Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 04, 2022 | |
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 | 73,956,108 | |
Amendment Flag | false | |
Entity Central Index Key | 0000778164 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
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, $0.001 par value | |
Security Exchange Name | NASDAQ | |
Entity Interactive Data Current | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | [1] |
Current Assets: | |||
Cash and cash equivalents | $ 28,458 | $ 50,612 | |
Restricted cash | 3,955 | 11,513 | |
Accounts receivable, net (net of allowance for doubtful accounts of $135 and $378, respectively) | 76,455 | 86,888 | |
Inventories | 61,088 | 54,373 | |
Derivative instruments | 7,384 | 15,839 | |
Notes receivable, current | 3,125 | ||
Other current assets | 8,966 | 7,176 | |
Total current assets | 186,306 | 229,526 | |
Property and equipment, net | 233,475 | 222,550 | |
Other Assets: | |||
Right of use operating lease assets, net | 12,895 | 13,413 | |
Notes receivable, noncurrent | 11,641 | ||
Intangible assets, net | 9,234 | 2,678 | |
Goodwill | 5,970 | ||
Other assets | 6,788 | 5,145 | |
Total other assets | 34,887 | 32,877 | |
Total Assets | 454,668 | 484,953 | |
Current Liabilities: | |||
Accounts payable – trade | 17,493 | 23,251 | |
Accrued liabilities | 22,172 | 21,307 | |
Current portion – operating leases | 3,646 | 3,909 | |
Derivative instruments | 1,106 | 13,582 | |
Other current liabilities | 10,096 | 7,553 | |
Total current liabilities | 54,513 | 69,602 | |
Long-term debt, net of current portion | 45,888 | 50,361 | |
Operating leases, net of current portion | 9,201 | 9,382 | |
Other liabilities | 10,068 | 10,394 | |
Total Liabilities | 119,670 | 139,739 | |
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 September 30, 2022 and December 31, 2021; Series B: 1,581 shares authorized; 927 shares issued and outstanding as of September 30, 2022 and December 31, 2021; liquidation preference of $18,075 as of September 30, 2022 | 1 | 1 | |
Common stock, $0.001 par value; 300,000 shares authorized; 73,956 and 72,778 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively | 74 | 73 | |
Non-voting common stock, $0.001 par value; 3,553 shares authorized; 1 share issued and outstanding as of September 30, 2022 and December 31, 2021, respectively | |||
Additional paid-in capital | 1,036,459 | 1,037,205 | |
Accumulated other comprehensive loss | (284) | (284) | |
Accumulated deficit | (701,252) | (691,781) | |
Total Stockholders’ Equity | 334,998 | 345,214 | |
Total Liabilities and Stockholders’ Equity | $ 454,668 | $ 484,953 | |
[1] Amounts derived from the audited consolidated financial statements for the year ended December 31, 2021. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | [1] |
Net of allowance for doubtful accounts (in Dollars) | $ 135 | $ 378 | |
Preferred stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 | |
Preferred stock, shares authorized | 10,000 | 10,000 | |
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 | |
Common stock, shares authorized | 300,000 | 300,000 | |
Common stock, shares issued | 73,956 | 72,778 | |
Common stock, shares outstanding | 73,956 | 72,778 | |
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 | |
Preferred stock, liquidation preference (in Dollars) | $ 18,075 | ||
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 | |
[1] Amounts derived from the audited consolidated financial statements for the year ended December 31, 2021. |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||||
Net sales | $ 336,877 | $ 305,556 | $ 1,007,184 | $ 822,400 |
Cost of goods sold | 356,716 | 308,955 | 1,013,406 | 796,729 |
Gross profit (loss) | (19,839) | (3,399) | (6,222) | 25,671 |
Selling, general and administrative expenses | (7,403) | (5,533) | (24,028) | (19,777) |
Asset impairments | (3,100) | |||
Income (loss) from operations | (27,242) | (8,932) | (30,250) | 2,794 |
Interest expense, net | (340) | (429) | (859) | (3,359) |
Income from cash grant | 22,652 | |||
Income from loan forgiveness | 5,973 | 9,860 | ||
Other income (expense), net | (456) | 256 | (68) | 641 |
Income (loss) before provision for income taxes | (28,038) | (3,132) | (8,525) | 9,936 |
Provision for income taxes | ||||
Net income (loss) | (28,038) | (3,132) | (8,525) | 9,936 |
Preferred stock dividends | (319) | (319) | (946) | (946) |
Income allocated to participating securities | (120) | |||
Net income (loss) available to common stockholders | $ (28,357) | $ (3,451) | $ (9,471) | $ 8,870 |
Net income (loss) per share, basic (in Dollars per share) | $ (0.39) | $ (0.05) | $ (0.13) | $ 0.12 |
Net income (loss) per share, diluted (in Dollars per share) | $ (0.39) | $ (0.05) | $ (0.13) | $ 0.12 |
Weighted-average shares outstanding, basic (in Shares) | 73,011 | 71,383 | 71,815 | 71,002 |
Weighted-average shares outstanding, diluted (in Shares) | 73,011 | 71,383 | 71,815 | 72,260 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Operating Activities: | ||
Net income (loss) | $ (8,525) | $ 9,936 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization of intangibles | 19,122 | 17,520 |
Inventory valuation | 7,963 | |
Asset impairments | 3,100 | |
Income from loan forgiveness | (9,860) | |
Non-cash compensation | 2,546 | 2,283 |
Amortization of deferred financing fees | 29 | 732 |
Bad debt expense (benefit) | (187) | 140 |
Changes in operating assets and liabilities, net of business acquisition: | ||
Accounts receivable | 16,137 | (35,072) |
Inventories | (13,290) | (20,192) |
Other assets | (7,472) | 8,011 |
Operating leases | (3,799) | (3,184) |
Assets held-for-sale | (2,874) | |
Liabilities held-for-sale | 1,467 | |
Accounts payable and accrued expenses | (10,684) | 8,482 |
Net cash provided by (used in) operating activities | 1,840 | (19,511) |
Investing Activities: | ||
Proceeds from principal payments on notes receivable | 14,766 | |
Proceeds from asset sales | 19,500 | |
Additions to property and equipment | (25,233) | (12,240) |
Purchase of Eagle Alcohol, net of cash acquired | (14,685) | |
Net cash provided by (used in) investing activities | (25,152) | 7,260 |
Financing Activities: | ||
Net proceeds from (payments on) Kinergy’s line of credit | (4,452) | 38,198 |
Stock repurchases | (1,002) | |
Proceeds from stock option exercises | 462 | |
Principal payments on borrowings | (37,810) | |
Preferred stock dividends paid | (946) | |
Net cash provided by (used in) financing activities | (6,400) | 850 |
Net change in cash, cash equivalents and restricted cash | (29,712) | (11,401) |
Cash, cash equivalents and restricted cash at beginning of period | 62,125 | 48,187 |
Cash, cash equivalents and restricted cash at end of period | 32,413 | 36,786 |
Reconciliation of total cash, cash equivalents and restricted cash: | ||
Cash and cash equivalents | 28,458 | 36,029 |
Restricted cash | 3,955 | 757 |
Total cash, cash equivalents and restricted cash | 32,413 | 36,786 |
Supplemental Information: | ||
Interest paid | 961 | 3,194 |
Accrued preferred stock dividends | $ 946 |
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 Loss | Non- Controlling Interests | Total |
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 | |||||
Issuances of common stock | 462 | 462 | |||||
Issuances of common stock (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 | |||||
Net income (loss) | 9,936 | ||||||
Balances at Sep. 30, 2021 | $ 1 | $ 73 | 1,036,608 | (727,608) | (3,878) | 305,196 | |
Balances (in Shares) at Sep. 30, 2021 | 927 | 72,800 | |||||
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 | |||||
Restricted stock issued to employees and directors, net of cancellations and tax (in Shares) | (11) | ||||||
