Alto Ingredients (ALTO) 10-Q 8 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	May 07, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Information [Line Items]
Entity Registrant Name	ALTO INGREDIENTS, INC.
Entity Central Index Key	0000778164
Entity File Number	000-21467
Entity Tax Identification Number	41-2170618
Entity Incorporation, State or Country Code	DE
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Contact Personnel [Line Items]
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
Entity Phone Fax Numbers [Line Items]
City Area Code	(916)
Local Phone Number	403-2123
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	ALTO
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		76,628,808

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	[1]
Current Assets:
Cash and cash equivalents	$ 29,310	$ 30,014
Restricted cash	12,762	15,466
Accounts receivable (net of allowance for credit losses of $58 and $85, respectively)	58,081	58,729
Inventories	42,610	52,611
Derivative instruments	52	2,412
Other current assets	8,028	9,538
Total current assets	150,843	168,770
Property and equipment, net	248,901	248,748
Other Assets:
Right of use operating lease assets, net	21,506	22,597
Intangible assets, net	8,351	8,498
Other assets	5,034	5,628
Total other assets	34,891	36,723
Total Assets	434,635	454,241
Current Liabilities:
Accounts payable	18,508	20,752
Accrued liabilities	18,166	20,205
Current portion – operating leases	4,486	4,333
Derivative instruments	8,299	13,849
Other current liabilities	5,595	6,149
Total current liabilities	55,054	65,288
Long-term debt	84,069	82,097
Operating leases, net of current portion	17,895	19,029
Other liabilities	8,958	8,270
Total Liabilities	165,976	174,684
Commitments and Contingencies
Stockholders’ Equity:
Preferred stock, value	1	1
Common stock, value	77	76
Additional paid-in capital	1,042,053	1,040,912
Accumulated other comprehensive income	2,481	2,481
Accumulated deficit	(775,953)	(763,913)
Total stockholders’ equity	268,659	279,557
Total Liabilities and Stockholders’ Equity	434,635	454,241
Non-voting common stock
Stockholders’ Equity:
Common stock, value
[1] Amounts derived from the audited financial statements for the year ended December 31, 2023.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	[1]
Accounts receivable, net of allowance (in Dollars)	$ 58	$ 85
Preferred stock value, par value (in Dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, liquidation preference (in Dollars)	$ 18,075
Common stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	77,018,000	75,703,000
Common stock, shares outstanding	77,018,000	75,703,000
Series A Preferred Stock
Preferred stock, shares authorized	1,684,000	1,684,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Series B Preferred Stock
Preferred stock, shares authorized	1,581,000	1,581,000
Preferred stock, shares issued	927,000	927,000
Preferred stock, shares outstanding	927,000	927,000
Non-voting common stock
Common stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	3,553,000	3,553,000
Common stock, shares issued	1,000	1,000
Common stock, shares outstanding	1,000	1,000
[1] Amounts derived from the audited financial statements for the year ended December 31, 2023.

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Net sales	$ 240,629	$ 313,891
Cost of goods sold	243,029	317,055
Gross loss	(2,400)	(3,164)
Selling, general and administrative expenses	(7,932)	(7,882)
Asset impairments		(574)
Loss from operations	(10,332)	(11,620)
Interest expense, net	(1,634)	(1,565)
Other income, net	241	19
Loss before provision for income taxes	(11,725)	(13,166)
Provision for income taxes
Net loss	(11,725)	(13,166)
Preferred stock dividends	(315)	(312)
Net loss available to common stockholders	$ (12,040)	$ (13,478)
Net loss per share, basic (in Dollars per share)	$ (0.17)	$ (0.18)
Weighted-average shares outstanding, basic (in Shares)	72,766,000	73,815,000

Consolidated Statements of Op_2

Consolidated Statements of Operations (Unaudited) (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Net loss per share, diluted	$ (0.17)	$ (0.18)
Weighted-average shares outstanding, diluted	72,766,000	73,815,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Activities:
Net loss	$ (11,725)	$ (13,166)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization of intangibles	5,728	6,055
(Gains) losses on derivative instruments	(3,338)	1,777
Non-cash compensation	1,142	752
Inventory valuation	597
Asset impairments		574
Amortization of deferred financing fees	252	235
Amortization of debt discount	200	198
Credit recovery	(27)	(39)
Changes in operating assets and liabilities, net of business acquisition:
Accounts receivable	675	2,157
Inventories	9,405	(519)
Other assets	2,106	4,027
Operating leases	(1,415)	(1,226)
Accounts payable and accrued liabilities	(2,171)	(24,172)
Net cash provided by (used in) operating activities	1,429	(23,347)
Investing Activities:
Additions to property and equipment	(4,643)	(9,602)
Deferred purchase price payments for Eagle Alcohol	(1,400)	(3,500)
Net cash used in investing activities	(6,043)	(13,102)
Financing Activities:
Net proceeds from Kinergy’s line of credit	1,521	15,354
Stock repurchases		(1,682)
Preferred stock dividends paid	(315)	(312)
Net cash provided by financing activities	1,206	13,360
Net decrease in cash, cash equivalents and restricted cash	(3,408)	(23,089)
Cash, cash equivalents and restricted cash at beginning of period	45,480	49,525
Cash, cash equivalents and restricted cash at end of period	42,072	26,436
Reconciliation of total cash, cash equivalents and restricted cash:
Cash and cash equivalents	29,310	21,173
Restricted cash	12,762	5,263
Total cash, cash equivalents and restricted cash	42,072	26,436
Supplemental Information:
Interest paid	2,042	1,886
Interest expense capitalized	$ 886	$ 839

