Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 31, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'MGP INGREDIENTS INC | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 17,635,729 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0000835011 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Income Statement [Abstract] | ' | ' | ' | ' | ||||
Sales | $85,903 | $83,707 | $170,485 | $172,425 | ||||
Less: excise taxes | 5,336 | 4,312 | 10,922 | 6,626 | ||||
Net sales | 80,567 | 79,395 | 159,563 | 165,799 | ||||
Cost of sales | 72,169 | [1] | 74,114 | [1] | 144,364 | [1] | 153,289 | [1] |
Gross profit | 8,398 | 5,281 | 15,199 | 12,510 | ||||
Selling, general and administrative expenses | 5,166 | 4,770 | 10,238 | 10,645 | ||||
Other operating costs | 160 | 0 | 160 | 58 | ||||
Income from operations | 3,072 | 511 | 4,801 | 1,807 | ||||
Interest expense, net | -218 | -277 | -416 | -560 | ||||
Equity method investment earnings (loss) | 2,331 | 71 | 5,666 | -871 | ||||
Income from continuing operations before income taxes | 5,185 | 305 | 10,051 | 376 | ||||
Provision for income taxes | 86 | 25 | 167 | 25 | ||||
Net income from continuing operations | 5,099 | 280 | 9,884 | 351 | ||||
Discontinued operations, net of tax (Note 6) | 0 | 0 | 0 | 1,406 | ||||
Net income | 5,099 | 280 | 9,884 | 1,757 | ||||
Other comprehensive income (loss), net of tax | 500 | -141 | 325 | -290 | ||||
Comprehensive income | $5,599 | $139 | $10,209 | $1,467 | ||||
Basic and diluted earnings per share | ' | ' | ' | ' | ||||
Income from continuing operations (in usd per share) | $0.28 | $0.02 | $0.55 | $0.02 | ||||
Income from discontinued operations (in usd per share) | $0 | $0 | $0 | $0.08 | ||||
Net income (in usd per share) | $0.28 | $0.02 | $0.55 | $0.10 | ||||
Dividends and dividend equivalents per common share (in usd per share) | $0 | $0 | $0.05 | $0.05 | ||||
[1] | Includes related party purchases of $9,008 and $1,329 for the quarters ended June 30, 2014 and 2013, respectively. Includes related party purchases of $16,140 and $4,792 for the year to date periods ended June 30, 2014 and 2013, respectively. See Note 2. Equity Method Investments. |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Cost of sales, related party transactions | $9,008 | $1,329 | $16,140 | $4,792 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $883 | $2,857 |
Receivables (less allowance for doubtful accounts: June 30, 2014 - $7; December 31, 2013 - $18) | 34,737 | 27,821 |
Inventory | 31,947 | 34,917 |
Prepaid expenses | 2,097 | 848 |
Deferred income taxes | 3,303 | 4,977 |
Refundable income taxes | 176 | 466 |
Total current assets | 73,143 | 71,886 |
Property and equipment | 196,796 | 194,687 |
Less accumulated depreciation and amortization | -130,342 | -124,443 |
Property and equipment, net | 66,454 | 70,244 |
Equity method investments | 12,786 | 7,123 |
Other assets | 2,391 | 2,076 |
Total assets | 154,774 | 151,329 |
Current Liabilities | ' | ' |
Current maturities of long-term debt | 1,583 | 1,557 |
Accounts payable | 18,342 | 23,107 |
Accounts payable to affiliate, net | 3,268 | 1,204 |
Accrued expenses | 7,314 | 8,282 |
Total current liabilities | 30,507 | 34,150 |
Long-term debt, less current maturities | 2,814 | 3,611 |
Revolving credit facility | 19,009 | 18,000 |
Deferred credit | 4,098 | 3,925 |
Accrued retirement health and life insurance benefits | 3,720 | 4,423 |
Other noncurrent liabilities | 684 | 640 |
Deferred income taxes | 3,303 | 4,977 |
Total liabilities | 64,135 | 69,726 |
Commitments and Contingencies – (Note 4) | ' | ' |
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 June 30, 2014 and December 31, 2013, 17,643,371 and 17,750,421 shares outstanding at June 30, 2014 and December 31, 2013, respectively | 6,715 | 6,715 |
Additional paid-in capital | 8,879 | 8,728 |
Retained earnings | 75,663 | 66,686 |
Accumulated other comprehensive loss, net of tax | 321 | -4 |
Treasury stock, at cost | ' | ' |
Shares of 472,594 and 365,544 at June 30, 2014 and December 31, 2013, respectively | -943 | -526 |
Total stockholders’ equity | 90,639 | 81,603 |
Total liabilities and stockholders’ equity | $154,774 | $151,329 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Receivables allowance for doubtful accounts | $7 | $18 |
Preferred stock, par value (in Dollars per share) | $10 | $10 |
Preferred stock, shares authorized (shares) | 1,000 | 1,000 |
Preferred stock, shares issued (shares) | 437 | 437 |
Preferred stock, shares outstanding (shares) | 437 | 437 |
Preferred stock, percentage non-cumulative (percent) | 5.00% | 5.00% |
Common stock, par value (in Dollars per share) | $0 | $0 |
Common stock, shares authorized (shares) | 40,000,000 | 40,000,000 |
Common stock, shares issued (shares) | 18,115,965 | 18,115,965 |
Common stock, shares outstanding (shares) | 17,643,371 | 17,750,421 |
Treasury stock (shares) | 472,594 | 365,544 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash Flows from Operating Activities | ' | ' |
Net income | $9,884 | $1,757 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization | 6,108 | 5,951 |
Gain on sale of bioplastics manufacturing business | 0 | -1,453 |
Loss on sale of assets, net | 163 | 0 |
Share based compensation | 271 | 763 |
Equity method investment (earnings) loss | -5,666 | 871 |
Changes in operating assets and liabilities: | ' | ' |
Restricted cash | 0 | 12 |
Receivables, net | -6,916 | 4,168 |
Inventory | 2,970 | -4,575 |
Prepaid expenses | -1,249 | -1,145 |
Refundable income taxes | 290 | 7 |
Accounts payable | -3,499 | -781 |
Accounts payable to affiliate, net | 2,064 | -4,008 |
Accrued expenses | -968 | 1,049 |
Deferred credit | 173 | -175 |
Accrued retirement health and life insurance benefits and other noncurrent liabilities | -331 | -480 |
Other | -417 | 0 |
Net cash provided by operating activities | 2,877 | 1,961 |
Cash Flows from Investing Activities | ' | ' |
Additions to property and equipment | -3,594 | -1,757 |
Proceeds from sale of bioplastics manufacturing business | 0 | 2,797 |
Net cash provided by (used in) investing activities | -3,594 | 1,040 |
Cash Flows from Financing Activities | ' | ' |
Purchase of treasury stock | -537 | 0 |
Payment of dividends | -907 | -916 |
Principal payments on long-term debt | -771 | -855 |
Proceeds from revolving credit facility | 34,683 | 59,036 |
Payments on revolving credit facility | -33,674 | -60,266 |
Loan fees incurred with borrowings | -51 | 0 |
Net cash used in financing activities | -1,257 | -3,001 |
Decrease in cash and cash equivalents | -1,974 | 0 |
Cash and cash equivalents, beginning of year | 2,857 | 0 |
Cash and cash equivalents, end of period | $883 | $0 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statement Of Changes In Stockholders' Equity (Unaudited) (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 | ||||||||
December 31, 2013 at Dec. 31, 2013 | $81,603 | $4 | $6,715 | $8,728 | $66,686 | ($4) | ($526) | |
Comprehensive income: | ' | ' | ' | ' | ' | ' | ' | |
Net income | 9,884 | 0 | 0 | 0 | 9,884 | 0 | 0 | |
Change in pension plans, net of tax | [1] | -42 | 0 | 0 | 0 | 0 | -42 | 0 |
Change in post employment benefits, net of tax | [1] | 370 | 0 | 0 | 0 | 0 | 370 | 0 |
Change in translation adjustment on non-consolidated foreign subsidiary, net of tax | -3 | 0 | 0 | 0 | 0 | -3 | 0 | |
Dividends and dividend equivalents declared and paid, net | -907 | 0 | 0 | 0 | -907 | 0 | 0 | |
Share-based compensation | 271 | 0 | 0 | 151 | 0 | ' | 120 | |
Common shares reacquired due to taxes derived from vesting of restricted stock and restricted stock units | -537 | 0 | 0 | ' | 0 | ' | -537 | |
June 30, 2014 at Jun. 30, 2014 | $90,639 | $4 | $6,715 | $8,879 | $75,663 | $321 | ($943) | |
[1] | See Note 7. Employee Benefit Plans for amounts reclassified from Accumulated Other Comprehensive Income (Loss). |
Accounting_Policies_and_Basis_
Accounting Policies and Basis of Presentation | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Accounting Policies and Basis of Presentation | ' | ||||||||
Accounting Policies and Basis of Presentation. | |||||||||
MGP Ingredients, Inc. (“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. On January 3, 2012, MGP Ingredients, Inc. reorganized into a holding company structure (the “Reorganization”) through a series of steps involving various legal entities. Prior to the Reorganization, Processing was named MGP Ingredients, Inc. | |||||||||
Basis of Presentation and Principles of Consolidation | |||||||||
The accompanying unaudited condensed consolidated financial statements of the Company reflect all adjustments (consisting only of normal adjustments) which, in the opinion of the Company’s management, are necessary to fairly present the financial position, results of operations and cash flows of the Company. All intercompany balances and transactions have been eliminated in consolidation. | |||||||||
These unaudited condensed consolidated financial statements as of and for the period ended June 30, 2014 should be read in conjunction with the consolidated financial statements and notes thereto in the Company’s Report on Form 10-K for the year ended December 31, 2013 filed with the Securities and Exchange Commission. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. | |||||||||
Use of Estimates | |||||||||
The preparation of the condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ("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 consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||
Inventory | |||||||||
Inventory includes finished goods, barreled distillate, raw materials in the form of agricultural commodities used in the production process, work in 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. Inventory consists of the following: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Finished goods | $ | 9,500 | $ | 11,355 | |||||
Barreled distillate | 9,688 | 10,310 | |||||||
Work in process | 2,547 | 2,737 | |||||||
Raw materials | 4,670 | 5,183 | |||||||
Maintenance materials | 5,029 | 4,766 | |||||||
Other | 513 | 566 | |||||||
Total | $ | 31,947 | $ | 34,917 | |||||
Equity Method Investments | |||||||||
