, 2021 | $ 1 | $ 73 | 1,037,718 | (732,232) | (3,878) | 301,682 | |
Balances (in Shares) at Mar. 31, 2021 | 927 | 73,161 | |||||
Restricted stock issued to employees and directors, net of cancellations and tax | (2,589) | (2,589) | |||||
Restricted stock issued to employees and directors, net of cancellations and tax (in Shares) | (350) | ||||||
Stock-based compensation | 851 | 851 | |||||
Preferred stock dividends | (315) | (315) | |||||
Net income (loss) | 8,390 | 8,390 | |||||
Balances at Jun. 30, 2021 | $ 1 | $ 73 | $ 1,035,980 | $ (724,157) | $ (3,878) | $ 308,019 | |
Balances (in Shares) at Jun. 30, 2021 | 927 | 72,811 |
Organization and Basis of Prese
Organization and Basis of Presentation. | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BASIS OF PRESENTATION. | 1. ORGANIZATION Organization and Business The Company is a leading producer and marketer of specialty alcohols and essential ingredients. The Company also produces and markets fuel-grade ethanol. The Company’s production facilities in Pekin, Illinois are located in the heart of the Corn Belt, benefit from low-cost and abundant feedstock and allow for access to many additional domestic markets. In addition, the Company’s ability to load unit trains and barges from these facilities allows for greater access to international markets. The Company’s three production facilities in California, Oregon and Idaho, located in close proximity to both feed and fuel-grade ethanol customers, enjoy unique advantages in efficiency, logistics and product pricing. The Company has a combined production capacity of 410 million gallons per year, markets, on an annualized basis, over 500 million gallons of alcohols, and produces, on an annualized basis, nearly 1.5 million tons of essential ingredients on a dry matter basis, such as dried yeast, corn gluten meal, corn gluten feed, and distillers grains and liquid feed used in commercial animal feed and pet foods. The Company focuses on four key markets: Health, Home & Beauty Food & Beverage Essential Ingredients Renewable Fuels As of June 30, 2021, the Company was operating at approximately 71% of its 410 million gallon annual production capacity. As market conditions change, the Company may increase, decrease or idle production at one or more operating facilities or resume operations at any idled facility. Basis of Presentation – Interim Financial Statements Accounts Receivable and Allowance for Doubtful Accounts The Company maintains an allowance for doubtful accounts for balances that appear to have specific collection issues. The collection process is based on the age of the invoice and requires attempted contacts with the customer at specified intervals. If, after a specified number of days, the Company has been unsuccessful in its collection efforts, a bad debt allowance is recorded for the balance in question. Delinquent accounts receivable are charged against the allowance for doubtful accounts once uncollectibility has been determined. The factors considered in reaching this determination are the apparent financial condition of the customer and the Company’s success in contacting and negotiating with the customer. If the financial condition of the Company’s customers were to deteriorate, resulting in an impairment of ability to make payments, additional allowances may be required. Of the accounts receivable balance, approximately $61,501,000 and $35,839,000 at June 30, 2021 and December 31, 2020, respectively, were used as collateral under Kinergy’s operating line of credit. The allowance for doubtful accounts was $363,000 and $260,000 as of June 30, 2021 and December 31, 2020, respectively. The Company recorded a bad debt expense of $52,000 and a bad debt recovery of $18,000 for the three months ended June 30, 2021 and 2020, respectively. The Company recorded a bad debt expense of $143,000 and $1,000 for the six months ended June 30, 2021 and 2020, respectively. The Company does not have any off-balance sheet credit exposure related to its customers. Financial Instruments Estimates and Assumptions |
Assets and Liabilities Held-For
Assets and Liabilities Held-For-Sale. | 6 Months Ended |
Jun. 30, 2021 | |
Business Combinations [Abstract] | |
ASSETS AND LIABILITIES HELD-FOR-SALE. | 2. ASSETS AND LIABILITIES HELD-FOR-SALE. In October 2020, the Company’s Board of Directors approved a plan to sell the Company’s fuel-grade ethanol production facilities located in Madera and Stockton, California. As a result, the Company determined the related long-lived asset groups should be classified as held-for-sale at December 31, 2020. During the six months ended June 30, 2021, the Company provided for an additional impairment charge of $1.2 million based on revised fair value estimates. On May 14, 2021, the Company closed the sale of its Madera facility for total consideration of $28.3 million, comprised of $19.5 million in cash and $8.8 million in assumption of liabilities, resulting in a net loss on sale of less than $0.1 million, recorded as other income (expense), net in the Company’s consolidated statements of operations. All of the cash proceeds were used to repay a significant portion of the Company’s term debt and accrued interest. The Company continues to market its Stockton facility for sale. In June 2021, the Company agreed to a plan to sell certain assets of the Company’s idled facility in Canton, Illinois. As a result, the Company determined the related long-lived asset groups should be classified as held-for-sale at June 30, 2021. During the three months ended June 30, 2021, the Company recorded an estimated impairment charge of $1.9 million based on fair value estimates. The Company classified the following assets and liabilities as held-for-sale as of June 30, 2021 (in thousands): Stockton Canton Property and equipment, net $ 19,535 $ 1,000 Right of use operating lease assets, net 9,664 — Assets held-for-sale $ 29,199 $ 1,000 Stockton Canton Liabilities held-for-sale – operating leases $ 10,478 $ — The Company classified the following assets and liabilities as held-for-sale as of December 31, 2020 (in thousands): Stockton Madera Property and equipment, net $ 19,535 $ 29,013 Right of use operating lease assets, net 9,747 — Assets held-for-sale $ 29,282 $ 29,013 Stockton Madera Operating lease obligations $ 10,435 $ — Assessment financing — 9,107 Liabilities held-for-sale $ 10,435 $ 9,107 For the three months ended June 30, 2021, net sales attributed to the results of operations for Stockton and Madera were $0.4 million and less than $0.1 million, respectively. For the three months ended June 30, 2020, net sales attributed to the results of operations for Stockton and Madera were $0.5 million and $1.0 million, respectively. For the three months ended June 30, 2021, pre-tax loss attributed to the results of operations for Stockton and Madera was $1.4 million and $0.2 million, respectively. For the three months ended June 30, 2020, pre-tax loss attributed to the results of operations for Stockton and Madera was $1.2 million and $1.8 million, respectively. For the six months ended June 30, 2021, net sales attributed to the results of operations for Stockton and Madera were $0.6 million and less than $0.1 million, respectively. For the six months ended June 30, 2020, net sales attributed to the results of operations for Stockton and Madera were $22.4 million and $22.5 million, respectively. For the six months ended June 30, 2021, pre-tax loss attributed to the results of operations for Stockton and Madera was $2.2 million and $1.8 million, respectively. For the six months ended June 30, 2020, pre-tax loss attributed to the results of operations for Stockton and Madera was $3.5 million and $3.6 million, respectively. |
Segments.