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	Total
Balance at Dec. 31, 2022	$ 1	$ 75	$ 1,040,834	$ (734,643)	$ 1,822	$ 308,089
Balance (in Shares) at Dec. 31, 2022	927,000	75,154,000
Stock-based compensation			752			752
Restricted stock issued to employees and directors, net of cancellations and tax		$ 2	(8)			(6)
Restricted stock issued to employees and directors, net of cancellations and tax (in Shares)		1,893,000
Stock repurchases		$ (1)	(1,681)			(1,682)
Stock repurchases (in Shares)		(860,000)
Preferred stock dividends				(312)		(312)
Net loss				(13,166)		(13,166)
Balances at Mar. 31, 2023	$ 1	$ 76	1,039,897	(748,121)	1,822	293,675
Balances (in Shares) at Mar. 31, 2023	927,000	76,187,000
Balance at Dec. 31, 2023	$ 1	$ 76	1,040,912	(763,913)	2,481	279,557	[1]
Balance (in Shares) at Dec. 31, 2023	927,000	75,703,000
Stock-based compensation			1,142			1,142
Restricted stock issued to employees and directors, net of cancellations and tax		$ 1	(1)
Restricted stock issued to employees and directors, net of cancellations and tax (in Shares)		1,315,000
Preferred stock dividends				(315)		(315)
Net loss				(11,725)		(11,725)
Balances at Mar. 31, 2024	$ 1	$ 77	$ 1,042,053	$ (775,953)	$ 2,481	$ 268,659
Balances (in Shares) at Mar. 31, 2024	927,000	77,018,000
[1] Amounts derived from the audited financial statements for the year ended December 31, 2023.

Organization and Basis of Prese

Organization and Basis of Presentation	3 Months Ended
	Mar. 31, 2024
Organization and Basis of Presentation [Abstract]
ORGANIZATION AND BASIS OF PRESENTATION	1. ORGANIZATION AND BASIS OF PRESENTATION. Organization and Business The Company produces and distributes renewable fuel, essential ingredients and specialty alcohols. The Company also specializes in purchase and break bulk distribution of specialty alcohols produced by the Company and third parties. The Company’s production facilities in Pekin, Illinois are located in the heart of the Corn Belt. The Company’s two production facilities in Oregon and Idaho are located in close proximity to both feed and fuel-grade ethanol customers. The Company has a combined alcohol production capacity of 350 million gallons per year and produces, on an annualized basis, over 1.6 million tons of essential ingredients, such as dried yeast, corn protein meal, corn protein feed, corn germ, and distillers grains and liquid feed used in commercial animal feed and pet foods. In addition, the Company markets and distributes renewable fuel produced by third parties. The Company focuses on five key markets: Health, Home & Beauty Food & Beverage Industry & Agriculture; Essential Ingredients Renewable Fuels As of March 31, 2024, all of the Company’s production facilities were operating, except its Magic Valley facility in Idaho. In January 2024, the Company temporarily hot-idled the facility to minimize losses from negative regional crush margins and to expedite the installation of additional equipment needed to achieve the Company’s intended production rate, quality and consistency from the corn oil and high protein system. 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 Credit Losses The carrying amount of accounts receivable is reduced by a valuation allowance that reflects the Company’s best estimate of the amounts that will not be collected. The Company regularly reviews accounts receivable and based on assessments of current customer creditworthiness, estimates the portion, if any, of the customer balance that will not be collected. Of the accounts receivable balance, approximately $50,008,000 and $51,315,000 at March 31, 2024 and December 31, 2023, respectively, were used as collateral under Kinergy’s operating line of credit. The allowance for credit losses was $58,000 and $85,000 as of March 31, 2024 and December 31, 2023, respectively. The Company recorded bad debt recoveries of $27,000 and $39,000 for the three months ended March 31, 2024 and 2023, respectively. The Company does not have any off-balance sheet credit exposure related to its customers. Financial Instruments Estimates and Assumptions