Stock-based compensation | 628 | 628 | |||||
Preferred stock dividends | (319) | (319) | |||||
Net income (loss) | (3,132) | (3,132) | |||||
Balances at Sep. 30, 2021 | $ 1 | $ 73 | 1,036,608 | (727,608) | (3,878) | 305,196 | |
Balances (in Shares) at Sep. 30, 2021 | 927 | 72,800 | |||||
Balances at Dec. 31, 2021 | $ 1 | $ 73 | 1,037,205 | (691,781) | (284) | 345,214 | |
Balances (in Shares) at Dec. 31, 2021 | 927 | 72,778 | |||||
Restricted stock issued to employees and directors, net of cancellations and tax | (9) | (9) | |||||
Restricted stock issued to employees and directors, net of cancellations and tax (in Shares) | 684 | ||||||
Stock-based compensation | 673 | 673 | |||||
Shares issued for Eagle Alcohol acquisition | $ 1 | 1 | |||||
Shares issued for Eagle Alcohol acquisition (in Shares) | 949 | ||||||
Preferred stock dividends | (312) | (312) | |||||
Net income (loss) | (2,602) | (2,602) | |||||
Balances at Mar. 31, 2022 | $ 1 | $ 74 | 1,037,869 | (694,695) | (284) | 342,965 | |
Balances (in Shares) at Mar. 31, 2022 | 927 | 74,411 | |||||
Balances at Dec. 31, 2021 | $ 1 | $ 73 | 1,037,205 | (691,781) | (284) | 345,214 | |
Balances (in Shares) at Dec. 31, 2021 | 927 | 72,778 | |||||
Net income (loss) | (8,525) | ||||||
Balances at Sep. 30, 2022 | $ 1 | $ 74 | 1,036,459 | (701,252) | (284) | 334,998 | |
Balances (in Shares) at Sep. 30, 2022 | 927 | 73,956 | |||||
Balances at Mar. 31, 2022 | $ 1 | $ 74 | 1,037,869 | (694,695) | (284) | 342,965 | |
Balances (in Shares) at Mar. 31, 2022 | 927 | 74,411 | |||||
Restricted stock issued to employees and directors, net of cancellations and tax | (2,283) | (2,283) | |||||
Restricted stock issued to employees and directors, net of cancellations and tax (in Shares) | (223) | ||||||
Stock-based compensation | 1,106 | 1,106 | |||||
Preferred stock dividends | (315) | (315) | |||||
Net income (loss) | 22,115 | 22,115 | |||||
Balances at Jun. 30, 2022 | $ 1 | $ 74 | 1,036,692 | (672,895) | (284) | 363,588 | |
Balances (in Shares) at Jun. 30, 2022 | 927 | 74,188 | |||||
Restricted stock issued to employees and directors, net of cancellations and tax | 2 | 2 | |||||
Restricted stock issued to employees and directors, net of cancellations and tax (in Shares) | 27 | ||||||
Stock repurchases | (1,002) | (1,002) | |||||
Stock repurchases (in Shares) | (259) | ||||||
Stock-based compensation | 767 | 767 | |||||
Preferred stock dividends | (319) | (319) | |||||
Net income (loss) | (28,038) | (28,038) | |||||
Balances at Sep. 30, 2022 | $ 1 | $ 74 | $ 1,036,459 | $ (701,252) | $ (284) | $ 334,998 | |
Balances (in Shares) at Sep. 30, 2022 | 927 | 73,956 |
Organization and Basis of Prese
Organization and Basis of Presentation | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BASIS OF PRESENTATION | 1. ORGANIZATION Organization and Business On May 14, 2021 and November 4, 2021, the Company completed the sale of its production facilities located in Madera and Stockton, California, respectively. The results of these facilities are included in the Company’s results reported for the three and nine months ended September 30, 2021. As discussed in Note 2, on January 14, 2022, the Company acquired 100% ownership of Eagle Alcohol Company LLC, a Missouri limited liability company (“Eagle Alcohol”), which is now a wholly-owned subsidiary of Alto Ingredients, Inc. The results of Eagle Alcohol since the date of the acquisition are included in the Company’s results reported for the three and nine months ended September 30, 2022. The Company is a leading producer and distributor of specialty alcohols and essential ingredients. The Company also produces, markets and distributes renewable fuel. 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 barges, rail and trucks from these facilities allows for greater access to international markets. The Company’s two production facilities in Oregon and Idaho are located in close proximity to both feed and renewable fuel customers and thus enjoy unique advantages in efficiency, logistics and product pricing. The Company has a combined alcohol production capacity of 350 million gallons per year and produces, on an annualized basis, over 1.5 million tons of essential ingredients, such as dried yeast, corn gluten meal, corn gluten feed, corn germ, and distillers grains and liquid feed used in commercial animal feed and pet foods. In addition, the Company sells alcohols acquired from other producers, and markets and distributes fuel-grade ethanol produced by third parties. The Company focuses on four key markets: Health, Home & Beauty Food & Beverage Essential Ingredients Renewable Fuels As of September 30, 2022, all of the Company’s production facilities were operating. As market conditions change, the Company may increase, decrease or idle production at one or more operating facilities or resume operations at any then-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 $54,972,000 and $63,929,000 at September 30, 2022 and December 31, 2021, respectively, were used as collateral under Kinergy’s operating line of credit. The allowance for doubtful accounts was $135,000 and $378,000 as of September 30, 2022 and December 31, 2021, respectively. The Company recorded a bad debt recovery of $253,000 and $3,000 for the three months ended September 30, 2022 and 2021, respectively. The Company recorded a bad debt recovery of $187,000 and bad debt expense of $140,000 for the nine months ended September 30, 2022 and 2021, respectively. The Company does not have any off-balance sheet credit exposure related to its customers. Financial Instruments Business Combinations Income from Cash Grant Accounting for Government Grants and Disclosure of Government Assistance Share Repurchase Program Estimates and Assumptions |
Acquisition of Eagle Alcohol
Acquisition of Eagle Alcohol | 9 Months Ended |
Sep. 30, 2022 | |
Acquisition of Eagle Alcohol [Abstract] | |
ACQUISITION OF EAGLE ALCOHOL | 2. ACQUISITION OF EAGLE ALCOHOL. On January 14, 2022, the Company purchased 100% of the membership interests of Eagle Alcohol. The purchase price was $14.0 million in cash plus an estimated net working capital adjustment of $1.3 million in cash. The selling members of Eagle Alcohol are eligible to receive up to an additional $14.0 million of contingent consideration, payable through a combination of $9.0 million in cash over the next three years and an aggregate of $5.0 million in the Company’s common stock on the fourth and fifth year anniversaries of the closing date, subject to the satisfaction of certain conditions, including continued employment with the Company. With respect to these payments, the Company has recognized an estimated $0.9 million and $2.6 million for the three and nine months ended September 30, 2022, respectively, in selling, general and administrative expenses in the accompanying consolidated statements of operations. Eagle Alcohol specializes in break bulk distribution of specialty alcohols. Eagle Alcohol purchases bulk alcohol from suppliers and then stores, denatures, packages, and resells alcohol products in smaller sizes, including tank trucks, totes, and drums, that garner a premium to bulk alcohols. Eagle Alcohol delivers products to customers in the beverage, food, and related-process industries via its own dedicated trucking fleet and common carrier. The acquisition has provided the Company further vertical integration and access to new markets in the specialty alcohol industry. Eagle Alcohol’s unaudited results for the three months ended September 30, 2022 and 2021 generated $4.2 million and $9.9 million in net sales and $0.0 million and $1.0 million in net income, respectively. Eagle