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 Condensed 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 earnings (loss)” in the Condensed Consolidated Statements of Comprehensive Income. | |||||||||
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. | |||||||||
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 programs is recognized as it is earned. | |||||||||
The Company’s Distillery segment 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 to the Company’s customers, 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 $3,672 and $2,656 for the quarters ended June 30, 2014 and 2013, respectively, and $7,162 and $5,636 for the year to date periods ended June 30, 2014 and 2013, respectively. | |||||||||
Income Taxes | |||||||||
The effective rate for the period ended June 30, 2014 was 1.7 percent, after consideration of utilization of certain deferred tax assets, primarily net operating loss carry forwards and the related impact to the valuation allowance. The provision of income taxes of $86 for the period ended June 30, 2014 relates to states for which no net operating loss carry forwards are currently available. As of June 30, 2014, the Company still has significant federal and state net operating loss carry forwards. A detailed analysis of the Company's current and deferred tax position, including the loss carry forwards, is presented in Note 5 of the Company's report on Form 10-K for the year ended December 31, 2013. | |||||||||
The effective tax rate for the period ended June 30, 2013 was 8.2 percent, after consideration of utilization of certain deferred tax assets, primarily net operating loss carry forwards and the related impact to the valuation allowance. The $47 of taxes related to discontinued operations were included in the computation of the effective rate for the year to date period ended June 30, 2013. | |||||||||
At this time, management is unable to conclude it is more likely than not that deferred tax assets will be realized. As a result of this analysis, the Company continues to record a full valuation allowance on net deferred tax assets. Management will continue to evaluate the available positive and negative evidence in future periods. | |||||||||
Earnings per Share | |||||||||
Basic and diluted earnings per share are computed using the two-class method, which is an earnings allocation formula that determines net income per share for each class of common stock and participating security according to dividends and dividend equivalents declared and participation rights in undistributed earnings. Per share amounts are computed by dividing net income from continuing operations attributable to common shareholders by the weighted average shares outstanding during the period. | |||||||||
Impairment | |||||||||
The Company tests its long-lived assets for impairment whenever events or conditions and circumstances indicate a carrying amount of an asset may not be recoverable. No events or conditions occurred during the quarter or year to date periods ended June 30, 2014 that required the Company to test its long-lived assets for impairment. | |||||||||
Fair Value Measurements | |||||||||
The fair value of an asset is considered to be the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Accounting guidance also establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. The fair value hierarchy gives the highest priority to quoted market prices (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of inputs used to measure fair value are as follows: | |||||||||
• | Level 1 - quoted prices in active markets for identical assets or liabilities accessible by the reporting entity. | ||||||||
• | Level 2 - observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | ||||||||
• | Level 3 - unobservable inputs for an asset or liability. Unobservable inputs should only be used to the extent observable inputs are not available. | ||||||||
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 values of the Company’s debt were $23,432 and $23,300 at June 30, 2014 and December 31, 2013, respectively. The financial statement carrying value was $23,406 and $23,168 at June 30, 2014 and December 31, 2013, respectively. These fair values are considered Level 2 under the fair value hierarchy. | |||||||||
Dividends and Dividend Equivalents | |||||||||
On February 28, 2014, the Board of Directors declared a dividend and dividend equivalent of $0.05 per share of the Company’s common stock, no par value (“Common Stock”), payable to stockholders of record of Common Stock, restricted stock and restricted stock units on March 17, 2014. The total dividend and dividend equivalent of $907 was paid on April 9, 2014. | |||||||||
On February 28, 2013, the Board of Directors declared a dividend and dividend equivalent of $0.05 per share of the Company’s Common Stock, payable to stockholders of record of Common Stock, restricted stock and restricted stock units on March 18, 2013. The total dividend and dividend equivalent of $916 was paid on April 10, 2013. | |||||||||
Line of Credit | |||||||||
On November 2, 2012, the Company entered into an Amended and Restated Credit Agreement, and ancillary documents with Wells Fargo (“Credit Agreement”). On February 12, 2014, the Company entered into Amendment No. 1 to the 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 the shareholder litigation and incurred prior to December 31, 2013, in an aggregate amount not in excess of $5,500. As of June 30, 2014, the Company incurred $5,465 of such expenses. As of and for the quarter and year to date periods ended June 30, 2014, the Company was in compliance with the Credit Agreement’s financial covenants and other restrictions. | |||||||||
The amount of borrowings which the Company may make is subject to borrowing base limitations. As of June 30, 2014, the Company's outstanding borrowings under this facility were $19,009, leaving $22,004 available for additional borrowings. | |||||||||
New 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 adopted this standard effective January 1, 2014. The adoption of these amendments did not have a material impact on our consolidated results of operations, financial condition or cash flows. | |||||||||
On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. |
Equity_Method_Investments
Equity Method Investments | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||||||||||||||||
Equity Method Investments | ' | ||||||||||||||||
Equity Method Investments. | |||||||||||||||||
As of June 30, 2014, the Company’s investments accounted for on the equity method of accounting consist of the following: (1) 30 percent interest in 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. | |||||||||||||||||
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, although the Company continues to source product from ICP. | |||||||||||||||||
ICP’s revolving credit agreement with an affiliate of SEACOR has been amended and restated extending the maturity to January 1, 2016. The Company has no further funding requirement to ICP. | |||||||||||||||||
ICP's Limited Liability Company Agreement generally allocates profits, losses and distributions of cash of ICP based on the percentage of a member's capital contributions to ICP relative to total capital contributions of all members ("Percentage Interest") to ICP, of which the Company has 30 percent and its joint venture partner, ICP Holdings, has 70 percent. That agreement grants the right to either member to elect (the "Electing Member") to shut down the Pekin plant ("Shut Down Election") if ICP operates at an EBITDA loss of $500 in any quarter, subject to the right of the other member (the "Objecting Member") to override that election. If the Objecting Member overrides the election, then EBITDA loss and EBITDA profit for each subsequent quarter are allocated 80 percent to the Objecting Member and 20 percent to the Electing Member until the end of the applicable quarter in which the Electing Member withdraws its Shut Down Election and thereafter allocations revert to a 70-30 split (subject to a catch-up allocation of 80 percent of EBITDA profits to the Objecting Member until it equals the amount of EBITDA loss allocated to such member on an 80-20 basis). ICP experienced an EBITDA loss in excess of $500 for the quarter ended March 31, 2013, which was one factor that prompted the Company to deliver notice of its Shut Down Election on April 18, 2013. However, the Company withdrew its Shut Down Election on March 31, 2014 (thereby causing the allocation of profits and losses to revert to 30 percent to the Company and 70 percent to ICP Holdings as of April 1, 2014) based partially on the strong financial results ICP generated during the period ended June 30, 2014. | |||||||||||||||||
In the event of a liquidation or sale of the joint venture, the distribution of capital and earnings is allocated according to Percentage Interest -- 30 percent to the Company and 70 percent to ICP Holdings. During the Shut Down Election period, the Company continued to record its full equity ownership percentage of 30 percent of ICP's net income because management then believed the most likely recovery of its investment was through the sale or dissolution of ICP. This assessment considered a number of facts and circumstances, including management's assessment that a cash distribution from ICP was unlikely, in light of its recent financial results and liquidity uncertainties. However, during the quarter ended June 30, 2014, ICP's financial results and liquidity were significantly improved. In addition, the Company learned that ICP may consider making a cash distribution in the foreseeable future, and that ICP Holdings advocates such a distribution. There can be no assurance that a cash distribution will be made and the Company does not have sufficient voting rights to control the cash distribution policy of ICP. However, based on the changes in facts and circumstances, management reassessed the most likely source as recovery of its investment and determined that it would likely occur through cash distributions rather than through a sale or liquidation of ICP. | |||||||||||||||||