Segments

Segments	3 Months Ended
	Mar. 31, 2024
Segments [Abstract]
SEGMENTS	2. SEGMENTS. The Company reports its financial and operating performance in three segments: (1) Pekin Campus production, which includes the production and sale of alcohols and essential ingredients produced at the Company’s Pekin, Illinois campus (2) marketing and distribution, which includes marketing and merchant trading for Company-produced alcohols and essential ingredients on an aggregated basis, and sales of fuel-grade ethanol sourced from third parties, and (3) Western production, which includes the production and sale of fuel-grade ethanol and essential ingredients produced at the Company’s two western production facilities on an aggregated basis, neither of which are individually so significant to be considered a separately reportable segment. The following tables set forth certain financial data for the Company’s operating segments (in thousands): Three Months Ended 2024 2023 Net Sales Pekin Campus production, recorded as gross: Alcohol sales $ 108,350 $ 132,381 Essential ingredient sales 46,709 63,631 Intersegment sales 321 313 Total Pekin Campus sales 155,380 196,325 Marketing and distribution: Alcohol sales, gross $ 54,431 $ 84,381 Alcohol sales, net 34 114 Intersegment sales 2,752 2,843 Total marketing and distribution sales 57,217 87,338 Western production, recorded as gross: Alcohol sales $ 20,231 $ 20,932 Essential ingredient sales 7,826 8,353 Intersegment sales — 1 Total Western production sales 28,057 29,286 Corporate and other 3,048 4,099 Intersegment eliminations (3,073 ) (3,157 ) Net sales as reported $ 240,629 $ 313,891 Cost of goods sold: Pekin Campus production $ 151,112 $ 198,178 Marketing and distribution 53,685 83,126 Western production 36,517 33,982 Corporate and other 2,794 2,369 Intersegment eliminations (1,079 ) (600 ) Cost of goods sold as reported $ 243,029 $ 317,055 Gross profit (loss): Pekin Campus production $ 4,268 $ (1,853 ) Marketing and distribution 3,532 4,212 Western production (8,460 ) (4,696 ) Corporate and other 254 1,730 Intersegment eliminations (1,994 ) (2,557 ) Gross loss as reported $ (2,400 ) $ (3,164 ) Loss before provision for income taxes Pekin Campus production $ 108 $ (5,117 ) Marketing and distribution 1,305 2,010 Western production (10,976 ) (5,698 ) Corporate and other (2,162 ) (4,361 ) $ (11,725 ) $ (13,166 ) Depreciation and amortization expense: Pekin Campus production $ 5,035 $ 4,819 Western production 465 1,009 Corporate and other 228 227 $ 5,728 $ 6,055 Interest expense, net of capitalized interest: Pekin Campus production $ 261 $ (485 ) Marketing and distribution 96 494 Western production 630 (354 ) Corporate and other 647 1,910 $ 1,634 $ 1,565 The following table sets forth the Company’s total assets by operating segment (in thousands): March 31, 2024 December 31, Total assets: Pekin Campus production $ 250,773 $ 251,048 Marketing and distribution 92,747 101,196 Western production 52,755 57,533 Corporate and other 38,360 44,464 $ 434,635 $ 454,241

Inventories

Inventories	3 Months Ended
	Mar. 31, 2024
Inventories [Abstract]
INVENTORIES	3. 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 allowance of $597,000 and $2,201,000 as of March 31, 2024 and December 31, 2023, respectively. Inventory balances consisted of the following (in thousands): March 31, December 31, Finished goods $ 28,648 $ 35,765 Work in progress 4,082 5,063 Raw materials 7,934 10,313 Other 1,946 1,470 Total $ 42,610 $ 52,611

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2024
Derivatives [Abstract]
DERIVATIVES	4. 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 March 31, 2024 Assets Liabilities Type of Instrument Balance Sheet Location Fair Value Balance Sheet Location Fair Value Cash collateral balance Restricted cash $ 12,762 Commodity contracts Derivative instruments $ 52 Derivative instruments $ 8,299 As of December 31, 2023 Assets Liabilities Type of Instrument Balance Sheet Location Fair Value Balance Sheet Location Fair Value Cash collateral balance Restricted cash $ 15,466 Commodity contracts Derivative instruments $ 2,412 Derivative instruments $ 13,849 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 the Company’s intent is to close out positions individually, therefore the positions are reported at gross. The classification and amounts of the Company’s realized gains (losses) for its derivatives not designated as hedging instruments are as follows (in thousands): Realized Gains (Losses) For the three months Ended Type of Instrument Statements of Operations Location 2024 2023 Commodity contracts Cost of goods sold $ 148 $ (7,703 ) $ 148 $ (7,703 ) Unrealized Gains For the three months Ended Type of Instrument Statements of Operations Location 2024 2023 Commodity contracts Cost of goods sold $ 3,190 $ 5,926 $ 3,190 $ 5,926

Debt

Debt	3 Months Ended
	Mar. 31, 2024
Debt [Abstract]
DEBT	5. DEBT. Long-term borrowings are summarized as follows (in thousands): March 31, December 31, Kinergy line of credit $ 32,210 $ 30,690 Orion term loan 60,000 60,000 92,210 90,690 Less unamortized debt discount (3,693 ) (3,893 ) Less unamortized debt financing costs (4,448 ) (4,700 ) Less current portion — — Long-term debt $ 84,069 $ 82,097 Excess Availability

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies [Abstract]
COMMITMENTS AND CONTINGENCIES	6. COMMITMENTS AND CONTINGENCIES. Sales Commitments Purchase Commitments Litigation – General

