Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 05, 2014 | Jun. 28, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'MGP INGREDIENTS INC | ' | ' |
Document Type | '10-K | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 17,672,814 | ' |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0000835011 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Public Float | ' | ' | $71,671,444 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Income Statement [Abstract] | ' | ' | ||
Sales | $334,070 | $338,232 | ||
Less: excise taxes | -10,806 | -3,897 | ||
Net sales | 323,264 | 334,335 | ||
Cost of sales | 302,025 | [1],[2] | 309,312 | [1],[2] |
Gross profit | 21,239 | 25,023 | ||
Selling, general and administrative expenses | 26,202 | 26,536 | ||
Other operating costs and (gains) losses on sale of assets | 236 | -569 | ||
Loss from operations | -5,199 | -944 | ||
Gain on sale of joint venture interest | 0 | 4,055 | ||
Interest expense | -1,118 | -868 | ||
Equity method investment loss | -204 | -301 | ||
Income (loss) from continuing operations before income taxes | -6,521 | 1,942 | ||
Provision (benefit) for income taxes | -714 | 318 | ||
Net income (loss) from continuing operations | -5,807 | 1,624 | ||
Discontinued operations, net of tax (Note 11) | 878 | 0 | ||
Net income (loss) | ($4,929) | $1,624 | ||
Basic and diluted earnings (loss) per share | ' | ' | ||
Income (loss) from continuing operations (in dollars per share) | ($0.34) | $0.09 | ||
Income from discontinued operations (in dollars per share) | $0.05 | $0 | ||
Net income (loss) (in dollars per share) | ($0.29) | $0.09 | ||
Dividends per common share (in dollars per share) | $0.05 | $0.05 | ||
[1] | Includes related party purchases of $9,988 and $49,891 for the years ended December 31, 2013 and 2012, respectively. | |||
[2] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOmU1ZGYyMDNhZTI1MjQxNjk5NTE3YzhiNDA1MDYzZDY4fFRleHRTZWxlY3Rpb246QkFENUEyMTA0Q0VGMDYwRDI5MUQ2QzIwOUY4QThDODgM} |
Consolidated_Statements_Of_Ope1
Consolidated Statements Of Operations (Parentheticals) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | ' | ' |
Cost of sales, related party transactions | $9,988 | $49,891 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (Loss) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Net income (loss) | ($4,929) | $1,624 |
Company sponsored benefit plans: | ' | ' |
Change in translation adjustment on non-consolidated foreign subsidiary, net of tax expense of $8 and $0, respectively | 12 | 7 |
Commodity derivative activity: | ' | ' |
Net losses from cash flow hedges | 0 | -286 |
Losses from cash flow hedges reclassified to cost of sales | 0 | 186 |
Losses from de-designated cash flow hedges reclassified to cost of sales | 0 | 27 |
Ineffective portion of cash flow hedges reclassified to cost of sales | 0 | 200 |
Other comprehensive income | 229 | 802 |
Comprehensive income (loss) | -4,700 | 2,426 |
Change In Pension Plans [Member] | ' | ' |
Company sponsored benefit plans: | ' | ' |
Change in pension plans and post employment benefits, net of tax expense $166 and 0, and benefit of $22 and $0, respectively | 250 | 583 |
Change In Post Employment Benefits [Member] | ' | ' |
Company sponsored benefit plans: | ' | ' |
Change in pension plans and post employment benefits, net of tax expense $166 and 0, and benefit of $22 and $0, respectively | ($33) | $85 |
Recovered_Sheet1
Consolidated Statements of Comprehensive Income (Parentheticals) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Change in translation adjustment on non-consolidating foreign subsidiary, tax | $8 | $0 |
Change In Pension Plans [Member] | ' | ' |
Change in pension plans and post employment benefits, tax | -166 | 0 |
Change In Post Employment Benefits [Member] | ' | ' |
Change in pension plans and post employment benefits, tax | $22 | $0 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $2,857 | $0 |
Restricted cash | 0 | 12 |
Receivables (less allowance for doubtful accounts: December 31, 2013 - $18; December 31, 2012 - $12) | 27,821 | 35,325 |
Inventory | 34,917 | 36,532 |
Prepaid expenses | 848 | 697 |
Deferred income taxes | 4,977 | 5,283 |
Refundable income taxes | 466 | 242 |
Total current assets | 71,886 | 78,091 |
Property and equipment, net of accumulated depreciation and amortization | 70,244 | 75,391 |
Equity method investments | 7,123 | 7,301 |
Other assets | 2,076 | 2,388 |
Total assets | 151,329 | 163,171 |
Current Liabilities | ' | ' |
Current maturities of long-term debt | 1,557 | 1,683 |
Accounts payable | 23,107 | 18,860 |
Accounts payable to affiliate, net | 1,204 | 4,008 |
Accrued expenses | 8,282 | 5,220 |
Total current liabilities | 34,150 | 29,771 |
Long-term debt, less current maturities | 3,611 | 5,168 |
Revolving credit facility | 18,000 | 25,893 |
Deferred credit | 3,925 | 4,133 |
Accrued retirement health and life insurance benefits | 4,423 | 5,096 |
Other non current liabilities | 640 | 1,000 |
Deferred income taxes | 4,977 | 5,283 |
Total liabilities | 69,726 | 76,344 |
Commitments and Contingencies - See Notes 4 and 7 | ' | ' |
Capital stock | ' | ' |
Preferred, 5% non-cumulative; $10 par value; authorized 1,000 shares; issued and outstanding 437 shares | 4 | 4 |
Common stock | ' | ' |
No par value; authorized 40,000,000 shares; issued 18,115,965 shares at December 31, 2013 and 2012; 17,750,421 and 17,934,233 shares outstanding at December 31, 2013 and 2012, respectively | 6,715 | 6,715 |
Additional paid-in capital | 8,728 | 7,894 |
Retained earnings | 66,686 | 72,531 |
Accumulated other comprehensive income (loss) | -4 | -233 |
Treasury stock, at cost 365,544 and 181,732 shares at December 31, 2013 and 2012, respectively | -526 | -84 |
Total stockholders’ equity | 81,603 | 86,827 |
Total liabilities and stockholders’ equity | $151,329 | $163,171 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Receivables allowance for doubtful accounts (in Dollars) | $18 | $12 |
Preferred stock, percentage non-cumulative | 0.05% | 0.05% |
Preferred stock, par value (in Dollars per share) | $10 | $10 |
Preferred stock, shares authorized | 1,000 | 1,000 |
Preferred stock, shares issued | 437 | 437 |
Preferred stock, shares outstanding | 437 | 437 |
Common stock, par value (in Dollars per share) | $0 | $0 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 18,115,965 | 18,115,965 |
Common stock, shares outstanding | 17,750,421 | 17,934,233 |
Treasury stock, shares | 365,544 | 181,732 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Flows from Operating Activities | ' | ' |
Net income (loss) | ($4,929) | $1,624 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization | 12,009 | 11,568 |
Gain on sale of bioplastics manufacturing business | -1,453 | 0 |
Gain on sale of joint venture interest | 0 | -4,055 |
Loss/(gain) on sale of assets | 47 | -832 |
Share based compensation | 932 | 969 |
Equity in loss | 204 | 301 |
Deferred income taxes, including change in valuation allowance | -152 | ' |
Changes in operating assets and liabilities: | ' | ' |
Restricted cash | 12 | 7,593 |
Receivables, net | 7,511 | -7,521 |
Inventory | 1,542 | -5,450 |
Prepaid expenses | -129 | 261 |
Refundable income taxes | -224 | 324 |
Accounts payable | 2,571 | -4,302 |
Accounts payable to affiliate, net | -2,804 | -2,159 |
Accrued expenses | 3,264 | 593 |
Change in derivatives | 0 | -2,034 |
Deferred credit | -208 | -630 |
Accrued retirement health and life insurance benefits and other noncurrent liabilities | -876 | -1,081 |
Other | -17 | -195 |
Net cash provided by (used in) operating activities | 17,300 | -5,026 |
Cash Flows from Investing Activities | ' | ' |
Additions to property and equipment | -6,208 | -9,229 |
Investments in/ advances to equity method investments | 0 | -500 |
Proceeds from sale of bioplastics manufacturing business | 2,797 | 0 |
Proceeds from sale of interest in ICP, net | 0 | 9,103 |
Proceeds from disposition of property and Equipment | 0 | 3,263 |
Other | 0 | 568 |
Net cash provided by (used in) investing activities | -3,411 | 3,205 |
Cash Flows from Financing Activities | ' | ' |
Payment of dividends | -916 | -914 |
Purchase of treasury stock | -540 | -84 |
Loan fees incurred with borrowings | 0 | -644 |
Principal payments on long-term debt | -1,683 | -1,671 |
Proceeds from revolving credit facility | 95,512 | 127,089 |
Principal payments on revolving credit facility | -103,405 | -122,338 |
Net cash provided by (used in) financing activities | -11,032 | 1,438 |
Increase (decrease) in cash and cash equivalents | 2,857 | -383 |
Cash and cash equivalents, beginning of year | 0 | 383 |
Cash and cash equivalents, end of year | $2,857 | $0 |
Consolidated_Statements_Of_Cha
Consolidated Statements Of Changes In Stockholders’ Equity (USD $) | Total | Capital Stock Preferred | Issued Common | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
In Thousands, unless otherwise specified | |||||||
Balance, at Dec. 31, 2011 | $84,430 | $4 | $6,715 | $6,925 | $78,953 | ($1,035) | ($7,132) |
Comprehensive income: | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss) | 1,624 | ' | ' | ' | 1,624 | ' | ' |
Other comprehensive income | 802 | ' | ' | ' | ' | 802 | ' |
Dividends paid | -914 | ' | ' | ' | -914 | ' | ' |
Share-based compensation | 969 | ' | ' | 969 | ' | ' | ' |
Stock shares repurchased | -84 | ' | ' | ' | ' | ' | -84 |
Cancellation of treasury stock | 0 | ' | ' | ' | -7,132 | ' | 7,132 |
Balance, at Dec. 31, 2012 | 86,827 | 4 | 6,715 | 7,894 | 72,531 | -233 | -84 |
Comprehensive income: | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss) | -4,929 | ' | ' | ' | -4,929 | ' | ' |
Other comprehensive income | 229 | ' | ' | ' | ' | 229 | ' |
Dividends paid | -916 | ' | ' | ' | -916 | ' | ' |
Share-based compensation | 834 | ' | ' | 834 | ' | ' | ' |
Stock shares repurchased | -442 | ' | ' | ' | ' | ' | -442 |
Balance, at Dec. 31, 2013 | $81,603 | $4 | $6,715 | $8,728 | $66,686 | ($4) | ($526) |
Nature_Of_Operations_And_Summa
Nature Of Operations And Summary Of Significant Accounting Policies | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||
Nature of Operations and Summary of Significant Accounting Policies | ' | |||||||||
NOTE 1: | NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||
The Company. MGP Ingredients, Inc. (“Registrant” or “Company”) is a Kansas corporation headquartered in Atchison, Kansas. It was incorporated in 2011 and is a holding company with no operations of its own. Its principal directly-owned operating subsidiaries are MGPI Processing, Inc. (“Processing”) and MGPI of Indiana, LLC (“MGPI-I”). Processing was incorporated in Kansas in 1957 and is the successor to a business founded in 1941 by Cloud L. Cray, Sr. Prior to the Reorganization (discussed below), Processing was named MGP Ingredients, Inc. MGPI-I (previously named Firebird Acquisitions, Inc.) acquired substantially all the beverage alcohol distillery assets of Lawrenceburg Distillers Indiana, LLC (“LDI”) at its Lawrenceburg and Greendale, Indiana facility (“Indiana plant”) on December 27, 2011. | ||||||||||
On January 3, 2012, MGP Ingredients, Inc. reorganized into a holding company structure (the “Reorganization”). The Reorganization was effected through a merger (the “Merger”) of Processing with MGPI Merger Sub, Inc., which was an indirect wholly-owned subsidiary of Processing and a direct, wholly-owned subsidiary of MGPI Holdings, Inc (“Holdings”). Holdings was formerly a direct, wholly-owned subsidiary of Processing. Each of Holdings and MGPI Merger Sub, Inc. were organized in connection with the Merger. Processing survived the Merger, and as a result, became a direct wholly-owned subsidiary of Holdings. Upon completion of the Reorganization, the former holders of Processing’s common stock owned the same number of shares and same ownership percentage of Holdings as they did of Processing immediately prior to the Reorganization, Holdings replaced Processing as the public corporation, and Holdings changed its name to MGP Ingredients, Inc. The consolidated assets and liabilities of Holdings and its subsidiaries immediately after the Reorganization were the same as the consolidated assets and liabilities of Processing and its subsidiaries immediately before the effective time of the Merger. Immediately following the Reorganization: Holdings’ articles of incorporation and bylaws were the same in all material respects as those of Processing before the Merger, each director of Processing was a director of Holdings, and management of Holdings was the same (in all material respects) as the management of Processing prior to the Merger. Following the Reorganization, “Holdings” and “Company” refer to the same entity. To further the holding company structure, Processing distributed three of its formerly directly owned subsidiaries, MGPI-I, D.M. Ingredients, GmbH and Midwest Grain Pipeline, Inc., to Holdings. Processing’s other subsidiary, Illinois Corn Processing, LLC, remained a directly owned subsidiary of Processing, now 30% owned. | ||||||||||
The Company processes flour, corn, barley and rye into a variety of products through an integrated production process. The Company is a producer of certain distillery and ingredients products derived from grain and has three reportable segments: distillery products, ingredient solutions, and other. Effective February 8, 2013, the Company sold the assets at its bioplastics manufacturing facility in Onaga, Kansas and certain assets at its extruder-bio-resin laboratory located in Atchison, Kansas, which were included in the Company's other segment, as further described in Note 11: Operating Segments. The distillery products segment consists primarily of food grade alcohol, and to a much lesser extent, fuel grade alcohol and distillers feed. Fuel grade alcohol and distillers feed are co-products of our distillery operations. The ingredient solutions segment products primarily consist of specialty starches, specialty proteins, commodity starches and commodity vital wheat gluten. Included in the other segment are products comprised of plant-based biopolymers and wood-based composite resins manufactured through the further processing of certain of our proteins and starches and wood. | ||||||||||
The Company sells its products on normal credit terms to customers in a variety of industries located primarily throughout the United States and Japan. The Company operates plants in Atchison, Kansas, and Lawrenceburg and Greendale, Indiana. | ||||||||||
During the second quarter of fiscal 2010, through a series of transactions, the Company formed a joint venture by contributing its former Pekin, Illinois plant to a newly formed company, Illinois Corn Processing, LLC (“ICP”), and then selling a 50 percent interest in ICP. In 2012, the Company sold an additional 20 percent interest in ICP. The Company purchases food grade alcohol products manufactured by ICP. The Company produces textured wheat proteins through a toll manufacturing arrangement at a facility in the Netherlands. During December 2011, through its wholly owned subsidiary, MGPI-I, the Company acquired the beverage alcohol distillery assets (“Distillery Business”) of LDI. | ||||||||||
Use of Estimates. The financial reporting policies of the Company conform to accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The application of certain of these policies places significant demands on management’s judgment, with financial reporting results relying on estimation about the effects of matters that are inherently uncertain. For all of these policies, management cautions that future events rarely develop as forecast, and estimates routinely require adjustment and may require material adjustment. | ||||||||||
Principles of Consolidation. The Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. | ||||||||||
Cash and Cash Equivalents. Short-term liquid investments with an initial maturity of 90 days or less are considered cash equivalents. Cash equivalents are stated at cost, which approximates market value due to the relatively short maturity of these instruments. | ||||||||||
Receivables. Receivables are stated at the amounts billed to customers. The Company provides an allowance for estimated doubtful accounts. This allowance is based upon a review of outstanding receivables, historical collection information and an evaluation of existing economic conditions impacting the Company’s customers. Accounts receivable are ordinarily due 30 days after the issuance of the invoice. Receivables are considered delinquent after 30 days past the due date. These delinquent receivables are monitored and are charged to the allowance for doubtful accounts based upon an evaluation of individual circumstances of the customer. Account balances are written off after collection efforts have been made and potential recovery is considered remote. | ||||||||||
Inventory. Inventory includes finished goods, raw materials in the form of agricultural commodities used in the production process and certain maintenance and repair items. Whiskey and bourbon must be aged in barrels for several years, following industry practice; all barreled whiskey and bourbon is classified as a current asset. The Company includes warehousing, insurance, and other carrying charges applicable to barreled whiskey in inventory costs. | ||||||||||
Inventories are stated at the lower of cost or market on the first-in, first-out (“FIFO”) method. Inventory valuations are impacted by constantly changing prices paid for key materials, primarily corn. | ||||||||||
Derivative Instruments. The Company applies the provisions of Financial Accounting Standards Board ("FASB") Accounting Standards Codification (“ASC”) 815 – Derivatives and Hedging. The Company recognizes all derivatives as either assets or liabilities at their fair values. Accounting for changes in the fair value of a derivative depends on whether the derivative has been designated as a cash flow hedge and the effectiveness of the hedging relationship. Derivatives qualify for treatment as cash flow hedges for accounting purposes when there is a high correlation between the change in fair value of the hedging instrument (“derivative”) and the related change in value of the underlying commitment (“hedged item”). For derivatives that qualify as cash flow hedges for accounting purposes, except for ineffectiveness, the change in fair value has no net impact on earnings, to the extent the derivative is considered effective, until the hedged item or transaction affects earnings. For derivatives that are not designated as hedging instruments for accounting purposes, or for the ineffective portion of a hedging instrument, the change in fair value affects current period net earnings. | ||||||||||
On February 29, 2012, the Company discontinued hedge accounting and de-designated its hedge positions. On the date a derivative contract was entered into, the Company was required to designate the derivative as a hedge of variable cash flows to be paid with respect to certain forecasted cash purchases of commodities used in the manufacturing process (“a cash-flow hedge”). This accounting requires linking all derivatives that were designated as cash-flow hedges to specific firm commitments or forecasted transactions. For cash flow hedging relationships during 2012 through February 28, 2012, to qualify for cash flow hedge accounting, the Company formally documented the hedging relationship and its risk management objective and strategy for undertaking the hedge transactions, the hedging instrument, the hedged item, the nature of the risk hedged, the hedging instrument’s effectiveness in offsetting the hedged risk, and a description of the method utilized to measure ineffectiveness. The Company formally assessed, both at the hedge’s inception and on an ongoing basis, whether the derivatives that were used in hedging transactions were highly effective in offsetting changes in the expected cash flows of hedged items. Changes in fair value of contracts that qualified as cash-flow hedges that were highly effective were marked to fair value as derivative assets or derivative liabilities with the offset recorded to accumulated other comprehensive income (loss) (“AOCI”). Gains and losses on commodity hedging contracts were reclassified from AOCI to current earnings when the finished goods produced using the hedged item were sold. The maximum term over which the Company hedges exposures to the variability of cash flows for commodity price risk was generally 12 months. The ineffective portion of the change in fair value of a derivative instrument that qualifies as a cash-flow hedge was reported in current period earnings. | ||||||||||
The Company discontinues cash flow hedge accounting for a particular derivative instrument prospectively when (i) it determines that the derivative is no longer considered to be highly effective in offsetting changes in the expected cash flows of the hedged item; (ii) the derivative is sold, terminated or exercised; (iii) it de-designates the derivative as a hedging instrument because it is unlikely that a forecasted transaction will occur; or (iv) it determines that designation of the derivative as a hedging instrument is no longer appropriate. When cash flow hedge accounting is discontinued, the Company continues to carry the derivative on the Consolidated Balance Sheet at its fair value, and gains and losses that were included in AOCI are deferred until the original hedged item affects earnings. However, if the original hedged transaction is no longer probable of occurring, the related gains and losses incurred as of discontinuation are recognized in current period earnings. | ||||||||||
Properties, Depreciation and Amortization. Property and equipment are typically stated at cost. Additions, including those that increase the life or utility of an asset, are capitalized and all properties are depreciated over their estimated remaining useful lives. Depreciation and amortization are computed using the straight-line method over the following estimated useful lives: | ||||||||||
Buildings and improvements | 20 – 40 years | |||||||||
Transportation equipment | 5 – 6 years | |||||||||
Machinery and equipment | 10 – 12 years | |||||||||
Maintenance costs are expensed as incurred. The cost of property and equipment sold, retired or otherwise disposed of, as well as related accumulated depreciation and amortization, is eliminated from the property accounts with related gains and losses reflected in the Consolidated Statements of Operations. The Company capitalizes interest costs associated with significant construction projects. Total interest incurred for the years ended December 31, 2013 and 2012 is noted below: | ||||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | |||||||||
Interest costs charged to expense | $ | 1,118 | $ | 870 | ||||||
Plus: Interest cost capitalized | 108 | 136 | ||||||||
Total | $ | 1,226 | $ | 1,006 | ||||||
Equity Method Investments. The Company applies the provisions of FASB ASC 810 – Consolidation, which includes a qualitative approach to identifying a controlling financial interest in a variable interest entity and determination of the primary beneficiary. | ||||||||||
The Company accounts for its investment in non-consolidated subsidiaries under the equity method of accounting when the Company has significant influence, but does not have more than 50% voting control, and is not considered the primary beneficiary. Under the equity method of accounting, the Company reflects its investment in non-consolidated subsidiaries within the Company’s Consolidated Balance Sheets as “Equity method investments”; the Company’s share of the earnings or losses of the non-consolidated subsidiaries are reflected as “Equity method investment loss” in the Consolidated Statements of Operations. | ||||||||||
The Company reviews its investments in non-consolidated subsidiaries for impairment whenever events or changes in business circumstances indicate that the carrying amount of the investments may not be fully recoverable. Evidence of a loss in value that is other than temporary include, but are not limited to, the absence of an ability to recover the carrying amount of the investment, the inability of the investee to sustain an earnings capacity which would justify the carrying amount of the investment, or, where applicable, estimated sales proceeds which are insufficient to recover the carrying amount of the investment. If the fair value of the investment is determined to be less than the carrying value and the decline in value is considered to be other than temporary, an appropriate write-down is recorded based on the excess of the carrying value over the best estimate of fair value of the investment. | ||||||||||
Earnings (loss) per Share. The Company applies the provisions of FASB ASC 260 – Earnings Per Share. Basic and diluted earnings (loss) per share are computed using the two-class method, which is an earnings allocation formula that determines net income (loss) per share for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. Per share amounts are computed by dividing net income (loss) from continuing operations attributable to common shareholders by the weighted average shares outstanding during each year or period. | ||||||||||
Deferred Credit. In 2001, the United States Department of Agriculture developed a grant program for the gluten industry. The Company received nearly $26,000 of grants. The funds were required to be used for research, marketing, promotional and capital costs related to value-added gluten and starch products. Funds allocated on the basis of current operating costs were recognized in income as those costs were incurred. Funds allocated based on capital expenditures are being recognized in income as the related assets are depreciated. As of December 31, 2013 and 2012, deferred credit related to the USDA Grant was $3,043 and $3,599, respectively. In 2012, the Lawrenceburg Conservancy District (LCD) in Greendale, IN agreed to reimburse the Company up to $1,250 of certain capital maintenance costs of a Company-owned warehouse structure that is integral to the efficacy of the LCD’s flood control system. Certain capital maintenance activities per the agreement were completed prior to December 31, 2012 and the remaining capital maintenance activities are expected to be completed during calendar year 2014. As of December 31, 2013 and 2012, $914 in total had been reimbursed by the LCD and was included as a deferred credit. When the qualifying maintenance activities are completed, the deferred credit balance will be recognized in income as the related asset is depreciated. | ||||||||||
Income Taxes. Deferred income tax assets and liabilities resulting from the effects of transactions reported in different periods for financial reporting and income tax are recorded using the liability method of accounting for income taxes. This method gives consideration to the future tax consequences of the deferred income tax items and immediately recognizes changes in income tax laws upon enactment as well as applied income tax rates when facts and circumstances warrant such changes. A valuation allowance is established to reduce deferred income tax assets when it is more likely than not that a deferred income tax asset may not be realized. Additionally, the Company follows the provisions of FASB ASC 740, Income Taxes, related to the accounting for uncertainty in income tax positions, which requires management judgment and the use of estimates in determining whether the impact of a tax position is “more likely than not” of being sustained. The Company considers many factors when evaluating and estimating its tax positions, which may require periodic adjustment and which may not accurately anticipate actual outcomes. It is reasonably possible that amounts reserved for potential exposure could change significantly as a result of the conclusion of tax examinations and, accordingly, materially affect the Company’s operating results. | ||||||||||
Revenue Recognition. Except as discussed below, revenue from the sale of the Company’s products is recognized as products are delivered to customers according to shipping terms and when title and risk of loss have transferred. Income from various government incentive grant programs is recognized as it is earned. | ||||||||||
The Company’s Distillery segment routinely produces unaged distillate and this product is frequently barreled and warehoused at a Company location for an extended period of time in accordance with directions received from the Company’s customers. This product must meet customer acceptance specifications, the risks of ownership and title for these goods must be passed, and requirements for bill and hold revenue recognition must be met prior to the Company recognizing revenue for this product. Separate warehousing agreements are maintained for customers who store their product with the Company and warehouse revenues are recognized as the service is provided. | ||||||||||
Sales include customer paid freight costs billed to customers of $12,292 and $10,653 for the years ended December 31, 2013 and 2012, respectively. | ||||||||||
Excise Taxes. Certain sales of the Company are subject to excise taxes, which the Company collects from customers and remits to governmental authorities. The Company records the collection of excise taxes on distilled products sold to these customers as accrued expenses. No revenue or expense is recognized in the consolidated statements of operations related to customer-paid excise taxes. | ||||||||||
Research and Development. Research and development costs are expensed as incurred. These costs totaled $2,472 and $2,344 for the years ended December 31, 2013 and 2012, respectively. | ||||||||||
Long-Lived Assets and Loss on Impairment of Assets. Management reviews long-lived assets, mainly property and equipment assets, whenever events or circumstances indicate that usage may be limited and carrying values may not be fully recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are determined to be impaired, the impairment is measured by the amount by which the asset carrying value exceeds the estimated fair value of the assets. Assets to be disposed are reported at the lower of the carrying amount or fair value less costs to sell. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. | ||||||||||
Fair Value of Financial Instruments. The Company measures financial instruments in accordance with FASB ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), for financial assets and liabilities measured on a recurring basis. ASC 820 defines the fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company determines the fair values of its financial instruments based on the fair value hierarchy established in ASC 820, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The hierarchy is broken down into three levels based upon the observability of inputs. Fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices that are observable for the asset or liability. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value in its entirety requires judgment and considers factors specific to the asset or liability. | ||||||||||
FASB ASC 825, Financial Instruments, requires the disclosure of the estimated fair value of financial instruments. The Company’s short term financial instruments include cash and cash equivalents, accounts receivable and accounts payable. The carrying value of the short term financial instruments approximates the fair value due to their short term nature. These financial instruments have no stated maturities or the financial instruments have short term maturities that approximate market. | ||||||||||