Alcohol’s unaudited results for the nine months ended September 30, 2022 and 2021 generated $12.1 million and $27.5 million in net sales and $0.1 million and $3.0 million in net income, respectively. The following table presents unaudited pro forma combined financial information assuming the acquisition occurred on January 1, 2021 (dollars in thousands except per share amounts): Three Months Ended September 30, 2022 2021 Revenues – pro forma $ 336,877 $ 311,821 Net loss available to common stockholders – pro forma $ (28,357 ) $ (3,424 ) Diluted net loss per share – pro forma $ (0.38 ) $ (0.05 ) Diluted shares 73,960 72,332 Nine Months Ended 2022 2021 Revenues – pro forma $ 1,007,711 $ 840,947 Net income (loss) available to common stockholders – pro forma $ (9,538 ) $ 8,474 Diluted net income (loss) per share – pro forma $ (0.13 ) $ 0.12 Diluted shares 72,764 73,209 The following preliminary allocation of the estimated purchase price assumes, with the exception of property and equipment and intangibles, carrying values approximate fair value. Estimates of uncollectible accounts receivable are not considered material due to the short-term nature and customer collection history. The preliminary estimate of working capital is under review by management and is subject to change. Based upon these assumptions, the preliminary purchase price allocation is as follows (in thousands): Cash and equivalents $ 705 Accounts receivable 5,517 Inventories 1,388 Other assets 29 Total current assets 7,639 Property and equipment 1,067 Right of use assets 2,749 Total tangible assets $ 11,455 Current liabilities $ 6,262 Right of use liability 2,749 Total liabilities $ 9,011 Net tangible assets acquired $ 2,444 Customer relationships 6,556 Tradename 420 Goodwill 5,970 Total Purchase Price $ 15,390 Goodwill represents the value of the downstream integration that the operations of Eagle Alcohol will add to the Company. The Company expects the amortization of goodwill to be deductible for tax purposes. For the identifiable intangible assets, the Company has estimated 12 years for useful lives for customer relationships and 10 years for tradename. For the three months ended September 30, 2022, the Company recorded amortization expense of $137,000 and $10,000 for customer relationships and tradename, respectively. For the nine months ended September 30, 2022, the Company recorded amortization expense of $390,000 and $30,000 for customer relationships and tradename, respectively. Any changes to the initial estimates of the fair value of the acquired assets and assumed liabilities will be recorded as adjustments to those assets and liabilities and residual amounts will be allocated to goodwill if net assets acquired are less than the purchase price. The Company did not incur any material acquisition costs. |
Segments
Segments | 9 Months Ended |
Sep. 30, 2022 | |
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 sales (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 renewable fuel 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 Nine Months Ended 2022 2021 2022 2021 Net Sales Pekin Campus, recorded as gross: Alcohol sales $ 133,680 $ 114,587 $ 393,498 $ 341,967 Essential ingredient sales 54,537 46,016 169,670 140,670 Intersegment sales 332 293 857 919 Total Pekin Campus sales 188,549 160,896 564,025 483,556 Marketing and distribution: Alcohol sales, gross $ 55,262 $ 112,391 $ 172,746 $ 255,702 Alcohol sales, net 308 505 975 1,489 Intersegment sales 3,121 2,415 9,360 7,277 Total marketing and distribution sales 58,691 115,311 183,081 264,468 Other production, recorded as gross: Alcohol sales $ 64,492 $ 25,190 $ 191,483 $ 63,311 Essential ingredient sales 24,439 6,867 66,748 19,261 Intersegment sales 3 259 14 896 Total Other production sales 88,934 32,316 258,245 83,468 Corporate and other 4,159 — 12,064 — Intersegment eliminations (3,456 ) (2,967 ) (10,231 ) (9,092 ) Net sales as reported $ 336,877 $ 305,556 $ 1,007,184 $ 822,400 Cost of goods sold: Pekin Campus $ 207,939 $ 169,721 $ 572,512 $ 468,972 Marketing and distribution 55,159 105,902 173,670 245,606 Other production 91,663 35,613 261,514 87,055 Corporate and other 2,925 — 8,995 — Intersegment eliminations (970 ) (2,281 ) (3,285 ) (4,904 ) Cost of goods sold as reported $ 356,716 $ 308,955 $ 1,013,406 $ 796,729 Gross profit (loss): Pekin Campus $ (19,390 ) $ (8,825 ) $ (8,487 ) $ 14,584 Marketing and distribution 3,532 9,409 9,411 18,862 Other production (2,729 ) (3,297 ) (3,269 ) (3,587 ) Corporate and other 1,234 — 3,069 — Intersegment eliminations (2,486 ) (686 ) (6,946 ) (4,188 ) Gross profit (loss) as reported $ (19,839 ) $ (3,399 ) $ (6,222 ) $ 25,671 Income (loss) before provision for income taxes: Pekin Campus $ (22,664 ) $ (11,830 ) $ (6,252 ) $ 8,907 Marketing and distribution 1,622 7,517 3,444 12,929 Other production (4,958 ) (4,856 ) 1,404 (12,467 ) Corporate and other (2,038 ) 6,037 (7,121 ) 567 $ (28,038 ) $ (3,132 ) $ (8,525 ) $ 9,936 Depreciation and amortization of intangibles: Pekin Campus $ 4,758 $ 4,372 $ 14,381 $ 13,043 Other production 1,273 1,468 4,095 4,433 Corporate and other 229 11 646 44 $ 6,260 $ 5,851 $ 19,122 $ 17,520 Interest expense, net of capitalized interest: Pekin Campus $ (48 ) $ 176 $ (81 ) $ 767 Marketing and distribution 487 295 1,060 721 Other production (74 ) — (128 ) 182 Corporate and other (25 ) (42 ) 8 1,689 $ 340 $ 429 $ 859 $ 3,359 The following table sets forth the Company’s total assets by operating segment (in thousands): September 30, December 31, Total assets: Pekin Campus $ 247,449 $ 266,197 Marketing and distribution 111,900 130,302 Other production 63,904 57,046 Corporate and other 31,415 31,408 $ 454,668 $ 484,953 |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2022 | |
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 a valuation adjustment of $7,963,000 and $0 as of September 30, 2022 and December 31, 2021, respectively. Inventory balances consisted of the following (in thousands): September 30, December 31, Finished goods $ 40,630 $ 35,509 Work in progress 8,084 6,909 Raw materials 11,321 10,837 Other 1,053 1,118 Total $ 61,088 $ 54,373 |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30, 2022 Assets Liabilities Type of Instrument Balance Sheet Location Fair Value Balance Sheet Location Fair Value Cash collateral balance Restricted cash $ 3,955 Commodity contracts Derivative assets $ 7,384 Derivative liabilities $ 1,106 As of December 31, 2021 Assets Liabilities Type of Instrument Balance Sheet Location Fair Value Balance Sheet Location Fair Value Cash collateral balance Restricted cash $ 11,513 Commodity contracts Derivative assets $ 15,839 Derivative liabilities $ 13,582 The above amounts represent the gross balances of the contracts; however, the Company does have a right of offset with each of its derivative brokers, but its intent is to close out positions individually, therefore, they are reported at gross. The classification and amounts of the Company’s recognized gains (losses) for its derivatives not designated as hedging instruments are as follows (in thousands): Realized Losses For the Three Months Type of Instrument Statements of Operations Location 2022 2021 Commodity contracts Cost of goods sold $ (13,332 ) $ (2,894 ) $ (13,332 ) $ (2,894 ) Realized Gains Type of Instrument Statements of Operations Location For the Nine Months Ended September 30, 2022 2021 Commodity contracts Cost of goods sold $ 16,143 $ 21,449 $ 16,143 $ 21,449 Unrealized Gains For the Three Months Type of Instrument Statements of Operations Location 2022 2021 Commodity contracts Cost of goods sold $ 11,560 $ 1,918 $ 11,560 $ 1,918 Unrealized Gains (Losses) For the Nine Months Type of Instrument Statements of Operations Location 2022 2021 Commodity contracts Cost of goods sold $ 4,021 $ (3,014 ) $ 4,021 $ (3,014 ) |