Pension Plans

Pension Plans	3 Months Ended
	Mar. 31, 2024
Pension Plans [Abstract]
PENSION PLANS	7. PENSION 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, 2023, the Retirement Plan’s accumulated projected benefit obligation was $18.6 million, with a fair value of plan assets of $18.5 million. The underfunded amount of $0.1 million is recorded on the Company’s consolidated balance sheet in other liabilities. For the three months ended March 31, 2024, the Retirement Plan’s net periodic expense was $13,000, comprised of $222,000 in interest cost and $67,000 in service cost, partially offset by $276,000 of expected return on plan assets. For the three months ended March 31, 2023, the Retirement Plan’s net periodic expense was $39,000, comprised of $225,000 in interest cost and $62,000 in service cost, partially offset by $248,000 of expected return on plan assets. The Postretirement Plan provides postretirement medical benefits and life insurance to certain “grandfathered” unionized employees at the Company’s Pekin, Illinois facility. 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 reduces at age 65 from a defined benefit to a defined dollar cap based upon years of service. As of December 31, 2023, 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 March 31, 2024, the Postretirement Plan’s net periodic expense was $54,000, comprised of $49,000 of interest cost and $5,000 of service cost. For the three months ended March 31, 2023, the Postretirement Plan’s net periodic expense was $36,000, comprised of $46,000 of interest cost and $3,000 of service cost, partially offset by $13,000 in amortization of gains.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Measurements [Abstract]
FAIR VALUE MEASUREMENTS	8. 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 Other Derivative Instruments The following table summarizes recurring and nonrecurring fair value measurements by level at March 31, 2024 (in thousands): Fair Value Level 1 Level 2 Level 3 Assets: Derivative financial instruments $ 52 $ 52 $ — $ — Liabilities: Derivative financial instruments $ (8,299 ) $ (8,299 ) $ — $ — The following table summarizes recurring and nonrecurring fair value measurements by level at December 31, 2023 (in thousands): Benefit Plan Fair Percentage Value Level 1 Level 2 Level 3 Allocation Assets: Derivative financial instruments $ 2,412 $ 2,412 $ — $ — Defined benefit plan assets(1) (pooled separate accounts): Large U.S. Equity(2) 5,608 — 5,608 — 30 % Small/Mid U.S. Equity(3) 3,350 — 3,350 — 18 % International Equity(4) 2,682 — 2,682 — 15 % Fixed Income(5) 6,845 — 6,845 — 37 % $ 20,897 $ 2,412 $ 18,485 $ — Liabilities: Derivative financial instruments $ 13,849 $ 13,849 $ — $ — (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	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE.	9. EARNINGS PER SHARE. The following tables compute basic and diluted earnings per share (in thousands, except per share data): Three Months Ended Loss Shares Per-Share Net loss $ (11,725 ) Less: Preferred stock dividends (315 ) Basic and diluted loss per share: Net loss available to common stockholders $ (12,040 ) 72,766 $ (0.17 ) Three Months Ended Loss Numerator Shares Denominator Per-Share Amount Net loss $ (13,166 ) Less: Preferred stock dividends (312 ) Basic and diluted loss per share: Net loss available to common stockholders $ (13,478 ) 73,815 $ (0.18 ) There were an additional aggregate potentially dilutive weighted-average shares of 981,000 and 964,000 from convertible securities outstanding for the three months ended March 31, 2024 and 2023. These securities were not considered in calculating diluted net loss per share for the three months ended March 31, 2024 and 2023, as their effect would have been anti-dilutive.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (11,725)	$ (13,166)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Organization and Business	Organization and Business The Company produces and distributes renewable fuel, essential ingredients and specialty alcohols. The Company also specializes in purchase and break bulk distribution of specialty alcohols produced by the Company and third parties. The Company’s production facilities in Pekin, Illinois are located in the heart of the Corn Belt. The Company’s two production facilities in Oregon and Idaho are located in close proximity to both feed and fuel-grade ethanol customers. The Company has a combined alcohol production capacity of 350 million gallons per year and produces, on an annualized basis, over 1.6 million tons of essential ingredients, such as dried yeast, corn protein meal, corn protein feed, corn germ, and distillers grains and liquid feed used in commercial animal feed and pet foods. In addition, the Company markets and distributes renewable fuel produced by third parties. The Company focuses on five key markets: Health, Home & Beauty Food & Beverage Industry & Agriculture; Essential Ingredients Renewable Fuels As of March 31, 2024, all of the Company’s production facilities were operating, except its Magic Valley facility in Idaho. In January 2024, the Company temporarily hot-idled the facility to minimize losses from negative regional crush margins and to expedite the installation of additional equipment needed to achieve the Company’s intended production rate, quality and consistency from the corn oil and high protein system. 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	Basis of Presentation – Interim Financial Statements
Accounts Receivable and Allowance for Credit Losses	Accounts Receivable and Allowance for Credit Losses The carrying amount of accounts receivable is reduced by a valuation allowance that reflects the Company’s best estimate of the amounts that will not be collected. The Company regularly reviews accounts receivable and based on assessments of current customer creditworthiness, estimates the portion, if any, of the customer balance that will not be collected. Of the accounts receivable balance, approximately $50,008,000 and $51,315,000 at March 31, 2024 and December 31, 2023, respectively, were used as collateral under Kinergy’s operating line of credit. The allowance for credit losses was $58,000 and $85,000 as of March 31, 2024 and December 31, 2023, respectively. The Company recorded bad debt recoveries of $27,000 and $39,000 for the three months ended March 31, 2024 and 2023, 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

Segments (Tables)