The fair value of the Company’s debt is estimated based on current market interest rates for debt with similar maturities and credit quality. The fair value of the Company’s debt was $23,300 and $32,596 at December 31, 2013 and 2012, respectively. The financial statement carrying value was $23,168 and $32,744 at December 31, 2013 and 2012, respectively. These fair values are considered Level 2 under the fair value hierarchy. | ||||||||||
Defined Benefit Retirement Plans. The Company accounts for its defined benefit plans in accordance with FASB ASC Topic 715, Compensation – Retirement Benefits (“ASC 715”), which requires the Company to recognize in its statement of financial position either an asset or a liability for a defined benefit plan’s funded status. The Company’s liability is included in other non current liabilities on the Consolidated Balance Sheets. | ||||||||||
The Company measures the funded status of its defined benefit plans using actuarial techniques that reflect management’s assumptions for discount rate, expected long-term investment returns on plan assets, salary increases, expected retirement, mortality, and employee turnover. Assumptions regarding employee and retiree life expectancy are based upon the RP 2000 Combined Mortality Table. The discount rate is determined based on the rates of return on long-term, high-quality fixed income investments using the Citigroup Pension Liability Index as of year end. The expected long-term rate of return on plan assets assumption for the pension plans is determined with the assistance of actuaries, who calculate a yield considering the current asset allocation strategy, historical investment performance, and the expected future returns of each asset class and the expected future reinvestment of earnings and maturing investments. | ||||||||||
Other Post-retirement Benefit Plan. The Company accounts for its post–retirement benefit plan in accordance with ASC 715, which requires the Company to recognize in its statement of financial position either an asset or a liability for a postretirement plan’s funded status. The Company’s liability is included in Accrued Retirement Health and Life Insurance Benefits on the Consolidated Balance Sheets. | ||||||||||
The Company measures the obligation for other post-retirement benefits using actuarial techniques that reflect management’s assumptions for discount rate, salary increases, expected retirement, mortality, employee turnover and future increases in health care costs, which are based upon actual claims experience and other environmental and market factors impacting the costs of health care in the short and long-term. Assumptions regarding employee and retiree life expectancy are based upon the RP 2000 Combined Mortality Table. The discount rate is determined based on the rates of return on high-quality fixed income investments using the Citigroup Pension Liability Index as of the measurement date (long term rates of return are not considered because the plan has no assets). | ||||||||||
Stock Options and Restricted Stock Awards. The Company has share-based employee compensation plans, which are described more fully in Note 8: Employee Benefit Plans (primarily in the form of restricted stock and stock options). The Company accounts for share-based compensation using FASB ASC 718, Compensation – Stock Compensation (“ASC 718”). Under the provisions of ASC 718, the cost of share-based payments is recognized over the service period based on the grant date fair value of the award. The grant date fair value for stock options is estimated using the Black - Scholes option-pricing model adjusted for the unique characteristics of the awards. |
Other_Balance_Sheet_Captions
Other Balance Sheet Captions | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Supplemental Balance Sheet Disclosures [Abstract] | ' | |||||||
Other Balance Sheet Captions | ' | |||||||
NOTE 2: | OTHER BALANCE SHEET CAPTIONS | |||||||
Inventory. Inventory consists of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Finished goods | $ | 11,355 | $ | 14,272 | ||||
Barreled distillate | 10,310 | 9,080 | ||||||
Raw materials | 5,183 | 5,959 | ||||||
Work in process | 2,737 | 2,571 | ||||||
Maintenance materials | 4,766 | 4,116 | ||||||
Other | 566 | 534 | ||||||
Total | $ | 34,917 | $ | 36,532 | ||||
Property and equipment. Property and equipment consist of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Land, buildings and improvements | $ | 40,681 | $ | 39,509 | ||||
Transportation equipment | 2,793 | 2,360 | ||||||
Machinery and equipment | 146,410 | 144,106 | ||||||
Construction in progress | 4,803 | 4,544 | ||||||
Property and equipment, at cost | 194,687 | 190,519 | ||||||
Less accumulated depreciation and Amortization | (124,443 | ) | (115,128 | ) | ||||
Property and equipment, net | $ | 70,244 | $ | 75,391 | ||||
Property and equipment includes machinery and equipment assets under capital leases totaling $8,376 at December 31, 2013 and 2012. Accumulated depreciation for these assets totaled $3,660 and $2,612 at December 31, 2013 and 2012, respectively. | ||||||||
Accrued expenses. Accrued expenses consist of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Employee benefit plans | $ | 821 | $ | 784 | ||||
Salaries and wages | 4,354 | 1,843 | ||||||
Restructuring and severance charges (Note 9) | 1,277 | 643 | ||||||
Property taxes | 654 | 512 | ||||||
Other accrued expenses | 1,176 | 1,438 | ||||||
Total | $ | 8,282 | $ | 5,220 | ||||
Equity_Method_Investments
Equity Method Investments | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||
Equity Method Investments | ' | |||||||
NOTE 3: | EQUITY METHOD INVESTMENTS | |||||||
As of December 31, 2013, the Company’s investments accounted for on the equity method of accounting consist of the following: (1) 30 percent interest in Illinois Corn Processing, LLC (“ICP”), which manufactures alcohol for fuel, industrial and beverage applications, and (2) 50 percent interest in D.M. Ingredients, GmbH, (“DMI”), which produces certain specialty starch and protein ingredients. | ||||||||
Processing completed a series of related transactions on November 20, 2009 pursuant to which Processing contributed its Pekin plant and certain maintenance and repair materials to a newly-formed company, ICP, and then sold 50 percent of the membership interest in ICP to Illinois Corn Processing Holdings (“ICP Holdings”), an affiliate of SEACOR. | ||||||||
On February 1, 2012, ICP Holdings exercised its option to purchase an additional 20 percent of the membership interest in ICP. The sales price was $9,103 and was determined in accordance with the LLC Interest Purchase Agreement. Following its exercise, ICP Holdings owns 70 percent of ICP, is entitled to name 4 of ICP’s 6 advisory board members, and generally has control of ICP’s day to day operations. Processing owns 30 percent of ICP and is entitled to name 2 of ICP’s 6 advisory board members. | ||||||||
Under a marketing agreement between ICP and the Company, (the “Marketing Agreement”), ICP manufactured and supplied food grade and industrial-use alcohol products for the Company, and the Company purchased, marketed and sold such products for a marketing fee. Effective January 1, 2013, the Marketing Agreement expired. The Company continues to source product from ICP. | ||||||||
ICP’s term loan and revolving credit agreement with an affiliate of SEACOR expired as of December 31, 2012 and has not been renewed. The Company has no further funding requirement to ICP. | ||||||||
The ICP Limited Liability Company Agreement gives the Company and its joint venture partner, ICP Holdings, certain rights to shut down the Pekin plant if ICP operates at an EBITDA loss of $500 in any quarter. Such rights are conditional in certain instances, but are certain if EBITDA losses aggregate $1,500 over any three consecutive quarters or if ICP’s net working capital is less than $2,500. For the quarter ended March 31, 2013, ICP experienced an EBITDA loss in excess of the $500 threshold. Such shutdown notice was provided by the Company on April 18, 2013 under the terms of the ICP Limited Liability Company Agreement, and such notice was rejected by ICP Holdings. | ||||||||
Related Party Transactions | ||||||||
See Note 14: Related Party Transactions for discussion of related party transactions with ICP. | ||||||||
Realizability of ICP investment | ||||||||
No other than temporary impairments were recorded during the year ended December 31, 2013 and 2012 for the Company's equity method investments. | ||||||||
The Company’s equity in earnings (loss) is as follows: | ||||||||
Year Ended December 31, | ||||||||
2013 | 2012 | |||||||
ICP (30% interest) (a) | $ | (251 | ) | $ | (327 | ) | ||
DMI (50% interest) | 47 | 26 | ||||||
Total | $ | (204 | ) | $ | (301 | ) | ||
(a) The Company’s ownership percentage of ICP was 50 percent through February 1, 2012, when the Company sold a 20 percent interest of its investment. From February 2, 2012 through December 31, 2013, the Company’s ownership percentage in ICP was 30 percent. | ||||||||
The Company’s investment in non-consolidated subsidiaries is as follows: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
ICP (30% interest) (a) | $ | 6,653 | $ | 6,898 | ||||
DMI (50% interest) | 470 | 403 | ||||||
Total | $ | 7,123 | $ | 7,301 | ||||
(a) The Company’s ownership percentage of ICP was 50 percent through February 1, 2012, when the Company sold a 20 percent interest of its investment. From February 2, 2012 through December 31, 2013, the Company’s ownership percentage in ICP was 30 percent. |
Corporate_Borrowings_And_Capit
Corporate Borrowings And Capital Lease Obligations | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Corporate Borrowings and Capital Lease Obligations | ' | ||||||||||||||||||||||||||||
NOTE 4: | CORPORATE BORROWINGS AND CAPITAL LEASE OBLIGATIONS | ||||||||||||||||||||||||||||
Indebtedness Outstanding. Debt consists of the following: | |||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Revolving Credit Agreement, 2.52% (variable interest rate) | $ | 18,000 | $ | 25,893 | |||||||||||||||||||||||||
Secured Promissory Note, 6.63% (variable interest rate), due monthly to July, 2016. | 746 | 1,070 | |||||||||||||||||||||||||||
Water Cooling System Capital Lease Obligation, 2.61%, due monthly to May, 2017 | 4,422 | 5,603 | |||||||||||||||||||||||||||
Other Capital Lease Obligations, 0.61%, due monthly to October, 2013. | — | 178 | |||||||||||||||||||||||||||
Total | 23,168 | 32,744 | |||||||||||||||||||||||||||
Less current maturities of long term debt | (1,557 | ) | (1,683 | ) | |||||||||||||||||||||||||
Long-term debt | $ | 21,611 | $ | 31,061 | |||||||||||||||||||||||||
Credit Agreement and Former Credit Agreement. On November 2, 2012, the Company entered into an Amended and Restated Credit Agreement, and ancillary documents with Wells Fargo (the “Credit Agreement”). The Credit Agreement amends the Company’s Former Credit Agreement with the lender in all material respects. Key terms of the amended agreement are as follows: | |||||||||||||||||||||||||||||
The Credit Agreement matures on November 2, 2017 and provides for the provision of letters of credit and revolving loans with a Maximum Revolver Commitment of $55,000, subject to borrowing base limitations. As of December 31, 2013, our outstanding borrowings under this facility were $18,000, leaving $23,920 available for additional borrowings after giving effect to a $2,000 outstanding letter of credit that we have with one of our vendors. These limitations are generally based on the value of eligible inventory, as defined in the Credit Agreement, and accounts receivable owned by the Borrowers. The Credit Agreement includes a possible future $5,000 fixed asset sub-line facility that increases the applicable borrowing base by up to $5,000 in the event that certain unencumbered equipment and real estate is mortgaged and certain Excess Availability (as defined in the Credit Agreement) thresholds are satisfied. | |||||||||||||||||||||||||||||
Borrowings under the Credit Agreement may bear interest either on a Base Rate model or a LIBOR Rate model. For LIBOR Rate Loans, the interest rate is equal to the per annum LIBOR Rate (based on 1, 2, 3 or 6 months) plus 2.00% – 2.50% (depending upon the average Excess Availability, as described below). For Base Rate Loans, the interest rate shall be the greatest of (a) 1.00%, (b) the Federal Funds Rate plus 0.50%, (c) one-month LIBOR Rate plus 1.00%, and (d) Wells Fargo’s “prime rate” as announced from time to time. The weighted average rate in effect at December 31, 2013 and 2012, was 2.52% and 2.84%, respectively. The Credit Agreement provides for an unused line fee equal to 0.375% per annum multiplied by the difference of the total revolving loan commitment less the average outstanding revolving loans for the given period, as well as customary field examination and appraisal fees, letter of credit fees and other administrative fees. | |||||||||||||||||||||||||||||
The Company’s Credit Agreement contains a number of financial and other covenants, including provisions that require the Company under certain circumstances to meet certain financial tests. These covenants may limit or restrict the Company’s ability to: | |||||||||||||||||||||||||||||
• | incur additional indebtedness; | ||||||||||||||||||||||||||||
• | pay cash dividends or make distributions; | ||||||||||||||||||||||||||||
• | dispose of assets; | ||||||||||||||||||||||||||||
• | create liens on Company assets; | ||||||||||||||||||||||||||||
• | pledge the fixed and real property assets of LDI’s Distillery Business; or | ||||||||||||||||||||||||||||
• | merge or consolidate. | ||||||||||||||||||||||||||||
Under the Credit Agreement, the Company must comply with the following covenants: | |||||||||||||||||||||||||||||
Financial Covenants. For all periods in which the Excess Availability (which is the total availability for loans, less the Company’s and its subsidiaries’ trade payables aged in excess of historical levels and book overdrafts) is less than $9,625, the Borrowers are required to have a Fixed Charge Coverage Ratio (“FCCR”) | |||||||||||||||||||||||||||||
[FCCR means, with respect to any fiscal period and with respect to the Company determined on a consolidated basis in accordance with GAAP, the ratio of (i) EBITDA(1) for such period minus unfinanced Capital Expenditures made (to the extent not already incurred in a prior period) or incurred during such period, to (ii) Fixed Charges for such period.] | |||||||||||||||||||||||||||||
(1) On February 12, 2014, we entered into Amendment No. 1 to Credit Agreement ("First Amendment"). The First Amendment amended and restated the definition of the term EBITDA to add back (to the Company's consolidated net earnings (or loss)) governance expenses relating to shareholder litigation incurred prior to December 31, 2013, in an aggregate amount not in excess of $5,500. For the year ended December 31, 2013, we incurred $5,465 of such expenses. Had the Company not entered into the First Amendment, the Company still would have been in compliance with its FCCR covenant at December 31, 2013. | |||||||||||||||||||||||||||||
measured on a month end trailing basis, of at least 1.10:1.00 (a) for each month-end until October 31, 2013, for the trailing months from November 1, 2012 through such date, and (b) as of each month-end commencing November 30, 2013 using a trailing twelve-month measure. Moreover, Borrowers are required to maintain Excess Availability on a consolidated basis of at least $4,000 at all times prior to the later of (a) November 2, 2013 and (b) the last day of the first twelve month period for which Borrowers have maintained a Fixed Charge Coverage Ratio of at least 1.10:1.00. The Company was in compliance with its Credit Agreement’s financial covenants at December 31, 2013 and 2012. | |||||||||||||||||||||||||||||
Other Restrictions. The Company is generally prohibited from incurring any liabilities, or acquiring any assets, except for certain ordinary holding company activities as further described in the Credit Agreement. Wells Fargo has significant lending discretion under the Credit Agreement, and may modify borrowing base and advance rates, the effect of which may limit the amount of loans that the Borrowers may have outstanding at any given time. Wells Fargo may also terminate or accelerate our obligations under the Credit Agreement upon the occurrence of various events in addition to payment defaults and other breaches, including such matters as a change of control of the Company, defaults under other material contracts with third parties, and ERISA violations. | |||||||||||||||||||||||||||||
6.63% (variable interest rate) Secured Promissory Note, due monthly to July 2016. On July 20, 2009, Union State Bank – Bank of Atchison (“Bank of Atchison”), which previously had loaned the Company $1,500, agreed to loan Processing an additional $2,000. The note for this loan is secured by a mortgage and security interest on the Company’s Atchison plant and equipment. The note bears interest at 6.00% over the three year treasury index, adjustable quarterly, and is payable in 84 monthly installments of $32, with any balance due on the final installment. See Note 14: Related Party Transactions for further discussion on this related party transaction. | |||||||||||||||||||||||||||||
Leases | |||||||||||||||||||||||||||||
Capital Lease Obligations. | |||||||||||||||||||||||||||||
Water Cooling System Capital Lease Obligation. On June 28, 2011, Processing sold a major portion of the new process water cooling towers and related equipment being installed at its Atchison facility to U.S. Bancorp Equipment Finance, Inc. for $7,335 and leased them from U.S. Bancorp pursuant to a Master Lease Agreement and related Schedule. Monthly rentals under the lease are $110 (plus applicable sales/use taxes, if any) and continue for 72 months with a rate of 2.61%. Processing may purchase the leased property after 60 months for approximately $1,328, or at the end of the term for fair market value to be determined at that time. Given this continuing involvement, the Company treated this as a financing transaction. The lessor may, at its option, extend the lease for specified periods after the end of the term if Processing fails to exercise its purchase option. Under the terms of the Master Lease, Processing is responsible for property taxes and assumes responsibility for insuring and all risk of loss or damage to the property. | |||||||||||||||||||||||||||||
Obligations under the Master Lease may be accelerated if an event of default occurs and continues for 10 days. In addition to payment defaults and breaches of representations and covenants, events of default include defaults under any other agreement with lessor or payment default under any obligation. In such event, among other matters, lessor may cancel the Master Lease, take possession of the property and seek to recover the present value of future rentals, the residual value of the property and the value of lost tax benefits. | |||||||||||||||||||||||||||||
Lenders having liens on the Atchison facility, including its revolving credit lender, Wells Fargo Bank, National Association, entered into mortgagee's waivers with respect to the leased property. As described in Note 2: Other Balance Sheet Captions, this equipment is included in property, plant and equipment. | |||||||||||||||||||||||||||||
4.90% Industrial Revenue Bond Obligation. On December 28, 2006, Processing engaged in an industrial revenue bond transaction with the City of Atchison, Kansas (the "City") pursuant to which the City (i) under a trust indenture, (“the Indenture“), issued $7,000 principal amount of its industrial revenue bonds (“the Bonds”) to Processing and used the proceeds thereof to acquire from the Company its newly constructed office building and technical innovations center in Atchison, Kansas, (“the Facilities”) and (ii) leased the Facilities back to Processing under a capital lease (“the Lease”). The assets related to this transaction are included in property and equipment. | |||||||||||||||||||||||||||||
The Bonds mature on December 1, 2016 and bear interest, payable annually on December 1 of each year commencing December, 2007 at the rate of 4.90% per annum. Basic rent under the lease is payable annually on December 1 in an amount sufficient to pay principal and interest on the Bonds. The Indenture and Lease contain certain provisions, covenants and restrictions customary for this type of transaction. In connection with the transaction, Processing agreed to pay the city an administrative fee of $50 payable over 10 years. | |||||||||||||||||||||||||||||
The purpose of the transaction was to facilitate certain property tax abatement opportunities available related to the constructed facilities. The facilities acquired with bond proceeds will receive property tax abatements which terminate upon maturity of the Bonds on December 1, 2016. The issuance of the Bonds was integral to the tax abatement process. Financing for the Facilities was provided internally from Processing’s operating cash flow. Accordingly, upon consummation of the transaction and issuance of the Bonds, Processing acquired all Bonds issued for $7,000, excluding transaction fees. As a result, Processing owns all of the outstanding Bonds. Because Processing owns all outstanding Bonds, management considers the debt canceled and, accordingly, no amount for these Bonds is reflected as debt outstanding on the Consolidated Balance Sheets as of December 31, 2013 or 2012. | |||||||||||||||||||||||||||||
Below is a summary of the financial asset and liability that are offset as of December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||
(i) | (ii) | (iii) =i) - (ii) | |||||||||||||||||||||||||||
Gross | Gross | Net Amounts of | |||||||||||||||||||||||||||
Amounts of | Amounts | Assets (Liabilities) | |||||||||||||||||||||||||||
Recognized | offset in the | presented in the | |||||||||||||||||||||||||||
Assets | Balance Sheet | Balance Sheet | |||||||||||||||||||||||||||
(Liabilities) | |||||||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||||||
Investment in bonds | $ | 7,000 | $ | 7,000 | $ | 0 | |||||||||||||||||||||||
Capital lease obligation | $ | (7,000 | ) | $ | (7,000 | ) | $ | 0 | |||||||||||||||||||||
December 31, 2012: | |||||||||||||||||||||||||||||
Investment in bonds | $ | 7,000 | $ | 7,000 | $ | 0 | |||||||||||||||||||||||
Capital lease obligation | $ | (7,000 | ) | $ | (7,000 | ) | $ | 0 | |||||||||||||||||||||
Leases and Debt Maturities. Processing leases railcars and other assets under various operating leases. For railcar leases, the Company is generally required to pay all service costs associated with the railcars. Rental payments include minimum rentals plus contingent amounts based on mileage. Rental expenses under operating leases with terms longer than one month were $2,844 and $2,485 for the years ended December 31, 2013 and 2012, respectively. Minimum annual payments and present values thereof under existing debt maturities, capital leases and minimum annual rental commitments under non-cancelable operating leases are as follows: | |||||||||||||||||||||||||||||
Capital Leases | |||||||||||||||||||||||||||||
Year Ending | Revolving | Long-Term | Minimum | Less | Net Present | Total Debt | Operating | ||||||||||||||||||||||
December 31, | Credit | Debt | Lease | Interest | Value | Leases | |||||||||||||||||||||||
Agreement | Payments | ||||||||||||||||||||||||||||
2014 | $ | — | $ | 345 | $ | 1,316 | $ | 104 | $ | 1,212 | $ | 1,557 | $ | 2,280 | |||||||||||||||
2015 | 369 | 1,316 | 72 | 1,244 | 1,613 | 2,167 | |||||||||||||||||||||||
2016 | 32 | 1,316 | 39 | 1,277 | 1,309 | 1,699 | |||||||||||||||||||||||
2017 | 18,000 | — | 695 | 6 | 689 | 18,689 | 1,106 | ||||||||||||||||||||||
2018 | — | — | — | — | — | 265 | |||||||||||||||||||||||
Thereafter | — | — | — | — | — | — | 727 | ||||||||||||||||||||||
Total | $ | 18,000 | $ | 746 | $ | 4,643 | $ | 221 | $ | 4,422 | $ | 23,168 | $ | 8,244 | |||||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Income Taxes | ' | ||||||||
NOTE 5: | INCOME TAXES | ||||||||
The provision (benefit) for income taxes from continuing operations is comprised of the following: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Current: | |||||||||
Federal | $ | (16 | ) | $ | — | ||||
State | 29 | 318 | |||||||
13 | 318 | ||||||||
Deferred: | |||||||||
Federal | (642 | ) | — | ||||||
State | (85 | ) | — | ||||||
(727 | ) | — | |||||||
Total | $ | (714 | ) | $ | 318 | ||||
The tax effect of pretax income or loss from continuing operations generally should be determined by a computation that does not consider the tax effects of items that are not included in continuing operations. An exception to that incremental approach is applied when there is a loss from continuing operations and income in another category of earnings (for example, extraordinary items, discontinued operations, other comprehensive income, additional paid in capital, etc.). In that situation, the tax provision is first allocated to the other categories of earnings. A related tax benefit is then recorded in continuing operations. This exception to the general rule applies even when a valuation allowance is in place at the beginning and end of the year. While the intraperiod tax allocation does not change the overall tax provision, it may result in a gross-up of the individual components, thereby changing the amount of tax provision included in each category. | |||||||||
Pursuant to these intraperiod allocation requirements, the Company’s provision for income taxes for the year ended December 31, 2013 has been allocated between continuing, discontinued operations, and other comprehensive income. The Company recorded an income tax benefit of $714 related to continuing operations with offsetting tax expense of $575 and $152 in discontinued operations and other comprehensive income, respectively, for the year ended December 31, 2013. Discontinued operations and other comprehensive income, net of income tax expense, for the year ended December 31, 2013 were $878 and $229, respectively. The effective tax rates for discontinued operations and other comprehensive income were 39.6% and 39.9%, respectively for the year ended December 31, 2013. The total income tax provision did not change, and continues to be impacted by the full valuation allowance on the Company's deferred tax assets. | |||||||||
A reconciliation of the provision for income taxes from continuing operations at the normal statutory federal rate to the provision included in the accompanying consolidated statements of operations is shown below: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
“Expected” provision at federal statutory rate | $ | (2,282 | ) | $ | 680 | ||||
State income taxes | (705 | ) | 106 | ||||||
Change in valuation allowance | 2,222 | (447 | ) | ||||||
Other | 51 | (21 | ) | ||||||
Provision for income taxes | $ | (714 | ) | $ | 318 | ||||
Effective tax rate | 11 | % | 16.4 | % | |||||
The tax effects of temporary differences related to deferred income taxes shown on the consolidated balance sheets are as follows: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Deferred income tax assets: | |||||||||
Post-retirement liability | $ | 1,928 | $ | 2,277 | |||||
Deferred income | 1,568 | 1,651 | |||||||
Stock based compensation | 2,106 | 1,857 | |||||||
Federal operating loss carry-forwards | 12,938 | 11,481 | |||||||
Capital loss carryforward | 926 | 2,243 | |||||||
State tax credits | 3,022 | 3,022 | |||||||
State operating loss carry-forwards | 8,277 | 7,638 | |||||||
Other | 4,049 | 4,626 | |||||||
Less: valuation allowance | (11,275 | ) | (9,053 | ) | |||||
Gross deferred income tax assets | 23,539 | 25,742 | |||||||
Deferred income tax liabilities: | |||||||||
Fixed assets | (17,919 | ) | (20,180 | ) | |||||
Equity method investment | (391 | ) | (526 | ) | |||||
Other | (5,229 | ) | (5,036 | ) | |||||
Gross deferred income tax liabilities | (23,539 | ) | (25,742 | ) | |||||
Net deferred income tax liability | $ | — | $ | — | |||||
The Company establishes a valuation allowance against certain deferred income tax assets if management believes, based on its assessment of historical and projected operating results and other available facts and circumstances, that it is more-likely-than-not that all or a portion of the deferred income tax assets will not be realized. Management reassessed the need for a valuation allowance for its deferred income tax assets. It was determined that a valuation allowance was appropriate on its net deferred income tax assets for each year presented. | |||||||||
As of December 31, 2013, the Company had approximately $36,969 and $99,496 of federal and state net operating loss carry-forwards, respectively. The federal net operating loss will expire if not used in varying periods between 2028 and 2031. Due to varying state carry-forward periods, the state net operating losses and credit carryforwards will expire between calendar years 2016 and 2031. The Company has a capital loss carry-forward of $2,318 as of December 31, 2013, of which $1,843 and $475 will expire at the end of calendar years 2016 and 2018, respectively. | |||||||||
The Company has elected to treat interest and penalties related to tax liabilities as a component of income tax expense. During the years ended December 31, 2013 and 2012, the Company’s activity in accrued interest and penalties was not significant. | |||||||||
The following is a reconciliation of the total amount of unrecognized tax benefits (excluding interest and penalties) for the years ended December 31, 2013 and 2012: | |||||||||
Years Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Beginning of year balance | $ | 445 | $ | 445 | |||||
Additions for tax positions of prior years | 62 | — | |||||||
Additions for tax positions of the current year | 59 | — | |||||||
End of year balance | $ | 566 | $ | 445 | |||||
For each period presented, the amount of unrecognized benefits (excluding interest and penalties) that would impact the effective tax rate is approximately $29, if recognized. | |||||||||
The Company does not expect a significant change in the amount of unrecognized tax benefits in the next twelve months. | |||||||||
The Company’s federal and state income tax returns for the fiscal years ended June 30, 2010 and forward are open to examination. The amount of income taxes that the Company pays is subject to ongoing audits by federal and state taxing authorities. |
Equity
Equity | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Equity | ' | ||||||||||||||||
NOTE 6: | EQUITY | ||||||||||||||||
Dividends | |||||||||||||||||
On March 1, 2012, the Board of Directors declared a five (5) cent dividend per share of common stock, payable to holders of record on March 22, 2012. The $914 dividend was paid on April 19, 2012. | |||||||||||||||||
On February 28, 2013, the Board of Directors declared a five (5) cent dividend per share of common stock, payable to holders of record on March 18, 2013. The $916 dividend was paid on April 10, 2013. | |||||||||||||||||
See Note 17: Subsequent Events for dividend declaration after year end. | |||||||||||||||||
Capital Stock | |||||||||||||||||