Debt
Debt | 9 Months Ended |
Sep. 30, 2022 | |
Debt [Abstract] | |
DEBT | 6. DEBT. Long-term borrowings are summarized as follows (in thousands): September 30, December 31, Kinergy line of credit $ 45,949 $ 50,401 Less unamortized debt financing costs (61 ) (40 ) Less short-term portion — — Long-term debt $ 45,888 $ 50,361 As of September 30, 2022, Kinergy had $30.7 million in unused borrowing availability under its line of credit. The Company believes it was in compliance with its covenants under the line of credit as of September 30, 2022. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
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 | 9 Months Ended |
Sep. 30, 2022 | |
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 healthcare and life insurance plan (the “Postretirement Plan”). 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, 2021, the Retirement Plan’s accumulated projected benefit obligation was $23.8 million, with a fair value of plan assets of $20.0 million. The underfunded amount of $3.8 million is recorded on the Company’s consolidated balance sheet in other liabilities. For the three months ended September 30, 2022, the Retirement Plan’s net periodic benefit was $8,000, comprised of $273,000 of expected return on plan assets, partially offset by $164,000 in interest cost and $101,000 in service cost. For the three months ended September 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 nine months ended September 30, 2022, the Retirement Plan’s net periodic benefit was $24,000, comprised of $819,000 of expected return on plan assets, partially offset by $492,000 in interest cost and $303,000 in service cost. For the nine months ended September 30, 2021, the Retirement Plan’s net periodic expense was $66,000, comprised of $453,000 in interest cost and $327,000 in service cost, partially offset by $714,000 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, 2021, the Postretirement Plan’s accumulated projected benefit obligation was $4.3 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 September 30, 2022, the Postretirement Plan’s net periodic expense was $32,000, comprised of $6,000 of interest cost and $26,000 of service cost. For the three months ended September 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 nine months ended September 30, 2022, the Postretirement Plan’s net periodic expense was $96,000, comprised of $18,000 of interest cost and $78,000 of service cost. For the nine months ended September 30, 2021, the Postretirement Plan’s net periodic expense was $126,000, comprised of $30,000 of interest cost, $78,000 of service cost and $18,000 of amortization expense. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | 9. FAIR VALUE MEASUREMENTS. The fair va lue 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 September 30, 2022 (in thousands): Fair Value Level 1 Level 2 Level 3 Assets: Derivative financial instruments $ 7,384 $ 7,384 $ — $ — Liabilities: Derivative financial instruments $ (1,106 ) $ (1,106 ) $ — $ — The following table summarizes recurring and nonrecurring fair value measurements by level at December 31, 2021 (in thousands): Benefit Plan Fair Percentage Value Level 1 Level 2 Level 3 Allocation Assets: Derivative financial instruments $ 15,839 $ 15,839 $ — $ — Long-lived assets held-for-sale 1,000 — — 1,000 Defined benefit plan assets (1) (pooled separate accounts): Large U.S. Equity(2) 5,612 — 5,612 — 28 % Small/Mid U.S. Equity(3) 3,684 — 3,684 — 18 % International Equity(4) 2,909 — 2,909 — 15 % Fixed Income(5) 7,782 — 7,782 — 39 % $ 36,826 $ 15,839 $ 19,987 $ 1,000 Liabilities: Derivative financial instruments $ (13,582 ) $ (13,582 ) $ — $ — (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 (Loss) Per Share
Earnings (Loss) Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
EARNINGS (LOSS) PER SHARE | 10. EARNINGS (LOSS) PER SHARE. The following tables compute basic and diluted earnings (loss) per share (in thousands, except per share data): Three Months Ended September 30, 2022 Loss Shares Per-Share Net loss $ (28,038 ) Less: Preferred stock dividends (319 ) Basic and Diluted loss per share: Loss available to common stockholders $ (28,357 ) 73,011 $ (0.39 ) Three Months Ended September 30, 2021 Loss Shares Per-Share Net loss $ (3,132 ) Less: Preferred stock dividends (319 ) Basic and Diluted loss per share: Loss available to common stockholders $ (3,451 ) 71,383 $ (0.05 ) Nine Months Ended September 30, 2022 Loss Shares Per-Share Net loss $ (8,525 ) Less: Preferred stock dividends (946 ) Basic and Diluted loss per share: Loss available to common stockholders $ (9,471 ) 71,815 $ (0.13 ) Nine Months Ended September 30, 2021 Income Shares Per-Share Net income $ 9,936 Less: Preferred stock dividends (946 ) Less: Income allocated to participating securities (120 ) Basic income per share: Income available to common stockholders $ 8,870 71,002 $ 0.12 Add: Dilutive instruments — 1,258 Diluted income per share: Income available to common stockholders $ 8,870 72,260 $ 0.12 There were an additional aggregate potentially dilutive weighted-average shares of 964,000 from convertible securities outstanding for the three and nine months ended September 30, 2022 and 2021. These securities were not considered in calculating diluted net income (loss) per share for the three and nine months ended September 30, 2022 and 2021, as their effect would have been anti-dilutive. At December 31, 2021, the Company had outstanding unexercised warrants to purchase 8.9 million shares of its common stock at an exercise price of $9.76 per share. These warrants expired unexercised on April 28, 2022. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 11. SUBSEQUENT EVENTS. New Term Loan Facility In connection with the term loan facility, the Company will issue to the lenders an aggregate of up to 1,602,564 shares of the Company’s common stock. Kinergy Operating Line of Credit Extension |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Organization and Business | Organization and Business On May 14, 2021 and November 4, 2021, the Company completed the sale of its production facilities located in Madera and Stockton, California, respectively. The results of these facilities are included in the Company’s results reported for the three and nine months ended September 30, 2021. As discussed in Note 2, on January 14, 2022, the Company acquired 100% ownership of Eagle Alcohol Company LLC, a Missouri limited liability company (“Eagle Alcohol”), which is now a wholly-owned subsidiary of Alto Ingredients, Inc. The results of Eagle Alcohol since the date of the acquisition are included in the Company’s results reported for the three and nine months ended September 30, 2022. The Company is a leading producer and distributor of specialty alcohols and essential ingredients. The Company also produces, markets and distributes renewable fuel. 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 barges, rail and trucks from these facilities allows for greater access to international markets. The Company’s two production facilities in Oregon and Idaho are located in close proximity to both feed and renewable fuel customers and thus enjoy unique advantages in efficiency, logistics and product pricing. The Company has a combined alcohol production capacity of 350 million gallons per year and produces, on an annualized basis, over 1.5 million tons of essential ingredients, such as dried yeast, corn gluten meal, corn gluten feed, corn germ, and distillers grains and liquid feed used in commercial animal feed and pet foods. In addition, the Company sells alcohols acquired from other producers, and markets and distributes fuel-grade ethanol produced by third parties. The Company focuses on four key markets: Health, Home & Beauty Food & Beverage Essential Ingredients Renewable Fuels As of September 30, 2022, all of the Company’s production facilities were operating. As market conditions change, the Company may increase, decrease or idle production at one or more operating facilities or resume operations at any then-idled facility. |