Segments. | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
SEGMENTS. | 3. SEGMENTS. The Company reports its financial and operating performance in three segments: (1) marketing and distribution, which includes marketing and merchant trading for Company-produced alcohols and essential ingredients on an aggregated basis, and third-party fuel-grade ethanol (2) Pekin production, which includes the production and sale of alcohols and essential ingredients produced at the Company’s Pekin, Illinois campus (“Pekin Campus”), and (3) Other production, which includes the production and sale of fuel-grade ethanol and essential ingredients produced at all of the Company’s other production facilities on an aggregated basis (“Other production”), none of which are individually so significant as to be considered a reportable segment. The following tables set forth certain financial data for the Company’s operating segments (in thousands): Three Months Ended Six Months Ended 2021 2020 2021 2020 Net Sales Marketing and distribution: Alcohol sales, gross $ 86,299 $ 71,117 $ 143,309 $ 128,623 Alcohol sales, net 532 307 984 736 Intersegment sales 2,618 1,838 4,862 6,153 Total marketing and distribution sales 89,449 73,262 149,155 135,512 Pekin Campus production, recorded as gross: Alcohol sales $ 132,296 $ 94,538 $ 227,380 $ 178,669 Essential ingredient sales 49,578 33,633 94,655 73,504 Intersegment sales 316 263 628 680 Total Pekin Campus sales 182,190 128,434 322,663 252,853 Other production, recorded as gross: Alcohol sales $ 22,153 $ 9,796 $ 38,121 $ 109,025 Essential ingredient sales 7,252 2,683 12,395 32,921 Intersegment sales 332 410 637 701 Total Other production sales 29,737 12,889 51,153 142,647 Intersegment eliminations (3,266 ) (2,511 ) (6,127 ) (7,534 ) Net sales as reported $ 298,110 $ 212,074 $ 516,844 $ 523,478 Cost of goods sold: Marketing and distribution $ 85,746 $ 69,101 $ 139,705 $ 126,240 Pekin Campus production 171,547 95,070 299,250 221,840 Other production 27,325 18,354 51,442 160,663 Intersegment eliminations (1,741 ) (1,633 ) (2,623 ) (3,557 ) Cost of goods sold as reported $ 282,877 $ 180,892 $ 487,774 $ 505,186 Income (loss) before benefit for income taxes: Marketing and distribution $ 1,678 $ 2,043 $ 5,411 $ 4,286 Pekin Campus production 10,726 27,459 20,736 19,280 Other production (1,666 ) (10,252 ) (7,609 ) (33,816 ) Corporate activities (2,348 ) (4,396 ) (5,470 ) (2,052 ) $ 8,390 $ 14,854 $ 13,068 $ (12,302 ) Depreciation: Pekin Campus production $ 4,326 $ 4,371 $ 8,671 $ 8,757 Other production 1,468 3,697 2,966 9,982 Corporate activities 17 33 33 67 $ 5,811 $ 8,101 $ 11,670 $ 18,806 Interest expense: Marketing and distribution $ 222 $ 313 $ 426 $ 940 Pekin Campus production 73 1,594 591 3,679 Other production 46 29 182 60 Corporate activities 704 2,711 1,731 5,275 $ 1,045 $ 4,647 $ 2,930 $ 9,954 The following table sets forth the Company’s total assets by operating segment (in thousands): June 30, December 31, Total assets: Marketing and distribution $ 140,204 $ 89,337 Pekin Campus production 254,206 234,439 Other production 83,330 102,409 Corporate assets 21,464 50,633 $ 499,204 $ 476,818 |
Inventories.
Inventories. | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
INVENTORIES. | 4. INVENTORIES. Inventories consisted primarily of bulk ethanol, specialty alcohols, corn, essential ingredients and unleaded fuel, and are valued at the lower of cost or net realizable value, with cost determined on a first-in, first-out basis. Inventory is net of valuation adjustments of $1,800,000 and $1,033,000 as of June 30, 2021 and December 31, 2020, respectively. Inventory balances consisted of the following (in thousands): June 30, December 31, Finished goods $ 40,497 $ 25,154 Work in progress 5,701 4,333 Raw materials 10,788 7,074 Other 1,265 1,364 Total $ 58,251 $ 37,925 |
Derivatives.
Derivatives. | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES. | 5. DERIVATIVES. The business and activities of the Company expose it to a variety of market risks, including risks related to changes in commodity prices. The Company monitors and manages these financial exposures as an integral part of its risk management program. This program recognizes the unpredictability of financial markets and seeks to reduce the potentially adverse effects that market volatility could have on operating results. Commodity Risk – Cash Flow Hedges Commodity Risk – Non-Designated Hedges Non Designated Derivative Instruments As of June 30, 2021 Assets Liabilities Type of Instrument Balance Sheet Location Fair Balance Sheet Location Fair Cash collateral balance Other current assets $ 3,777 Commodity contracts Derivative assets $ 28,498 Derivative liabilities $ 20,174 As of December 31, 2020 Assets Liabilities Type of Instrument Balance Sheet Location Fair Balance Sheet Location Fair Cash collateral balance Other current assets $ 520 Commodity contracts Derivative assets $ 17,149 Derivative liabilities $ — The classification and amounts of the Company’s recognized gains for its derivatives not designated as hedging instruments are as follows (in thousands): Realized Gains For the Three Months Ended Type of Instrument Statements of Operations Location 2021 2020 Commodity contracts Cost of goods sold $ 18,158 $ — $ 18,158 $ — Realized Gains For the Six Months Ended Type of Instrument Statements of Operations Location 2021 2020 Commodity contracts Cost of goods sold $ 24,343 $ — $ 24,343 $ — Unrealized Losses For the Three Months Ended Type of Instrument Statements of Operations Location 2021 2020 Commodity contracts Cost of goods sold $ 9,290 $ — $ 9,290 $ — Unrealized Losses For the Six Months Ended Type of Instrument Statements of Operations Location 2021 2020 Commodity contracts Cost of goods sold $ 4,932 $ — $ 4,932 $ — |
Debt.
Debt. | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
DEBT. | 6. DEBT. Long-term borrowings are summarized as follows (in thousands): June 30, December 31, Kinergy line of credit $ 56,918 $ 32,512 Pekin revolving loan 7,580 20,580 ICP revolving loan 9,384 9,384 Parent notes payable 723 25,533 CARES Act loans 5,973 9,860 80,578 97,869 Less unamortized debt premium — 230 Less unamortized debt financing costs (70 ) (759 ) Less short-term portion (23,660 ) (25,533 ) Long-term debt $ 56,848 $ 71,807 Parent Notes Payable CARES Act Loans Maturities of Long-term Debt December 31: 2021 $ 723 2022 22,937 2023 56,918 $ 80,578 Restrictions |
Commitments and Contingencies.
Commitments and Contingencies. | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES. | 7. COMMITMENTS AND CONTINGENCIES. Sales Commitments Purchase Commitments Litigation – General |
Pension and Retirement Benefit
Pension and Retirement Benefit Plans. | 6 Months Ended |
Jun. 30, 2021 | |
Retirement Benefits [Abstract] | |
PENSION AND RETIREMENT BENEFIT PLANS. | 8. PENSION AND RETIREMENT BENEFIT PLANS. The Company sponsors a defined benefit pension plan (the “Retirement Plan”) and a health care and life insurance plan (the “Postretirement Plan”). The Company assumed the Retirement Plan and the Postretirement Plan as part of its acquisition of Aventine Renewable Energy Holdings, Inc. on July 1, 2015. The Retirement Plan is noncontributory, and covers only “grandfathered” unionized employees at the Company’s Pekin, Illinois facility who fulfill minimum age and service requirements. Benefits are based on a prescribed formula based upon the employee’s years of service. The Retirement Plan, which is part of a collective bargaining agreement, covers only union employees hired prior to November 1, 2010. The Company uses a December 31 measurement date for its Retirement Plan. The Company’s funding policy is to make the minimum annual contribution required by applicable regulations. As of December 31, 2020, the Retirement Plan’s accumulated projected benefit obligation was $24.6 million, with a fair value of plan assets of $17.6 million. The underfunded amount of $7.0 million is recorded on the Company’s consolidated balance sheet in other liabilities. For the three months ended June 30, 2021, the Retirement Plan’s net periodic expense was $22,000, comprised of $151,000 in interest cost and $109,000 in service cost, partially offset by $238,000 of expected return on plan assets. For the three months ended June 30, 2020, the Retirement Plan’s net periodic expense was $48,000, comprised of $173,000 in interest cost and $101,000 in service cost, partially offset by $226,000 of expected return on plan assets. For the six months ended June 30, 2021, the Retirement Plan’s net periodic expense was $44,000, comprised of $302,000 in interest cost and $218,000 in service cost, partially offset by $476,000 of expected return on plan assets. For the six months ended June 30, 2020, the Retirement Plan’s net periodic expense was $96,000, comprised of $346,000 in interest cost and $202,000 in service cost, partially offset by $452,000 of expected return on plan assets. The Postretirement Plan provides postretirement medical benefits and life insurance to certain “grandfathered” unionized employees. Employees hired after December 31, 2000 are not eligible to participate in the Postretirement Plan. The Postretirement Plan is contributory, with contributions required at the same rate as active employees. Benefit eligibility under the plan declines at age 65 from a defined benefit to a defined dollar cap based upon years of service. As of December 31, 2020, the Postretirement Plan’s accumulated projected benefit obligation was $5.3 million and is recorded on the Company’s consolidated balance sheet in other liabilities. The Company’s funding policy is to make the minimum annual contribution required by applicable regulations. For the three months ended June 30, 2021, the Postretirement Plan’s net periodic expense was $42,000, comprised of $10,000 of interest cost, $26,000 of service cost and $6,000 of amortization expense. For the three months ended June 30, 2020, the Postretirement Plan’s net periodic expense was $59,000, comprised of $38,000 of interest cost, $14,000 of service cost and $7,000 of amortization expense. For the six months ended June 30, 2021, the Postretirement Plan’s net periodic expense was $84,000, comprised of $20,000 of interest cost, $52,000 of service cost and $12,000 of amortization expense. For the six months ended June 30, 2020, the Postretirement Plan’s net periodic expense was $118,000, comprised of $76,000 of interest cost, $28,000 of service cost and $14,000 of amortization expense. |
Fair Value Measurements.