Common Stock shareholders are entitled to elect four of the nine members of the Board of Directors, while Preferred Stock shareholders are entitled to elect the remaining five members. Three directors are elected annually for a three year term. Any vacancies on the Board are to be filled only by the stockholders and not by the Board. Stockholders holding 10% or more of the outstanding Common or Preferred Stock have the right to call a special meeting of stockholders. Common Stock shareholders are not entitled to vote with respect to a merger, dissolution, lease, exchange or sale of substantially all of the Company’s assets, or on an amendment to the Articles of Incorporation, unless such action would increase or decrease the authorized shares or par value of the Common or Preferred Stock, or change the powers, preferences or special rights of the Common or Preferred Stock so as to affect the Common Stock shareholders adversely. Generally, Common Stock shareholders and Preferred Stock shareholders vote as separate classes on all other matters requiring shareholder approval. | |||||||||||||||||
The Board seat vacancy resulting from Mr. Newkirk’s resignation will be filled by the new CEO to be hired in the CEO search. | |||||||||||||||||
Until December 18, 2014, six Board members are required to approve any sale of all or substantially all of the Company’s assets or stock or any material division thereof, any acquisition of a material nature (by asset purchase, stock purchase, merger or otherwise) of any other business, any acquisition or sale of a joint venture of a material nature, and any other acquisition or sale transaction of the Company’s assets or stock outside the ordinary course of business. | |||||||||||||||||
On January 3, 2012, Processing reorganized into a holding company structure. In connection with this transaction, the new holding company was similarly structured in terms of number of shares of Common Stock and Preferred Stock, the articles of incorporation and officer and directors. This reorganization did not change the designations, rights, powers or preferences relative rights to holders of our Preferred or Common Stock as described above. Further, in connection with the reorganization, Processing’s 1,414,379 treasury shares were canceled, which also reduced the number of issued shares by 1,414,379. The Company accounted for the cancellation of treasury stock as a charge to retained earnings, which reduced both treasury stock and retained earnings by $7,132. The Company had historically used this treasury stock for issuance of Common Stock under the Company’s equity-based compensation plans. With the retirement of these treasury shares, the Company reserved certain authorized shares for issuance of Common Stock under its equity-based compensation plans. | |||||||||||||||||
Reserved shares of Common Stock at December 31, 2013 were as follows: | |||||||||||||||||
Stock options granted but not exercised | 10,000 | ||||||||||||||||
Restricted stock to non-employees (authorized but not granted) | 13,383 | ||||||||||||||||
Restricted stock to employees and executives (authorized but not granted) | 1,292,958 | ||||||||||||||||
Total | 1,316,341 | ||||||||||||||||
Earnings (Loss) Per Share | |||||||||||||||||
The computations of basic and diluted earnings (loss) per share from continuing operations are as follows: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Continuing Operations: | |||||||||||||||||
Net income (loss) from continuing operations attributable to shareholders | $ | (5,807 | ) | $ | 1,624 | ||||||||||||
Less: Amounts allocated to participating securities (non-vested shares and units) (i) | — | (121 | ) | ||||||||||||||
Net income (loss) from continuing operations attributable to common shareholders | $ | (5,807 | ) | $ | 1,503 | ||||||||||||
Discontinued Operations: | |||||||||||||||||
Discontinued operations attributable to shareholders | $ | 878 | $ | — | |||||||||||||
Less: Amounts allocated to participating securities (nonvested shares and units) (i) | — | — | |||||||||||||||
Discontinued operations attributable to common shareholders | $ | 878 | $ | — | |||||||||||||
Net income (loss) | $ | (4,929 | ) | $ | 1,503 | ||||||||||||
Share information: | |||||||||||||||||
Basic weighted average common shares(ii) | 17,069,455 | 16,951,168 | |||||||||||||||
Potential dilutive securities (iii) | — | — | |||||||||||||||
Diluted weighted average common shares | 17,069,455 | 16,951,168 | |||||||||||||||
Basic earnings (loss) per share | |||||||||||||||||
Income (loss) from continuing operations | $ | (0.34 | ) | $ | 0.09 | ||||||||||||
Income from discontinued operations | 0.05 | — | |||||||||||||||
Net income (loss) | $ | (0.29 | ) | $ | 0.09 | ||||||||||||
Diluted earnings (loss) per share | |||||||||||||||||
Income (loss) from continuing operations | $ | (0.34 | ) | $ | 0.09 | ||||||||||||
Income from discontinued operations | $ | 0.05 | $ | — | |||||||||||||
Net income (loss) | $ | (0.29 | ) | $ | 0.09 | ||||||||||||
(i) | Participating securities include 569,296 and 933,887 nonvested restricted shares for the years ended December 31, 2013 and 2012, as well as 371,502 and 423,264 restricted share units for the years ended December 31, 2013 and 2012, respectively. Participating securities do not receive an allocation in periods when a loss is experienced. | ||||||||||||||||
(ii) | Under the two-class method, basic weighted average common shares exclude outstanding nonvested participating securities consisting of restricted share awards of 569,296 and 933,887 for the years ended December 31, 2013 and 2012, respectively. | ||||||||||||||||
(iii) | Potential dilutive securities have not been included in the earnings (loss) per share computation in a period when a loss is experienced. At December 31, 2013 and 2012, the Company had 10,000 and 20,000 stock options outstanding, respectively, and all were anti-dilutive. | ||||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component | |||||||||||||||||
Pension Plan Items | Post Employment Benefit Items | Foreign Currency Items | Total | ||||||||||||||
Beginning balance | $ | (627 | ) | $ | 429 | $ | (35 | ) | $ | (233 | ) | ||||||
Other comprehensive income before reclassifications | 179 | 339 | 12 | 530 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income | 71 | (372 | ) | — | (301 | ) | |||||||||||
Net current year other comprehensive income | 250 | (33 | ) | 12 | 229 | ||||||||||||
Ending balance | $ | (377 | ) | $ | 396 | $ | (23 | ) | $ | (4 | ) | ||||||
Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||
Details about Accumulated Other Comprehensive Income Components | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Affected Line Item in the Statement of Operations | |||||||||||||||
Pension Plan Items: | |||||||||||||||||
Recognized net actuarial loss | $ | 66 | (a) | ||||||||||||||
Settlement loss | 52 | (a) | |||||||||||||||
118 | Total before tax | ||||||||||||||||
(47 | ) | Tax expense | |||||||||||||||
$ | 71 | Net of tax | |||||||||||||||
Post Employment Benefit Items: | |||||||||||||||||
Amortization of prior service cost | $ | (647 | ) | (a) | |||||||||||||
Recognized net actuarial loss | 28 | (a) | |||||||||||||||
(619 | ) | Total before tax | |||||||||||||||
247 | Tax benefit | ||||||||||||||||
$ | (372 | ) | Net of tax | ||||||||||||||
Total reclassifications for the year | $ | (301 | ) | Net of tax | |||||||||||||
(a) These accumulated other comprehensive income components are included in the computation of net period pension cost. See Note 8: Employee Benefit Plans for additional details. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |
Dec. 31, 2013 | ||
Commitments and Contingencies Disclosure [Abstract] | ' | |
Commitments and Contingencies | ' | |
NOTE 7: | COMMITMENTS AND CONTINGENCIES | |
Commitments | ||
The Company has grain supply agreements to purchase its corn requirements for each of its Indiana plant and Atchison plant through a single supplier. These grain supply agreements expire December 31, 2014. At December 31, 2013, the Company had commitments to purchase corn to be used in operations through December 2014 totaling $43,415. | ||
The Company has commitments to purchase natural gas needed in the production at fixed prices at various dates through November 2014. The commitment for these contracts at December 31, 2013 totaled $7,548. | ||
The Company entered into a supply contract for flour for use in the production of protein and starch ingredients. The initial term of the agreement, as amended, expires October 23, 2015. At December 31, 2013, the Company had purchase commitments aggregating $8,883 through September 2014. | ||
At December 31, 2013, the Company had contracts to acquire capital assets of approximately $469. | ||
At December 31, 2013, the Company had $2,000 outstanding from a letter of credit with a vendor, which reduced the amount otherwise available to the Company under its revolving line of credit. | ||
Contingencies | ||
During fiscal 2013, pursuant to the Settlement Agreement and Mutual Release (the "Settlement Agreement"), the Company entered into a Settlement Agreement and Mutual Release (the "Settlement Agreement") with Cloud L. Cray, Jr., Karen Seaberg and Thomas M. Cray (collectively, the "Cray Group") and Timothy W. Newkirk, the Company's former Chief Executive Officer, and all other members of the Board of Directors. In connection with the Settlement Agreement, the Company agreed to reimburse, within ten business days of presentment, the members of the Cray Group for all reasonable legal fees and out-of-pocket costs and expenses incurred in connection with the matters related to the proxy contest, up to an aggregate maximum cap of $1,775. The Cray Group submitted reimbursement requests for $1,764, which the Company fully accrued at December 31, 2013. Such costs are included in the caption Selling, General and Administrative Expenses on the Consolidated Statement of Operations. | ||
There are various legal proceedings involving the Company and its subsidiaries. Management considers that the aggregate liabilities, if any, arising from such actions would not have a material adverse effect on the consolidated financial position or overall trends in results of operations of the Company. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||||
NOTE 8: | EMPLOYEE BENEFIT PLANS | ||||||||||||||||||
401(k) Plans. The Company has established 401(k) profit sharing plans covering all employees after certain eligibility requirements are met. Amounts charged to operations for employer contributions related to the plans totaled $1,004 and $773 for the years ended December 31, 2013 and 2012. | |||||||||||||||||||
Defined Benefit Retirement Plans. The Company sponsors two partially funded, noncontributory qualified defined benefit pension plans, which cover substantially all union employees and certain former employees. The benefits under these pension plans are based upon years of qualified credited service; however benefit accruals under the plans were frozen. The Company’s funding policy is to contribute annually not less than the regulatory minimum and not more than the maximum amount deductible for income tax purposes. The measurement date is December 31. | |||||||||||||||||||
During the year ended December 31, 2012 our two defined benefit retirement plans were merged together and the beneficiaries of one plan were provided the opportunity to withdraw their pension funds resulting in a lump sum benefit payment of $1,997. Acceleration of the actuarial net losses (i.e. settlement losses) from accumulated other comprehensive income of $228 was required due to the significance of the lump sum benefit payments during 2012. | |||||||||||||||||||
Other Post-Retirement Benefit Plan. The Company sponsors an unfunded, contributory qualified plan that provides life insurance coverage as well as certain health care and medical benefits, including prescription drug coverage, to certain retired employees. At December 31, 2013 the plan covered 327 participants, both active and retired. This post-retirement benefit plan is contributory and provides benefits to retirees and their spouses. Contributions are adjusted annually. The plan contains fixed deductibles, coinsurance and out-of-pocket limitations. The life insurance segment of the plan is noncontributory and is available to retirees only. During the year ended December 31, 2012, the Company made a change to the plan to terminate these health care and life insurance benefits at retirement age for non-union employees who were not at least 60 years old on September 1, 2012. The effect of this plan change was a negative plan amendment benefit of $1,165 and $79 curtailment gain. The negative plan amendment includes $1,021 for health care benefits and $144 for life insurance benefits. These amounts will be recognized into income over the average remaining years of service to retirement and the average expected lifetime remaining for health care benefits and life insurance benefits, respectively. The accounting impact for the curtailment resulted in immediate recognition of a benefit related to unamortized prior service cost of $79. The liability for such benefits was unfunded as it is the Company’s policy to fund benefits payable as they come due. | |||||||||||||||||||
The Company funds the post retirement benefit plans on a pay-as-you-go basis, and there are no assets that have been segregated and restricted to provide for post retirement benefits. The Company pays claims as they are submitted for the medical plan. The Company provides varied levels of benefits to participants depending upon the date of retirement and the location in which the employee worked. The retiree medical and life plans are available to union employees who have attained the age of 62 and rendered the required five years of service. All health benefit plans provide company-paid continuation of the active medical plan until the retiree reaches age 65. At age 65, the Company pays a lump sum advance premium on behalf of the retiree to the MediGap carrier of the retiree’s choice. The employee retirement date determines which level of benefits is provided. | |||||||||||||||||||
The Company’s measurement date is December 31. The Company expects to contribute approximately $405, net of $29 of Medicare Part D subsidy receipts, to the plan in fiscal year 2014. | |||||||||||||||||||
The status of the Company’s plans at December 31, 2013 and 2012, was as follows: | |||||||||||||||||||
Defined Benefit Retirement Plans | Post-Retirement Benefit Plan | ||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||
Beginning of year | $ | 2,690 | $ | 4,884 | $ | 5,700 | $ | 6,309 | |||||||||||
Service cost | — | — | 127 | 192 | |||||||||||||||
Interest cost | 83 | 146 | 165 | 209 | |||||||||||||||
Actuarial loss (gain) | (241 | ) | (300 | ) | (558 | ) | 768 | ||||||||||||
Negative plan amendment benefit | — | — | — | (1,165 | ) | ||||||||||||||
Benefits paid | (342 | ) | (2,040 | ) | (607 | ) | (613 | ) | |||||||||||
Benefit obligation at end of year | $ | 2,190 | $ | 2,690 | $ | 4,827 | $ | 5,700 | |||||||||||
The following table shows the change in plan assets: | |||||||||||||||||||
Defined Benefit Retirement Plans | |||||||||||||||||||
December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 1,720 | $ | 3,278 | |||||||||||||||
Actual return on plan assets | 172 | 129 | |||||||||||||||||
Employer contributions | — | 353 | |||||||||||||||||
Benefits paid | (342 | ) | (2,040 | ) | |||||||||||||||
Fair value of plan assets at end of year | $ | 1,550 | $ | 1,720 | |||||||||||||||
Assumptions used to determine accumulated benefit obligations as of the year-end were: | |||||||||||||||||||
Defined Benefit Retirement Plans | Post-Retirement Benefit Plan | ||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Discount rate | 4.11 | % | 3.19 | % | 3.95 | % | 2.98 | % | |||||||||||
Measurement date | December 31, | December 31, | December 31, | December 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Assumptions used to determine net benefit cost for the years ended December 31, 2013 and 2012 were: | |||||||||||||||||||
Defined Benefit Retirement Plans | Post-Retirement Benefit Plan | ||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Expected return on Assets | 7 | % | 7 | % | — | — | |||||||||||||
Discount rate | 3.19 | % | 4.21 | % | 2.98 | % | 3.26 | % | |||||||||||
Average compensation increase | n/a | n/a | n/a | n/a | |||||||||||||||
The discount rate refers to the interest rate used to discount the estimated future benefit payments to their present value, referred to as the benefit obligation. The discount rate allows the Company to estimate what it would cost to settle the pension obligations as of the measurement date. The Company determines the discount rate using a yield curve of high-quality fixed-income investments whose cash flows match the timing and amount of the Company’s expected benefit payments. | |||||||||||||||||||
In determining the expected rate of return on assets, the Company considers its historical experience in the plans’ investment portfolio, historical market data and long-term historical relationships, as well as a review of other objective indices including current market factors such as inflation and interest rates. | |||||||||||||||||||
Components of net benefit cost are as follows: | |||||||||||||||||||
Defined Benefit Retirement Plans | Post-Retirement Benefit Plan | ||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Service cost | $ | — | $ | — | 127 | $ | 192 | ||||||||||||
Interest cost | 83 | 146 | 165 | 209 | |||||||||||||||
Expected return on assets | (114 | ) | (166 | ) | — | — | |||||||||||||
Amortization of prior service cost | — | — | (647 | ) | (227 | ) | |||||||||||||
Prior service cost recognized due to curtailment | — | — | — | (79 | ) | ||||||||||||||
Recognized net actuarial loss | 66 | 90 | 28 | — | |||||||||||||||
Settlement losses | 52 | 228 | — | — | |||||||||||||||
Total | $ | 87 | $ | 298 | $ | (327 | ) | $ | 95 | ||||||||||
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss) are as follows: | |||||||||||||||||||
Defined Benefit Retirement Plans | Post-Retirement Benefit Plan | ||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Net actuarial (loss) gain | $ | 298 | $ | 265 | $ | 558 | $ | (768 | ) | ||||||||||
Settlement losses | 52 | 228 | — | — | |||||||||||||||
Recognized net actuarial loss | 66 | 90 | 28 | — | |||||||||||||||
Prior service cost recognized due to negative plan adjustment | — | — | — | 1,165 | |||||||||||||||
Prior service cost recognized due to curtailments | — | — | — | (79 | ) | ||||||||||||||
Amortization of prior service cost | — | — | (647 | ) | (227 | ) | |||||||||||||
Total other comprehensive income (loss), pre-tax | 416 | 583 | (61 | ) | 91 | ||||||||||||||
Income tax provision (benefit) | 166 | — | (22 | ) | — | ||||||||||||||
Total other comprehensive income (loss), net of tax | $ | 250 | $ | 583 | $ | (39 | ) | $ | 91 | ||||||||||
Amounts recognized in the Consolidated Balance Sheets are as follows: | |||||||||||||||||||
Defined Benefit Retirement Plans | Post-Retirement Benefit Plan | ||||||||||||||||||
As of December 31, | As of December 31, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Accrued expenses | $ | — | $ | — | $ | (405 | ) | $ | (604 | ) | |||||||||
Other non-current liabilities | (640 | ) | (970 | ) | — | — | |||||||||||||
Accrued retirement benefits | — | — | (4,422 | ) | (5,096 | ) | |||||||||||||
Net amount recognized | $ | (640 | ) | $ | (970 | ) | $ | (4,827 | ) | $ | (5,700 | ) | |||||||
The estimated amount that will be recognized from accumulated other comprehensive income (loss) into net periodic benefit cost during the year ended December 31, 2014 is as follows: | |||||||||||||||||||
Defined Benefit Retirement Plans | Post-Retirement Benefit Plan | ||||||||||||||||||
Actuarial net loss | $ | (20 | ) | $ | — | ||||||||||||||
Net prior service credits | — | 196 | |||||||||||||||||
Net amount recognized | $ | (20 | ) | $ | 196 | ||||||||||||||
The assumed average annual rate of increase in the per capita cost of covered benefits (health care cost trend rate) is as follows: | |||||||||||||||||||
Post-Retirement Benefit Plan | |||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Pre-Age 65 | Age 65 and older | Pre-Age 65 | Age 65 and older | ||||||||||||||||
Health care cost trend rate | 8 | % | 6.5 | % | 8 | % | 8 | % | |||||||||||
Ultimate trend rate | 5 | % | 5 | % | 5 | % | 5 | % | |||||||||||
Year rate reaches ultimate trend rate | 2027 | 2021 | 2024 | 2024 | |||||||||||||||
A one percentage point increase (decrease) in the assumed health care cost trend rate would have increased (decreased) the accumulated benefit obligation by $263 ($238) at December 31, 2013, and the service and interest cost would have increased (decreased) by $24 ($21) for the year ended December 31, 2013. | |||||||||||||||||||
As of December 31, 2013, the following expected benefit payments (net of Medicare Part D subsidiary for Post-Retirement Benefit Plan Payments), and the related expected subsidy receipts which reflect expected future service, as appropriate, are expected to be paid to plan participants: | |||||||||||||||||||
Defined Benefit | Post-Retirement Benefit Plan | ||||||||||||||||||
Retirement Plan | |||||||||||||||||||
Expected Benefit | Expected Benefit | Expected Subsidy | |||||||||||||||||
Payments | Payments | Receipts | |||||||||||||||||
2014 | $ | 124 | $ | 405 | $ | 29 | |||||||||||||
2015 | 91 | 398 | 26 | ||||||||||||||||
2016 | 222 | 375 | 25 | ||||||||||||||||
2017 | 161 | 375 | 23 | ||||||||||||||||
2018 | 180 | 416 | 22 | ||||||||||||||||
2019-2023 | 939 | 2,292 | 84 | ||||||||||||||||
Total | $ | 1,717 | $ | 4,261 | $ | 209 | |||||||||||||
The weighted average asset allocation by asset category is as follows: | |||||||||||||||||||
Defined Benefit Retirement Plan | |||||||||||||||||||
As of December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Asset Category | |||||||||||||||||||
Cash and cash equivalents | 36 | % | 42 | % | |||||||||||||||
Equity Securities | 47 | % | 36 | % | |||||||||||||||
Debt Securities | 11 | % | 13 | % | |||||||||||||||
Other | 6 | % | 9 | % | |||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||||
The Company’s investment strategy is based on an expectation that equity securities will outperform debt securities over the long term. Accordingly, the composition of the Company’s plan assets is broadly characterized as a 62%/26%/12% allocation between equity, debt, and other securities. The strategy utilizes a diversified equity approach using multiple asset classes. The fixed income portion is actively managed investment grade debt securities (which constitute 80% or more of debt securities) with a lesser allocation to high-yield, international, inflation-protected, and rising rate debt securities. Of the lesser allocation, any one debt category will be no greater than 10% of the total debt portfolio. The portfolio may also utilize alternative assets to mitigate risk in the portfolio. | |||||||||||||||||||
The Company further mitigates investment risk by rebalancing between equity and debt classes to maintain allocation parameters to be within approximately +/-10% of established targets. This is done to handle changes in asset allocation caused by Company contributions, monthly benefit payments, and general market volatility. At December 31, 2013, the Company held 36% of its investments in cash due to anticipated benefit payments to be made during 2014. The following table sets forth the Company’s defined benefit retirement plan assets as of December 31, 2013, by level within the fair value hierarchy. | |||||||||||||||||||
Fair Value Measurements at December 31, 2013 | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Cash and cash equivalents | $ | 556 | $ | — | $ | — | $ | 556 | |||||||||||
Equity Securities: | |||||||||||||||||||
Domestic equity securities | 566 | — | — | 566 | |||||||||||||||
International equity securities | 156 | — | — | 156 | |||||||||||||||
Fixed income securities: | |||||||||||||||||||
Investment grade domestic bonds | 167 | — | — | 167 | |||||||||||||||
Other | 105 | — | — | 105 | |||||||||||||||
Total | $ | 1,550 | $ | — | $ | — | $ | 1,550 | |||||||||||
The following table sets forth the Company’s defined benefit retirement plan assets as of December 31, 2012, by level within the fair value hierarchy. | |||||||||||||||||||
Fair Value Measurements at December 31, 2012 | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Cash and cash equivalents | $ | 724 | $ | — | $ | — | $ | 724 | |||||||||||
Equity Securities: | |||||||||||||||||||
Domestic equity securities | 487 | — | — | 487 | |||||||||||||||
International equity securities | 135 | — | — | 135 | |||||||||||||||
Fixed income securities: | |||||||||||||||||||
Investment grade domestic bonds | 207 | — | — | 207 | |||||||||||||||
Other | 167 | — | — | 167 | |||||||||||||||
Total | $ | 1,720 | $ | — | $ | — | $ | 1,720 | |||||||||||
Level 1 assets are valued based on quoted prices in active markets for identical securities. The majority of Level 1 assets listed above include exchange traded index funds, bond funds and mutual funds. | |||||||||||||||||||
Equity-Based Compensation Plans. The Company has four equity-based compensation plans: the Stock Incentive Plan of 2004 (the “2004 Plan”), the Stock Option Plan for Outside Directors (the “Directors’ Option Plan”), the 1998 Stock Incentive Plan for Salaried Employees (the “Salaried Plan”) and the Non-Employee Directors' Restricted Stock Plan (the "Directors' Stock Plan"). The Company’s equity based compensation plans provide for the awarding of stock options, stock appreciation rights and shares of restricted common stock (“restricted stock”) for senior executives and salaried employees as well as outside directors. Compensation expense related to restricted stock awards is based on the market price of the stock on the date the Board of Directors communicates the approved award and is amortized over the vesting period of the restricted stock award. | |||||||||||||||||||
The Consolidated Statement of Operations for the years ended December 31, 2013 and 2012, reflects share-based compensation cost of $932 and $969, respectively related to these plans. | |||||||||||||||||||
In conjunction with reorganization of the Company into a holding company structure on January 3, 2012, the new holding company adopted all of the active shareholder-approved stock plans, which are described as follows: | |||||||||||||||||||
2004 Plan | |||||||||||||||||||
Under the 2004 Plan, as amended, the Company may grant incentives (including stock options and restricted stock awards) for up to 2,680,000 shares of the Company’s common stock to salaried, full time employees, including executive officers. The term of each award generally is determined by the committee of the Board of Directors charged with administering the 2004 Plan. Under the terms of the 2004 Plan, any options granted will be nonqualified stock options, must be exercisable within ten years and must have an exercise price which is not less than the fair value of the Company’s common stock on the date of the grant. As of December 31, 2013, no stock options and 556,900 restricted stock awards (net of forfeitures) remained outstanding under the 2004 Plan. | |||||||||||||||||||
Under programs approved by the Company’s Board of Directors annually in fiscal years 2004 through 2007, shares of restricted stock were awarded to senior executives and other employees under plans in which they were eligible. These annual programs provided for the accelerated vesting of restricted stock after three fiscal years if the Company achieved certain specific operating and financial objectives over such period. If the objectives were not met, the program provided for the vesting of the restricted stock at the end of the seventh fiscal year of the restricted stock award. Except in the case of awards granted in fiscal 2004, the Company did not achieve the specific operating and financial objectives and accordingly, the awards vest at the end of the seventh year. Accelerated full or pro rata vesting may occur upon a change of control or if employment is terminated as a result of death, disability, retirement or termination without cause. | |||||||||||||||||||
In connection with the Reorganization, the 2004 Plan was amended to provide for grants in the form of restricted stock units. The awards entitled participants to receive shares of stock following the end of a 5 year vesting period. Full or pro rata accelerated vesting generally may occur upon a “change in the ownership” of the Company or the subsidiary for which a participant performs services, a “change in effective control” of the Company or a “change in the ownership of a substantial portion of the assets” of the Company (in each case, generally as defined in the Treasury regulations under Section 409A of the Internal Revenue Code), or if employment of a participant is terminated as a result of death, disability, retirement or termination without cause. Participants have no voting of dividend rights under the awards; however, the awards provide for payment of cash dividend equivalents when dividends are paid to stockholders. As of December 31, 2013, 328,750 restricted stock unit awards remained outstanding under the 2004 Plan. As of December 31, 2013, an aggregate of 1,292,958 restricted stock and restricted stock unit awards remain available for future awards under the 2004 Plan. | |||||||||||||||||||
Under the annual restricted stock program which has been administered under the Company’s 2004 Stock Incentive Plan since fiscal 2008, amounts awarded are conditioned in part on improvements to MEP (as defined below under Annual Cash Incentive Plan). Under the program, subject to the availability of shares under the 2004 Stock Incentive Plan, restricted stock awards are made each year and generally are based on a percentage (approximately 85.7 percent) of the increase in MEP over the prior year. However, subject to the discretion of the Human Resources and Compensation Committee, the maximum grant date market value of the awards made for any year to all participants is $4,500 and the minimum grant date market value made in any year to all participants, including years in which the change in MEP is negative, is $1,500. Shares awarded vest in 5 years and are eligible for dividends during the vesting period. Provisions for forfeiture and accelerated full and pro rata vesting generally are similar to those under the guidelines for the Company’s outstanding performance accelerated restricted stock awards. | |||||||||||||||||||
On August 8, 2013, the Board of Directors approved modification of certain provisions related to vesting for all restricted stock and restricted unit awards, awarded under the 2004 Plan. The modifications provided that a pro-rata portion of each restricted stock and restricted unit awards granted under the 2004 Plan shall, in addition to vesting in accordance with the terms previously provided therein, vest with respect to a pro-rata portion of such grant, upon the occurrence of the Employment Agreement Change in Control. The modification applies to all employee restricted stock awards and restricted stock unit holders, not just executive officers. The modification also provided that all restricted stock awards and restricted stock units previously awarded to employees shall vest, to the maximum extent provided under the terms of the prior restricted stock award and restricted stock unit award guidelines, upon the termination of employment by the Company without Cause. | |||||||||||||||||||
Directors’ Option Plan | |||||||||||||||||||