As a result of this reassessment, the Company remeasured its cumulative equity in the undistributed earnings of ICP using the allocation specified and described above that applies to a cash distribution to the members. The cumulative effect of this change in estimate resulted in a decrease in equity method investment earnings of ICP of $1,882 for the quarter and year to date periods ended June 30, 2014; a decrease in the earnings per share of $0.11 and $0.10 per share for the quarter and year to date periods ended June 30, 2014; and a decrease in the related equity method investment in ICP at June 30, 2014, of $1,882. Because the Company withdrew its Shut Down Election on March 31, 2014, allocation returned to a 70-30 percent net income split as of April 1, 2014. | |||||||||||||||||
Summary Financial Information (unaudited) | |||||||||||||||||
Condensed financial information related to the Company’s non-consolidated equity method investment in ICP is shown below. | |||||||||||||||||
Quarter Ended | Year to Date Ended | ||||||||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
ICP’s Operating results: | |||||||||||||||||
Net sales (a) | $ | 72,798 | $ | 61,377 | $ | 131,647 | $ | 94,227 | |||||||||
Cost of sales and expenses (b) | 58,805 | (61,034 | ) | 106,747 | (97,114 | ) | |||||||||||
Net income (loss) | $ | 13,993 | $ | 343 | $ | 24,900 | $ | (2,887 | ) | ||||||||
(a) | Includes related party sales to MGPI of $8,273 and $741 for the quarters ended June 30, 2014 and 2013, respectively, and $14,618 and $3,400 for the year to date periods ended June 30, 2014 and 2013, respectively. | ||||||||||||||||
(b) | Includes depreciation and amortization of $691 and $1,170 for the quarters ended June 30, 2014 and 2013, respectively, and $1,363 and $2,340 for the year to date periods ended June 30, 2014 and 2013, respectively. | ||||||||||||||||
The Company’s equity method investment earnings (loss) of joint ventures based on unaudited financial statements is as follows: | |||||||||||||||||
Quarter Ended | Year to Date Ended | ||||||||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
ICP (a) | $ | 2,341 | $ | 62 | $ | 5,588 | $ | (907 | ) | ||||||||
DMI (50% interest) | (10 | ) | 9 | 78 | 36 | ||||||||||||
$ | 2,331 | $ | 71 | $ | 5,666 | $ | (871 | ) | |||||||||
(a) Effect of the change in estimate for the quarter and year to date periods ended June 30, 2014 was a reduction of equity method investment earnings of $1,882. The joint venture interest was reduced to 17 percent for the quarter ended June 30, 2014 and to 22 percent for the year to date period ended June 30, 2014. The joint venture interest for the quarter and year to date periods ended June 30, 2013 was 30 percent. | |||||||||||||||||
The Company’s investment in joint ventures is as follows: | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
ICP (26% interest) (a) | $ | 12,241 | $ | 6,653 | |||||||||||||
DMI (50% interest) | 545 | 470 | |||||||||||||||
$ | 12,786 | $ | 7,123 | ||||||||||||||
(a) Effect of the change in estimate was a decrease in equity interest in ICP of $1,882, or 4 percent, resulting in a reduction of investment in ICP from 30 percent to 26 percent, at June 30, 2014. |
Earnings_per_Share
Earnings per Share | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings per Share | ' | ||||||||||||||||
Earnings per Share. | |||||||||||||||||
The computations of basic and diluted earnings per share from continuing and discontinued operations are as follows: | |||||||||||||||||
Quarter Ended | Year to Date Ended | ||||||||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Continuing Operations: | |||||||||||||||||
Net income from continuing operations attributable to shareholders | $ | 5,099 | $ | 280 | 9,884 | $ | 351 | ||||||||||
Less: Amounts allocated to participating securities (nonvested shares and units)(i) | 218 | 17 | 423 | 24 | |||||||||||||
Net income from continuing operations attributable to common shareholders | $ | 4,881 | $ | 263 | $ | 9,461 | $ | 327 | |||||||||
Discontinued Operations: | |||||||||||||||||
Discontinued operations attributable to shareholders | $ | — | $ | — | $ | — | $ | 1,406 | |||||||||
Less: Amounts allocated to participating securities (nonvested shares and units)(i) | — | — | — | 96 | |||||||||||||
Discontinued operations attributable to common shareholders | $ | — | $ | — | $ | — | $ | 1,310 | |||||||||
Share information: | |||||||||||||||||
Basic weighted average common shares(ii) | 17,277,225 | 17,006,922 | 17,261,824 | 17,003,056 | |||||||||||||
Potential dilutive securities(iii) | — | 134 | — | 25 | |||||||||||||
Diluted weighted average common shares | 17,277,225 | 17,007,056 | 17,261,824 | 17,003,081 | |||||||||||||
Basic earnings per share | |||||||||||||||||
Income from continuing operations | $ | 0.28 | $ | 0.02 | $ | 0.55 | $ | 0.02 | |||||||||
Income from discontinued operations | — | — | — | 0.08 | |||||||||||||
Net income (iv) | $ | 0.28 | $ | 0.02 | $ | 0.55 | $ | 0.1 | |||||||||
Diluted earnings per share | |||||||||||||||||
Income from continuing operations | $ | 0.28 | $ | 0.02 | $ | 0.55 | $ | 0.02 | |||||||||
Income from discontinued operations | — | — | — | 0.08 | |||||||||||||
Net income (iv) | $ | 0.28 | $ | 0.02 | $ | 0.55 | $ | 0.1 | |||||||||
(i) | Participating securities include 303,664 and 724,012 nonvested restricted shares for the quarters June 30, 2014 and 2013, respectively, as well as 470,470 and 421,014 restricted share units for the quarters ended June 30, 2014 and 2013, respectively. | ||||||||||||||||
(ii) | Under the two-class method, basic weighted average common shares exclude outstanding nonvested participating securities consisting of restricted share awards of 303,664 and 724,012 for the quarters ended June 30, 2014 and 2013, respectively. | ||||||||||||||||
(iii) | Anti-dilutive shares related to stock options totaled 10,000 and 18,000 for the quarters ended June 30, 2014 and 2013, respectively, and 10,000 and 19,000 for the year to date periods ended June 30, 2014 and 2013, respectively. | ||||||||||||||||
(iv) | See Note 2. Equity Method Investments for further discussion of earnings per share for the quarter and year to date periods ended June 30, 2014. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies. | |
Commitments | |
The Company has grain supply agreements to purchase its corn requirements for each of its Indiana plant and Atchison facility through a single supplier. These grain supply agreements expire December 31, 2014. At June 30, 2014, the Company had commitments to purchase corn to be used in operations through June 2015 totaling $33,171. | |
The Company has commitments to purchase natural gas needed in production at fixed prices at various dates through March 2015. The commitment for these contracts at June 30, 2014 totaled $7,347. | |
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 June 30, 2014, the Company had purchase commitments aggregating $9,323 through December 2014. | |
As of June 30, 2014, the Company had contracts of approximately $291 to acquire capital assets. | |
Contingencies | |
During fiscal 2013, 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 President and CEO, and all other members of the Board of Directors. In connection with the Settlement Agreement, the Company agreed to reimburse 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 were included in the caption Accounts Payable to Affiliate, net on the Consolidated Balance Sheets. The Company paid $1,764 to the Cray Group during the quarter ended March 31, 2014, leaving no payable at June 30, 2014. | |
There are various legal proceedings involving the Company and its subsidiaries. Management believes 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. | |
During January 2014, the Company experienced a small fire at its Indiana plant. The fire damaged equipment in the feed dryer house and caused a temporary loss of production in late January. The fire did not impact the Company's or customer- owned warehoused inventory. The Indiana plant is back in operation and by the end of February was at pre-fire production levels. The Company is currently working with its insurance carrier to determine the coverage for equipment damage and business interruption losses. Production volume variances related to the fire, out-of-pocket costs incurred through June 30, 2014 related to the fire, and a write off of the damaged assets included in Other Operating Costs on the Statement of Comprehensive Income in the amount of $160 have been reflected in net income for the year to date period ended June 30, 2014. The Company received a partial reimbursement of out-of-pocket costs in the amount of $250 on May 7, 2014, which is included as a reduction of Cost of Sales on the Statement of Comprehensive Income for the year to date period ended June 30, 2014. |
Derivative_Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' |
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's grain supply contract for its Indiana and Atchison facilities 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 condensed consolidated financial statements until the actual contracts are physically settled. | |
The Company’s production process also involves the use of flour and natural gas. The contracts for flour 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 and have excluded the fair value of these commitments from recognition within its condensed consolidated financial statements until the actual contracts are physically settled. See Note 4. Commitments and Contingencies for discussion on the Company’s corn, flour and natural gas purchase commitments. |
Operating_Segments
Operating Segments | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Operating Segments | ' | ||||||||||||||||
Operating Segments. | |||||||||||||||||
The Company’s operations have been historically 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 sales price totaled $2,797 and resulted in a gain, net of tax, of approximately $1,406 that was recognized as a gain on sale of discontinued operations for the quarter ended March 31, 2013. The remaining income statement activity for the quarter ended March 31, 2013 is not presented as discontinued operations due to its immateriality relative to the condensed 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 co-products of the Company’s distillery operations. Ingredient solutions consist of specialty starches and proteins, commodity starch, and vital wheat gluten (commodity protein). The other segment products included plant-based polymers and composite resins manufactured through the further processing of certain of the Company’s proteins and starches and wood. The two reportable segments remaining in 2014 are the distillery products and ingredient solutions segments. | |||||||||||||||||