Fair Value Measurements. | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS. | 9. FAIR VALUE MEASUREMENTS. The fair value hierarchy prioritizes the inputs used in valuation techniques into three levels, as follows: ● Level 1 – Observable inputs – unadjusted quoted prices in active markets for identical assets and liabilities; ● Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with market data; and ● Level 3 – Unobservable inputs – includes amounts derived from valuation models where one or more significant inputs are unobservable. For fair value measurements using significant unobservable inputs, a description of the inputs and the information used to develop the inputs is required along with a reconciliation of Level 3 values from the prior reporting period. Pooled separate accounts Long-Lived Assets Held-for-Sale Other Derivative Instruments The following table summarizes recurring and nonrecurring fair value measurements by level at June 30, 2021 (in thousands): Fair Value Level 1 Level 2 Level 3 Assets: Derivative financial instruments $ 28,498 $ 28,498 $ — $ — Long-lived assets held-for-sale 30,199 — — 30,199 $ 58,697 $ 28,498 $ — $ 30,199 Liabilities: Derivative financial instruments $ (20,174 ) $ (20,174 ) $ — $ — $ (20,174 ) $ (20,174 ) $ — $ — The following table summarizes recurring and nonrecurring fair value measurements by level at December 31, 2020 (in thousands): Benefit Plan Fair Percentage Value Level 1 Level 2 Level 3 Allocation Assets: Derivative financial instruments $ 17,149 $ 17,149 $ — $ — Long-lived assets held-for-sale 58,295 — — 58,295 Defined benefit plan assets(1) (pooled separate accounts): Large U.S. Equity(2) 5,470 — 5,470 — 31 % Small/Mid U.S. Equity(3) 2,605 — 2,605 — 15 % International Equity(4) 2,921 — 2,921 — 17 % Fixed Income(5) 6,592 — 6,592 — 37 % $ 93,032 $ 17,149 $ 17,588 $ 58,295 Liabilities: $ — $ — $ — $ — (1) Included in other assets in the consolidated balance sheets. (2) This category includes investments in funds comprised of equity securities of large U.S. companies. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. (3) This category includes investments in funds comprised of equity securities of small- and medium-sized U.S. companies. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. (4) This category includes investments in funds comprised of equity securities of foreign companies including emerging markets. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. (5) This category includes investments in funds comprised of U.S. and foreign investment-grade fixed income securities, high-yield fixed income securities that are rated below investment-grade, U.S. treasury securities, mortgage-backed securities, and other asset-backed securities. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. |
Earnings Per Share.
Earnings Per Share. | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE. | 10. EARNINGS PER SHARE. The following tables compute basic and diluted earnings per share (in thousands, except per share data): Three Months Ended June 30, 2021 Income Shares Per-Share Net income attributed to Alto Ingredients, Inc. $ 8,390 Less: Preferred stock dividends (315 ) Basic income per share: Income available to common stockholders $ 8,075 71,260 $ 0.11 Add: Dilutive instruments — 669 Diluted income per share: Income available to common stockholders $ 8,075 71,929 $ 0.11 Three Months Ended June 30, 2020 Income Shares Per-Share Net income attributed to Alto Ingredients, Inc. $ 14,964 Less: Preferred stock dividends (315 ) Basic and diluted income per share: Income available to common stockholders $ 14,649 54,498 $ 0.27 Six Months Ended June 30, 2021 Income Shares Per-Share Net income attributed to Alto Ingredients, Inc. $ 13,068 Less: Preferred stock dividends (627 ) Basic income per share: Income available to common stockholders $ 12,441 70,808 $ 0.18 Add: Dilutive instruments — 1,153 Diluted income per share: Income available to common stockholders $ 12,441 71,961 $ 0.17 Six Months Ended June 30, 2020 Loss Shares Per-Share Net loss attributed to Alto Ingredients, Inc. $ (10,136 ) Less: Preferred stock dividends (630 ) Basic and diluted loss per share: Loss available to common stockholders $ (10,766 ) 54,163 $ (0.20 ) There were an additional aggregate potentially dilutive weighted-average shares of 964,000 from convertible securities outstanding for the three and six months ended June 30, 2021 and 2020. These securities were not considered in calculating diluted net income (loss) per share for the three and six months ended June 30, 2021 and 2020, as their effect would have been anti-dilutive. |
Parent Company Financials.
Parent Company Financials. | 6 Months Ended |
Jun. 30, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
PARENT COMPANY FINANCIALS. | 11. PARENT COMPANY FINANCIALS. Restricted Net Assets Parent company financial statements for the periods covered in this report are set forth below (in thousands): June 30, December 31, ASSETS Current Assets: Cash and cash equivalents $ 15,128 $ 25,632 Receivables from subsidiaries 13,460 15,548 Other current assets 2,588 1,836 Total current assets 31,176 43,016 Property and equipment, net 108 142 Other Assets: Investments in subsidiaries 264,645 246,518 Alto West, LLC receivable 27,592 42,649 Right of use operating lease assets, net 2,844 2,985 Other assets 796 1,088 Total other assets 295,877 293,240 Total Assets $ 327,161 $ 336,398 Current Liabilities: Accounts payable and accrued liabilities $ 5,439 $ 2,001 Accrued Alto Op Co. purchase 3,829 3,829 Current portion of long-term debt 6,696 25,533 Other current liabilities 329 473 Total current liabilities 16,293 31,836 Long-term debt, net of current portion — 5,564 Other liabilities 2,849 2,763 Total Liabilities 19,142 40,163 Stockholders’ Equity: Preferred stock 1 1 Common and non-voting common stock 73 72 Additional paid-in capital 1,035,980 1,036,638 Accumulated other comprehensive loss (3,878 ) (3,878 ) Accumulated deficit (724,157 ) (736,598 ) Total Alto Ingredients, Inc. stockholders’ equity 308,019 296,235 Total Liabilities and Stockholders’ Equity $ 327,161 $ 336,398 Three Months Ended Six Months Ended 2021 2020 2021 2020 Management fees from subsidiaries $ 2,486 $ 2,873 $ 5,012 $ 6,126 Selling, general and administrative expenses 4,393 4,308 9,044 9,685 Income (loss) from operations (1,907 ) (1,435 ) (4,032 ) (3,559 ) Fair value adjustments — (1,314 ) — (641 ) Interest expense, net (704 ) (1,721 ) (1,731 ) (3,297 ) Other income (expense) 410 (140 ) 1,218 (162 ) Loss before benefit for income taxes (2,201 ) (4,610 ) (4,545 ) (7,659 ) Benefit for income taxes — — — — Net loss (2,201 ) (4,610 ) (4,545 ) (7,659 ) Equity in income (losses) of subsidiaries 10,591 19,574 17,613 (2,477 ) Net income (loss) attributed to Alto Ingredients, Inc. $ 8,390 $ 14,964 $ 13,068 $ (10,136 ) For the Six Months Ended 2021 2020 Operating Activities: Net income (loss) $ 13,068 $ (10,136 ) Adjustments to reconcile net income (loss) to cash used in operating activities: Equity in (income) losses of subsidiaries (17,613 ) 2,477 Fair value adjustments — (641 ) Depreciation 33 67 Amortization of debt (premiums) discounts 409 (115 ) Changes in operating assets and liabilities: Accounts receivable 2,088 (1,207 ) Other assets (319 ) 714 Accounts payable and accrued expenses (2,416 ) — Accounts payable with subsidiaries 37 475 Net cash used in operating activities (4,713 ) (8,366 ) Investing Activities: Additions to property and equipment — — Net cash used in investing activities — — Financing Activities: Proceeds from issuances of common stock 462 282 Proceeds from plant receivables 15,057 5,813 Proceeds from long-term debt — 5,973 Payments on senior notes (24,810 ) — Dividend from subsidiary 3,500 — Net cash provided by (used in) financing activities (5,791 ) 12,068 Net change in cash and cash equivalents (10,504 ) 3,702 Cash and cash equivalents at beginning of period 25,632 4,985 Cash and cash equivalents at end of period $ 15,128 $ 8,687 |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) - shares | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | |
Accounting Policies [Abstract] | |||
Organization and Business | Organization and Business The Company is a leading producer and marketer of specialty alcohols and essential ingredients. The Company also produces and markets fuel-grade ethanol. The Company’s production facilities in Pekin, Illinois are located in the heart of the Corn Belt, benefit from low-cost and abundant feedstock and allow for access to many additional domestic markets. In addition, the Company’s ability to load unit trains and barges from these facilities allows for greater access to international markets. The Company’s three production facilities in California, Oregon and Idaho, located in close proximity to both feed and fuel-grade ethanol customers, enjoy unique advantages in efficiency, logistics and product pricing. The Company has a combined production capacity of 410 million gallons per year, markets, on an annualized basis, over 500 million gallons of alcohols, and produces, on an annualized basis, nearly 1.5 million tons of essential ingredients on a dry matter basis, such as dried yeast, corn gluten meal, corn gluten feed, and distillers grains and liquid feed used in commercial animal feed and pet foods. The Company focuses on four key markets: Health, Home & Beauty Food & Beverage Essential Ingredients Renewable Fuels As of June 30, 2021, the Company was operating at approximately 71% of its 410 million gallon annual production capacity. As market conditions change, the Company may increase, decrease or idle production at one or more operating facilities or resume operations at any idled facility. | ||
Basis of Presentation | Basis of Presentation – Interim Financial Statements | ||
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts The Company maintains an allowance for doubtful accounts for balances that appear to have specific collection issues. The collection process is based on the age of the invoice and requires attempted contacts with the customer at specified intervals. If, after a specified number of days, the Company has been unsuccessful in its collection efforts, a bad debt allowance is recorded for the balance in question. Delinquent accounts receivable are charged against the allowance for doubtful accounts once uncollectibility has been determined. The factors considered in reaching this determination are the apparent financial condition of the customer and the Company’s success in contacting and negotiating with the customer. If the financial condition of the Company’s customers were to deteriorate, resulting in an impairment of ability to make payments, additional allowances may be required. Of the accounts receivable balance, approximately $61,501,000 and $35,839,000 at June 30, 2021 and December 31, 2020, respectively, were used as collateral under Kinergy’s operating line of credit. The allowance for doubtful accounts was $363,000 and $260,000 as of June 30, 2021 and December 31, 2020, respectively. The Company recorded a bad debt expense of $52,000 and a bad debt recovery of $18,000 for the three months ended June 30, 2021 and 2020, respectively. The Company recorded a bad debt expense of $143,000 and $1,000 for the six months ended June 30, 2021 and 2020, respectively. The Company does not have any off-balance sheet credit exposure related to its customers. | ||
Financial Instruments | Financial Instruments | ||
Estimates and Assumptions | Estimates and Assumptions | ||
Potentially dilutive shares from convertible securities outstanding | 964,000 | 964,000 |
Assets and Liabilities Held-F_2
Assets and Liabilities Held-For-Sale. (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Business Combinations [Abstract] | |
Schedule of assets and liabilities as held-for-sale | Stockton Canton Property and equipment, net $ 19,535 $ 1,000 Right of use operating lease assets, net 9,664 — Assets held-for-sale $ 29,199 $ 1,000 Stockton Canton Liabilities held-for-sale – operating leases $ 10,478 $ — Stockton Madera Property and equipment, net $ 19,535 $ 29,013 Right of use operating lease assets, net 9,747 — Assets held-for-sale $ 29,282 $ 29,013 Stockton Madera Operating lease obligations $ 10,435 $ — Assessment financing — 9,107 Liabilities held-for-sale $ 10,435 $ 9,107 |
Segments. (Tables)
Segments. (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of financial data for operating segments | Three Months Ended Six Months Ended 2021 2020 2021 2020 Net Sales Marketing and distribution: Alcohol sales, gross $ 86,299 $ 71,117 $ 143,309 $ 128,623 Alcohol sales, net 532 307 984 736 Intersegment sales 2,618 1,838 4,862 6,153 Total marketing and distribution sales 89,449 73,262 149,155 135,512 Pekin Campus production, recorded as gross: Alcohol sales $ 132,296 $ 94,538 $ 227,380 $ 178,669 Essential ingredient sales 49,578 33,633 94,655 73,504 Intersegment sales 316 263 628 680 Total Pekin Campus sales 182,190 128,434 322,663 252,853 Other production, recorded as gross: Alcohol sales $ 22,153 $ 9,796 $ 38,121 $ 109,025 Essential ingredient sales 7,252 2,683 12,395 32,921 Intersegment sales 332 410 637 701 Total Other production sales 29,737 12,889 51,153 142,647 Intersegment eliminations (3,266 ) (2,511 ) (6,127 ) (7,534 ) Net sales as reported $ 298,110 $ 212,074 $ 516,844 $ 523,478 Cost of goods sold: Marketing and distribution $ 85,746 $ 69,101 $ 139,705 $ 126,240 Pekin Campus production 171,547 95,070 299,250 221,840 Other production 27,325 18,354 51,442 160,663 Intersegment eliminations (1,741 ) (1,633 ) (2,623 ) (3,557 ) Cost of goods sold as reported $ 282,877 $ 180,892 $ 487,774 $ 505,186 Income (loss) before benefit for income taxes: Marketing and distribution $ 1,678 $ 2,043 $ 5,411 $ 4,286 Pekin Campus production 10,726 27,459 20,736 19,280 Other production (1,666 ) (10,252 ) (7,609 ) (33,816 ) Corporate activities (2,348 ) (4,396 ) (5,470 ) (2,052 ) $ 8,390 $ 14,854 $ 13,068 $ (12,302 ) Depreciation: Pekin Campus production $ 4,326 $ 4,371 $ 8,671 $ 8,757 Other production 1,468 3,697 2,966 9,982 Corporate activities 17 33 33 67 $ 5,811 $ 8,101 $ 11,670 $ 18,806 Interest expense: Marketing and distribution $ 222 $ 313 $ 426 $ 940 Pekin Campus production 73 1,594 591 3,679 Other production 46 29 182 60 Corporate activities 704 2,711 1,731 5,275 $ 1,045 $ 4,647 $ 2,930 $ 9,954 |
Schedule of assets by operating segments | June 30, December 31, Total assets: Marketing and distribution $ 140,204 $ 89,337 Pekin Campus production 254,206 234,439 Other production 83,330 102,409 Corporate assets 21,464 50,633 $ 499,204 $ 476,818 |
Inventories. (Tables)
Inventories. (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of balances consisted inventory | June 30, December 31, Finished goods $ 40,497 $ 25,154 Work in progress 5,701 4,333 Raw materials 10,788 7,074 Other 1,265 1,364 Total $ 58,251 $ 37,925 |
Derivatives. (Tables)
Derivatives. (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of derivatives not designated as hedging instruments | As of June 30, 2021 Assets Liabilities Type of Instrument Balance Sheet Location Fair Balance Sheet Location Fair Cash collateral balance Other current assets $ 3,777 Commodity contracts Derivative assets $ 28,498 Derivative liabilities $ 20,174 As of December 31, 2020 Assets Liabilities Type of Instrument Balance Sheet Location Fair Balance Sheet Location Fair Cash collateral balance Other current assets $ 520 Commodity contracts Derivative assets $ 17,149 Derivative liabilities $ — |