Under the Directors Option Plan, each non-employee or “outside” director of the Company received on the day after each annual meeting of stockholders an option to purchase 2,000 shares of the Company’s common stock at a price equal to the fair market value of the Company’s common stock on such date. Options became exercisable on the 184th day following the date of grant and expired no later than ten years after the date of grant. Subject to certain adjustments, a total of 180,000 shares were reserved for annual grants under the Plan. The Plan expired in 2006 and no further options may be granted under it. At December 31, 2013, the directors had 10,000 outstanding options to purchase shares under the Directors’ Option Plan. | |||||||||||||||||||
Directors’ Stock Plan | |||||||||||||||||||
In addition to annual awards, under the Directors’ Stock Plan, which was approved by stockholders at the 2006 annual meeting, as amended, the Company may grant incentives for up to 175,000 shares of the Company’s common stock to outside directors. The plan allows for grants to be made on the first business day following the date of each annual meeting of stockholders, whereby each non-employee director is awarded restricted stock with a fair market value as determined on such first business day following the annual meeting. The shares awarded become fully vested upon the occurrence of one of the following events (1) the third anniversary of the award date, (2) the death of the director, or (3) a change in control, as defined in the Plan. The Human Resources and Compensation Committee may allow accelerated vesting in the event of specified terminations. | |||||||||||||||||||
In connection with the Reorganization, the Directors’ Stock Plan was amended to provide for grants in the form of restricted stock units instead of restricted shares. As of December 31, 2013, 106,923 restricted stock awards (vested and non-vested, net of forfeitures) had been granted under the Directors’ Stock Plan. In contrast to restricted stock awards, shares will not be issued (and participants will not have voting or dividend rights) before awards vest and are issued. However, the Directors’ Stock Plan provides for the payment of “dividend equivalents” in the terms of such awards. As of December 31, 2013, 54,694 restricted stock units had been granted under the Directors’ Stock Plan. As of December 31, 2013, 13,383 restricted stock units remain available for future awards under the Directors’ Stock Plan. | |||||||||||||||||||
Salaried Plan | |||||||||||||||||||
Under the Salaried Plan, the Company was authorized to grant stock incentives for up to 600,000 shares of the Company’s common stock to full-time salaried employees. The Salaried Plan provides that the amount, recipients, timing and terms of each award be determined by the Committee of the Board of Directors charged with administering the Salaried Plan. Under the terms of the Salaried Plan, options granted could be either nonqualified or incentive stock options and the exercise price could not be less than the fair value of the Company’s common stock on the date of the grant. At December 31, 2013, the Company had no remaining outstanding incentive stock options under the Salaried Plan. These options originally had ten-year terms and have exercise prices equal to fair market value of the Company’s common stock as of the date of grant. On March 5, 2008 the period in which the Company could make awards under the Plan expired and no further awards may be made under the Plan. | |||||||||||||||||||
Stock Options. The fair value of each option is estimated on the date of the grant using the Black-Scholes option-pricing model. For the years ended December 31, 2013 and 2012, no options have been granted. | |||||||||||||||||||
A summary of the status of stock options awarded under the Company’s stock option plans as of December 31, 2013 and 2012 is presented below: | |||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Weighted | Weighted | ||||||||||||||||||
Shares | Average | Shares | Average | ||||||||||||||||
Exercise | Exercise | ||||||||||||||||||
Price | Price | ||||||||||||||||||
Outstanding at beginning of year | 20,000 | $ | 9.3 | 42,000 | $ | 6.98 | |||||||||||||
Granted | — | — | — | — | |||||||||||||||
Canceled/Forfeited | (10,000 | ) | 8.69 | (22,000 | ) | 4.88 | |||||||||||||
Exercised | — | — | |||||||||||||||||
Outstanding at end of year | 10,000 | $ | 9.91 | 20,000 | $ | 9.3 | |||||||||||||
At December 31, 2013, the aggregate intrinsic value of stock options outstanding and exercisable was $0. The aggregate intrinsic value represents the total pre-tax intrinsic value (the difference between the Company’s average closing stock price on the last ten trading days of the related fiscal period and the exercise price, multiplied by the number of related in-the-money options) that would have been received by the option holders had they exercised their options at the end of the period. This amount changes based on the market value of the Company’s common stock. | |||||||||||||||||||
Restricted Stock. A summary of the status of restricted stock awarded under the Company’s restricted stock plans at December 31, 2013 and 2012 and changes during the periods then ended is presented below: | |||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Weighted | Weighted | ||||||||||||||||||
Average | Average | ||||||||||||||||||
Grant-Date | Grant-Date | ||||||||||||||||||
Shares | Fair Value | Shares | Fair Value | ||||||||||||||||
Non vested balance at beginning of year | 933,887 | $ | 6.22 | 1,199,661 | $ | 6.26 | |||||||||||||
Granted | 60,805 | 4.88 | — | — | |||||||||||||||
Forfeited | (181,687 | ) | 5.11 | (181,696 | ) | 5.97 | |||||||||||||
Vested | (243,709 | ) | 8.95 | (84,078 | ) | 7.33 | |||||||||||||
Non vested balance at end of year | 569,296 | $ | 5.26 | 933,887 | $ | 6.22 | |||||||||||||
During the years ended December 31, 2013 and 2012, the total fair value of restricted stock awards vested was $2,182 and $616, respectively. As of December 31, 2013 there was $922 of total unrecognized compensation costs related to stock awards. These costs are expected to be recognized over a weighted average period of approximately 1.7 years. | |||||||||||||||||||
Restricted Stock Units. A summary of the status of restricted stock units awarded under the Company’s restricted stock plans at December 31, 2013 and 2012 is presented below. | |||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Weighted Average | Weighted Average | ||||||||||||||||||
Grant-Date Fair | Grant-Date Fair | ||||||||||||||||||
Units | Value | Units | Value | ||||||||||||||||
Non vested balance at beginning of year | 423,264 | $ | 4.29 | — | $ | — | |||||||||||||
Granted | 33,822 | 5.13 | 432,264 | 4.33 | |||||||||||||||
Forfeited | (71,223 | ) | 4.31 | (9,000 | ) | 5.92 | |||||||||||||
Vested | (14,361 | ) | 5.07 | — | — | ||||||||||||||
Non vested balance at end of year | 371,502 | $ | 4.34 | 423,264 | $ | 4.29 | |||||||||||||
During the years ended December 31, 2013 and 2012, the total fair value of restricted stock unit awards vested was $72 and $0, respectively. As of December 31, 2013 there was $1,011 of total unrecognized compensation costs related to restricted stock unit awards. These costs are expected to be recognized over a weighted average period of approximately 2.9 years. | |||||||||||||||||||
Annual Cash Incentive Plan. In December 2011, the Human Resources and Compensation Committee (“HRCC”) recommended and the Board of Directors approved the adoption of a new annual cash incentive plan. This plan was amended and restated in December 2012 and applies to fiscal 2012 and subsequent years (“New Cash Incentive Program”). For certain senior executives of the Company, the New Cash Incentive Program will function similarly to the prior modified economic profit (“MEP”) program. For other eligible participants, 50 percent of the target award is based on improvement in MEP and the remaining 50 percent is based on attainment of individual performance goals. No incentive compensation is payable if growth is less than 50% of target. If growth in MEP ranges between 50% and 100% of target, an equivalent percentage of targeted bonus that is based on MEP will be paid. If growth in MEP is over 100% of target, then an equivalent percentage of targeted MEP bonus will be paid, provided that no bonus in excess of 125% will be paid and the HRCC has discretion to limit the payout to 100% where growth in MEP over target ranges from 100% to 125%. Any MEP improvement in excess of 100% that is not paid will be carried over to the next plan year and be added to the growth in MEP for the following year to determine the amount of incentive compensation payable with respect to that year, unless the HRCC decides to carry over a lesser, or no, amount. | |||||||||||||||||||
In the final month of each plan year, the HRCC may use projections of MEP and MEP growth performance to determine estimated annual incentive compensation payments to participants where the HRCC wishes to make a 90% payment in such final month (a “December Payment”). After the financial results for the plan year are available, the annual incentive compensation payment of those participants who received a December Payment will be calculated and a true-up payment for any remainder will be paid. In the event that a December Payment is in excess of the finally determined amount of actual incentive compensation, the participant is required to pay to the Company the amount of such excess payment within 15 days of the Company’s demand and the Company may elect to set-off any amount it otherwise owes to the participant by the amount of such excess. For the year ended December 31, 2013 there have been no payments related to the 2013 Annual Cash Incentive Plan and as of December 31, 2013, $3,111 was recorded in accrued expense on the consolidated balance sheet. | |||||||||||||||||||
For 2012, growth in MEP was measured from calendar year 2011. For 2012, the HRCC estimated that the MEP improvement was substantially more than 100% of target. A December Payment equal to 90% of the incentive compensation payable of the MEP improvement at 100% was paid under the plan and the remaining 10% was paid in March 2013. For the six month transition period ended December 31, 2011, the target for growth in MEP was 50% of the increase amount that was targeted for fiscal 2011. The Company did not exceed its targeted growth in MEP of $1,500 for the six month transition period ended December 31, 2011, and no incentive was paid for the six month transition period ended December 31, 2011. For the year ended June 30, 2011, the growth in MEP was measured against fiscal 2010. The Company did not exceed its targeted growth in MEP of $3,000 in fiscal 2011, and no annual incentive was paid for fiscal 2011. | |||||||||||||||||||
Amounts expensed under the annual cash incentive plan totaled $3,111 and $2,911, for the years ended December 31, 2013 and 2012, respectively. | |||||||||||||||||||
New Employment Agreements. On August 8, 2013, the Company entered into new employment agreements (the “Employment Agreements”) with its then President and Chief Executive Officer, Timothy W. Newkirk; Vice President of Finance and Chief Financial Officer, Donald P. Tracy; and certain other executives (each, an “Executive” and collectively, the “Executives”). The new Employment Agreements do not affect the compensation paid to the Executives in fiscal 2012 or prior fiscal years. | |||||||||||||||||||
The Employment Agreements provide that in the event the Executive is terminated by the Company without Cause or the Executive terminates his employment with the Company or its successor for Good Reason, the Executive shall be entitled to: (1) all previously earned and accrued but unpaid Base Salary up to the date of such termination; (2) severance pay in the amount equal to 12 months of Base Salary paid in equal installments over a 12 month period; (3) a lump sum payment equal to the mean of payments under any short-term incentive or annual bonus plan maintained by the Company during each of the three calendar years prior to the year in which such termination occurs (or fewer calendar years if the Executive has not been a participant in the Company’s annual or short-term incentive bonus plan for the entirety of each such three prior calendar years); (4) for the 12 month period following the Executive’s termination of employment or such shorter period of time that the Executive or any of his dependents is eligible for and elects COBRA continuation coverage, the Executive’s cost of coverage shall be the employee contribution rate, with employer portions of premiums paid on an after-tax basis. | |||||||||||||||||||
If prior to but in connection with an Employment Agreement Change in Control (as defined in the Employment Agreements) or during the 18 month period following an Employment Agreement Change in Control (i) the Executive’s employment with the Company or its successor is terminated by the Company or its successor without Cause or (ii) the Executive terminates his employment with the Company or its successor for Good Reason, the Executive shall be entitled to: (1) all previously earned and accrued but unpaid Base Salary up to the date of such termination; (2) severance pay in an amount equal to 18 months of Base Salary paid in equal installments over an 18 month period; (3) a lump sum payment equal to one and one-half times the mean of payments under any short-term incentive or annual bonus plan maintained by the Company during each of the three calendar years prior to the year in which such termination occurs (or fewer calendar years if the Executive has not been a participant in the Company’s annual or short-term incentive bonus plan for the entirety of each such three prior calendar years); and (4) for such period of time that the Executive or any of the Executive’s dependents is eligible for and elects COBRA continuation coverage, the Executive’s cost of coverage shall be the employee contribution rate, with employer portions of premiums paid on an after-tax basis. | |||||||||||||||||||
See Note 9: Restructuring and Severance Costs for additional information. |
Restructuring_and_Severance_Co
Restructuring and Severance Costs | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||
Restructuring and Severance Costs | ' | ||||||||
NOTE 9: | RESTRUCTURING AND SEVERENCE COSTS | ||||||||
During fiscal 2009, the Company restructured its business, resulting in the accruals for various restructuring activities including severance costs and lease termination charges among other items. | |||||||||
On December 3, 2013, the Company entered into a Settlement and Mutual Release Agreement (“Settlement Agreement”), pursuant to which the Company terminated its Chief Executive Officer and President, Timothy W. Newkirk. In connection with the Settlement Agreement, the Company agreed to pay Mr. Newkirk severance costs totaling $714. The Company also entered into a Transition Services Agreement (the “Services Agreement”), which obliges the Company to pay Mr. Newkirk up to $201, exclusive of out-of-pocket expenses. All such costs have been expensed during fiscal 2013. | |||||||||
Certain other members of senior management were also terminated in fiscal 2013, which totaled $587 of severance costs at December 31, 2013. All such costs have been expensed during fiscal 2013. | |||||||||
Activity related to restructuring and severance costs was as follows: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Balance at beginning of year | $ | 484 | $ | 915 | |||||
Provision for additional expense* | 1,525 | — | |||||||
Payments and adjustments | (732 | ) | (431 | ) | |||||
Balance at end of year | $ | 1,277 | $ | 484 | |||||
* Severance costs are included in the caption Selling, General and Administrative Expenses on the Consolidated Statement of Operations. |
Concentrations
Concentrations | 12 Months Ended | |
Dec. 31, 2013 | ||
Risks and Uncertainties [Abstract] | ' | |
Concentrations | ' | |
NOTE 10: | CONCENTRATIONS | |
Significant customers. For the year ended December 31, 2013, the Company did not have sales to any individual customer that accounted for more than 10 percent of consolidated net sales. During the year ended December 31, 2013, the Company’s ten largest customers accounted for approximately 44 percent of consolidated net sales. | ||
For the year ended December 31, 2012, the Company did not have sales to any individual customer that accounted for more than 10 percent of consolidated net sales. During the year ended December 31, 2012, the Company’s ten largest customers accounted for approximately 36 percent of consolidated net sales. | ||
Significant suppliers. For the year ended December 31, 2013, the Company had purchases from one grain supplier that approximated 50 percent of consolidated purchases. In addition, the Company’s 10 largest suppliers accounted for approximately 77 percent of consolidated purchases. | ||
For the year ended December 31, 2012, the Company had purchases from one grain supplier that approximated 42 percent of consolidated purchases. In addition, the Company’s 10 largest suppliers accounted for approximately 86 percent of consolidated purchases. | ||
Workforce subject to collective bargaining. As of December 31, 2013, the Company had 268 employees. A collective bargain agreement covering 98 employees at the Atchison plant expires on August 31, 2014. Another collective bargaining agreement covering 47 employees at the Indiana plant expires on December 31, 2017. As of December 31, 2012, the Company had 267 employees, 142 of whom are covered by collective bargaining agreements with two labor unions. The agreements, which expire December 31, 2017 and August 31, 2014, cover employees at the Indiana plant and Atchison plant, respectively. |
Operating_Segments
Operating Segments | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Operating Segments | ' | ||||||||
NOTE 11: | OPERATING SEGMENTS | ||||||||
As of December 31, 2013, the Company’s operations were classified into three reportable segments: distillery products, ingredient solutions and other. On February 8, 2013, the Company sold all of the assets included in its other segment, or its bioplastics manufacturing business, including all of the Company’s assets at its bioplastics manufacturing facility in Onaga, Kansas and certain assets of the Company’s extruder bio-resin laboratory located in Atchison, Kansas. The sale was initiated by the buyer and, up until near the time of close, there was uncertainty that the buyer would obtain financing. The sales price totaled $2,797 and resulted in a gain, net of tax, of approximately $878 that was recognized as a gain on sale of discontinued operations for the year ended December 31, 2013. The remaining income statement activity for the year ended December 31, 2013 and 2012 are not presented as discontinued operations due to their immateriality relative to the consolidated financial statements as a whole. | |||||||||
The distillery products segment consists of food grade alcohol, along with fuel grade alcohol and distillers feed, which are by-products of our distillery operations. Ingredient solutions consists of specialty starches and proteins, commodity starch and vital wheat gluten (commodity protein). The other segment products were comprised of resins and plant-based polymers and composites manufactured through the further processing of certain of our proteins and starches and wood. | |||||||||
Operating profit (loss) for each segment is based on net sales less identifiable operating expenses. Non-direct selling, general and administrative expenses, interest expense, earnings from our equity method investments and other general miscellaneous expenses have been excluded from segment operations and classified as Corporate. Receivables, inventories and equipment have been identified with the segments to which they relate. All other assets are considered as Corporate. | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Net sales to customers: | |||||||||
Distillery products | $ | 264,098 | $ | 276,690 | |||||
Ingredient solutions | 58,967 | 56,488 | |||||||
Other(i) | 199 | 1,157 | |||||||
Total | $ | 323,264 | $ | 334,335 | |||||
Depreciation and amortization: | |||||||||
Distillery products | $ | 8,209 | $ | 5,662 | |||||
Ingredient solutions | 2,322 | 2,427 | |||||||
Other(i) | 21 | 244 | |||||||
Corporate | 1,457 | 3,235 | |||||||
Total | $ | 12,009 | $ | 11,568 | |||||
Income (loss) from continuing operations before income taxes: | |||||||||
Distillery products | $ | 11,987 | $ | 14,874 | |||||
Ingredient solutions | 4,503 | 5,217 | |||||||
Other(i) | (90 | ) | (429 | ) | |||||
Corporate | (22,921 | ) | (21,775 | ) | |||||
Gain on sale of joint venture interest (ii) | — | 4,055 | |||||||
Total | $ | (6,521 | ) | $ | 1,942 | ||||
(i) | Assets from this segment were sold February 8, 2013 as previously described. | ||||||||
(ii) | The Company’s management reporting does not assign or allocate special charges to the Company’s operating segments. For purposes of comparative analysis, gain on sale of joint venture interest for the year ended December 31, 2012 has been excluded from the Company’s segments. | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Identifiable Assets | |||||||||
Distillery products | $ | 97,875 | $ | 107,140 | |||||
Ingredient solutions | 24,954 | 27,038 | |||||||
Other(i) | — | 1,247 | |||||||
Corporate | 28,500 | 27,746 | |||||||
Total | $ | 151,329 | $ | 163,171 | |||||
(i)Assets from this segment were sold February 8, 2013 as previously described. | |||||||||
Information about the Company's capital expenditures, by segment, is as follows: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Distillery products | $ | 5,594 | $ | 7,422 | |||||
Ingredient solutions | 1,110 | 1,078 | |||||||
Other (i) | — | 20 | |||||||
Corporate | 1,179 | 1,187 | |||||||
Total | $ | 7,883 | $ | 9,707 | |||||
(i) Significant assets from this segment were sold February 8, 2013 as previously described. | |||||||||
Revenue from foreign sources totaled $12,665 and $18,957, for the years ended December 31, 2013 and 2012, respectively, and is largely derived from Japan and Canada. There is an immaterial amount of assets located in foreign countries. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Supplemental Cash Flow Information [Abstract] | ' | ||||||||
Supplemental Cash Flow Information | ' | ||||||||
NOTE 12: | SUPPLEMENTAL CASH FLOW INFORMATION | ||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Non-cash investing and financing activities: | |||||||||
Purchase of property and equipment in Accounts Payable | $ | 1,675 | $ | 478 | |||||
Additional cash payment information: | |||||||||
Interest paid | 1,286 | 928 | |||||||
Income tax (paid)/ refunds received | (254 | ) | 293 | ||||||
Derivative_Instruments
Derivative Instruments | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||
Derivative Instruments | ' | ||||||||||||||||||||
NOTE 13: | DERIVATIVE INSTRUMENTS | ||||||||||||||||||||
Derivative Instruments. Certain commodities the Company uses in its production process are exposed to market price risk due to volatility in the prices for those commodities. The Company used financial derivative instruments to reduce exposure to market risk in commodity prices, primarily corn, through a combination of forward purchases, long-term contracts with suppliers and exchange traded commodity futures and options contracts. Specifically, the Company will sold put options on commodity futures at exercise prices that were deemed attractive to the Company and use the premiums received to reduce the overall cost of inputs utilized in the production process. During 2012 through February 2012, management applied hedge accounting for qualifying derivative contracts. In February 2012, the Company made the decision to close out of the corn futures contracts designated as cash flow hedges prior to their scheduled delivery and simultaneously de-designated 100 percent of these cash flow hedges at that time. As of December 31, 2013 and 2012, the Company has no futures contracts designated as cash flow hedges. | |||||||||||||||||||||
During 2012, the Company entered into a grain supply contract for its Indiana and Atchison facilities that permits the Company to purchase corn for delivery up to 12 months into the future, at negotiated prices. The pricing for these contracts is based on a formula using several factors. The Company has determined that the firm commitments to purchase corn under the terms of these new contracts meet the normal purchases and sales exception as defined under ASC 815, Derivatives and Hedging, and has excluded the fair value of these commitments from recognition within its consolidated financial statements until the actual contracts are physically settled. | |||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | |||||||||||||||||||||
The Company’s production process involves the use of natural gas and raw materials, including corn and flour. The contracts for raw materials and natural gas range from monthly contracts to multi-year supply arrangements; however, because the quantities involved have always been for amounts to be consumed within the normal production process, the Company has determined that these contracts meet the normal purchases and sales exception as defined under ASC 815, Derivatives and Hedging, and have excluded the fair value of these commitments from recognition within its financial statements until the actual contracts are physically settled. See Note 7: Commitments and Contingencies for discussion on the Company’s corn, flour and natural gas purchase commitments. | |||||||||||||||||||||
The following table provides the gain or (loss) for the Company’s commodity derivatives not designated as hedging instruments and where it was recognized in the Consolidated Statements of Operations. | |||||||||||||||||||||
Year Ended | |||||||||||||||||||||
Classified | 2013 | 2012 | |||||||||||||||||||
Commodity derivatives | Cost of sales | $ | — | $ | 2,173 | ||||||||||||||||
During 2012, the Company bought and sold derivative instruments to manage market risk associated with ethanol purchases, including ethanol futures and options contracts, in order to mitigate risks associated with the Company’s investment in ICP. At December 31, 2013 and 2012, the Company had no ethanol derivative contracts outstanding. | |||||||||||||||||||||
Derivatives Designated as Cash Flow Hedges | |||||||||||||||||||||
The Company, in 2012 through February 2012, used futures or options contracts to fix the purchase price of anticipated volumes of corn to be purchased and processed in a future month. As previously discussed, in connection with the Company’s new grain supply agreements, the Company de-designated its cash flow hedges in fiscal 2012 and had no corn futures at December 31, 2013 and 2012. | |||||||||||||||||||||
Amounts of Gains (Losses) Recognized in | Amount of Gains (Losses) Reclassified | ||||||||||||||||||||
OCI on Derivatives | from AOCI into Earnings | ||||||||||||||||||||
Derivatives in Cash | Year Ended December 31, | Location of | Year Ended December 31, | ||||||||||||||||||
Flow Hedging | Losses | ||||||||||||||||||||
Relationship | Reclassified | ||||||||||||||||||||
from AOCI | |||||||||||||||||||||
2013 | 2012 | into Income | 2013 | 2012 | |||||||||||||||||
Commodity derivatives | $ | — | $ | (286 | ) | Cost of sales | $ | — | $ | (413 | ) | ||||||||||
During the year ended December 31, 2012, the Company de-designated 100 percent of its cash flow hedges, which resulted in a reclassification of a $27 loss from AOCI into current period earnings. The Company also reclassified $200 of net losses deferred in AOCI, prior to the de-designation, to cost of sales as a result of cash flow hedge ineffectiveness. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | |
Dec. 31, 2013 | ||
Related Party Transactions [Abstract] | ' | |
Related Party Transactions | ' | |
NOTE 14: | RELATED PARTY TRANSACTIONS | |
Information related to the Company’s related party transactions is as follows: | ||
Transactions with ICP and ICP Holdings | ||
The Company has various agreements with ICP and ICP Holdings, including a Contribution Agreement, an LLC Interest Purchase Agreement, a Limited Liability Company Agreement and a Marketing Agreement. Effective January 1, 2013, the Marketing Agreement expired. The Company sourced significantly less product from ICP in fiscal 2013 than we did in fiscal 2012. | ||
As of December 31, 2013 and 2012, the Company recorded $1,204 and $4,008, respectively, of amounts due to ICP that are included in the Accounts payable to affiliate, net, caption on the accompanying Consolidated Balance Sheets and purchased approximately $7,736 and $48,611, respectively, of product from ICP during the years ended December 31, 2013 and 2012, respectively, that is included in the Cost of sales caption on the Consolidated Statements of Operations. | ||
As of December 31, 2013, Randy M. Schrick serves as the Interim Co-Chief Executive Officer and Vice President of Engineering of the Company and served as President of ICP from November 2009 to December 2011. | ||
Proxy contest and related matters | ||
As previously disclosed in Note 7: Commitments and Contingencies, pursuant to the Settlement Agreement and the Services Agreement, the Company accrued $915 for costs that will be paid to the Company's former Chief Executive Officer and President, Timothy W. Newkirk. In connection with the Settlement Agreement, the Company also agreed to reimburse, within ten business days of presentment, the members of the Cray Group for all reasonable legal fees and out-of-pocket costs and expenses incurred in connection with the matters related to the proxy contest, up to an aggregate maximum cap of $1,775. The Cray Group submitted reimbursement requests for $1,764, which the Company fully accrued at December 31, 2013. | ||
Long term debt | ||
On July 20, 2009, Union State Bank - Bank of Atchison (“Bank of Atchison”), which previously loaned the Company $1,500, agreed to lend the Company an additional $2,000. The Company’s former President and Chief Executive Officer, Mr. Newkirk, is a director of the Bank of Atchison. At December 31, 2013 and 2012, the Company had $746 and $1,070 outstanding, respectively, on a 6.63% Secured Promissory Note, due monthly to July 2016. |
Recently_Issued_Accounting_Pro
Recently Issued Accounting Pronouncements | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Changes and Error Corrections [Abstract] | ' | |
Recently Issued Accounting Pronouncements | ' | |
NOTE 15: | RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | |
In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit when a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. ASU 2013-11 requires an unrecognized tax benefit to be presented in the financial statements as a reduction to a deferred tax asset when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. When a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available, or the entity does not intend to use the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The Company does not anticipate the adoption of these amendments, which are effective for the Company for the fiscal year beginning on January 1, 2014, will have a material impact on our consolidated results of operations, financial condition or cash flows. |
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Quarterly Financial Information (Unaudited) | ' | |||||||||||||||
NOTE 16: | QUARTERLY FINANCIAL DATA (UNAUDITED) | |||||||||||||||
Year Ended December 31, 2013 (1) (2) (3) (4) | ||||||||||||||||
Fourth | Third | Second | First | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
(In thousands, except per share data amounts) | ||||||||||||||||
Sales | $ | 80,936 | $ | 80,709 | $ | 83,707 | $ | 88,718 | ||||||||