Basis of Presentation–Interim Financial Statements | 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 $54,972,000 and $63,929,000 at September 30, 2022 and December 31, 2021, respectively, were used as collateral under Kinergy’s operating line of credit. The allowance for doubtful accounts was $135,000 and $378,000 as of September 30, 2022 and December 31, 2021, respectively. The Company recorded a bad debt recovery of $253,000 and $3,000 for the three months ended September 30, 2022 and 2021, respectively. The Company recorded a bad debt recovery of $187,000 and bad debt expense of $140,000 for the nine months ended September 30, 2022 and 2021, respectively. The Company does not have any off-balance sheet credit exposure related to its customers. |
Financial Instruments | Financial Instruments |
Business Combinations | Business Combinations |
Income from Cash Grant | Income from Cash Grant Accounting for Government Grants and Disclosure of Government Assistance |
Share Repurchase Program | Share Repurchase Program |
Estimates and Assumptions | Estimates and Assumptions |
Acquisition of Eagle Alcohol (T
Acquisition of Eagle Alcohol (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Acquisition of Eagle Alcohol [Abstract] | |
Schedule of pro forma combined financial information assuming the acquisition occurred | Three Months Ended September 30, 2022 2021 Revenues – pro forma $ 336,877 $ 311,821 Net loss available to common stockholders – pro forma $ (28,357 ) $ (3,424 ) Diluted net loss per share – pro forma $ (0.38 ) $ (0.05 ) Diluted shares 73,960 72,332 Nine Months Ended 2022 2021 Revenues – pro forma $ 1,007,711 $ 840,947 Net income (loss) available to common stockholders – pro forma $ (9,538 ) $ 8,474 Diluted net income (loss) per share – pro forma $ (0.13 ) $ 0.12 Diluted shares 72,764 73,209 |
Schedule of preliminary purchase price allocation | Cash and equivalents $ 705 Accounts receivable 5,517 Inventories 1,388 Other assets 29 Total current assets 7,639 Property and equipment 1,067 Right of use assets 2,749 Total tangible assets $ 11,455 Current liabilities $ 6,262 Right of use liability 2,749 Total liabilities $ 9,011 Net tangible assets acquired $ 2,444 Customer relationships 6,556 Tradename 420 Goodwill 5,970 Total Purchase Price $ 15,390 |
Segments (Tables)
Segments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule of financial data for operating segments | Three Months Ended Nine Months Ended 2022 2021 2022 2021 Net Sales Pekin Campus, recorded as gross: Alcohol sales $ 133,680 $ 114,587 $ 393,498 $ 341,967 Essential ingredient sales 54,537 46,016 169,670 140,670 Intersegment sales 332 293 857 919 Total Pekin Campus sales 188,549 160,896 564,025 483,556 Marketing and distribution: Alcohol sales, gross $ 55,262 $ 112,391 $ 172,746 $ 255,702 Alcohol sales, net 308 505 975 1,489 Intersegment sales 3,121 2,415 9,360 7,277 Total marketing and distribution sales 58,691 115,311 183,081 264,468 Other production, recorded as gross: Alcohol sales $ 64,492 $ 25,190 $ 191,483 $ 63,311 Essential ingredient sales 24,439 6,867 66,748 19,261 Intersegment sales 3 259 14 896 Total Other production sales 88,934 32,316 258,245 83,468 Corporate and other 4,159 — 12,064 — Intersegment eliminations (3,456 ) (2,967 ) (10,231 ) (9,092 ) Net sales as reported $ 336,877 $ 305,556 $ 1,007,184 $ 822,400 Cost of goods sold: Pekin Campus $ 207,939 $ 169,721 $ 572,512 $ 468,972 Marketing and distribution 55,159 105,902 173,670 245,606 Other production 91,663 35,613 261,514 87,055 Corporate and other 2,925 — 8,995 — Intersegment eliminations (970 ) (2,281 ) (3,285 ) (4,904 ) Cost of goods sold as reported $ 356,716 $ 308,955 $ 1,013,406 $ 796,729 Gross profit (loss): Pekin Campus $ (19,390 ) $ (8,825 ) $ (8,487 ) $ 14,584 Marketing and distribution 3,532 9,409 9,411 18,862 Other production (2,729 ) (3,297 ) (3,269 ) (3,587 ) Corporate and other 1,234 — 3,069 — Intersegment eliminations (2,486 ) (686 ) (6,946 ) (4,188 ) Gross profit (loss) as reported $ (19,839 ) $ (3,399 ) $ (6,222 ) $ 25,671 Income (loss) before provision for income taxes: Pekin Campus $ (22,664 ) $ (11,830 ) $ (6,252 ) $ 8,907 Marketing and distribution 1,622 7,517 3,444 12,929 Other production (4,958 ) (4,856 ) 1,404 (12,467 ) Corporate and other (2,038 ) 6,037 (7,121 ) 567 $ (28,038 ) $ (3,132 ) $ (8,525 ) $ 9,936 Depreciation and amortization of intangibles: Pekin Campus $ 4,758 $ 4,372 $ 14,381 $ 13,043 Other production 1,273 1,468 4,095 4,433 Corporate and other 229 11 646 44 $ 6,260 $ 5,851 $ 19,122 $ 17,520 Interest expense, net of capitalized interest: Pekin Campus $ (48 ) $ 176 $ (81 ) $ 767 Marketing and distribution 487 295 1,060 721 Other production (74 ) — (128 ) 182 Corporate and other (25 ) (42 ) 8 1,689 $ 340 $ 429 $ 859 $ 3,359 |
Schedule of assets by operating segments | September 30, December 31, Total assets: Pekin Campus $ 247,449 $ 266,197 Marketing and distribution 111,900 130,302 Other production 63,904 57,046 Corporate and other 31,415 31,408 $ 454,668 $ 484,953 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories | September 30, December 31, Finished goods $ 40,630 $ 35,509 Work in progress 8,084 6,909 Raw materials 11,321 10,837 Other 1,053 1,118 Total $ 61,088 $ 54,373 |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of derivatives not designated as hedging instruments | As of September 30, 2022 Assets Liabilities Type of Instrument Balance Sheet Location Fair Value Balance Sheet Location Fair Value Cash collateral balance Restricted cash $ 3,955 Commodity contracts Derivative assets $ 7,384 Derivative liabilities $ 1,106 As of December 31, 2021 Assets Liabilities Type of Instrument Balance Sheet Location Fair Value Balance Sheet Location Fair Value Cash collateral balance Restricted cash $ 11,513 Commodity contracts Derivative assets $ 15,839 Derivative liabilities $ 13,582 |
Schedule of recognized gains for its derivatives | Realized Losses For the Three Months Type of Instrument Statements of Operations Location 2022 2021 Commodity contracts Cost of goods sold $ (13,332 ) $ (2,894 ) $ (13,332 ) $ (2,894 ) Realized Gains Type of Instrument Statements of Operations Location For the Nine Months Ended September 30, 2022 2021 Commodity contracts Cost of goods sold $ 16,143 $ 21,449 $ 16,143 $ 21,449 Unrealized Gains For the Three Months Type of Instrument Statements of Operations Location 2022 2021 Commodity contracts Cost of goods sold $ 11,560 $ 1,918 $ 11,560 $ 1,918 Unrealized Gains (Losses) For the Nine Months Type of Instrument Statements of Operations Location 2022 2021 Commodity contracts Cost of goods sold $ 4,021 $ (3,014 ) $ 4,021 $ (3,014 ) |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt [Abstract] | |