The following table provides operating profit (loss) for each segment based on net sales less identifiable operating expenses. Non-direct selling, general and administrative, interest expense, investment income and other general miscellaneous expenses have been excluded from segment operations and classified as Corporate. The Company’s management reporting does not assign or allocate special charges to the Company’s operating segments. Receivables, inventories and equipment have been identified with the segments to which they relate. All other assets are considered Corporate. | |||||||||||||||||
Quarter Ended | Year to Date Ended | ||||||||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net Sales to Customers | |||||||||||||||||
Distillery products | $ | 65,403 | $ | 63,912 | $ | 130,335 | $ | 134,716 | |||||||||
Ingredient solutions | 15,164 | 15,483 | 29,228 | 30,885 | |||||||||||||
Other (i) | — | — | — | 198 | |||||||||||||
Total | 80,567 | 79,395 | 159,563 | 165,799 | |||||||||||||
Depreciation and Amortization | |||||||||||||||||
Distillery products | 2,111 | 2,037 | 4,200 | 4,038 | |||||||||||||
Ingredient solutions | 578 | 585 | 1,161 | 1,170 | |||||||||||||
Other (i) | — | — | — | 20 | |||||||||||||
Corporate | 377 | 361 | 747 | 723 | |||||||||||||
Total | 3,066 | 2,983 | 6,108 | 5,951 | |||||||||||||
Income (Loss) from Continuing Operations before Income Taxes | |||||||||||||||||
Distillery products | 5,964 | 3,136 | 11,416 | 7,483 | |||||||||||||
Ingredient solutions | 1,447 | 875 | 1,746 | 2,665 | |||||||||||||
Other (i) | — | — | — | (90 | ) | ||||||||||||
Corporate | (2,226 | ) | (3,706 | ) | (3,111 | ) | (9,682 | ) | |||||||||
Total | $ | 5,185 | $ | 305 | $ | 10,051 | $ | 376 | |||||||||
(i) Significant assets from this segment were sold February 8, 2013, as previously described, and two | |||||||||||||||||
reportable segments remain in 2014. | |||||||||||||||||
The following table allocates total assets to each segment: | |||||||||||||||||
As of June 30, 2014 | As of December 31, 2013 | ||||||||||||||||
Identifiable Assets | |||||||||||||||||
Distillery products | $ | 98,596 | $ | 97,875 | |||||||||||||
Ingredient solutions | 25,105 | 24,954 | |||||||||||||||
Other (i) | — | — | |||||||||||||||
Corporate | 31,073 | 28,500 | |||||||||||||||
Total | $ | 154,774 | $ | 151,329 | |||||||||||||
(i) Significant assets from this segment were sold February 8, 2013, as previously described, and two reportable | |||||||||||||||||
segments remain in 2014. |
Employee_and_NonEmployee_Benef
Employee and Non-Employee Benefit Plans | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Employee and Non-Employee Benefit Plans | ' | ||||||||||||||||
Employee and Non-Employee Benefit Plans. | |||||||||||||||||
Post Retirement Benefits. The Company and its subsidiaries provide certain post-retirement health care and life insurance benefits to certain retired employees. The liability for such benefits is unfunded. | |||||||||||||||||
During the quarter ended June 30, 2014, the Company made a change to the plan to eliminate retiree insurance benefit eligibility effective April 16, 2014 for certain union employees. The effect of this plan change was a negative plan amendment of $919 and a $52 curtailment gain. The negative plan amendment will be recognized into income over average remaining years to full eligibility. The accounting for the curtailment results in immediate recognition of unamortized prior service cost of $52. | |||||||||||||||||
The components of the Net Periodic Benefit Cost/Income for the quarters ended June 30, 2014 and 2013, respectively, are as follows: | |||||||||||||||||
Quarter Ended | Year to Date Ended | ||||||||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 16 | $ | 31 | $ | 44 | $ | 64 | |||||||||
Interest cost | 35 | 39 | 81 | 82 | |||||||||||||
Amortization of prior service cost | (84 | ) | (156 | ) | (239 | ) | (323 | ) | |||||||||
Amortization of net actuarial loss | 5 | 6 | 5 | 14 | |||||||||||||
Prior service cost recognized due to current curtailment | (52 | ) | — | (52 | ) | — | |||||||||||
Total post-retirement benefit cost / (income) | $ | (80 | ) | $ | (80 | ) | $ | (161 | ) | $ | (163 | ) | |||||
The Company disclosed in its financial statements for the year ended December 31, 2013, amounts expected to be paid to plan participants. There have been no revisions to these estimates, other than the impact of the negative plan amendment and curtailment gain, and there have been no changes in the estimate of total employer contributions expected to be made for the year ended December 31, 2014. The Company reclassified $286 of prior service cost and net actuarial loss from accumulated other comprehensive income into post-retirement benefit loss for the year to date period ended June 30, 2014 and $309 of prior service cost and net actuarial loss from accumulated other comprehensive loss into post-retirement benefit income for the prior year to date period ended June 30, 2013. | |||||||||||||||||
Total employer contributions accrued for the quarter ended June 30, 2014 were $0. | |||||||||||||||||
Pension Benefits. The Company and its subsidiaries also provide defined retirement benefits to certain employees covered under collective bargaining agreements. Under the collective bargaining agreements, the Company’s pension funding contributions are determined as a percentage of wages paid. The funding is divided between the defined benefit plans and a union 401(k) plan. It has been management’s policy to fund the defined benefit plans in accordance with the collective bargaining agreements. The collective bargaining agreements allow the plans’ trustees to develop changes to the pension plan to allow benefits to match funding, including reductions in benefits. The benefits under these pension plans are based upon years of qualified credited service; however, benefit accruals under the defined benefit plans were frozen in 2009. The Company is taking steps to terminate the pension plan for employees covered under collective bargaining agreements. The projected additional funding cost to the Company to terminate the plan is approximately $630. The additional funding cost will be recognized immediately in the period that the pension plan settlement is fully executed. | |||||||||||||||||
The components of the Net Periodic Benefit Cost for the quarters ended June 30, 2014 and 2013, respectively, are as follows: | |||||||||||||||||
Quarter Ended | Year to Date Ended | ||||||||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Interest cost | $ | 22 | $ | 21 | $ | 44 | $ | 42 | |||||||||
Expected return on plan assets | (26 | ) | (28 | ) | (52 | ) | (57 | ) | |||||||||
Amortization of net actuarial loss | 5 | 16 | 10 | 33 | |||||||||||||
Total pension benefit cost | $ | 1 | $ | 9 | $ | 2 | $ | 18 | |||||||||
The Company reclassified $42 and $24 of net actuarial loss from accumulated other comprehensive loss into pension benefit income for the year to date periods ended June 30, 2014 and 2013, respectively. | |||||||||||||||||
The Company previously disclosed in its financial statements for the year ended December 31, 2013, the assumptions used to determine accumulated benefit obligation. | |||||||||||||||||
The Company has made employer contributions to its pension plan and union 401(k) during the quarter ended June 30, 2014, of $0. | |||||||||||||||||
Equity-Based Compensation Plans. 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. As of June 30, 2014, 774,134 shares of restricted common stock and restricted stock units (net of forfeitures) were outstanding under the Company’s long-term incentive plans. | |||||||||||||||||
As of June 30, 2014, the Company was authorized to issue 40,000,000 shares of Common Stock. In connection with the Reorganization, the Company retired its treasury stock, which had historically been used 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. At the Company's Annual Meeting in May 2014, shareholders approved a new Employee Equity Incentive Plan with 1,500,000 shares registered for future grants, as well as a new Employee Stock Purchase Plan with 300,000 shares registered for employee purchase. | |||||||||||||||||
The Employee Equity Incentive Plan provides that vesting occurs pursuant to the time period specified in the particular award agreement approved for that issuance of Restricted Stock Units, which is not less than three years unless vesting is accelerated due to the occurrence of certain events. The compensation expense related to awards granted under the Employee Equity Incentive Plan is based on the market price of the stock on the date the Board of Directors approves the grant and is amortized over the vesting period of the restricted stock award. | |||||||||||||||||
Also approved by shareholders was a new Non-Employee Director Equity Incentive Plan with 300,000 shares registered for future grants. In June 2014, 16,360 of the 300,000 registered shares were granted to non-employee directors in the form of unvested restricted stock units. The Non-Employee Director Equity Incentive Plan provides that vesting occurs pursuant to the time period specified in the particular award agreement approved for that issuance of Restricted Stock Units, which is not less than one year unless vesting is accelerated due to the occurrence of certain events. The awards issued in June 2014 will vest over three years. The compensation expense related to awards granted under the Non-Employee Director Equity Incentive Plan is based on the market price of the stock on the date the Board of Directors approves the grant and is amortized over the elected service period of the directors. | |||||||||||||||||