Less: excise taxes | 3,642 | 538 | 4,312 | 2,314 | ||||||||||||
Net sales | 77,294 | 80,171 | 79,395 | 86,404 | ||||||||||||
Cost of sales | 69,380 | 79,356 | 74,114 | 79,175 | ||||||||||||
Gross profit | 7,914 | 815 | 5,281 | 7,229 | ||||||||||||
Selling, general and administrative expenses | 8,797 | 6,760 | 4,770 | 5,875 | ||||||||||||
Other operating costs and (gains) losses on sale of assets | 177 | 1 | — | 58 | ||||||||||||
Income (loss) from operations | (1,060 | ) | (5,946 | ) | 511 | 1,296 | ||||||||||
Interest income (expense), net | (289 | ) | (269 | ) | (277 | ) | (283 | ) | ||||||||
Equity in earnings (loss) | 758 | (91 | ) | 71 | (942 | ) | ||||||||||
Income (loss) from continuing operations before income taxes | (591 | ) | (6,306 | ) | 305 | 71 | ||||||||||
Provision (benefit) for income taxes | (758 | ) | 19 | 25 | — | |||||||||||
Net income (loss) from continuing operations | 167 | (6,325 | ) | 280 | 71 | |||||||||||
Discontinued operations, net of tax (Note 11) | (528 | ) | — | — | 1,406 | |||||||||||
Net income (loss) | $ | (361 | ) | $ | (6,325 | ) | $ | 280 | $ | 1,477 | ||||||
Basic and diluted earnings (loss) per share(5) | ||||||||||||||||
Income (loss) from continuing operations | $ | 0.01 | $ | (0.37 | ) | $ | 0.02 | $ | — | |||||||
Income from discontinued operations | $ | (0.03 | ) | $ | — | $ | — | $ | 0.08 | |||||||
Net income (loss) | $ | (0.02 | ) | $ | (0.37 | ) | $ | 0.02 | $ | 0.08 | ||||||
Dividends per common share | $ | — | $ | — | $ | — | $ | 0.05 | ||||||||
(1) | Net loss for the fourth quarter includes $528 of income tax expense related to the gain on sale of discontinued operations. See discussion on this matter at Note 5: Income Taxes. | |||||||||||||||
(2) | Net income for the first quarter includes a $1,406 gain, net of tax, on sale of discontinued operations. | |||||||||||||||
(3) | Net income (loss) for the second, third and fourth quarters include $259, $1,802, and $3,404, respectively of expense related to the governance, proxy dispute and related matters. | |||||||||||||||
(4) | Net income (loss) for the fourth quarter includes $1,525 of expense related to the severance costs. | |||||||||||||||
(5) | For the third and fourth quarters, under the two class method, the losses were fully allocated common stock. | |||||||||||||||
Year ended December 31, 2012(1) (2) | ||||||||||||||||
Fourth | Third | Second | First | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
(In thousands, except per share data amounts) | ||||||||||||||||
Sales | $ | 86,350 | $ | 76,189 | $ | 87,263 | $ | 88,430 | ||||||||
Less: excise tax | — | 82 | 1,729 | 2,086 | ||||||||||||
Net sales | 86,350 | 76,107 | 85,534 | 86,344 | ||||||||||||
Cost of sales | 78,930 | 70,047 | 79,618 | 80,717 | ||||||||||||
Gross profit | 7,420 | 6,060 | 5,916 | 5,627 | ||||||||||||
Selling, general and administrative | 6,466 | 6,037 | 6,285 | 7,748 | ||||||||||||
Other operating costs and (gain) loss on sale of assets, net | (16 | ) | (851 | ) | 176 | 122 | ||||||||||
Income (loss) from operations | 970 | 874 | (545 | ) | (2,243 | ) | ||||||||||
Gain on sale of joint venture interest | — | — | — | 4,055 | ||||||||||||
Other income (expense), net | (1 | ) | (1 | ) | 2 | 2 | ||||||||||
Interest expense | (158 | ) | (225 | ) | (232 | ) | (255 | ) | ||||||||
Equity in earnings (loss) | (465 | ) | (130 | ) | (143 | ) | 437 | |||||||||
Income (loss) from continuing operations before income taxes | 346 | 518 | (918 | ) | 1,996 | |||||||||||
Provision (benefit) for income taxes | 166 | 100 | (68 | ) | 120 | |||||||||||
Net income (loss) from continuing operations | 180 | 418 | (850 | ) | 1,876 | |||||||||||
Discontinued Operations, net of tax (Note 11) | — | — | — | — | ||||||||||||
Net income (loss) | $ | 180 | $ | 418 | $ | (850 | ) | $ | 1,876 | |||||||
Basic and diluted earnings (loss) per share data(3) | ||||||||||||||||
Income from continuing operations | $ | 0.01 | 0.02 | (0.05 | ) | 0.1 | ||||||||||
Income from discontinued operations | — | — | — | — | ||||||||||||
Net income (loss) | $ | 0.01 | 0.02 | (0.05 | ) | 0.1 | ||||||||||
Dividends per Common Share | $ | — | $ | — | $ | — | $ | 0.05 | ||||||||
(1) Net income for the first quarter includes a $4,055 gain on sale of joint venture interest. | ||||||||||||||||
(2) Net income for the third quarter includes an $889 gain on sale equipment that was previously impaired. | ||||||||||||||||
(3) For the second quarter, under the two class method, the loss was fully allocated common stock. |
Subsequent_Events
Subsequent Events | 12 Months Ended | |
Dec. 31, 2013 | ||
Subsequent Events [Abstract] | ' | |
Subsequent Events | ' | |
NOTE 17: | SUBSEQUENT EVENTS | |
Termination of Executives | ||
Donald G. Coffey, Ph.D (Vice President, Research, Development and Innovation) and Scott B. Phillips (Vice President, Supply Chain Operations) left the Company on January 3, 2014 and January 6, 2014, respectively. The associated severance costs of $587 were recorded in 2013. | ||
Business Interruption | ||
During January 2014, the Company experienced a small fire at our Indiana plant. The fire damaged equipment in the Company's feed dryer house, and caused a temporary loss of production in January but did not impact the Company's or customer owned warehoused inventory. The Indiana plant was back in operation and by the end of February the Company was at pre-fire production capacity. The Company is currently working with its insurance carrier to determine the coverage for equipment damage and business interruption losses. The net book value of equipment damaged was approximately $200. | ||
Amendment to Credit Agreement | ||
On February 12, 2014, the Company entered into a First Amendment to its Credit Agreement. The First Amendment amended and restated the definition of the term EBITDA as further described in Note 4: Corporate Borrowings and Capital Lease Obligations. | ||
Dividend Declaration | ||
On February 28, 2014, the Board of Directors declared a five (5) cent dividend per share of common stock. The dividend will be paid on April 9, 2014 to common stockholders of record on March 17, 2014. |
Nature_Of_Operations_And_Summa1
Nature Of Operations And Summary Of Significant Accounting Policies (Accounting Policies, by Policy (Policies)) | 12 Months Ended | |
Dec. 31, 2013 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
The Company | ' | |
The Company. MGP Ingredients, Inc. (“Registrant” or “Company”) is a Kansas corporation headquartered in Atchison, Kansas. It was incorporated in 2011 and is a holding company with no operations of its own. Its principal directly-owned operating subsidiaries are MGPI Processing, Inc. (“Processing”) and MGPI of Indiana, LLC (“MGPI-I”). Processing was incorporated in Kansas in 1957 and is the successor to a business founded in 1941 by Cloud L. Cray, Sr. Prior to the Reorganization (discussed below), Processing was named MGP Ingredients, Inc. MGPI-I (previously named Firebird Acquisitions, Inc.) acquired substantially all the beverage alcohol distillery assets of Lawrenceburg Distillers Indiana, LLC (“LDI”) at its Lawrenceburg and Greendale, Indiana facility (“Indiana plant”) on December 27, 2011. | ||
On January 3, 2012, MGP Ingredients, Inc. reorganized into a holding company structure (the “Reorganization”). The Reorganization was effected through a merger (the “Merger”) of Processing with MGPI Merger Sub, Inc., which was an indirect wholly-owned subsidiary of Processing and a direct, wholly-owned subsidiary of MGPI Holdings, Inc (“Holdings”). Holdings was formerly a direct, wholly-owned subsidiary of Processing. Each of Holdings and MGPI Merger Sub, Inc. were organized in connection with the Merger. Processing survived the Merger, and as a result, became a direct wholly-owned subsidiary of Holdings. Upon completion of the Reorganization, the former holders of Processing’s common stock owned the same number of shares and same ownership percentage of Holdings as they did of Processing immediately prior to the Reorganization, Holdings replaced Processing as the public corporation, and Holdings changed its name to MGP Ingredients, Inc. The consolidated assets and liabilities of Holdings and its subsidiaries immediately after the Reorganization were the same as the consolidated assets and liabilities of Processing and its subsidiaries immediately before the effective time of the Merger. Immediately following the Reorganization: Holdings’ articles of incorporation and bylaws were the same in all material respects as those of Processing before the Merger, each director of Processing was a director of Holdings, and management of Holdings was the same (in all material respects) as the management of Processing prior to the Merger. Following the Reorganization, “Holdings” and “Company” refer to the same entity. To further the holding company structure, Processing distributed three of its formerly directly owned subsidiaries, MGPI-I, D.M. Ingredients, GmbH and Midwest Grain Pipeline, Inc., to Holdings. Processing’s other subsidiary, Illinois Corn Processing, LLC, remained a directly owned subsidiary of Processing, now 30% owned. | ||
The Company processes flour, corn, barley and rye into a variety of products through an integrated production process. The Company is a producer of certain distillery and ingredients products derived from grain and has three reportable segments: distillery products, ingredient solutions, and other. Effective February 8, 2013, the Company sold the assets at its bioplastics manufacturing facility in Onaga, Kansas and certain assets at its extruder-bio-resin laboratory located in Atchison, Kansas, which were included in the Company's other segment, as further described in Note 11: Operating Segments. The distillery products segment consists primarily of food grade alcohol, and to a much lesser extent, fuel grade alcohol and distillers feed. Fuel grade alcohol and distillers feed are co-products of our distillery operations. The ingredient solutions segment products primarily consist of specialty starches, specialty proteins, commodity starches and commodity vital wheat gluten. Included in the other segment are products comprised of plant-based biopolymers and wood-based composite resins manufactured through the further processing of certain of our proteins and starches and wood. | ||
The Company sells its products on normal credit terms to customers in a variety of industries located primarily throughout the United States and Japan. The Company operates plants in Atchison, Kansas, and Lawrenceburg and Greendale, Indiana. | ||
During the second quarter of fiscal 2010, through a series of transactions, the Company formed a joint venture by contributing its former Pekin, Illinois plant to a newly formed company, Illinois Corn Processing, LLC (“ICP”), and then selling a 50 percent interest in ICP. In 2012, the Company sold an additional 20 percent interest in ICP. The Company purchases food grade alcohol products manufactured by ICP. The Company produces textured wheat proteins through a toll manufacturing arrangement at a facility in the Netherlands. During December 2011, through its wholly owned subsidiary, MGPI-I, the Company acquired the beverage alcohol distillery assets (“Distillery Business”) of LDI. | ||
Use of Estimates | ' | |
Use of Estimates. The financial reporting policies of the Company conform to accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The application of certain of these policies places significant demands on management’s judgment, with financial reporting results relying on estimation about the effects of matters that are inherently uncertain. For all of these policies, management cautions that future events rarely develop as forecast, and estimates routinely require adjustment and may require material adjustment. | ||
Principles of Consolidation | ' | |
Principles of Consolidation. The Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. | ||
Cash and Cash Equivalents | ' | |
Cash and Cash Equivalents. Short-term liquid investments with an initial maturity of 90 days or less are considered cash equivalents. Cash equivalents are stated at cost, which approximates market value due to the relatively short maturity of these instruments. | ||
Receivables | ' | |
Receivables. Receivables are stated at the amounts billed to customers. The Company provides an allowance for estimated doubtful accounts. This allowance is based upon a review of outstanding receivables, historical collection information and an evaluation of existing economic conditions impacting the Company’s customers. Accounts receivable are ordinarily due 30 days after the issuance of the invoice. Receivables are considered delinquent after 30 days past the due date. These delinquent receivables are monitored and are charged to the allowance for doubtful accounts based upon an evaluation of individual circumstances of the customer. Account balances are written off after collection efforts have been made and potential recovery is considered remote. | ||
Inventory | ' | |
Inventory. Inventory includes finished goods, raw materials in the form of agricultural commodities used in the production process and certain maintenance and repair items. Whiskey and bourbon must be aged in barrels for several years, following industry practice; all barreled whiskey and bourbon is classified as a current asset. The Company includes warehousing, insurance, and other carrying charges applicable to barreled whiskey in inventory costs. | ||
Inventories are stated at the lower of cost or market on the first-in, first-out (“FIFO”) method. Inventory valuations are impacted by constantly changing prices paid for key materials, primarily corn. | ||
Derivatives Instruments | ' | |
Derivative Instruments. The Company applies the provisions of Financial Accounting Standards Board ("FASB") Accounting Standards Codification (“ASC”) 815 – Derivatives and Hedging. The Company recognizes all derivatives as either assets or liabilities at their fair values. Accounting for changes in the fair value of a derivative depends on whether the derivative has been designated as a cash flow hedge and the effectiveness of the hedging relationship. Derivatives qualify for treatment as cash flow hedges for accounting purposes when there is a high correlation between the change in fair value of the hedging instrument (“derivative”) and the related change in value of the underlying commitment (“hedged item”). For derivatives that qualify as cash flow hedges for accounting purposes, except for ineffectiveness, the change in fair value has no net impact on earnings, to the extent the derivative is considered effective, until the hedged item or transaction affects earnings. For derivatives that are not designated as hedging instruments for accounting purposes, or for the ineffective portion of a hedging instrument, the change in fair value affects current period net earnings. | ||
On February 29, 2012, the Company discontinued hedge accounting and de-designated its hedge positions. On the date a derivative contract was entered into, the Company was required to designate the derivative as a hedge of variable cash flows to be paid with respect to certain forecasted cash purchases of commodities used in the manufacturing process (“a cash-flow hedge”). This accounting requires linking all derivatives that were designated as cash-flow hedges to specific firm commitments or forecasted transactions. For cash flow hedging relationships during 2012 through February 28, 2012, to qualify for cash flow hedge accounting, the Company formally documented the hedging relationship and its risk management objective and strategy for undertaking the hedge transactions, the hedging instrument, the hedged item, the nature of the risk hedged, the hedging instrument’s effectiveness in offsetting the hedged risk, and a description of the method utilized to measure ineffectiveness. The Company formally assessed, both at the hedge’s inception and on an ongoing basis, whether the derivatives that were used in hedging transactions were highly effective in offsetting changes in the expected cash flows of hedged items. Changes in fair value of contracts that qualified as cash-flow hedges that were highly effective were marked to fair value as derivative assets or derivative liabilities with the offset recorded to accumulated other comprehensive income (loss) (“AOCI”). Gains and losses on commodity hedging contracts were reclassified from AOCI to current earnings when the finished goods produced using the hedged item were sold. The maximum term over which the Company hedges exposures to the variability of cash flows for commodity price risk was generally 12 months. The ineffective portion of the change in fair value of a derivative instrument that qualifies as a cash-flow hedge was reported in current period earnings. | ||
The Company discontinues cash flow hedge accounting for a particular derivative instrument prospectively when (i) it determines that the derivative is no longer considered to be highly effective in offsetting changes in the expected cash flows of the hedged item; (ii) the derivative is sold, terminated or exercised; (iii) it de-designates the derivative as a hedging instrument because it is unlikely that a forecasted transaction will occur; or (iv) it determines that designation of the derivative as a hedging instrument is no longer appropriate. When cash flow hedge accounting is discontinued, the Company continues to carry the derivative on the Consolidated Balance Sheet at its fair value, and gains and losses that were included in AOCI are deferred until the original hedged item affects earnings. However, if the original hedged transaction is no longer probable of occurring, the related gains and losses incurred as of discontinuation are recognized in current period earnings. | ||
Property, Depreciation and Amortization | ' | |
Properties, Depreciation and Amortization. Property and equipment are typically stated at cost. Additions, including those that increase the life or utility of an asset, are capitalized and all properties are depreciated over their estimated remaining useful lives. Depreciation and amortization are computed using the straight-line method over the following estimated useful lives: | ||
Buildings and improvements | 20 – 40 years | |
Transportation equipment | 5 – 6 years | |
Machinery and equipment | 10 – 12 years | |
Maintenance costs are expensed as incurred. The cost of property and equipment sold, retired or otherwise disposed of, as well as related accumulated depreciation and amortization, is eliminated from the property accounts with related gains and losses reflected in the Consolidated Statements of Operations. The Company capitalizes interest costs associated with significant construction projects. | ||
Equity Method Investments | ' | |
Equity Method Investments. The Company applies the provisions of FASB ASC 810 – Consolidation, which includes a qualitative approach to identifying a controlling financial interest in a variable interest entity and determination of the primary beneficiary. | ||
The Company accounts for its investment in non-consolidated subsidiaries under the equity method of accounting when the Company has significant influence, but does not have more than 50% voting control, and is not considered the primary beneficiary. Under the equity method of accounting, the Company reflects its investment in non-consolidated subsidiaries within the Company’s Consolidated Balance Sheets as “Equity method investments”; the Company’s share of the earnings or losses of the non-consolidated subsidiaries are reflected as “Equity method investment loss” in the Consolidated Statements of Operations. | ||
The Company reviews its investments in non-consolidated subsidiaries for impairment whenever events or changes in business circumstances indicate that the carrying amount of the investments may not be fully recoverable. Evidence of a loss in value that is other than temporary include, but are not limited to, the absence of an ability to recover the carrying amount of the investment, the inability of the investee to sustain an earnings capacity which would justify the carrying amount of the investment, or, where applicable, estimated sales proceeds which are insufficient to recover the carrying amount of the investment. If the fair value of the investment is determined to be less than the carrying value and the decline in value is considered to be other than temporary, an appropriate write-down is recorded based on the excess of the carrying value over the best estimate of fair value of the investment. | ||
Earnings (loss) per Share | ' | |
Earnings (loss) per Share. The Company applies the provisions of FASB ASC 260 – Earnings Per Share. Basic and diluted earnings (loss) per share are computed using the two-class method, which is an earnings allocation formula that determines net income (loss) per share for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. Per share amounts are computed by dividing net income (loss) from continuing operations attributable to common shareholders by the weighted average shares outstanding during each year or period. | ||
Deferred Credit | ' | |
Deferred Credit. In 2001, the United States Department of Agriculture developed a grant program for the gluten industry. The Company received nearly $26,000 of grants. The funds were required to be used for research, marketing, promotional and capital costs related to value-added gluten and starch products. Funds allocated on the basis of current operating costs were recognized in income as those costs were incurred. Funds allocated based on capital expenditures are being recognized in income as the related assets are depreciated. As of December 31, 2013 and 2012, deferred credit related to the USDA Grant was $3,043 and $3,599, respectively. In 2012, the Lawrenceburg Conservancy District (LCD) in Greendale, IN agreed to reimburse the Company up to $1,250 of certain capital maintenance costs of a Company-owned warehouse structure that is integral to the efficacy of the LCD’s flood control system. Certain capital maintenance activities per the agreement were completed prior to December 31, 2012 and the remaining capital maintenance activities are expected to be completed during calendar year 2014. As of December 31, 2013 and 2012, $914 in total had been reimbursed by the LCD and was included as a deferred credit. When the qualifying maintenance activities are completed, the deferred credit balance will be recognized in income as the related asset is depreciated. | ||
Income Taxes | ' | |
Income Taxes. Deferred income tax assets and liabilities resulting from the effects of transactions reported in different periods for financial reporting and income tax are recorded using the liability method of accounting for income taxes. This method gives consideration to the future tax consequences of the deferred income tax items and immediately recognizes changes in income tax laws upon enactment as well as applied income tax rates when facts and circumstances warrant such changes. A valuation allowance is established to reduce deferred income tax assets when it is more likely than not that a deferred income tax asset may not be realized. Additionally, the Company follows the provisions of FASB ASC 740, Income Taxes, related to the accounting for uncertainty in income tax positions, which requires management judgment and the use of estimates in determining whether the impact of a tax position is “more likely than not” of being sustained. The Company considers many factors when evaluating and estimating its tax positions, which may require periodic adjustment and which may not accurately anticipate actual outcomes. It is reasonably possible that amounts reserved for potential exposure could change significantly as a result of the conclusion of tax examinations and, accordingly, materially affect the Company’s operating results. | ||
Revenue Recognition | ' | |
Revenue Recognition. Except as discussed below, revenue from the sale of the Company’s products is recognized as products are delivered to customers according to shipping terms and when title and risk of loss have transferred. Income from various government incentive grant programs is recognized as it is earned. | ||
The Company’s Distillery segment routinely produces unaged distillate and this product is frequently barreled and warehoused at a Company location for an extended period of time in accordance with directions received from the Company’s customers. This product must meet customer acceptance specifications, the risks of ownership and title for these goods must be passed, and requirements for bill and hold revenue recognition must be met prior to the Company recognizing revenue for this product. Separate warehousing agreements are maintained for customers who store their product with the Company and warehouse revenues are recognized as the service is provided. | ||
Excise Taxes | ' | |
Excise Taxes. Certain sales of the Company are subject to excise taxes, which the Company collects from customers and remits to governmental authorities. The Company records the collection of excise taxes on distilled products sold to these customers as accrued expenses. No revenue or expense is recognized in the consolidated statements of operations related to customer-paid excise taxes. | ||
Research and Development | ' | |
Research and Development. Research and development costs are expensed as incurred. These costs totaled $2,472 and $2,344 for the years ended December 31, 2013 and 2012, respectively. | ||
Long-Lived Assets and Loss on Impairment of Assets | ' | |
Long-Lived Assets and Loss on Impairment of Assets. Management reviews long-lived assets, mainly property and equipment assets, whenever events or circumstances indicate that usage may be limited and carrying values may not be fully recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are determined to be impaired, the impairment is measured by the amount by which the asset carrying value exceeds the estimated fair value of the assets. Assets to be disposed are reported at the lower of the carrying amount or fair value less costs to sell. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. | ||
Fair Value of Financial Instruments | ' | |
Fair Value of Financial Instruments. The Company measures financial instruments in accordance with FASB ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), for financial assets and liabilities measured on a recurring basis. ASC 820 defines the fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company determines the fair values of its financial instruments based on the fair value hierarchy established in ASC 820, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The hierarchy is broken down into three levels based upon the observability of inputs. Fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs include quoted prices for similar assets and liabilities in active markets and inputs other than quoted prices that are observable for the asset or liability. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value in its entirety requires judgment and considers factors specific to the asset or liability. | ||
FASB ASC 825, Financial Instruments, requires the disclosure of the estimated fair value of financial instruments. The Company’s short term financial instruments include cash and cash equivalents, accounts receivable and accounts payable. The carrying value of the short term financial instruments approximates the fair value due to their short term nature. These financial instruments have no stated maturities or the financial instruments have short term maturities that approximate market. | ||
Defined Benefit Retirement Plans | ' | |
Defined Benefit Retirement Plans. The Company accounts for its defined benefit plans in accordance with FASB ASC Topic 715, Compensation – Retirement Benefits (“ASC 715”), which requires the Company to recognize in its statement of financial position either an asset or a liability for a defined benefit plan’s funded status. The Company’s liability is included in other non current liabilities on the Consolidated Balance Sheets. | ||
The Company measures the funded status of its defined benefit plans using actuarial techniques that reflect management’s assumptions for discount rate, expected long-term investment returns on plan assets, salary increases, expected retirement, mortality, and employee turnover. Assumptions regarding employee and retiree life expectancy are based upon the RP 2000 Combined Mortality Table. The discount rate is determined based on the rates of return on long-term, high-quality fixed income investments using the Citigroup Pension Liability Index as of year end. The expected long-term rate of return on plan assets assumption for the pension plans is determined with the assistance of actuaries, who calculate a yield considering the current asset allocation strategy, historical investment performance, and the expected future returns of each asset class and the expected future reinvestment of earnings and maturing investments. | ||
Other Post-retirement Benefit Plans | ' | |
Other Post-retirement Benefit Plan. The Company accounts for its post–retirement benefit plan in accordance with ASC 715, which requires the Company to recognize in its statement of financial position either an asset or a liability for a postretirement plan’s funded status. The Company’s liability is included in Accrued Retirement Health and Life Insurance Benefits on the Consolidated Balance Sheets. | ||
The Company measures the obligation for other post-retirement benefits using actuarial techniques that reflect management’s assumptions for discount rate, salary increases, expected retirement, mortality, employee turnover and future increases in health care costs, which are based upon actual claims experience and other environmental and market factors impacting the costs of health care in the short and long-term. Assumptions regarding employee and retiree life expectancy are based upon the RP 2000 Combined Mortality Table. The discount rate is determined based on the rates of return on high-quality fixed income investments using the Citigroup Pension Liability Index as of the measurement date (long term rates of return are not considered because the plan has no assets). | ||
Stock Options and Restricted Stock Awards | ' | |
Stock Options and Restricted Stock Awards. The Company has share-based employee compensation plans, which are described more fully in Note 8: Employee Benefit Plans (primarily in the form of restricted stock and stock options). The Company accounts for share-based compensation using FASB ASC 718, Compensation – Stock Compensation (“ASC 718”). Under the provisions of ASC 718, the cost of share-based payments is recognized over the service period based on the grant date fair value of the award. The grant date fair value for stock options is estimated using the Black - Scholes option-pricing model adjusted for the unique characteristics of the awards. |
Nature_Of_Operations_And_Summa2
Nature Of Operations And Summary Of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||
Property, Plant and Equipment | ' | |||||||||
Depreciation and amortization are computed using the straight-line method over the following estimated useful lives: | ||||||||||
Buildings and improvements | 20 – 40 years | |||||||||
Transportation equipment | 5 – 6 years | |||||||||
Machinery and equipment | 10 – 12 years | |||||||||
Property and equipment consist of the following: | ||||||||||
December 31, | ||||||||||
2013 | 2012 | |||||||||
Land, buildings and improvements | $ | 40,681 | $ | 39,509 | ||||||