Segments (Tables)	3 Months Ended
	Mar. 31, 2024
Segments [Abstract]
Schedule of Financial Data for Operating Segments	The following tables set forth certain financial data for the Company’s operating segments (in thousands): Three Months Ended 2024 2023 Net Sales Pekin Campus production, recorded as gross: Alcohol sales $ 108,350 $ 132,381 Essential ingredient sales 46,709 63,631 Intersegment sales 321 313 Total Pekin Campus sales 155,380 196,325 Marketing and distribution: Alcohol sales, gross $ 54,431 $ 84,381 Alcohol sales, net 34 114 Intersegment sales 2,752 2,843 Total marketing and distribution sales 57,217 87,338 Western production, recorded as gross: Alcohol sales $ 20,231 $ 20,932 Essential ingredient sales 7,826 8,353 Intersegment sales — 1 Total Western production sales 28,057 29,286 Corporate and other 3,048 4,099 Intersegment eliminations (3,073 ) (3,157 ) Net sales as reported $ 240,629 $ 313,891 Cost of goods sold: Pekin Campus production $ 151,112 $ 198,178 Marketing and distribution 53,685 83,126 Western production 36,517 33,982 Corporate and other 2,794 2,369 Intersegment eliminations (1,079 ) (600 ) Cost of goods sold as reported $ 243,029 $ 317,055 Gross profit (loss): Pekin Campus production $ 4,268 $ (1,853 ) Marketing and distribution 3,532 4,212 Western production (8,460 ) (4,696 ) Corporate and other 254 1,730 Intersegment eliminations (1,994 ) (2,557 ) Gross loss as reported $ (2,400 ) $ (3,164 ) Loss before provision for income taxes Pekin Campus production $ 108 $ (5,117 ) Marketing and distribution 1,305 2,010 Western production (10,976 ) (5,698 ) Corporate and other (2,162 ) (4,361 ) $ (11,725 ) $ (13,166 ) Depreciation and amortization expense: Pekin Campus production $ 5,035 $ 4,819 Western production 465 1,009 Corporate and other 228 227 $ 5,728 $ 6,055 Interest expense, net of capitalized interest: Pekin Campus production $ 261 $ (485 ) Marketing and distribution 96 494 Western production 630 (354 ) Corporate and other 647 1,910 $ 1,634 $ 1,565
Schedule of Assets by Operating Segments	The following table sets forth the Company’s total assets by operating segment (in thousands): March 31, 2024 December 31, Total assets: Pekin Campus production $ 250,773 $ 251,048 Marketing and distribution 92,747 101,196 Western production 52,755 57,533 Corporate and other 38,360 44,464 $ 434,635 $ 454,241

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2024
Inventories [Abstract]
Schedule of Inventory	Inventory balances consisted of the following (in thousands): March 31, December 31, Finished goods $ 28,648 $ 35,765 Work in progress 4,082 5,063 Raw materials 7,934 10,313 Other 1,946 1,470 Total $ 42,610 $ 52,611

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2024
Derivatives [Abstract]
Schedule of Derivatives not Designated as Hedging Instruments	The classification and amounts of the Company’s derivatives not designated as hedging instruments, and related cash collateral balances, are as follows (in thousands): As of March 31, 2024 Assets Liabilities Type of Instrument Balance Sheet Location Fair Value Balance Sheet Location Fair Value Cash collateral balance Restricted cash $ 12,762 Commodity contracts Derivative instruments $ 52 Derivative instruments $ 8,299 As of December 31, 2023 Assets Liabilities Type of Instrument Balance Sheet Location Fair Value Balance Sheet Location Fair Value Cash collateral balance Restricted cash $ 15,466 Commodity contracts Derivative instruments $ 2,412 Derivative instruments $ 13,849
Schedule of Realized Gains (Losses) for its Derivatives not Designated as Hedging Instruments	The classification and amounts of the Company’s realized gains (losses) for its derivatives not designated as hedging instruments are as follows (in thousands): Realized Gains (Losses) For the three months Ended Type of Instrument Statements of Operations Location 2024 2023 Commodity contracts Cost of goods sold $ 148 $ (7,703 ) $ 148 $ (7,703 ) Unrealized Gains For the three months Ended Type of Instrument Statements of Operations Location 2024 2023 Commodity contracts Cost of goods sold $ 3,190 $ 5,926 $ 3,190 $ 5,926

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt [Abstract]
Schedule of Long-Term Borrowings	Long-term borrowings are summarized as follows (in thousands): March 31, December 31, Kinergy line of credit $ 32,210 $ 30,690 Orion term loan 60,000 60,000 92,210 90,690 Less unamortized debt discount (3,693 ) (3,893 ) Less unamortized debt financing costs (4,448 ) (4,700 ) Less current portion — — Long-term debt $ 84,069 $ 82,097

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Measurements [Abstract]
Schedule of Recurring and Nonrecurring Fair Value Measurements	The following table summarizes recurring and nonrecurring fair value measurements by level at March 31, 2024 (in thousands): Fair Value Level 1 Level 2 Level 3 Assets: Derivative financial instruments $ 52 $ 52 $ — $ — Liabilities: Derivative financial instruments $ (8,299 ) $ (8,299 ) $ — $ — The following table summarizes recurring and nonrecurring fair value measurements by level at December 31, 2023 (in thousands): Benefit Plan Fair Percentage Value Level 1 Level 2 Level 3 Allocation Assets: Derivative financial instruments $ 2,412 $ 2,412 $ — $ — Defined benefit plan assets(1) (pooled separate accounts): Large U.S. Equity(2) 5,608 — 5,608 — 30 % Small/Mid U.S. Equity(3) 3,350 — 3,350 — 18 % International Equity(4) 2,682 — 2,682 — 15 % Fixed Income(5) 6,845 — 6,845 — 37 % $ 20,897 $ 2,412 $ 18,485 $ — Liabilities: Derivative financial instruments $ 13,849 $ 13,849 $ — $ — (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 (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share	The following tables compute basic and diluted earnings per share (in thousands, except per share data): Three Months Ended Loss Shares Per-Share Net loss $ (11,725 ) Less: Preferred stock dividends (315 ) Basic and diluted loss per share: Net loss available to common stockholders $ (12,040 ) 72,766 $ (0.17 ) Three Months Ended Loss Numerator Shares Denominator Per-Share Amount Net loss $ (13,166 ) Less: Preferred stock dividends (312 ) Basic and diluted loss per share: Net loss available to common stockholders $ (13,478 ) 73,815 $ (0.18 )