Schedule of recognized gains (losses) for derivatives | Realized Gains For the Three Months Ended Type of Instrument Statements of Operations Location 2021 2020 Commodity contracts Cost of goods sold $ 18,158 $ — $ 18,158 $ — Realized Gains For the Six Months Ended Type of Instrument Statements of Operations Location 2021 2020 Commodity contracts Cost of goods sold $ 24,343 $ — $ 24,343 $ — Unrealized Losses For the Three Months Ended Type of Instrument Statements of Operations Location 2021 2020 Commodity contracts Cost of goods sold $ 9,290 $ — $ 9,290 $ — Unrealized Losses For the Six Months Ended Type of Instrument Statements of Operations Location 2021 2020 Commodity contracts Cost of goods sold $ 4,932 $ — $ 4,932 $ — |
Debt. (Tables)
Debt. (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of long term debt | June 30, December 31, Kinergy line of credit $ 56,918 $ 32,512 Pekin revolving loan 7,580 20,580 ICP revolving loan 9,384 9,384 Parent notes payable 723 25,533 CARES Act loans 5,973 9,860 80,578 97,869 Less unamortized debt premium — 230 Less unamortized debt financing costs (70 ) (759 ) Less short-term portion (23,660 ) (25,533 ) Long-term debt $ 56,848 $ 71,807 |
Schedule of maturities of long-term debt | December 31: 2021 $ 723 2022 22,937 2023 56,918 $ 80,578 |
Fair Value Measurements. (Table
Fair Value Measurements. (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of recurring and nonrecurring fair value measurements | Fair Value Level 1 Level 2 Level 3 Assets: Derivative financial instruments $ 28,498 $ 28,498 $ — $ — Long-lived assets held-for-sale 30,199 — — 30,199 $ 58,697 $ 28,498 $ — $ 30,199 Liabilities: Derivative financial instruments $ (20,174 ) $ (20,174 ) $ — $ — $ (20,174 ) $ (20,174 ) $ — $ — Benefit Plan Fair Percentage Value Level 1 Level 2 Level 3 Allocation Assets: Derivative financial instruments $ 17,149 $ 17,149 $ — $ — Long-lived assets held-for-sale 58,295 — — 58,295 Defined benefit plan assets(1) (pooled separate accounts): Large U.S. Equity(2) 5,470 — 5,470 — 31 % Small/Mid U.S. Equity(3) 2,605 — 2,605 — 15 % International Equity(4) 2,921 — 2,921 — 17 % Fixed Income(5) 6,592 — 6,592 — 37 % $ 93,032 $ 17,149 $ 17,588 $ 58,295 Liabilities: $ — $ — $ — $ — |
Earnings Per Share. (Tables)
Earnings Per Share. (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of computation of basic and diluted earnings per share | Three Months Ended June 30, 2021 Income Shares Per-Share Net income attributed to Alto Ingredients, Inc. $ 8,390 Less: Preferred stock dividends (315 ) Basic income per share: Income available to common stockholders $ 8,075 71,260 $ 0.11 Add: Dilutive instruments — 669 Diluted income per share: Income available to common stockholders $ 8,075 71,929 $ 0.11 Three Months Ended June 30, 2020 Income Shares Per-Share Net income attributed to Alto Ingredients, Inc. $ 14,964 Less: Preferred stock dividends (315 ) Basic and diluted income per share: Income available to common stockholders $ 14,649 54,498 $ 0.27 Six Months Ended June 30, 2021 Income Shares Per-Share Net income attributed to Alto Ingredients, Inc. $ 13,068 Less: Preferred stock dividends (627 ) Basic income per share: Income available to common stockholders $ 12,441 70,808 $ 0.18 Add: Dilutive instruments — 1,153 Diluted income per share: Income available to common stockholders $ 12,441 71,961 $ 0.17 Six Months Ended June 30, 2020 Loss Shares Per-Share Net loss attributed to Alto Ingredients, Inc. $ (10,136 ) Less: Preferred stock dividends (630 ) Basic and diluted loss per share: Loss available to common stockholders $ (10,766 ) 54,163 $ (0.20 ) |
Parent Company Financials. (Tab
Parent Company Financials. (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule of parent company financial statements | June 30, December 31, ASSETS Current Assets: Cash and cash equivalents $ 15,128 $ 25,632 Receivables from subsidiaries 13,460 15,548 Other current assets 2,588 1,836 Total current assets 31,176 43,016 Property and equipment, net 108 142 Other Assets: Investments in subsidiaries 264,645 246,518 Alto West, LLC receivable 27,592 42,649 Right of use operating lease assets, net 2,844 2,985 Other assets 796 1,088 Total other assets 295,877 293,240 Total Assets $ 327,161 $ 336,398 Current Liabilities: Accounts payable and accrued liabilities $ 5,439 $ 2,001 Accrued Alto Op Co. purchase 3,829 3,829 Current portion of long-term debt 6,696 25,533 Other current liabilities 329 473 Total current liabilities 16,293 31,836 Long-term debt, net of current portion — 5,564 Other liabilities 2,849 2,763 Total Liabilities 19,142 40,163 Stockholders’ Equity: Preferred stock 1 1 Common and non-voting common stock 73 72 Additional paid-in capital 1,035,980 1,036,638 Accumulated other comprehensive loss (3,878 ) (3,878 ) Accumulated deficit (724,157 ) (736,598 ) Total Alto Ingredients, Inc. stockholders’ equity 308,019 296,235 Total Liabilities and Stockholders’ Equity $ 327,161 $ 336,398 |
Schedule of statement of operations parent company | Three Months Ended Six Months Ended 2021 2020 2021 2020 Management fees from subsidiaries $ 2,486 $ 2,873 $ 5,012 $ 6,126 Selling, general and administrative expenses 4,393 4,308 9,044 9,685 Income (loss) from operations (1,907 ) (1,435 ) (4,032 ) (3,559 ) Fair value adjustments — (1,314 ) — (641 ) Interest expense, net (704 ) (1,721 ) (1,731 ) (3,297 ) Other income (expense) 410 (140 ) 1,218 (162 ) Loss before benefit for income taxes (2,201 ) (4,610 ) (4,545 ) (7,659 ) Benefit for income taxes — — — — Net loss (2,201 ) (4,610 ) (4,545 ) (7,659 ) Equity in income (losses) of subsidiaries 10,591 19,574 17,613 (2,477 ) Net income (loss) attributed to Alto Ingredients, Inc. $ 8,390 $ 14,964 $ 13,068 $ (10,136 ) |
Schedule of statement of cash flows parent company | For the Six Months Ended 2021 2020 Operating Activities: Net income (loss) $ 13,068 $ (10,136 ) Adjustments to reconcile net income (loss) to cash used in operating activities: Equity in (income) losses of subsidiaries (17,613 ) 2,477 Fair value adjustments — (641 ) Depreciation 33 67 Amortization of debt (premiums) discounts 409 (115 ) Changes in operating assets and liabilities: Accounts receivable 2,088 (1,207 ) Other assets (319 ) 714 Accounts payable and accrued expenses (2,416 ) — Accounts payable with subsidiaries 37 475 Net cash used in operating activities (4,713 ) (8,366 ) Investing Activities: Additions to property and equipment — — Net cash used in investing activities — — Financing Activities: Proceeds from issuances of common stock 462 282 Proceeds from plant receivables 15,057 5,813 Proceeds from long-term debt — 5,973 Payments on senior notes (24,810 ) — Dividend from subsidiary 3,500 — Net cash provided by (used in) financing activities (5,791 ) 12,068 Net change in cash and cash equivalents (10,504 ) 3,702 Cash and cash equivalents at beginning of period 25,632 4,985 Cash and cash equivalents at end of period $ 15,128 $ 8,687 |
Organization and Basis of Pre_2
Organization and Basis of Presentation. (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Organization and Basis of Presentation. (Details) [Line Items] | |||||
Accounts receivable balance | $ 61,501,000 | $ 61,501,000 | $ 35,839,000 | ||
Allowance for doubtful accounts | 363,000 | 363,000 | $ 260,000 | ||
Bad debt expense | $ 143,000 | $ 1,000 | |||
Combined Production Capacity, Description | The Company has a combined production capacity of 410 million gallons per year, markets, on an annualized basis, over 500 million gallons of alcohols, and produces, on an annualized basis, nearly 1.5 million tons of essential ingredients on a dry matter basis, such as dried yeast, corn gluten meal, corn gluten feed, and distillers grains and liquid feed used in commercial animal feed and pet foods. | ||||
Operating annual production, Description | the Company was operating at approximately 71% of its 410 million gallon annual production capacity. | ||||
Debt [Member] | |||||
Organization and Basis of Presentation. (Details) [Line Items] | |||||
Bad debt expense | $ 52,000 | $ 18,000 | $ 143,000 | $ 1,000 |