Transportation equipment | 2,793 | 2,360 | ||||||||
Machinery and equipment | 146,410 | 144,106 | ||||||||
Construction in progress | 4,803 | 4,544 | ||||||||
Property and equipment, at cost | 194,687 | 190,519 | ||||||||
Less accumulated depreciation and Amortization | (124,443 | ) | (115,128 | ) | ||||||
Property and equipment, net | $ | 70,244 | $ | 75,391 | ||||||
Interest Cost | ' | |||||||||
Total interest incurred for the years ended December 31, 2013 and 2012 is noted below: | ||||||||||
Year Ended December 31, | ||||||||||
2013 | 2012 | |||||||||
Interest costs charged to expense | $ | 1,118 | $ | 870 | ||||||
Plus: Interest cost capitalized | 108 | 136 | ||||||||
Total | $ | 1,226 | $ | 1,006 | ||||||
Other_Balance_Sheet_Captions_T
Other Balance Sheet Captions (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Supplemental Balance Sheet Disclosures [Abstract] | ' | |||||||
Schedule of Inventory, Current | ' | |||||||
Inventory consists of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Finished goods | $ | 11,355 | $ | 14,272 | ||||
Barreled distillate | 10,310 | 9,080 | ||||||
Raw materials | 5,183 | 5,959 | ||||||
Work in process | 2,737 | 2,571 | ||||||
Maintenance materials | 4,766 | 4,116 | ||||||
Other | 566 | 534 | ||||||
Total | $ | 34,917 | $ | 36,532 | ||||
Property, Plant and Equipment | ' | |||||||
Depreciation and amortization are computed using the straight-line method over the following estimated useful lives: | ||||||||
Buildings and improvements | 20 – 40 years | |||||||
Transportation equipment | 5 – 6 years | |||||||
Machinery and equipment | 10 – 12 years | |||||||
Property and equipment consist of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Land, buildings and improvements | $ | 40,681 | $ | 39,509 | ||||
Transportation equipment | 2,793 | 2,360 | ||||||
Machinery and equipment | 146,410 | 144,106 | ||||||
Construction in progress | 4,803 | 4,544 | ||||||
Property and equipment, at cost | 194,687 | 190,519 | ||||||
Less accumulated depreciation and Amortization | (124,443 | ) | (115,128 | ) | ||||
Property and equipment, net | $ | 70,244 | $ | 75,391 | ||||
Schedule of Accrued Liabilities | ' | |||||||
Accrued expenses consist of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Employee benefit plans | $ | 821 | $ | 784 | ||||
Salaries and wages | 4,354 | 1,843 | ||||||
Restructuring and severance charges (Note 9) | 1,277 | 643 | ||||||
Property taxes | 654 | 512 | ||||||
Other accrued expenses | 1,176 | 1,438 | ||||||
Total | $ | 8,282 | $ | 5,220 | ||||
Equity_Method_Investments_Tabl
Equity Method Investments (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||
The Company's Equity in Earnings (Loss) of Joint Ventures | ' | |||||||
The Company’s equity in earnings (loss) is as follows: | ||||||||
Year Ended December 31, | ||||||||
2013 | 2012 | |||||||
ICP (30% interest) (a) | $ | (251 | ) | $ | (327 | ) | ||
DMI (50% interest) | 47 | 26 | ||||||
Total | $ | (204 | ) | $ | (301 | ) | ||
(a) The Company’s ownership percentage of ICP was 50 percent through February 1, 2012, when the Company sold a 20 percent interest of its investment. From February 2, 2012 through December 31, 2013, the Company’s ownership percentage in ICP was 30 percent. | ||||||||
Schedule of Equity Method Investments | ' | |||||||
The Company’s investment in non-consolidated subsidiaries is as follows: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
ICP (30% interest) (a) | $ | 6,653 | $ | 6,898 | ||||
DMI (50% interest) | 470 | 403 | ||||||
Total | $ | 7,123 | $ | 7,301 | ||||
(a) The Company’s ownership percentage of ICP was 50 percent through February 1, 2012, when the Company sold a 20 percent interest of its investment. From February 2, 2012 through December 31, 2013, the Company’s ownership percentage in ICP was 30 percent. |
Corporate_Borrowings_And_Capit1
Corporate Borrowings And Capital Lease Obligations (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments | ' | ||||||||||||||||||||||||||||
Debt consists of the following: | |||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Revolving Credit Agreement, 2.52% (variable interest rate) | $ | 18,000 | $ | 25,893 | |||||||||||||||||||||||||
Secured Promissory Note, 6.63% (variable interest rate), due monthly to July, 2016. | 746 | 1,070 | |||||||||||||||||||||||||||
Water Cooling System Capital Lease Obligation, 2.61%, due monthly to May, 2017 | 4,422 | 5,603 | |||||||||||||||||||||||||||
Other Capital Lease Obligations, 0.61%, due monthly to October, 2013. | — | 178 | |||||||||||||||||||||||||||
Total | 23,168 | 32,744 | |||||||||||||||||||||||||||
Less current maturities of long term debt | (1,557 | ) | (1,683 | ) | |||||||||||||||||||||||||
Long-term debt | $ | 21,611 | $ | 31,061 | |||||||||||||||||||||||||
Offsetting Assets and Liabilities | ' | ||||||||||||||||||||||||||||
Below is a summary of the financial asset and liability that are offset as of December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||
(i) | (ii) | (iii) =i) - (ii) | |||||||||||||||||||||||||||
Gross | Gross | Net Amounts of | |||||||||||||||||||||||||||
Amounts of | Amounts | Assets (Liabilities) | |||||||||||||||||||||||||||
Recognized | offset in the | presented in the | |||||||||||||||||||||||||||
Assets | Balance Sheet | Balance Sheet | |||||||||||||||||||||||||||
(Liabilities) | |||||||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||||||
Investment in bonds | $ | 7,000 | $ | 7,000 | $ | 0 | |||||||||||||||||||||||
Capital lease obligation | $ | (7,000 | ) | $ | (7,000 | ) | $ | 0 | |||||||||||||||||||||
December 31, 2012: | |||||||||||||||||||||||||||||
Investment in bonds | $ | 7,000 | $ | 7,000 | $ | 0 | |||||||||||||||||||||||
Capital lease obligation | $ | (7,000 | ) | $ | (7,000 | ) | $ | 0 | |||||||||||||||||||||
Contractual Obligation, Fiscal Year Maturity Schedule | ' | ||||||||||||||||||||||||||||
Minimum annual payments and present values thereof under existing debt maturities, capital leases and minimum annual rental commitments under non-cancelable operating leases are as follows: | |||||||||||||||||||||||||||||
Capital Leases | |||||||||||||||||||||||||||||
Year Ending | Revolving | Long-Term | Minimum | Less | Net Present | Total Debt | Operating | ||||||||||||||||||||||
December 31, | Credit | Debt | Lease | Interest | Value | Leases | |||||||||||||||||||||||
Agreement | Payments | ||||||||||||||||||||||||||||
2014 | $ | — | $ | 345 | $ | 1,316 | $ | 104 | $ | 1,212 | $ | 1,557 | $ | 2,280 | |||||||||||||||
2015 | 369 | 1,316 | 72 | 1,244 | 1,613 | 2,167 | |||||||||||||||||||||||
2016 | 32 | 1,316 | 39 | 1,277 | 1,309 | 1,699 | |||||||||||||||||||||||
2017 | 18,000 | — | 695 | 6 | 689 | 18,689 | 1,106 | ||||||||||||||||||||||
2018 | — | — | — | — | — | 265 | |||||||||||||||||||||||
Thereafter | — | — | — | — | — | — | 727 | ||||||||||||||||||||||
Total | $ | 18,000 | $ | 746 | $ | 4,643 | $ | 221 | $ | 4,422 | $ | 23,168 | $ | 8,244 | |||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | ||||||||
The provision (benefit) for income taxes from continuing operations is comprised of the following: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Current: | |||||||||
Federal | $ | (16 | ) | $ | — | ||||
State | 29 | 318 | |||||||
13 | 318 | ||||||||
Deferred: | |||||||||
Federal | (642 | ) | — | ||||||
State | (85 | ) | — | ||||||
(727 | ) | — | |||||||
Total | $ | (714 | ) | $ | 318 | ||||
Schedule of Effective Income Tax Rate Reconciliation | ' | ||||||||
A reconciliation of the provision for income taxes from continuing operations at the normal statutory federal rate to the provision included in the accompanying consolidated statements of operations is shown below: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
“Expected” provision at federal statutory rate | $ | (2,282 | ) | $ | 680 | ||||
State income taxes | (705 | ) | 106 | ||||||
Change in valuation allowance | 2,222 | (447 | ) | ||||||
Other | 51 | (21 | ) | ||||||
Provision for income taxes | $ | (714 | ) | $ | 318 | ||||
Effective tax rate | 11 | % | 16.4 | % | |||||
Schedule of Deferred Tax Assets and Liabilities | ' | ||||||||
The tax effects of temporary differences related to deferred income taxes shown on the consolidated balance sheets are as follows: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Deferred income tax assets: | |||||||||
Post-retirement liability | $ | 1,928 | $ | 2,277 | |||||
Deferred income | 1,568 | 1,651 | |||||||
Stock based compensation | 2,106 | 1,857 | |||||||
Federal operating loss carry-forwards | 12,938 | 11,481 | |||||||
Capital loss carryforward | 926 | 2,243 | |||||||
State tax credits | 3,022 | 3,022 | |||||||
State operating loss carry-forwards | 8,277 | 7,638 | |||||||
Other | 4,049 | 4,626 | |||||||
Less: valuation allowance | (11,275 | ) | (9,053 | ) | |||||
Gross deferred income tax assets | 23,539 | 25,742 | |||||||
Deferred income tax liabilities: | |||||||||
Fixed assets | (17,919 | ) | (20,180 | ) | |||||
Equity method investment | (391 | ) | (526 | ) | |||||
Other | (5,229 | ) | (5,036 | ) | |||||
Gross deferred income tax liabilities | (23,539 | ) | (25,742 | ) | |||||
Net deferred income tax liability | $ | — | $ | — | |||||
Schedule of Unrecognized Tax Benefits Roll Forward | ' | ||||||||
The following is a reconciliation of the total amount of unrecognized tax benefits (excluding interest and penalties) for the years ended December 31, 2013 and 2012: | |||||||||
Years Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Beginning of year balance | $ | 445 | $ | 445 | |||||
Additions for tax positions of prior years | 62 | — | |||||||
Additions for tax positions of the current year | 59 | — | |||||||
End of year balance | $ | 566 | $ | 445 | |||||
Equity_Tables
Equity (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Share Based Compensation Shares In Reserve | ' | ||||||||||||||||
Reserved shares of Common Stock at December 31, 2013 were as follows: | |||||||||||||||||
Stock options granted but not exercised | 10,000 | ||||||||||||||||
Restricted stock to non-employees (authorized but not granted) | 13,383 | ||||||||||||||||
Restricted stock to employees and executives (authorized but not granted) | 1,292,958 | ||||||||||||||||
Total | 1,316,341 | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | ||||||||||||||||
The computations of basic and diluted earnings (loss) per share from continuing operations are as follows: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Continuing Operations: | |||||||||||||||||
Net income (loss) from continuing operations attributable to shareholders | $ | (5,807 | ) | $ | 1,624 | ||||||||||||
Less: Amounts allocated to participating securities (non-vested shares and units) (i) | — | (121 | ) | ||||||||||||||
Net income (loss) from continuing operations attributable to common shareholders | $ | (5,807 | ) | $ | 1,503 | ||||||||||||
Discontinued Operations: | |||||||||||||||||
Discontinued operations attributable to shareholders | $ | 878 | $ | — | |||||||||||||
Less: Amounts allocated to participating securities (nonvested shares and units) (i) | — | — | |||||||||||||||
Discontinued operations attributable to common shareholders | $ | 878 | $ | — | |||||||||||||
Net income (loss) | $ | (4,929 | ) | $ | 1,503 | ||||||||||||
Share information: | |||||||||||||||||
Basic weighted average common shares(ii) | 17,069,455 | 16,951,168 | |||||||||||||||
Potential dilutive securities (iii) | — | — | |||||||||||||||
Diluted weighted average common shares | 17,069,455 | 16,951,168 | |||||||||||||||
Basic earnings (loss) per share | |||||||||||||||||
Income (loss) from continuing operations | $ | (0.34 | ) | $ | 0.09 | ||||||||||||
Income from discontinued operations | 0.05 | — | |||||||||||||||
Net income (loss) | $ | (0.29 | ) | $ | 0.09 | ||||||||||||
Diluted earnings (loss) per share | |||||||||||||||||
Income (loss) from continuing operations | $ | (0.34 | ) | $ | 0.09 | ||||||||||||
Income from discontinued operations | $ | 0.05 | $ | — | |||||||||||||
Net income (loss) | $ | (0.29 | ) | $ | 0.09 | ||||||||||||
(i) | Participating securities include 569,296 and 933,887 nonvested restricted shares for the years ended December 31, 2013 and 2012, as well as 371,502 and 423,264 restricted share units for the years ended December 31, 2013 and 2012, respectively. Participating securities do not receive an allocation in periods when a loss is experienced. | ||||||||||||||||
(ii) | Under the two-class method, basic weighted average common shares exclude outstanding nonvested participating securities consisting of restricted share awards of 569,296 and 933,887 for the years ended December 31, 2013 and 2012, respectively. | ||||||||||||||||
(iii) | Potential dilutive securities have not been included in the earnings (loss) per share computation in a period when a loss is experienced. At December 31, 2013 and 2012, the Company had 10,000 and 20,000 stock options outstanding, respectively, and all were anti-dilutive. | ||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component | |||||||||||||||||
Pension Plan Items | Post Employment Benefit Items | Foreign Currency Items | Total | ||||||||||||||
Beginning balance | $ | (627 | ) | $ | 429 | $ | (35 | ) | $ | (233 | ) | ||||||
Other comprehensive income before reclassifications | 179 | 339 | 12 | 530 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income | 71 | (372 | ) | — | (301 | ) | |||||||||||
Net current year other comprehensive income | 250 | (33 | ) | 12 | 229 | ||||||||||||
Ending balance | $ | (377 | ) | $ | 396 | $ | (23 | ) | $ | (4 | ) | ||||||
Reclassification out of Accumulated Other Comprehensive Income | ' | ||||||||||||||||
Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||
Details about Accumulated Other Comprehensive Income Components | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Affected Line Item in the Statement of Operations | |||||||||||||||
Pension Plan Items: | |||||||||||||||||
Recognized net actuarial loss | $ | 66 | (a) | ||||||||||||||
Settlement loss | 52 | (a) | |||||||||||||||
118 | Total before tax | ||||||||||||||||
(47 | ) | Tax expense | |||||||||||||||
$ | 71 | Net of tax | |||||||||||||||
Post Employment Benefit Items: | |||||||||||||||||
Amortization of prior service cost | $ | (647 | ) | (a) | |||||||||||||
Recognized net actuarial loss | 28 | (a) | |||||||||||||||
(619 | ) | Total before tax | |||||||||||||||
247 | Tax benefit | ||||||||||||||||
$ | (372 | ) | Net of tax | ||||||||||||||
Total reclassifications for the year | $ | (301 | ) | Net of tax | |||||||||||||
(a) These accumulated other comprehensive income components are included in the computation of net period pension cost. See Note 8: Employee Benefit Plans for additional details. |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||
Schedule of Defined Benefit Plans Disclosures | ' | ||||||||||||||||||
The status of the Company’s plans at December 31, 2013 and 2012, was as follows: | |||||||||||||||||||
Defined Benefit Retirement Plans | Post-Retirement Benefit Plan | ||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||
Beginning of year | $ | 2,690 | $ | 4,884 | $ | 5,700 | $ | 6,309 | |||||||||||
Service cost | — | — | 127 | 192 | |||||||||||||||
Interest cost | 83 | 146 | 165 | 209 | |||||||||||||||
Actuarial loss (gain) | (241 | ) | (300 | ) | (558 | ) | 768 | ||||||||||||
Negative plan amendment benefit | — | — | — | (1,165 | ) | ||||||||||||||
Benefits paid | (342 | ) | (2,040 | ) | (607 | ) | (613 | ) | |||||||||||
Benefit obligation at end of year | $ | 2,190 | $ | 2,690 | $ | 4,827 | $ | 5,700 | |||||||||||
Schedule of Changes in Fair Value of Plan Assets | ' | ||||||||||||||||||
The following table shows the change in plan assets: | |||||||||||||||||||
Defined Benefit Retirement Plans | |||||||||||||||||||
December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 1,720 | $ | 3,278 | |||||||||||||||
Actual return on plan assets | 172 | 129 | |||||||||||||||||
Employer contributions | — | 353 | |||||||||||||||||
Benefits paid | (342 | ) | (2,040 | ) | |||||||||||||||
Fair value of plan assets at end of year | $ | 1,550 | $ | 1,720 | |||||||||||||||
Schedule of Assumptions Used | ' | ||||||||||||||||||
Assumptions used to determine accumulated benefit obligations as of the year-end were: | |||||||||||||||||||
Defined Benefit Retirement Plans | Post-Retirement Benefit Plan | ||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Discount rate | 4.11 | % | 3.19 | % | 3.95 | % | 2.98 | % | |||||||||||
Measurement date | December 31, | December 31, | December 31, | December 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Assumptions used to determine net benefit cost for the years ended December 31, 2013 and 2012 were: | |||||||||||||||||||
Defined Benefit Retirement Plans | Post-Retirement Benefit Plan | ||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Expected return on Assets | 7 | % | 7 | % | — | — | |||||||||||||
Discount rate | 3.19 | % | 4.21 | % | 2.98 | % | 3.26 | % | |||||||||||
Average compensation increase | n/a | n/a | n/a | n/a | |||||||||||||||
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | ' | ||||||||||||||||||
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss) are as follows: | |||||||||||||||||||
Defined Benefit Retirement Plans | Post-Retirement Benefit Plan | ||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Net actuarial (loss) gain | $ | 298 | $ | 265 | $ | 558 | $ | (768 | ) | ||||||||||
Settlement losses | 52 | 228 | — | — | |||||||||||||||
Recognized net actuarial loss | 66 | 90 | 28 | — | |||||||||||||||
Prior service cost recognized due to negative plan adjustment | — | — | — | 1,165 | |||||||||||||||
Prior service cost recognized due to curtailments | — | — | — | (79 | ) | ||||||||||||||
Amortization of prior service cost | — | — | (647 | ) | (227 | ) | |||||||||||||
Total other comprehensive income (loss), pre-tax | 416 | 583 | (61 | ) | 91 | ||||||||||||||
Income tax provision (benefit) | 166 | — | (22 | ) | — | ||||||||||||||
Total other comprehensive income (loss), net of tax | $ | 250 | $ | 583 | $ | (39 | ) | $ | 91 | ||||||||||
Schedule of Amounts Recognized in Balance Sheet | ' | ||||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets are as follows: | |||||||||||||||||||
Defined Benefit Retirement Plans | Post-Retirement Benefit Plan | ||||||||||||||||||
As of December 31, | As of December 31, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Accrued expenses | $ | — | $ | — | $ | (405 | ) | $ | (604 | ) | |||||||||
Other non-current liabilities | (640 | ) | (970 | ) | — | — | |||||||||||||
Accrued retirement benefits | — | — | (4,422 | ) | (5,096 | ) | |||||||||||||
Net amount recognized | $ | (640 | ) | $ | (970 | ) | $ | (4,827 | ) | $ | (5,700 | ) | |||||||
Schedule of Health Care Cost Trend Rates | ' | ||||||||||||||||||
The assumed average annual rate of increase in the per capita cost of covered benefits (health care cost trend rate) is as follows: | |||||||||||||||||||
Post-Retirement Benefit Plan | |||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Pre-Age 65 | Age 65 and older | Pre-Age 65 | Age 65 and older | ||||||||||||||||
Health care cost trend rate | 8 | % | 6.5 | % | 8 | % | 8 | % | |||||||||||
Ultimate trend rate | 5 | % | 5 | % | 5 | % | 5 | % | |||||||||||
Year rate reaches ultimate trend rate | 2027 | 2021 | 2024 | 2024 | |||||||||||||||
Schedule of Expected Benefit Payments | ' | ||||||||||||||||||
As of December 31, 2013, the following expected benefit payments (net of Medicare Part D subsidiary for Post-Retirement Benefit Plan Payments), and the related expected subsidy receipts which reflect expected future service, as appropriate, are expected to be paid to plan participants: | |||||||||||||||||||
Defined Benefit | Post-Retirement Benefit Plan | ||||||||||||||||||
Retirement Plan | |||||||||||||||||||
Expected Benefit | Expected Benefit | Expected Subsidy | |||||||||||||||||
Payments | Payments | Receipts | |||||||||||||||||
2014 | $ | 124 | $ | 405 | $ | 29 | |||||||||||||
2015 | 91 | 398 | 26 | ||||||||||||||||
2016 | 222 | 375 | 25 | ||||||||||||||||
2017 | 161 | 375 | 23 | ||||||||||||||||
2018 | 180 | 416 | 22 | ||||||||||||||||
2019-2023 | 939 | 2,292 | 84 | ||||||||||||||||
Total | $ | 1,717 | $ | 4,261 | $ | 209 | |||||||||||||
Schedule of Allocation of Plan Assets | ' | ||||||||||||||||||
The weighted average asset allocation by asset category is as follows: | |||||||||||||||||||
Defined Benefit Retirement Plan | |||||||||||||||||||
As of December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Asset Category | |||||||||||||||||||
Cash and cash equivalents | 36 | % | 42 | % | |||||||||||||||
Equity Securities | 47 | % | 36 | % | |||||||||||||||
Debt Securities | 11 | % | 13 | % | |||||||||||||||
Other | 6 | % | 9 | % | |||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | ||||||||||||||||||
The following table sets forth the Company’s defined benefit retirement plan assets as of December 31, 2013, by level within the fair value hierarchy. | |||||||||||||||||||
Fair Value Measurements at December 31, 2013 | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Cash and cash equivalents | $ | 556 | $ | — | $ | — | $ | 556 | |||||||||||
Equity Securities: | |||||||||||||||||||
Domestic equity securities | 566 | — | — | 566 | |||||||||||||||
International equity securities | 156 | — | — | 156 | |||||||||||||||
Fixed income securities: | |||||||||||||||||||
Investment grade domestic bonds | 167 | — | — | 167 | |||||||||||||||
Other | 105 | — | — | 105 | |||||||||||||||
Total | $ | 1,550 | $ | — | $ | — | $ | 1,550 | |||||||||||
The following table sets forth the Company’s defined benefit retirement plan assets as of December 31, 2012, by level within the fair value hierarchy. | |||||||||||||||||||
Fair Value Measurements at December 31, 2012 | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Cash and cash equivalents | $ | 724 | $ | — | $ | — | $ | 724 | |||||||||||
Equity Securities: | |||||||||||||||||||
Domestic equity securities | 487 | — | — | 487 | |||||||||||||||
International equity securities | 135 | — | — | 135 | |||||||||||||||
Fixed income securities: | |||||||||||||||||||
Investment grade domestic bonds | 207 | — | — | 207 | |||||||||||||||
Other | 167 | — | — | 167 | |||||||||||||||
Total | $ | 1,720 | $ | — | $ | — | $ | 1,720 | |||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | ||||||||||||||||||
A summary of the status of stock options awarded under the Company’s stock option plans as of December 31, 2013 and 2012 is presented below: | |||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Weighted | Weighted | ||||||||||||||||||
Shares | Average | Shares | Average | ||||||||||||||||
Exercise | Exercise | ||||||||||||||||||
Price | Price | ||||||||||||||||||
Outstanding at beginning of year | 20,000 | $ | 9.3 | 42,000 | $ | 6.98 | |||||||||||||
Granted | — | — | — | — | |||||||||||||||
Canceled/Forfeited | (10,000 | ) | 8.69 | (22,000 | ) | 4.88 | |||||||||||||
Exercised | — | — | |||||||||||||||||
Outstanding at end of year | 10,000 | $ | 9.91 | 20,000 | $ | 9.3 | |||||||||||||
Schedule of Nonvested Restricted Stock Units Activity | ' | ||||||||||||||||||
A summary of the status of restricted stock awarded under the Company’s restricted stock plans at December 31, 2013 and 2012 and changes during the periods then ended is presented below: | |||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Weighted | Weighted | ||||||||||||||||||
Average | Average | ||||||||||||||||||
Grant-Date | Grant-Date | ||||||||||||||||||
Shares | Fair Value | Shares | Fair Value | ||||||||||||||||
Non vested balance at beginning of year | 933,887 | $ | 6.22 | 1,199,661 | $ | 6.26 | |||||||||||||
Granted | 60,805 | 4.88 | — | — | |||||||||||||||
Forfeited | (181,687 | ) | 5.11 | (181,696 | ) | 5.97 | |||||||||||||
Vested | (243,709 | ) | 8.95 | (84,078 | ) | 7.33 | |||||||||||||
Non vested balance at end of year | 569,296 | $ | 5.26 | 933,887 | $ | 6.22 | |||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | ' | ||||||||||||||||||
A summary of the status of restricted stock units awarded under the Company’s restricted stock plans at December 31, 2013 and 2012 is presented below. | |||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Weighted Average | Weighted Average | ||||||||||||||||||
Grant-Date Fair | Grant-Date Fair | ||||||||||||||||||
Units | Value | Units | Value | ||||||||||||||||
Non vested balance at beginning of year | 423,264 | $ | 4.29 | — | $ | — | |||||||||||||
Granted | 33,822 | 5.13 | 432,264 | 4.33 | |||||||||||||||
Forfeited | (71,223 | ) | 4.31 | (9,000 | ) | 5.92 | |||||||||||||
Vested | (14,361 | ) | 5.07 | — | — | ||||||||||||||
Non vested balance at end of year | 371,502 | $ | 4.34 | 423,264 | $ | 4.29 | |||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ||||||||||||||||||
Schedule of Net Benefit Costs | ' | ||||||||||||||||||
Components of net benefit cost are as follows: | |||||||||||||||||||
Defined Benefit Retirement Plans | Post-Retirement Benefit Plan | ||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Service cost | $ | — | $ | — | 127 | $ | 192 | ||||||||||||
Interest cost | 83 | 146 | 165 | 209 | |||||||||||||||
Expected return on assets | (114 | ) | (166 | ) | — | — | |||||||||||||
Amortization of prior service cost | — | — | (647 | ) | (227 | ) | |||||||||||||
Prior service cost recognized due to curtailment | — | — | — | (79 | ) | ||||||||||||||
Recognized net actuarial loss | 66 | 90 | 28 | — | |||||||||||||||
Settlement losses | 52 | 228 | — | — | |||||||||||||||
Total | $ | 87 | $ | 298 | $ | (327 | ) | $ | 95 | ||||||||||
Cost Recognized In Net Periodic Benefit Cost [Member] | ' | ||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ||||||||||||||||||
Schedule of Net Benefit Costs | ' | ||||||||||||||||||
The estimated amount that will be recognized from accumulated other comprehensive income (loss) into net periodic benefit cost during the year ended December 31, 2014 is as follows: | |||||||||||||||||||
Defined Benefit Retirement Plans | Post-Retirement Benefit Plan | ||||||||||||||||||
Actuarial net loss | $ | (20 | ) | $ | — | ||||||||||||||
Net prior service credits | — | 196 | |||||||||||||||||
Net amount recognized | $ | (20 | ) | $ | 196 | ||||||||||||||
Restructuring_and_Severance_Co1
Restructuring and Severance Costs (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||
Schedule of Restructuring Reserve by Type of Cost | ' | ||||||||
Activity related to restructuring and severance costs was as follows: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Balance at beginning of year | $ | 484 | $ | 915 | |||||
Provision for additional expense* | 1,525 | — | |||||||
Payments and adjustments | (732 | ) | (431 | ) | |||||
Balance at end of year | $ | 1,277 | $ | 484 | |||||
* Severance costs are included in the caption Selling, General and Administrative Expenses on the Consolidated Statement of Operations. |
Operating_Segments_Tables
Operating Segments (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Schedule of Segment Reporting Information, by Segment | ' | ||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Net sales to customers: | |||||||||
Distillery products | $ | 264,098 | $ | 276,690 | |||||
Ingredient solutions | 58,967 | 56,488 | |||||||
Other(i) | 199 | 1,157 | |||||||
Total | $ | 323,264 | $ | 334,335 | |||||
Depreciation and amortization: | |||||||||
Distillery products | $ | 8,209 | $ | 5,662 | |||||
Ingredient solutions | 2,322 | 2,427 | |||||||
Other(i) | 21 | 244 | |||||||
Corporate | 1,457 | 3,235 | |||||||
Total | $ | 12,009 | $ | 11,568 | |||||
Income (loss) from continuing operations before income taxes: | |||||||||
Distillery products | $ | 11,987 | $ | 14,874 | |||||
Ingredient solutions | 4,503 | 5,217 | |||||||
Other(i) | (90 | ) | (429 | ) | |||||
Corporate | (22,921 | ) | (21,775 | ) | |||||
Gain on sale of joint venture interest (ii) | — | 4,055 | |||||||
Total | $ | (6,521 | ) | $ | 1,942 | ||||
(i) | Assets from this segment were sold February 8, 2013 as previously described. | ||||||||
(ii) | The Company’s management reporting does not assign or allocate special charges to the Company’s operating segments. For purposes of comparative analysis, gain on sale of joint venture interest for the year ended December 31, 2012 has been excluded from the Company’s segments. | ||||||||
Schedule of Segment Reporting Identifiable Assets | ' | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Identifiable Assets | |||||||||
Distillery products | $ | 97,875 | $ | 107,140 | |||||
Ingredient solutions | 24,954 | 27,038 | |||||||
Other(i) | — | 1,247 | |||||||
Corporate | 28,500 | 27,746 | |||||||
Total | $ | 151,329 | $ | 163,171 | |||||
(i)Assets from this segment were sold February 8, 2013 as previously described. | |||||||||
Capital Expenditures By Segment | ' | ||||||||
Information about the Company's capital expenditures, by segment, is as follows: | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Distillery products | $ | 5,594 | $ | 7,422 | |||||
Ingredient solutions | 1,110 | 1,078 | |||||||
Other (i) | — | 20 | |||||||
Corporate | 1,179 | 1,187 | |||||||
Total | $ | 7,883 | $ | 9,707 | |||||
(i) Significant assets from this segment were sold February 8, 2013 as previously described. |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Supplemental Cash Flow Information [Abstract] | ' | ||||||||
Schedule of Cash Flow, Supplemental Disclosures | ' | ||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Non-cash investing and financing activities: | |||||||||
Purchase of property and equipment in Accounts Payable | $ | 1,675 | $ | 478 | |||||
Additional cash payment information: | |||||||||
Interest paid | 1,286 | 928 | |||||||
Income tax (paid)/ refunds received | (254 | ) | 293 | ||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | ' | ||||||||||||||||||||
The following table provides the gain or (loss) for the Company’s commodity derivatives not designated as hedging instruments and where it was recognized in the Consolidated Statements of Operations. | |||||||||||||||||||||
Year Ended | |||||||||||||||||||||
Classified | 2013 | 2012 | |||||||||||||||||||
Commodity derivatives | Cost of sales | $ | — | $ | 2,173 | ||||||||||||||||
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||
Amounts of Gains (Losses) Recognized in | Amount of Gains (Losses) Reclassified | ||||||||||||||||||||
OCI on Derivatives | from AOCI into Earnings | ||||||||||||||||||||
Derivatives in Cash | Year Ended December 31, | Location of | Year Ended December 31, | ||||||||||||||||||
Flow Hedging | Losses | ||||||||||||||||||||
Relationship | Reclassified | ||||||||||||||||||||
from AOCI | |||||||||||||||||||||
2013 | 2012 | into Income | 2013 | 2012 | |||||||||||||||||
Commodity derivatives | $ | — | $ | (286 | ) | Cost of sales | $ | — | $ | (413 | ) | ||||||||||
Recovered_Sheet2
Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Quarterly Financial Information | ' | |||||||||||||||
Year Ended December 31, 2013 (1) (2) (3) (4) | ||||||||||||||||
Fourth | Third | Second | First | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
(In thousands, except per share data amounts) | ||||||||||||||||
Sales | $ | 80,936 | $ | 80,709 | $ | 83,707 | $ | 88,718 | ||||||||
Less: excise taxes | 3,642 | 538 | 4,312 | 2,314 | ||||||||||||
Net sales | 77,294 | 80,171 | 79,395 | 86,404 | ||||||||||||
Cost of sales | 69,380 | 79,356 | 74,114 | 79,175 | ||||||||||||
Gross profit | 7,914 | 815 | 5,281 | 7,229 | ||||||||||||
Selling, general and administrative expenses | 8,797 | 6,760 | 4,770 | 5,875 | ||||||||||||
Other operating costs and (gains) losses on sale of assets | 177 | 1 | — | 58 | ||||||||||||
Income (loss) from operations | (1,060 | ) | (5,946 | ) | 511 | 1,296 | ||||||||||