Schedule of long-term borrowings | 6. DEBT. September 30, December 31, Kinergy line of credit $ 45,949 $ 50,401 Less unamortized debt financing costs (61 ) (40 ) Less short-term portion — — Long-term debt $ 45,888 $ 50,361 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of recurring and nonrecurring fair value measurements | Fair Value Level 1 Level 2 Level 3 Assets: Derivative financial instruments $ 7,384 $ 7,384 $ — $ — Liabilities: Derivative financial instruments $ (1,106 ) $ (1,106 ) $ — $ — Benefit Plan Fair Percentage Value Level 1 Level 2 Level 3 Allocation Assets: Derivative financial instruments $ 15,839 $ 15,839 $ — $ — Long-lived assets held-for-sale 1,000 — — 1,000 Defined benefit plan assets (1) (pooled separate accounts): Large U.S. Equity(2) 5,612 — 5,612 — 28 % Small/Mid U.S. Equity(3) 3,684 — 3,684 — 18 % International Equity(4) 2,909 — 2,909 — 15 % Fixed Income(5) 7,782 — 7,782 — 39 % $ 36,826 $ 15,839 $ 19,987 $ 1,000 Liabilities: Derivative financial instruments $ (13,582 ) $ (13,582 ) $ — $ — (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 (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of compute basic and diluted earnings per share | Three Months Ended September 30, 2022 Loss Shares Per-Share Net loss $ (28,038 ) Less: Preferred stock dividends (319 ) Basic and Diluted loss per share: Loss available to common stockholders $ (28,357 ) 73,011 $ (0.39 ) Three Months Ended September 30, 2021 Loss Shares Per-Share Net loss $ (3,132 ) Less: Preferred stock dividends (319 ) Basic and Diluted loss per share: Loss available to common stockholders $ (3,451 ) 71,383 $ (0.05 ) Nine Months Ended September 30, 2022 Loss Shares Per-Share Net loss $ (8,525 ) Less: Preferred stock dividends (946 ) Basic and Diluted loss per share: Loss available to common stockholders $ (9,471 ) 71,815 $ (0.13 ) Nine Months Ended September 30, 2021 Income Shares Per-Share Net income $ 9,936 Less: Preferred stock dividends (946 ) Less: Income allocated to participating securities (120 ) Basic income per share: Income available to common stockholders $ 8,870 71,002 $ 0.12 Add: Dilutive instruments — 1,258 Diluted income per share: Income available to common stockholders $ 8,870 72,260 $ 0.12 |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 12, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Jan. 14, 2022 | |
Organization and Basis of Presentation (Details) [Line Items] | |||||||
Production capacity per year | $ 350,000,000 | ||||||
Annual payments of essential ingredients | $ 1,500,000 | 1,500,000 | |||||
Accounts receivable | 54,972,000 | $ 63,929,000 | |||||
Allowance for doubtful accounts | 135,000 | 135,000 | $ 378,000 | ||||
Bad Debt Expense | 253,000 | $ 3,000 | 187,000 | $ 140,000 | |||
Cash | 22,652,000 | 22,652,000 | |||||
Loan | 700,000,000 | ||||||
Repurchase of common stock | $ 50,000,000 | ||||||
Excess amount of initial purchase | 10,000,000 | ||||||
Purchase additional amount | $ 10,000,000 | ||||||
Repurchased an aggregate shares in cash | $ 259,000 | $ 1,002,000 | |||||
Ownership [Member] | |||||||
Organization and Basis of Presentation (Details) [Line Items] | |||||||
Equity interest owned | 100% |
Acquisition of Eagle Alcohol (D
Acquisition of Eagle Alcohol (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jan. 14, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Acquisition of Eagle Alcohol (Details) [Line Items] | |||||
Purchased membership interests | 100% | ||||
Purchase price | $ 14,000,000 | ||||
Net working capital | 1,300,000 | ||||
Contingent consideration | 14,000,000 | ||||
Combination cash | 9,000,000 | ||||
Aggregate of common stock | $ 5,000,000 | ||||
General and administrative expenses | $ 900,000 | $ 2,600,000 | |||
Net sales | 4,200,000 | $ 9,900,000 | 12,100,000 | $ 27,500,000 | |
Net income | 0 | 1,000,000 | $ 100,000 | 3,000,000 | |
Estimated for useful life | 12 years | ||||
Amortization amount | $ 137,000 | $ 10,000 | $ 390,000 | $ 30,000 | |
Customer Relationships [Member] | |||||
Acquisition of Eagle Alcohol (Details) [Line Items] | |||||
Estimated for useful life | 10 years |
Acquisition of Eagle Alcohol _2
Acquisition of Eagle Alcohol (Details) - Schedule of pro forma combined financial information assuming the acquisition occurred - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Schedule Of Pro Forma Combined Financial Information Assuming The Acquisition Occurred Abstract | ||||
Revenues – pro forma | $ 336,877 | $ 311,821 | $ 1,007,711 | $ 840,947 |
Net income (loss) available to common stockholders – pro forma | $ (28,357) | $ (3,424) | $ (9,538) | $ 8,474 |
Diluted net income (loss) per share – pro forma (in Dollars per share) | $ (0.38) | $ (0.05) | $ (0.13) | $ 0.12 |
Diluted shares (in Shares) | 73,960 | 72,332 | 72,764 | 73,209 |
Acquisition of Eagle Alcohol _3
Acquisition of Eagle Alcohol (Details) - Schedule of preliminary purchase price allocation - Acquisition of Eagle Alcohol [Member] $ in Thousands | Sep. 30, 2022 USD ($) |
Acquisition of Eagle Alcohol (Details) - Schedule of preliminary purchase price allocation [Line Items] | |
Cash and equivalents | $ 705 |
Accounts receivable | 5,517 |
Inventories | 1,388 |
Other assets | 29 |
Total current assets | 7,639 |
Property and equipment | 1,067 |
Right of use assets | 2,749 |
Total tangible assets | 11,455 |
Current liabilities | 6,262 |
Right of use liability | 2,749 |
Total liabilities | 9,011 |
Net tangible assets acquired | 2,444 |
Customer relationships | 6,556 |
Tradename | 420 |
Goodwill | 5,970 |
Total Purchase Price | $ 15,390 |
Segments (Details) - Schedule o
Segments (Details) - Schedule of financial data for operating segments - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Cost of goods sold: | ||||
Cost of goods sold | $ 356,716 | $ 308,955 | $ 1,013,406 | $ 796,729 |
Gross profit (loss): | ||||
Gross profit | (19,839) | (3,399) | (6,222) | 25,671 |
Pekin Campus Production [Member] | ||||
Interest expense, net of capitalized interest: | ||||
Interest expense, net of capitalized interest | (48) | 176 | (81) | 767 |
Marketing and Distribution [Member] | ||||
Cost of goods sold: | ||||
Cost of goods sold | 55,159 | 105,902 | 173,670 | 245,606 |
Gross profit (loss): | ||||
Gross profit | 3,532 | 9,409 | 9,411 | 18,862 |
Income (loss) before provision for income taxes: | ||||
Income before provision for income taxes | 1,622 | 7,517 | 3,444 | 12,929 |
Interest expense, net of capitalized interest: | ||||
Interest expense, net of capitalized interest | 487 | 295 | 1,060 | 721 |
Other production [Member] | ||||
Cost of goods sold: | ||||
Cost of goods sold | 91,663 | 35,613 | 261,514 | 87,055 |
Gross profit (loss): | ||||
Gross profit | (2,729) | (3,297) | (3,269) | (3,587) |
Income (loss) before provision for income taxes: | ||||
Income before provision for income taxes | (4,958) | (4,856) | 1,404 | (12,467) |
Depreciation and amortization of intangibles: | ||||
Depreciation and amortization of intangibles | 1,273 | 1,468 | 4,095 | 4,433 |
Interest expense, net of capitalized interest: | ||||
Interest expense, net of capitalized interest | (74) | (128) | 182 | |
Corporate and other [Member] | ||||
Pekin Campus, recorded as gross: | ||||
Net sales | 4,159 | 12,064 | ||
Gross profit (loss): | ||||
Gross profit | 1,234 | 3,069 | ||
Income (loss) before provision for income taxes: | ||||
Income before provision for income taxes | (2,038) | 6,037 | (7,121) | 567 |
Depreciation and amortization of intangibles: | ||||
Depreciation and amortization of intangibles | 229 | 11 | 646 | 44 |
Interest expense, net of capitalized interest: | ||||
Interest expense, net of capitalized interest | (25) | (42) | 8 | 1,689 |
Intersegment Eliminations [Member] | ||||
Pekin Campus, recorded as gross: | ||||
Net sales | (3,456) | (2,967) | (10,231) | (9,092) |
Cost of goods sold: | ||||
Cost of goods sold | (970) | (2,281) | (3,285) | (4,904) |
Gross profit (loss): | ||||
Gross profit | (2,486) | (686) | (6,946) | (4,188) |
Pekin Campus Production [Member] | ||||
Cost of goods sold: | ||||
Cost of goods sold | 207,939 | 169,721 | 572,512 | 468,972 |