Synonymous with the approval of the new Employee Equity Incentive Plan, the shares reserved with the retirement of treasury shares in connection with the Reorganization were terminated, except for a continuing reserve in the share amount of the remaining unvested restricted stock units and unexercised stock options for non-employees, employees and executives. Reserved shares of Common Stock for unvested restricted stock units and unexercised stock options granted under the prior equity plans at June 30, 2014 were: | |||||||||||||||||
Stock options granted but not exercised | 10,000 | ||||||||||||||||
Restricted stock to non-employees (authorized but not granted) | 30,110 | ||||||||||||||||
Restricted stock to employees and executives (authorized but not granted) | 424,000 | ||||||||||||||||
Total | 464,110 | ||||||||||||||||
Industrial_Revenue_Bond
Industrial Revenue Bond | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Industrial Revenue Bond | ' | ||||||||||||
Industrial Revenue Bond. | |||||||||||||
On December 28, 2006, the Company engaged in an industrial revenue bond transaction with the City of Atchison, Kansas (the “City”) in order to receive ten-year real property tax abatement on its newly constructed office building and technical center in Atchison, Kansas. At the time of this transaction, the facilities were substantially completed and had been financed with internally-generated cash flow. The Company recorded the office building and technical center assets as property and equipment on the consolidated balance sheets. Pursuant to this transaction, the City issued $7,000 principal amount of bonds to the Company and then the City used the proceeds to purchase the office building and technical center from the Company. The City then leased the facilities back to the Company under a capital lease, the terms of which provide for the payment of basic rent in an amount sufficient to pay interest at a rate 4.9 percent on the bonds, payable annually on December 1st of each year. A balloon payment of $7,000 will be due upon maturity on December 1, 2016. The Company’s obligation to pay rent under the lease provides for the both the same interest and balloon payment amounts and the same due dates as the City’s obligation to pay debt service on the bonds, which the Company holds. The lease permits the Company to present the bonds at any time for cancellation, upon which our obligation to pay basic rent would be cancelled. The Company does not intend to do this until their maturity date on December 1, 2016, at which time the Company may elect to purchase the facilities for $100 (one hundred dollars). Because the Company owns all the outstanding bonds, management considers the debt cancelled and, accordingly, no investment or related obligation under the capital lease is reflected on our balance sheet. In connection with this transaction, the Company agreed to pay the City an administrative fee of $50, which is payable over 10 years. If the Company were to present the bonds for cancellation prior to maturity, the $50 fee would be accelerated. | |||||||||||||
Below is a summary of the financial asset and liability that are offset at June 30, 2014 and December 31, 2013, respectively. | |||||||||||||
(i) | (ii) | (iii) =i) - (ii) | |||||||||||
Description | Gross | Gross | Net Amounts of | ||||||||||
Amounts of | Amounts | Assets (Liabilities) | |||||||||||
Recognized | offset in the | presented in the | |||||||||||
Assets | Balance Sheet | Balance Sheet | |||||||||||
(Liabilities) | |||||||||||||
June 30, 2014 | |||||||||||||
Investment in bonds | $ | 7,000 | $ | 7,000 | $ | — | |||||||
Capital lease obligation | $ | (7,000 | ) | $ | (7,000 | ) | $ | — | |||||
31-Dec-13 | |||||||||||||
Investment in bonds | $ | 7,000 | $ | 7,000 | $ | — | |||||||
Capital lease obligation | $ | (7,000 | ) | $ | (7,000 | ) | $ | — | |||||
Severance_Costs
Severance Costs | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||
Severance Costs | ' | |||||||||||||||
Severance Costs | ||||||||||||||||
On December 3, 2013, the Company entered into the 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, which obliges the Company to pay Mr. Newkirk up to $201, exclusive of out-of-pocket expenses. All such costs were expensed and accrued during 2013. | ||||||||||||||||
Certain other members of management were also terminated in fiscal 2013 and 2014. | ||||||||||||||||
Activity related to severance costs was as follows: | ||||||||||||||||
Quarter Ended | Year to Date Ended | |||||||||||||||
June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | |||||||||||||
Balance at beginning of period | $ | 699 | $ | 99 | $ | 1,142 | $ | 126 | ||||||||
Provision for additional expense | 184 | — | 313 | 1 | ||||||||||||
Payments and adjustments | (336 | ) | (16 | ) | (908 | ) | (44 | ) | ||||||||
Balance at end of period | $ | 547 | $ | 83 | $ | 547 | $ | 83 | ||||||||
Severance costs are included in Selling, General and Administrative Expenses on the Consolidated Statement of Operations and the related accrual is included in Accrued Expenses on the Condensed Consolidated Balance Sheets. |
Subsequent_Events_Notes
Subsequent Events (Notes) | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
Amendment to Credit Agreement | |
On August 5, 2014, the Company entered into Amendment No. 2 to the Credit Agreement (“Second Amendment”) by and among Wells Fargo Bank, N.A. as administrative agent and sole lender and MGP Ingredients, Inc., MGPI Processing, Inc., MGPI Pipeline, Inc. and MGPI of Indiana, LLC. The Second Amendment amended and restated the definition of the term “Fixed Asset Sub-Line” and adds Thunderbird Real Estate Holdings, LLC (“Thunderbird”), a wholly-owned subsidiary of MGPI Processing, Inc. which is a wholly-owned subsidiary of MGP Ingredients, Inc., to the Credit Agreement as a Loan Party. The Second Amendment is attached to this Quarterly Report on Form 10-Q as Exhibit 10.2 and incorporated herein by reference. In connection with execution of the Second Amendment, all the equity of Thunderbird was pledged and a lien was placed on all the assets of Thunderbird to secure the obligations of the Loan Parties under the Credit Agreement. |
Accounting_Policies_and_Basis_1
Accounting Policies and Basis of Presentation (Policies) | 6 Months Ended | |
Jun. 30, 2014 | ||
Accounting Policies [Abstract] | ' | |
Basis of Presentation and Principles of Consolidation | ' | |
Basis of Presentation and Principles of Consolidation | ||
The accompanying unaudited condensed consolidated financial statements of the Company reflect all adjustments (consisting only of normal adjustments) which, in the opinion of the Company’s management, are necessary to fairly present the financial position, results of operations and cash flows of the Company. All intercompany balances and transactions have been eliminated in consolidation. | ||
These unaudited condensed consolidated financial statements as of and for the period ended June 30, 2014 should be read in conjunction with the consolidated financial statements and notes thereto in the Company’s Report on Form 10-K for the year ended December 31, 2013 filed with the Securities and Exchange Commission. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. | ||
Use of Estimates | ' | |
Use of Estimates | ||
The preparation of the condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ("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 consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||
Inventory | ' | |
Inventory | ||
Inventory includes finished goods, barreled distillate, raw materials in the form of agricultural commodities used in the production process, work in 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. | ||
Equity Method Investments | ' | |
Equity Method Investments | ||
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 Condensed 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 earnings (loss)” in the Condensed Consolidated Statements of Comprehensive Income. | ||
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. | ||
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 programs is recognized as it is earned. | ||
The Company’s Distillery segment 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 to the Company’s customers, 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. | ||
Earnings per Share | ' | |
Earnings per Share | ||
Basic and diluted earnings per share are computed using the two-class method, which is an earnings allocation formula that determines net income per share for each class of common stock and participating security according to dividends and dividend equivalents declared and participation rights in undistributed earnings. Per share amounts are computed by dividing net income from continuing operations attributable to common shareholders by the weighted average shares outstanding during the period. | ||
Impairment | ' | |
Impairment | ||
The Company tests its long-lived assets for impairment whenever events or conditions and circumstances indicate a carrying amount of an asset may not be recoverable. No events or conditions occurred during the quarter or year to date periods ended June 30, 2014 that required the Company to test its long-lived assets for impairment. | ||
Fair Value Measurements | ' | |
Fair Value Measurements | ||
The fair value of an asset is considered to be the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Accounting guidance also establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. The fair value hierarchy gives the highest priority to quoted market prices (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of inputs used to measure fair value are as follows: | ||
• | Level 1 - quoted prices in active markets for identical assets or liabilities accessible by the reporting entity. | |
• | Level 2 - observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | |
• | Level 3 - unobservable inputs for an asset or liability. Unobservable inputs should only be used to the extent observable inputs are not available. | |
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. |
Accounting_Policies_and_Basis_2
Accounting Policies and Basis of Presentation (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Schedule of Inventory | ' | ||||||||
Inventory consists of the following: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Finished goods | $ | 9,500 | $ | 11,355 | |||||