Interest income (expense), net | (289 | ) | (269 | ) | (277 | ) | (283 | ) | ||||||||
Equity in earnings (loss) | 758 | (91 | ) | 71 | (942 | ) | ||||||||||
Income (loss) from continuing operations before income taxes | (591 | ) | (6,306 | ) | 305 | 71 | ||||||||||
Provision (benefit) for income taxes | (758 | ) | 19 | 25 | — | |||||||||||
Net income (loss) from continuing operations | 167 | (6,325 | ) | 280 | 71 | |||||||||||
Discontinued operations, net of tax (Note 11) | (528 | ) | — | — | 1,406 | |||||||||||
Net income (loss) | $ | (361 | ) | $ | (6,325 | ) | $ | 280 | $ | 1,477 | ||||||
Basic and diluted earnings (loss) per share(5) | ||||||||||||||||
Income (loss) from continuing operations | $ | 0.01 | $ | (0.37 | ) | $ | 0.02 | $ | — | |||||||
Income from discontinued operations | $ | (0.03 | ) | $ | — | $ | — | $ | 0.08 | |||||||
Net income (loss) | $ | (0.02 | ) | $ | (0.37 | ) | $ | 0.02 | $ | 0.08 | ||||||
Dividends per common share | $ | — | $ | — | $ | — | $ | 0.05 | ||||||||
(1) | Net loss for the fourth quarter includes $528 of income tax expense related to the gain on sale of discontinued operations. See discussion on this matter at Note 5: Income Taxes. | |||||||||||||||
(2) | Net income for the first quarter includes a $1,406 gain, net of tax, on sale of discontinued operations. | |||||||||||||||
(3) | Net income (loss) for the second, third and fourth quarters include $259, $1,802, and $3,404, respectively of expense related to the governance, proxy dispute and related matters. | |||||||||||||||
(4) | Net income (loss) for the fourth quarter includes $1,525 of expense related to the severance costs. | |||||||||||||||
(5) | For the third and fourth quarters, under the two class method, the losses were fully allocated common stock. | |||||||||||||||
Year ended December 31, 2012(1) (2) | ||||||||||||||||
Fourth | Third | Second | First | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
(In thousands, except per share data amounts) | ||||||||||||||||
Sales | $ | 86,350 | $ | 76,189 | $ | 87,263 | $ | 88,430 | ||||||||
Less: excise tax | — | 82 | 1,729 | 2,086 | ||||||||||||
Net sales | 86,350 | 76,107 | 85,534 | 86,344 | ||||||||||||
Cost of sales | 78,930 | 70,047 | 79,618 | 80,717 | ||||||||||||
Gross profit | 7,420 | 6,060 | 5,916 | 5,627 | ||||||||||||
Selling, general and administrative | 6,466 | 6,037 | 6,285 | 7,748 | ||||||||||||
Other operating costs and (gain) loss on sale of assets, net | (16 | ) | (851 | ) | 176 | 122 | ||||||||||
Income (loss) from operations | 970 | 874 | (545 | ) | (2,243 | ) | ||||||||||
Gain on sale of joint venture interest | — | — | — | 4,055 | ||||||||||||
Other income (expense), net | (1 | ) | (1 | ) | 2 | 2 | ||||||||||
Interest expense | (158 | ) | (225 | ) | (232 | ) | (255 | ) | ||||||||
Equity in earnings (loss) | (465 | ) | (130 | ) | (143 | ) | 437 | |||||||||
Income (loss) from continuing operations before income taxes | 346 | 518 | (918 | ) | 1,996 | |||||||||||
Provision (benefit) for income taxes | 166 | 100 | (68 | ) | 120 | |||||||||||
Net income (loss) from continuing operations | 180 | 418 | (850 | ) | 1,876 | |||||||||||
Discontinued Operations, net of tax (Note 11) | — | — | — | — | ||||||||||||
Net income (loss) | $ | 180 | $ | 418 | $ | (850 | ) | $ | 1,876 | |||||||
Basic and diluted earnings (loss) per share data(3) | ||||||||||||||||
Income from continuing operations | $ | 0.01 | 0.02 | (0.05 | ) | 0.1 | ||||||||||
Income from discontinued operations | — | — | — | — | ||||||||||||
Net income (loss) | $ | 0.01 | 0.02 | (0.05 | ) | 0.1 | ||||||||||
Dividends per Common Share | $ | — | $ | — | $ | — | $ | 0.05 | ||||||||
(1) Net income for the first quarter includes a $4,055 gain on sale of joint venture interest. | ||||||||||||||||
(2) Net income for the third quarter includes an $889 gain on sale equipment that was previously impaired. | ||||||||||||||||
(3) For the second quarter, under the two class method, the loss was fully allocated common stock. |
Nature_Of_Operations_And_Summa3
Nature Of Operations And Summary Of Significant Accounting Policies (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||
Nov. 20, 2009 | Jun. 30, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2001 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 03, 2012 | Jan. 03, 2012 | |
segment | segment | Short And Longterm Debt [Member] | Short And Longterm Debt [Member] | Reimbursment [Member] | Reimbursment Of Maintenance Costs [Member] | Reimbursment Of Maintenance Costs [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Formerly Directly Owned Subsidiaries [Member] | Subsidiary Of Processing [Member] | ||||
Building And Improvements [Member] | Transportation Equipment Assets [Member] | Machinery Equipment [Member] | Building And Improvements [Member] | Transportation Equipment Assets [Member] | Machinery Equipment [Member] | segment | ||||||||||||
Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of reportable segments | ' | ' | 3 | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' |
Equity method ownership percentage (percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% |
Ownership percentage sold (percent) | 50.00% | 50.00% | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Useful life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 years | '5 years | '10 years | '40 years | '6 years | '12 years | ' | ' |
Proceeds from grantors (in dollars) | ' | ' | ' | ' | $26,000,000 | ' | ' | $1,250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred revenue and credits (in dollars) | ' | ' | 3,043,000 | 3,599,000 | ' | ' | ' | ' | 914,000 | 914,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Shipping and handling revenue (in dollars) | ' | ' | 12,292,000 | 10,653,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Research and development expense (in dollars) | ' | ' | 2,472,000 | 2,344,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, fair value disclosure (in dollars) | ' | ' | 23,300,000 | 32,596,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, less current maturities | ' | ' | $3,611,000 | $5,168,000 | ' | $23,168,000 | $32,744,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nature_Of_Operations_And_Summa4
Nature Of Operations And Summary Of Significant Accounting Policies (Detail) - Interest Costs (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' |
Interest costs charged to expense | $1,118 | $870 |
Plus: Interest cost capitalized | 108 | 136 |
Total | $1,226 | $1,006 |
Other_Balance_Sheet_Captions_D
Other Balance Sheet Captions (Detail) - Components of Inventory (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Components of Inventory [Abstract] | ' | ' |
Finished goods | $11,355 | $14,272 |
Barreled distillate | 10,310 | 9,080 |
Raw materials | 5,183 | 5,959 |
Work in process | 2,737 | 2,571 |
Maintenance materials | 4,766 | 4,116 |
Other | 566 | 534 |
Total | $34,917 | $36,532 |
Other_Balance_Sheet_Captions_D1
Other Balance Sheet Captions (Detail) - Components of Property and Equipment (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Components of Property and Equipment [Abstract] | ' | ' |
Land, buildings and improvements | $40,681 | $39,509 |
Transportation equipment | 2,793 | 2,360 |
Machinery and equipment | 146,410 | 144,106 |
Construction in progress | 4,803 | 4,544 |
Property and equipment, at cost | 194,687 | 190,519 |
Less accumulated depreciation | -124,443 | -115,128 |
Property and equipment, net | $70,244 | $75,391 |
Other_Balance_Sheet_Captions_D2
Other Balance Sheet Captions (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Capital leased assets | $8,376 | $8,376 |
Accumulated depreciation and amortization | 124,443 | 115,128 |
Assets Held under Capital Leases [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Accumulated depreciation and amortization | $3,660 | $2,612 |
Other_Balance_Sheet_Captions_D3
Other Balance Sheet Captions (Detail) - Components of Accrued Expenses (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Components of Accrued Expenses [Abstract] | ' | ' |
Employee benefit plans | $821 | $784 |
Salaries and wages | 4,354 | 1,843 |
Restructuring charges | 1,277 | 643 |
Property taxes | 654 | 512 |
Other accrued expenses | 1,176 | 1,438 |
Total | $8,282 | $5,220 |
Equity_Method_Investments_Deta
Equity Method Investments (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | |||||||
Feb. 01, 2012 | Nov. 20, 2009 | Jun. 30, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 01, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Feb. 01, 2012 | Feb. 01, 2012 | Dec. 31, 2013 | |
ICP [Member] | ICP Limited Liability Company [Member] | ICP Limited Liability Company [Member] | ICP [Member] | ICP [Member] | ICP [Member] | D.M. Ingredients GmbH [Member] | ||||||
board_member | ICP Holdings [Member] | |||||||||||
board_member | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method ownership percentage (percent) | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% | 50.00% | ' | 50.00% |
Ownership percentage sold (percent) | ' | 50.00% | 50.00% | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' |
Option to purchase additional interest (percent) | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of interest in ICP | $9,103,000 | ' | ' | $0 | ($9,103,000) | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage by parent (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70.00% | ' |
Number of board members entitled to be named (board members) | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | 4 | ' |
Number of board members (board members) | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' |
EBITDA | ' | ' | ' | ' | ' | ' | -500,000 | ' | ' | ' | ' | ' |
Right to end operations, 3 quarter aggregate EBITDA losses threshold amount | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' |
Net working capital | ' | ' | ' | ' | ' | ' | ' | $2,500,000 | ' | ' | ' | ' |
Equity_Method_Investments_Deta1
Equity Method Investments (Detail) - The Company’s Equity in Earnings (Loss) of Joint Ventures (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity In earnings (loss) | $758 | ($91) | $71 | ($942) | ($465) | ($130) | ($143) | $437 | ($204) | ($301) |
Illinois Corn Processings, LLC [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity In earnings (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -251 | -327 |
D.M. Ingredients GmbH [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity In earnings (loss) | ' | ' | ' | ' | ' | ' | ' | ' | $47 | $26 |
Equity_Method_Investments_Deta2
Equity Method Investments (Detail) - The Company’s Investment in Joint Ventures (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Interest [Member] | Interest [Member] | Interest [Member] | Interest [Member] | Interest [Member] | Interest [Member] |
Illinois Corn Processings, LLC [Member] | DMI [Member] | Illinois Corn Processings, LLC [Member] | DMI [Member] | |||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' |
Intestments In joint ventures | $7,123 | $6,653 | $470 | $7,301 | $6,898 | $403 |
Corporate_Borrowings_And_Capit2
Corporate Borrowings And Capital Lease Obligations (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||||||||
Nov. 02, 2012 | Jun. 28, 2011 | Jul. 20, 2009 | Dec. 28, 2006 | Dec. 31, 2007 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 02, 2012 | Nov. 02, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 02, 2012 | Jul. 20, 2009 | Nov. 02, 2012 | Jul. 20, 2009 | Jun. 28, 2011 | Nov. 02, 2012 | Nov. 02, 2012 | Nov. 02, 2012 | Feb. 12, 2014 | |
Fixed Asset Sub Line Facility [Member] | Minimum Under Loan Covenant [Member] | Wells Fargo Bank [Member] | Wells Fargo Bank [Member] | Consolidated Basis [Member] | Original Loan Amount [Member] | Percentage Amount Over LIBOR [Member] | Three Year Treasury Index [Member] | Water Cooling System Sale Leaseback [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Subsequent Event [Member] | ||||||||
Percentage Amount Over LIBOR [Member] | Percentage Amount Over Federal Funds Rate [Member] | Percentage Amount Over LIBOR [Member] | Wells Fargo Bank [Member] | |||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | $55,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility | ' | ' | ' | ' | ' | 18,000,000 | 25,893,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining borrowing capacity | ' | ' | ' | ' | ' | 23,920,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit outstanding | ' | ' | ' | ' | ' | 2,000,000 | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed asset sub line facility | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate | 1.00% | ' | ' | ' | ' | 252.00% | 2.84% | ' | ' | ' | ' | ' | ' | 1.00% | 6.00% | ' | 2.00% | 0.50% | 2.50% | ' |
Commitment fee percentage | 0.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Required excess availability | ' | ' | ' | ' | ' | ' | ' | ' | 9,625,000 | ' | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Covenant Compliance, Maximum Governance Expenses Included in Earnings Before Interest, Taxes, Depreciation and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,500,000 |
Litigation Settlement, Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,465,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Covenant Compliance, Fixed Charge Coverage Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount outstanding | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | 18,000,000 | 25,893,000 | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' |
Number of installment loan payments | ' | ' | '84 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of debt | ' | ' | 32,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale leaseback transaction, gross proceeds | ' | 7,335,000 | ' | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale leaseback transaction, monthly rental payments | ' | 110,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale leaseback transaction, lease terms | ' | 'P60M | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'P72M | ' | ' | ' | ' |
Sale leaseback transaction, imputed interest rate | ' | 2.61% | ' | ' | 4.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leveraged leases, net investment in leveraged leases disclosure, residual value of leased assets | ' | 1,328,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale leaseback transaction, other payments required | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale leaseback admin fee payment period | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Special assessment bond | ' | ' | ' | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating leases, rent expense | ' | ' | ' | ' | ' | $2,844,000 | $2,485,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Corporate_Borrowings_And_Capit3
Corporate Borrowings And Capital Lease Obligations (Detail) - Indebtedness Outstanding Summary (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 20, 2009 |
In Thousands, unless otherwise specified | |||
Debt Instrument [Line Items] | ' | ' | ' |
Revolving Credit Agreement, 2.52% (variable interest rate) | ' | ' | $2,000 |
Less current maturities of long term debt | -1,557 | -1,683 | ' |
Long-term debt | 3,611 | 5,168 | ' |
Wells Fargo Bank [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Revolving Credit Agreement, 2.52% (variable interest rate) | 18,000 | 25,893 | ' |
Union State Bank Bank Of Atchison [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Secured Promissory Note, 6.63% (variable interest rate), due monthly to July, 2016. | 746 | 1,070 | ' |
Capital Lease Obligations [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Water Cooling System Capital Lease Obligation, 2.61%, due monthly to May, 2017 | 0 | 178 | ' |
Other Capital Lease Obligations, 0.61%, due monthly to October, 2013. | 0 | 178 | ' |
US Bancorp [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Water Cooling System Capital Lease Obligation, 2.61%, due monthly to May, 2017 | 4,422 | 5,603 | ' |
Other Capital Lease Obligations, 0.61%, due monthly to October, 2013. | 4,422 | 5,603 | ' |
Total [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term debt | 21,611 | 31,061 | ' |
Debt And Capital Lease Obligations [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total | 23,168 | 32,744 | ' |
Current Maturities [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Less current maturities of long term debt | ($1,557) | ($1,683) | ' |
Corporate_Borrowings_And_Capit4
Corporate Borrowings And Capital Lease Obligations (Detail) - Indebtedness Outstanding Summary (Parentheticals) | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 02, 2012 |
Debt Instrument [Line Items] | ' | ' | ' |
Secured Promissory Note, variable interest rate | 252.00% | 2.84% | 1.00% |
Wells Fargo Bank [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Revolving Credit Agreement, variable interest rate | 2.52% | 2.52% | ' |
Interest [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Water Cooling System Capital Lease Obligation, interest rate | 0.61% | 0.61% | ' |
Capital Lease interest rate | 0.61% | 0.61% | ' |
Variable Interest Rate [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Secured Promissory Note, variable interest rate | 6.63% | 6.63% | ' |
Interest [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Water Cooling System Capital Lease Obligation, interest rate | 2.61% | 2.61% | ' |
Capital Lease interest rate | 2.61% | 2.61% | ' |
Corporate_Borrowings_And_Capit5
Corporate Borrowings And Capital Lease Obligations (Detail) - Offsetting Assets and Liabilities (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Gross Amounts Of Recognized Assets Liabilities [Member] | ' | ' |
Offsetting Assets and Liabilities [Line Items] | ' | ' |
Investment in bonds | $7,000 | $7,000 |
Capital lease obligations | -7,000 | -7,000 |
Gross Amounts Off Set In The Balance Sheet [Member] | ' | ' |
Offsetting Assets and Liabilities [Line Items] | ' | ' |
Investment in bonds | 7,000 | 7,000 |
Capital lease obligations | -7,000 | -7,000 |
Net Amounts Of Assets Liabilities Presented In The Balance Sheet [Member] | ' | ' |
Offsetting Assets and Liabilities [Line Items] | ' | ' |
Investment in bonds | 0 | 0 |
Capital lease obligations | $0 | $0 |
Corporate_Borrowings_And_Capit6
Corporate Borrowings And Capital Lease Obligations (Detail) - Summary of Leases and Debt Maturities (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Debt Instrument [Line Items] | ' |
2014 | $1,316 |
2014 | 104 |
2014 | 1,212 |
2014 | 2,280 |
2015 | 1,316 |
2015 | 72 |
2015 | 1,244 |
2015 | 2,167 |
2016 | 1,316 |
2016 | 39 |
2016 | 1,277 |
2016 | 1,699 |
2017 | 18,000 |
2017 | 695 |
2017 | 6 |
2017 | 689 |
2017 | 1,106 |
2018 | 0 |
2018 | 0 |
2018 | 0 |
2018 | 265 |
Thereafter | 727 |
Total | 18,000 |
Total | 4,643 |
Total | 221 |
Total | 4,422 |
Total | 8,244 |
Long Term [Member] | ' |
Debt Instrument [Line Items] | ' |
2014 | 345 |
2015 | 369 |
2016 | 32 |
2017 | 0 |
Total | 746 |
Total Debt [Member] | ' |
Debt Instrument [Line Items] | ' |
2014 | 1,557 |
2015 | 1,613 |
2016 | 1,309 |
2017 | 18,689 |
2018 | 0 |
Total | $23,168 |
Income_Taxes_Detail_Provision_
Income Taxes (Detail) - Provision (Benefit) for Income Taxes from Continuing Operations (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Current: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | ($16) | $0 |
State | ' | ' | ' | ' | ' | ' | ' | ' | 29 | 318 |
Current income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 13 | 318 |
Deferred: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | -642 | 0 |
State | ' | ' | ' | ' | ' | ' | ' | ' | -85 | 0 |
Deferred income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -727 | 0 |
Provision (benefit) for income taxes | ($758) | $19 | $25 | $0 | $166 | $100 | ($68) | $120 | ($714) | $318 |
Income_Taxes_Detail
Income Taxes (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax expense (benefit) | ($758) | $19 | $25 | $0 | $166 | $100 | ($68) | $120 | ($714) | $318 |
Tax effect of discontinued operations | 528 | ' | ' | ' | ' | ' | ' | ' | 575 | ' |
Other comprehensive income (loss), tax | ' | ' | ' | ' | ' | ' | ' | ' | 152 | ' |
Discontinued operations, net of tax | -528 | 0 | 0 | 1,406 | 0 | 0 | 0 | 0 | 878 | 0 |
Other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 229 | 802 |
Effective income tax rate for discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 39.60% | ' |
Effective income tax rate for other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 39.90% | ' |
Unrecognized tax benefits that would impact effective tax rate | 29 | ' | ' | ' | ' | ' | ' | ' | 29 | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital loss carryforward | 2,318 | ' | ' | ' | ' | ' | ' | ' | 2,318 | ' |
Federal [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating loss carryforwards | 36,969 | ' | ' | ' | ' | ' | ' | ' | 36,969 | ' |
State [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating loss carryforwards | 99,496 | ' | ' | ' | ' | ' | ' | ' | 99,496 | ' |
Expire 2016 [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital loss carryforward | 1,843 | ' | ' | ' | ' | ' | ' | ' | 1,843 | ' |
Expire 2018 [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital loss carryforward | $475 | ' | ' | ' | ' | ' | ' | ' | $475 | ' |
Income_Taxes_Detail_A_Reconcil
Income Taxes (Detail) - A Reconciliation of the Provision for income taxes from continuing operations (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
“Expected†provision at federal statutory rate | ' | ' | ' | ' | ' | ' | ' | ' | ($2,282) | $680 |
State income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -705 | 106 |
Change in valuation allowance | ' | ' | ' | ' | ' | ' | ' | ' | 2,222 | -447 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 51 | -21 |
Provision (benefit) for income taxes | ($758) | $19 | $25 | $0 | $166 | $100 | ($68) | $120 | ($714) | $318 |
Effective tax rate | ' | ' | ' | ' | ' | ' | ' | ' | 11.00% | 16.40% |
Income_Taxes_Detail_Temporary_
Income Taxes (Detail) - Temporary Differences Related to Deferred Income Taxes (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred income tax assets: | ' | ' |
Post-retirement liability | $1,928 | $2,277 |
Deferred income | 1,568 | 1,651 |
Stock based compensation | 2,106 | 1,857 |
Federal operating loss carry-forwards | 12,938 | 11,481 |
Capital loss carryforward | 926 | 2,243 |
State tax credits | 3,022 | 3,022 |
State operating loss carry-forwards | 8,277 | 7,638 |
Other | 4,049 | 4,626 |
Less: valuation allowance | -11,275 | -9,053 |
Gross deferred income tax assets | 23,539 | 25,742 |
Deferred income tax liabilities: | ' | ' |
Fixed assets | -17,919 | -20,180 |
Equity method investment | -391 | -526 |
Other | -5,229 | -5,036 |
Gross deferred income tax liabilities | 23,539 | 25,742 |
Net deferred income tax liability | $0 | $0 |
Income_Taxes_Detail_Unrecogniz
Income Taxes (Detail) - Unrecognized Tax Benefits (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Unrecognized Tax Benefits [Roll Forward] | ' | ' |
Beginning of period balance | $445 | $445 |
Additions for tax positions of prior years | 62 | 0 |
Additions for tax positions of the current year | 59 | 0 |
End of period balance | $566 | $445 |
Equity_Detail
Equity (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Apr. 10, 2013 | Feb. 28, 2013 | Apr. 19, 2012 | Mar. 01, 2012 | Jan. 03, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
board_member | ||||||||
Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends declared (in dollars per share) | ' | $0.05 | ' | $0.05 | ' | ' | ' | ' |
Dividends paid | $916 | ' | $914 | ' | ' | $916 | $914 | ' |
Number of board members common stock shareholders entitled To elect | ' | ' | ' | ' | ' | 4 | ' | ' |
Total number of board members | ' | ' | ' | ' | ' | 9 | ' | ' |
Number of board members preferred stock shareholders entitled to elect | ' | ' | ' | ' | ' | 5 | ' | ' |
Number of directors elected annually | ' | ' | ' | ' | ' | 3 | ' | ' |
Board of directors, term of service | ' | ' | ' | ' | ' | '3 years | ' | ' |
Minimum single shareholder ownership percentage to call special stockholder meeting (as a percent) | ' | ' | ' | ' | ' | 10.00% | ' | ' |
Number of board members required to approve sale or acquisition of business | ' | ' | ' | ' | ' | 6 | ' | ' |
Treasury stock, shares retired (in shares) | ' | ' | ' | ' | 1,414,379 | ' | ' | ' |
Reduction in number of issued shares | ' | ' | ' | ' | 1,414,379 | ' | ' | ' |
Cancellation of treasury stock | ' | ' | ' | ' | $7,132 | ' | $0 | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Options outstanding (in shares) | ' | ' | ' | ' | ' | 10,000 | 20,000 | 42,000 |
Restricted Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Number of nonvested shares (in shares) | ' | ' | ' | ' | ' | 569,296 | 933,887 | 1,199,661 |
Restricted Stock Units [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Number of nonvested shares (in shares) | ' | ' | ' | ' | ' | 371,502 | 423,264 | 0 |
Ending Balance [Member] | Restricted Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Number of nonvested shares (in shares) | ' | ' | ' | ' | ' | 569,296 | 933,887 | ' |
Equity_Detail_Reserved_Shares_
Equity (Detail) - Reserved Shares of Common Stock | 12 Months Ended |
Dec. 31, 2013 | |
Stock options granted but not exercised | 10,000 |
Restricted stock authorized but not granted | 175,000 |
Total | 1,316,341 |
Restricted stock to non-employees (authorized but not granted) [Member] | ' |
Restricted stock authorized but not granted | 13,383 |
Restricted stock to employees and executives (authorized but not granted) [Member] | ' |
Restricted stock authorized but not granted | 1,292,958 |
Equity_Detail_The_Computations
Equity (Detail) - The Computations of Basic and Diluted Earnings (Loss) Per Share (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Continuing Operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) from continuing operations attributable to shareholders | ' | ' | ' | ' | ' | ' | ' | ' | ($5,807) | $1,624 |
Less: Amounts allocated to participating securities (non-vested shares and units) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -121 |
Net income (loss) from continuing operations attributable to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | -5,807 | 1,503 |
Discontinued Operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discontinued operations, net of tax | -528 | 0 | 0 | 1,406 | 0 | 0 | 0 | 0 | 878 | 0 |
Less: Amounts allocated to participating securities (nonvested shares and units) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Discontinued operations attributable to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | 878 | 0 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ($4,929) | $1,503 |
Share information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic weighted average common shares (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | 17,069,455 | 16,951,168 |
Additional weighted average shares attributable to: Stock options (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Diluted weighted average common shares (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | 17,069,455 | 16,951,168 |
Basic earnings (loss) per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from continuing operations (in dollars per share) | $0.01 | ($0.37) | $0.02 | $0 | $0.01 | $0.02 | ($0.05) | $0.10 | ($0.34) | $0.09 |
Income from discontinued operations (in dollars per share) | ($0.03) | $0 | $0 | $0.08 | $0 | $0 | $0 | $0 | $0.05 | $0 |
Income (loss) from continuing operations (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ($0.29) | $0.09 |
Diluted earnings (loss) per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from continuing operations (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ($0.34) | $0.09 |
Income from discontinued operations (In dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.05 | $0 |
Net income (loss) (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ($0.29) | $0.09 |
Equity_Detail_Accumulated_Othe
Equity (Detail) - Accumulated Other Comprehensive Income (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' |
Beginning balance | ($233) | ' |
Other comprehensive income before reclassifications | 530 | ' |
Amounts reclassified from accumulated other comprehensive income | -301 | ' |
Net current year other comprehensive income | 229 | 802 |
Ending balance | -4 | -233 |
Pension Plan Items [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' |
Beginning balance | -627 | ' |
Other comprehensive income before reclassifications | 179 | ' |
Amounts reclassified from accumulated other comprehensive income | 71 | ' |
Net current year other comprehensive income | 250 | ' |
Ending balance | -377 | ' |
Post Employment Benefit Items [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' |
Beginning balance | 429 | ' |
Other comprehensive income before reclassifications | 339 | ' |
Amounts reclassified from accumulated other comprehensive income | -372 | ' |
Net current year other comprehensive income | -33 | ' |
Ending balance | 396 | ' |
Foreign Currency Items [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' |
Beginning balance | -35 | ' |
Other comprehensive income before reclassifications | 12 | ' |
Amounts reclassified from accumulated other comprehensive income | 0 | ' |
Net current year other comprehensive income | 12 | ' |
Ending balance | ($23) | ' |
Equity_Detail_Reclassification
Equity (Detail) - Reclassification out of Accumulated Other Comprehensive Income (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax expense (benefit) | ($758) | $19 | $25 | $0 | $166 | $100 | ($68) | $120 | ($714) | $318 |
Net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 5,807 | -1,503 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -301 | ' |
Pension Plan Items [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recognized net actuarial loss | ' | ' | ' | ' | ' | ' | ' | ' | 66 | ' |
Settlement loss | ' | ' | ' | ' | ' | ' | ' | ' | 52 | ' |
Total before tax | ' | ' | ' | ' | ' | ' | ' | ' | 118 | ' |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -47 | ' |
Net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 71 | ' |
Post Employment Benefit Items [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recognized net actuarial loss | ' | ' | ' | ' | ' | ' | ' | ' | 28 | ' |
Amortization of prior service cost | ' | ' | ' | ' | ' | ' | ' | ' | -647 | ' |
Total before tax | ' | ' | ' | ' | ' | ' | ' | ' | -619 | ' |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 247 | ' |
Net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ($372) | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Capital Addition Purchase Commitments [Member] | Corn [Member] | Natural Gas [Member] | Flour [Member] | ||
Long-term Purchase Commitment [Line Items] | ' | ' | ' | ' | ' | ' |
Purchase commitments | ' | ' | $469 | $43,415 | $7,548 | $8,883 |
Letters of credit outstanding | $2,000 | $2,000 | ' | ' | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Detail) - Contingencies (Settlement Agreement [Member], USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Settlement Agreement [Member] | ' |
Loss Contingencies [Line Items] | ' |
Reimburseable legal expenses, maximum cap | $1,775 |
Reimbursement requests submitted and accrued for | $1,764 |
Employee_Benefit_Plans_Detail
Employee Benefit Plans (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
retirement_plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Cost recognized | $1,004 | $773 |
Number of plans merged | ' | 2 |
Payments for postemployment benefits | ' | 1,997 |
Amounts that will be amortized from accumulated other comprehensive income (loss) in next fiscal year | ' | 228 |
Plan amendments | ' | 1,165 |