Organization and Basis of Pre_2

Organization and Basis of Presentation (Details) gal in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) gal	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Organization and Basis of Presentation [Line Items]
Production capacity (in US Gallons) | gal	350
Collateral under line of credit	$ 50,008,000		$ 51,315,000
Allowance for credit losses	58,000		$ 85,000
Credit recovery	$ 27,000	$ 39,000
Agriculture product [Member]
Organization and Basis of Presentation [Line Items]
Production capacity (in US Gallons) | gal	1.6

Segments (Details)

Segments (Details)	3 Months Ended
	Mar. 31, 2024
Segments [Abstract]
Operating segments	3

Segments (Details) - Schedule o

Segments (Details) - Schedule of Financial Data for Operating Segments - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cost of goods sold:
Cost of goods sold	$ 243,029	$ 317,055
Gross profit (loss):
Gross profit (loss)	(11,725)	(13,166)
Loss before provision for income taxes:
Loss before provision for income taxes	(11,725)	(13,166)
Depreciation and amortization expense:
Depreciation and amortization expense	5,728	6,055
Interest expense, net of capitalized interest:
Interest expense, net of capitalized interest	1,634	1,565
Cost of goods sold as reported [Member]
Cost of goods sold:
Cost of goods sold	243,029	317,055
Pekin Campus production [Member]
Cost of goods sold:
Cost of goods sold	151,112	198,178
Gross profit (loss):
Gross profit (loss)	4,268	(1,853)
Loss before provision for income taxes:
Loss before provision for income taxes	108	(5,117)
Depreciation and amortization expense:
Depreciation and amortization expense	5,035	4,819
Interest expense, net of capitalized interest:
Interest expense, net of capitalized interest	261	(485)
Pekin Campus production [Member] | Alcohol sales [Member]
Pekin Campus production, recorded as gross:
Net Sales	108,350	132,381
Pekin Campus production [Member] | Essential Ingredient Sales [Member]
Pekin Campus production, recorded as gross:
Net Sales	46,709	63,631
Pekin Campus production [Member] | Intersegment Sales [Member]
Pekin Campus production, recorded as gross:
Net Sales	321	313
Pekin Campus production [Member] | Total Pekin Campus Sales [Member]
Pekin Campus production, recorded as gross:
Net Sales	155,380	196,325
Marketing and distribution [Member]
Cost of goods sold:
Cost of goods sold	53,685	83,126
Gross profit (loss):
Gross profit (loss)	3,532	4,212
Loss before provision for income taxes:
Loss before provision for income taxes	1,305	2,010
Interest expense, net of capitalized interest:
Interest expense, net of capitalized interest	96	494
Marketing and distribution [Member] | Intersegment Sales [Member]
Pekin Campus production, recorded as gross:
Net Sales	2,752	2,843
Marketing and distribution [Member] | Alcohol sales, gross [Member]
Pekin Campus production, recorded as gross:
Net Sales	54,431	84,381
Marketing and distribution [Member] | Alcohol sales, net [Member]
Pekin Campus production, recorded as gross:
Net Sales	34	114
Total Marketing and Distribution Sales [Member] | Intersegment Sales [Member]
Pekin Campus production, recorded as gross:
Net Sales	57,217	87,338
Western Production Segment [Member]
Cost of goods sold:
Cost of goods sold	36,517	33,982
Loss before provision for income taxes:
Loss before provision for income taxes	(10,976)	(5,698)
Depreciation and amortization expense:
Depreciation and amortization expense	465	1,009
Interest expense, net of capitalized interest:
Interest expense, net of capitalized interest	630	(354)
Western Production Segment [Member] | Alcohol sales [Member]
Pekin Campus production, recorded as gross:
Net Sales	20,231	20,932
Western Production Segment [Member] | Essential Ingredient Sales [Member]
Pekin Campus production, recorded as gross:
Net Sales	7,826	8,353
Western Production Segment [Member] | Intersegment Sales [Member]
Pekin Campus production, recorded as gross:
Net Sales		1
Western Production Segment [Member] | Total Other production Sales [Member]
Pekin Campus production, recorded as gross:
Net Sales	28,057	29,286
Corporate Segment and Other Operating Segment [Member]
Pekin Campus production, recorded as gross:
Net Sales	3,048	4,099
Cost of goods sold:
Cost of goods sold	2,794	2,369
Gross profit (loss):
Gross profit (loss)	254	1,730
Loss before provision for income taxes:
Loss before provision for income taxes	(2,162)	(4,361)
Depreciation and amortization expense:
Depreciation and amortization expense	228	227
Interest expense, net of capitalized interest:
Interest expense, net of capitalized interest	647	1,910
Intersegment eliminations [Member]
Pekin Campus production, recorded as gross:
Net Sales	(3,073)	(3,157)
Cost of goods sold:
Cost of goods sold	(1,079)	(600)
Gross profit (loss):
Gross profit (loss)	(1,994)	(2,557)
Net sales as reported [Member]
Pekin Campus production, recorded as gross:
Net Sales	240,629	313,891
Western production [Member]
Gross profit (loss):
Gross profit (loss)	(8,460)	(4,696)
Gross loss as reported [Member]
Gross profit (loss):
Gross profit (loss)	$ (2,400)	$ (3,164)