Barreled distillate | 9,688 | 10,310 | |||||||
Work in process | 2,547 | 2,737 | |||||||
Raw materials | 4,670 | 5,183 | |||||||
Maintenance materials | 5,029 | 4,766 | |||||||
Other | 513 | 566 | |||||||
Total | $ | 31,947 | $ | 34,917 | |||||
Equity_Method_Investments_Tabl
Equity Method Investments (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||||||||||||||||
The Company's Equity in Earnings (Loss) of Joint Ventures | ' | ||||||||||||||||
The Company’s equity method investment earnings (loss) of joint ventures based on unaudited financial statements is as follows: | |||||||||||||||||
Quarter Ended | Year to Date Ended | ||||||||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
ICP (a) | $ | 2,341 | $ | 62 | $ | 5,588 | $ | (907 | ) | ||||||||
DMI (50% interest) | (10 | ) | 9 | 78 | 36 | ||||||||||||
$ | 2,331 | $ | 71 | $ | 5,666 | $ | (871 | ) | |||||||||
(a) Effect of the change in estimate for the quarter and year to date periods ended June 30, 2014 was a reduction of equity method investment earnings of $1,882. The joint venture interest was reduced to 17 percent for the quarter ended June 30, 2014 and to 22 percent for the year to date period ended June 30, 2014. The joint venture interest for the quarter and year to date periods ended June 30, 2013 was 30 percent. | |||||||||||||||||
Schedule of Equity Method Investments | ' | ||||||||||||||||
Condensed financial information related to the Company’s non-consolidated equity method investment in ICP is shown below. | |||||||||||||||||
Quarter Ended | Year to Date Ended | ||||||||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
ICP’s Operating results: | |||||||||||||||||
Net sales (a) | $ | 72,798 | $ | 61,377 | $ | 131,647 | $ | 94,227 | |||||||||
Cost of sales and expenses (b) | 58,805 | (61,034 | ) | 106,747 | (97,114 | ) | |||||||||||
Net income (loss) | $ | 13,993 | $ | 343 | $ | 24,900 | $ | (2,887 | ) | ||||||||
The Company’s investment in joint ventures is as follows: | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
ICP (26% interest) (a) | $ | 12,241 | $ | 6,653 | |||||||||||||
DMI (50% interest) | 545 | 470 | |||||||||||||||
$ | 12,786 | $ | 7,123 | ||||||||||||||
(a) Effect of the change in estimate was a decrease in equity interest in ICP of $1,882, or 4 percent, resulting in a reduction |
Earnings_per_Share_Tables
Earnings per Share (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | ||||||||||||||||
The computations of basic and diluted earnings per share from continuing and discontinued operations are as follows: | |||||||||||||||||
Quarter Ended | Year to Date Ended | ||||||||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Continuing Operations: | |||||||||||||||||
Net income from continuing operations attributable to shareholders | $ | 5,099 | $ | 280 | 9,884 | $ | 351 | ||||||||||
Less: Amounts allocated to participating securities (nonvested shares and units)(i) | 218 | 17 | 423 | 24 | |||||||||||||
Net income from continuing operations attributable to common shareholders | $ | 4,881 | $ | 263 | $ | 9,461 | $ | 327 | |||||||||
Discontinued Operations: | |||||||||||||||||
Discontinued operations attributable to shareholders | $ | — | $ | — | $ | — | $ | 1,406 | |||||||||
Less: Amounts allocated to participating securities (nonvested shares and units)(i) | — | — | — | 96 | |||||||||||||
Discontinued operations attributable to common shareholders | $ | — | $ | — | $ | — | $ | 1,310 | |||||||||
Share information: | |||||||||||||||||
Basic weighted average common shares(ii) | 17,277,225 | 17,006,922 | 17,261,824 | 17,003,056 | |||||||||||||
Potential dilutive securities(iii) | — | 134 | — | 25 | |||||||||||||
Diluted weighted average common shares | 17,277,225 | 17,007,056 | 17,261,824 | 17,003,081 | |||||||||||||
Basic earnings per share | |||||||||||||||||
Income from continuing operations | $ | 0.28 | $ | 0.02 | $ | 0.55 | $ | 0.02 | |||||||||
Income from discontinued operations | — | — | — | 0.08 | |||||||||||||
Net income (iv) | $ | 0.28 | $ | 0.02 | $ | 0.55 | $ | 0.1 | |||||||||
Diluted earnings per share | |||||||||||||||||
Income from continuing operations | $ | 0.28 | $ | 0.02 | $ | 0.55 | $ | 0.02 | |||||||||
Income from discontinued operations | — | — | — | 0.08 | |||||||||||||
Net income (iv) | $ | 0.28 | $ | 0.02 | $ | 0.55 | $ | 0.1 | |||||||||
(i) | Participating securities include 303,664 and 724,012 nonvested restricted shares for the quarters June 30, 2014 and 2013, respectively, as well as 470,470 and 421,014 restricted share units for the quarters ended June 30, 2014 and 2013, respectively. | ||||||||||||||||
(ii) | Under the two-class method, basic weighted average common shares exclude outstanding nonvested participating securities consisting of restricted share awards of 303,664 and 724,012 for the quarters ended June 30, 2014 and 2013, respectively. | ||||||||||||||||
(iii) | Anti-dilutive shares related to stock options totaled 10,000 and 18,000 for the quarters ended June 30, 2014 and 2013, respectively, and 10,000 and 19,000 for the year to date periods ended June 30, 2014 and 2013, respectively. | ||||||||||||||||
(iv) | See Note 2. Equity Method Investments for further discussion of earnings per share for the quarter and year to date periods ended June 30, 2014. |
Operating_Segments_Tables
Operating Segments (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | ||||||||||||||||
Quarter Ended | Year to Date Ended | ||||||||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net Sales to Customers | |||||||||||||||||
Distillery products | $ | 65,403 | $ | 63,912 | $ | 130,335 | $ | 134,716 | |||||||||
Ingredient solutions | 15,164 | 15,483 | 29,228 | 30,885 | |||||||||||||
Other (i) | — | — | — | 198 | |||||||||||||
Total | 80,567 | 79,395 | 159,563 | 165,799 | |||||||||||||
Depreciation and Amortization | |||||||||||||||||
Distillery products | 2,111 | 2,037 | 4,200 | 4,038 | |||||||||||||
Ingredient solutions | 578 | 585 | 1,161 | 1,170 | |||||||||||||
Other (i) | — | — | — | 20 | |||||||||||||
Corporate | 377 | 361 | 747 | 723 | |||||||||||||
Total | 3,066 | 2,983 | 6,108 | 5,951 | |||||||||||||
Income (Loss) from Continuing Operations before Income Taxes | |||||||||||||||||
Distillery products | 5,964 | 3,136 | 11,416 | 7,483 | |||||||||||||
Ingredient solutions | 1,447 | 875 | 1,746 | 2,665 | |||||||||||||
Other (i) | — | — | — | (90 | ) | ||||||||||||
Corporate | (2,226 | ) | (3,706 | ) | (3,111 | ) | (9,682 | ) | |||||||||
Total | $ | 5,185 | $ | 305 | $ | 10,051 | $ | 376 | |||||||||
(i) Significant assets from this segment were sold February 8, 2013, as previously described, and two | |||||||||||||||||
reportable segments remain in 2014. | |||||||||||||||||
Schedule Of Segment Reporting Identifiable Assets | ' | ||||||||||||||||
The following table allocates total assets to each segment: | |||||||||||||||||
As of June 30, 2014 | As of December 31, 2013 | ||||||||||||||||
Identifiable Assets | |||||||||||||||||
Distillery products | $ | 98,596 | $ | 97,875 | |||||||||||||
Ingredient solutions | 25,105 | 24,954 | |||||||||||||||
Other (i) | — | — | |||||||||||||||
Corporate | 31,073 | 28,500 | |||||||||||||||
Total | $ | 154,774 | $ | 151,329 | |||||||||||||
(i) Significant assets from this segment were sold February 8, 2013, as previously described, and two reportable | |||||||||||||||||
segments remain in 2014. |
Employee_and_NonEmployee_Benef1
Employee and Non-Employee Benefit Plans (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Net Benefit Costs | ' | ||||||||||||||||
The components of the Net Periodic Benefit Cost/Income for the quarters ended June 30, 2014 and 2013, respectively, are as follows: | |||||||||||||||||
Quarter Ended | Year to Date Ended | ||||||||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 16 | $ | 31 | $ | 44 | $ | 64 | |||||||||
Interest cost | 35 | 39 | 81 | 82 | |||||||||||||
Amortization of prior service cost | (84 | ) | (156 | ) | (239 | ) | (323 | ) | |||||||||
Amortization of net actuarial loss | 5 | 6 | 5 | 14 | |||||||||||||
Prior service cost recognized due to current curtailment | (52 | ) | — | (52 | ) | — | |||||||||||
Total post-retirement benefit cost / (income) | $ | (80 | ) | $ | (80 | ) | $ | (161 | ) | $ | (163 | ) | |||||
The components of the Net Periodic Benefit Cost for the quarters ended June 30, 2014 and 2013, respectively, are as follows: | |||||||||||||||||
Quarter Ended | Year to Date Ended | ||||||||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Interest cost | $ | 22 | $ | 21 | $ | 44 | $ | 42 | |||||||||
Expected return on plan assets | (26 | ) | (28 | ) | (52 | ) | (57 | ) | |||||||||
Amortization of net actuarial loss | 5 | 16 | 10 | 33 | |||||||||||||
Total pension benefit cost | $ | 1 | $ | 9 | $ | 2 | $ | 18 | |||||||||
Reserved Shares of Common Stock | ' | ||||||||||||||||
Reserved shares of Common Stock for unvested restricted stock units and unexercised stock options granted under the prior equity plans at June 30, 2014 were: | |||||||||||||||||
Stock options granted but not exercised | 10,000 | ||||||||||||||||
Restricted stock to non-employees (authorized but not granted) | 30,110 | ||||||||||||||||
Restricted stock to employees and executives (authorized but not granted) | 424,000 | ||||||||||||||||
Total | 464,110 | ||||||||||||||||
Industrial_Revenue_Bond_Tables
Industrial Revenue Bond (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Summary Of Industrial Revenue Bond Off Sets | ' | ||||||||||||
Below is a summary of the financial asset and liability that are offset at June 30, 2014 and December 31, 2013, respectively. | |||||||||||||
(i) | (ii) | (iii) =i) - (ii) | |||||||||||
Description | Gross | Gross | Net Amounts of | ||||||||||
Amounts of | Amounts | Assets (Liabilities) | |||||||||||
Recognized | offset in the | presented in the | |||||||||||
Assets | Balance Sheet | Balance Sheet | |||||||||||
(Liabilities) | |||||||||||||
June 30, 2014 | |||||||||||||
Investment in bonds | $ | 7,000 | $ | 7,000 | $ | — | |||||||
Capital lease obligation | $ | (7,000 | ) | $ | (7,000 | ) | $ | — | |||||
31-Dec-13 | |||||||||||||
Investment in bonds | $ | 7,000 | $ | 7,000 | $ | — | |||||||
Capital lease obligation | $ | (7,000 | ) | $ | (7,000 | ) | $ | — | |||||