Gross profit (loss): | ||||
Gross profit | (19,390) | (8,825) | (8,487) | 14,584 |
Income (loss) before provision for income taxes: | ||||
Income before provision for income taxes | (22,664) | (11,830) | (6,252) | 8,907 |
Depreciation and amortization of intangibles: | ||||
Depreciation and amortization of intangibles | 4,758 | 4,372 | 14,381 | 13,043 |
Corporate and other [Member] | ||||
Cost of goods sold: | ||||
Cost of goods sold | 2,925 | 8,995 | ||
Income (loss) before provision for income taxes [Member] | ||||
Income (loss) before provision for income taxes: | ||||
Income before provision for income taxes | (28,038) | (3,132) | (8,525) | 9,936 |
Depreciation and amortization of intangibles [Member] | ||||
Depreciation and amortization of intangibles: | ||||
Depreciation and amortization of intangibles | 6,260 | 5,851 | 19,122 | 17,520 |
Total [Member] | ||||
Interest expense, net of capitalized interest: | ||||
Interest expense, net of capitalized interest | 340 | 429 | 859 | 3,359 |
Alcohol sales [Member] | Pekin Campus Production [Member] | ||||
Pekin Campus, recorded as gross: | ||||
Net sales | 133,680 | 114,587 | 393,498 | 341,967 |
Alcohol sales [Member] | Other production [Member] | ||||
Pekin Campus, recorded as gross: | ||||
Net sales | 64,492 | 25,190 | 191,483 | 63,311 |
Essential Ingredient Sales [Member] | Pekin Campus Production [Member] | ||||
Pekin Campus, recorded as gross: | ||||
Net sales | 54,537 | 46,016 | 169,670 | 140,670 |
Essential Ingredient Sales [Member] | Other production [Member] | ||||
Pekin Campus, recorded as gross: | ||||
Net sales | 24,439 | 6,867 | 66,748 | 19,261 |
Intersegment Sales [Member] | Pekin Campus Production [Member] | ||||
Pekin Campus, recorded as gross: | ||||
Net sales | 332 | 293 | 857 | 919 |
Intersegment Sales [Member] | Marketing and Distribution [Member] | ||||
Pekin Campus, recorded as gross: | ||||
Net sales | 3,121 | 2,415 | 9,360 | 7,277 |
Intersegment Sales [Member] | Other production [Member] | ||||
Pekin Campus, recorded as gross: | ||||
Net sales | 3 | 259 | 14 | 896 |
Total Pekin Campus Sales [Member] | Pekin Campus Production [Member] | ||||
Pekin Campus, recorded as gross: | ||||
Net sales | 188,549 | 160,896 | 564,025 | 483,556 |
Alcohol sales, gross [Member] | Marketing and Distribution [Member] | ||||
Pekin Campus, recorded as gross: | ||||
Net sales | 55,262 | 112,391 | 172,746 | 255,702 |
Alcohol sales, net [Member] | Marketing and Distribution [Member] | ||||
Pekin Campus, recorded as gross: | ||||
Net sales | 308 | 505 | 975 | 1,489 |
Total Marketing and Distribution Sales [Member] | Marketing and Distribution [Member] | ||||
Pekin Campus, recorded as gross: | ||||
Net sales | 58,691 | 115,311 | 183,081 | 264,468 |
Total Other production Sales [Member] | Other production [Member] | ||||
Pekin Campus, recorded as gross: | ||||
Net sales | 88,934 | 32,316 | 258,245 | 83,468 |
Net sales as reported [Member] | ||||
Pekin Campus, recorded as gross: | ||||
Net sales | $ 336,877 | $ 305,556 | $ 1,007,184 | $ 822,400 |
Segments (Details) - Schedule_2
Segments (Details) - Schedule of assets by operating segments - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | |
Total assets: | |||
Total assets | $ 454,668 | $ 484,953 | [1] |
Pekin Campus [Member] | |||
Total assets: | |||
Total assets | 247,449 | 266,197 | |
Marketing and distribution [Member] | |||
Total assets: | |||
Total assets | 111,900 | 130,302 | |
Other production [Member] | |||
Total assets: | |||
Total assets | 63,904 | 57,046 | |
Corporate and other [Member] | |||
Total assets: | |||
Total assets | $ 31,415 | $ 31,408 | |
[1] Amounts derived from the audited consolidated financial statements for the year ended December 31, 2021. |
Inventories (Details)
Inventories (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Inventory net | $ 7,963,000 | $ 0 |
Inventories (Details) - Schedul
Inventories (Details) - Schedule of inventories - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Schedule Of Inventories Abstract | ||
Finished goods | $ 40,630 | $ 35,509 |
Work in progress | 8,084 | 6,909 |
Raw materials | 11,321 | 10,837 |
Other | 1,053 | 1,118 |
Total | $ 61,088 | $ 54,373 |
Derivatives (Details)
Derivatives (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Recognized net gains | $ 1,772,000 | $ 976,000 | $ 20,164,000 | $ 18,435,000 |
Derivatives (Details) - Schedul
Derivatives (Details) - Schedule of derivatives not designated as hedging instruments - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Schedule Of Derivatives Not Designated As Hedging Instruments Abstract | ||
Type of Instrument Cash collateral balance | Cash collateral balance | Cash collateral balance |
Assets, Balance Sheet Location Cash collateral balance | Restricted cash | Restricted cash |
Assets, Fair Value Cash collateral balance | $ 3,955 | $ 11,513 |
Liabilities, Balance Sheet Location Cash collateral balance | ||
Liabilities, Fair Value Cash collateral balance | ||
Type of Instrument Commodity contracts | Commodity contracts | Commodity contracts |
Assets, Balance Sheet Location Commodity contracts | Derivative assets | Derivative assets |
Assets, Fair Value Commodity contracts | $ 7,384 | $ 15,839 |
Liabilities, Balance Sheet Location Commodity contracts | Derivative liabilities | Derivative liabilities |
Liabilities, Fair Value Commodity contracts | $ 1,106 | $ 13,582 |
Derivatives (Details) - Sched_2
Derivatives (Details) - Schedule of recognized gains for its derivatives - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Realized Losses [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Type of Instrument | Commodity contracts | |||
Statements of Operations Location | Cost of goods sold | |||
Realized Gains | $ (13,332) | $ (2,894) | ||
Total Realized Gains | $ (13,332) | (2,894) | ||
Realized Gains [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Type of Instrument | Commodity contracts | |||
Statements of Operations Location | Cost of goods sold | |||
Realized Gains | $ 16,143 | $ 21,449 | ||
Total Realized Gains | $ 16,143 | 21,449 | ||
Unrealized Gains [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Type of Instrument | Commodity contracts | |||
Statements of Operations Location | Cost of goods sold | |||
Unrealized Gains (Losses) | $ 11,560 | 1,918 | ||
Total Unrealized Gains (Losses) | $ 11,560 | $ 1,918 | ||
Unrealized Gains (Losses) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Type of Instrument | Commodity contracts | |||
Statements of Operations Location | Cost of goods sold | |||
Unrealized Gains (Losses) | $ 4,021 | (3,014) | ||
Total Unrealized Gains (Losses) | $ 4,021 | $ (3,014) |
Debt (Details)
Debt (Details) $ in Millions | Sep. 30, 2022 USD ($) |
Debt [Abstract] | |
Unused borrowing | $ 30.7 |
Debt (Details) - Schedule of lo
Debt (Details) - Schedule of long-term borrowings - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Schedule Of Long Term Borrowings Abstract | ||
Kinergy line of credit | $ 45,949 | $ 50,401 |
Less unamortized debt financing costs | (61) | (40) |
Less short-term portion | ||
Long-term debt | $ 45,888 | $ 50,361 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Commitments and Contingencies (Details) [Line Items] | |
Indexed price purchase contracts gallons | 92,771,000 |
Open fixed-price sales contracts valued | $ 17,274,000 |
Future commitments for capital projects | $ 46,796,000 |
Alcohol from Suppliers [Member] | Purchase Commitments [Member] | |
Commitments and Contingencies (Details) [Line Items] | |
Indexed price purchase contracts gallons | 13,988,000 |
Fixed-price purchase contracts value | $ 45,599,000 |
Corn from Suppliers [Member] | Purchase Commitments [Member] | |