Segments (Details) - Schedule_2

Segments (Details) - Schedule of Assets by Operating Segments - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Total assets:
Total assets by operating segment	$ 434,635	$ 454,241	[1]
Pekin Campus production [Member]
Total assets:
Total assets by operating segment	250,773	251,048
Marketing and distribution [Member]
Total assets:
Total assets by operating segment	92,747	101,196
Other production [Member]
Total assets:
Total assets by operating segment	52,755	57,533
Corporate and Other [Member]
Total assets:
Total assets by operating segment	$ 38,360	$ 44,464
[1] Amounts derived from the audited financial statements for the year ended December 31, 2023.

Inventories (Details)

Inventories (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Inventories [Abstract]
Net of a valuation allowance	$ 597,000	$ 2,201,000

Inventories (Details) - Schedul

Inventories (Details) - Schedule of Inventory - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule of Inventory [Abstract]
Finished goods	$ 28,648	$ 35,765
Work in progress	4,082	5,063
Raw materials	7,934	10,313
Other	1,946	1,470
Total	$ 42,610	$ 52,611	[1]
[1] Amounts derived from the audited financial statements for the year ended December 31, 2023.

Derivatives (Details)

Derivatives (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivatives [Abstract]
Recognized net gains loss	$ 3,338,000	$ (1,777,000)

Derivatives (Details) - Schedul

Derivatives (Details) - Schedule of Derivatives not Designated as Hedging Instruments - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Cash collateral balance [Member]
Schedule of Derivatives not Designated as Hedging Instruments [Line Items]
Cash collateral balance	$ 12,762	$ 15,466
Commodity contracts [Member]
Schedule of Derivatives not Designated as Hedging Instruments [Line Items]
Commodity Contracts Assets	52	2,412
Commodity Contracts Liabilities	$ 8,299	$ 13,849

Derivatives (Details) - Sched_2

Derivatives (Details) - Schedule of Realized Gains (Losses) for its Derivatives not Designated as Hedging Instruments - Commodity Contract [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule of Recognized Gains (Losses) for its Derivatives [Line Items]
Unrealized gain loss on derivatives	$ 3,190
Cost of goods sold [Member]
Schedule of Recognized Gains (Losses) for its Derivatives [Line Items]
Unrealized gain loss on derivatives	3,190
Realized Gains [Member]
Schedule of Recognized Gains (Losses) for its Derivatives [Line Items]
Realized gain loss on derivatives	148	$ (7,703)
Realized Gains [Member] | Cost of goods sold [Member]
Schedule of Recognized Gains (Losses) for its Derivatives [Line Items]
Realized gain loss on derivatives	$ 148	(7,703)
Unrealized Losses [Member]
Schedule of Recognized Gains (Losses) for its Derivatives [Line Items]
Unrealized gain loss on derivatives		5,926
Unrealized Losses [Member] | Cost of goods sold [Member]
Schedule of Recognized Gains (Losses) for its Derivatives [Line Items]
Unrealized gain loss on derivatives		$ 5,926

Debt (Details)

Debt (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Debt [Line Items]
Payments for Capital Improvements	$ 65
Alto Ingredients [Member]
Debt [Line Items]
Unused borrowing availability amount	$ 25.9

Debt (Details) - Schedule of Lo

Debt (Details) - Schedule of Long-Term Borrowings - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule of Long-Term Borrowings [Line Items]
Term debt	$ 92,210	$ 90,690
Less unamortized debt discount	(3,693)	(3,893)
Less unamortized debt financing costs	(4,448)	(4,700)
Less current portion
Long-term debt	84,069	82,097	[1]
Kinergy line of credit [Member]
Schedule of Long-Term Borrowings [Line Items]
Term debt	32,210	30,690
Orion term loan [Member]
Schedule of Long-Term Borrowings [Line Items]
Term debt	$ 60,000	$ 60,000
[1] Amounts derived from the audited financial statements for the year ended December 31, 2023.

Commitments and Contingencies (

Commitments and Contingencies (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) gal T
Commitments and Contingencies [Line Items]
Sales contracts valued	$ 5,454,000
Indexed price sales contracts (in US Tons) | T	72,000
Future commitments for capital projects	$ 10,802,000
Alcohol Sales Contracts [Member]
Commitments and Contingencies [Line Items]
Sales contracts valued	$ 233,854,000
Sales Commitments [Member]
Commitments and Contingencies [Line Items]
Indexed-price sales (in US Gallons) | gal	102,083,000
Purchase Commitments [Member] | Alcohol From Suppliers [Member]
Commitments and Contingencies [Line Items]
Indexed-price sales (in US Gallons) | gal	19,195,000
Fixed-price purchase contracts value	$ 1,297,000
Purchase Commitments [Member] | Corn From Suppliers [Member]
Commitments and Contingencies [Line Items]
Fixed-price purchase contracts value	40,521,000
Purchase Commitments [Member] | Natural Gas [Member]
Commitments and Contingencies [Line Items]
Purchase price contracts amount	$ 4,805,400