Severance_Costs_Tables
Severance Costs (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||
Schedule of Restructuring Reserve by Type of Cost | ' | |||||||||||||||
Activity related to severance costs was as follows: | ||||||||||||||||
Quarter Ended | Year to Date Ended | |||||||||||||||
June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | |||||||||||||
Balance at beginning of period | $ | 699 | $ | 99 | $ | 1,142 | $ | 126 | ||||||||
Provision for additional expense | 184 | — | 313 | 1 | ||||||||||||
Payments and adjustments | (336 | ) | (16 | ) | (908 | ) | (44 | ) | ||||||||
Balance at end of period | $ | 547 | $ | 83 | $ | 547 | $ | 83 | ||||||||
Accounting_Policies_and_Basis_3
Accounting Policies and Basis of Presentation (Detail) - Inventory (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ' | ' |
Finished goods | $9,500 | $11,355 |
Barreled distillate | 9,688 | 10,310 |
Work in process | 2,547 | 2,737 |
Raw materials | 4,670 | 5,183 |
Maintenance materials | 5,029 | 4,766 |
Other | 513 | 566 |
Total | $31,947 | $34,917 |
Accounting_Policies_and_Basis_4
Accounting Policies and Basis of Presentation (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Apr. 09, 2014 | Apr. 10, 2013 | Feb. 28, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Accounting Policies [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Shipping and handling revenue | ' | ' | ' | $3,672 | $2,656 | $7,162 | $5,636 | ' |
Effective income tax rate, continuing operations (percent) | ' | ' | ' | 1.70% | 8.20% | ' | ' | ' |
Provision for income taxes | ' | ' | ' | 86 | 25 | 167 | 25 | ' |
Discontinued operation, tax effect of discontinued operation | ' | ' | ' | ' | ' | ' | 47 | ' |
Debt instrument, fair value disclosure | ' | ' | ' | 23,432 | ' | 23,432 | ' | 23,300 |
Long-term debt, gross | ' | ' | ' | 23,406 | ' | 23,406 | ' | 23,168 |
Common stock, dividends, per share, declared (in Dollars per share) | ' | ' | $0.05 | ' | ' | ' | ' | ' |
Payments of dividends | $907 | $916 | ' | ' | ' | $907 | $916 | ' |
Accounting_Policies_and_Basis_5
Accounting Policies and Basis of Presentation - Debt (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Feb. 12, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | Wells Fargo Bank [Member] | Wells Fargo Bank [Member] | ||
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
Maximum governance expenses included in EBITA | ' | ' | $5,500 | ' |
Settlement expense | ' | ' | ' | 5,465 |
Revolving credit facility | 19,009 | 18,000 | ' | ' |
Credit facility, remaining borrowing capacity | $22,004 | ' | ' | ' |
Equity_Method_Investments_Deta
Equity Method Investments (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | |
ICP Limited Liability Company [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
EBITDA | ' | $500,000 | ' | ' | ' |
ICP [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Equity method ownership percentage (percent) | 26.00% | ' | 26.00% | ' | 30.00% |
Income allocation to objecting member (as a percent) | 80.00% | ' | 80.00% | ' | ' |
Income allocation to electing member (percent) | 20.00% | ' | 20.00% | ' | ' |
Decrease in related equity method investment earnings due to reassessment | 1,882,000 | ' | ' | ' | ' |
Decrease in earnings per share | $0.11 | ' | $0.10 | ' | ' |
Related party sales to MGPI | 8,273,000 | 741,000 | 14,618,000 | 3,400,000 | ' |
Depreciation and amortization | $691,000 | $1,170,000 | $1,363,000 | $2,340,000 | ' |
Decrease in equity method investment earnings (as a percent) | 17.00% | ' | 22.00% | ' | ' |
Decrease of equity interest in ICP | 4.00% | ' | 4.00% | ' | ' |
ICP [Member] | ICP Holdings [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Equity method investment, ownership percentage by parent (percent) | 70.00% | ' | 70.00% | ' | ' |
DMI [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Equity method ownership percentage (percent) | 50.00% | ' | 50.00% | ' | ' |
Equity_Method_Investments_Oper
Equity Method Investments - Operating Results (Details) (ICP [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
ICP [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Net sales | $72,798 | $61,377 | $131,647 | $94,227 |
Cost of sales and expenses | 58,805 | -61,034 | 106,747 | -97,114 |
Net income (loss) | $13,993 | $343 | $24,900 | ($2,887) |
Equity_Method_Investments_Deta1
Equity Method Investments (Detail) - The Company’s Equity in Earnings (Loss) of Joint Ventures (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||||
Equity in earnings (loss) of joint ventures | $2,331 | $71 | $5,666 | ($871) | ||||
ICP [Member] | ' | ' | ' | ' | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||||
Equity in earnings (loss) of joint ventures | 2,341 | [1] | 62 | [1] | 5,588 | [1] | -907 | [1] |
DMI [Member] | ' | ' | ' | ' | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||||
Equity in earnings (loss) of joint ventures | ($10) | $9 | $78 | $36 | ||||
[1] | fect of the change in estimate for the quarter and year to date periods ended June 30, 2014 was a reduction of equity method investment earnings of $1,882. The joint venture interest was reduced to 17 percent for the quarter ended June 30, 2014 and to 22 percent for the year to date period ended June 30, 2014. The joint venture interest for the quarter and year to date periods ended June 30, 2013 was 30 percent. |
Equity_Method_Investments_Deta2
Equity Method Investments (Detail) - The Company's Investment in Joint Ventures (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Equity Method Investments | $12,786 | $7,123 | ||
ICP [Member] | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Equity Method Investments | 12,241 | [1] | 6,653 | [1] |
DMI [Member] | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ||
Equity Method Investments | $545 | $470 | ||
[1] | Effect of the change in estimate was a decrease in equity interest in ICP of $1,882, or 4 percent, resulting in a reduction of investment in ICP from 30 percent to 26 percent, at June 30, 2014. |
Earnings_per_Share_Detail_The_
Earnings per Share (Detail) - The Computations of Basic and Diluted Earnings (Loss) Per Share (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Continuing Operations: | ' | ' | ' | ' | ||||
Net income from continuing operations attributable to shareholders | $5,099 | $280 | $9,884 | $351 | ||||
Net income from continuing operations attributable to common shareholders | 4,881 | 263 | 9,461 | 327 | ||||
Discontinued Operations: | ' | ' | ' | ' | ||||
Discontinued operations attributable to shareholders | 0 | 0 | 0 | 1,406 | ||||
Discontinued operations attributable to common shareholders | 0 | 0 | 0 | 1,310 | ||||
Share information: | ' | ' | ' | ' | ||||
Basic weighted average common shares | 17,277,225 | [1] | 17,006,922 | [1] | 17,261,824 | [1] | 17,003,056 | [1] |
Potential dilutive securities | 0 | [2] | 134 | [2] | 0 | [2] | 25 | [2] |
Diluted weighted average common shares | 17,277,225 | 17,007,056 | 17,261,824 | 17,003,081 | ||||
Basic earnings per share | ' | ' | ' | ' | ||||
Income from continuing operations (dollars per share) | $0.28 | $0.02 | $0.55 | $0.02 | ||||
Income from discontinued operations (dollars per share) | $0 | $0 | $0 | $0.08 | ||||
Net income (dollars per share) | $0.28 | [3] | $0.02 | [3] | $0.55 | [3] | $0.10 | [3] |
Diluted earnings per share | ' | ' | ' | ' | ||||
Income from continuing operations (dollars per share) | $0.28 | $0.02 | $0.55 | $0.02 | ||||
Income from discontinued operations (dollars per share) | $0 | $0 | $0 | $0.08 | ||||
Net income (dollars per share) | $0.28 | [3] | $0.02 | [3] | $0.55 | [3] | $0.10 | [3] |
Continuing Operations [Member] | ' | ' | ' | ' | ||||
Continuing Operations: | ' | ' | ' | ' | ||||
Less: Amounts allocated to participating securities (nonvested shares and units) | 218 | [4] | 17 | [4] | 423 | [4] | 24 | [4] |
Discontinued Operations: | ' | ' | ' | ' | ||||
Less: Amounts allocated to participating securities (nonvested shares and units)(i) | 218 | [4] | 17 | [4] | 423 | [4] | 24 | [4] |
Gain On Sale Of Discontinued Operations [Member] | ' | ' | ' | ' | ||||
Continuing Operations: | ' | ' | ' | ' | ||||
Less: Amounts allocated to participating securities (nonvested shares and units) | 0 | [4] | 0 | [4] | 0 | [4] | 96 | [4] |
Discontinued Operations: | ' | ' | ' | ' | ||||
Less: Amounts allocated to participating securities (nonvested shares and units)(i) | $0 | [4] | $0 | [4] | $0 | [4] | $96 | [4] |
[1] | Under the two-class method, basic weighted average common shares exclude outstanding nonvested participating securities consisting of restricted share awards of 303,664 and 724,012 for the quarters ended June 30, 2014 and 2013, respectively. | |||||||
[2] | Anti-dilutive shares related to stock options totaled 10,000 and 18,000 for the quarters ended June 30, 2014 and 2013, respectively, and 10,000 and 19,000 for the year to date periods ended June 30, 2014 and 2013, respectively. | |||||||
[3] | See Note 2. Equity Method Investments for further discussion of earnings per share for the quarter and year to date periods ended June 30, 2014. | |||||||
[4] | Participating securities include 303,664 and 724,012 nonvested restricted shares for the quarters June 30, 2014 and 2013, respectively, as well as 470,470 and 421,014 restricted share units for the quarters ended June 30, 2014 and 2013, respectively. |
Earnings_per_Share_Detail
Earnings per Share (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share, amount | 10,000 | 18,000 | 10,000 | 19,000 |
Restricted Stock [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Restricted stock | 303,664 | 724,012 | ' | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Restricted stock units | 470,470 | 421,014 | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Detail) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Long-term Purchase Commitment [Line Items] | ' |
Commitments | $33,171 |
MMBTU Natual Gas Dollar Equivalent [Member] | ' |
Long-term Purchase Commitment [Line Items] | ' |
Commitments | 7,347 |
Pounds Of Flour Dollar Equivalent [Member] | ' |
Long-term Purchase Commitment [Line Items] | ' |
Commitments | 9,323 |
Capital Expenditures [Member] | ' |
Long-term Purchase Commitment [Line Items] | ' |