Commitments and Contingencies (Details) [Line Items] | |
Fixed-price purchase contracts value | $ 38,769,000 |
Natural Gas [Member] | Purchase Commitments [Member] | |
Commitments and Contingencies (Details) [Line Items] | |
Indexed price purchase contracts gallons | 4,463,000 |
Fixed-price purchase contracts value | $ 1,947,000 |
Alcohol Sales Contracts [Member] | |
Commitments and Contingencies (Details) [Line Items] | |
Open fixed-price sales contracts valued | $ 101,427,000 |
Pension and Retirement Benefi_2
Pension and Retirement Benefit Plans (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Retirement Plan [Member] | |||||
Pension and Retirement Benefit Plans (Details) [Line Items] | |||||
Projected benefit obligation, amount | $ 23,800,000 | ||||
Fair value of plan assets | 20,000,000 | ||||
Underfunded amount | 3,800,000 | ||||
Retirement plan’s net periodic benefit | $ 8,000 | ||||
Expected return on plan assets | 273,000 | $ 238,000 | $ 819,000 | $ 714,000 | |
Interest cost | 164,000 | 151,000 | 492,000 | 453,000 | |
Service cost | 101,000 | 109,000 | 303,000 | 327,000 | |
Net periodic expense (income) | (22,000) | 24,000 | 66,000 | ||
Postretirement Plan [Member] | |||||
Pension and Retirement Benefit Plans (Details) [Line Items] | |||||
Projected benefit obligation, amount | $ 4,300,000 | ||||
Interest cost | 26,000 | 10,000 | 78,000 | 30,000 | |
Service cost | 6,000 | 26,000 | 18,000 | 78,000 | |
Net periodic expense (income) | $ 32,000 | 42,000 | $ 96,000 | 126,000 | |
Amortization expense | $ 6,000 | $ 18,000 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) | Dec. 31, 2021 USD ($) |
Fair Value Disclosures [Abstract] | |
Property and equipment held-for-sale | $ 1,000,000 |
Fair Value Measurements (Deta_2
Fair Value Measurements (Details) - Schedule of recurring and nonrecurring fair value measurements - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | |
Assets: | |||
Assets | $ 36,826 | ||
Derivative Financial Instruments, Assets [Member] | |||
Assets: | |||
Assets | $ 7,384 | 15,839 | |
Derivative Financial Instruments, Liabilities [Member] | |||
Liabilities: | |||
Liabilities | (1,106) | (13,582) | |
Long-lived assets held-for-sale [Member] | |||
Assets: | |||
Assets | 1,000 | ||
Large U.S. Equity [Member] | |||
Assets: | |||
Assets | [1],[2] | $ 5,612 | |
Benefit Plan Percentage Allocation | [1],[2] | 28% | |
Small/Mid U.S. Equity [Member] | |||
Assets: | |||
Assets | [1],[3] | $ 3,684 | |
Benefit Plan Percentage Allocation | [1],[3] | 18% | |
International Equity [Member] | |||
Assets: | |||
Assets | [1],[4] | $ 2,909 | |
Benefit Plan Percentage Allocation | [1],[4] | 15% | |
Fixed Income [Member] | |||
Assets: | |||
Assets | [1],[5] | $ 7,782 | |
Benefit Plan Percentage Allocation | [1],[5] | 39% | |
Level 1 [Member] | |||
Assets: | |||
Assets | $ 15,839 | ||
Level 1 [Member] | Derivative Financial Instruments, Assets [Member] | |||
Assets: | |||
Assets | 7,384 | 15,839 | |
Level 1 [Member] | Derivative Financial Instruments, Liabilities [Member] | |||
Liabilities: | |||
Liabilities | (1,106) | (13,582) | |
Level 1 [Member] | Long-lived assets held-for-sale [Member] | |||
Assets: | |||
Assets | |||
Level 1 [Member] | Large U.S. Equity [Member] | |||
Assets: | |||
Assets | [1],[2] | ||
Level 1 [Member] | Small/Mid U.S. Equity [Member] | |||
Assets: | |||
Assets | [1],[3] | ||
Level 1 [Member] | International Equity [Member] | |||
Assets: | |||
Assets | [1],[4] | ||
Level 1 [Member] | Fixed Income [Member] | |||
Assets: | |||
Assets | [1],[5] | ||
Level 2 [Member] | |||
Assets: | |||
Assets | 19,987 | ||
Level 2 [Member] | Derivative Financial Instruments, Assets [Member] | |||
Assets: | |||
Assets | |||
Level 2 [Member] | Derivative Financial Instruments, Liabilities [Member] | |||
Liabilities: | |||
Liabilities | |||
Level 2 [Member] | Long-lived assets held-for-sale [Member] | |||
Assets: | |||
Assets | |||
Level 2 [Member] | Large U.S. Equity [Member] | |||
Assets: | |||
Assets | [1],[2] | 5,612 | |
Level 2 [Member] | Small/Mid U.S. Equity [Member] | |||
Assets: | |||
Assets | [1],[3] | 3,684 | |
Level 2 [Member] | International Equity [Member] | |||
Assets: | |||
Assets | [1],[4] | 2,909 | |
Level 2 [Member] | Fixed Income [Member] | |||
Assets: | |||
Assets | [1],[5] | 7,782 | |
Level 3 [Member] | |||
Assets: | |||
Assets | 1,000 | ||
Level 3 [Member] | Derivative Financial Instruments, Assets [Member] | |||
Assets: | |||
Assets | |||
Level 3 [Member] | Derivative Financial Instruments, Liabilities [Member] | |||
Liabilities: | |||
Liabilities | |||
Level 3 [Member] | Long-lived assets held-for-sale [Member] | |||
Assets: | |||
Assets | 1,000 | ||
Level 3 [Member] | Large U.S. Equity [Member] | |||
Assets: | |||
Assets | [1],[2] | ||
Level 3 [Member] | Small/Mid U.S. Equity [Member] | |||
Assets: | |||
Assets | [1],[3] | ||
Level 3 [Member] | International Equity [Member] | |||
Assets: | |||
Assets | [1],[4] | ||
Level 3 [Member] | Fixed Income [Member] | |||
Assets: | |||
Assets | [1],[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 (Loss) Per Share (Deta
Earnings (Loss) Per Share (Details) - $ / shares | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |||||
Potentially dilutive shares from convertible securities outstanding | 964,000 | 964,000 | 964,000 | 964,000 | |
Outstanding unexercised warrants to purchase | 8,900,000 | ||||
Common stock exercise price per share (in Dollars per share) | $ 9.76 | ||||
Warrants expired | Apr. 28, 2022 |
Earnings (Loss) Per Share (Det
Earnings (Loss) Per Share (Details) - Schedule of compute basic and diluted earnings per share - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Schedule Of Compute Basic And Diluted Earnings Per Share Abstract | ||||
Net income (loss) | $ (28,038) | $ (3,132) | $ (8,525) | $ 9,936 |
Less: Preferred stock dividends | (319) | (319) | (946) | (946) |
Less: Income allocated to participating securities | (120) | |||
Basic and Diluted loss per share: | ||||
Income (loss) available to common stockholders | $ (28,357) | $ (3,451) | $ (9,471) | $ 8,870 |
Income (loss) available to common stockholders (in Shares) | 73,011 | 71,383 | 71,815 | 71,002 |
Income (loss) available to common stockholders (in Dollars per share) | $ (0.39) | $ (0.05) | $ (0.13) | $ 0.12 |
Add: Dilutive instruments | ||||
Add: Dilutive instruments (in Shares) | 1,258 | |||
Diluted income per share: | ||||
Diluted Income available to common stockholders | $ 8,870 | |||
Diluted Income available to common stockholders (in Shares) | 72,260 | |||
Diluted Income available to common stockholders (in Dollars per share) | $ 0.12 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] | Nov. 07, 2022 shares |
Subsequent Events (Details) [Line Items] | |
Description of subsequent events | On November 7, 2022, the Company closed on a senior secured term loan credit facility with certain funds managed by Orion Infrastructure Capital for up to $125 million. The term loan allows for periodic draws in an aggregate amount of up to $100 million, with an additional $25 million available upon the attainment of certain performance conditions. As of November 7, 2022, no amounts had been drawn. The six-year term loan has a fixed annual interest rate of 10% and will be issued at an original issue discount of 1.5%. The term loan does not require scheduled principal amortization payments but includes customary prepayment obligations as well as semi-annual sweeps of a portion of excess cash flow commencing for the six-month period ending December 31, 2023. The Company’s obligations under the term loan are secured by all of the Company’s tangible and intangible assets. |
Aggregate shares of common stock | 1,602,564 |