Assets and Liabilities Held-F_3
Assets and Liabilities Held-For-Sale. (Details) - USD ($) | May 14, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
Assets and Liabilities Held-For-Sale. (Details) [Line Items] | |||||||
Impairment charge | $ 1,200,000 | ||||||
Sale of Madera facility total consideration | $ 28,300,000 | ||||||
Cash | 19,500,000 | ||||||
Assumption of liabilities | 8,800,000 | ||||||
Net loss | $ 100,000 | $ 8,390,000 | $ 4,678,000 | $ 14,854,000 | $ (27,156,000) | 13,068,000 | $ (12,302,000) |
Cash proceeds | 1,900,000 | ||||||
Pre-tax loss | 8,390,000 | 14,854,000 | 13,068,000 | (12,302,000) | |||
Stockton [Member] | |||||||
Assets and Liabilities Held-For-Sale. (Details) [Line Items] | |||||||
Net loss | 400,000 | 500,000 | 600,000 | 22,400,000 | |||
Pre-tax loss | 1,400,000 | 1,200,000 | 2,200,000 | 3,500,000 | |||
Madera [Member] | |||||||
Assets and Liabilities Held-For-Sale. (Details) [Line Items] | |||||||
Net loss | 100,000 | 1,000,000 | 100,000 | 22,500,000 | |||
Pre-tax loss | $ 200,000 | $ 1,800,000 | $ 1,800,000 | $ 3,600,000 |
Assets and Liabilities Held-F_4
Assets and Liabilities Held-For-Sale. (Details) - Schedule of assets and liabilities as held-for-sale - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Stockton [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Property and equipment, net | $ 19,535 | $ 19,535 |
Right of use operating lease assets, net | 9,664 | 9,747 |
Assets held-for-sale | 29,199 | 29,282 |
Operating lease obligations | 10,435 | |
Assessment financing | ||
Liabilities held-for-sale | 10,435 | |
Liabilities held-for-sale – operating leases | 10,478 | |
Canton [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Property and equipment, net | 1,000 | |
Right of use operating lease assets, net | ||
Assets held-for-sale | 1,000 | |
Liabilities held-for-sale – operating leases | ||
Madera [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Property and equipment, net | 29,013 | |
Right of use operating lease assets, net | ||
Assets held-for-sale | 29,013 | |
Operating lease obligations | ||
Assessment financing | 9,107 | |
Liabilities held-for-sale | $ 9,107 |
Segments. (Details)
Segments. (Details) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Number of operating segments | 3 |
Segments. (Details) - Schedule
Segments. (Details) - Schedule of financial data for operating segments - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Marketing and distribution: | ||||
Net sales as reported | $ 298,110 | $ 212,074 | $ 516,844 | $ 523,478 |
Cost of goods sold as reported | 282,877 | 180,892 | 487,774 | 505,186 |
Income (loss) before benefit for income taxes | 8,390 | 14,854 | 13,068 | (12,302) |
Total [Member] | ||||
Marketing and distribution: | ||||
Net sales as reported | 298,110 | 212,074 | 516,844 | 523,478 |
Cost of goods sold as reported | 282,877 | 180,892 | 487,774 | 505,186 |
Income (loss) before benefit for income taxes | 8,390 | 14,854 | 13,068 | (12,302) |
Depreciation: | ||||
Depreciation | 5,811 | 8,101 | 11,670 | 18,806 |
Interest expense: | ||||
Interest expense | 1,045 | 4,647 | 2,930 | 9,954 |
Marketing and distribution [Member] | ||||
Marketing and distribution: | ||||
Cost of goods sold as reported | 85,746 | 69,101 | 139,705 | 126,240 |
Income (loss) before benefit for income taxes | 1,678 | 2,043 | 5,411 | 4,286 |
Interest expense: | ||||
Interest expense | 222 | 313 | 426 | 940 |
Marketing and distribution [Member] | Alcohol sales [Member] | ||||
Marketing and distribution: | ||||
Net sales as reported | 86,299 | 71,117 | 143,309 | 128,623 |
Marketing and distribution [Member] | Alcohol sales, net [Member] | ||||
Marketing and distribution: | ||||
Net sales as reported | 532 | 307 | 984 | 736 |
Marketing and distribution [Member] | Intersegment sales [Member] | ||||
Marketing and distribution: | ||||
Net sales as reported | 2,618 | 1,838 | 4,862 | 6,153 |
Marketing and distribution [Member] | Total marketing and distribution sales [Member] | ||||
Marketing and distribution: | ||||
Net sales as reported | 89,449 | 73,262 | 149,155 | 135,512 |
Pekin Campus production [Member] | ||||
Marketing and distribution: | ||||
Cost of goods sold as reported | 171,547 | 95,070 | 299,250 | 221,840 |
Income (loss) before benefit for income taxes | 10,726 | 27,459 | 20,736 | 19,280 |
Depreciation: | ||||
Depreciation | 4,326 | 4,371 | 8,671 | 8,757 |
Interest expense: | ||||
Interest expense | 73 | 1,594 | 591 | 3,679 |
Pekin Campus production [Member] | Alcohol sales [Member] | ||||
Marketing and distribution: | ||||
Net sales as reported | 132,296 | 94,538 | 227,380 | 178,669 |
Pekin Campus production [Member] | Intersegment sales [Member] | ||||
Marketing and distribution: | ||||
Net sales as reported | 316 | 263 | 628 | 680 |
Pekin Campus production [Member] | Essential ingredient sales [Member] | ||||
Marketing and distribution: | ||||
Net sales as reported | 49,578 | 33,633 | 94,655 | 73,504 |
Pekin Campus production [Member] | Total Pekin Campus sales [Member] | ||||
Marketing and distribution: | ||||
Net sales as reported | 182,190 | 128,434 | 322,663 | 252,853 |
Other production [Member] | ||||
Marketing and distribution: | ||||
Cost of goods sold as reported | 27,325 | 18,354 | 51,442 | 160,663 |
Income (loss) before benefit for income taxes | (1,666) | (10,252) | (7,609) | (33,816) |
Depreciation: | ||||
Depreciation | 1,468 | 3,697 | 2,966 | 9,982 |
Interest expense: | ||||
Interest expense | 46 | 29 | 182 | 60 |
Other production [Member] | Alcohol sales [Member] | ||||
Marketing and distribution: | ||||
Net sales as reported | 22,153 | 9,796 | 38,121 | 109,025 |
Other production [Member] | Intersegment sales [Member] | ||||
Marketing and distribution: | ||||
Net sales as reported | 332 | 410 | 637 | 701 |
Other production [Member] | Essential ingredient sales [Member] | ||||
Marketing and distribution: | ||||
Net sales as reported | 7,252 | 2,683 | 12,395 | 32,921 |
Other production [Member] | Total Other production sales [Member] | ||||
Marketing and distribution: | ||||
Net sales as reported | 29,737 | 12,889 | 51,153 | 142,647 |
Intersegment eliminations [Member] | ||||
Marketing and distribution: | ||||
Net sales as reported | (3,266) | (2,511) | (6,127) | (7,534) |
Cost of goods sold as reported | (1,741) | (1,633) | (2,623) | (3,557) |
Corporate activities [Member] | ||||
Marketing and distribution: | ||||
Income (loss) before benefit for income taxes | (2,348) | (4,396) | (5,470) | (2,052) |
Depreciation: | ||||
Depreciation | 17 | 33 | 33 | 67 |
Interest expense: | ||||
Interest expense | $ 704 | $ 2,711 | $ 1,731 | $ 5,275 |
Segments. (Details) - Schedul_2
Segments. (Details) - Schedule of assets by operating segments - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | |
Total assets: | |||
Total assets | $ 499,204 | $ 476,818 | [1] |
Marketing and distribution [Member] | |||
Total assets: | |||
Total assets | 140,204 | 89,337 | |
Pekin Campus production [Member] | |||
Total assets: | |||
Total assets | 254,206 | 234,439 | |
Other production [Member] | |||
Total assets: | |||
Total assets | 83,330 | 102,409 | |
Corporate assets [Member] | |||
Total assets: | |||
Total assets | $ 21,464 | $ 50,633 | |
[1] | Amounts derived from the audited consolidated financial statements for the year ended December 31, 2020. |
Inventories. (Details)
Inventories. (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Inventory net | $ 1,800,000 | $ 1,033,000 |
Inventories. (Details) - Schedu
Inventories. (Details) - Schedule of balances consisted inventory - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | |
Schedule of balances consisted inventory [Abstract] | |||
Finished goods | $ 40,497 | $ 25,154 | |
Work in progress | 5,701 | 4,333 | |
Raw materials | 10,788 | 7,074 | |
Other | 1,265 | 1,364 | |
Total | $ 58,251 | $ 37,925 | [1] |