Pension Plans (Details)

Pension Plans (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Pension Plans [Line Items]
Interest cost		$ 62,000
Pension Plan [Member]
Pension Plans [Line Items]
Projected benefit obligation, amount			$ 18,600,000
Fair value of plan assets			18,500,000
Underfunded amount			100,000
Net periodic expense	$ 13,000	39,000
Interest cost	222,000
Service cost	67,000	248,000
Expected return on plan assets	276,000	225,000
Postretirement Life Insurance [Member]
Pension Plans [Line Items]
Projected benefit obligation, amount			$ 4,300,000
Net periodic expense	54,000	36,000
Interest cost	49,000	46,000
Service cost	$ 5,000	3,000
Expected return on plan assets		$ 13,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Schedule of Recurring and Nonrecurring Fair Value Measurements - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Assets:
Derivative financial instruments , Assets		$ 52	$ 2,412	[1]
Liabilities:
Derivative financial instruments , Liabilities		8,299	13,849	[1]
Assets:
Defined benefit plan assets	[2]		20,897
Fair Value, Inputs, Level 1 [Member]
Assets:
Defined benefit plan assets	[2]		2,412
Fair Value, Inputs, Level 2 [Member]
Assets:
Defined benefit plan assets	[2]		18,485
Fair Value, Inputs, Level 3 [Member]
Assets:
Defined benefit plan assets	[2]
Large U.S. Equity [Member]
Assets:
Defined benefit plan assets	[2],[3]		$ 5,608
Benefit plan percentage allocation	[2],[3]		30%
Large U.S. Equity [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Defined benefit plan assets	[2],[3]
Large U.S. Equity [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Defined benefit plan assets	[2],[3]		5,608
Large U.S. Equity [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Defined benefit plan assets	[2],[3]
Small/Mid U.S. Equity [Member]
Assets:
Defined benefit plan assets	[2],[4]		$ 3,350
Benefit plan percentage allocation	[2],[4]		18%
Small/Mid U.S. Equity [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Defined benefit plan assets	[2],[4]
Small/Mid U.S. Equity [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Defined benefit plan assets	[2],[4]		3,350
Small/Mid U.S. Equity [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Defined benefit plan assets	[2],[4]
International Equity [Member]
Assets:
Defined benefit plan assets	[2],[5]		$ 2,682
Benefit plan percentage allocation	[2],[5]		15%
International Equity [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Defined benefit plan assets	[2],[5]
International Equity [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Defined benefit plan assets	[2],[5]		2,682
International Equity [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Defined benefit plan assets	[2],[5]
Fixed Income [Member]
Assets:
Defined benefit plan assets	[2],[6]		$ 6,845
Benefit plan percentage allocation	[2],[6]		37%
Fixed Income [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Defined benefit plan assets	[2],[6]
Fixed Income [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Defined benefit plan assets	[2],[6]		6,845
Fixed Income [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Defined benefit plan assets	[2],[6]
Derivative Financial Instruments, Assets [Member]
Assets:
Derivative financial instruments , Assets		52	2,412
Derivative Financial Instruments, Assets [Member] | Fair Value, Inputs, Level 1 [Member]
Assets:
Derivative financial instruments , Assets		52	2,412
Derivative Financial Instruments, Assets [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Derivative financial instruments , Assets
Derivative Financial Instruments, Assets [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Derivative financial instruments , Assets
Derivative Financial Instruments, Liabilities [Member]
Liabilities:
Derivative financial instruments , Liabilities		(8,299)	13,849
Derivative Financial Instruments, Liabilities [Member] | Fair Value, Inputs, Level 1 [Member]
Liabilities:
Derivative financial instruments , Liabilities		(8,299)	13,849
Derivative Financial Instruments, Liabilities [Member] | Fair Value, Inputs, Level 2 [Member]
Liabilities:
Derivative financial instruments , Liabilities
Derivative Financial Instruments, Liabilities [Member] | Fair Value, Inputs, Level 3 [Member]
Liabilities:
Derivative financial instruments , Liabilities
[1] Amounts derived from the audited financial statements for the year ended December 31, 2023. Included in other assets in the consolidated balance sheets. 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. 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. 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. 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
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Dilutive weighted-average	981,000	964,000

Earnings Per Share (Details) -

Earnings Per Share (Details) - Schedule of Basic and Diluted Earnings Per Share - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule of Basic and Diluted Earnings Per Share [Abstract]
Net loss	$ (11,725)	$ (13,166)
Less: Preferred stock dividends	(315)	(312)
Basic and diluted loss per share:
Loss Numerator, Net loss available to common stockholders	$ (12,040)	$ (13,478)
Shares Denominator, Net loss available to common stockholders basic (in Shares)	72,766,000	73,815,000
Per-Share Amount, Net loss available to common stockholders basic (in Dollars per share)	$ (0.17)	$ (0.18)

Earnings Per Share (Details) _2

Earnings Per Share (Details) - Schedule of Basic and Diluted Earnings Per Share (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule of Basic and Diluted Earnings Per Share [Abstract]
Shares Denominator, Net loss available to common stockholders diluted	72,766,000	73,815,000
Per-Share Amount, Net loss available to common stockholders diluted	$ (0.17)	$ (0.18)