Curtailments | ' | 79 |
Amortization of prior service cost (credit) | ' | 79 |
Requisite service period | '5 years | ' |
Accrued expenses | 8,282 | 5,220 |
Effect On Accumulated Benefit Obligation And Service And Interest Cost [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Ultimate trend rate | ' | 1.00% |
Equity Securities [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Target plan asset allocations | 62.00% | ' |
Debt Securities [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Target plan asset allocations | 26.00% | ' |
Equity Securities, Other [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Target plan asset allocations | 12.00% | ' |
Debt Category Concentration [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Target plan asset allocations | 10.00% | ' |
Post Retirement Benefit Plan [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Number of participants | 327 | ' |
Age of non-union employees on September 1, 2012 for which certain benefits terminated, less than | ' | '60 years |
Plan amendments | 0 | 1,165 |
Minimum age of participant to become eligible for benefits | '62 years | ' |
Age up to which health benefits continuation paid | '65 years | ' |
Age at which company pays lump sum advance premium | '65 years | ' |
Accrued expenses | 405 | 604 |
Medicare Part D Subsidy Receipts [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Estimated future employer contributions in next fiscal year | 29 | ' |
Increase In Health Care Cost Trend [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Effect of one percentage point increase (decrease) in assumed health care costs | 263 | ' |
Decrease In Health Care Cost Trend [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Effect of one percentage point increase (decrease) in assumed health care costs | -238 | ' |
Increase In Service And Interest Cost [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Effect of one percentage point increase (decrease) in assumed health care costs | 24 | ' |
Decrease In Service And Interest Cost [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Effect of one percentage point increase (decrease) in assumed health care costs | -21 | ' |
Minimum [Member] | Debt Securities [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Target plan asset allocations | 80.00% | ' |
Minimum [Member] | Percentage Variance From Established Investment Category Targets [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Target plan asset allocations | 10.00% | ' |
Health Care Benefits [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Plan amendments | ' | 1,021 |
Life Insurance [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Plan amendments | ' | $144 |
Employee_Benefit_Plans_Detail_
Employee Benefit Plans (Detail) - Additional Information (USD $) | 6 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 |
Stock Options [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Annual Cash Incentive Plan [Member] | Annual Cash Incentive Plan [Member] | Annual Cash Incentive Plan [Member] | Annual Cash Incentive Plan [Member] | The 2004 Plan [Member] | The 2004 Plan [Member] | The 2004 Plan [Member] | The 2004 Plan [Member] | The 2004 Plan [Member] | Directors Option Plan [Member] | Directors Stock Plan [Member] | Directors Stock Plan [Member] | Minimum [Member] | Maximum [Member] | Directors Option Plan [Member] | Directors Option Plan [Member] | Salaried Plan [Member] | Annual Cash Incentive Plan [Member] | Growth [Member] | Growth [Member] | Improvements In MEP [Member] | Bonus [Member] | HRCC [Member] | Target Growth [Member] | Target Growth [Member] | Target [Member] | Incentive Compensation Payable [Member] | Improvement [Member] | |||||
Stock Options [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock [Member] | Maximum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Minimum [Member] | ||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock authorized but not granted (in shares) | ' | 175,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,680,000 | ' | ' | ' | ' | ' | ' | ' | ' | 180,000 | 2,000 | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average remaining contractual term | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options outstanding (in shares) | 42,000 | 10,000 | 20,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of nonvested shares (in shares) | ' | ' | ' | ' | ' | 371,502 | 423,264 | 0 | 569,296 | 933,887 | 1,199,661 | ' | ' | ' | ' | ' | ' | ' | 328,750 | 556,900 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award vesting period | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | '184 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares available for grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,292,958 | ' | ' | ' | ' | ' | 13,383 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase of MEP (as a percent) | ' | 85.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grant date market value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,500 | $4,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation expense | ' | 932 | 969 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grants in period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54,694 | 106,923 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested and expected to vest, exercisable, weighted average remaining contractual term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options, outstanding, intrinsic value | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options, vested in period, fair value | ' | ' | ' | ' | ' | 72 | 0 | ' | 2,182 | 616 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation costs, options | ' | ' | ' | ' | 922 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period for recognition of unrecognized compensation cost | ' | ' | ' | ' | '1 year 8 months 12 days | '2 years 10 months 24 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation costs, other than options | ' | ' | ' | ' | ' | 1,011 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Modified economic profit | 50.00% | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | 100.00% | ' | ' | 100.00% | 100.00% | 125.00% | 100.00% | ' | 100.00% |
Targeted bonus award expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 3,111 | 2,911 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Targeted bonus award | ' | ' | 90.00% | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 125.00% | ' | ' | ' | ' | 90.00% | ' |
Payment period for participant to reimburse company for excess payments | ' | ' | '15 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Modified economic profit amount | $3,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee_Benefit_Plans_Detail_1
Employee Benefit Plans (Detail) - Status of the Company’s Benefit Plans (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Change in benefit obligation: | ' | ' |
Negative plan amendment benefit | ' | ($1,165) |
Defined Benefit Retirement Plan [Member] | ' | ' |
Change in benefit obligation: | ' | ' |
Beginning of period | 2,690 | 4,884 |
Interest cost | 83 | 146 |
Actuarial loss (gain) | -241 | -300 |
Benefits paid | -342 | -2,040 |
Benefit obligation at end of period | 2,190 | 2,690 |
Post Retirement Benefit Plan [Member] | ' | ' |
Change in benefit obligation: | ' | ' |
Beginning of period | 5,700 | 6,309 |
Service cost | 127 | 192 |
Interest cost | 165 | 209 |
Actuarial loss (gain) | -558 | 768 |
Negative plan amendment benefit | 0 | -1,165 |
Benefits paid | -607 | -613 |
Benefit obligation at end of period | $4,827 | $5,700 |
Employee_Benefit_Plans_Detail_2
Employee Benefit Plans (Detail) - Changes in Plan Assets (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Retirement Plan [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Fair value of plan assets at beginning of period | $1,720 | $3,278 |
Actual return on plan assets | 172 | 129 |
Employer contributions | 0 | 353 |
Benefits paid | -342 | -2,040 |
Fair value of plan assets at end of period | 1,550 | 1,720 |
Post Retirement Benefit Plan [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Benefits paid | ($607) | ($613) |
Employee_Benefit_Plans_Detail_3
Employee Benefit Plans (Detail) - Assumptions Used to Determine Accumulated Benefit Obligations | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Retirement Plan [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Discount rate | 4.11% | 3.19% |
Measurement date | 'December 31, 2013 | 'December 31, 2012 |
Post Retirement Benefit Plan [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Discount rate | 3.95% | 2.98% |
Measurement date | 'December 31, 2013 | 'December 31, 2012 |
Employee_Benefit_Plans_Detail_4
Employee Benefit Plans (Detail) - Assumptions Used to Determine Net Benefit Cost | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Retirement Plan [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Expected return on Assets | 7.00% | 7.00% |
Discount rate | 3.19% | 4.21% |
Post Retirement Benefit Plan [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Discount rate | 2.98% | 3.26% |
Employee_Benefit_Plans_Detail_5
Employee Benefit Plans (Detail) - Components of Net Periodic Benefit Cost (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Retirement Plan [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Interest cost | $83 | $146 |
Expected return on assets | -114 | -166 |
Amortization of net actuarial gain | 66 | 90 |
Settlement losses | 52 | 228 |
Total | 87 | 298 |
Post Retirement Benefit Plan [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Service cost | 127 | 192 |
Interest cost | 165 | 209 |
Amortization of prior service cost | -647 | -227 |
Prior service cost recognized due to curtailment | 0 | -79 |
Amortization of net actuarial gain | 28 | ' |
Settlement losses | 0 | ' |
Total | ($327) | $95 |
Employee_Benefit_Plans_Detail_6
Employee Benefit Plans (Detail) - Changes in Plan Assets and Benefit Obligations in Other Comprehensive Income (loss) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Retirement Plan [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Net actuarial (loss) gain | $298 | $265 |
Settlement losses | 52 | 228 |
Recognized net actuarial gain | 66 | 90 |
Total other comprehensive income (loss), pre-tax | 416 | 583 |
Income tax provision (benefit) | 166 | 0 |
Total other comprehensive income (loss), net of tax | 250 | 583 |
Post Retirement Benefit Plan [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Net actuarial (loss) gain | 558 | -768 |
Settlement losses | 0 | ' |
Recognized net actuarial gain | 28 | ' |
Prior service cost recognized due to negative plan adjustment | 0 | 1,165 |
Prior service cost recognized due to curtailments | 0 | -79 |
Amortization of prior service cost | -647 | -227 |
Total other comprehensive income (loss), pre-tax | -61 | 91 |
Income tax provision (benefit) | -22 | 0 |
Total other comprehensive income (loss), net of tax | ($39) | $91 |
Employee_Benefit_Plans_Detail_7
Employee Benefit Plans (Detail) - Amounts Recognized in the Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Accrued expenses | ($8,282) | ($5,220) |
Other non-current liabilities | -640 | -1,000 |
Accrued retirement benefits | -4,423 | -5,096 |
Defined Benefit Retirement Plan [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Other non-current liabilities | -640 | -970 |
Net amount recognized | -640 | -970 |
Post Retirement Benefit Plan [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Accrued expenses | -405 | -604 |
Accrued retirement benefits | -4,422 | -5,096 |
Net amount recognized | ($4,827) | ($5,700) |
Employee_Benefit_Plans_Detail_8
Employee Benefit Plans (Detail) - Estimated Amount that will be Recognized From Accumulated Other Comprehensive Income (Loss) into Net Periodic Benefit Cost (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Defined Benefit Retirement Plan [Member] | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
Actuarial net loss | ($20) |
Net prior service credits | 0 |
Net amount recognized | -20 |
Post Retirement Benefit Plan [Member] | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
Actuarial net loss | 0 |
Net prior service credits | 196 |
Net amount recognized | $196 |
Employee_Benefit_Plans_Detail_9
Employee Benefit Plans (Detail) - Assumed Average Annual Rate of Increase in the Per Capita Cost of Covered Benefits | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Post-Retirement Benefit Plan Pre-Age 65 [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Health care cost trend rate | 8.00% | 8.00% |
Ultimate trend rate | 5.00% | 5.00% |
Year rate reaches ultimate trend rate | '2027 | '2024 |
Post-Retirement Benefit Plan Age 65 and Older [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Health care cost trend rate | 6.50% | 8.00% |
Ultimate trend rate | 5.00% | 5.00% |
Year rate reaches ultimate trend rate | '2021 | '2024 |
Recovered_Sheet3
Employee Benefit Plans (Detail) - Expected Benefit Payments (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Defined Benefit Retirement Plan [Member] | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
2014 | $124 |
2015 | 91 |
2016 | 222 |
2017 | 161 |
2018 | 180 |
2019-2023 | 939 |
Total | 1,717 |
Post Retirement Benefit Plan [Member] | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
2014 | 405 |
2015 | 398 |
2016 | 375 |
2017 | 375 |
2018 | 416 |
2019-2023 | 2,292 |
Total | 4,261 |
Post Retirement Benefit Plan [Member] | Medicare Part D Subsidy Receipts [Member] | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' |
2014 | 29 |
2015 | 26 |
2016 | 25 |
2017 | 23 |
2018 | 22 |
2019-2023 | 84 |
Total | $209 |
Recovered_Sheet4
Employee Benefit Plans (Detail) - Weighted Average Asset Allocation by Asset Category | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Actual Asset Allocation [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Total | 100.00% | 100.00% |
Cash and Cash Equivalents [Member] | Actual Asset Allocation [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Asset allocations by asset categories | 36.00% | 42.00% |
Equity Securities [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Total | 62.00% | ' |
Equity Securities [Member] | Actual Asset Allocation [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Asset allocations by asset categories | 47.00% | 36.00% |
Debt Securities [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Total | 26.00% | ' |
Debt Securities [Member] | Actual Asset Allocation [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Asset allocations by asset categories | 11.00% | 13.00% |
Equity Securities, Other [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Total | 12.00% | ' |
Equity Securities, Other [Member] | Actual Asset Allocation [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Asset allocations by asset categories | 6.00% | 9.00% |
Recovered_Sheet5
Employee Benefit Plans (Detail) - Fair Value of Company's Defined Benefit Retirment Plan (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Cash and cash equivalents | $2,857 | $0 | $383 |
Total | 1,550 | 1,720 | ' |
Level 1 [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Total | 1,550 | 1,720 | ' |
Domestic Equity Securities [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Equity securities | 566 | 487 | ' |
Investment grade bonds | 167 | 207 | ' |
Domestic Equity Securities [Member] | Level 1 [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Equity securities | 566 | 487 | ' |
Investment grade bonds | 167 | 207 | ' |
International Equity Securities [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Equity securities | 156 | 135 | ' |
International Equity Securities [Member] | Level 1 [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Equity securities | 156 | 135 | ' |
Cash and Cash Equivalents [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Cash and cash equivalents | 556 | 724 | ' |
Cash and Cash Equivalents [Member] | Level 1 [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Cash and cash equivalents | 556 | 724 | ' |
Other Assets Fair Value [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Other | 105 | 167 | ' |
Other Assets Fair Value [Member] | Level 1 [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Other | $105 | $167 | ' |
Recovered_Sheet6
Employee Benefit Plans (Detail) - Stock Options Awarded Under the Company’s Stock Option Plans (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' |
Outstanding at beginning of period | 20,000 | 42,000 |
Cancelled/Forfeited | -10,000 | -22,000 |
Exercised | ' | 0 |
Outstanding at end of period | 10,000 | 20,000 |
Outstanding at beginning of period (in dollars per share) | $9.30 | $6.98 |
Cancelled/Forfeited (in dollars per share) | $8.69 | $4.88 |
Exercised (in dollars per share) | ' | $0 |
Outstanding at end of period (in dollars per share) | $9.91 | $9.30 |
Recovered_Sheet7
Employee Benefit Plans (Detail) - Status of Restricted Stock Awarded under the Company’s Restricted Stock Plan (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' |
Non vested balance at beginning of period | 933,887 | 1,199,661 |
Granted | 60,805 | ' |
Forfeited | -181,687 | -181,696 |
Vested | -243,709 | -84,078 |
Non vested balance at end of period | 569,296 | 933,887 |
Non vested balance at beginning of period (in dollars per share) | $6.22 | $6.26 |
Granted (in dollars per share) | $4.88 | ' |
Forfeited (in dollars per share) | $5.11 | $5.97 |
Vested (in dollars per share) | $8.95 | $7.33 |
Non vested balance at end of period (in dollars per share) | ' | $6.22 |
Restricted Stock [Member] | Ending Balance [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' |
Non vested balance at end of period | 569,296 | 933,887 |
Non vested balance at end of period (in dollars per share) | $5.26 | $6.22 |
Restricted Stock Units (RSUs) [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' |
Non vested balance at beginning of period | 423,264 | 0 |
Granted | 33,822 | 432,264 |
Forfeited | -71,223 | -9,000 |
Vested | -14,361 | 0 |
Non vested balance at end of period | 371,502 | 423,264 |
Non vested balance at beginning of period (in dollars per share) | $4.29 | $0 |
Granted (in dollars per share) | $5.13 | $4.33 |
Forfeited (in dollars per share) | $4.31 | $5.92 |
Vested (in dollars per share) | $5.07 | $0 |
Non vested balance at end of period (in dollars per share) | $4.34 | $4.29 |
Restructuring_and_Severance_Co2
Restructuring and Severance Costs (Detail) (USD $) | 3 Months Ended | 0 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 03, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Chief Executive Officer [Member] | Chief Executive Officer [Member] | Senior Management [Member] | ||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Severance costs | $1,525 | $714 | ' | $587 |
Transition costs | ' | ' | $201 | ' |
Restructuring_and_Severance_Co3
Restructuring and Severance Costs (Detail) - Lease Termination Restructuring Accrual (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Facility Closing [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Balance at beginning of period | $484 | $915 |
Provision for additional expense | 1,525 | 0 |
Payments and adjustments | -732 | -431 |
Balance at end of period | ' | 484 |
Period End [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Balance at end of period | $1,277 | $484 |
Concentrations_Detail
Concentrations (Detail) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Concentration Risk [Line Items] | ' | ' |
Concentration risk, number of suppliers | ' | 10 |
Number of employees | 268 | 267 |
Atchison Plant [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Number of employees | 98 | ' |
Indiana Plant [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Number of employees | 47 | ' |
Number Of Employees [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Number of employees | ' | 142 |
Ten Largest Customers [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Concentration risk, percentage | 44.00% | 36.00% |
Customer Concentration Risk [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Concentration risk, number of customers | 10 | 10 |
Grain Supplier [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Concentration risk, percentage | 50.00% | 42.00% |
Concentration risk, number of suppliers | 1 | 1 |
Ten Largest Suppliers [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Concentration risk, percentage | 77.00% | 86.00% |
Net Sales [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Concentration risk, percentage | 10.00% | 10.00% |
Operating_Segments_Detail
Operating Segments (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Feb. 08, 2013 |
segment | segment | Other [Member] | Other [Member] | ||
Segment Reporting [Abstract] | ' | ' | ' | ' | ' |
Number of reportable segments | ' | 3 | 3 | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sales price of assets sold | ' | ' | ' | ' | $2,797 |
Gain on sale of discontinued operations | 1,406 | ' | ' | 878 | ' |
Revenue from foreign sources | ' | $12,665 | $18,957 | ' | ' |
Operating_Segments_Detail_Oper
Operating Segments (Detail) - Operating Profit (Loss) Per Segment (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Sales to Customers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales to Customers | $77,294 | $80,171 | $79,395 | $86,404 | $86,350 | $76,107 | $85,534 | $86,344 | $323,264 | $334,335 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 12,009 | 11,568 |
Total [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 12,009 | 11,568 |
Income (loss) before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | -6,521 | 1,942 |
Distillery Products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales to Customers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales to Customers | ' | ' | ' | ' | ' | ' | ' | ' | 264,098 | 276,690 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 8,209 | 5,662 |
Income (loss) before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 11,987 | 14,874 |
Ingredient Solutions [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales to Customers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales to Customers | ' | ' | ' | ' | ' | ' | ' | ' | 58,967 | 56,488 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 2,322 | 2,427 |
Income (loss) before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 4,503 | 5,217 |
Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales to Customers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales to Customers | ' | ' | ' | ' | ' | ' | ' | ' | 199 | 1,157 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 21 | 244 |
Income (loss) before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | -90 | -429 |
Other [Member] | Total [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales to Customers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales to Customers | ' | ' | ' | ' | ' | ' | ' | ' | 323,264 | 334,335 |
Corporate [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 1,457 | 3,235 |
Income (loss) before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | -22,921 | -21,775 |
Gain On Sale Of Joint Venture Interest [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $4,055 |
Operating_Segments_Detail_Iden
Operating Segments (Detail) - Identifiable Assets by Segment (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Identifiable Assets | ' | ' | ||
Identifiable Assets | $151,329 | $163,171 | ||
Distillery Products [Member] | ' | ' | ||
Identifiable Assets | ' | ' | ||
Identifiable Assets | 97,875 | 107,140 | ||
Ingredient Solutions [Member] | ' | ' | ||
Identifiable Assets | ' | ' | ||
Identifiable Assets | 24,954 | 27,038 | ||
Other [Member] | ' | ' | ||
Identifiable Assets | ' | ' | ||
Identifiable Assets | 0 | [1] | 1,247 | [1] |
Corporate [Member] | ' | ' | ||
Identifiable Assets | ' | ' | ||
Identifiable Assets | $28,500 | $27,746 | ||
[1] | Assets from this segment were sold February 8, 2013 as previously described. |
Operating_Segments_Detail_Capi
Operating Segments (Detail) - Capital Expenditures By Segment (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Segment Reporting Information [Line Items] | ' | ' | ||
Capital Expenditures | $7,883 | $9,707 | ||
Distillery Products [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Capital Expenditures | 5,594 | 7,422 | ||
Ingredient Solutions [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Capital Expenditures | 1,110 | 1,078 | ||
Other [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Capital Expenditures | 0 | [1] | 20 | [1] |
Corporate [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Capital Expenditures | $1,179 | $1,187 | ||
[1] | Significant assets from this segment were sold February 8, 2013 as previously described. |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Detail) - Supplemental Cash Flow Information (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Non-cash investing and financing activities: | ' | ' |
Purchase of property and equipment in Accounts Payable | $1,675 | $478 |
Additional cash payment information: | ' | ' |
Interest paid | 1,286 | 928 |
Income tax (paid)/ refunds received | ($254) | $293 |
Derivative_Instruments_Detail
Derivative Instruments (Detail) (USD $) | 1 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Feb. 29, 2012 | Dec. 31, 2012 |
Reclassifcation of cash flow hedge loss from AOCI into earnings | ' | 27 |
De Designated [Member] | ' | ' |
Corn futures contracts de-designated as cash flow hedges (as a percent) | '1 | '1 |
Forward Contracts [Member] | ' | ' |
Term of contract | ' | '12 months |
Cash Flow Hedge Ineffectiveness [Member] | ' | ' |
Loss on cash flow hedge due to ineffectiveness | ' | 200 |
Derivative_Instruments_Detail_
Derivative Instruments (Detail) - Gain or (Loss) on Commodity Derivatives (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Gain or (Loss) on Commodity Derivatives [Abstract] | ' | ' |
Gain (loss) on commodity derivatives not designated as hedging instruments | $0 | $2,173 |
Derivative_Instruments_Detail_1
Derivative Instruments (Detail) - Derivatives Designated As Cash-Flow Hedges (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Gains Losses Recognized In OCI On Derivatives [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Commodity derivatives | $0 | ($286) |
Gains Losses Reclassified From AOCI Into Earnings [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Commodity derivatives | $0 | ($413) |
Related_Party_Transactions_Det
Related Party Transactions (Detail) (USD $) | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 02, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 18, 2009 | Jul. 20, 2009 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Union State Bank Bank Of Atchison [Member] | Union State Bank Bank Of Atchison [Member] | Prior Loan [Member] | Additional Borrowing [Member] | Former Chief Executive Officer [Member] | Union State Bank Bank Of Atchison [Member] | Settlement Agreement [Member] | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable to affiliate, net | $1,204 | $4,008 | ' | ' | ' | ' | ' | ' | ' | ' |
Related party expenses | 7,736 | 48,611 | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued costs for settlement agreement | ' | ' | ' | ' | ' | ' | ' | 915 | ' | ' |
Reimburseable legal expenses, maximum cap | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,775 |
Reimbursement requests submitted and accrued for | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,764 |
Notes payable, related parties | ' | ' | ' | ' | ' | 1,500 | 2,000 | ' | ' | ' |
Interest rate | 252.00% | 2.84% | 1.00% | ' | ' | ' | ' | ' | 6.63% | ' |
Secured debt | ' | ' | ' | $746 | $1,070 | ' | ' | ' | ' | ' |
Quarterly_Financial_Data_unaud1
Quarterly Financial Data (unaudited) (Detail) - Quarterly Financial Data (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Sales | $80,936 | $80,709 | $83,707 | $88,718 | $86,350 | $76,189 | $87,263 | $88,430 | $334,070 | $338,232 | ||
Less: excise tax | 3,642 | 538 | 4,312 | 2,314 | ' | 82 | 1,729 | 2,086 | 10,806 | 3,897 | ||
Net sales | 77,294 | 80,171 | 79,395 | 86,404 | 86,350 | 76,107 | 85,534 | 86,344 | 323,264 | 334,335 | ||
Cost of sales | 69,380 | 79,356 | 74,114 | 79,175 | 78,930 | 70,047 | 79,618 | 80,717 | 302,025 | [1],[2] | 309,312 | [1],[2] |
Gross profit | 7,914 | 815 | 5,281 | 7,229 | 7,420 | 6,060 | 5,916 | 5,627 | 21,239 | 25,023 | ||
Selling, general and administrative expenses | 8,797 | 6,760 | 4,770 | 5,875 | 6,466 | 6,037 | 6,285 | 7,748 | 26,202 | 26,536 | ||
Other operating costs and (gain) loss on sale of assets, net | 177 | 1 | 0 | 58 | -16 | -851 | 176 | 122 | ' | ' | ||
Loss from operations | -1,060 | -5,946 | 511 | 1,296 | 970 | 874 | -545 | -2,243 | -5,199 | -944 | ||
Gain on sale of joint venture interest | ' | ' | ' | ' | ' | ' | ' | 4,055 | ' | ' | ||
Other income (expense), net | ' | ' | ' | ' | -1 | -1 | 2 | 2 | ' | ' | ||
Interest expense | -289 | -269 | -277 | -283 | -158 | -225 | -232 | -255 | -1,118 | -868 | ||
Equity In earnings (loss) | 758 | -91 | 71 | -942 | -465 | -130 | -143 | 437 | -204 | -301 | ||
Income (loss) from continuing operations before income taxes | -591 | -6,306 | 305 | 71 | 346 | 518 | -918 | 1,996 | -6,521 | 1,942 | ||
Provision (benefit) for income taxes | -758 | 19 | 25 | 0 | 166 | 100 | -68 | 120 | -714 | 318 | ||
Net income (loss) from continuing operations | 167 | -6,325 | 280 | 71 | 180 | 418 | -850 | 1,876 | -5,807 | 1,624 | ||
Discontinued operations, net of tax (Note 11) | -528 | 0 | 0 | 1,406 | 0 | 0 | 0 | 0 | 878 | 0 | ||
Net income (loss) | ($361) | ($6,325) | $280 | $1,477 | $180 | $418 | ($850) | $1,876 | ($4,929) | $1,624 | ||
Basic and diluted earnings (loss) per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Income (loss) from continuing operations (in dollars per share) | $0.01 | ($0.37) | $0.02 | $0 | $0.01 | $0.02 | ($0.05) | $0.10 | ($0.34) | $0.09 | ||
Income from discontinued operations (in dollars per share) | ($0.03) | $0 | $0 | $0.08 | $0 | $0 | $0 | $0 | $0.05 | $0 | ||
Net income (loss) (in dollars per share) | ($0.02) | ($0.37) | $0.02 | $0.08 | $0.01 | $0.02 | ($0.05) | $0.10 | ($0.29) | $0.09 | ||
Dividends per common share (in dollars per share) | $0 | $0 | $0 | $0.05 | $0 | $0 | $0 | $0.05 | $0.05 | $0.05 | ||
[1] | Includes related party purchases of $9,988 and $49,891 for the years ended December 31, 2013 and 2012, respectively. | |||||||||||
[2] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOmU1ZGYyMDNhZTI1MjQxNjk5NTE3YzhiNDA1MDYzZDY4fFRleHRTZWxlY3Rpb246QkFENUEyMTA0Q0VGMDYwRDI5MUQ2QzIwOUY4QThDODgM} |
Quarterly_Financial_Data_unaud2
Quarterly Financial Data (unaudited) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Tax effect of discontinued operations | $528 | ' | ' | ' | ' | ' | $575 | ' |
Gain on sale of discontinued operations | ' | ' | ' | 1,406 | ' | ' | ' | ' |
Governance, proxy dispute and related expenses | 3,404 | 1,802 | 259 | ' | ' | ' | ' | ' |
Severance costs | 1,525 | ' | ' | ' | ' | ' | ' | ' |
Gain on sale of joint venture interest | ' | ' | ' | ' | ' | 4,055 | 0 | 4,055 |
Gain on sale of equipment previously impaired | ' | ' | ' | ' | $889 | ' | ($47) | $832 |
Subsequent_Events_Detail
Subsequent Events (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Feb. 28, 2013 | Mar. 01, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Feb. 28, 2014 | Jan. 31, 2014 |
Senior Management [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||||
Machinery and Equipment [Member] | |||||||
Fire Damage [Member] | |||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Severance costs | ' | ' | $1,525 | ' | $587 | ' | ' |
Property and equipment, net | ' | ' | $70,244 | $75,391 | ' | ' | $200 |
Dividends declared (in dollars per share) | $0.05 | $0.05 | ' | ' | ' | $0.05 | ' |