[1] | Amounts derived from the audited consolidated financial statements for the year ended December 31, 2020. |
Derivatives. (Details)
Derivatives. (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Derivative [Member] | ||||
Derivatives. (Details) [Line Items] | ||||
Recognized gains and losses due to change in fair value | $ 8,868,000 | $ 0 | $ 19,411,000 | $ 0 |
Derivatives. (Details) - Schedu
Derivatives. (Details) - Schedule of derivatives not designated as hedging instruments - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Cash collateral balance [Member] | ||
Derivatives. (Details) - Schedule of derivatives not designated as hedging instruments [Line Items] | ||
Assets, fair value | $ 3,777 | $ 520 |
Commodity contracts [Member] | ||
Derivatives. (Details) - Schedule of derivatives not designated as hedging instruments [Line Items] | ||
Assets, fair value | 28,498 | 17,149 |
Liabilities, fair value | $ 20,174 |
Derivatives. (Details) - Sche_2
Derivatives. (Details) - Schedule of recognized gains (losses) for derivatives - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Realized Gains | $ 18,158 | $ 24,343 | ||
Unrealized Losses | 9,290 | 4,932 | ||
Non Designated Derivative Instruments [Member] | Cost of goods sold [Member] | Commodity Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Realized Gains | 18,158 | 24,343 | ||
Non Designated Derivative Instruments [Member] | Cost of goods sold [Member] | Commodity Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized Losses | $ 9,290 | $ 4,932 |
Debt. (Details)
Debt. (Details) - USD ($) $ in Millions | May 14, 2021 | Jun. 30, 2021 |
Debt [Abstract] | ||
Repayment of principal on notes payable | $ 19.3 | |
Remaining amount of notes payable | $ 0.7 | |
Loan payable | $ 6 | |
Net assets | 245.7 | |
Debt [Member] | ||
Debt [Abstract] | ||
Net assets | 245.7 | |
Alto Pekin [Member] | ||
Debt [Abstract] | ||
Loan payable | 3.9 | |
Loan forgiveness amount | $ 3.9 |
Debt. (Details) - Schedule of l
Debt. (Details) - Schedule of long term debt - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||
Term debt | $ 80,578 | $ 97,869 | |
Less unamortized debt premium | 230 | ||
Less unamortized debt financing costs | (70) | (759) | |
Less short-term portion | (23,660) | (25,533) | |
Long-term debt | 56,848 | 71,807 | [1] |
Kinergy line of credit [Member] | |||
Debt Instrument [Line Items] | |||
Term debt | 56,918 | 32,512 | |
Pekin revolving loan [Member] | |||
Debt Instrument [Line Items] | |||
Term debt | 7,580 | 20,580 | |
ICP revolving loan [Member] | |||
Debt Instrument [Line Items] | |||
Term debt | 9,384 | 9,384 | |
Parent notes payable [Member] | |||
Debt Instrument [Line Items] | |||
Term debt | 723 | 25,533 | |
CARES Act loans [Member] | |||
Debt Instrument [Line Items] | |||
Term debt | $ 5,973 | $ 9,860 | |
[1] | Amounts derived from the audited consolidated financial statements for the year ended December 31, 2020. |
Debt. (Details) - Schedule of m
Debt. (Details) - Schedule of maturities of long-term debt $ in Thousands | Jun. 30, 2021USD ($) |
Schedule of maturities of long-term debt [Abstract] | |
2021 | $ 723 |
2022 | 22,937 |
2023 | 56,918 |
Total debt | $ 80,578 |
Commitments and Contingencies.
Commitments and Contingencies. (Details) | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Commitments and Contingencies. (Details) [Line Items] | |
Indexed price purchase contracts gallons | 96,399,000 |
Open fixed-price sales contracts valued | $ 11,061,000 |
Ethanol Sales Contracts [Member] | |
Commitments and Contingencies. (Details) [Line Items] | |
Open fixed-price sales contracts valued | 223,575,000 |
Co-products Sales Contracts [Member] | |
Commitments and Contingencies. (Details) [Line Items] | |
open indexed-price sales contracts tons | $ 117,000 |
Ethanol Purchase Contracts [Member] | Suppliers [Member] | |
Commitments and Contingencies. (Details) [Line Items] | |
Indexed price purchase contracts gallons | 17,706,000 |
Ethanol Purchase Contracts [Member] | Fuel-grade from suppliers [Member] | |
Commitments and Contingencies. (Details) [Line Items] | |
Fixed-price purchase contracts value | $ 39,086,000 |
Ethanol Purchase Contracts [Member] | Corn from suppliers [Member] | |
Commitments and Contingencies. (Details) [Line Items] | |
Fixed-price purchase contracts value | $ 77,375,000 |
Pension and Retirement Benefi_2
Pension and Retirement Benefit Plans. (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Retirement Plan [Member] | |||||
Pension and Retirement Benefit Plans. (Details) [Line Items] | |||||
Accumulated projected benefit obligation | $ 24,600 | ||||
Fair value of plan assets | 17,600 | ||||
Underfunded amount | 7,000 | ||||
Net periodic expense | $ 22,000 | $ 48,000 | $ 44,000 | $ 96,000 | |
Interest cost | 151,000 | 173,000 | 302,000 | 346,000 | |
Service cost | 109,000 | 101,000 | 218,000 | 202,000 | |
Expected return on plan assets | 238,000 | 226,000 | 476,000 | 452,000 | |
Post Retirement Plan [Member] | |||||
Pension and Retirement Benefit Plans. (Details) [Line Items] | |||||
Accumulated projected benefit obligation | $ 5,300 | ||||
Net periodic expense | 42,000 | 59,000 | 84,000 | 118,000 | |
Interest cost | 10,000 | 38,000 | 20,000 | 76,000 | |
Service cost | 26,000 | 14,000 | 52,000 | 28,000 | |
Amortization expense | $ 6,000 | $ 7,000 | $ 12,000 | $ 14,000 |
Fair Value Measurements. (Detai
Fair Value Measurements. (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value Disclosures [Abstract] | ||
Property and equipment held-for-sale at fair value | $ 20,535,000 | $ 48,548,000 |
Fair Value Measurements. (Det_2
Fair Value Measurements. (Details) - Schedule of recurring and nonrecurring fair value measurements - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | ||
Assets: | ||||
Asset | $ 58,697 | $ 93,032 | ||
Liabilities: | ||||
Liabilities | (20,174) | |||
Derivative Financial Instrument [Member] | ||||
Assets: | ||||
Asset | 28,498 | $ 17,149 | ||
Benefit Plan Percentage Allocation | ||||
Liabilities: | ||||
Liabilities | (20,174) | |||
Long-lived assets held-for-sale [Member] | ||||
Assets: | ||||
Asset | 30,199 | $ 58,295 | ||
Benefit Plan Percentage Allocation | ||||
Defined Benefit Plan Assets [Member] | ||||
Assets: | ||||
Asset | [1] | |||
Benefit Plan Percentage Allocation | [1] | |||
Large U,S Equity [Member] | ||||
Assets: | ||||
Asset | [2] | $ 5,470 | ||
Benefit Plan Percentage Allocation | [2] | 31.00% | ||
Small/Mid U.S Equity [Member] | ||||
Assets: | ||||
Asset | [3] | $ 2,605 | ||
Benefit Plan Percentage Allocation | [3] | 15.00% | ||
International Equity [Member] | ||||
Assets: | ||||
Asset | [4] | $ 2,921 | ||
Benefit Plan Percentage Allocation | [4] | 17.00% | ||
Fixed Income [Member] | ||||
Assets: | ||||
Asset | [5] | $ 6,592 | ||
Benefit Plan Percentage Allocation | [5] | 37.00% | ||
Level 1 [Member] | ||||
Assets: | ||||
Asset | 28,498 | $ 17,149 | ||
Liabilities: | ||||
Liabilities | (20,174) | |||
Level 1 [Member] | Derivative Financial Instrument [Member] | ||||
Assets: | ||||
Asset | 28,498 | 17,149 | ||
Liabilities: | ||||
Liabilities | (20,174) | |||
Level 1 [Member] | Long-lived assets held-for-sale [Member] | ||||
Assets: | ||||
Asset | [1] | |||
Level 1 [Member] | Defined Benefit Plan Assets [Member] | ||||
Assets: | ||||
Asset | [1] | |||
Level 1 [Member] | Large U,S Equity [Member] | ||||
Assets: | ||||
Asset | [2] | |||
Level 1 [Member] | Small/Mid U.S Equity [Member] | ||||
Assets: | ||||
Asset | [3] | |||
Level 1 [Member] | International Equity [Member] | ||||
Assets: | ||||
Asset | [4] | |||
Level 1 [Member] | Fixed Income [Member] | ||||
Assets: | ||||
Asset | [5] | |||
Level 2 [Member] | ||||
Assets: | ||||
Asset | 17,588 | |||
Liabilities: | ||||
Liabilities | ||||
Level 2 [Member] | Derivative Financial Instrument [Member] | ||||
Assets: | ||||
Asset | ||||
Liabilities: | ||||
Liabilities | ||||