Aggregate purchase commitments | $291 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Contingencies (Details) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | ||||
7-May-14 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | |
Settlement Agreement [Member] | Settlement Agreement [Member] | ||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Maximum possible loss | ' | ' | ' | ' | ' | ' | $1,775,000 |
Loss contingency accrual | ' | ' | ' | ' | ' | 0 | 1,764,000 |
Write-off of damaged assets | ' | 160,000 | 0 | 160,000 | 58,000 | ' | ' |
Insurance recoveries | $250,000 | ' | ' | ' | ' | ' | ' |
Operating_Segments_Detail
Operating Segments (Detail) (USD $) | 0 Months Ended | 3 Months Ended | |
In Thousands, unless otherwise specified | Feb. 08, 2013 | Feb. 06, 2013 | Mar. 31, 2013 |
segment | |||
Segment Reporting [Abstract] | ' | ' | ' |
Number of reportable segments | ' | 3 | ' |
Proceeds from sale of productive assets | $2,797 | ' | ' |
Gains (losses) on sales of assets | ' | ' | $1,406 |
Operating_Segments_Detail_Oper
Operating Segments (Detail) - Operating Profit (Loss) for Each Segment (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Net Sales to Customers | ' | ' | ' | ' | ||||
Net Sales to Customers | $80,567 | $79,395 | $159,563 | $165,799 | ||||
Depreciation and Amortization | ' | ' | ' | ' | ||||
Depreciation and Amortization | 3,066 | 2,983 | 6,108 | 5,951 | ||||
Income (Loss) from Continuing Operations before Income Taxes | ' | ' | ' | ' | ||||
Income (Loss) from Continuing Operations before Income Taxes | 5,185 | 305 | 10,051 | 376 | ||||
Distillery Products [Member] | ' | ' | ' | ' | ||||
Net Sales to Customers | ' | ' | ' | ' | ||||
Net Sales to Customers | 65,403 | 63,912 | 130,335 | 134,716 | ||||
Depreciation and Amortization | ' | ' | ' | ' | ||||
Depreciation and Amortization | 2,111 | 2,037 | 4,200 | 4,038 | ||||
Income (Loss) from Continuing Operations before Income Taxes | ' | ' | ' | ' | ||||
Income (Loss) from Continuing Operations before Income Taxes | 5,964 | 3,136 | 11,416 | 7,483 | ||||
Ingredient Solutions [Member] | ' | ' | ' | ' | ||||
Net Sales to Customers | ' | ' | ' | ' | ||||
Net Sales to Customers | 15,164 | 15,483 | 29,228 | 30,885 | ||||
Depreciation and Amortization | ' | ' | ' | ' | ||||
Depreciation and Amortization | 578 | 585 | 1,161 | 1,170 | ||||
Income (Loss) from Continuing Operations before Income Taxes | ' | ' | ' | ' | ||||
Income (Loss) from Continuing Operations before Income Taxes | 1,447 | 875 | 1,746 | 2,665 | ||||
Other [Member] | ' | ' | ' | ' | ||||
Net Sales to Customers | ' | ' | ' | ' | ||||
Net Sales to Customers | 0 | [1] | 0 | [1] | 0 | [1] | 198 | [1] |
Depreciation and Amortization | ' | ' | ' | ' | ||||
Depreciation and Amortization | 0 | [1] | 0 | [1] | 0 | [1] | 20 | [1] |
Income (Loss) from Continuing Operations before Income Taxes | ' | ' | ' | ' | ||||
Income (Loss) from Continuing Operations before Income Taxes | 0 | [1] | 0 | [1] | 0 | [1] | -90 | [1] |
Corporate [Member] | ' | ' | ' | ' | ||||
Depreciation and Amortization | ' | ' | ' | ' | ||||
Depreciation and Amortization | 377 | 361 | 747 | 723 | ||||
Income (Loss) from Continuing Operations before Income Taxes | ' | ' | ' | ' | ||||
Income (Loss) from Continuing Operations before Income Taxes | ($2,226) | ($3,706) | ($3,111) | ($9,682) | ||||
[1] | Significant assets from this segment were sold February 8, 2013, as previously described, and two reportable segments remain in 2014. |
Operating_Segments_Detail_Iden
Operating Segments (Detail) - Identifiable Assets for Each Segment (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Segment Reporting Information [Line Items] | ' | ' | ||
Identifiable Assets | $154,774 | $151,329 | ||
Distillery Products [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Identifiable Assets | 98,596 | 97,875 | ||
Ingredient Solutions [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Identifiable Assets | 25,105 | 24,954 | ||
Other [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Identifiable Assets | 0 | [1] | 0 | [1] |
Corporate [Member] | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Identifiable Assets | $31,073 | $28,500 | ||
[1] | Significant assets from this segment were sold February 8, 2013, as previously described, and two reportable segments remain in 2014. |
Employee_and_NonEmployee_Benef2
Employee and Non-Employee Benefit Plans (Detail) - Net Periodic Benefit Cost (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Post Retirement Health Care And Life Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $16 | $31 | $44 | $64 |
Interest cost | 35 | 39 | 81 | 82 |
Amortization of prior service cost | -84 | -156 | -239 | -323 |
Amortization of net actuarial loss | 5 | 6 | 5 | 14 |
Prior service cost recognized due to current curtailment | -52 | 0 | -52 | 0 |
Total post-retirement benefit cost / (income) | -80 | -80 | -161 | -163 |
Pension Plan [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Interest cost | 22 | 21 | 44 | 42 |
Expected return on plan assets | -26 | -28 | -52 | -57 |
Amortization of net actuarial loss | 5 | 16 | 10 | 33 |
Total post-retirement benefit cost / (income) | $1 | $9 | $2 | $18 |
Employee_and_NonEmployee_Benef3
Employee and Non-Employee Benefit Plans (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | 6 Months Ended | ||||||||||
Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | 30-May-14 | 30-May-14 | Jun. 30, 2014 | Jun. 30, 2014 | 30-May-14 | Jun. 30, 2014 | Jun. 30, 2014 | |
Post Retirement Health Care And Life Benefits [Member] | Post Retirement Health Care And Life Benefits [Member] | Post Retirement Health Care And Life Benefits [Member] | Post Retirement Health Care And Life Benefits [Member] | Pension Plan [Member] | Employee Equity Incentive Plan [Member] | Employee Equity Incentive Plan [Member] | Employee Stock Purchase Plan [Member] | Non-Employee Director Equity Incentive Plan [Member] | Non-Employee Director Equity Incentive Plan [Member] | Non-Employee Director Equity Incentive Plan [Member] | Minimum [Member] | Restricted Stock [Member] | |||||
Non-Employee Director Equity Incentive Plan [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Negative plan amendment | ' | ' | ' | ' | $919,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prior service cost recognized due to current curtailment | ' | ' | ' | ' | -52,000 | 0 | -52,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income reclassification of defined benefit plan prior service cost and net actuarial loss | ' | -286,000 | -309,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined benefit plan, contributions by employer | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss), reclassification of net actuarial loss from accumulated other comprehensive loss into pension benefit income | ' | 42,000 | 24,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Projected cost of plan termination | ' | ' | ' | ' | ' | ' | ' | ' | 630,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Pension contributions | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 774,134 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 | ' | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares authorized (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | 300,000 | ' | ' | 300,000 | ' | ' |
Grants in period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,360 | ' | ' | ' | ' |
Award vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | '3 years | ' | '1 year | ' |
Employee_and_NonEmployee_Benef4
Employee and Non-Employee Benefit Plans (Detail) - Reserved shares of Common Stock | 6 Months Ended |
Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Total (shares) | 464,110 |
Stock options granted but not exercised [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Stock options granted but not exercised (shares) | 10,000 |
Restricted stock to non-employees (authorized but not granted) [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Restricted stock to employees, non-employees and executives (shares) | 30,110 |
Restricted stock to employees and executives (authorized but not granted) [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Restricted stock to employees, non-employees and executives (shares) | 424,000 |
Industrial_Revenue_Bond_Detail
Industrial Revenue Bond (Detail) (USD $) | 0 Months Ended | 6 Months Ended |
Dec. 28, 2006 | Jun. 30, 2014 | |
Debt Instrument [Line Items] | ' | ' |
Real property tax abatement period | '10 years | ' |
Special assessment bond | $7,000,000 | ' |
Industrial revenue bonds balloon payment | ' | 7,000,000 |
Capital leases end of lease bargain purchase price | ' | 100 |
Municipal administrative fee | ' | 50,000 |
Industrial Revenue Bonds [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Municipal administrative fee payment period | ' | '10 years |
Accelerated Payment Terms [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Municipal administrative fee | ' | $50,000 |
Industrial Revenue Bonds [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate, stated percentage (percent) | 4.90% | ' |
Industrial_Revenue_Bond_Detail1
Industrial Revenue Bond (Detail) - Summary of Financial Assets and Liabilities that are Offset (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
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 obligation | -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 obligation | -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 obligation | $0 | $0 |
Severance_Costs_Detail
Severance Costs (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 03, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Chief Executive Officer [Member] | Chief Executive Officer [Member] | Severance [Member] | Severance [Member] | Severance [Member] | Severance [Member] | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' |
Severance Costs | $714 | ' | ' | ' | ' | ' |
Transition Costs | ' | 201 | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' |
Balance at beginning of year | ' | ' | 699 | 99 | 1,142 | 126 |
Provision for additional expense | ' | ' | 184 | 0 | 313 | 1 |
Payments and adjustments | ' | ' | -336 | -16 | -908 | -44 |
Balance at end of period | ' | ' | $547 | $83 | $547 | $83 |