Level 2 [Member] | Long-lived assets held-for-sale [Member] | ||||
Assets: | ||||
Asset | [1] | |||
Level 2 [Member] | Defined Benefit Plan Assets [Member] | ||||
Assets: | ||||
Asset | [1] | |||
Level 2 [Member] | Large U,S Equity [Member] | ||||
Assets: | ||||
Asset | [2] | 5,470 | ||
Level 2 [Member] | Small/Mid U.S Equity [Member] | ||||
Assets: | ||||
Asset | [3] | 2,605 | ||
Level 2 [Member] | International Equity [Member] | ||||
Assets: | ||||
Asset | [4] | 2,921 | ||
Level 2 [Member] | Fixed Income [Member] | ||||
Assets: | ||||
Asset | [5] | 6,592 | ||
Level 3 [Member] | ||||
Assets: | ||||
Asset | 30,199 | 58,295 | ||
Liabilities: | ||||
Liabilities | ||||
Level 3 [Member] | Derivative Financial Instrument [Member] | ||||
Assets: | ||||
Asset | ||||
Level 3 [Member] | Long-lived assets held-for-sale [Member] | ||||
Assets: | ||||
Asset | $ 30,199 | 58,295 | [1] | |
Level 3 [Member] | Defined Benefit Plan Assets [Member] | ||||
Assets: | ||||
Asset | [1] | |||
Level 3 [Member] | Large U,S Equity [Member] | ||||
Assets: | ||||
Asset | [2] | |||
Level 3 [Member] | Small/Mid U.S Equity [Member] | ||||
Assets: | ||||
Asset | [3] | |||
Level 3 [Member] | International Equity [Member] | ||||
Assets: | ||||
Asset | [4] | |||
Level 3 [Member] | Fixed Income [Member] | ||||
Assets: | ||||
Asset | [5] | |||
[1] | Included in other assets in the consolidated balance sheets. | |||
[2] | This category includes investments in funds comprised of equity securities of large U.S. companies. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. | |||
[3] | This category includes investments in funds comprised of equity securities of small- and medium-sized U.S. companies. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. | |||
[4] | This category includes investments in funds comprised of equity securities of foreign companies including emerging markets. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. | |||
[5] | This category includes investments in funds comprised of U.S. and foreign investment-grade fixed income securities, high-yield fixed income securities that are rated below investment-grade, U.S. treasury securities, mortgage-backed securities, and other asset-backed securities. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. |
Earnings Per Share. (Details)
Earnings Per Share. (Details) - shares | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share [Abstract] | ||
Potentially dilutive shares from convertible securities outstanding | 964,000 | 964,000 |
Earnings Per Share. (Details) -
Earnings Per Share. (Details) - Schedule of computation of basic and diluted earnings per share - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Schedule of computation of basic and diluted earnings per share [Abstract] | ||||||
Net income attributed to Alto Ingredients, Inc. | $ 8,390 | $ 14,964 | $ 13,068 | $ (10,136) | ||
Less: Preferred stock dividends | (315) | $ (312) | (315) | $ (315) | (627) | (630) |
Basic income per share: | ||||||
Income available to common stockholders | $ 8,075 | $ 14,649 | $ 12,441 | (10,766) | ||
Income available to common stockholders (in Shares) | 71,260 | 54,498 | 70,808 | |||
Income available to common stockholders (in Dollars per share) | $ 0.11 | $ 0.27 | $ 0.18 | |||
Add: Dilutive instruments | $ 669 | $ 1,153 | ||||
Diluted income per share: | ||||||
Income available to common stockholders | $ 8,075 | $ 14,649 | $ 12,441 | $ (10,766) | ||
Income available to common stockholders (in Shares) | 71,929 | 71,961 | 54,163 | |||
Income available to common stockholders (in Dollars per share) | $ 0.11 | $ 0.17 | $ (0.20) |
Parent Company Financials. (Det
Parent Company Financials. (Details) $ in Millions | Jun. 30, 2021USD ($) |
Condensed Financial Information Disclosure [Abstract] | |
Net asset | $ 245.7 |
Parent Company Financials. (D_2
Parent Company Financials. (Details) - Schedule of parent company financial statements - Parent Company [Member] - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Current Assets: | ||||
Cash and cash equivalents | $ 15,128 | $ 25,632 | $ 8,687 | $ 4,985 |
Receivables from subsidiaries | 13,460 | 15,548 | ||
Other current assets | 2,588 | 1,836 | ||
Total current assets | 31,176 | 43,016 | ||
Property and equipment, net | 108 | 142 | ||
Other Assets: | ||||
Investments in subsidiaries | 264,645 | 246,518 | ||
Alto West, LLC receivable | 27,592 | 42,649 | ||
Right of use operating lease assets, net | 2,844 | 2,985 | ||
Other assets | 796 | 1,088 | ||
Total other assets | 295,877 | 293,240 | ||
Total Assets | 327,161 | 336,398 | ||
Current Liabilities: | ||||
Accounts payable and accrued liabilities | 5,439 | 2,001 | ||
Accrued Alto Op Co. purchase | 3,829 | 3,829 | ||
Current portion of long-term debt | 6,696 | 25,533 | ||
Other current liabilities | 329 | 473 | ||
Total current liabilities | 16,293 | 31,836 | ||
Long-term debt, net of current portion | 5,564 | |||
Other liabilities | 2,849 | 2,763 | ||
Total Liabilities | 19,142 | 40,163 | ||
Stockholders’ Equity: | ||||
Preferred stock | 1 | 1 | ||
Common and non-voting common stock | 73 | 72 | ||
Additional paid-in capital | 1,035,980 | 1,036,638 | ||
Accumulated other comprehensive loss | (3,878) | (3,878) | ||
Accumulated deficit | (724,157) | (736,598) | ||
Total Alto Ingredients, Inc. stockholders’ equity | 308,019 | 296,235 | ||
Total Liabilities and Stockholders’ Equity | $ 327,161 | $ 336,398 |
Parent Company Financials. (D_3
Parent Company Financials. (Details) - Schedule of statement of operations parent company - Parent Company [Member] - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Parent Company Financials. (Details) - Schedule of statement of operations parent company [Line Items] | ||||
Management fees from subsidiaries | $ 2,486 | $ 2,873 | $ 5,012 | $ 6,126 |
Selling, general and administrative expenses | 4,393 | 4,308 | 9,044 | 9,685 |
Income (loss) from operations | (1,907) | (1,435) | (4,032) | (3,559) |
Fair value adjustments | (1,314) | (641) | ||
Interest expense, net | (704) | (1,721) | (1,731) | (3,297) |
Other income (expense) | 410 | (140) | 1,218 | (162) |
Loss before benefit for income taxes | (2,201) | (4,610) | (4,545) | (7,659) |
Benefit for income taxes | ||||
Net loss | (2,201) | (4,610) | (4,545) | (7,659) |
Equity in income (losses) of subsidiaries | 10,591 | 19,574 | 17,613 | (2,477) |
Net income (loss) attributed to Alto Ingredients, Inc. | $ 8,390 | $ 14,964 | $ 13,068 | $ (10,136) |
Parent Company Financials. (D_4
Parent Company Financials. (Details) - Schedule of statement of cash flows parent company - Parent Company [Member] - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating Activities: | ||
Consolidated net income (loss) | $ 13,068 | $ (10,136) |
Adjustments to reconcile net income (loss) to cash used in operating activities: | ||
Equity in (income) losses of subsidiaries | (17,613) | 2,477 |
Fair value adjustments | (641) | |
Depreciation | 33 | 67 |
Amortization of debt (premiums) discounts | 409 | (115) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 2,088 | (1,207) |
Other assets | (319) | 714 |
Accounts payable and accrued expenses | (2,416) | |
Accounts payable with subsidiaries | 37 | 475 |
Net cash used in operating activities | (4,713) | (8,366) |
Investing Activities: | ||
Additions to property and equipment | ||
Net cash used in investing activities | ||
Financing Activities: | ||
Proceeds from issuance of common stock | 462 | 282 |
Proceeds from plant receivables | 15,057 | 5,813 |
Proceeds from long-term debt | 5,973 | |
Payments on senior notes | (24,810) | |
Dividend from subsidiary | 3,500 | |
Net cash provided by (used in) financing activities | (5,791) | 12,068 |
Net change in cash and cash equivalents | (10,504) | 3,702 |
Cash and cash equivalents at beginning of period | 25,632 | 4,985 |
Cash and cash equivalents at end of period | $ 15,128 | $ 8,687 |